13F-HR 1 aic13f2qtr07.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE "Report for the Quarter Ended: June 30, 2007 Check here if Amendment [ ]; Amendment Number: ________ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Argus Investors' Counsel, Inc. Address: 100 Prospect Street, South Tower Stamford, Connecticut 06901 13F Filing Number: 28-542 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all requirements, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Stewart P. Zobian Title: President Phone: (203) 316-9000 Signature, Place and Date of Signing: /s/Stewart P. Zobian Stamford, Connecticut July 26, 2007 [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here is a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None FORM 13F SUMMARY PAGE Report Summary: Number of other included Managers: None Form 13F information Table Entry Total: 404 Form 13F information Table Value Total: 620562000 List of other included managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Co Com COM 88579Y101 14572 167900 SH SOLE 167900 Abbott Labs Com COM 002824100 11991 223915 SH SOLE 223915 Air Prods & Chems Inc Com COM 009158106 12455 154975 SH SOLE 154975 Alcoa Inc Com COM 013817101 13800 340485 SH SOLE 340485 American Express Co Com COM 025816109 11981 195830 SH SOLE 195830 American Intl Group Com COM 026874107 12111 172935 SH SOLE 172935 Amgen Inc Com COM 031162100 12299 222450 SH SOLE 222450 Archer Daniels Midland Com COM 039483102 10647 321760 SH SOLE 321760 Automatic Data Process Com COM 053015103 13606 280705 SH SOLE 280705 BP Plc Sponsored ADR COM 055622104 645 8940 SH SOLE 8940 Becton Dickinson & Co Com COM 075887109 12635 169595 SH SOLE 169595 Caterpillar Inc Del Com COM 149123101 13980 178550 SH SOLE 178550 Cisco Sys Inc Com COM 17275R102 12580 451690 SH SOLE 451690 Citadel Broadcasting COM 17285T106 174 26944 SH SOLE 26944 Coca Cola Co Com COM 191216100 1137 21740 SH SOLE 21740 Dell Inc Com COM 24702R101 12743 446355 SH SOLE 446355 Disney Walt Co Com COM 254687106 11981 350930 SH SOLE 350930 Dow Chem Co Com COM 260543103 11420 258250 SH SOLE 258250 Emerson Elec Co Com COM 291011104 12069 257880 SH SOLE 257880 Exxon Mobil Corp Com COM 30231G102 11611 138423 SH SOLE 138423 Federal Natl Mtg Assn Com COM 313586109 13155 201360 SH SOLE 201360 Fedex Corp Com COM 31428X106 13402 120775 SH SOLE 120775 Gannett Inc Com COM 364730101 12213 222260 SH SOLE 222260 General Dynamics Corp Com COM 369550108 12548 160415 SH SOLE 160415 General Elec Co Com COM 369604103 13607 355466 SH SOLE 355466 Home Depot Inc Com COM 437076102 12310 312835 SH SOLE 312835 Illinois Tool Wks Inc Com COM 452308109 11926 220080 SH SOLE 220080 Ingersoll-Rand Company Cl A COM G4776G101 14141 257955 SH SOLE 257955 Intel Corp Com COM 458140100 13215 556650 SH SOLE 556650 International Bus Mach Com COM 459200101 12905 122610 SH SOLE 122610 Intl Paper Co Com COM 460146103 12438 318525 SH SOLE 318525 JP Morgan Chase & Co Com COM 46625H100 944 19483 SH SOLE 19483 Johnson & Johnson Com COM 478160104 12771 207255 SH SOLE 207255 Kimberly Clark Corp Com COM 494368103 11741 175520 SH SOLE 175520 McDonalds Corp Com COM 580135101 12907 254280 SH SOLE 254280 McGraw-Hill Cos Inc COM 580645109 14757 216760 SH SOLE 216760 Microsoft Corp Com COM 594918104 14170 480835 SH SOLE 480835 Morgan Stanley Com COM 617446448 13195 157310 SH SOLE 157310 Nucor Corp Com COM 670346105 11219 191280 SH SOLE 191280 Pepsico Inc Com COM 713448108 10523 162265 SH SOLE 162265 Pfizer Inc Com COM 717081103 10729 419585 SH SOLE 419585 Procter & Gamble Co Com COM 742718109 13712 224093 SH SOLE 224093 Qualcomm Inc Com COM 747525103 12299 283460 SH SOLE 283460 Royal Dutch Shell Plc Spons AD COM 780259206 836 10300 SH SOLE 10300 Schlumberger Ltd Com COM 806857108 15138 178225 SH SOLE 178225 Staples Inc Com COM 855030102 10545 444375 SH SOLE 444375 Stryker Corp Com COM 863667101 10428 165280 SH SOLE 165280 Time Warner Inc Com COM 887317105 12460 592225 SH SOLE 592225 US Bancorp DE Com COM 902973304 13617 413250 SH SOLE 413250 Unilever NV NY COM 904784709 12549 404545 SH SOLE 404545 Union Pac Corp Com COM 907818108 13201 114640 SH SOLE 114640 Valero Energy Corp Com COM 91913Y100 613 8300 SH SOLE 8300 Verizon Communications Com COM 92343V104 12201 296356 SH SOLE 296356 Wal-Mart Stores Inc Com COM 931142103 12597 261845 SH SOLE 261845 Walgreen Co Com COM 931422109 11113 255240 SH SOLE 255240