13F-HR 1 aic13f4q06.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: December 31, 2006 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 February 2, 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: 414 Form 13F information Table Value Total: 579160000 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 13412 172101 SH SOLE 172101 Abbott Labs Com COM 002824100 12721 261165 SH SOLE 261165 Air Prods & Chems Inc Com COM 009158106 12979 184675 SH SOLE 184675 Alcoa Inc Com COM 013817101 12978 432460 SH SOLE 432460 American Express Co Com COM 025816109 11957 197080 SH SOLE 197080 American Intl Group Com COM 026874107 12049 168135 SH SOLE 168135 Amgen Inc Com COM 031162100 10943 160200 SH SOLE 160200 Archer Daniels Midland Com COM 039483102 833 26060 SH SOLE 26060 Automatic Data Process Com COM 053015103 11702 237605 SH SOLE 237605 BP Plc Sponsored Adr COM 055622104 506 7540 SH SOLE 7540 Becton Dickinson & Co Com COM 075887109 12284 175113 SH SOLE 175113 Caterpillar Inc Del Com COM 149123101 11242 183300 SH SOLE 183300 Cisco Sys Inc Com COM 17275R102 14194 519340 SH SOLE 519340 Coca Cola Co Com COM 191216100 1242 25740 SH SOLE 25740 Dell Inc Com COM 24702R101 12476 497255 SH SOLE 497255 Disney Walt Co Com COM 254687106 15196 443411 SH SOLE 443411 Dow Chem Co Com COM 260543103 12795 320679 SH SOLE 320679 Emerson Elec Co Com COM 291011104 10790 244730 SH SOLE 244730 Exxon Mobil Corp Com COM 30231G102 13893 181302 SH SOLE 181302 FedEx Corp Com COM 31428X106 11598 106775 SH SOLE 106775 Federal Natl Mtg Assn Com COM 313586109 13544 228060 SH SOLE 228060 Gannett Inc Com COM 364730101 12832 212235 SH SOLE 212235 General Dynamics Corp Com COM 369550108 12632 169900 SH SOLE 169900 General Elec Co Com COM 369604103 10719 288066 SH SOLE 288066 Home Depot Inc Com COM 437076102 13913 346435 SH SOLE 346435 Idearc Inc. Com COM 451663108 533 18610 SH SOLE 18610 Illinois Tool Wks Inc Com COM 452308109 11445 247791 SH SOLE 247791 Ingersoll-Rand Company Cl A COM G4776G101 12975 331580 SH SOLE 331580 Intel Corp Com COM 458140100 12617 623057 SH SOLE 623057 International Bus Mach Com COM 459200101 12873 132510 SH SOLE 132510 Intl Paper Co Com COM 460146103 10435 306025 SH SOLE 306025 JP Morgan Chase & Co Com COM 46625H100 1269 26268 SH SOLE 26268 Johnson & Johnson Com COM 478160104 13541 205104 SH SOLE 205104 Kimberly Clark Corp Com COM 494368103 13725 201980 SH SOLE 201980 McDonalds Corp Com COM 580135101 15147 341680 SH SOLE 341680 McGraw-Hill Cos Inc COM 580645109 13962 205260 SH SOLE 205260 Microsoft Corp Com COM 594918104 12693 425085 SH SOLE 425085 Morgan Stanley Coms COM 617446448 13328 163680 SH SOLE 163680 Nucor Corp Com COM 670346105 13994 256026 SH SOLE 256026 Pepsico Inc Com COM 713448108 11892 190115 SH SOLE 190115 Pfizer Inc Com COM 717081103 11293 436035 SH SOLE 436035 Procter & Gamble Co Com COM 742718109 13714 213375 SH SOLE 213375 Qualcomm Inc Com COM 747525103 12715 336460 SH SOLE 336460 Royal Dutch Shell Plc Spons Ad COM 780259206 729 10300 SH SOLE 10300 Schlumberger Ltd Com COM 806857108 11784 186575 SH SOLE 186575 Staples Inc Com COM 855030102 12159 455375 SH SOLE 455375 Stryker Corp Com COM 863667101 1716 31130 SH SOLE 31130 Time Warner Inc Com COM 887317105 13089 600975 SH SOLE 600975 US Bancorp DE Com COM 902973304 15232 420900 SH SOLE 420900 Unilever NV NY COM 904784709 14260 523295 SH SOLE 523295 Union Pac Corp Com COM 907818108 1764 19170 SH SOLE 19170 Valero Energy Corp New Com COM 91913Y100 506 9900 SH SOLE 9900 Verizon Communications Com COM 92343V104 13826 371256 SH SOLE 371256 Wal-Mart Stores Inc Com COM 931142103 10675 231170 SH SOLE 231170 Walgreen Co Com COM 931422109 13839 301565 SH SOLE 301565