13F-HR 1 aic13f1qtr10.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: March 31, 2010 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: Holly Pond Plaza, 1281 E. Main St. 1st fl Stamford, Connecticut 06902 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: Sharon D. Wagoner Title: Chairman, Secretary and Chief Compliance Officer Phone: (203) 316-9000 Signature, Place and Date of Signing: /s/Sharon D. Wagoner Stamford, Connecticut April 20, 2010 [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 if 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: 52 Form 13F information Table Value Total: 192503 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. (None) 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 4095 49000 SH Sole 42060 6940 Abbott Labs Com COM 002824100 3575 67855 SH Sole 66055 1800 Air Prods & Chems Inc Com COM 009158106 3730 50440 SH Sole 44900 5540 Alcoa Inc Com COM 013817101 3523 247400 SH Sole 216600 30800 American Express Co Com COM 025816109 3906 94675 SH Sole 79675 15000 Amgen Inc Com COM 031162100 3863 64560 SH Sole 54860 9700 Apple Inc Com COM 037833100 4794 20400 SH Sole 17350 3050 Archer Daniels Midland Com COM 039483102 3802 131550 SH Sole 113800 17750 Automatic Data Process Com COM 053015103 3992 89775 SH Sole 76500 13275 Becton Dickinson & Co Com COM 075887109 4005 50875 SH Sole 43425 7450 Caterpillar Inc Del Com COM 149123101 3491 55548 SH Sole 53748 1800 Cisco Sys Inc Com COM 17275R102 3891 149470 SH Sole 126450 23020 Coca-Cola Co Com COM 191216100 624 11340 SH Sole 11340 Corning Inc Com COM 219350105 3429 169650 SH Sole 140950 28700 Costco Whsl Corp Com COM 22160K105 3654 61200 SH Sole 52200 9000 Disney Walt Co Com COM 254687106 4003 114680 SH Sole 97380 17300 Emerson Elec Co Com COM 291011104 3531 70150 SH Sole 68350 1800 Exxon Mobil Corp Com COM 30231G102 4052 60490 SH Sole 53040 7450 Fedex Corp Com COM 31428X106 4082 43705 SH Sole 37080 6625 General Dynamics Corp Com COM 369550108 4028 52175 SH Sole 44375 7800 General Elec Co Com COM 369604103 3630 199466 SH Sole 192675 6791 Google Inc Cl A COM 38259P508 4044 7130 SH Sole 6065 1065 Home Depot Inc Com COM 437076102 4167 128800 SH Sole 108300 20500 Illinois Tool Wks Inc Com COM 452308109 4030 85100 SH Sole 72900 12200 Ingersoll-Rand PLC COM G47791101 3887 111485 SH Sole 94585 16900 Intel Corp Com COM 458140100 4029 180750 SH Sole 151700 29050 International Bus Mach Com COM 459200101 3801 29635 SH Sole 25135 4500 International Paper Co Com COM 460146103 3276 133100 SH Sole 129300 3800 JPMorgan Chase & Co Com COM 46625H100 3358 75032 SH Sole 72410 2622 Johnson & Johnson Com COM 478160104 4036 61900 SH Sole 52800 9100 Kimberly Clark Corp Com COM 494368103 4148 65960 SH Sole 57135 8825 McDonalds Corp Com COM 580135101 4298 64425 SH Sole 55725 8700 McGraw-Hill Cos Inc COM 580645109 3843 107790 SH Sole 93490 14300 Microsoft Corp Com COM 594918104 3828 130700 SH Sole 109900 20800 Morgan Stanley Com COM 617446448 3537 120775 SH Sole 103275 17500 Nucor Corp Com COM 670346105 3565 78550 SH Sole 69050 9500 Pepsico Inc Com COM 713448108 3402 51425 SH Sole 41825 9600 Pfizer Inc Com COM 717081103 3784 220625 SH Sole 190925 29700 Procter & Gamble Co Com COM 742718109 3934 62182 SH Sole 53482 8700 Qualcomm Inc Com COM 747525103 3330 79350 SH Sole 68050 11300 Schlumberger Ltd Com COM 806857108 3300 52000 SH Sole 50375 1625 Staples Inc Com COM 855030102 3688 157550 SH Sole 133850 23700 Stryker Corp Com COM 863667101 3842 67150 SH Sole 57000 10150 Time Warner Inc Com COM 887317303 3638 116346 SH Sole 97680 18666 US Bancorp DE Com COM 902973304 3962 153074 SH Sole 131224 21850 Unilever NV NY COM 904784709 3551 117750 SH Sole 114050 3700 Union Pac Corp Com COM 907818108 4046 55200 SH Sole 46200 9000 Valero Energy Corp Com COM 91913Y100 414 21000 SH Sole 21000 Verizon Communications Com COM 92343V104 4119 132775 SH Sole 114075 18700 Visa Inc Com COM 92826C839 3803 41780 SH Sole 36000 5780 Wal-Mart Stores Inc Com COM 931142103 4012 72150 SH Sole 61750 10400 Walgreen Co Com COM 931422109 4133 111425 SH Sole 94225 17200