13F-HR/A 1 aic13fa1qtr11.txt 13F HOLDINGS REPORT AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: March 31, 2011 Check here if Amendment [X]; Amendment Number: 1 This Amendment (Check only one.): [ X ] 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, President, Secretary and Chief Compliance Officer Phone: (203) 316-9000 Signature, Place and Date of Signing: /s/Sharon D. Wagoner Stamford, Connecticut April 25, 2011 [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: 53 Form 13F Information Table Value Total: 215807 (thousands) 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 4466 47760 SH Sole 42920 4840 Abbott Labs Com COM 002824100 3528 71930 SH Sole 69505 2425 Air Prods & Chems Inc Com COM 009158106 4341 48140 SH Sole 43800 4340 Alcoa Inc Com COM 013817101 4809 272330 SH Sole 247530 24800 American Express Co Com COM 025816109 4246 93935 SH Sole 84260 9675 Amgen Inc Com COM 031162100 3714 69480 SH Sole 62480 7000 Apple Inc Com COM 037833100 6364 18260 SH Sole 16675 1585 Archer Daniels Midland Com COM 039483102 4493 124780 SH Sole 112230 12550 Automatic Data Process Com COM 053015103 4400 85745 SH Sole 76870 8875 Becton Dickinson & Co Com COM 075887109 4143 52030 SH Sole 46580 5450 Caterpillar Inc Del Com COM 149123101 4680 42030 SH Sole 40730 1300 Chubb Corp Com COM 171232101 4000 65240 SH Sole 58840 6400 Cisco Sys Inc Com COM 17275R102 3636 212010 SH Sole 190310 21700 Coca-Cola Co Com COM 191216100 564 8500 SH Sole 8500 Corning Inc Com COM 219350105 3601 174575 SH Sole 156275 18300 Costco Whsl Corp Com COM 22160K105 4663 63600 SH Sole 57400 6200 Disney Walt Co Com COM 254687106 4471 103755 SH Sole 94505 9250 Emerson Elec Co Com COM 291011104 3915 67000 SH Sole 65200 1800 Exxon Mobil Corp Com COM 30231G102 5088 60475 SH Sole 54825 5650 Fedex Corp Com COM 31428X106 4198 44870 SH Sole 40445 4425 General Dynamics Corp Com COM 369550108 4161 54345 SH Sole 48295 6050 General Elec Co Com COM 369604103 4054 202216 SH Sole 195575 6641 Google Inc Cl A COM 38259P508 4248 7239 SH Sole 6539 700 Halliburton Co Com COM 406216101 568 11400 SH Sole 5400 6000 Home Depot Inc Com COM 437076102 4561 123060 SH Sole 110960 12100 Illinois Tool Wks Inc Com COM 452308109 4391 81740 SH Sole 73440 8300 Ingersoll-Rand PLC COM G47791101 4577 94750 SH Sole 85850 8900 Intel Corp Com COM 458140100 3981 197265 SH Sole 176215 21050 International Bus Mach Com COM 459200101 4724 28970 SH Sole 25970 3000 International Paper Co Com COM 460146103 3836 127115 SH Sole 123315 3800 JPMorgan Chase & Co Com COM 46625H100 3574 77532 SH Sole 74910 2622 Johnson & Johnson Com COM 478160104 4209 71040 SH Sole 63790 7250 Kimberly Clark Corp Com COM 494368103 4282 65605 SH Sole 59635 5970 McDonalds Corp Com COM 580135101 4414 58010 SH Sole 52260 5750 McGraw-Hill Cos Inc COM 580645109 4403 111740 SH Sole 100140 11600 Microsoft Corp Com COM 594918104 3810 150040 SH Sole 134740 15300 Morgan Stanley Com COM 617446448 3935 144050 SH Sole 129900 14150 Nucor Corp Com COM 670346105 4160 90400 SH Sole 82700 7700 Pepsico Inc Com COM 713448108 3504 54400 SH Sole 48150 6250 Pfizer Inc Com COM 717081103 4752 233975 SH Sole 210725 23250 Procter & Gamble Co Com COM 742718109 4067 66015 SH Sole 59315 6700 Qualcomm Inc Com COM 747525103 4377 79830 SH Sole 71430 8400 Schlumberger Ltd Com COM 806857108 4520 48465 SH Sole 46840 1625 Staples Inc Com COM 855030102 3696 190310 SH Sole 169310 21000 Stryker Corp Com COM 863667101 4234 69635 SH Sole 62535 7100 Time Warner Inc Com COM 887317303 4256 119226 SH Sole 107060 12166 US Bancorp DE Com COM 902973304 4176 157999 SH Sole 142149 15850 Unilever NV NY COM 904784709 3803 121270 SH Sole 117070 4200 Union Pac Corp Com COM 907818108 4844 49265 SH Sole 44315 4950 Valero Energy Corp Com COM 91913Y100 525 17600 SH Sole 7400 10200 Verizon Communications Com COM 92343V104 5094 132175 SH Sole 119475 12700 Wal-Mart Stores Inc Com COM 931142103 3983 76520 SH Sole 69020 7500 Walgreen Co Com COM 931422109 4770 118840 SH Sole 107440 11400