Argus Investors' Counsel 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Co	COM	88579Y101	4,132	21,687	SH		SOLE		15,548	0	6,139
AbbVie Inc	COM	00287Y109	460	4,994	SH		SOLE		0	0	4,994
Adobe Inc	COM	00724F101	333	1,471	SH		SOLE		0	0	1,471
Air Prods & Chems Inc	COM	009158106	3,972	24,815	SH		SOLE		19,820	0	4,995
Alphabet Inc	COM	02079K305	4,133	3,955	SH		SOLE		2,889	0	1,066
Amazon.com Inc	COM	023135106	4,417	2,941	SH		SOLE		2,095	0	846
American Express Co	COM	025816109	3,612	37,897	SH		SOLE		30,107	0	7,790
Amgen Inc	COM	031162100	4,319	22,185	SH		SOLE		15,784	0	6,401
Apple Inc	COM	037833100	3,919	24,846	SH		SOLE		17,726	0	7,120
Archer Daniels Midland	COM	039483102	3,440	83,975	SH		SOLE		67,775	0	16,200
Arista Networks Inc	COM	040413106	325	1,544	SH		SOLE		0	0	1,544
Automatic Data Process	COM	053015103	3,935	30,008	SH		SOLE		23,583	0	6,425
Becton Dickinson & Co	COM	075887109	4,273	18,965	SH		SOLE		13,709	0	5,256
Bio Techne Corp	COM	09073M104	347	2,401	SH		SOLE		0	0	2,401
BlackRock Inc	COM	09247X101	3,917	9,972	SH		SOLE		7,125	0	2,847
Caterpillar Inc	COM	149123101	3,969	31,235	SH		SOLE		25,165	0	6,070
Chevron Corp	COM	166764100	338	3,109	SH		SOLE		0	0	3,109
Cisco Sys Inc	COM	17275R102	4,554	105,095	SH		SOLE		75,456	0	29,639
Corning Inc	COM	219350105	3,498	115,797	SH		SOLE		91,284	0	24,513
Costco Whsl Corp	COM	22160K105	4,341	21,309	SH		SOLE		15,500	0	5,809
Disney Walt Co	COM	254687106	3,933	35,871	SH		SOLE		28,376	0	7,495
Ecolab Inc	COM	278865100	367	2,490	SH		SOLE		0	0	2,490
Emerson Elec Co	COM	291011104	2,730	45,693	SH		SOLE		44,083	0	1,610
Exxon Mobil Corp	COM	30231G102	3,476	50,976	SH		SOLE		40,726	0	10,250
Facebook Inc Cl A	COM	30303M102	308	2,353	SH		SOLE		0	0	2,353
Fedex Corp	COM	31428X106	3,317	20,563	SH		SOLE		16,433	0	4,130
General Dynamics Corp	COM	369550108	3,374	21,460	SH		SOLE		16,810	0	4,650
Halliburton Co	COM	406216101	585	22,000	SH		SOLE		0	0	22,000
Home Depot Inc	COM	437076102	3,875	22,551	SH		SOLE		17,738	0	4,813
Honeywell Inc	COM	438516106	378	2,862	SH		SOLE		0	0	2,862
Illinois Tool Wks Inc	COM	452308109	3,757	29,656	SH		SOLE		23,581	0	6,075
Illumina Inc	COM	452327109	489	1,629	SH		SOLE		0	0	1,629
Integra Lifesciences	COM	457985208	243	5,386	SH		SOLE		0	0	5,386
Intel Corp	COM	458140100	3,896	83,019	SH		SOLE		66,719	0	16,300
International Bus Mach	COM	459200101	2,194	19,305	SH		SOLE		14,185	0	5,120
International Paper Co	COM	460146103	3,142	77,846	SH		SOLE		61,346	0	16,500
Iqvia Hldgs Inc	COM	46266C105	386	3,321	SH		SOLE		0	0	3,321
JPMorgan Chase & Co	COM	46625H100	3,065	31,401	SH		SOLE		30,040	0	1,361
Johnson & Johnson	COM	478160104	3,854	29,865	SH		SOLE		23,825	0	6,040
McDonalds Corp	COM	580135101	4,258	23,982	SH		SOLE		19,457	0	4,525
Microsoft Corp	COM	594918104	4,174	41,094	SH		SOLE		32,300	0	8,794
Moodys Corp	COM	615369105	292	2,087	SH		SOLE		0	0	2,087
Morgan Stanley	COM	617446448	3,539	89,266	SH		SOLE		72,257	0	17,009
Nucor Corp	COM	670346105	3,166	61,102	SH		SOLE		48,162	0	12,940
Nvidia Corp	COM	67066G104	3,728	27,926	SH		SOLE		19,765	0	8,161
Occidental Petroleum	COM	674599105	3,480	56,689	SH		SOLE		45,759	0	10,930
Pepsico Inc	COM	713448108	4,086	36,981	SH		SOLE		29,836	0	7,145
Pfizer Inc	COM	717081103	4,423	101,333	SH		SOLE		80,973	0	20,360
Procter & Gamble Co	COM	742718109	4,117	44,791	SH		SOLE		36,591	0	8,200
Raytheon Co	COM	755111507	324	2,114	SH		SOLE		0	0	2,114
Roper Technologies Inc	COM	776696106	408	1,532	SH		SOLE		0	0	1,532
Schlumberger Ltd	COM	806857108	2,422	67,135	SH		SOLE		64,815	0	2,320
Schwab Charles CP	COM	808513105	410	9,884	SH		SOLE		0	0	9,884
Starbucks Corp	COM	855244109	3,884	60,311	SH		SOLE		48,361	0	11,950
Stryker Corp	COM	863667101	3,832	24,445	SH		SOLE		19,624	0	4,821
Tapestry Inc	COM	876030107	3,284	97,315	SH		SOLE		78,415	0	18,900
Tesla Inc	COM	88160R101	330	991	SH		SOLE		0	0	991
Texas Instruments Inc	COM	882508104	3,918	41,458	SH		SOLE		29,021	0	12,437
Thermo Fisher Scientific	COM	883556102	263	1,176	SH		SOLE		0	0	1,176
Travelers Companies	COM	89417E109	324	2,708	SH		SOLE		0	0	2,708
US Bancorp DE	COM	902973304	3,384	74,046	SH		SOLE		58,506	0	15,540
Unilever NV NY	COM	904784709	3,260	60,598	SH		SOLE		56,994	0	3,604
Union Pac Corp	COM	907818108	4,075	29,483	SH		SOLE		23,908	0	5,575
Verizon Comm	COM	92343V104	4,244	75,485	SH		SOLE		60,035	0	15,450
Visa Inc	COM	92826C839	4,563	34,585	SH		SOLE		24,717	0	9,868
Wal-Mart Inc	COM	931142103	4,034	43,309	SH		SOLE		34,489	0	8,820
Walgreens Boots Allian	COM	931427108	3,484	50,988	SH		SOLE		40,483	0	10,505
Zoetis Inc	COM	98978V103	4,217	49,297	SH		SOLE		40,272	0	9,025