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	3,145	23,040	SH		SOLE		17,140	0	5,900
Adobe Inc	COM	00724F101	4,215	13,245	SH		SOLE		9,195	0	4,050
Air Prods & Chems Inc	COM	009158106	3,457	17,320	SH		SOLE		13,250	0	4,070
Alphabet Inc	COM	02079K305	4,128	3,553	SH		SOLE		2,420	0	1,133
Amazon.com Inc	COM	023135106	4,751	2,437	SH		SOLE		1,617	0	820
American Express Co	COM	025816109	2,876	33,590	SH		SOLE		25,865	0	7,725
American Tower Corp	COM	03027X100	3,813	17,510	SH		SOLE		13,270	0	4,240
Amgen Inc	COM	031162100	3,842	18,949	SH		SOLE		14,615	0	4,334
Analog Devices Inc	COM	032654105	470	5,245	SH		SOLE		0	0	5,245
Apple Inc	COM	037833100	3,683	14,483	SH		SOLE		10,823	0	3,660
Archer Daniels Midland	COM	039483102	3,045	86,565	SH		SOLE		66,965	0	19,600
Arista Networks Inc	COM	040413106	480	2,368	SH		SOLE		0	0	2,368
Autodesk Inc	COM	052769106	515	3,301	SH		SOLE		0	0	3,301
Automatic Data Process	COM	053015103	3,235	23,670	SH		SOLE		18,445	0	5,225
Becton Dickinson & Co	COM	075887109	3,499	15,230	SH		SOLE		11,519	0	3,711
Bio Techne Corp	COM	09073M104	473	2,492	SH		SOLE		0	0	2,492
BlackRock Inc	COM	09247X101	3,900	8,864	SH		SOLE		6,155	0	2,709
Caterpillar Inc	COM	149123101	3,293	28,380	SH		SOLE		21,310	0	7,070
Chevron Corp	COM	166764100	235	3,248	SH		SOLE		0	0	3,248
Cisco Sys Inc	COM	17275R102	3,471	88,290	SH		SOLE		66,290	0	22,000
Corning Inc	COM	219350105	2,594	126,295	SH		SOLE		97,710	0	28,585
Costco Whsl Corp	COM	22160K105	4,205	14,749	SH		SOLE		9,850	0	4,899
Deere & Co	COM	244199105	423	3,064	SH		SOLE		0	0	3,064
Digital Rlty Tr Inc	COM	253868103	476	3,426	SH		SOLE		0	0	3,426
Ecolab Inc	COM	278865100	409	2,623	SH		SOLE		28	0	2,595
Emergent BioSolutions	COM	29089Q105	531	9,178	SH		SOLE		0	0	9,178
Emerson Elec Co	COM	291011104	1,949	40,905	SH		SOLE		39,295	0	1,610
Exxon Mobil Corp	COM	30231G102	2,259	59,495	SH		SOLE		44,970	0	14,525
Facebook Inc Cl A	COM	30303M102	331	1,987	SH		SOLE		0	0	1,987
Fiserv Inc	COM	337738108	415	4,371	SH		SOLE		0	0	4,371
General Dynamics Corp	COM	369550108	2,839	21,460	SH		SOLE		16,810	0	4,650
Home Depot Inc	COM	437076102	3,627	19,426	SH		SOLE		14,445	0	4,981
Honeywell Intl Inc	COM	438516106	402	3,003	SH		SOLE		0	0	3,003
Illinois Tool Wks Inc	COM	452308109	3,554	25,005	SH		SOLE		19,135	0	5,870
Intel Corp	COM	458140100	3,576	66,075	SH		SOLE		49,935	0	16,140
International Bus Mach	COM	459200101	2,495	22,495	SH		SOLE		16,785	0	5,710
International Paper Co	COM	460146103	2,609	83,800	SH		SOLE		64,300	0	19,500
Iqvia Hldgs Inc	COM	46266C105	382	3,538	SH		SOLE		0	0	3,538
Itron Inc	COM	465741106	337	6,036	SH		SOLE		0	0	6,036
JPMorgan Chase & Co	COM	46625H100	2,355	26,160	SH		SOLE		24,532	0	1,628
Johnson & Johnson	COM	478160104	3,729	28,440	SH		SOLE		22,400	0	6,040
L3Harris Technologies	COM	502431109	438	2,431	SH		SOLE		0	0	2,431
McDonalds Corp	COM	580135101	3,453	20,885	SH		SOLE		16,300	0	4,585
Merck & Co Inc	COM	58933Y105	386	5,020	SH		SOLE		59	0	4,961
Microsoft Corp	COM	594918104	4,085	25,900	SH		SOLE		19,484	0	6,416
Moodys Corp	COM	615369105	512	2,422	SH		SOLE		0	0	2,422
Morgan Stanley	COM	617446448	2,711	79,740	SH		SOLE		61,240	0	18,500
NextEra Energy Inc	COM	65339F101	3,784	15,725	SH		SOLE		12,185	0	3,540
Nucor Corp	COM	670346105	2,488	69,080	SH		SOLE		52,450	0	16,630
Nvidia Corp	COM	67066G104	4,774	18,112	SH		SOLE		11,852	0	6,260
Paypal Hldgs Inc	COM	70450Y103	473	4,938	SH		SOLE		0	0	4,938
Pepsico Inc	COM	713448108	3,688	30,710	SH		SOLE		23,580	0	7,130
Pfizer Inc	COM	717081103	3,361	102,980	SH		SOLE		77,490	0	25,490
Procter & Gamble Co	COM	742718109	3,683	33,480	SH		SOLE		26,280	0	7,200
Salesforce Com Inc	COM	79466L302	429	2,981	SH		SOLE		0	0	2,981
ServiceNow Inc	COM	81762P102	364	1,271	SH		SOLE		19	0	1,252
Starbucks Corp	COM	855244109	3,150	47,915	SH		SOLE		37,635	0	10,280
Stryker Corp	COM	863667101	3,778	22,694	SH		SOLE		15,060	0	7,634
Texas Instruments Inc	COM	882508104	3,330	33,320	SH		SOLE		24,915	0	8,405
Thermo Fisher Scientific	COM	883556102	508	1,790	SH		SOLE		0	0	1,790
US Bancorp DE	COM	902973304	2,601	75,500	SH		SOLE		58,160	0	17,340
Unilever NV NY	COM	904784709	2,700	55,340	SH		SOLE		53,250	0	2,090
Union Pac Corp	COM	907818108	3,349	23,745	SH		SOLE		18,110	0	5,635
Verizon Comm	COM	92343V104	3,597	66,950	SH		SOLE		51,375	0	15,575
Visa Inc	COM	92826C839	3,948	24,505	SH		SOLE		16,275	0	8,230
Wal-Mart Inc	COM	931142103	3,872	34,080	SH		SOLE		26,635	0	7,445
Walt Disney Co (The)	COM	254687106	2,917	30,192	SH		SOLE		22,812	0	7,380
Zoetis Inc	COM	98978V103	3,648	30,995	SH		SOLE		24,195	0	6,800