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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
Abbott Labs	COM	002824100	1,350,251	12,267	SH		SOLE		10,702	0	1,565
Adobe Inc	COM	00724F101	3,212,109	5,384	SH		SOLE		2,257	0	3,127
Air Prods & Chems Inc	COM	009158106	1,490,841	5,445	SH		SOLE		4,820	0	625
Alphabet Inc	COM	02079K305	4,001,281	28,644	SH		SOLE		12,946	0	15,698
Amazon.com Inc	COM	023135106	2,982,582	19,630	SH		SOLE		12,233	0	7,397
American Express Co	COM	025816109	2,147,478	11,463	SH		SOLE		7,020	0	4,443
American Twr Corp-REIT	COM	03027X100	1,682,785	7,795	SH		SOLE		6,940	0	855
Ameriprise Financial Inc	COM	03076C106	201,690	531	SH		SOLE		36	0	495
Amgen Inc	COM	031162100	1,807,902	6,277	SH		SOLE		5,170	0	1,107
Analog Devices Inc	COM	032654105	2,484,182	12,511	SH		SOLE		21	0	12,490
Apple Inc	COM	037833100	5,251,934	27,279	SH		SOLE		9,370	0	17,909
Applied Materials Inc	COM	038222105	1,339,918	8,268	SH		SOLE		17	0	8,251
Archer-Daniels-Midland Co	COM	039483102	1,467,149	20,315	SH		SOLE		17,950	0	2,365
Arista Networks Inc	COM	040413106	240,220	1,020	SH		SOLE		70	0	950
Arthur J Gallagher & Co	COM	363576109	670,823	2,983	SH		SOLE		7	0	2,976
Autodesk Inc	COM	052769106	1,517,812	6,234	SH		SOLE		12	0	6,222
Automatic Data Processing Inc	COM	053015103	2,064,745	8,863	SH		SOLE		5,399	0	3,464
Badger Meter Inc	COM	056525108	353,816	2,292	SH		SOLE		0	0	2,292
Becton Dickinson & Co	COM	075887109	1,355,695	5,560	SH		SOLE		4,830	0	730
BlackRock Inc	COM	09247X101	3,641,939	4,486	SH		SOLE		1,738	0	2,748
Broadcom Inc	COM	11135F101	2,527,190	2,264	SH		SOLE		1,600	0	664
Caterpillar Inc	COM	149123101	1,951,422	6,600	SH		SOLE		5,850	0	750
Charles Schwab Corp	COM	808513105	1,839,123	26,731	SH		SOLE		147	0	26,584
Chevron Corp	COM	166764100	1,121,495	7,519	SH		SOLE		16	0	7,503
Chipotle Mexican Grill	COM	169656105	228,696	100	SH		SOLE		7	0	93
Cintas Corporation	COM	172908105	606,276	1,006	SH		SOLE		15	0	991
Cisco Sys Inc	COM	17275R102	1,483,015	29,355	SH		SOLE		25,700	0	3,655
Corning Inc	COM	219350105	1,273,136	41,811	SH		SOLE		36,500	0	5,311
Costco Whsl Corp	COM	22160K105	5,084,098	7,702	SH		SOLE		2,395	0	5,307
Danaher Corp	COM	235851102	676,688	2,925	SH		SOLE		0	0	2,925
Darden Restaurants Inc	COM	237194105	391,691	2,384	SH		SOLE		0	0	2,384
Duke Energy Corp	COM	26441C204	529,838	5,460	SH		SOLE		251	0	5,209
Eli Lilly and Company	COM	532457108	3,985,690	6,837	SH		SOLE		59	0	6,778
Emerson Elec Co	COM	291011104	1,618,598	16,630	SH		SOLE		14,700	0	1,930
Exxon Mobil Corp	COM	30231G102	2,044,591	20,450	SH		SOLE		12,900	0	7,550
Fastenal Co	COM	311900104	496,829	7,671	SH		SOLE		0	0	7,671
General Dynamics Corp	COM	369550108	1,597,230	6,151	SH		SOLE		5,325	0	826
HCA Healthcare Inc	COM	40412C101	467,735	1,728	SH		SOLE		0	0	1,728
Hologic Inc	COM	436440101	852,742	11,935	SH		SOLE		26	0	11,909
Home Depot Inc	COM	437076102	2,331,793	6,729	SH		SOLE		3,775	0	2,954
IShares Floating Rate Bd ETF	COM	46429B655	462,717	9,141	SH		SOLE		571	0	8,570
Illinois Tool Wks Inc	COM	452308109	1,720,946	6,570	SH		SOLE		5,800	0	770
Intel Corp	COM	458140100	1,573,327	31,310	SH		SOLE		27,125	0	4,185
International Paper Co	COM	460146103	1,460,098	40,390	SH		SOLE		36,225	0	4,165
Intuit Inc	COM	461202103	668,791	1,070	SH		SOLE		0	0	1,070
Invesco Preferred ETF	COM	46138E511	458,972	40,015	SH		SOLE		3,207	0	36,808
JPMorgan Chase & Co	COM	46625H100	4,193,512	24,653	SH		SOLE		9,670	0	14,983
Johnson & Johnson	COM	478160104	1,471,005	9,385	SH		SOLE		7,585	0	1,800
Lockheed Martin Corp	COM	539830109	611,272	1,349	SH		SOLE		0	0	1,349
Marriott International	COM	571903202	1,743,418	7,731	SH		SOLE		6,380	0	1,351
Mastercard Inc CL A	COM	57636Q104	785,863	1,843	SH		SOLE		42	0	1,801
McDonalds Corp	COM	580135101	3,216,400	10,848	SH		SOLE		5,309	0	5,539
McKesson Corp	COM	58155Q103	889,848	1,922	SH		SOLE		54	0	1,868
Meta Platforms Inc	COM	30303M102	2,019,875	5,707	SH		SOLE		11	0	5,696
Microchip Tech Inc	COM	595017104	1,545,240	17,135	SH		SOLE		28	0	17,107
Microsoft Corp	COM	594918104	3,470,648	9,229	SH		SOLE		5,055	0	4,174
Morgan Stanley	COM	617446448	1,697,150	18,200	SH		SOLE		16,050	0	2,150
Nasdaq Inc	COM	631103108	524,927	9,029	SH		SOLE		0	0	9,029
Netflix Inc	COM	64110L106	1,974,785	4,056	SH		SOLE		3,213	0	843
NextEra Energy Inc	COM	65339F101	1,775,602	29,233	SH		SOLE		18,084	0	11,149
Norfolk Southern Corp	COM	655844108	236,380	1,000	SH		SOLE		0	0	1,000
Northrop Grumman Corp	COM	666807102	1,269,956	2,713	SH		SOLE		6	0	2,707
Nucor Corp	COM	670346105	1,717,949	9,871	SH		SOLE		8,650	0	1,221
Nvidia Corp	COM	67066G104	6,090,153	12,298	SH		SOLE		4,316	0	7,982
Old Dominion Frt Line	COM	679580100	3,238,984	7,991	SH		SOLE		13	0	7,978
PayPal Hldgs Inc	COM	70450Y103	1,176,001	19,150	SH		SOLE		16,850	0	2,300
PepsiCo Inc	COM	713448108	1,478,118	8,703	SH		SOLE		7,498	0	1,205
Pfizer Inc	COM	717081103	1,247,039	43,315	SH		SOLE		39,150	0	4,165
Procter & Gamble Co	COM	742718109	1,455,875	9,935	SH		SOLE		8,380	0	1,555
Quanta Services Inc	COM	74762E102	1,513,640	7,014	SH		SOLE		64	0	6,950
Raymond James Financial Inc	COM	754730109	414,557	3,718	SH		SOLE		0	0	3,718
Roper Technologies Inc	COM	776696106	442,678	812	SH		SOLE		0	0	812
S&P Global Inc	COM	78409V104	2,214,117	5,026	SH		SOLE		22	0	5,004
Salesforce Inc	COM	79466L302	981,775	3,731	SH		SOLE		53	0	3,678
Schwab US Dividend Equity ETF	COM	808524797	330,480	4,341	SH		SOLE		306	0	4,035
Stryker Corp	COM	863667101	2,419,334	8,079	SH		SOLE		5,125	0	2,954
TJX Companies	COM	872540109	1,807,250	19,265	SH		SOLE		17,040	0	2,225
Taiwan Semiconductor Manufactu	COM	874039100	205,504	1,976	SH		SOLE		140	0	1,836
Texas Instruments Inc	COM	882508104	1,484,536	8,709	SH		SOLE		7,585	0	1,124
Thermo Fisher Scientific	COM	883556102	1,596,217	3,007	SH		SOLE		7	0	3,000
Trane Technologies plc	COM	G8994E103	508,775	2,086	SH		SOLE		31	0	2,055
US Bancorp	COM	902973304	1,597,378	36,908	SH		SOLE		32,000	0	4,908
Union Pac Corp	COM	907818108	2,950,241	12,011	SH		SOLE		5,677	0	6,334
United Rentals Inc	COM	911363109	1,604,438	2,798	SH		SOLE		8	0	2,790
UnitedHealth Group Inc	COM	91324P102	875,109	1,662	SH		SOLE		0	0	1,662
Vanguard Interm-Tm Corp Bd Idx	COM	92206C870	542,381	6,673	SH		SOLE		517	0	6,156
Vanguard Short-Term Bd ETF	COM	921937827	757,030	9,829	SH		SOLE		1,203	0	8,626
Verizon Communications Inc	COM	92343V104	1,424,494	37,785	SH		SOLE		32,150	0	5,635
Visa Inc	COM	92826C839	3,263,788	12,536	SH		SOLE		5,892	0	6,644
Walmart Inc	COM	931142103	1,567,829	9,945	SH		SOLE		8,598	0	1,347
Walt Disney Co (The)	COM	254687106	1,332,680	14,760	SH		SOLE		12,850	0	1,910
Wells Fargo & Co	COM	949746101	1,150,642	23,378	SH		SOLE		71	0	23,307
Zoetis Inc	COM	98978V103	1,925,936	9,758	SH		SOLE		8,100	0	1,658
iShares 0-5 Yr Tips Bond ETF	COM	46429b747	334,319	3,391	SH		SOLE		261	0	3,130
iShares Core S&P 500	COM	464287200	285,623	598	SH		SOLE		0	0	598
iShares MSCI EAFE ETF	COM	464287465	272,315	3,614	SH		SOLE		100	0	3,514
iShares Russell 1000 Grw ETF	COM	464287614	938,917	3,097	SH		SOLE		0	0	3,097
iShares Russell 2000 Index ETF	COM	464287655	383,356	1,910	SH		SOLE		0	0	1,910