13F-HR 1 form13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F Report for the Calendar year or Quarter Ended: March 31, 2007 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: Willis Investment Counsel, Inc. Address: 710 Green Street Gainesville, Georgia 30501 13F File Number: 028-11914 The institutional 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 required items, statements, schedules lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Robert T. Willis, Jr. Title: Chief Investment Officer and Partner Phone: 770-718-0706 Signature Place and Date of Signing Robert T. Willis, Jr. Gainesville, Georgia May 14, 2007 Report Type (check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Report Summary: Number of other Included Managers: 0 Form 13F Information Table entry Total: 56 Form 13F Information Table Value Total: 133791 List of Other Included Managers: None FORM 13F INFORMATION TABLE ISSUER TITLE CUSIP VALUE SHARES SH/PRN PUT/CALL DSCRETN OTHER VOTING AUTHORITY SOLE SHARED NONE Alltel COM 020039103 1710 27585 SH SOLE 4900 22685 AIG COM 026874107 3698 55014 SH SOLE 10180 44834 Altira COM 02209S103 405 4620 SH SOLE 0 4620 Applied MaterialCOM 038222105 1897 103530 SH SOLE 19750 83780 Avon COM 054303102 2045 54870 SH SOLE 10080 44790 BP PLC SPON ADR 055622104 223 3447 SH SOLE 0 3447 Bank of America COM 060505104 390 7634 SH SOLE 0 7634 Bank of NY COM 064057102 4404 108616 SH SOLE 20035 88581 Biomet COM 090613100 1112 26160 SH SOLE 8590 17570 Bristol Myers COM 110122108 3164 113991 SH SOLE 19205 94786 Caterpillar COM 149123101 274 4085 SH SOLE 0 4085 Cigna COM 125509109 202 1418 SH SOLE 0 1418 Cintas Corp COM 172908105 1711 47390 SH SOLE 8630 38760 Coca Cola COM 191216100 5423 112978 SH SOLE 20210 92768 Coca Cola Ent. COM 191219104 1877 92675 SH SOLE 16630 76045 Deere COM 244199105 592 5450 SH SOLE 0 5450 Dell Inc COM 24702R101 1828 78780 SH SOLE 14680 64100 Dow Jones COM 260561105 2647 76790 SH SOLE 14730 62060 Eastman Kodak COM 264399106 1670 74036 SH SOLE 15001 59035 Eli Lilly COM 277461109 4949 92135 SH SOLE 17820 74315 Exxon Mobil COM 30231G102 523 5730 SH SOLE 0 5730 Fed. Nat'l Mtg COM 313586109 3606 66060 SH SOLE 12260 53800 Fifth Third Banc COM 316773100 2945 76130 SH SOLE 14330 61800 Ford Mtr PFD TR CV6.5% 345395206 2399 67095 SH SOLE 0 67095 Fortune Bnd COM 349631101 338 4285 SH SOLE 0 4285 GB & T COM 361462104 377 19230 SH SOLE 0 19230 Gallaher COM 363595109 348 3900 SH SOLE 0 3900 GE COM 369604103 7126 201515 SH SOLE 29750 171765 Home Depot COM 437076102 5076 138163 SH SOLE 25517 112646 HSBC Holdings ADR A 1/40PFA 404280604 287 11400 SH SOLE 0 11400 IBM COM 459044103 5639 59820 SH SOLE 9670 50150 Intel Corp COM 458140100 4753 248474 SH SOLE 47420 201054 Janus COM 47102X105 2790 133440 SH SOLE 25390 108050 Johnson&Johnson COM 478160104 338 5613 SH SOLE 0 5613 Marsh&Mclennan COM 571748102 3112 106255 SH SOLE 20785 85470 Maxim IntegratedCOM 57772K101 1855 63095 SH SOLE 11110 51985 Microsoft Corp COM 594918104 3804 136476 SH SOLE 24970 111506 New York Times CL A 650111107 2292 97500 SH SOLE 19270 78230 Nokia Corp COM 654902204 6364 277653 SH SOLE 47530 230123 Northern Trust COM 665859104 4320 71834 SH SOLE 13070 58764 Pfizer Inc COM 717081103 5739 227194 SH SOLE 41714 185480 Pitney Bowes COM 724479100 3270 72036 SH SOLE 13865 58171 Regions Fin COM 7591EP100 862 24378 SH SOLE 0 24378 Royal Bk ADR PFD SER P 780097762 316 12400 SH SOLE 0 12400 Scotland Schering-Plough COM 806605101 2775 108795 SH SOLE 20260 88535 Southwest Air COM 844741108 3533 240392 SH SOLE 45710 194682 SunTrust Bank COM 867892101 989 5912 SH SOLE 0 5912 Sysco Corp COM 871829107 3684 108910 SH SOLE 21040 87870 UPS COM 911363109 1839 26230 SH SOLE 4870 21360 Wachovia Corp COM 929903102 786 14274 SH SOLE 0 14274 Waste Mgmt COM 94106L109 1816 52795 SH SOLE 9985 42810 Xerox COM 984121103 2580 152759 SH SOLE 29329 123430 XL Capital COM G98255105 2469 35295 SH SOLE 6750 28545 Zimmer Holding COM 98956P102 2544 29791 SH SOLE 5675 24116 IShares TR S&P100 IDX FD 464287101 1656 25445 SH SOLE 0 25445 IShares TR Lehman AGG 464287226 415 4135 SH SOLE 0 4135