13F-HR 1 form13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F Report for the Calendar year or Quarter Ended: June 30, 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 August 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: 51 Form 13F Information Table Value Total: 127637 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 1665 24649 SH SOLE 4900 19749 AIG COM 026874107 3696 52784 SH SOLE 10340 42444 Altira COM 02209S103 324 4620 SH SOLE 0 4620 Applied MaterialCOM 038222105 2066 103960 SH SOLE 19750 84210 Avon COM 054303102 2035 55370 SH SOLE 10220 45150 BP PLC SPON ADR 055622104 249 3447 SH SOLE 0 3447 Bank of America COM 060505104 621 12709 SH SOLE 0 12709 Bank of NY COM 064057102 4205 101466 SH SOLE 20525 80941 Biomet COM 090613100 1189 26010 SH SOLE 8590 17420 Bristol Myers COM 110122108 3359 106439 SH SOLE 19205 87234 Caterpillar COM 149123101 320 4085 SH SOLE 0 4085 Cigna COM 125509109 222 4254 SH SOLE 0 4254 Cintas Corp COM 172908105 1885 47800 SH SOLE 8770 39030 Coca Cola COM 191216100 5578 106637 SH SOLE 20210 86427 Coca Cola Ent. COM 191219104 2242 93435 SH SOLE 16880 76555 Deere COM 244199105 586 4850 SH SOLE 0 4850 Dell Inc COM 24702R101 2258 79080 SH SOLE 14680 64400 Eli Lilly COM 277461109 4938 88375 SH SOLE 18040 70335 Exxon Mobil COM 30231G102 439 5230 SH SOLE 0 5230 Fed. Nat'l Mtg COM 313586109 4202 64320 SH SOLE 12260 52060 Fifth Third Banc COM 316773100 3060 76930 SH SOLE 14580 62350 Fortune Bnd COM 349631101 353 4285 SH SOLE 0 4285 GB & T COM 361462104 321 19230 SH SOLE 0 19230 GE COM 369604103 7273 189985 SH SOLE 30310 159675 Home Depot COM 437076102 5393 137061 SH SOLE 26967 110094 HSBC Holdings ADR A 1/40PFA 404280604 272 11400 SH SOLE 0 11400 IBM COM 459044103 6175 58670 SH SOLE 9820 48850 Intel Corp COM 458140100 5470 230404 SH SOLE 47910 182494 Internatl Paper COM 460146103 213 5447 SH SOLE 0 5447 Janus COM 47102X105 3425 123030 SH SOLE 25390 97640 Johnson&Johnson COM 478160104 345 5613 SH SOLE 0 5613 Marsh&Mclennan COM 571748102 3039 98415 SH SOLE 20785 77630 Maxim IntegratedCOM 57772K101 2101 62895 SH SOLE 11110 51785 Microsoft Corp COM 594918104 3702 125604 SH SOLE 25510 100094 New York Times CL A 650111107 2338 92060 SH SOLE 19270 72790 Nokia Corp COM 654902204 4238 150763 SH SOLE 27600 123163 Northern Trust COM 665859104 4281 66642 SH SOLE 13300 53342 Pfizer Inc COM 717081103 5568 217744 SH SOLE 42414 175330 Pitney Bowes COM 724479100 3281 70086 SH SOLE 14275 55811 Regions Fin COM 7591EP100 807 24378 SH SOLE 0 24378 Southwest Air COM 844741108 3629 243402 SH SOLE 50480 192922 SunTrust Bank COM 867892101 507 5912 SH SOLE 0 5912 Sysco Corp COM 871829107 5037 152680 SH SOLE 30410 122270 UPS COM 911363109 1937 26530 SH SOLE 4870 21660 Wachovia Corp COM 929903102 707 13804 SH SOLE 0 13804 Waste Mgmt COM 94106L109 1903 48725 SH SOLE 9985 38740 Xerox COM 984121103 2508 135699 SH SOLE 27759 107940 XL Capital COM G98255105 2991 35485 SH SOLE 6750 28735 Zimmer Holding COM 98956P102 2526 29751 SH SOLE 5675 24076 IShares TR S&P100 IDX FD 464287101 1762 25445 SH SOLE 0 25445 IShares TR Lehman AGG 464287226 396 4035 SH SOLE 0 4035