13F-HR 1 form13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F Report for the Calendar year or Quarter Ended: Decemnber 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 February 15, 2008 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: 46 Form 13F Information Table Value Total: 369843 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 AIG COM 026874107 15504 265939 SH SOLE 186850 79089 Altira COM 02209S103 349 4620 SH SOLE 0 4620 Amgen COM 031162100 3091 66550 SH SOLE 44030 22520 Applied MaterialCOM 038222105 5405 304360 SH SOLE 196820 107540 Avon COM 054303102 8104 205020 SH SOLE 137990 67030 Bank of America COM 060505104 541 13109 SH SOLE 0 13109 Bank of NY COM 064057102 13067 267993 SH SOLE 171475 96518 Bed Bath&Beyond COM 075896100 4952 168500 SH SOLE 112960 55540 Caterpillar COM 149123101 296 4085 SH SOLE 0 4085 Cintas Corp COM 172908105 7589 225730 SH SOLE 179130 46600 Coca Cola COM 191216100 16146 263087 SH SOLE 163090 99997 Deere COM 244199105 620 6660 SH SOLE 0 6660 Dell Inc COM 24702R101 9199 375315 SH SOLE 259310 116005 Eli Lilly COM 277461109 14900 279085 SH SOLE 184760 94325 Fed. Nat'l Mtg COM 313586109 15647 391360 SH SOLE 262900 128460 Fifth Third Banc COM 316773100 11338 451170 SH SOLE 306200 144970 Forest Lab COM 345838106 3428 94045 SH SOLE 63980 30065 Fortune Bnd COM 349631101 310 4285 SH SOLE 0 4285 Gannett Co COM 364730101 5158 132250 SH SOLE 109790 22460 GE COM 369604103 17534 472995 SH SOLE 282230 190765 Home Depot COM 437076102 13764 510901 SH SOLE 352467 158434 IBM COM 459044103 16282 150620 SH SOLE 93160 57460 Intel Corp COM 458140100 15875 595469 SH SOLE 384890 210579 Johnson&Johnson COM 478160104 311 4663 SH SOLE 0 4663 Legg Mason, Inc COM 524901105 9002 123060 SH SOLE 91250 31810 Marsh&Mclennan COM 571748102 11022 416395 SH SOLE 331675 84720 Maxim IntegratedCOM 57772K101 5714 215795 SH SOLE 145010 70785 MGIC Investment COM 552848103 7384 329200 SH SOLE 218740 110460 Microsoft Corp COM 594918104 12372 347534 SH SOLE 220740 126794 New York Times CL A 650111107 5745 327710 SH SOLE 258190 69520 Nokia Corp COM 654902204 12444 324138 SH SOLE 195890 128248 Northern Trust COM 665859104 13287 173507 SH SOLE 110190 63317 Patterson Co COM 703395103 8401 247460 SH SOLE 165260 82200 Pfizer Inc COM 717081103 15941 701302 SH SOLE 468474 232828 Pitney Bowes COM 724479100 8247 216799 SH SOLE 172635 44164 Regions Fin COM 7591EP100 5752 243215 SH SOLE 0 243215 SunTrust Bank COM 867892101 244 3912 SH SOLE 0 3912 Sysco Corp COM 871829107 14115 452270 SH SOLE 292530 159740 UPS COM 911363109 5405 76430 SH SOLE 48780 27650 Wachovia Corp COM 929903102 515 13554 SH SOLE 0 13554 Walmart COM 931142103 5850 123090 SH SOLE 79710 43380 Waste Mgmt COM 94106L109 5125 156880 SH SOLE 104565 52315 Xerox COM 984121103 7228 446439 SH SOLE 300339 146100 XL Capital COM G98255105 6397 127155 SH SOLE 91090 36065 Zimmer Holding COM 98956P102 9891 149521 SH SOLE 106485 43036 IShares TR Lehman AGG 464287226 349 3455 SH SOLE 0 3455