13F-HR 1 form13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F Report for the Calendar year or Quarter Ended: December 31, 2008 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 12, 2009 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: 47 Form 13F Information Table Value Total: 275308 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 841 535769 SH SOLE 342810 192959 Amgen COM 031162100 6920 119830 SH SOLE 74020 45810 Applied MaterialCOM 038222105 4192 413810 SH SOLE 263730 150080 Avon COM 054303102 5769 240060 SH SOLE 150740 89320 Bank of NY COM 064057102 4466 157658 SH SOLE 152400 5258 Bed Bath&Beyond COM 075896100 8863 348650 SH SOLE 220080 128570 BJ Services COM 055482103 3799 325525 SH SOLE 229720 95805 Cintas Corp COM 172908105 9668 416200 SH SOLE 264750 151450 Cisco Systems COM 17275R102 2578 158152 SH SOLE 104720 53432 Coca Cola COM 191216100 6957 153681 SH SOLE 92200 61481 Dell Inc COM 24702R101 8799 859285 SH SOLE 555910 303375 Eli Lilly COM 277461109 11659 289512 SH SOLE 184910 104602 Exxon Mobile COM 30231G102 271 3400 SH SOLE 0 3400 Fed. Nat'l Mtg COM 313586109 484 636649 SH SOLE 460270 176379 FedEx Corp COM 31428X106 3635 56665 SH SOLE 38950 17715 Forest Lab COM 345838106 6354 249485 SH SOLE 169330 80155 Gannett Co COM 364730101 4164 520520 SH SOLE 354490 166030 GE COM 369604103 9535 588571 SH SOLE 359240 229331 Harley Davidson COM 412822108 2829 166677 SH SOLE 102030 64647 Home Depot COM 437076102 15533 674747 SH SOLE 436407 238340 Intel Corp COM 458140100 12536 855117 SH SOLE 555800 299317 Legg Mason, Inc COM 524901105 11244 513180 SH SOLE 355300 157880 Lowe's CompaniesCOM 548661107 6004 279000 SH SOLE 184360 94640 Maxim IntegratedCOM 57772K101 6412 561445 SH SOLE 351620 209825 MGIC Investment COM 552848103 2521 724457 SH SOLE 557430 167117 Microsoft Corp COM 594918104 8114 417380 SH SOLE 267220 150160 Nabors Ind. COM G6359F103 2286 190970 SH SOLE 125990 64980 Nokia Corp COM 654902204 9564 613060 SH SOLE 394070 218990 Patterson Co COM 703395103 6102 325445 SH SOLE 208670 116775 Pfizer Inc COM 717081103 10877 614180 SH SOLE 395734 218446 Pitney Bowes COM 724479100 4914 192844 SH SOLE 124325 68519 Regions Fin COM 7591EP100 310 38893 SH SOLE 0 38893 SunTrust Bank COM 867892101 209 7081 SH SOLE 0 7081 Sysco Corp COM 871829107 13403 584237 SH SOLE 365890 218347 T Rowe Price COM 74144T108 3050 86070 SH SOLE 56770 29300 UPS COM 911363109 6421 116400 SH SOLE 77180 39220 Vulcan MaterialsCOM 929160109 4500 64680 SH SOLE 42940 21740 Walgreens COM 931422109 4454 180540 SH SOLE 113830 66710 Walmart COM 931142103 6530 116489 SH SOLE 64300 52189 Waste Mgmt COM 94106L109 6526 196933 SH SOLE 126185 70748 Xerox COM 984121103 5395 676879 SH SOLE 454769 222110 XL Capital COM G98255105 3337 901902 SH SOLE 663680 238222 Zimmer Holding COM 98956P102 7388 182778 SH SOLE 116435 66343 DJ Regional BankISHARES TR 464288778 14845 620355 SH SOLE 412950 207405 Lehman AGG ISHARES TR 464287226 297 2855 SH SOLE 0 2855 IBoxx INV CPBD ISHARES TR 464287242 209 2056 SH SOLE 0 2056 SP 100 IDX FD ISHARES TR 464287101 544 12600 SH SOLE 0 12600