13F-HR 1 form13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM 13F Report for the Calendar year or Quarter Ended: September 30, 2009 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 November 13, 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: 75 Form 13F Information Table Value Total: 356143 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 Amex Technlgy SBI 81369y803 815 39040 SH SOLE 0 39040 Amgen COM 031162100 7297 121150 SH SOLE 26930 94220 Amtr Finl Srv COM 032359309 423 37050 SH SOLE 0 37050 Apache Corp COM 037411105 7548 82200 SH SOLE 16200 66000 Applied MaterialCOM 038222105 5776 431705 SH SOLE 86260 345445 AT&T COM 00206r102 234 8680 SH SOLE 0 8680 Bank of NY COM 064057102 6577 226878 SH SOLE 53070 173808 Bank of America COM 060505104 659 32961 SH SOLE 0 32961 BB&T CORP COM 054937107 5555 203922 SH SOLE 42705 161217 BHP Billiton COM 088606108 3579 54215 SH SOLE 10870 43345 BJ Services COM 055482103 7316 376505 SH SOLE 74010 302495 Cintas Corp COM 172908105 10699 352970 SH SOLE 70660 282310 Cisco Systems COM 17275R102 4712 200187 SH SOLE 38150 162037 Coca Cola COM 191216100 1230 22907 SH SOLE 0 22907 ConocoPhillips COM 20825C104 6824 151100 SH SOLE 29960 121140 Consumer Disc SBI CONS 81369y407 240 8740 SH SOLE 0 8740 Dell Inc COM 24702R101 10411 682220 SH SOLE 135535 546685 Electronic Arts COM 285512109 342 18000 SH SOLE 0 18000 Eli Lilly COM 277461109 6672 202007 SH SOLE 39740 162267 Encana Corp COM 292505104 5765 100075 SH SOLE 19860 80125 Ensco Intl COM 26874Q100 3904 91765 SH SOLE 18250 73515 Exxon Mobile COM 30231q102 887 11729 SH SOLE 0 11729 Fair Isaac Corp COM 303250104 407 18950 SH SOLE 0 18950 Forest Lab COM 345838106 7507 255010 SH SOLE 49760 205250 Fresh Del Monte ORD G36738105 315 13940 SH SOLE 0 13940 Gannett Co COM 364730101 8294 663055 SH SOLE 125900 537155 GE COM 369604103 9896 602729 SH SOLE 117910 484819 Harley Davidson COM 412822108 4632 201377 SH SOLE 49540 151837 Home Depot COM 437076102 9254 347357 SH SOLE 70472 276885 Horsehead Hldg COM 440694305 3497 298420 SH SOLE 57446 240974 Humana Inc COM 444859102 321 8600 SH SOLE 0 8600 Iesi-Bfc Ltd ShsCOM 44951D108 297 23000 SH SOLE 0 23000 Intel Corp COM 458140100 9943 508081 SH SOLE 105430 402651 Jack in the Box COM 466367109 411 20050 SH SOLE 0 20050 Johnson&Johnson COM 478160104 4343 71321 SH SOLE 13880 57441 K Tron Intl Inc COM 482730108 295 3100 SH SOLE 0 3100 Legg Mason, Inc COM 524901105 11773 379395 SH SOLE 72910 306485 Logitech Inter'lSHS H50430232 248 13480 SH SOLE 0 13480 Lowe's CompaniesCOM 548661107 7552 360630 SH SOLE 72840 287790 Maxim IntegratedCOM 57772K101 9996 551025 SH SOLE 107600 443425 MGIC Investment COM 552848103 5533 746747 SH SOLE 177640 569107 Microsoft Corp COM 594918104 11054 429767 SH SOLE 87100 342667 Mitcham Ind. COM 606501104 298 48000 SH SOLE 0 48000 Murphy Oil COM 626717102 6818 118425 SH SOLE 23330 95095 Nabors Ind. COM G6359F103 8192 391980 SH SOLE 77580 314400 Nokia Corp COM 654902204 9084 621362 SH SOLE 125390 495972 Oracle Corp COM 68389X105 3092 148355 SH SOLE 29940 118415 Overhill Farms COM 690212105 272 44950 SH SOLE 0 44950 Patterson Co COM 703395103 9255 339645 SH SOLE 68110 271535 Pfizer Inc COM 717081103 7174 433453 SH SOLE 83474 349979 Regions Fin COM 7591EP100 5598 901523 SH SOLE 175150 726373 Republic Air COM 760276105 523 56080 SH SOLE 0 56080 RoyalDutchShell COM 780259206 9810 171536 SH SOLE 33310 138226 Consmrs Stpl SBI 81369y308 241 9460 SH SOLE 0 9460 Int-Energy SBI 81369y506 323 5990 SH SOLE 0 5990 Int-Industriall SBI 81369y704 243 9210 SH SOLE 0 9210 State Street COM 857477103 6334 120415 SH SOLE 25200 95215 Stryker Corp COM 863667101 5426 119440 SH SOLE 23520 92920 Sysco Corp COM 871829107 8673 349007 SH SOLE 75370 273637 Torchmark COM 891027104 4603 105985 SH SOLE 21060 84925 United Health COM 91324P102 263 10500 SH SOLE 0 10500 UPS COM 911363109 7133 126325 SH SOLE 25740 100585 Universal Corp COM 913456109 253 6060 SH SOLE 0 6060 VALE COM 91912E105 3790 163840 SH SOLE 32860 130980 Valero Energy COM 91913y100 3883 200270 SH SOLE 36430 163840 Varion Medical COM 92220P105 3648 86580 SH SOLE 17250 69330 Vulcan MaterialsCOM 929160109 4130 73390 SH SOLE 14460 61930 Walgreens COM 931422109 9041 241279 SH SOLE 48250 193029 Walmart COM 931142103 6181 125919 SH SOLE 23770 102149 Waste Mgmt COM 94106L109 5976 200418 SH SOLE 39815 160603 XL Capital COM G98255105 11553 661712 SH SOLE 114980 546732 Zimmer Holding COM 98956P102 9975 186632 SH SOLE 38435 148197 DJHealthcare ISHARES TR 464287762 651 11040 SH SOLE 0 11040 SP 100 IDX FD ISHARES TR 464287101 614 12590 SH SOLE 0 12590 DJ Regional BankISHARES TR 464288778 241 11485 SH SOLE 30 11455