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, 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 February 12, 2010 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: 80 Form 13F Information Table Value Total: 386779 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 Advance Auto COM 00751Y106 235 5800 SH SOLE 0 5800 Alleghany COM 017175100 593 2150 SH SOLE 0 2150 Amex Technlgy SBI 81369y803 895 39040 SH SOLE 0 39040 Amgen COM 031162100 7621 134725 SH SOLE 27490 107235 Amtr Finl Srv COM 032359309 437 37050 SH SOLE 0 37050 Apache Corp COM 037411105 8517 82550 SH SOLE 16360 66190 Applied MaterialCOM 038222105 4134 296535 SH SOLE 60020 236515 AT&T COM 00206r102 243 8680 SH SOLE 0 8680 Bank of NY COM 064057102 5333 190658 SH SOLE 38730 151928 Bank of America COM 060505104 587 32961 SH SOLE 0 32961 BB&T CORP COM 054937107 6446 254092 SH SOLE 52035 202057 Best Buy COM 086516101 4516 114445 SH SOLE 26630 87815 BHP Billiton COM 088606108 4176 54525 SH SOLE 10870 43655 BJ Services COM 055482103 6982 375395 SH SOLE 74010 301385 Cal Dive Intrn'lCOM 12802T101 423 55900 SH SOLE 0 55900 Cenovus Energy COM 15135U109 2639 104740 SH SOLE 21500 83240 Cintas Corp COM 172908105 9336 358110 SH SOLE 74100 284010 Cisco Systems COM 17275R102 7106 296817 SH SOLE 61330 235487 Coca Cola COM 191216100 1302 22847 SH SOLE 0 22847 ConocoPhillips COM 20825C104 7756 151865 SH SOLE 29960 121905 Consumer Disc SBI CONS 81369y407 254 8540 SH SOLE 0 8540 Darden Rest. COM 237194105 4920 140295 SH SOLE 29510 110785 Dell Inc COM 24702R101 10216 711435 SH SOLE 146160 565275 Electronic Arts COM 285512109 320 18000 SH SOLE 0 18000 Eli Lilly COM 277461109 7211 201942 SH SOLE 40210 161732 Encana Corp COM 292505104 3393 104740 SH SOLE 21500 83240 Ensco Intl COM 26874Q100 3684 92245 SH SOLE 18250 73995 Exxon Mobile COM 30231q102 882 11729 SH SOLE 0 11729 Fair Isaac Corp COM 303250104 510 23950 SH SOLE 0 23950 Forest Lab COM 345838106 8323 259210 SH SOLE 52010 207200 Fresh Del Monte ORD G36738105 308 13940 SH SOLE 0 13940 Frontline Ltd COM G3682E127 301 11000 SH SOLE 0 11000 GE COM 369604103 10559 697909 SH SOLE 137730 560179 Harley Davidson COM 412822108 6082 241367 SH SOLE 52160 189207 Home Depot COM 437076102 11936 412597 SH SOLE 84882 327715 Horsehead Hldg COM 440694305 4215 330600 SH SOLE 62386 268214 Humana Inc COM 444859102 377 8600 SH SOLE 0 8600 Iesi-Bfc Ltd ShsCOM 44951D108 416 26000 SH SOLE 0 26000 Intel Corp COM 458140100 5766 282671 SH SOLE 58120 240681 Jack in the Box COM 466367109 4294 218310 SH SOLE 41990 197170 Johnson&Johnson COM 478160104 6843 106241 SH SOLE 21140 52201 Kroger COM 501044101 5295 257925 SH SOLE 54040 178915 Legg Mason, Inc COM 524901105 11157 369925 SH SOLE 79010 279175 Lowe's CompaniesCOM 548661107 10353 422610 SH SOLE 90750 422610 Maxim IntegratedCOM 57772K101 5945 292565 SH SOLE 59260 233305 Microsoft Corp COM 594918104 11715 384353 SH SOLE 78920 305433 Mitcham Ind. COM 606501104 354 48000 SH SOLE 0 48000 Murphy Oil COM 626717102 6579 121375 SH SOLE 24230 97145 Nabors Ind. COM G6359F103 8541 390180 SH SOLE 77000 313180 Noble COM H5833N103 3879 95305 SH SOLE 20840 74465 Nokia Corp COM 654902204 9097 707932 SH SOLE 145320 562612 Oracle Corp COM 68389X105 8019 326895 SH SOLE 67410 259485 Overhill Farms COM 690212105 301 62050 SH SOLE 0 62050 Patterson Co COM 703395103 9761 348855 SH SOLE 70800 278055 Pfizer Inc COM 717081103 8016 440657 SH SOLE 87524 353133 Regions Fin COM 7591EP100 5197 982513 SH SOLE 189400 793113 Republic Air COM 760276105 569 77080 SH SOLE 0 77080 RoyalDutchShell COM 780259206 9440 157051 SH SOLE 33230 123821 Consmrs Stpl SBI 81369y308 250 9460 SH SOLE 0 9460 Int-Energy SBI 81369y506 341 5990 SH SOLE 0 5990 Int-Industriall SBI 81369y704 255 9210 SH SOLE 0 9210 State Street COM 857477103 6718 154305 SH SOLE 31390 122915 Stewart Info COM 860372101 508 45000 SH SOLE 0 45000 Stryker Corp COM 863667101 6161 122320 SH SOLE 25120 97200 Sysco Corp COM 871829107 11013 394167 SH SOLE 81110 313057 Torchmark COM 891027104 4800 109225 SH SOLE 22700 86525 United Health COM 91324P102 408 13400 SH SOLE 0 13400 UPS COM 911363109 7969 138905 SH SOLE 28580 110325 Universal Corp COM 913456109 276 6060 SH SOLE 0 6060 VALE COM 91912E105 4784 164785 SH SOLE 32860 131925 Valero Energy COM 91913y100 6553 391250 SH SOLE 74160 317090 Varion Medical COM 92220P105 5810 124010 SH SOLE 25140 98870 Vulcan MaterialsCOM 929160109 5804 110190 SH SOLE 22090 88100 Walgreens COM 931422109 8897 242289 SH SOLE 48330 193959 Walmart COM 931142103 9596 179524 SH SOLE 36710 142814 XL Capital COM G98255105 10519 573870 SH SOLE 114580 459290 Zimmer Holding COM 98956P102 10590 179162 SH SOLE 37145 142017 DJHealthcare ISHARES TR 464287762 705 11040 SH SOLE 0 11040 SP 100 IDX FD ISHARES TR 464287101 445 8640 SH SOLE 0 8640 DJ Regional BankISHARES TR 464288778 239 11485 SH SOLE 0 11485