# EDGAR Filing Document

**Accession Number:** 0001310929
**File Stem:** 0001310929-23-000001
**Filing Date:** 2023-1
**Character Count:** 14844
**Document Hash:** c5f32c45567af516da19f8c96d13e191
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001310929-23-000001.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001310929-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**EFFECTIVENESS DATE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Willis Investment Counsel
- **CENTRAL INDEX KEY:** 0001310929
- **IRS NUMBER:** 581396624
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11914
- **FILM NUMBER:** 23533383

**BUSINESS ADDRESS:**
- **STREET 1:** 710 GREEN STREET
- **CITY:** GAINESVILLE
- **STATE:** GA
- **ZIP:** 30501
- **BUSINESS PHONE:** 770-718-0706

**MAIL ADDRESS:**
- **STREET 1:** 710 GREEN STREET
- **CITY:** GAINESVILLE
- **STATE:** GA
- **ZIP:** 30501

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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<br>**Address:** 710 GREEN STREET<br>GAINESVILLE, GA 30501

**Form 13F File Number:** 028-11914

The institutional investment 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:** Kelli M. Wright<br>**Title:** Chief Compliance Officer<br>**Phone:** 770-718-0706

**Signature, Place, and Date of Signing:**

Kelli M. Wright  Gainesville, GA  01-18-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 113

**Form 13F Information Table Value Total:** $1563273133

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3m Company | COM | 88579Y101 |  | 12309428 | 102647 | SH |  | SOLE |  | 14953 | 0 | 87694 |
| Accenture PLC | COM | G1151C101 |  | 42558845 | 159492 | SH |  | SOLE |  | 23518 | 0 | 135974 |
| Adobe Systems Inc | COM | 00724F101 |  | 11864702 | 35256 | SH |  | SOLE |  | 8356 | 0 | 26900 |
| Advance Auto Parts Inc | COM | 00751Y106 |  | 13047883 | 88743 | SH |  | SOLE |  | 20625 | 0 | 68118 |
| Aflac Inc | COM | 001055102 |  | 39070038 | 543092 | SH |  | SOLE |  | 91000 | 0 | 452092 |
| Allstate | COM | 020002101 |  | 18495840 | 136400 | SH |  | SOLE |  | 14300 | 0 | 122100 |
| American Electric Power Co | COM | 025537101 |  | 14832424 | 156213 | SH |  | SOLE |  | 16300 | 0 | 139913 |
| American Express | COM | 025816109 |  | 18766614 | 127016 | SH |  | SOLE |  | 29537 | 0 | 97479 |
| AO Smith Corporation | COM | 831865209 |  | 6512710 | 113779 | SH |  | SOLE |  | 10834 | 0 | 102945 |
| APA Corporation | COM | 03743Q108 |  | 7026274 | 150520 | SH |  | SOLE |  | 28950 | 0 | 121570 |
| Apple Computer | COM | 037833100 |  | 14785124 | 113793 | SH |  | SOLE |  | 10800 | 0 | 102993 |
| Applied Material Inc | COM | 038222105 |  | 13428799 | 137901 | SH |  | SOLE |  | 22167 | 0 | 115734 |
| AT Corp | COM | 00206R102 |  | 18386251 | 998710 | SH |  | SOLE |  | 103900 | 0 | 894810 |
| Atkore International Group | COM | 047649108 |  | 1123652 | 9907 | SH |  | SOLE |  | 33 | 0 | 9874 |
| Automatic Data Proc | COM | 053015103 |  | 12740554 | 53339 | SH |  | SOLE |  | 6100 | 0 | 47239 |
| Berkshire Hathaway CL A | COM | 084670108 |  | 468711 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BHP Billiton Ltd | COM | 088606108 |  | 27574213 | 444387 | SH |  | SOLE |  | 56620 | 0 | 387767 |
| Bp Plc Spon Adr | COM | 055622104 |  | 14826039 | 424450 | SH |  | SOLE |  | 64410 | 0 | 360040 |
| Caterpillar Inc Del | COM | 149123101 |  | 32733718 | 136641 | SH |  | SOLE |  | 23570 | 0 | 113071 |
| Chevron Corp | COM | 166764100 |  | 9112887 | 50771 | SH |  | SOLE |  | 5000 | 0 | 45771 |
| Chubb Ltd | COM | H1467J104 |  | 40679521 | 184404 | SH |  | SOLE |  | 31375 | 0 | 153029 |
| Cisco Systems Inc | COM | 17275R102 |  | 42393645 | 889875 | SH |  | SOLE |  | 148023 | 0 | 741852 |
| Clorox Co Del Com | COM | 189054109 |  | 28151461 | 200609 | SH |  | SOLE |  | 29007 | 0 | 171602 |
| Coca Cola Company | COM | 191216100 |  | 648695 | 10198 | SH |  | SOLE |  | 0 | 0 | 10198 |
| Conocophillips | COM | 20825C104 |  | 26579854 | 225253 | SH |  | SOLE |  | 37678 | 0 | 187575 |
| CSG Systems International Inc | COM | 126349109 |  | 1155154 | 20195 | SH |  | SOLE |  | 65 | 0 | 20130 |
| Cytodyn Inc | COM | 23283M101 |  | 2933 | 13037 | SH |  | SOLE |  | 0 | 0 | 13037 |
| Darden Restaurants Inc | COM | 237194105 |  | 6281012 | 45406 | SH |  | SOLE |  | 4700 | 0 | 40706 |
| Deere Co | COM | 244199105 |  | 16343045 | 38117 | SH |  | SOLE |  | 3300 | 0 | 34817 |
| Dolby Laboratories Inc CL A | COM | 25659T107 |  | 8391227 | 118957 | SH |  | SOLE |  | 25696 | 0 | 93261 |
| Dollar General Corp | COM | 256677105 |  | 15830920 | 64288 | SH |  | SOLE |  | 15227 | 0 | 49061 |
| Donaldson Co Inc | COM | 257651109 |  | 1201183 | 20404 | SH |  | SOLE |  | 67 | 0 | 20337 |
| Duke Energy Corp New | COM | 26441C204 |  | 11479265 | 111460 | SH |  | SOLE |  | 11400 | 0 | 100060 |
| Eaton Corp | COM | G29183103 |  | 14681260 | 93541 | SH |  | SOLE |  | 9800 | 0 | 83741 |
| Emerson Elec Co | COM | 291011104 |  | 18702882 | 194700 | SH |  | SOLE |  | 18100 | 0 | 176600 |
| Evertec Inc | COM | 30040P103 |  | 1052480 | 32504 | SH |  | SOLE |  | 98 | 0 | 32406 |
| Exxon Mobil Corp | COM | 30231G102 |  | 25828069 | 234162 | SH |  | SOLE |  | 38310 | 0 | 195852 |
| Factset Resh Sys Inc | COM | 303075105 |  | 8144563 | 20300 | SH |  | SOLE |  | 2100 | 0 | 18200 |
| Flowers Foods Inc | COM | 343498101 |  | 398969 | 13882 | SH |  | SOLE |  | 13882 | 0 | 0 |
| Fluor Corp New Del   Com | COM | 343412102 |  | 1083853 | 31271 | SH |  | SOLE |  | 102 | 0 | 31169 |
| Fortinet Inc | COM | 34959E109 |  | 7909913 | 161790 | SH |  | SOLE |  | 37360 | 0 | 124430 |
| Frontdoor Inc | COM | 35905A109 |  | 837262 | 40253 | SH |  | SOLE |  | 146 | 0 | 40107 |
| Generac | COM | 368736104 |  | 3129419 | 31089 | SH |  | SOLE |  | 6191 | 0 | 24898 |
| General Dynamics Corp | COM | 369550108 |  | 13373873 | 53903 | SH |  | SOLE |  | 5500 | 0 | 48403 |
| Genuine Parts Co | COM | 372460105 |  | 21143061 | 121855 | SH |  | SOLE |  | 12100 | 0 | 109755 |
| Gildan Activewear Inc | COM | 375916103 |  | 1061860 | 38754 | SH |  | SOLE |  | 128 | 0 | 38626 |
| Globe Life Inc | COM | 37959E102 |  | 19422413 | 161115 | SH |  | SOLE |  | 36918 | 0 | 124197 |
| Google Inc Class A | COM | 02079K305 |  | 9734857 | 110335 | SH |  | SOLE |  | 25275 | 0 | 85060 |
| Healthcare Rlty Tr | COM | 42226K105 |  | 20159484 | 1046159 | SH |  | SOLE |  | 0 | 0 | 1046159 |
| Hexcel Corp | COM | 428291108 |  | 6986790 | 118722 | SH |  | SOLE |  | 23965 | 0 | 94757 |
| Home Depot Inc | COM | 437076102 |  | 31068621 | 98362 | SH |  | SOLE |  | 13253 | 0 | 85109 |
| Intel Corp | COM | 458140100 |  | 23697693 | 896621 | SH |  | SOLE |  | 139721 | 0 | 756900 |
| Intl Business Machines Corp Ib | COM | 459200101 |  | 226271 | 1606 | SH |  | SOLE |  | 0 | 0 | 1606 |
| IShares S 100 | COM | 464287101 |  | 329712 | 1933 | SH |  | SOLE |  | 0 | 0 | 1933 |
| John Bean Technologies Corpora | COM | 477839104 |  | 402674 | 4409 | SH |  | SOLE |  | 16 | 0 | 4393 |
| Johnson And Johnson | COM | 478160104 |  | 58097359 | 328884 | SH |  | SOLE |  | 53391 | 0 | 275493 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 18060588 | 134680 | SH |  | SOLE |  | 13800 | 0 | 120880 |
| Kimberly Clark Corp | COM | 494368103 |  | 20543048 | 151330 | SH |  | SOLE |  | 15700 | 0 | 135630 |
| Kroger Co | COM | 501044101 |  | 17199276 | 385807 | SH |  | SOLE |  | 72526 | 0 | 313281 |
| Lab Corp Of Amer | COM | 50540R409 |  | 19371291 | 82263 | SH |  | SOLE |  | 19780 | 0 | 62483 |
| Lockheed Martin Corp | COM | 539830109 |  | 36457561 | 74940 | SH |  | SOLE |  | 11466 | 0 | 63474 |
| Logitech International | COM | H50430232 |  | 979442 | 15734 | SH |  | SOLE |  | 42 | 0 | 15692 |
| Lowe's Companies Inc | COM | 548661107 |  | 14983446 | 75203 | SH |  | SOLE |  | 8800 | 0 | 66403 |
| Mastercard | COM | 57636Q104 |  | 7367008 | 21186 | SH |  | SOLE |  | 4842 | 0 | 16344 |
| Medpace Holdings Inc | COM | 58506Q109 |  | 2507500 | 11805 | SH |  | SOLE |  | 29 | 0 | 11776 |
| Medtronic Inc | COM | G5960L103 |  | 29878677 | 384440 | SH |  | SOLE |  | 62170 | 0 | 322270 |
| Merck  Company Inc | COM | 58933Y105 |  | 23707907 | 213681 | SH |  | SOLE |  | 22700 | 0 | 190981 |
| Meta Platforms Inc | COM | 30303M102 |  | 792439 | 6585 | SH |  | SOLE |  | 0 | 0 | 6585 |
| Microsoft Corp | COM | 594918104 |  | 42611457 | 177681 | SH |  | SOLE |  | 24539 | 0 | 153142 |
| Mosaic Company | COM | 61945C103 |  | 8022024 | 182859 | SH |  | SOLE |  | 40089 | 0 | 142770 |
| MSC Industrial | COM | 553530106 |  | 6382731 | 78124 | SH |  | SOLE |  | 14197 | 0 | 63927 |
| Murphy Oil Corp | COM | 626717102 |  | 13324584 | 309802 | SH |  | SOLE |  | 69500 | 0 | 240302 |
| Mycelx Technologies Corp | COM | 62847T202 |  | 2928 | 10360 | SH |  | SOLE |  | 0 | 0 | 10360 |
| National Beverage Corp | COM | 635017106 |  | 693669 | 14908 | SH |  | SOLE |  | 48 | 0 | 14860 |
| National Research Corporation | COM | 637372202 |  | 1257271 | 33707 | SH |  | SOLE |  | 119 | 0 | 33588 |
| Nvidia Corp | COM | 67066G104 |  | 2372085 | 16232 | SH |  | SOLE |  | 4363 | 0 | 11869 |
| Organon  Co Com | COM | 68622V106 |  | 319352 | 11434 | SH |  | SOLE |  | 43 | 0 | 11391 |
| PAR Technology Corp | COM | 698884103 |  | 260700 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Paychex Inc | COM | 704326107 |  | 31744563 | 274702 | SH |  | SOLE |  | 40450 | 0 | 234252 |
| Pepsico Inc | COM | 713448108 |  | 20141603 | 111489 | SH |  | SOLE |  | 20938 | 0 | 90551 |
| Pfizer Inc | COM | 717081103 |  | 45205926 | 882239 | SH |  | SOLE |  | 138242 | 0 | 743997 |
| Price T Rowe Group Inc | COM | 74144T108 |  | 22059130 | 202266 | SH |  | SOLE |  | 23508 | 0 | 178758 |
| Procter  Gamble Co | COM | 742718109 |  | 21344953 | 140835 | SH |  | SOLE |  | 14800 | 0 | 126035 |
| Puresafe Water Systems Inc | COM | 74624H103 |  | 1 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| Qualys Inc. | COM | 74758T303 |  | 1222970 | 10897 | SH |  | SOLE |  | 27 | 0 | 10870 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 21400992 | 136800 | SH |  | SOLE |  | 14500 | 0 | 122300 |
| Ralph Lauren Corp | COM | 751212101 |  | 13167644 | 124611 | SH |  | SOLE |  | 30323 | 0 | 94288 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 13844609 | 137184 | SH |  | SOLE |  | 13700 | 0 | 123484 |
| Reinsurance Group America | COM | 759351604 |  | 19673497 | 138458 | SH |  | SOLE |  | 32384 | 0 | 106074 |
| Ross Stores Inc | COM | 778296103 |  | 7509265 | 64696 | SH |  | SOLE |  | 15563 | 0 | 49133 |
| Sanofi-Aventis | COM | 80105N105 |  | 11444009 | 236300 | SH |  | SOLE |  | 23600 | 0 | 212700 |
| Shell | COM | 780259305 |  | 24003912 | 421491 | SH |  | SOLE |  | 69975 | 0 | 351516 |
| Southern Company | COM | 842587107 |  | 268287 | 3757 | SH |  | SOLE |  | 0 | 0 | 3757 |
| Sterling Construction | COM | 859241101 |  | 1505979 | 45914 | SH |  | SOLE |  | 154 | 0 | 45760 |
| Sunoco LP/Sunoco Fin Corp Com | COM | 86765K109 |  | 210457 | 4883 | SH |  | SOLE |  | 0 | 0 | 4883 |
| Target Corp Com | COM | 87612E106 |  | 16158470 | 108417 | SH |  | SOLE |  | 13862 | 0 | 94555 |
| Texas Instruments Inc | COM | 882508104 |  | 46119015 | 279137 | SH |  | SOLE |  | 39632 | 0 | 239505 |
| Total Energies SE | COM | 89151E109 |  | 6390701 | 102943 | SH |  | SOLE |  | 11000 | 0 | 91943 |
| Tractor Supply Co | COM | 892356106 |  | 33269913 | 147886 | SH |  | SOLE |  | 27210 | 0 | 120676 |
| Truist Financial Corp | COM | 89832Q109 |  | 9418449 | 218881 | SH |  | SOLE |  | 25500 | 0 | 193381 |
| United Parcel Service | COM | 911312106 |  | 13823409 | 79518 | SH |  | SOLE |  | 8300 | 0 | 71218 |
| Us Bancorp (new) | COM | 902973304 |  | 18503723 | 424300 | SH |  | SOLE |  | 44800 | 0 | 379500 |
| Valero Energy Corp | COM | 91913Y100 |  | 7499583 | 59117 | SH |  | SOLE |  | 6200 | 0 | 52917 |
| Vanguard Small Cap ETF | COM | 922908751 |  | 783165 | 4267 | SH |  | SOLE |  | 39 | 0 | 4228 |
| Vanguard Small Cap Value ETF | COM | 922908611 |  | 3804689 | 23959 | SH |  | SOLE |  | 53 | 0 | 23906 |
| Verisign Inc | COM | 92343E102 |  | 260909 | 1270 | SH |  | SOLE |  | 4 | 0 | 1266 |
| Verizon Communications Com | COM | 92343V104 |  | 28732135 | 729242 | SH |  | SOLE |  | 111844 | 0 | 617398 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 25427201 | 179330 | SH |  | SOLE |  | 18600 | 0 | 160730 |
| Waste Management Inc New | COM | 94106L109 |  | 6829771 | 43535 | SH |  | SOLE |  | 5100 | 0 | 38435 |
| Wiley John  Sons Cl A | COM | 968223206 |  | 7102077 | 177286 | SH |  | SOLE |  | 43262 | 0 | 134024 |
| Wisdomtree Total Div Fund | COM | 97717W109 |  | 366690 | 6046 | SH |  | SOLE |  | 0 | 0 | 6046 |
| Vanguard Mid-Cap Etf | ETF | 922908629 |  | 463872 | 2276 | SH |  | SOLE |  | 0 | 0 | 2276 |
| Vanguard Whitehall Fds High Di | ETF | 921946406 |  | 200621 | 1854 | SH |  | SOLE |  | 0 | 0 | 1854 |

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