Willis Investment Counsel 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABB LTD	COM	000375204	15,641	588,900	SH		SOLE		58,600	0	530,300
Ace Limited	COM	H0023R105	1,107,771	10,700	SH		SOLE		2,900	0	7,800
Advance Auto Parts	COM	00751y106	4,102	37,060	SH		SOLE		18,850	0	18,210
Aflac Inc	COM	001055102	19,689	294,740	SH		SOLE		76,695	0	218,045
Agrium Inc	COM	008916108	229	2,500	SH		SOLE		0	0	2,500
Ambassadors Group Inc	COM	023177108	1,755	377,410	SH		SOLE		0	0	377,410
Amcon Distributing Co	COM	02341Q205	1,368	17,111	SH		SOLE		0	0	17,111
Amdocs Ltd	COM	G02602103	6,781	164,425	SH		SOLE		84,845	0	79,580
American Electric Power Co	COM	025537101	10,438	223,320	SH		SOLE		21,400	0	201,920
Apache Corp	COM	037411105	6,385	74,285	SH		SOLE		33,575	0	40,710
AT&T Corp	COM	00206R102	11,174	317,800	SH		SOLE		31,000	0	286,800
Axia NetMedia Corp	COM	054599105	1,570	667,300	SH		SOLE		0	0	667,300
Bank of New York Mellon	COM	064058100	7,866	225,143	SH		SOLE		118,175	0	106,968
Baxter International Inc	COM	071813109	15,816	227,400	SH		SOLE		19,000	0	208,400
BB&T Corporation	COM	054937107	20,405	546,770	SH		SOLE		101,380	0	445,390
BHP Billiton Ltd	COM	088606108	5,225	76,620	SH		SOLE		39,625	0	36,995
Bp Plc Spon Adr	COM	055622104	16,565	340,780	SH		SOLE		30,700	0	310,080
Brinks	COM	109696104	1,340	39,260	SH		SOLE		0	0	39,260
CA INC	COM	12673P105	16,445	488,700	SH		SOLE		42,600	0	446,100
Caterpillar Inc Del	COM	149123101	18,404	202,670	SH		SOLE		33,190	0	169,480
Chevron Corp	COM	166764100	14,858	118,950	SH		SOLE		10,300	0	108,650
Cisco Systems Inc	COM	17275R102	23,051	1,027,697	SH		SOLE		225,585	0	802,112
Coca Cola Company	COM	191216100	7,201	174,320	SH		SOLE		10,800	0	163,520
Conocophillips	COM	20825C104	13,388	189,500	SH		SOLE		12,700	0	176,800
Conrad Industries Inc	COM	208305102	967	26,185	SH		SOLE		0	0	26,185
Cracker Barrel	COM	22410j106	12,185	110,700	SH		SOLE		12,900	0	97,800
CVTech Group Inc.	COM	232421107	992	1,225,700	SH		SOLE		0	0	1,225,700
Darden Restaurants Inc	COM	237194105	15,346	282,250	SH		SOLE		26,300	0	255,950
Diamond Offshore Drilling Inc	COM	25271C102	9,067	159,300	SH		SOLE		16,100	0	143,200
Dolby Laboratories Inc CL A	COM	25659T107	7,113	184,465	SH		SOLE		76,635	0	107,830
Duke Energy Corp New	COM	26441C204	8,495	123,098	SH		SOLE		12,433	0	110,665
E.I. du Pont de Nemours and Company	COM	263534109	14,280	219,800	SH		SOLE		21,700	0	198,100
EGI Financial Holdings Inc	COM	28233N109	948	73,290	SH		SOLE		0	0	73,290
Eli Lilly & Co	COM	532457108	15,018	294,470	SH		SOLE		25,300	0	269,170
Emerson Elec Co	COM	291011104	323	4,600	SH		SOLE		0	0	4,600
Ensco PLC SHS CL A	COM	G3157S106	17,637	308,445	SH		SOLE		59,615	0	248,830
Facebook Inc	COM	30303m102	2,642	48,351	SH		SOLE		0	0	48,351
First Energy Corp	COM	337932107	10,440	316,570	SH		SOLE		26,800	0	289,770
Flowers Foods Inc Com	COM	343498101	298	13,882	SH		SOLE		13,882	0	0
General Dynamics Corp	COM	369550108	11,208	117,300	SH		SOLE		8,900	0	108,400
General Electric	COM	369604103	14,567	519,700	SH		SOLE		28,600	0	491,100
General Mills Inc	COM	370334104	4,407	88,300	SH		SOLE		7,800	0	80,500
Glaxosmithkline PLC	COM	37733W105	15,414	288,710	SH		SOLE		27,100	0	261,610
Gregg's PLC	COM	G41076111	399	55,990	SH		SOLE		0	0	55,990
Harris Corporation	COM	413875105	991	14,200	SH		SOLE		4,900	0	9,300
Hess Corp	COM	42809H107	6,149	74,080	SH		SOLE		34,525	0	39,555
HomeServe	COM	G4639X101	1,433	314,342	SH		SOLE		0	0	314,342
IDT Corp	COM	448947507	1,410	78,930	SH		SOLE		0	0	78,930
Intel Corp	COM	458140100	21,830	841,055	SH		SOLE		167,315	0	673,740
International Flavors & Fragrances	COM	459506101	6,216	72,300	SH		SOLE		36,815	0	35,485
Invesco LTD	COM	G491BT108	262	7,187	SH		SOLE		0	0	7,187
John Wiley & Sons Inc Class A	COM	968223206	6,551	118,680	SH		SOLE		61,570	0	57,110
Johnson And Johnson	COM	478160104	22,085	241,125	SH		SOLE		55,305	0	185,820
Joy Global Inc	COM	481165108	5,798	99,130	SH		SOLE		52,295	0	46,835
JP Morgan Chase & Co	COM	46625H100	14,690	251,200	SH		SOLE		23,600	0	227,600
Kellogg	COM	487836108	9,527	156,000	SH		SOLE		12,100	0	143,900
Kimberly Clark Corp	COM	494368103	12,323	117,970	SH		SOLE		10,200	0	107,770
Kohls Corp	COM	500255104	21,430	377,620	SH		SOLE		82,265	0	295,355
Kraft Foods Group Inc	COM	50076Q106	12,254	227,301	SH		SOLE		21,801	0	205,500
Laboratory Corp of America	COM	50540R409	6,246	68,355	SH		SOLE		35,770	0	32,585
Leucadia National Corp	COM	527288104	1,404	49,540	SH		SOLE		0	0	49,540
Linear Technology Corp	COM	535678106	4,974	109,200	SH		SOLE		15,500	0	93,700
Mattel, Inc.	COM	577081102	8,783	184,600	SH		SOLE		11,200	0	173,400
Maxim Integrated Prods	COM	57772K101	14,868	532,900	SH		SOLE		46,700	0	486,200
Mcdonalds Corp Com	COM	580135101	15,664	161,438	SH		SOLE		14,300	0	147,138
Medtronic Inc	COM	585055106	6,829	118,985	SH		SOLE		61,660	0	57,325
Merck & Company, Inc	COM	58933Y105	16,557	330,800	SH		SOLE		31,400	0	299,400
Micros Systems Inc	COM	594901100	4,168	72,650	SH		SOLE		31,960	0	40,690
Microsoft Corp	COM	594918104	23,786	635,820	SH		SOLE		140,805	0	495,015
Mosaic Company	COM	61945C103	6,236	131,915	SH		SOLE		62,155	0	69,760
MSC Industrial Direct Co	COM	553530106	2,997	37,060	SH		SOLE		18,730	0	18,330
Murphy Oil Corp	COM	626717102	5,203	80,195	SH		SOLE		41,190	0	39,005
Murphy USA Inc	COM	626755102	3,058	73,590	SH		SOLE		37,543	0	36,047
Nabors Industries Ltd	COM	G6359F103	6,667	392,395	SH		SOLE		176,395	0	216,000
Nicholas Financial Inc	COM	65373J209	1,464	92,989	SH		SOLE		0	0	92,989
Noble Corp PLC	COM	G65431101	5,300	141,435	SH		SOLE		72,075	0	69,360
Nucor Corporation	COM	670346105	14,717	275,700	SH		SOLE		23,000	0	252,700
Occidental Petroleum Corp	COM	674599105	3,766	39,600	SH		SOLE		5,500	0	34,100
Pepsico Inc	COM	713448108	4,396	53,000	SH		SOLE		7,100	0	45,900
Pfizer Inc	COM	717081103	17,070	557,294	SH		SOLE		84,529	0	472,765
Philip Morris Intl Inc	COM	718172109	5,629	64,600	SH		SOLE		12,900	0	51,700
Posco	COM	693483109	3,131	40,145	SH		SOLE		20,530	0	19,615
PPL Corp	COM	69351T106	10,728	356,490	SH		SOLE		33,800	0	322,690
Pulse Seismic Inc	COM	74586Q109	1,285	285,000	SH		SOLE		0	0	285,000
Puresafe Water Systems Inc	COM	74624H103	0	14,000	SH		SOLE		0	0	14,000
Reinsurance Group of America	COM	759351604	5,162	66,685	SH		SOLE		34,410	0	32,275
Rogers Communications	COM	775109200	3,147	69,545	SH		SOLE		35,430	0	34,115
Royal Dutch Shell	COM	780259206	20,548	288,225	SH		SOLE		62,160	0	226,065
Southern Company	COM	842587107	9,365	227,800	SH		SOLE		23,300	0	204,500
Span-America Medical Systems Inc.	COM	846396109	316	15,175	SH		SOLE		0	0	15,175
Spectra Energy Corp	COM	847560109	8,443	237,020	SH		SOLE		18,000	0	219,020
Staples Inc	COM	855030102	14,930	939,600	SH		SOLE		91,500	0	848,100
State Street Corp	COM	857477103	76,278	103,935	SH		SOLE		55,215	0	48,720
Sterling Construction Co Inc	COM	859241101	1,657	141,233	SH		SOLE		0	0	141,233
Straight Path Communications	COM	862578101	1,405	171,590	SH		SOLE		0	0	171,590
Stryker Corp	COM	863667101	2,039	27,130	SH		SOLE		3,995	0	23,135
Sysco Corporation	COM	871829107	13,612	377,060	SH		SOLE		35,000	0	342,060
Target Corp Com	COM	87612E106	12,306	194,500	SH		SOLE		13,800	0	180,700
Texas Instruments Inc	COM	882508104	13,120	298,800	SH		SOLE		16,700	0	282,100
Torchmark Corp	COM	891027104	7,993	102,275	SH		SOLE		53,115	0	49,160
Total SA	COM	89151E109	15,014	245,050	SH		SOLE		23,000	0	222,050
Travelers Cos Inc	COM	89417E109	4,391	48,500	SH		SOLE		9,100	0	39,400
United Parcel Service	COM	911312106	4,624	44,000	SH		SOLE		1,200	0	42,800
Us Bancorp (new)	COM	902973304	9,458	234,100	SH		SOLE		28,500	0	205,600
Vale	COM	91912E105	4,408	289,030	SH		SOLE		153,915	0	135,115
Varian Medical Sys Inc	COM	92220p105	5,101	65,655	SH		SOLE		33,775	0	31,880
Verizon Communicatns Com	COM	92343V104	11,612	236,300	SH		SOLE		21,900	0	214,400
Vodafone Group	COM	92857W209	14,816	376,900	SH		SOLE		34,700	0	342,200
VSE Corp	COM	918284100	1,176	24,505	SH		SOLE		0	0	24,505
Walgreen Co	COM	931422109	3,291	57,300	SH		SOLE		12,800	0	44,500
Wal-Mart Stores Inc	COM	931142103	8,066	102,500	SH		SOLE		14,500	0	88,000
Waste Management Inc New	COM	94106L109	14,077	313,730	SH		SOLE		23,000	0	290,730
Wellpoint Inc	COM	94973V107	3,806	41,190	SH		SOLE		5,000	0	36,190
Wells Fargo & Co New Del	COM	949746101	15,676	345,295	SH		SOLE		33,700	0	311,595
Zedi Inc.	COM	989215108	412	424,900	SH		SOLE		0	0	424,900