13F-HR/A 1 inftable.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 90549 Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2010 Check here if Amendment [ x ]; Amendment Number: 1 This Amendment (Check only one.) : [ x ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Gamble Jones Investment Counsel Address: 301 E. Colorado Blvd. #802 Pasadena, CA 91101 13F File Number: 028-04501 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: Ashley A. Jones Title: Compliance Officer Phone: 626-795-7583 Signature, Place and Date of Signing Ashley A. Jones Pasadena, CA 5/25/11 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: 186 Form 13F Information Table Value Total: 662,211 (in thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Company COMM 88579y101 14690 175786.601SH SOLE 4007.000 167921.601 ABB Ltd. COMM 391 17900.000SH SOLE 17900.000 AMBAC Financial Group COMM 023139108 6 10000.000SH SOLE 10000.000 AT&T Inc COMM 00206r102 2841 109947.521SH SOLE 900.000 106047.521 Abbott Laboratories COMM 002824100 16590 314919.318SH SOLE 2475.000 305994.318 Advanced Micro Devices Inc COMM 007903107 329 35500.000SH SOLE 35500.000 Agilent Technologies COMM 00846U101 309 8988.000 SH SOLE 8788.000 Alamitos Ridge LLC COMM 223 4200.000 SH SOLE 4200.000 Allergan, Inc. COMM 018490102 275 4214.000 SH SOLE Allstate Corp. COMM 020002101 321 9931.244 SH SOLE 350.000 9931.244 Altria Group COMM 02209s103 2240 109151.048SH SOLE 109151.048 Amazon.com COMM 023135106 1390 10237.000SH SOLE 5137.000 America Movil SA ADR COMM 02364W105 5543 110118.000SH SOLE 110118.000 American Express COMM 025816109 847 20536.000SH SOLE 350.000 20536.000 Amgen Inc. COMM 031162100 14152 236505.000SH SOLE 900.000 158514.000 Anadarko Petroleum Corp. COMM 032511107 215 2950.829 SH SOLE 2950.829 Annaly Capital Management Inc. COMM 035710409 397 23100.000SH SOLE 23100.000 Apple Computer COMM 037833100 6793 28908.000SH SOLE 100.000 27008.000 Automatic Data Processing COMM 053015103 828 18619.683SH SOLE 18619.683 Avery Dennison Corp. COMM 053611109 1024 28123.000SH SOLE 28123.000 Axial Vector Engine COMM 7 56000.000SH SOLE 56000.000 BB&T Corp COMM 088906102 352 10872.000SH SOLE 10872.000 BP PLC ADR COMM 055622104 12398 217244.032SH SOLE 1350.000 209544.032 Bank of New York Mellon Corpor COMM 064058100 349 11290.000SH SOLE 11290.000 BankAmerica Corp COMM 060505104 1426 79898.453SH SOLE 1600.000 79898.453 Berkshire Hathaway COMM 084670108 1096 9.000 SH SOLE 9.000 Berkshire Hathaway B COMM 084670207 4458 54850.000SH SOLE 300.000 52100.000 Biotech Holders Trust COMM 09067d201 227 2200.000 SH SOLE 200.000 Boeing COMM 097023105 2215 30506.978SH SOLE 100.000 29806.978 Bristol-Myers Squibb COMM 110122108 7743 289988.829SH SOLE 287838.829 CIGNA Corp COMM 125509109 293 8014.000 SH SOLE 8014.000 Campbell Soup COMM 134429109 908 25680.000SH SOLE 25680.000 Canadian Pac LTD COMM 13645t100 1112 19770.000SH SOLE 19620.000 Caterpillar Tractor COMM 149123101 4840 77003.000SH SOLE 75153.000 Celgene Corporation COMM 151020104 402 6482.000 SH SOLE 5282.000 Charles Schwab COMM 808513105 369 19768.000SH SOLE 19768.000 Chevron Corp COMM 166764100 11353 149722.786SH SOLE 500.000 149172.786 China Mobile Limited COMM 16941M109 204 4235.000 SH SOLE 4235.000 Cisco Systems COMM 17275R102 7155 274892.000SH SOLE 400.000 252692.000 Citigroup COMM 172967101 824 203505.694SH SOLE 173505.694 Clorox COMM 189054109 1711 26679.211SH SOLE 26679.211 Coca Cola COMM 191216100 7101 129107.983SH SOLE 1550.000 127007.983 Colgate-Palmolive COMM 194162103 2142 25120.001SH SOLE 175.000 24570.001 Conagra Foods Inc. COMM 205887102 485 19356.000SH SOLE 19356.000 ConocoPhillips COMM 20825c104 1706 33333.585SH SOLE 32933.585 Costco Wholesale Corp COMM 22160k105 2635 44123.567SH SOLE 38298.567 Cree Inc COMM 225447101 359 5109.000 SH SOLE 5109.000 Deere & Company COMM 244199105 5268 88605.000SH SOLE 1125.000 82605.000 Diageo PLC COMM 25243q205 911 13502.000SH SOLE 400.000 10102.000 Dow Chemical COMM 260543103 1419 47995.938SH SOLE 25662.938 Du Pont Co. COMM 263534109 1184 31793.000SH SOLE 31093.000 Dun & Bradstreet COMM 26483e100 1049 14100.000SH SOLE 14100.000 E-Trade Fin Corp COMM 269246104 33 20000.000SH SOLE 20000.000 Edison International COMM 281020107 443 12960.000SH SOLE 425.000 12535.000 Emerson Elec. COMM 291011104 11683 232082.000SH SOLE 2200.000 218982.000 Encana Corporation COMM 292505104 235 7580.000 SH SOLE 7580.000 Energy Transfer Partners LP COMM 29273r109 348 7434.000 SH SOLE 7434.000 Enterprise Products Partners L COMM 293792107 351 10164.450SH SOLE 10164.450 Exelon Corp COMM 30161n101 1654 37749.694SH SOLE 100.000 33749.694 Exxon Mobil COMM 30231g102 27049 403833.695SH SOLE 1942.000 402418.695 FairPoint Communication Inc. COMM 305560104 0 14052.000SH SOLE 14052.000 Fedex Corp COMM 31304N107 2868 30702.553SH SOLE 30702.553 Figueroa Hotel Real Estate COMM 293 154.000 SH SOLE 154.000 First Solar, Inc. COMM 336433107 398 3245.000 SH SOLE 3245.000 Ford Motor Co. COMM 345370860 380 30223.000SH SOLE 30223.000 Freeport McMoran Copper & Gold COMM 35671d857 775 9280.000 SH SOLE 8980.000 General Dynamics COMM 369550108 205 2649.751 SH SOLE 400.000 2649.751 General Electric COMM 369604103 16345 898089.697SH SOLE 6200.000 881814.697 Genuine Parts COMM 372460105 888 21017.000SH SOLE 21017.000 GlaxoSmithKline COMM 37733w105 2947 76498.000SH SOLE 1450.000 76498.000 Google Inc COMM 38259P508 3317 5849.000 SH SOLE 32.000 4607.000 Guangshen Railway Co. Ltd COMM 40065w107 263 13125.000SH SOLE 9875.000 Halliburton COMM 406216101 205 6789.000 SH SOLE 2000.000 5289.000 Harsco Corp COMM 415864107 1166 36500.000SH SOLE 36500.000 Heinz, H.J. COMM 423074103 1784 39115.000SH SOLE 39115.000 Hershey Foods COMM 427866108 669 15630.000SH SOLE 1100.000 15630.000 Hewlett-Packard COMM 428236103 3038 57164.347SH SOLE 57164.347 Home Depot COMM 437076102 1130 34925.505SH SOLE 34925.505 Honeywell International, Inc. COMM 438516106 2535 56004.000SH SOLE 56004.000 Hospira COMM 441060100 561 9909.000 SH SOLE 9909.000 Huaneng Power International In COMM 443304100 253 10875.000SH SOLE 10875.000 Illinois Tool Works COMM 452308109 346 7312.146 SH SOLE 7312.146 Intel Corp COMM 458140100 17116 767859.433SH SOLE 677969.433 Intl Bus Machines COMM 459200101 9355 72946.745SH SOLE 1060.000 69876.745 J M Smucker COMM 832696306 1930 32021.000SH SOLE 32021.000 J.P. Morgan Chase & Co COMM 46625h100 1089 24339.019SH SOLE 1200.000 24339.019 Jacobs Engineering COMM 469814107 449 9925.000 SH SOLE 200.000 7925.000 Jefferies Group COMM tomjones0 2036 86000.000SH SOLE 86000.000 Johnson & Johnson COMM 478160104 22483 344823.875SH SOLE 2920.000 335398.875 Kimberly Clark COMM 494368103 2207 35093.820SH SOLE 900.000 35093.820 Kinder Morgan Energy Partners COMM 494550106 663 10140.163SH SOLE 10140.163 Kinder Morgan Mgmt LLC COMM 49455u100 1972 33647.664SH SOLE 232.000 33647.664 Kraft Foods COMM 50075n104 2865 94734.970SH SOLE 2535.000 90334.970 Laboratory Corp of America COMM 50540R102 215 2834.000 SH SOLE 2834.000 Level 3 Communications Del COMM 52729N100 19 12000.000SH SOLE 12000.000 Lilly, Eli & Co COMM 532457108 845 23329.228SH SOLE 1300.000 23029.228 Lindsay Corporation COMM 535555106 883 21335.000SH SOLE 175.000 13835.000 Linn Energy, LLC. COMM 339 13169.000SH SOLE 200.000 10169.000 Lowes Companies COMM 548661107 804 33172.178SH SOLE 650.000 33172.178 Maxim Intergrated COMM 57772K101 739 38100.000SH SOLE 38100.000 McDonalds COMM 580135101 3601 53978.351SH SOLE 1725.000 53753.351 Medco Health Solutions COMM 58405u102 1666 25803.120SH SOLE 25803.120 Medtronic Inc. COMM 585055106 1101 24441.276SH SOLE 21231.276 Merck & Co. Inc. COMM 589331107 1677 44903.000SH SOLE 44903.000 Microsoft Corp. COMM 594918104 5462 186504.184SH SOLE 2225.000 181139.184 Monsanto Co. COMM 61166w101 1480 20721.000SH SOLE 300.000 20721.000 Motorola Inc COMM 620076109 153 21730.423SH SOLE 21730.423 Murphy Oil Corp COMM 626717102 306 5450.000 SH SOLE 3550.000 NYSE Group, Inc. COMM 629491101 607 20500.000SH SOLE 200.000 20500.000 Natural Resource Partners LP COMM 63900p103 3125 119184.424SH SOLE 550.000 113734.424 Nestle (ADR) COMM 641069406 302 5891.000 SH SOLE 5891.000 Nike Inc. Cl B COMM 654106103 300 4081.000 SH SOLE 4081.000 Nordstrom COMM 655664100 743 18200.000SH SOLE 18200.000 Norfolk Southern Corp COMM 655844108 1402 25088.000SH SOLE 930.000 24958.000 Northrop Grumann Corp COMM 666807102 601 9170.648 SH SOLE 9170.648 Northwest Natural Gas COMM 667655104 920 19738.667SH SOLE 19738.667 Novartis A G Spon ADR COMM 66987v109 1472 27200.000SH SOLE 365.000 24200.000 Nucor Corp COMM 670346105 336 7395.725 SH SOLE 100.000 7395.725 Nvidia Corp. COMM 67066g104 1401 80545.000SH SOLE 68745.000 Occidental Petroleum COMM 674599105 310 3666.113 SH SOLE 3666.113 Oracle Corp. COMM 68389X105 946 36802.000SH SOLE 36802.000 PACCAR, Inc. COMM 693718108 1628 37564.000SH SOLE 1500.000 37564.000 PG&E Corp COMM 69331C108 369 8706.000 SH SOLE 8706.000 PNC Financial Services Group, COMM 693475105 358 5994.000 SH SOLE 5994.000 PPG Industries COMM 693506107 844 12907.757SH SOLE 12907.757 Paychex COMM 704326107 1548 50404.285SH SOLE 1265.000 50404.285 Peabody Energy Corp. COMM 704549104 623 13625.000SH SOLE 13625.000 Penn Virginia Resource Partner COMM 707884102 708 30210.815SH SOLE 30210.815 PepsiCo COMM 713448108 8076 122062.850SH SOLE 1705.000 115512.850 Petroleo Bras Petrob COMM 238 6000.000 SH SOLE 6000.000 Petroleo Brasileiro COMM 218 4896.000 SH SOLE 200.000 4896.000 Pfizer, Inc COMM 717081103 12606 735057.025SH SOLE 1000.000 723002.025 Philip Morris Intl Inc. COMM 718172109 8255 158258.614SH SOLE 1690.000 154493.614 Potash Corp Sask COMM 73755L107 756 6335.000 SH SOLE 6335.000 Praxair COMM 74005P104 2334 28114.927SH SOLE 3608.927 Procter & Gamble COMM 742718109 219099 3462926.456SH SOLE 2320.000 3242580.456 Qualcomm Inc. COMM 747525103 2153 51316.614SH SOLE 155.000 45686.614 Qwest Comm Intl Inc COMM 749121109 68 13005.000SH SOLE 13005.000 RadiSys Corp. COMM 243 27391.000SH SOLE 27391.000 Raytheon Co COMM 755111057 568 9951.641 SH SOLE 9951.641 Realty Income COMM 756109104 256 8336.335 SH SOLE 8336.335 Research In Motion Ltd COMM 760975102 1680 22710.000SH SOLE 20310.000 Rio Tinto PLC COMM 767204100 281 1185.000 SH SOLE 1185.000 Royal Bank of Canada COMM 780087102 686 11760.000SH SOLE 11760.000 Royal Dutch Shell A COMM 780259206 4411 76232.000SH SOLE 1200.000 71482.000 Royal Dutch Shell B COMM 780259107 2048 37016.000SH SOLE 1300.000 31216.000 Schlumberger Ltd COMM 806857108 6736 106153.299SH SOLE 300.000 106018.299 Southern Company COMM 842587107 212 6391.525 SH SOLE 400.000 6391.525 Southern Copper Corp. COMM 84265v105 417 13170.000SH SOLE 285.000 12885.000 State Street Corp. COMM 857477103 927 20531.000SH SOLE 20531.000 Suburban Propane Ptnrs LP COMM 864482104 262 5520.000 SH SOLE 5270.000 Sysco Corp COMM 871829107 2712 91940.984SH SOLE 1900.000 81940.984 TCW Strategic Inc Fund COMM 872340104 57 12000.000SH SOLE 12000.000 Target Corp. COMM 87612E106 834 15854.570SH SOLE 14054.570 Telefonos de Mexico COMM 879403780 253 16206.636SH SOLE 16206.636 Telmex International COMM 282 14606.000SH SOLE 14606.000 Teva Pharmaceutical COMM 881624209 668 10585.298SH SOLE 8985.298 Texas Instruments COMM 882508104 1065 43523.988SH SOLE 29523.988 Thermo Fisher Scientific, Inc. COMM 883556102 239 4640.000 SH SOLE 4640.000 Thomson Reuters Corp. COMM 300 8256.000 SH SOLE 8256.000 TigerLogic Corporation COMM 8867eq101 39 12000.000SH SOLE 6000.000 Toyota Motor Corp COMM 892331307 253 3140.000 SH SOLE 1140.000 Transocean Ltd COMM G90073100 990 11458.000SH SOLE 275.000 11458.000 US Bancorp COMM 902973106 548 21180.321SH SOLE 21180.321 Unilever New York Shares COMM 904784709 1629 54015.000SH SOLE 54015.000 Union Pacific COMM 907818108 374 5101.570 SH SOLE 5101.570 United Parcel Service COMM 911312106 3609 56034.000SH SOLE 54734.000 United Technologies COMM 913017109 4974 67571.797SH SOLE 59571.797 UnitedHealthcare Group COMM 91324p102 830 25392.680SH SOLE 475.000 25392.680 Valero Energy COMM 91913Y100 243 12350.000SH SOLE 7350.000 Vanguard Small Cap Value COMM 922908611 550 9160.000 SH SOLE 9160.000 Verizon Communications COMM 92343V104 2984 96206.801SH SOLE 1850.000 94406.801 Visa Inc. COMM 92826c839 2209 24265.589SH SOLE 18215.589 Vodafone Group Plc COMM 92857w209 2901 124457.500SH SOLE 200.000 124457.500 Wal-Mart Stores COMM 931142103 2286 41114.438SH SOLE 400.000 41114.438 Walgreen COMM 931422109 11827 318883.000SH SOLE 2325.000 310883.000 Walt Disney Co. COMM 254687106 2592 74249.648SH SOLE 1080.000 60669.648 Washington Mutual COMM 2 13000.000SH SOLE 13000.000 WellPoint Inc. COMM 94973V107 380 5900.000 SH SOLE 5900.000 Wells Fargo COMM 949746101 4524 145369.776SH SOLE 1020.000 136669.776 Wesco Financial Corp. COMM 950817106 1195 3100.000 SH SOLE 3100.000 Western Union Company COMM 959802109 580 34182.787SH SOLE 34182.787 Weststar Financial Services Co COMM 166 44389.000SH SOLE 44389.000 Weyerhaeuser COMM 962166104 256 5656.000 SH SOLE 5656.000 Yum Brands Inc. COMM 895953107 327 8527.367 SH SOLE 8527.367 Zimmer Holdings, Inc COMM 98956p102 1738 29361.000SH SOLE 800.000 25361.000