13F-HR 1 f12312011.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F COVER PAGE Report for the Calendar Year of Quarter Ended: December 31, 2011 ---------------------------- 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: Grassi Investment Management, LLC Address: 1804 North Shoreline Blvd., Ste. 140 Mountain View, CA 94043 Form 13F File Number: 028-06441 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: Peter T. Grassi Title: Managing Member Phone: (650) 934-0770 Signature, Place, and Date of Signing: /s/ Peter T. Grassi Mountain View, CA January 12, 2012 --------------- ------------------------ ------------ [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 reported are 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).) Report Summary: Number of Other Included Managers: 0 ------------- Form 13F Information Table Entry Total: 150 ------------- Form 13F Information Table Value Total: $247645 ------------- (thousands) List of Other Included Managers: {None} 2

FORM 13F INFORMATION TABLE Voting Authority VALUE SHARES/ Sh/ Put/InvestmOther NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000PRN AMT Prn CallDscretnManagerSole SharedNone GENERAL MTRS PFD 37045v209 ~~2568~~3216 ~~73206SH~~93909SH Sole ~~73206~~93909 3M COMPANY COM 88579Y101 ~~1335~~1434 ~~18600SH~~17550SH Sole ~~18600~~17550 ALCOA INC COM 013817101 ~~1033~~773 ~~107902SH~~89404SH Sole ~~107902~~89404 ALTRIA GROUP INC COM 02209S103 ~~3702~~3564 ~~138087SH~~120187SH Sole ~~138087~~120187 AMERICAN CAMPUS COM 024835100 ~~711~~801 19100SH Sole 19100 AMERICAN EXPRESS COM 025816109 ~~1327~~1186 ~~29545SH~~25145SH Sole ~~29545~~25145 ANNALY CAP MGMT COM 035710409 ~~493~~443 ~~29619SH~~27738SH Sole ~~29619~~27738 APACHE CORP COM 037411105 ~~959~~1316 ~~11950SH~~14525SH Sole ~~11950~~14525 APOLLO INVESTMENT COM 03761U106 7564 10000SH Sole 10000 APPLE COMPUTER COM 037833100 ~~3412~~3441 ~~8947SH~~8497SH Sole ~~8947~~8497 APPLIED MATERIALS COM 038222105 ~~1035~~1071 100000SH Sole 100000 AT&T COM 00206r102 ~~2686~~2719 ~~94196SH~~89898SH Sole ~~94196~~89898 ATLAS PIPELINE PTNRS COM 049392103 ~~354~~589 ~~11853SH~~15856SH Sole ~~11853~~15856 AVALONBAY COM 053484101 ~~525~~601 4600SH Sole 4600 BANK OF AMERICA COM 060505104 ~~3633~~285 ~~593655SH~~51200SH Sole 300 ~~593355~~50900 BLACKSTONE GROUP LP COM 09253u108 ~~1742~~2923 ~~145405SH~~208608SH Sole 350 ~~145055~~208258 BOARDWALK PIPELINE COM 096627104 ~~751~~789 ~~29300SH~~28500SH Sole ~~29300~~28500 BRANDYWINE REALTY COM 105368203 ~~290~~350 ~~36260SH~~36825SH Sole ~~36260~~36825 ~~BRIDGE BANK NATL COM 108038100 140 14000SH Sole 14000~~ BRISTOL-MYERS COM 110122108 ~~2431~~2681 ~~77476SH~~76084SH Sole ~~77476~~76084 BUCKEYE PARTNERS LP COM 118230101 ~~953~~918 ~~15250SH~~14350SH Sole ~~15250~~14350 BUNGE LIMITED COM 013317810 ~~551~~586 ~~9450SH~~10250SH Sole ~~9450~~10250 CAMDEN PROPERTY TR COM 133131102 ~~669~~716 ~~12100SH~~11500SH Sole ~~12100~~11500 CATERPILLAR COM 149123101 ~~2873~~3305 ~~38910SH~~36480SH Sole ~~38910~~36480 CBS CORPORATION COM 124857202 ~~312~~201 ~~15300SH~~7400SH Sole 300 ~~15000~~7100 ~~CHARTER OAK BK COM 161258108 0 20500SH Sole 20500~~ CHESAPEAKE ENERGY COM 165167107 ~~401~~353 ~~15700SH~~15850SH Sole ~~15700~~15850 CHEVRON CORP COM 166764100 ~~5285~~6000 ~~57082SH~~56387SH Sole ~~57082~~56387 CITIGROUP INC COM 172967101 ~~1692~~1363 ~~66050SH~~51800SH Sole ~~66050~~51800 CITY TELECOM HK COM 178677209 ~~191~~229 ~~20250SH~~21800SH Sole ~~20250~~21800 CLEVELAND-CLIFFS COM 18683K101 ~~1095~~1376 ~~21400SH~~22076SH Sole ~~21400~~22076 CLOROX COMPANY COM 189054109 ~~398~~399 6000SH Sole 6000 COMM BK BAY OAKLAND CA COM 203485107 4961 30000SH Sole 30000 CONAGRA COM 205887102 ~~1227~~1338 50665SH Sole 50665 CONOCOPHILLIPS COM 20825c104 ~~2905~~3332 ~~45875SH~~45725SH Sole ~~45875~~45725 CONSOLIDATED EDISON COM COM 209115104 ~~1420~~1545 24900SH Sole 24900 COPANO ENERGY COM 217202100 ~~462~~650 ~~15500SH~~19000SH Sole ~~15500~~19000 CORN PRODUCTS INTL COM 219023108 ~~726~~978 ~~18510SH~~18601SH Sole ~~18510~~18601 CSX CORP COM 126408103 ~~2012~~2921 ~~107745SH~~138707SH Sole ~~107745~~138707 CUMMINS INC COM 231021106 ~~442~~224 ~~5410SH~~2550SH Sole ~~5410~~2550 DEAN FOODS COM 242370104 89112 10000SH Sole 10000 DEERE & CO COM 244199105 ~~3085~~3571 ~~47776SH~~46172SH Sole ~~47776~~46172 DENBURY RESOURCES COM 247916208 ~~1323~~1625 ~~115050SH~~107600SH Sole ~~115050~~107600 DEUTSCHE TELEKOM COM 251566105 ~~815~~898 ~~68750SH~~78050SH Sole ~~68750~~78050 DEVON ENERGY COM 25179m103 ~~1001~~1221 ~~18050SH~~19700SH Sole ~~18050~~19700 DIALOGIC INC COM 25250T100 5257 ~~27900SH~~47400SH Sole ~~27900~~47400 DOW CHEMICAL COM 260543103 ~~2745~~3398 ~~122236SH~~118137SH Sole ~~122236~~118137 DU PONT EI DE NMRS COM 263534109 ~~3083~~3476 ~~77133SH~~75935SH Sole ~~77133~~75935 DUKE REALTY CORP COM 264411505 ~~282~~293 ~~26900SH~~24300SH Sole ~~26900~~24300 ELEMC ~~PASO~~CORPORATION ~~PIPELINE~~COM LP268648102 953 44250SH Sole 44250 EMERSON ELECTRIC COM ~~283702108~~291011104 ~~1822~~1002 ~~51353SH~~21500SH Sole ~~51353~~21500 ~~EMC~~ENBRIDGE ~~CORPORATION~~ENERGY COM ~~268648102~~29250R106 ~~911~~358 ~~43400SH~~10800SH Sole ~~43400~~10800 ENERGY TRANSFER COM 29273R109 ~~2178~~2483 ~~53106SH~~54161SH Sole ~~53106~~54161 ENTERPRISE PRODS COM 293792107 ~~4663~~5232 ~~116134SH~~112815SH Sole ~~116134~~112815 EXPRESS SCRIPTS INC COM 302182100 219 4900SH Sole 4900 EXXON MOBIL CORP COM 30231G102 ~~5179~~6030 ~~71312SH~~71147SH Sole 75 ~~71237~~71072 FIRST REPUBLIC BANK COM 33616C100 ~~1566~~2051 ~~67600SH~~67000SH Sole ~~67600~~67000 FLOWERS FOODS COM 343498101 ~~584~~569 30000SH Sole 30000 FORD MOTOR CO COM 349862300 ~~2403~~2667 ~~248550SH~~247850SH Sole 500 ~~248050~~247350 FRANKLIN RES COM 354613101 ~~373~~375 3900SH Sole 3900 FREEPORT MCMORAN B COM 35671d857 1475 40101SH Sole 40101 GAP INC COM 364760108 ~~600~~685 36950SH Sole 36950 GENERAL ELECTRIC COM 369604103 ~~4571~~5460 ~~300339SH~~304843SH Sole ~~300339~~304843 GENERAL MILLS INC COM 370334104 ~~1327~~1424 ~~34475SH~~35228SH Sole ~~34475~~35228 ~~GENERAL~~GOOGLE ~~MOTORS~~INC ~~CORP~~ COM ~~370442105~~38259p508 ~~335~~226 ~~16600SH~~350SH Sole ~~16600~~350 ~~GLACIER~~HALLIBURTON ~~BANCORP~~CO COM ~~37637q105~~406216101 94868 ~~10000SH~~25146SH Sole ~~10000~~25146 ~~HALLIBURTON~~HCP, COINC. COM ~~406216101~~40414L109 ~~772~~4218 ~~25296SH~~101800SH Sole ~~25296~~101800 ~~HCP,~~HEALTH ~~INC.~~CARE REIT COM ~~421915109~~422171406 ~~2587~~224 ~~73800SH~~4100SH Sole ~~73800~~4100 HESS CORPORATION COM 42809H107 ~~320~~278 ~~6100SH~~4900SH Sole ~~6100~~4900 HEWLETT-PACKARD CO COM 428236103 ~~2438~~2394 ~~108610SH~~92950SH Sole ~~108610~~92950 HOLLY ENERGY COM 435763107 ~~320~~317 ~~6500SH~~5900SH Sole ~~6500~~5900 HOME DEPOT INC COM 437076102 ~~2408~~3067 ~~73250SH~~72951SH Sole 150 ~~73100~~72801 HONEYWELL INT'L INC COM 438516106 ~~1984~~2469 ~~45183SH~~45436SH Sole ~~45183~~45436 IBM CORPORATION COM 459200101 ~~4290~~2625 ~~24533SH~~14276SH Sole ~~24533~~14276 INTEL CORPORATION COM 458140100 ~~1506~~1705 ~~70594SH~~70298SH Sole ~~70594~~70298 INTL PAPER COM 460146103 ~~2169~~2523 ~~93280SH~~85232SH Sole ~~93280~~85232 ISHARES MSCI JAPAN COM 464286848 ~~1041~~1002 110000SH Sole 110000 JACOBS ENGINEERING COM 469814107 ~~203~~241 ~~6300SH~~5950SH Sole ~~6300~~5950 JOHNSON & JOHNSON COM 478160104 ~~3154~~3248 49521SH Sole 49521 JP MORGAN CHASE COM 46625H100 ~~1275~~1055 ~~42325SH~~31725SH Sole 100 ~~42225~~31625 KELLOGG CO COM 487836108 ~~1413~~1159 ~~26560SH~~22910SH Sole ~~26560~~22910 KILROY REALTY CORP COM 49427F108 ~~208~~286 ~~6650SH~~7500SH Sole ~~6650~~7500 KIMBERLY CLARK COM 494368103 ~~1290~~1343 ~~18163SH~~18263SH Sole ~~18163~~18263 KINDER MORGAN COM 494550106 ~~908~~1051 ~~13275SH~~12375SH Sole ~~13275~~12375 KINDER MORGAN INC. COM 49456B101 ~~590~~700 ~~22800SH~~21750SH Sole ~~22800~~21750 KOHLBERG KRAVIS COM 48248M102 ~~2237~~3291 ~~215054SH~~256506SH Sole 425 ~~214629~~256081 KRAFT FOODS INC A COM 50075N104 ~~349~~1121 ~~10380SH~~30000SH Sole ~~10380~~30000 LILLY, ELI & CO COM 532457108 ~~1582~~1737 ~~42796SH~~41796SH Sole ~~42796~~41796 LINN ENERGY LLC COM 536020100 ~~804~~2296 ~~22554SH~~60565SH Sole ~~22554~~60565 LOCKHEED MARTIN COM 539830109 ~~1205~~1254 ~~16595SH~~15495SH Sole ~~16595~~15495 LORILLARD, INC COM 544147101 ~~1736~~1776 ~~15682SH~~15582SH Sole ~~15682~~15582 MACERICH CO COM 554382101 ~~467~~523 ~~10959SH~~10341SH Sole ~~10959~~10341 MACY'S INC COM 55616P104 ~~544~~420 ~~20650SH~~13050SH Sole ~~20650~~13050 MAGELLAN COM 559080106 ~~1803~~1998 ~~29850SH~~29000SH Sole ~~29850~~29000 MARATHON PETR CORP COM 56585A102 417 12516SH Sole 12516 MARKWEST ENERGY PRTNRS COM 570759100 2310 41950SH Sole 41950 MEDCO HLTH SLTNS COM 58405U102 ~~492~~587 10500SH Sole 10500 MERCK & CO INC COM 589331107 ~~1177~~1891 ~~36000SH~~50150SH Sole ~~36000~~50150 MICRON TECHNOLOGY COM 595112103 ~~551~~713 ~~109300SH~~113400SH Sole ~~109300~~113400 MICROSOFT CORP COM 594918104 ~~1277~~1303 ~~51305SH~~50205SH Sole ~~51305~~50205 MONSANTO COM 61166w101 ~~1751~~1605 ~~29160SH~~22900SH Sole ~~29160~~22900 MORGAN STANLEY COM 617446448 ~~601~~598 ~~44500SH~~39500SH Sole ~~44500~~39500 MOSAIC CO COM 61945a107 ~~285~~312 ~~5830SH~~6180SH Sole ~~5830~~6180 NAVIOS MARITIME COM Y62196103 7583 ~~23700SH~~23200SH Sole ~~23700~~23200 NESTLE SA COM 641069406 ~~1142~~1195 20700SH Sole 20700 NUCOR CORP COM 670346105 ~~1348~~2798 ~~42601SH~~70702SH Sole ~~42601~~70702 NUSTAR ENERGY LP COM 67058h102 ~~774~~1133 ~~14812SH~~20004SH Sole ~~14812~~20004 ONEOK PARTNERS LP COM 68268n103 1438 24900SH Sole 24900 ORACLE CORP COM 68389X105 ~~750~~687 ~~26100SH~~26800SH Sole ~~26100~~26800 PEABODY ENERGY CORP COM 704549104 ~~918~~770 ~~27101SH~~23251SH Sole 125 ~~26976~~23126 PENGROWTH ENGY CORP COM 706902509 90105 10000SH Sole 10000 PEPSICO INC COM 713448108 ~~2292~~3436 ~~37027SH~~51789SH Sole ~~37027~~51789 PFIZER INC COM 717081103 ~~1716~~2185 ~~97054SH~~100979SH Sole ~~97054~~100979 PHILIP MORRIS INTL COM 718172109 ~~2811~~2589 ~~45070SH~~32989SH Sole ~~45070~~32989 PLAINS ALL AM COM 726503105 ~~1831~~2187 ~~31077SH~~29778SH Sole ~~31077~~29778 ~~POTASH CORP COM 73755L107 296 6850SH Sole 6850~~ POWERSHARES QQQ COM 73935A104 ~~215~~218 ~~4096SH~~3899SH Sole ~~4096~~3899 PROCTER & GAMBLE COM 742718109 ~~13763~~14545 ~~217833SH~~218028SH Sole ~~217833~~218028 PROLOGIS COM 74340W103 ~~3441~~4071 ~~141900SH~~142400SH Sole ~~141900~~142400 QR ENERGY LP COM 74734R108 ~~833~~809 ~~42616SH~~40128SH Sole ~~42616~~40128 REGENCY ENERGY COM 75885y107 ~~1012~~1327 ~~45161SH~~53369SH Sole ~~45161~~53369 REYNOLDS AMERICAN COM 761713106 ~~1987~~2976 ~~53009SH~~71844SH Sole ~~53009~~71844 RIO TINTO COM 767204100 ~~866~~1795 ~~19650SH~~36700SH Sole ~~19650~~36700 ROBERT HALF INTL COM 770323103 ~~849~~1138 40000SH Sole 40000 SANDRIDGE MISS TRUST COM 80007T101 ~~1833~~3351 ~~81514SH~~107925SH Sole ~~81514~~107925 SANOFI-AVENTIS COM 80105N105 ~~2102~~2920 ~~64100SH~~79900SH Sole ~~64100~~79900 SCHLUMBERGER LTD COM 806857108 ~~2879~~3158 ~~48200SH~~46225SH Sole ~~48200~~46225 SEADRILL LTD COM ~~022416162~~G7945E105 ~~2726~~3249 ~~99014SH~~97921SH Sole ~~99014~~97921 SENIOR HOUSING PROP COM 81721M109 ~~594~~780 ~~27557SH~~34764SH Sole ~~27557~~34764 SIMON PPTY GRP INC COM 828806109 ~~489~~573 4443SH Sole 4443 SOUTHERN CO COM 842587107 ~~1509~~1649 35625SH Sole 35625 SPRINT NEXTEL CORP COM 852061100 6158 ~~20000SH~~25000SH Sole ~~20000~~25000 TARGA RESOURCES COM 87611x105 ~~2091~~2295 ~~63587SH~~61554SH Sole ~~63587~~61554 ~~TARGET~~TRANSCANADA ~~CORPORATION~~CORP COM ~~87612E106~~89353D107 ~~457~~437 ~~9328SH~~10000SH Sole ~~9328~~10000 ~~TRANSCANADA~~TRANSOCEAN ~~CORP~~INC COM ~~89353D107~~H8817H100 ~~405~~845 ~~10000SH~~22000SH Sole ~~10000~~22000 UNILEVER NV COM 904784709 ~~1102~~1203 35000SH Sole 35000 UNION PACIFIC COM 907818108 ~~2633~~3156 ~~32245SH~~29795SH Sole ~~32245~~29795 UNITED TECH COM 913017109 ~~809~~1902 ~~11496SH~~26017SH Sole ~~11496~~26017 VENTAS INC. COM 92276F100 ~~543~~606 11000SH Sole 11000 VERIZON COMM COM 92343V104 ~~3476~~3688 ~~94467SH~~91921SH Sole ~~94467~~91921 VISA INC CL A COM 92826c839 ~~1372~~1696 ~~16000SH~~16700SH Sole ~~16000~~16700 VODAFONE GROUP PLC COM 92857w209 ~~2739~~2933 ~~106736SH~~104636SH Sole ~~106736~~104636 VORNADO RLTY COM 929042109 ~~481~~1571 ~~6441SH~~20441SH Sole ~~6441~~20441 WAL-MART STORES INC COM 931142103 ~~1371~~1578 26410SH Sole 26410 WELLS FARGO & CO COM 949746101 ~~4540~~5174 ~~188240SH~~187741SH Sole 200 ~~188040~~187541 WESTERN GAS COM 958254104 ~~274~~1931 ~~8100SH~~46800SH Sole ~~8100~~46800 NUVEEN CA QUALITY COM 670985100 ~~209~~223 14000SH Sole 14000 T ROWE PRICE GRWTH STK FUND COM 741479109 ~~204~~224 ~~7035SH~~7036SH Sole ~~7035~~7036 ISHARES SIlVER 43428Q109 ~~619~~280 ~~21418SH~~10403SH Sole ~~21418~~10403 MARKET VECTORS BUS 57060u605 ~~281~~295 ~~6500SH~~6250SH Sole ~~6500~~6250 ~~PROSHARES ULTRA 20 YR 74347R297 518 26650SH Sole 26650~~ SPDR DOW JONES IND 78467X109 ~~438~~381 ~~4019~~3124.~~6837SH~~6337SH Sole ~~4019~~3124.76 SPDR GOLD SHARES 78463V107 ~~234~~211 ~~1480SH~~1390SH Sole ~~1480~~1390 US OIL 91232N108 ~~213~~267 7000SH Sole 7000

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