13F-HR 1 f03312013.prn.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: March 31, 2013 ---------------------------- 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 April 13, 2013 --------------- ------------------------ ------------ [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: 154 ------------- Form 13F Information Table Value Total: $356892 ------------- (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 ~~6018~~6367 ~~136379SH~~148283SH Sole ~~136229~~148133 3M COMPANY COM 88579Y101 ~~3934~~4579 ~~42370SH~~43070SH Sole ~~42370~~43070 ABBOTT LABS COM COM 002824100 ~~3347~~4193 ~~51100SH~~118725SH Sole ~~51100~~118725 ABBVIE INC. COM 00287Y109 ~~1795~~4779 ~~51100SH~~117185SH Sole ~~51100~~200 116985 ACCESS MIDSTREAM COM 00434L109 1221 30250SH Sole 30100 ALCOA INC COM 013817101 ~~178~~165 ~~20516SH~~19308SH Sole ~~20516~~19308 ALTRIA GROUP INC COM 02209S103 ~~4050~~4411 ~~128830SH~~128269SH Sole ~~128830~~128269 AMER INT'L GROUP COM 026874784 ~~3597~~4538 ~~101900SH~~116900SH Sole ~~101900~~116900 AMERICAN CAMPUS COM 024835100 ~~881~~866 19100SH Sole 19100 AMERICAN EXPRESS COM 025816109 ~~1451~~1682 ~~25235SH~~24935SH Sole ~~25235~~24935 ANADARKO PETRO COM 032511107 557 6375SH Sole 6275 APACHE CORP COM 037411105 ~~956~~947 ~~12175SH~~12275SH Sole ~~12175~~12275 APOLLO INVESTMENT COM 03761U106 84 10000SH Sole 10000 APPLE COMPUTER COM 037833100 ~~612~~531 ~~1150SH~~1200SH Sole ~~1150~~1200 APPLIED MATERIALS COM 038222105 ~~1830~~2157 160000SH Sole 160000 AT&T COM 00206r102 ~~4248~~4739 ~~126007SH~~129162SH Sole ~~125857~~129012 ATLAS PIPELINE PTNRS COM 049392103 ~~556~~480 ~~17617SH~~13869SH Sole ~~17467~~13719 ~~AUTOMATIC DATA COM 053015103 410 7200SH Sole 7200~~ AVALONBAY COM 053484101 ~~581~~524 ~~4285SH~~4135SH Sole ~~4285~~4135 BANK OF AMERICA COM 060505104 ~~4677~~7108 ~~402850SH~~583601SH Sole 600 ~~402250~~582401 BLACKSTONE GROUP LP COM 09253u108 ~~3022~~2769 ~~193815SH~~140000SH Sole ~~193815~~140000 BOARDWALK PIPELINE COM 096627104 ~~233~~262 ~~9350SH~~8950SH Sole ~~9350~~8950 BRISTOL-MYERS COM 110122108 ~~3593~~4574 ~~110251SH~~111058SH Sole ~~110051~~110858 ~~BUNGE LIMITED COM 013317810 745 10250SH Sole 10250~~ CAMDEN PROPERTY TR COM 133131102 ~~600~~604 8800SH Sole 8800 CATERPILLAR COM 149123101 ~~731~~684 ~~8160SH~~7860SH Sole ~~8160~~7860 CBL & ASSOCIATES COM 124830100 ~~652~~677 ~~30754SH~~28707SH Sole ~~30554~~28507 CHEVRON CORP COM 166764100 ~~4358~~4748 ~~40303SH~~39957SH Sole ~~40303~~39957 CITIGROUP INC COM 172967101 ~~3066~~4563 ~~77500SH~~103150SH Sole ~~77500~~103150 CLOROX COMPANY COM 189054109 ~~439~~531 6000SH Sole 6000 COMM BK BAY OAKLAND CA COM 203485107 87112 30000SH Sole 30000 CONAGRA COM 205887102 ~~3064~~4094 ~~103865SH~~114315SH Sole ~~103865~~114315 CONOCOPHILLIPS COM 20825c104 ~~3513~~3499 ~~60579SH~~58219SH Sole ~~60579~~58219 CONSOLIDATED EDISON COM 209115104 ~~1866~~2136 ~~33600SH~~35000SH Sole ~~33600~~35000 ~~COPANO ENERGY COM 217202100 628 19850SH Sole 19700 CSX CORP COM 126408103 373 18921SH Sole 18921~~ DEERE & CO COM 244199105 ~~1841~~1831 21300SH Sole 21300 DENBURY RESOURCES COM 247916208 ~~1284~~958 ~~79250SH~~51350SH Sole ~~79250~~51350 DEUTSCHE TELEKOM COM 251566105 ~~383~~282 ~~33750SH~~26625SH Sole ~~33350~~26225 DEVON ENERGY COM 25179m103 ~~604~~426 ~~11600SH~~7550SH Sole ~~11600~~7550 DIGITAL REALTY TR COM 253868103 ~~452~~917 ~~6660SH~~13710SH Sole ~~6660~~13710 DOMINION RESOURCES COM 25746U109 ~~3578~~2327 ~~69075SH~~40000SH Sole ~~68975~~40000 DOW CHEMICAL COM 260543103 ~~2962~~2912 ~~91617SH~~91469SH Sole ~~91517~~91469 DU PONT EI DE NMRS COM 263534109 ~~4151~~3868 ~~92293SH~~78685SH Sole ~~92193~~78585 DUKE REALTY CORP COM 264411505 ~~325~~397 23400SH Sole 23400 DUNKIN' BRANDS COM 265504100 ~~597~~651 ~~18000SH~~17650SH Sole 100 ~~17900~~17550 ~~EMC CORPORATION COM 268648102 1074 42450SH Sole 42250~~ EMERSON ELECTRIC COM 291011104 ~~2193~~2313 41400SH Sole 41400 ENBRIDGE ENERGY COM 29250R106 ~~672~~708 ~~24100SH~~23500SH Sole ~~23900~~23300 ENERGY TRANSFER COM 29273R109 ~~2474~~2932 ~~57639SH~~57847SH Sole ~~57489~~57697 ENERGY TRANSFER EQU COM 29273v100 ~~2049~~2670 ~~45050SH~~45650SH Sole ~~45050~~45650 ENTERPRISE PRODS COM 293792107 ~~5463~~6141 ~~109083SH~~101861SH Sole ~~108983~~101761 EXPRESS SCRIPTS INC COM 302182100 ~~1372~~1360 ~~25400SH~~23600SH Sole 100 ~~25300~~23500 EXXON MOBIL CORP COM 30231G102 ~~3975~~3915 ~~45925SH~~43450SH Sole 7543450 ~~45850~~FACEBOOK, INC. COM 30303M102 946 36965SH Sole 36665 FIRST REPUBLIC BANK COM 33616C100 ~~2196~~2588 67000SH Sole 67000 FLOWERS FOODS COM 343498101 ~~698~~988 30000SH Sole 30000 FORD MOTOR CO COM 349862300 ~~4123~~5738 ~~318413SH~~436371SH Sole ~~318113~~435971 FORTRESS INVESTMENT COM 34958b106 115 18000SH Sole 18000 FRANKLIN RES COM 354613101 ~~453~~543 3600SH Sole 3600 FREEPORT MCMORAN COM 35671d857 ~~2521~~2698 ~~73700SH~~81500SH Sole ~~73700~~81500 GAP INC COM 364760108 ~~847~~966 27300SH Sole 27300 GENERAL ELECTRIC COM 369604103 ~~8284~~9337 ~~394671SH~~403861SH Sole ~~394371~~403561 GENERAL MILLS INC COM 370334104 ~~2780~~3165 ~~68786SH~~64188SH Sole ~~68636~~64038 GOOGLE INC COM 38259p508 ~~272~~306 385SH Sole 385 HALLIBURTON CO COM 406216101 ~~559~~697 ~~16102SH~~17252SH Sole ~~16102~~17252 HARTFORD FINANCIAL COM 416515104 2109 81750SH Sole 81350 HCP, INC. COM 40414L109 ~~4648~~5119 ~~102925SH~~102675SH Sole ~~102825~~102575 HEALTH CARE REIT COM 422171406 ~~215~~231 ~~3500SH~~3400SH Sole ~~3500~~3400 HESS CORPORATION COM 42809H107 ~~249~~329 ~~4700SH~~4600SH Sole ~~4700~~4600 HEWLETT-PACKARD CO COM 428236103 ~~365~~610 25600SH Sole 25600 HOLLY ENERGY COM 435763107 ~~382~~465 ~~5800SH~~11600SH Sole ~~5800~~11600 HOME DEPOT INC COM 437076102 ~~3847~~4347 ~~62195SH~~62295SH Sole ~~62195~~62295 HONEYWELL INT'L INC COM 438516106 ~~3122~~3684 ~~49192SH~~48893SH Sole ~~49192~~48893 IBM CORPORATION COM 459200101 ~~2189~~2437 11427SH Sole 11427 INGREDION COM 457187102 ~~1018~~1049 ~~15802SH~~14503SH Sole ~~15802~~14503 INTEL CORPORATION COM 458140100 ~~1906~~2006 ~~92450SH~~91850SH Sole ~~92450~~91850 INTL PAPER COM 460146103 ~~3772~~4464 ~~94691SH~~95842SH Sole ~~94541~~95692 JOHNSON & JOHNSON COM 478160104 ~~4269~~5170 ~~60904SH~~63411SH Sole ~~60904~~63411 JP MORGAN CHASE COM 46625H100 ~~3559~~4122 ~~80950SH~~86850SH Sole 100 ~~80700~~86600 KELLOGG CO COM 487836108 ~~2301~~2655 41200SH Sole 41200 KIMCO REALTY CORP COM 49446R109 ~~1470~~2121 ~~76100SH~~94702SH Sole ~~75800~~94402 KINDER MORGAN INC. COM 49456B101 ~~609~~702 ~~17250SH~~18150SH Sole ~~17250~~18150 KOHLBERG KRAVIS COM 48248M102 ~~3170~~2705 ~~208132SH~~140000SH Sole ~~208132~~140000 KRAFT FOOD GROUP COM 50076Q106 ~~4570~~5471 ~~100515SH~~106165SH Sole 100 ~~100315~~105965 LAM RESEARCH CORP COM 512807108 ~~756~~714 ~~20925SH~~17225SH Sole ~~20925~~17225 LEGACY RESERVES LP COM 524707304 ~~228~~566 ~~9600SH~~20500SH Sole ~~9600~~20300 LILLY, ELI & CO COM 532457108 ~~2999~~3454 ~~60805SH~~60814SH Sole ~~60805~~60814 LINN ENERGY LLC COM 536020100 ~~3489~~3895 ~~99003SH~~102590SH Sole ~~98853~~102440 LOCKHEED MARTIN COM 539830109 ~~1984~~3243 ~~21495SH~~33595SH Sole ~~21495~~33595 MACERICH CO COM 554382101 ~~577~~637 9896SH Sole 9896 MACK-CALI REALTY COM 554489104 ~~747~~923 ~~28600SH~~32250SH Sole ~~28600~~32250 MAGELLAN COM 559080106 ~~615~~761 14250SH Sole 14250 MARKWEST ENERGY COM 570759100 ~~2613~~3403 ~~51226SH~~56010SH Sole ~~51076~~55860 MERCK & CO INC COM 589331107 ~~3664~~4221 ~~89500SH~~95500SH Sole ~~89300~~95300 ~~MICRON TECHNOLOGY COM 595112103 386 60900SH Sole 60900~~ MICROSOFT CORP COM 594918104 ~~2246~~2363 ~~84105SH~~82605SH Sole ~~83955~~82605 MONDELEZ INTL COM 609207105 ~~4720~~6072 ~~185450SH~~198350SH Sole 200 ~~184950~~197850 MONSANTO COM 61166w101 ~~2044~~2282 21600SH Sole 21600 MORGAN STANLEY COM 617446448 ~~508~~636 ~~26550SH~~28950SH Sole ~~26550~~28950 ~~MOSAIC CO COM 61945a107 264 4655SH Sole 4655~~ NAVIOS MARITIME COM Y62196103 8053 ~~23700SH~~11700SH Sole ~~23700~~11700 NESTLE SA COM 641069406 ~~2376~~2838 ~~36460SH~~39160SH Sole ~~36460~~39160 NEWMONT MINING COM 651639106 ~~2104~~2572 ~~45300SH~~61400SH Sole ~~45300~~61400 NUCOR CORP COM 670346105 ~~2929~~3099 ~~67856SH~~67157SH Sole ~~67756~~67057 OCCIDENTAL PETROL COM 674599105 587 7492SH Sole 7342 ONEOK PARTNERS LP COM 68268n103 ~~2305~~497 ~~42700SH~~8650SH Sole ~~42600~~8550 ORACLE CORP COM 68389X105 ~~871~~588 ~~26150SH~~18200SH Sole ~~26150~~18200 PEPSICO INC COM 713448108 ~~4852~~5693 ~~70911SH~~71963SH Sole ~~70811~~71863 PFIZER INC COM 717081103 ~~4697~~5546 ~~187302SH~~192175SH Sole ~~187002~~191875 PHILIP MORRIS INTL COM 718172109 ~~2612~~2894 ~~31232SH~~31213SH Sole ~~31232~~31213 PHILLIPS 66 COM 718546104 ~~3907~~3766 ~~73584SH~~53830SH Sole ~~100~~53830 ~~73484~~ PLAINS ALL AM COM 726503105 ~~1926~~2345 ~~42567SH~~41519SH Sole ~~42567~~41519 POTASH CORP COM 73755L107 ~~201~~206 ~~4950SH~~5250SH Sole ~~4950~~5250 POWERSHARES QQQ COM 73935A104 ~~255~~576 ~~3909SH~~8353SH Sole ~~3909~~8353 PROCTER & GAMBLE COM 742718109 ~~16424~~18735 ~~241922SH~~243123SH Sole ~~241822~~243023 PROLOGIS COM 74340W103 ~~9011~~10109 ~~246950SH~~252850SH Sole ~~246950~~252850 QUALCOMM INC COM 747525103 ~~714~~738 ~~11545SH~~11025SH Sole ~~11545~~11025 REGENCY CENTERS COM 758847103 ~~302~~339 6400SH Sole 6400 REGENCY ENERGY COM 75885y107 ~~948~~1054 ~~43716SH~~42013SH Sole ~~43316~~41613 REYNOLDS AMERICAN COM 761713106 ~~3548~~4057 ~~85638SH~~91190SH Sole ~~85488~~91040 ~~RIO TINTO COM 767204100 2478 42650SH Sole 42650~~ ROBERT HALF INTL COM 770323103 ~~2068~~2439 65000SH Sole 65000 SANOFI-AVENTIS COM 80105N105 ~~4373~~4871 ~~92300SH~~95367SH Sole ~~92200~~95267 SBA COMMUNICATIONS COM 78388J106 ~~256~~230 ~~3600SH~~3200SH Sole ~~3600~~3200 SCHLUMBERGER LTD COM 806857108 ~~2800~~2314 ~~40400SH~~30900SH Sole ~~40400~~30900 SCHWAB, CHARLES COM 808513105 230 12999SH Sole 12999 SEADRILL LTD COM G7945E105 ~~3421~~3671 ~~92950SH~~98650SH Sole ~~92950~~98650 SENIOR HOUSING PROP COM 81721M109 ~~1380~~1589 ~~58393SH~~59217SH Sole ~~58093~~58917 SIMON PPTY GRP INC COM 828806109 ~~636~~637 4020SH Sole 4020 SOUTHERN CO COM 842587107 ~~2056~~1887 ~~48025SH~~40225SH Sole ~~48025~~40225 STAN BLK & DECKER COM 854502101 ~~237~~239 ~~3200SH~~2950SH Sole ~~3200~~2950 ~~SUPERIOR~~TARGA ~~INDUSTRIES~~CORP COM ~~868168105~~87612G101 ~~1079~~415 ~~52910SH~~6100SH Sole ~~250~~6100 ~~52360~~ TARGA RESOURCES COM 87611x105 ~~1941~~2683 ~~51923SH~~58291SH Sole ~~51923~~58091 TAUBMAN CENTERS COM 876664103 ~~236~~233 3000SH Sole 3000 TRANSCANADA CORP COM 89353D107 ~~473~~479 10000SH Sole 10000 UNILEVER NV COM 904784709 ~~1930~~2066 50400SH Sole 50400 UNION PACIFIC COM 907818108 ~~3450~~3844 ~~27445SH~~26995SH Sole ~~27445~~26995 UNITED TECH COM 913017109 ~~3114~~3604 ~~37976SH~~38577SH Sole ~~37976~~38577 ~~VALERO ENERGY CORP COM 91913Y100 2148 62952SH Sole 100 62852~~ VENTAS INC. COM 92276F100 ~~712~~805 11000SH Sole 11000 VERIZON COMM COM 92343V104 ~~4423~~4940 ~~102208SH~~100512SH Sole ~~102208~~100512 VISA INC CL A COM 92826c839 ~~2496~~2797 16466SH Sole 16466 VODAFONE GROUP PLC COM 92857w209 ~~4389~~2200 ~~174236SH~~77475SH Sole ~~174086~~77175 VORNADO RLTY COM 929042109 ~~2198~~2580 ~~27441SH~~30841SH Sole ~~27441~~30841 WAL-MART STORES ~~INC~~ COM 931142103 ~~2410~~2598 ~~35322SH~~34722SH Sole ~~35322~~34722 WALGREEN CO COM 931422109 296 6200SH Sole 6200 WELLS FARGO & CO COM 949746101 ~~5982~~6463 ~~175013SH~~174714SH Sole 200 ~~174813~~174514 WESTERN GAS COM 958254104 ~~2389~~2997 ~~50150SH~~50450SH Sole ~~50150~~50450 WEYERHAEUSER COM 984332106 ~~2897~~2504 ~~104150SH~~79800SH Sole ~~104150~~79650 FINANCIAL SELECT 81369y605 270 14825SH Sole 14825 INDSTLS SELECT SPDR 81369Y704 345 8250SH Sole 8250 ISHARES MSCI EMRGNG 464287234 761 17797SH Sole 17797 ISHARES RUSSELL 2000 464287655 467 4950SH Sole 4950 ISHARES SIlVER 43428Q109 ~~327~~311 ~~11150SH~~11350SH Sole ~~11150~~11350 ISHARES TR FTSE 464287104 580 15700SH Sole 15700 MATERIALS SLCT SPDR 81369Y100 268 6850SH Sole 6850 NUVEEN CA QUALITY 670985100 ~~243~~238 14000SH Sole 14000 ~~PROSHRS~~PIMCO SHORT MATURITY 72201R833 508 5000SH Sole 5000 PRSHRS ULTRSHRT 74347R313 ~~552~~1247 ~~20000SH~~45600SH Sole ~~20000~~45600 SPDR DOW JONES IND 78467X109 ~~406~~423 ~~3113SH~~2911SH Sole ~~3113~~2911 SPDR GOLD SHARES 78463V107 ~~243~~232 1500SH Sole 1500 VANGUARD MSCI EURO 922042874 491 9990SH Sole 9990

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