# EDGAR Filing Document

**Accession Number:** 0001608531
**File Stem:** 0001608531-25-000006
**Filing Date:** 2025-7
**Character Count:** 14959
**Document Hash:** 10acf91dcb0e54c38126094cd6552575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001608531-25-000006.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0001608531-25-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Grassi Investment Management
- **CENTRAL INDEX KEY:** 0001608531

**ORGANIZATION NAME:**
- **EIN:** 943350355
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16200
- **FILM NUMBER:** 251137088

**BUSINESS ADDRESS:**
- **STREET 1:** 2350 MISSION COLLEGE BLVD STE 190
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054
- **BUSINESS PHONE:** 650-934-0770

**MAIL ADDRESS:**
- **STREET 1:** 2350 MISSION COLLEGE BLVD STE 190
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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<br>**Address:** 2350 MISSION COLLEGE BLVD STE 190<br>SANTA CLARA, CA 95054

**Form 13F File Number:** 028-16200

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:** Katie Leung<br>**Title:** Operations Manager<br>**Phone:** 650-934-0770

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

Katie Leung  Santa Clara, CA  07-21-2025<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:** 128

**Form 13F Information Table Value Total:** $1257077

      (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 |  | 1994 | 13100 | SH |  | SOLE |  | 0 | 0 | 13100 |
| ABBOTT LABS COM | COM | 002824100 |  | 16516 | 121433 | SH |  | SOLE |  | 0 | 0 | 121133 |
| ABBVIE INC. | COM | 00287Y109 |  | 17824 | 96025 | SH |  | SOLE |  | 0 | 0 | 96025 |
| ADVANCED MICRO DEV | COM | 007903107 |  | 20277 | 142895 | SH |  | SOLE |  | 0 | 0 | 142895 |
| ALLIANCE RES PTNRS | COM | 01877r108 |  | 1359 | 52000 | SH |  | SOLE |  | 0 | 0 | 52000 |
| ALPHABET CLASS A | COM | 02079K305 |  | 5912 | 33549 | SH |  | SOLE |  | 0 | 0 | 33549 |
| ALPHABET CLASS C | COM | 02079K107 |  | 1224 | 6900 | SH |  | SOLE |  | 0 | 0 | 6900 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5235 | 89286 | SH |  | SOLE |  | 0 | 0 | 89286 |
| AMAZON.COM | COM | 023135106 |  | 15480 | 70560 | SH |  | SOLE |  | 0 | 0 | 70560 |
| AMERICAN EXPRESS | COM | 025816109 |  | 7037 | 22060 | SH |  | SOLE |  | 0 | 0 | 22060 |
| AMERICAN TOWER | COM | 03027X100 |  | 11044 | 49967 | SH |  | SOLE |  | 0 | 0 | 49967 |
| AMGEN INC | COM | 031162100 |  | 726 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| AON PLC | COM | G0403H108 |  | 357 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| APPLE COMPUTER | COM | 037833100 |  | 67741 | 330171 | SH |  | SOLE |  | 0 | 0 | 330171 |
| APPLIED MATERIALS | COM | 038222105 |  | 50134 | 273851 | SH |  | SOLE |  | 0 | 0 | 273851 |
| ASML HOLDINGS NV | COM | N07059210 |  | 337 | 420 | SH |  | SOLE |  | 0 | 0 | 420 |
| AVALONBAY | COM | 053484101 |  | 689 | 3385 | SH |  | SOLE |  | 0 | 0 | 3385 |
| BANK OF AMERICA | COM | 060505104 |  | 20016 | 423000 | SH |  | SOLE |  | 0 | 0 | 423000 |
| BERKSHIRE HATH. | COM | 084670207 |  | 373 | 767 | SH |  | SOLE |  | 0 | 0 | 767 |
| BLACKSTONE | COM | 09253u108 |  | 17015 | 113750 | SH |  | SOLE |  | 0 | 0 | 113750 |
| BOEING | COM | 097023105 |  | 9430 | 45007 | SH |  | SOLE |  | 0 | 0 | 45007 |
| BOOKING HLDG | COM | 09857L108 |  | 289 | 50 | SH |  | SOLE |  | 0 | 0 | 50 |
| BOSTON SCIENTIFIC | COM | 101137107 |  | 4108 | 38250 | SH |  | SOLE |  | 0 | 0 | 38250 |
| BRISTOL-MYERS | COM | 110122108 |  | 4981 | 107610 | SH |  | SOLE |  | 0 | 0 | 107610 |
| BROADCOM LTD | COM | Y09827109 |  | 73221 | 265630 | SH |  | SOLE |  | 0 | 0 | 265630 |
| CALIDI BIOTHERAPEUTIC | COM | 320703309 |  | 2 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| CAMDEN PROPERTY | COM | 133131102 |  | 722 | 6409 | SH |  | SOLE |  | 0 | 0 | 6409 |
| CATERPILLAR | COM | 149123101 |  | 25973 | 66904 | SH |  | SOLE |  | 0 | 0 | 66904 |
| CHARLES SCHWAB | COM | 808513105 |  | 10677 | 117018 | SH |  | SOLE |  | 0 | 0 | 117018 |
| CHEVRON CORP | COM | 166764100 |  | 8018 | 55996 | SH |  | SOLE |  | 0 | 0 | 55996 |
| CIGNA CORP | COM | 125523100 |  | 661 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| CLEAN ENRGY FUEL | COM | 184499101 |  | 75 | 38500 | SH |  | SOLE |  | 0 | 0 | 38500 |
| CLOROX COMPANY | COM | 189054109 |  | 720 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| COINBASE GLB | COM | 19260Q107 |  | 228 | 650 | SH |  | SOLE |  | 0 | 0 | 650 |
| COMCAST CL A | COM | 20030N101 |  | 4761 | 133400 | SH |  | SOLE |  | 0 | 0 | 133400 |
| CONSTELLATION | COM | 21036P108 |  | 6440 | 39589 | SH |  | SOLE |  | 0 | 0 | 39589 |
| COSTCO WHOLESALE | COM | 22160K105 |  | 5354 | 5408 | SH |  | SOLE |  | 0 | 0 | 5408 |
| CROWDSTRIKE HLDGS | COM | 22788C105 |  | 549 | 1078 | SH |  | SOLE |  | 0 | 0 | 1078 |
| CROWN CASTLE INT'L | COM | 22822V101 |  | 851 | 8282 | SH |  | SOLE |  | 0 | 0 | 8082 |
| DELL INC | COM | 24702R101 |  | 5335 | 43515 | SH |  | SOLE |  | 0 | 0 | 43515 |
| DIGITAL REALTY TR | COM | 253868103 |  | 9369 | 53740 | SH |  | SOLE |  | 0 | 0 | 53740 |
| DISNEY WALT CO | COM | 254687106 |  | 7204 | 58090 | SH |  | SOLE |  | 0 | 0 | 58090 |
| ELEMENT SOL | COM | 28618M106 |  | 204 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| ENTERPRISE PRODS | COM | 293792107 |  | 1082 | 34900 | SH |  | SOLE |  | 0 | 0 | 34900 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2242 | 20800 | SH |  | SOLE |  | 0 | 0 | 20800 |
| FATE THERAPEUTICS | COM | 31189P102 |  | 20 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| FRANKLIN RES | COM | 354613101 |  | 354 | 14835 | SH |  | SOLE |  | 0 | 0 | 14835 |
| GAP INC | COM | 364760108 |  | 580 | 26600 | SH |  | SOLE |  | 0 | 0 | 26600 |
| GENERAL DYNAMICS | COM | 369550108 |  | 3106 | 10650 | SH |  | SOLE |  | 0 | 0 | 10650 |
| HEWLETT-PACKARD | COM | 42824C109 |  | 524 | 25600 | SH |  | SOLE |  | 0 | 0 | 25600 |
| HOME DEPOT INC | COM | 437076102 |  | 13320 | 36330 | SH |  | SOLE |  | 0 | 0 | 36330 |
| HONEYWELL INTL | COM | 438516106 |  | 13425 | 57648 | SH |  | SOLE |  | 0 | 0 | 57648 |
| HP INC. | COM | 428236103 |  | 626 | 25600 | SH |  | SOLE |  | 0 | 0 | 25600 |
| IBM CORPORATION | COM | 459200101 |  | 16940 | 57468 | SH |  | SOLE |  | 0 | 0 | 57468 |
| JOHN.  JOHN. | COM | 478160104 |  | 8879 | 58125 | SH |  | SOLE |  | 0 | 0 | 58125 |
| JP MORGAN CHASE | COM | 46625H100 |  | 30253 | 104353 | SH |  | SOLE |  | 0 | 0 | 104103 |
| LAM RESEARCH CORP | COM | 512807108 |  | 370 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| LENDINGCLUB CORP | COM | 52603A208 |  | 282 | 23400 | SH |  | SOLE |  | 0 | 0 | 23400 |
| LILLY ELI  CO | COM | 532457108 |  | 62305 | 79927 | SH |  | SOLE |  | 0 | 0 | 79927 |
| LOCKHEED MARTIN | COM | 539830109 |  | 11920 | 25737 | SH |  | SOLE |  | 0 | 0 | 25737 |
| MARRIOTT INTL | COM | 571903202 |  | 13660 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| MARVELL TECHNOLOGY | COM | 573874104 |  | 2274 | 29375 | SH |  | SOLE |  | 0 | 0 | 29375 |
| MERCK  CO INC | COM | 589331107 |  | 8266 | 104417 | SH |  | SOLE |  | 0 | 0 | 104167 |
| META PLATFORMS | COM | 30303M102 |  | 1174 | 1590 | SH |  | SOLE |  | 0 | 0 | 1590 |
| MICROSOFT CORP | COM | 594918104 |  | 79408 | 159643 | SH |  | SOLE |  | 0 | 0 | 159268 |
| MONDELEZ INTL | COM | 609207105 |  | 236 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| MORGAN STANLEY | COM | 617446448 |  | 16910 | 120050 | SH |  | SOLE |  | 0 | 0 | 120050 |
| NOVO-NORISK A/S ADR | COM | 670100205 |  | 315 | 4570 | SH |  | SOLE |  | 0 | 0 | 4570 |
| NVIDIA CORP | COM | 67066G104 |  | 261173 | 1653100 | SH |  | SOLE |  | 0 | 0 | 1653100 |
| ONEOK INC | COM | 682680103 |  | 408 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| ORACLE CORP | COM | 68389X105 |  | 20911 | 95645 | SH |  | SOLE |  | 0 | 0 | 95645 |
| PALO ALTO NETWORKS | COM | 697435105 |  | 1714 | 8375 | SH |  | SOLE |  | 0 | 0 | 8375 |
| PEPSICO INC | COM | 713448108 |  | 4932 | 37350 | SH |  | SOLE |  | 0 | 0 | 37350 |
| PFIZER INC | COM | 717081103 |  | 837 | 34531 | SH |  | SOLE |  | 0 | 0 | 34531 |
| PROCTER  GAMBLE | COM | 742718109 |  | 16633 | 104400 | SH |  | SOLE |  | 0 | 0 | 104400 |
| PROLOGIS | COM | 74340W103 |  | 26919 | 256075 | SH |  | SOLE |  | 0 | 0 | 256075 |
| RAYTHEON | COM | 75513E101 |  | 1079 | 7390 | SH |  | SOLE |  | 0 | 0 | 7390 |
| RIO TINTO | COM | 767204100 |  | 11256 | 192969 | SH |  | SOLE |  | 0 | 0 | 192769 |
| ROYAL CARIBBEAN | COM | V7780T103 |  | 1433 | 4575 | SH |  | SOLE |  | 0 | 0 | 4575 |
| SALESFORCE.COM | COM | 79466L302 |  | 9166 | 33614 | SH |  | SOLE |  | 0 | 0 | 33614 |
| SERVICENOW INC | COM | 81762P102 |  | 10851 | 10555 | SH |  | SOLE |  | 0 | 0 | 10555 |
| SHOPIFY INC | COM | 82509L107 |  | 5301 | 45955 | SH |  | SOLE |  | 0 | 0 | 45955 |
| SIMON PPTY GRP INC | COM | 828806109 |  | 3343 | 20798 | SH |  | SOLE |  | 0 | 0 | 20598 |
| SNOWFLAKE CLASS A | COM | 833445109 |  | 9723 | 43450 | SH |  | SOLE |  | 0 | 0 | 43450 |
| SONY CORP | COM | 835699307 |  | 361 | 13875 | SH |  | SOLE |  | 0 | 0 | 13875 |
| STARWOOD PROP | COM | 85571B105 |  | 1921 | 95700 | SH |  | SOLE |  | 0 | 0 | 95700 |
| TESLA MOTORS | COM | 88160R101 |  | 1231 | 3875 | SH |  | SOLE |  | 0 | 0 | 3875 |
| UBER TECHNOLOGIES | COM | 90353T100 |  | 10314 | 110550 | SH |  | SOLE |  | 0 | 0 | 110550 |
| UNION PACIFIC | COM | 907818108 |  | 11500 | 49983 | SH |  | SOLE |  | 0 | 0 | 49983 |
| UNITEDHEALTH GROUP | COM | 91324P102 |  | 473 | 1517 | SH |  | SOLE |  | 0 | 0 | 1517 |
| VENTAS INC. | COM | 92276F100 |  | 379 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| VERIZON COMM | COM | 92343V104 |  | 552 | 12747 | SH |  | SOLE |  | 0 | 0 | 12597 |
| VERTIV HOLDINGS | COM | 92537N108 |  | 6605 | 51435 | SH |  | SOLE |  | 0 | 0 | 51435 |
| VISA INC CL A | COM | 92826c839 |  | 35138 | 98967 | SH |  | SOLE |  | 0 | 0 | 98967 |
| VISTRA CORP | COM | 92840M102 |  | 2756 | 14220 | SH |  | SOLE |  | 0 | 0 | 14220 |
| VULCAN MATERIALS | COM | 929160109 |  | 11672 | 44752 | SH |  | SOLE |  | 0 | 0 | 44752 |
| WAL-MART STORES | COM | 931142103 |  | 9946 | 101722 | SH |  | SOLE |  | 0 | 0 | 101722 |
| WELLS FARGO  CO | COM | 949746101 |  | 14852 | 185369 | SH |  | SOLE |  | 0 | 0 | 185169 |
| WESTERN MIDSTREAM | COM | 958254104 |  | 1161 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| WORKDAY INC | COM | 98138H101 |  | 3158 | 13160 | SH |  | SOLE |  | 0 | 0 | 13160 |
| WYNN RESORTS LTD | COM | 983134107 |  | 303 | 3240 | SH |  | SOLE |  | 0 | 0 | 3240 |
| FIDELITY BLUE CHIP | COM | 316389303 |  | 231 | 975 | SH |  | SOLE |  | 0 | 0 | 975 |
| SCHWAB TTL STCK | COM | 808509756 |  | 316 | 3017 | SH |  | SOLE |  | 0 | 0 | 3017 |
| VANGUARD 500 INDEX | COM | 922908710 |  | 547 | 955 | SH |  | SOLE |  | 0 | 0 | 955 |
| VANGUARD WELL FUND | COM | 921935102 |  | 221 | 4877 | SH |  | SOLE |  | 0 | 0 | 4877 |
| VANGUARD WELLINGTON | COM | 921935201 |  | 260 | 3326 | SH |  | SOLE |  | 0 | 0 | 3326 |
| AMPLIFY CYBERSECURITY | COM | 032108664 |  | 526 | 6085 | SH |  | SOLE |  | 0 | 0 | 6085 |
| BIOTECHNOLOGY | COM | 464287556 |  | 301 | 2379 | SH |  | SOLE |  | 0 | 0 | 2379 |
| COMM SERVICES | COM | 81369Y852 |  | 602 | 5551 | SH |  | SOLE |  | 0 | 0 | 5551 |
| CONSUMER DISCR | COM | 81369Y407 |  | 1213 | 5580 | SH |  | SOLE |  | 0 | 0 | 5580 |
| EXPANDED TECH | COM | 464287549 |  | 410 | 3650 | SH |  | SOLE |  | 0 | 0 | 3650 |
| FINANCIAL | COM | 81369y605 |  | 448 | 8550 | SH |  | SOLE |  | 0 | 0 | 8550 |
| GLOBAL X AI  TECH | COM | 37954Y632 |  | 1035 | 23683 | SH |  | SOLE |  | 0 | 0 | 23683 |
| HEALTH CARE | COM | 81369Y209 |  | 2387 | 17713 | SH |  | SOLE |  | 0 | 0 | 17713 |
| INDUSTRIALS | COM | 81369Y704 |  | 3304 | 22394 | SH |  | SOLE |  | 0 | 0 | 22394 |
| INVESCO NASDAQ | COM | 46138G649 |  | 240 | 1058 | SH |  | SOLE |  | 0 | 0 | 1058 |
| INVESCO QQQ | COM | 46090E103 |  | 6259 | 11346 | SH |  | SOLE |  | 0 | 0 | 11346 |
| ISHARES RUSSELL 1000 VAL | COM | 464287598 |  | 234 | 1204 | SH |  | SOLE |  | 0 | 0 | 1204 |
| ISHARES RUSSELL 2000 | COM | 464287655 |  | 1323 | 6132 | SH |  | SOLE |  | 0 | 0 | 6132 |
| MATERIALS | COM | 81369Y100 |  | 662 | 7538 | SH |  | SOLE |  | 0 | 0 | 7538 |
| NVN CA DIV ADV MUNI | COM | 67066Y105 |  | 168 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| SELECT DIVIDEND | COM | 464287168 |  | 421 | 3167 | SH |  | SOLE |  | 0 | 0 | 3167 |
| SPDR DOW JONES IND | COM | 78467X109 |  | 520 | 1180 | SH |  | SOLE |  | 0 | 0 | 1180 |
| SPDR S P MIDCAP | COM | 78467Y107 |  | 229 | 404 | SH |  | SOLE |  | 0 | 0 | 404 |
| SPDR S REGIONAL | COM | 78464A698 |  | 312 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| TECHNOLOGY | COM | 81369Y803 |  | 7269 | 28703 | SH |  | SOLE |  | 0 | 0 | 28703 |
| VANGUARD S 500 | COM | 922908363 |  | 220 | 387 | SH |  | SOLE |  | 0 | 0 | 387 |
| VIRTUS TERRANOVA | COM | 92790A504 |  | 485 | 11855 | SH |  | SOLE |  | 0 | 0 | 11855 |

---