13F-HR 1 final4thqtr2010.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/10 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: Grimes & Company, Inc. Address: 110 Turnpike Road, Suite 100 Westborough, MA 01581 Form 13F File Number: 28-11551 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: Gerald S. Connolly Title: CCO Phone: 508-366-3883 Signature, Place, and Date of Signing: Gerald S. Connolly Westborough, MA 01581 2/1/11 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).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-__________________ ________________________________________________ FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13FInformation Table Entry Total: 142 Form 13F Information Table Value Total(thousands): 196404 List of Other Included Managers: None 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.] No. Form 13F File Number Name 28-________________________ Form 13F INFORMATION TABLE Name CLASS CUSIP Value AMT TYPE Inv. Other Voting 3M Company COM 88579Y101 4184 48479 SH SOLE 0 SOLE Abbott Laboratories COM 002824100 2890 60319 SH SOLE 0 SOLE Abbott Laboratories COM 002824100 36 755 SH OTHER 0 SOLE Accenture Ltd COM G1151C101 4071 83960 SH SOLE 0 SOLE Acusphere, Inc. COM 00511R870 10 141991 SH SOLE 0 SOLE Altria Group, Inc COM 02209S103 345 14014 SH SOLE 0 SOLE American Express Co COM 025816109 402 9367 SH SOLE 0 SOLE Apple Computer Inc. COM 037833100 1118 3467 SH SOLE 0 SOLE Apple Computer Inc. COM 037833100 645 2000 SH OTHER 0 SOLE Applied Materials Inc. COM 038222105 105 7500 SH SOLE 0 SOLE Applied Materials Inc. COM 038222105 45 3200 SH OTHER 0 SOLE Astrazeneca PLC (ADR) COM 046353108 2902 62832 SH SOLE 0 SOLE Astrazeneca PLC (ADR) COM 046353108 40 860 SH OTHER 0 SOLE AT&T Inc. COM 00206R102 595 20265 SH SOLE 0 SOLE AT&T Inc. COM 00206R102 30 1025 SH OTHER 0 SOLE Automatic Data Process COM 053015103 3561 76950 SH SOLE 0 SOLE Automatic Data Process COM 053015103 17 375 SH OTHER 0 SOLE Avon Products, Inc. COM 054303102 2066 71090 SH SOLE 0 SOLE Avon Products, Inc. COM 054303102 36 1230 SH OTHER 0 SOLE Bank of America Corp. COM 060505104 364 27291 SH SOLE 0 SOLE Bank of America Corp. COM 060505104 214 16034 SH OTHER 0 SOLE Berkshire Hathaway Cl A COM 084670108 241 2 SH OTHER 0 SOLE Berkshire Hathaway Cl A COM 084670108 1445 12 SH SOLE 0 SOLE Berkshire Hathaway Cl B COM 084670207 1558 19450 SH SOLE 0 SOLE Berkshire Hathaway Cl B COM 084670207 100 1250 SH OTHER 0 SOLE BlackRock, Inc. COM 09247X101 2782 14598 SH SOLE 0 SOLE BlackRock, Inc. COM 09247X101 3 17 SH OTHER 0 SOLE BP PLC COM 055622104 200 4528 SH SOLE 0 SOLE BP PLC COM 055622104 12 265 SH OTHER 0 SOLE Check Point Soft Tech COM M22465104 217 4700 SH SOLE 0 SOLE Check Point Soft Tech COM M22465104 5 101 SH OTHER 0 SOLE Chesapeake Energy COM 165167107 2827 109105 SH SOLE 0 SOLE ChevronTexaco Corp COM 166764100 288 3157 SH SOLE 0 SOLE Cisco Systems, Inc. COM 17275R102 4014 198401 SH SOLE 0 SOLE Clorox COM 189054109 2902 45852 SH SOLE 0 SOLE Coca-Cola Company COM 191216100 488 7420 SH SOLE 0 SOLE Coca-Cola Company COM 191216100 67 1023 SH OTHER 0 SOLE Corning Incorporated COM 219350105 2222 115035 SH SOLE 0 SOLE Cronus Corp. COM 226903102 0 10000 SH SOLE 0 SOLE Curis, Inc. COM 231269101 34 17000 SH SOLE 0 SOLE Devon Energy Corp COM 25179M103 3159 40243 SH SOLE 0 SOLE Devon Energy Corp COM 25179M103 2 25 SH OTHER 0 SOLE DeVry, Inc. COM 251893103 2322 48405 SH SOLE 0 SOLE Diageo plc COM 25243Q205 255 3430 SH SOLE 0 SOLE Diageo plc COM 25243Q205 33 440 SH OTHER 0 SOLE Dominion Resources COM 25746U109 390 9134 SH SOLE 0 SOLE Duke Energy Corp COM 26441C105 297 16649 SH SOLE 0 SOLE EI du Pont de Nemours C COM 263534109 4344 87090 SH SOLE 0 SOLE Eaton Vance Corp. COM 278265103 242 8000 SH SOLE 0 SOLE EMC Corporation COM 268648102 921 40226 SH SOLE 0 SOLE Emerson Electric Co. COM 291011104 3029 52983 SH SOLE 0 SOLE Emerson Electric Co. COM 291011104 3 50 SH OTHER 0 SOLE Energen Corporation COM 29265N108 350 7258 SH SOLE 0 SOLE ENSCO International Inc COM 26874Q100 2983 55887 SH SOLE 0 SOLE Exelon Corporation COM 30161N101 2648 63582 SH SOLE 0 SOLE Exxon Mobil Corporation COM 30231G102 7215 98680 SH SOLE 0 SOLE Exxon Mobil Corporation COM 30231G102 335 4477 SH OTHER 0 SOLE Ford Motor Company COM 345370860 229 13630 SH SOLE 0 SOLE General Dynamics Corp COM 369550108 2991 42156 SH SOLE 0 SOLE General Electric Co COM 369604103 2160 118099 SH SOLE 0 SOLE General Electric Co COM 369604103 83 4519 SH OTHER 0 SOLE Genuine Parts Company COM 372460105 3905 76066 SH SOLE 0 SOLE Gilead Sciences, Inc. COM 375558103 1980 54624 SH SOLE 0 SOLE Harris Corp. COM 413875105 2318 51166 SH SOLE 0 SOLE Hewlett-Packard Company COM 428236103 2369 56269 SH SOLE 0 SOLE HMZ Metals Inc. COM 0 11900 SH SOLE 0 SOLE Hudson Valley Holding COM 794 32052 SH OTHER 0 SOLE IDEXX Laboratories COM 45168D104 263 3800 SH SOLE 0 SOLE Illinois Tool Works COM 452308109 3309 61962 SH SOLE 0 SOLE Ingersoll-Rand Co Ltd COM G47791101 700 14860 SH SOLE 0 SOLE Intel Corporation COM 458140100 4469 212508 SH SOLE 0 SOLE Intel Corporation COM 458140100 3 150 SH OTHER 0 SOLE International Bus Mach COM 459200101 6526 44464 SH SOLE 0 SOLE International Bus Mach COM 459200101 6 44 SH OTHER 0 SOLE ITT Corporation COM 450911102 2769 53143 SH SOLE 0 SOLE J.P. Morgan Chase & Co. COM 46625H100 3362 79247 SH SOLE 0 SOLE Jacobs Engineering Grp COM 469814107 2721 59350 SH SOLE 0 SOLE Johnson & Johnson COM 478160104 4307 69630 SH SOLE 0 SOLE Johnson & Johnson COM 478160104 2 25 SH OTHER 0 SOLE Johnson & Johnson COM 478160104 1018 16463 SH OTHER 0 SOLE Kimberly-Clark Corp COM 494368103 352 5591 SH SOLE 0 SOLE Manulife Finl Corp COM 56501R106 226 13174 SH SOLE 0 SOLE Manulife Finl Corp COM 56501R106 224 13052 SH OTHER 0 SOLE Mastercard Incorporated COM 57636Q104 2721 12142 SH SOLE 0 SOLE McDonald's Corporation COM 580135101 792 10312 SH SOLE 0 SOLE McDonald's Corporation COM 580135101 5 70 SH OTHER 0 SOLE Med Efficiency Delaware COM 584999AB2 0 60000 SH SOLE 0 SOLE Medtronic, Inc. COM 585055106 2712 73108 SH SOLE 0 SOLE Medtronic, Inc. COM 585055106 49 1320 SH OTHER 0 SOLE Microsoft Corporation COM 594918104 1153 41294 SH SOLE 0 SOLE Microsoft Corporation COM 594918104 67 2400 SH OTHER 0 SOLE Nestle S.A. COM 641069406 192 3264 SH SOLE 0 SOLE Nestle S.A. COM 641069406 92 1569 SH OTHER 0 SOLE New York Comm Bancorp COM 649445103 438 23220 SH SOLE 0 SOLE NIKE, Inc. COM 654106103 260 3044 SH SOLE 0 SOLE Nokia Corporation COM 654902204 2118 205205 SH SOLE 0 SOLE Nokia Corporation COM 654902204 30 2875 SH OTHER 0 SOLE Novartis AG COM 66987V109 2970 50389 SH SOLE 0 SOLE Novartis AG COM 66987V109 60 1026 SH OTHER 0 SOLE NSTAR COM 67019E107 215 5104 SH SOLE 0 SOLE Occidental Petroleum COM 674599105 196 2002 SH SOLE 0 SOLE Occidental Petroleum COM 674599105 139 1420 SH OTHER 0 SOLE Oracle Corporation COM 68389X105 3743 119580 SH SOLE 0 SOLE Oracle Corporation COM 68389X105 64 2050 SH OTHER 0 SOLE PACCAR Inc COM 693718108 203 3547 SH SOLE 0 SOLE Paychex, Inc. COM 704326107 3542 114593 SH SOLE 0 SOLE Paychex, Inc. COM 704326107 36 1180 SH OTHER 0 SOLE PepsiCo, Inc. COM 713448108 3738 57221 SH SOLE 0 SOLE Pfizer Inc COM 717081103 451 25743 SH SOLE 0 SOLE Procter & Gamble Co COM 742718109 4677 72709 SH SOLE 0 SOLE Procter & Gamble Co COM 742718109 4 56 SH OTHER 0 SOLE Procter & Gamble Co COM 742718109 56 872 SH OTHER 0 SOLE QUALCOMM Incorporated COM 747525103 3819 77167 SH SOLE 0 SOLE QUALCOMM Incorporated COM 747525103 68 1370 SH OTHER 0 SOLE Schlumberger Limited COM 806857108 4597 55049 SH SOLE 0 SOLE Schlumberger Limited COM 806857108 1 13 SH OTHER 0 SOLE Southern Company COM 842587107 290 7590 SH SOLE 0 SOLE Stryker Corporation COM 863667101 2563 47736 SH SOLE 0 SOLE SYSCO Corporation COM 871829107 3240 110203 SH SOLE 0 SOLE Texas Instruments Inc COM 882508104 296 9102 SH SOLE 0 SOLE The Hanover Ins Grp, I COM 410867105 1333 28526 SH OTHER 0 SOLE The Toronto-Dom Bk USA COM 891160509 1216 16359 SH SOLE 0 SOLE The Toronto-Dom Bk USA COM 891160509 16 212 SH OTHER 0 SOLE Transocean Inc. COM G90073100 3242 46643 SH SOLE 0 SOLE Transocean Inc. COM G90073100 29 415 SH OTHER 0 SOLE U.S. Bancorp COM 902973304 49 1824 SH SOLE 0 SOLE U.S. Bancorp COM 902973304 728 26980 SH OTHER 0 SOLE United Parcel Service COM 911312106 2982 41081 SH SOLE 0 SOLE United Parcel Service COM 911312106 2 31 SH OTHER 0 SOLE United Technologies Co COM 913017109 4692 59608 SH SOLE 0 SOLE V.F. Corporation COM 918204108 2796 32441 SH SOLE 0 SOLE Verizon Communications COM 92343V104 3933 109910 SH SOLE 0 SOLE Vodafone Group PLC COM 92857W209 3378 127773 SH SOLE 0 SOLE Vodafone Group PLC COM 92857W209 46 1740 SH OTHER 0 SOLE Wal-Mart Stores, Inc. COM 931142103 3385 62774 SH SOLE 0 SOLE Wal-Mart Stores, Inc. COM 931142103 3 55 SH OTHER 0 SOLE Walt Disney Company COM 254687106 214 5698 SH SOLE 0 SOLE Walt Disney Company COM 254687106 0 10 SH OTHER 0 SOLE Wastech Inc COM 94107F101 0 21800 SH SOLE 0 SOLE Wells Fargo & Company COM 949746101 1969 63525 SH SOLE 0 SOLE Western Union COM 959802109 2040 109851 SH SOLE 0 SOLE Western Union COM 959802109 56 3040 SH OTHER 0 SOLE