13F-HR 1 q40213f.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: December 31, 2002 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: Gruber & McBaine Capital Management, LLC Address: 50 Osgood Place, Penthouse__ San Francisco, CA 94133_____ Form 13F File Number: 28-3296________ The institutional investment manager filing this report and the person by whom it is signed hereby represent 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: Elizabeth Giorgis____________ Title: administrator_______________ Phone: 415 981 1039_________________ Signature, Place and Date of Signing: _________________________ San Francisco, CA_ October 15, 2002 [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).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 29-________________ ________________________________________ [Repeat as necessary.] Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: _____0_____ Form 13F Information Table Entry Total: _____240___ Form 13F Information Table Value Total: __722,018__ 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.] No. Form 13F File Number Name NONE 28-___________ ___________________________ [Repeat as necessary.] NAME OF ISSUER TITLE OF CUSIP VALUE SHARES INV. OTHER AUTH CLASS X1000 DISC MGR ActivCard SA common 00506J107 1288 150,600 SOLE 150,600 Adept Technology common 006854103 219 352,700 SOLE 352,700 Advanced Micro Devices common 007903107 6527 1,010,400 SOLE 1,010,400 Advanced Micro Devices C Cvt bnd 007903AF4 570 500,000 SOLE 500,000 Advisory Board common 00762W107 9204 307,837 SOLE 307,837 AES Corp common 00130H105 316 104,800 SOLE 104,800 Align Technology common 016255101 2133 772,500 SOLE 772,500 Allegiance Telecommunica common 01747T102 245 365,500 SOLE 365,500 Alliance Gaming Corp common 01859P609 681 40,000 SOLE 40,000 Alloy Inc common 019855105 1097 100,200 SOLE 100,200 American Science and Eng common 029429107 2899 221,500 SOLE 221,500 ArtiSoft common 04314L106 8 20,500 SOLE 20,500 ArtiSoft Inc B Pf Preferred 04314L106 683 700,000 SOLE 700,000 Authentidate Holding Cor common 052666104 1818 597,900 SOLE 597,900 Benihana Inc common 082047200 2161 160,165 SOLE 160,165 Bitstream Inc common 091736108 1694 1,008,200 SOLE 1,008,200 BJ Services common 055482103 7512 232,500 SOLE 232,500 Blue Rhino Corp common 095811105 8401 496,772 SOLE 496,772 Bombardier Inc class B common 097751200 2456 726,000 SOLE 726,000 Broadcom Corp common 111320107 1754 116,500 SOLE 116,500 Burberry Group Plc common G1699R107 1475 401,000 SOLE 401,000 Burlington Resources common 122014103 1706 40,000 SOLE 40,000 Caci International common 127190304 3564 100,000 SOLE 100,000 California Micro Devices common 130439102 2294 526,175 SOLE 526,175 Callaway Golf Co. common 131193104 663 50,000 SOLE 50,000 Caremark Rx Inc common 141705103 18261 1,123,750 SOLE 1,123,750 Cash America common 14754D100 2721 285,800 SOLE 285,800 Casual Male Retail Grp common 148711104 3455 892,800 SOLE 892,800 Cedar Fair common 150185106 3175 134,550 SOLE 134,550 Celadon Group common 150838100 235 20,000 SOLE 20,000 Centillium Communication common 152319109 1658 733,500 SOLE 733,500 Charles River Assoc common 159852102 4225 298,377 SOLE 298,377 Charter Municipal Mortga common 160908109 990 57,000 SOLE 57,000 Chesapeake Energy common 165167107 1045 135,000 SOLE 135,000 China Telecom ADR common 169426103 2160 125,000 SOLE 125,000 China.com common G2108N109 578 204,065 SOLE 204,065 Coach Inc common 189754104 5339 162,175 SOLE 162,175 Coeur D Alene Mines Corp common 192108108 1459 760,000 SOLE 760,000 Cognos Inc common 19244C109 1550 66,100 SOLE 66,100 Comarco Inc. common 200080109 1080 124,800 SOLE 124,800 Comcast common 20030N101 1125 47,715 SOLE 47,715 Compucredit Corp common 20478N100 272 38,500 SOLE 38,500 Corning common 219350105 118 35,700 SOLE 35,700 Corporate Executive Boar common 21988R102 13515 423,400 SOLE 423,400 CoStar Group common 22160N109 11723 635,400 SOLE 635,400 Covad Communications common 222814204 782 832,000 SOLE 832,000 Cray Inc common 225223106 319 41,600 SOLE 41,600 Cree Research common 225447101 1112 68,000 SOLE 68,000 Crown Castle Internation common 228227104 941 251,000 SOLE 251,000 Cuisine Solutions common 229904107 706 1,120,457 SOLE 1,120,457 Cybersource Corp common 23251J106 1734 707,600 SOLE 707,600 Devon Energy common 25179M103 3213 70,000 SOLE 70,000 Digimarc Corp common 253807101 6550 577,600 SOLE 577,600 DigitalThink common 25388M100 615 351,700 SOLE 351,700 Divine Inc common 255402406 25 17,700 SOLE 17,700 Drugstore.com common 262241102 2724 1,135,200 SOLE 1,135,200 Edison Schools common 281033100 5666 3,497,400 SOLE 3,497,400 Eldorado Gold common 284902103 387 294,000 SOLE 294,000 Energy Savings common 292717105 3664 430,000 SOLE 430,000 Enwisen.com Inc common 29410M104 13 200,000 SOLE 200,000 Enwisen.com Inc ser A pf Preferred 29410M104 64 909,091 SOLE 909,091 EOG Resources common 26875P101 3593 90,000 SOLE 90,000 EPlus common 294268107 1626 230,700 SOLE 230,700 Equity Marketing common 294724109 4440 332,100 SOLE 332,100 Ethan Allen Interiors common 297602104 3444 100,200 SOLE 100,200 Euronet Worldwide Inc common 298736109 2409 320,825 SOLE 320,825 Factory 2-U Stores common 303072102 1327 389,000 SOLE 389,000 Factual Data Corp common 303094106 2564 341,800 SOLE 341,800 FEI Co. common 30241L109 612 40,000 SOLE 40,000 Film Roman common 317234102 59 844,500 SOLE 844,500 FNX Mining common 30253R101 1049 250,000 SOLE 250,000 Forgent Networks common 34629U103 358 214,300 SOLE 214,300 Four Kids Entertainment common 350865101 1444 65,405 SOLE 65,405 Frequency Electronics common 358010106 265 25,950 SOLE 25,950 Fresh America common 35803R105 1 942,400 SOLE 942,400 Frontline Ltd common G3682E127 354 40,000 SOLE 40,000 Gap Stores common 364760108 1552 100,000 SOLE 100,000 Garden Burger common 365476100 377 1,509,400 SOLE 1,509,400 Garden Burger C prf Preferred 365476100 17 68,000 SOLE 68,000 Garden Burger D prf Preferred 365476100 3 12,000 SOLE 12,000 Gemplus International common 36866Y102 2708 1,225,500 SOLE 1,225,500 General Maritime common Y2692M103 2608 350,000 SOLE 350,000 Gladstone Capital common 376535100 8132 493,750 SOLE 493,750 Glamis Gold Ltd common 376775102 1141 100,600 SOLE 100,600 Global Payments common 37940X102 5619 175,550 SOLE 175,550 GoAmerica Inc common 38020R106 17 60,000 SOLE 60,000 Goldcorp Inc common 380956409 2120 166,700 SOLE 166,700 Gric Communications common 398081109 153 62,500 SOLE 62,500 Handspring Inc common 410293104 1266 1,333,000 SOLE 1,333,000 Harmonic Inc common 413160102 628 272,900 SOLE 272,900 Healthsouth Corp common 421924101 4284 1,020,000 SOLE 1,020,000 Herley Industries common 427398102 2959 170,000 SOLE 170,000 Hewitt Associates common 42822Q100 1440 45,450 SOLE 45,450 Hewlett-Packard Co common 428236103 6555 377,578 SOLE 377,578 Hibernia Foods PLC ADR common 428660104 4568 2,966,380 SOLE 2,966,380 Hollywood Media common 436233100 1597 1,597,131 SOLE 1,597,131 Hotels.com common 44147T108 1098 20,100 SOLE 20,100 Hypercom Corp common 44913M105 1087 291,500 SOLE 291,500 Iamgold Corp common 450913108 583 120,800 SOLE 120,800 IBIS Technology common 450909106 259 55,000 SOLE 55,000 Imageware Software common 45245S108 641 210,000 SOLE 210,000 Infosys Technologies common 456788108 348 5,000 SOLE 5,000 Insituform Tech common 457667103 13090 767,750 SOLE 767,750 Integramed America common 45810N302 3492 601,000 SOLE 601,000 Intel Corp. common 458140100 312 20,009 SOLE 20,009 Intercept Inc common 45845L107 4675 276,150 SOLE 276,150 Intergrated Circuit Sys common 45811K208 4911 269,100 SOLE 269,100 Internap Networks common 45885A102 4 10,000 SOLE 10,000 Internet Capital Group common 46059C106 180 500,000 SOLE 500,000 Intrado Inc common 46117A100 1068 107,600 SOLE 107,600 Intuit Inc common 461202103 5179 110,375 SOLE 110,375 Invivo Corp. common 461858102 2856 203,400 SOLE 203,400 Ionics common 462218108 4811 211,000 SOLE 211,000 Iridex common 462684101 1464 504,900 SOLE 504,900 Ivax Corp common 465823102 5811 479,100 SOLE 479,100 Jacobs Engineering common 469814107 4806 135,000 SOLE 135,000 JB Hunt Trans Svs common 445658107 1319 45,000 SOLE 45,000 JD Edwards and Co. common 281667105 1297 115,000 SOLE 115,000 Jet Blue Airways common 477143101 2712 100,450 SOLE 100,450 Kana Software common 483600300 911 467,300 SOLE 467,300 Kenneth Cole Productions common 193294105 6956 342,650 SOLE 342,650 Kroll Inc common 501049100 2680 140,450 SOLE 140,450 Kulicke & Soffa common 501242101 443 77,500 SOLE 77,500 L3 Communications common 502424104 7886 175,600 SOLE 175,600 Lexar Media common 52886P104 18807 2,999,481 SOLE 2,999,481 Liberate Technologies common 530129105 450 315,000 SOLE 315,000 Lockeed Martin common 539830109 4958 85,850 SOLE 85,850 Lucent Tech common 549463107 1264 1,003,000 SOLE 1,003,000 Macromedia Inc. common 556100105 889 83,500 SOLE 83,500 Man Tech International common 564563104 5435 285,000 SOLE 285,000 Manugistics Group common 565011103 1588 661,500 SOLE 661,500 Marvell Technologies common G5876H105 428 22,700 SOLE 22,700 Matria Healthcare common 576817209 7660 881,494 SOLE 881,494 Maxxcom Inc common 57777W100 294 400,000 SOLE 400,000 McData Corp common 580031102 211 30,000 SOLE 30,000 MDC Corp common 55267W309 11987 2,807,740 SOLE 2,807,740 MDU Comm Int'l common 582828109 18 90,000 SOLE 90,000 Medical Staffing Network common 58463F104 7325 457,800 SOLE 457,800 Medicalogic Medscape Inc common 584642102 380 2,336,667 SOLE 2,336,667 Mentor Graphics common 587200106 314 40,000 SOLE 40,000 Micron Technology Inc. common 595112103 3915 402,000 SOLE 402,000 Microsoft common 594918104 266 5,147 SOLE 5,147 Microtek Medical Holding common 59515B109 1642 690,000 SOLE 690,000 MKTG Services Inc common 55308X100 67 475,439 SOLE 475,439 Modtech Holdings common 60783C100 23292 2,527,599 SOLE 2,527,599 Modtech Holdings Ser A Preferred 60783C100 622 67,518 SOLE 67,518 Monterey Pasta common 612570101 9272 2,472,400 SOLE 2,472,400 Natrol Inc common 638789107 1175 1,021,850 SOLE 1,021,850 NBTY Inc common 628782104 10158 577,797 SOLE 577,797 NCO Portfolio Mgmt Inc common 62885J108 2715 441,500 SOLE 441,500 Netopia Inc common 64114K104 2017 1,451,200 SOLE 1,451,200 Netscreen Technologies common 64117V107 2627 156,000 SOLE 156,000 Northrop common 666807102 2910 30,000 SOLE 30,000 Numerical Technologies I common 67053T101 99 28,700 SOLE 28,700 NWH Inc common 62946E106 2398 156,000 SOLE 156,000 Oak Technology common 671802106 823 310,500 SOLE 310,500 Ocean Energy common 67481E106 6291 315,000 SOLE 315,000 O'Charleys Inc. common 670823103 2074 101,000 SOLE 101,000 Omnivision Technologies common 682128103 4528 333,700 SOLE 333,700 OnSite Energy common 68284P108 54 1,540,972 SOLE 1,540,972 OnSite Energy Corp. ser Preferred 68284P108 225 22,500 SOLE 22,500 Openwave Systems common 683718100 7615 3,807,385 SOLE 3,807,385 Opinion Research Corp common 683755102 4176 745,800 SOLE 745,800 Opsware Inc common 68383A101 4482 2,532,100 SOLE 2,532,100 Oracle Systems common 68389X105 1080 100,000 SOLE 100,000 Orthologic Corp common 68750J107 4229 1,171,400 SOLE 1,171,400 Overture Services common 69039R100 1510 55,300 SOLE 55,300 Pacific Capital Bancorp common 69404P101 8815 346,366 SOLE 346,366 Palm Inc common 696642107 15892 1,012,200 SOLE 1,012,200 P-Com Inc common 693262206 297 1,578,932 SOLE 1,578,932 PC-Tel Inc common 69325Q105 867 127,900 SOLE 127,900 Peregrine Systems Inc common 71366Q101 1 10,000 SOLE 10,000 Phoenix Technology common 719153108 2556 443,000 SOLE 443,000 Photon Dynamics common 719364101 1539 67,500 SOLE 67,500 Pinnacle Systems common 723481107 19643 1,443,300 SOLE 1,443,300 Playboy Enterprise Inc common 728117300 709 70,000 SOLE 70,000 PMC Sierra common 69344F106 556 100,000 SOLE 100,000 Polymedica common 731738100 30152 977,700 SOLE 977,700 Portal Software common 736126103 1422 1,760,300 SOLE 1,760,300 Power Integrations common 739273103 1343 79,000 SOLE 79,000 Proxim common 744283102 837 962,594 SOLE 962,594 Psychiatric Solutions (P common 74439H108 1520 271,999 SOLE 271,999 Quicksilver Resources common 74837R104 4194 187,000 SOLE 187,000 Quiksilver Inc common 74838C106 1045 39,200 SOLE 39,200 Racing Champions common 750069106 956 70,000 SOLE 70,000 Raindance Communication common 75086X106 1984 614,200 SOLE 614,200 Red Hat Inc common 756577102 8819 1,492,200 SOLE 1,492,200 Redwood Trust common 758075402 4185 151,100 SOLE 151,100 Register.com common 75914G101 463 102,900 SOLE 102,900 Restoration Hardware common 760981100 2609 520,680 SOLE 520,680 Rite Aid common 767754104 1723 703,100 SOLE 703,100 Riverstone Networks Inc common 769320102 636 300,000 SOLE 300,000 Robotic Visions common 771074101 344 1,434,000 SOLE 1,434,000 Safeguard Scientific Cvt Cvt bnd 786449ae8 956 1,530,000 SOLE 1,530,000 Safeguard Scientifics In common 786449108 3679 2,705,100 SOLE 2,705,100 Safenet Inc common 78645R107 451 17,800 SOLE 17,800 Sangamo Biosciences Inc common 800677106 527 175,014 SOLE 175,014 Sciquest Inc common 80908Q107 269 598,300 SOLE 598,300 Select Comfort common 81616X103 3511 373,500 SOLE 373,500 Select Medical Corp common 816196109 8016 594,250 SOLE 594,250 Sharper Image common 820013100 2658 152,500 SOLE 152,500 Signal Technology common 826675100 1078 100,000 SOLE 100,000 Silicon Image Inc common 82705T102 3612 602,000 SOLE 602,000 Sino Forest CL A common 82934H101 1864 2,504,900 SOLE 2,504,900 Skillsoft Corp common 830928107 3623 1,317,534 SOLE 1,317,534 Skyworks Solutions common 83088M102 2527 293,100 SOLE 293,100 Skyworks Solutions 4.75% Cvt bnd 83088MAA0 614 500,000 SOLE 500,000 Sonex Com common 835448101 198 1,159,946 SOLE 1,159,946 Sonex Pfd Stk Preferred 835448101 621 725,000 SOLE 725,000 Sony Corp common 835699307 3515 85,100 SOLE 85,100 Stake Technology common 852559103 12375 3,928,600 SOLE 3,928,600 Stamps.com Inc common 852857101 11836 2,534,400 SOLE 2,534,400 Steiner Leisure common P8744Y102 947 67,950 SOLE 67,950 Stratex Networks common 86279T109 3190 1,443,400 SOLE 1,443,400 Student Advantage Inc common 86386Q204 20 51,250 SOLE 51,250 Superior Energy Services common 868157108 3362 410,000 SOLE 410,000 Tarantella Inc common 876090101 217 1,205,600 SOLE 1,205,600 Tekelec common 879101103 5014 479,800 SOLE 479,800 Tidel Tech common 886368109 263 673,800 SOLE 673,800 Tricom common 89612A100 374 123,900 SOLE 123,900 Tripath Tech common 89672P104 221 789,480 SOLE 789,480 Ultratech Stepper common 904034105 1476 150,000 SOLE 150,000 United Microelectronics common 910873207 336 100,000 SOLE 100,000 United Online Inc common 911268100 3210 201,340 SOLE 201,340 Upton Resources common 91685D102 620 235,000 SOLE 235,000 US Search.com common 903404101 3769 4,653,545 SOLE 4,653,545 UTI Worldwide common G87210103 1313 50,000 SOLE 50,000 UTStarcom Inc common 918076100 7000 353,000 SOLE 353,000 VA Software Corp common 91819B105 248 272,500 SOLE 272,500 ValueClick Inc common 92046N102 1691 606,000 SOLE 606,000 Verisign Inc common 92343E102 4010 500,000 SOLE 500,000 Vitalworks Inc common 928483106 7849 2,038,700 SOLE 2,038,700 Vitesse common 928497106 2854 1,306,300 SOLE 1,306,300 West Marine common 954235107 3087 225,500 SOLE 225,500 Western Digital Corp. common 958102105 5716 894,600 SOLE 894,600 Western Garnet Co. common 95825D105 3125 1,005,500 SOLE 1,005,500 Wireless Facilities common 97653A103 380 63,300 SOLE 63,300 Worldcom Inc common 98157D106 1 10,000 SOLE 10,000 Xilinx common 989597109 3454 167,671 SOLE 167,671 Zindart LTD ADR's common 989597109 4224 1,384,800 SOLE 1,384,800
SM\M-CORP\IA-13/16\1028307.01