13F-HR/A 1 q1200313fa.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: March 31, 2003 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: 415 782 2610_________________ Signature, Place and Date of Signing: _________________________ San Francisco, CA_ April 2, 2003 [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: _____254___ Form 13F Information Table Value Total: __707,434__ 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 2,087 211,700 SOLE 211,700 Adept Technology common 006854103 116 400,000 SOLE 400,000 Adobe Systems common 00724F101 1,542 50,000 SOLE 50,000 Advanced Micro Devices common 007903107 6,862 1,110,400 SOLE 1,110,400 Advanced Micro Devices Cv Cvt Bnd 007903AF4 565 500,000 SOLE 500,000 Advisory Board common 00762W107 11,004 314,837 SOLE 314,837 AES Corp common 00130H105 3,291 909,100 SOLE 909,100 Agnico Eagle Mines Ltd common 008474108 1,712 130,600 SOLE 130,600 Align Technology common 016255101 5,303 876,600 SOLE 876,600 Alliance Gaming Corp common 01859P609 3,588 239,200 SOLE 239,200 Allied Healthcare Intl In common 01923A109 417 104,500 SOLE 104,500 Allscripts Healthcare Sol common 01988P108 2,496 907,500 SOLE 907,500 American Science and Engi common 029429107 1,282 160,200 SOLE 160,200 AMN Healthcare Services common 001744101 1,510 137,500 SOLE 137,500 Anadarko Petroleum common 032511107 5,460 120,000 SOLE 120,000 Apex Silver Mines common G04074103 1,552 115,800 SOLE 115,800 Applied Films common 038197109 2,535 157,000 SOLE 157,000 Aquantive Inc common 03839G105 6,268 1,408,500 SOLE 1,408,500 ArtiSoft common 04314L106 7 20,000 SOLE 20,000 ArtiSoft Inc B Pf Preferred 04314L106 600 700,000 SOLE 700,000 Ashanti Goldfields common 043743202 579 102,000 SOLE 102,000 AU Optronics common 002255107 1,701 301,000 SOLE 301,000 Authentidate Holding Corp common 052666104 995 552,900 SOLE 552,900 Avocent Corp common 053893103 467 20,000 SOLE 20,000 Benihana Inc common 082047200 1,979 192,165 SOLE 192,165 Bitstream Inc common 091736108 1,707 992,200 SOLE 992,200 BJ Services common 055482103 6,072 176,550 SOLE 176,550 Blue Rhino Corp common 095811105 7,452 729,872 SOLE 729,872 Bombardier Inc class B common 097751200 1,507 713,500 SOLE 713,500 Broadcom Corp common 111320107 3,335 270,000 SOLE 270,000 Burberry Group Plc common G1699R107 1,836 491,500 SOLE 491,500 Burlington Resources common 122014103 4,723 99,000 SOLE 99,000 Caci International common 127190304 3,703 111,000 SOLE 111,000 Cal Dive Intl common 127914109 702 39,000 SOLE 39,000 California Micro Devices common 130439102 2,211 559,675 SOLE 559,675 Callaway Golf Co. common 131193104 594 50,000 SOLE 50,000 Caremark Rx Inc common 141705103 11,062 609,450 SOLE 609,450 Cash America common 14754D100 1,615 170,400 SOLE 170,400 Casual Male Retail Grp common 148711104 388 129,026 SOLE 129,026 Cedar Fair common 150185106 2,506 100,550 SOLE 100,550 Centillium Communications common 152319109 2,977 735,000 SOLE 735,000 Charles River Assoc common 159852102 5,241 306,477 SOLE 306,477 Charter Municipal Mortgag common 160908109 914 52,000 SOLE 52,000 Checkfree Holdings Corp common 162813109 566 25,200 SOLE 25,200 Chesapeake Energy common 165167107 2,728 347,100 SOLE 347,100 China.com common G2108N109 1,665 510,865 SOLE 510,865 Coach Inc common 189754104 2,503 65,300 SOLE 65,300 Coeur D Alene Mines Corp common 192108108 1,564 1,109,500 SOLE 1,109,500 Cognos Inc common 19244C109 1,479 65,100 SOLE 65,100 Columbia Sportswear common 198516106 4,479 120,500 SOLE 120,500 Comarco Inc. common 200080109 2,205 339,713 SOLE 339,713 Comcast common 20030N101 2,465 86,215 SOLE 86,215 Cornell Corrections common 219141108 437 52,000 SOLE 52,000 Corporate Executive Board common 21988R102 14,711 413,000 SOLE 413,000 CoStar Group common 22160N109 13,195 591,200 SOLE 591,200 Covad Communications common 222814204 508 892,000 SOLE 892,000 Cray Inc common 225223106 2,291 346,100 SOLE 346,100 Cree Research common 225447101 1,750 94,500 SOLE 94,500 Crescent Point Energy common 225907104 729 200,000 SOLE 200,000 Cuisine Solutions common 229904107 560 1,120,457 SOLE 1,120,457 Cybersource Corp common 23251J106 1,542 642,600 SOLE 642,600 Devon Energy common 25179M103 723 15,000 SOLE 15,000 Digimarc Corp common 253807101 4,477 384,607 SOLE 384,607 DigitalThink common 25388M100 1,658 630,300 SOLE 630,300 Divine Inc common 255402406 0 17,700 SOLE 17,700 Dot Hill System Corp common 25848T109 1,444 236,000 SOLE 236,000 Drexler Technology Corp common 261876106 2,204 152,000 SOLE 152,000 Drugstore.com common 262241102 4,288 1,119,500 SOLE 1,119,500 East West Bancorp Inc common 27579R104 1,549 50,200 SOLE 50,200 Edison Schools common 281033100 3,553 3,947,707 SOLE 3,947,707 Elan Corp. common 284131208 870 312,000 SOLE 312,000 Energy Savings common 292717105 4,831 435,000 SOLE 435,000 Ensign Resource Service G common 29357T104 2,881 242,000 SOLE 242,000 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 1,879 47,500 SOLE 47,500 EPlus common 294268107 1,589 220,700 SOLE 220,700 Equity Marketing common 294724109 4,889 373,200 SOLE 373,200 Euronet Worldwide Inc common 298736109 2,515 314,325 SOLE 314,325 Factory 2-U Stores common 303072102 831 202,600 SOLE 202,600 Factual Data Corp common 303094106 3,513 377,300 SOLE 377,300 Film Roman common 317234102 33 828,500 SOLE 828,500 FNX Mining common 30253R101 1,056 250,000 SOLE 250,000 Frequency Electronics common 358010106 241 25,950 SOLE 25,950 Fresh America common 35803R105 1 909,700 SOLE 909,700 Gap Stores common 364760108 1,065 73,500 SOLE 73,500 Garden Burger common 365476100 463 1,492,400 SOLE 1,492,400 Garden Burger C prf Preferred 365476100 21 68,000 SOLE 68,000 Garden Burger D prf Preferred 365476100 4 12,000 SOLE 12,000 Gemplus International common 36866Y102 2,121 1,165,150 SOLE 1,165,150 General Maritime common Y2692M103 409 48,100 SOLE 48,100 Genesis Microchip common 37184C103 371 29,750 SOLE 29,750 Genus Inc. common 372461103 158 99,000 SOLE 99,000 Gevity HR Inc common 374393106 348 50,000 SOLE 50,000 Gladstone Capital common 376535100 7,601 472,700 SOLE 472,700 Global Payments common 37940X102 4,595 150,550 SOLE 150,550 GoAmerica Inc common 38020R106 14 60,000 SOLE 60,000 Good Guys Inc. common 382091106 590 390,600 SOLE 390,600 Grey Wolf common 397888108 985 250,000 SOLE 250,000 Handspring Inc common 410293104 826 1,333,000 SOLE 1,333,000 Harmonic Inc common 413160102 890 267,400 SOLE 267,400 Healthsouth Corp common 421924101 45 527,000 SOLE 527,000 Herley Industries common 427398102 875 50,900 SOLE 50,900 Hewitt Associates common 42822Q100 2,964 100,800 SOLE 100,800 Hewlett-Packard Co common 428236103 5,787 372,178 SOLE 372,178 Hibernia Foods PLC ADR common 428660104 3,541 2,950,880 SOLE 2,950,880 Hollywood Media common 436233100 1,583 1,701,931 SOLE 1,701,931 Hypercom Corp common 44913M105 1,093 291,500 SOLE 291,500 Iamgold Corp common 450913108 928 212,400 SOLE 212,400 IBIS Technology common 450909106 228 53,000 SOLE 53,000 Imageware Software common 45245S108 479 209,000 SOLE 209,000 In Focus Systems common 45665B106 553 112,000 SOLE 112,000 Innovex Inc. common 457647105 1,422 217,500 SOLE 217,500 Insituform Tech common 457667103 3,921 291,500 SOLE 291,500 Integramed America common 45810N302 3,397 588,750 SOLE 588,750 Intel Corp. common 458140100 1,954 120,009 SOLE 120,009 Inter Parfums Inc common 458334109 107 14,500 SOLE 14,500 Intergrated Circuit Sys common 45811K208 6,035 278,100 SOLE 278,100 Internet Capital Group common 46059C106 170 585,000 SOLE 585,000 Intuit Inc common 461202103 2,990 80,375 SOLE 80,375 Invivo Corp. common 461858102 1,841 136,752 SOLE 136,752 Ionics common 462218108 3,442 208,000 SOLE 208,000 Iridex common 462684101 1,820 495,900 SOLE 495,900 Itron common 465741106 794 47,500 SOLE 47,500 JD Edwards and Co. common 281667105 644 58,400 SOLE 58,400 Juniper Networks common 48203R104 654 80,000 SOLE 80,000 Kana Software common 483600300 2,252 568,000 SOLE 568,000 Kenneth Cole Productions common 193294105 4,607 210,350 SOLE 210,350 Kroll Inc common 501049100 3,093 144,450 SOLE 144,450 Kulicke & Soffa common 501242101 596 125,500 SOLE 125,500 L3 Communications common 502424104 6,158 153,300 SOLE 153,300 LabOne Inc common 50540L105 2,277 118,300 SOLE 118,300 Lexar Media common 52886P104 10,360 3,158,481 SOLE 3,158,481 Liberate Technologies common 530129105 653 312,500 SOLE 312,500 Lockeed Martin common 539830109 4,035 84,850 SOLE 84,850 Lucent Tech common 549463107 1,008 685,900 SOLE 685,900 Man Tech International common 564563104 3,453 233,000 SOLE 233,000 Manugistics Group common 565011103 1,492 654,500 SOLE 654,500 Matria Healthcare common 576817209 8,945 917,481 SOLE 917,481 Maxxcom Inc common 57777W100 245 400,000 SOLE 400,000 McData Corp class B common 580031102 1,698 195,000 SOLE 195,000 MDC Corp common 55267W309 11,651 2,753,849 SOLE 2,753,849 Medical Staffing Networks common 58463F104 5,352 504,900 SOLE 504,900 Medicalogic Medscape Inc common 584642102 505 2,789,595 SOLE 2,789,595 Mesa Air Group common 590479101 500 100,700 SOLE 100,700 MGM Mirage common 552953101 1,170 40,000 SOLE 40,000 Micron Technology Inc. common 595112103 2,015 247,550 SOLE 247,550 Microsoft common 594918104 249 10,294 SOLE 10,294 Microtek Medical Holdings common 59515B109 1,594 690,000 SOLE 690,000 MKTG Services Inc common 55308X100 123 61,904 SOLE 61,904 Modtech Holdings common 60783C100 16,580 2,507,599 SOLE 2,507,599 Modtech Holdings Ser A Preferred 60783C100 446 67,518 SOLE 67,518 Monterey Pasta common 612570101 7,278 2,425,900 SOLE 2,425,900 Nabors Industries common G6359F103 1,196 30,000 SOLE 30,000 Natrol Inc common 638789107 1,331 1,023,850 SOLE 1,023,850 NBTY Inc common 628782104 1,898 100,097 SOLE 100,097 NCO Portfolio Mgmt Inc common 62885J108 2,665 452,500 SOLE 452,500 Netopia Inc common 64114K104 2,301 1,533,700 SOLE 1,533,700 Netscreen Technologies common 64117V107 2,886 172,000 SOLE 172,000 Network Equipment Technol common 641208103 3,575 592,800 SOLE 592,800 Newmont Mining common 651639106 1,308 50,000 SOLE 50,000 NII Holdings common 62913F201 3,843 150,000 SOLE 150,000 Northrop common 666807102 2,445 28,500 SOLE 28,500 NVIDIA Corp common 67066G104 2,486 193,500 SOLE 193,500 NWH Inc common 62946E106 2,674 158,500 SOLE 158,500 Oak Technology common 671802106 2,681 759,400 SOLE 759,400 Ocean Energy common 67481E106 7,040 352,000 SOLE 352,000 O'Charleys Inc. common 670823103 1,534 80,000 SOLE 80,000 Omnivision Technologies common 682128103 3,025 146,000 SOLE 146,000 OnSite Energy common 68284P108 25 1,540,973 SOLE 1,540,973 OnSite Energy Corp. ser E Preferred 68284P108 225 22,500 SOLE 22,500 Openwave Systems common 683718100 5,646 3,975,785 SOLE 3,975,785 Opinion Research Corp common 683755102 2,882 733,300 SOLE 733,300 Opsware Inc common 68383A101 5,427 2,871,425 SOLE 2,871,425 Orbital Sciences common 685564106 766 148,100 SOLE 148,100 Orthologic Corp common 68750J107 3,952 1,165,700 SOLE 1,165,700 Pacific Capital Bancorp common 69404P101 7,141 240,924 SOLE 240,924 Palm Inc common 696642107 9,785 979,600 SOLE 979,600 Park National Corp common 700658107 1,885 20,200 SOLE 20,200 Patron Systems common 70337V108 1,952 623,500 SOLE 623,500 P-Com Inc common 693262206 234 1,576,234 SOLE 1,576,234 PC-Tel Inc common 69325Q105 2,232 247,676 SOLE 247,676 Peregrine Systems Inc common 71366Q101 3 10,000 SOLE 10,000 Pet Smart Inc common 716768106 3,742 297,000 SOLE 297,000 Phoenix Technology common 719153108 1,796 422,500 SOLE 422,500 Physiometrix common 718928104 14 20,000 SOLE 20,000 Pinnacle Systems common 723481107 16,179 1,554,200 SOLE 1,554,200 Pixelworks common 72581M107 1,095 199,150 SOLE 199,150 Placer Dome common 725906101 786 80,200 SOLE 80,200 Playboy Enterprise Inc H common 728117300 855 100,600 SOLE 100,600 Polymedica common 731738100 25,842 848,686 SOLE 848,686 Portal Software common 736126103 1,291 1,792,800 SOLE 1,792,800 Power Integrations common 739273103 1,534 74,000 SOLE 74,000 PPL Corp common 69351T106 3,027 85,000 SOLE 85,000 Proxim common 744283102 567 944,640 SOLE 944,640 Psychiatric Solutions common 74439H108 2,157 269,336 SOLE 269,336 QualComm common 747525103 1,922 53,300 SOLE 53,300 Quantum Fuel Systems Tech common 74765E109 2,725 1,130,500 SOLE 1,130,500 Quicksilver Resources common 74837R104 5,460 229,700 SOLE 229,700 Racing Champions common 750069106 1,520 99,000 SOLE 99,000 Red Hat Inc common 756577102 7,972 1,468,200 SOLE 1,468,200 Redwood Trust common 758075402 4,726 145,402 SOLE 145,402 Restoration Hardware common 760981100 683 272,080 SOLE 272,080 Right Management Consulta common 766573109 1,361 104,800 SOLE 104,800 Rite Aid common 767754104 1,574 702,700 SOLE 702,700 Robotic Visions common 771074101 325 1,759,000 SOLE 1,759,000 Safeguard Scientific Cvt Cvt Bnd 786449AE8 1,071 1,530,000 SOLE 1,530,000 Safeguard Scientifics Inc common 786449108 4,870 3,453,900 SOLE 3,453,900 Samsung GDR's common S012367 285 2,500 SOLE 2,500 Sangamo Biosciences Inc common 800677106 502 175,014 SOLE 175,014 Sciquest Inc common 80908Q107 517 939,800 SOLE 939,800 Select Comfort common 81616X103 5,344 529,654 SOLE 529,654 Select Medical Corp common 816196109 5,758 404,050 SOLE 404,050 Sharper Image common 820013100 7,635 423,930 SOLE 423,930 Signal Technology common 826675100 1,099 100,000 SOLE 100,000 Silicon Image Inc common 82705T102 2,173 546,100 SOLE 546,100 Sino Forest CL A common 82934H101 3,055 2,490,900 SOLE 2,490,900 Skillsoft Corp common 830928107 5,698 2,136,334 SOLE 2,136,334 Skyworks Solutions common 83088M102 1,238 198,750 SOLE 198,750 Skyworks Solutions 4.75% Cvt Bnd 83088MAA0 512 500,000 SOLE 500,000 Sonex Com Rest. common 835448101 198 1,159,946 SOLE 1,159,946 Sonex Pfd Stk Preferred 835448101 621 725,000 SOLE 725,000 Stake Technology common 852559103 15,297 3,862,800 SOLE 3,862,800 Stamps.com Inc common 852857101 10,886 2,598,000 SOLE 2,598,000 Stratex Networks common 86279T109 3,107 1,501,100 SOLE 1,501,100 Superior Energy Services common 868157108 3,467 405,500 SOLE 405,500 Symbol Technologies common 871508107 4,190 486,700 SOLE 486,700 Tarantella Inc common 876090101 202 1,188,100 SOLE 1,188,100 Tekelec common 879101103 3,817 439,800 SOLE 439,800 Thermogenesis Corp common 883623209 94 45,300 SOLE 45,300 Tidel Tech common 886368109 131 655,100 SOLE 655,100 Tricom common 89612A100 193 68,312 SOLE 68,312 Tripath Tech common 89672P104 166 789,480 SOLE 789,480 TriZetto Group common 896882107 795 192,500 SOLE 192,500 Ultratech Stepper common 904034105 7,066 590,300 SOLE 590,300 United Online Inc common 911268100 3,987 231,240 SOLE 231,240 US Search.com common 903404101 2,961 4,627,045 SOLE 4,627,045 UTI Worldwide common G87210103 1,820 65,000 SOLE 65,000 UTStarcom Inc common 918076100 7,500 375,200 SOLE 375,200 VA Software Corp common 91819B105 240 270,000 SOLE 270,000 ValueClick Inc common 92046N102 4,576 1,510,200 SOLE 1,510,200 Vitalworks Inc common 928483106 7,675 1,998,700 SOLE 1,998,700 Vitesse common 928497106 3,119 1,457,600 SOLE 1,457,600 West Marine common 954235107 1,680 100,300 SOLE 100,300 Western Digital Corp. common 958102105 6,249 689,727 SOLE 689,727 Weyerhaeuser Co common 962166104 2,822 59,000 SOLE 59,000 WGI Heavy Minerals common 929267102 5,008 985,500 SOLE 985,500 Wheaton Rvr Minerals common 962902102 534 629,500 SOLE 629,500 Wheaton Rvr Mnrls 1.65can Warrants 962902177 15 43,750 SOLE 43,750 Wireless Facilities common 97653A103 149 25,900 SOLE 25,900 Worldcom Inc common 98157D106 1 10,000 SOLE 10,000 Xilinx common 989597109 1,935 82,671 SOLE 82,671 Zindart LTD common 989597109 5,204 1,406,400 SOLE 1,406,400 Zoran common 98975F101 775 60,000 SOLE 60,000
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