13F-HR 1 q20313f.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: June 30, 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_ July 8, 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: _____266___ Form 13F Information Table Value Total: __936,034__ 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 1,904 201,900 SOLE 201,900 ACTV Inc common 00088E104 1,388 1,430,500 SOLE 1,430,500 Adept Technology common 006854103 176 400,000 SOLE 400,000 Advanced Micro Devices common 007903107 2,822 440,300 SOLE 440,300 Advanced Micro Devices Cv Cvt Bnd 007903AF4 573 500,000 SOLE 500,000 Advisory Board common 00762W107 10,922 271,287 SOLE 271,287 AES Corp common 00130H105 9,348 1,472,200 SOLE 1,472,200 Alliance Gaming Corp common 01859P609 6,619 350,000 SOLE 350,000 Allied Healthcare Intl In common 01923A109 393 104,500 SOLE 104,500 Allscripts Healthcare Sol common 01988P108 9,692 2,619,500 SOLE 2,619,500 AMN Healthcare Services common 001744101 1,746 137,500 SOLE 137,500 Anglogold LTD common 035128206 1,292 40,500 SOLE 40,500 Applied Films common 038197109 7,241 280,000 SOLE 280,000 ArtiSoft Inc B Pfd Preferred 04314L106 444 700,000 SOLE 700,000 Ashanti Goldfields common 043743202 813 102,000 SOLE 102,000 ATI Technologies common 001941103 1,020 100,000 SOLE 100,000 AU Optronics common 002255107 2,540 367,000 SOLE 367,000 August Technologies common 05106U105 498 80,000 SOLE 80,000 Authentidate Holding Corp common 052666104 2,936 856,836 SOLE 856,836 Avanex Corp common 05348W109 326 82,500 SOLE 82,500 Benihana Inc common 082047200 2,787 211,165 SOLE 211,165 Bitstream Inc common 091736108 2,265 993,300 SOLE 993,300 BJ Services common 055482103 1,618 43,300 SOLE 43,300 Blue Rhino Corp common 095811105 12,488 1,040,700 SOLE 1,040,700 Bombardier Inc class B common 097751200 3,492 1,029,500 SOLE 1,029,500 Bookham Technology Plc common 09856Q108 215 150,000 SOLE 150,000 Boyd Gaming common 103304101 2,848 165,000 SOLE 165,000 BP PLC common 055622104 4,622 110,000 SOLE 110,000 Broadcom Corp common 111320107 3,487 140,000 SOLE 140,000 Burberry Group Plc common G1699R107 829 202,100 SOLE 202,100 Burlington Resources common 122014103 8,111 150,000 SOLE 150,000 California Micro Devices common 130439102 1,203 559,676 SOLE 559,676 Calpine Corp common 131347106 2,315 350,700 SOLE 350,700 Cambior Inc common 13201L103 670 500,000 SOLE 500,000 Canico Resources common 137580106 974 175,000 SOLE 175,000 Cash America common 14754D100 1,326 100,300 SOLE 100,300 Cedar Fair common 150185106 2,405 85,900 SOLE 85,900 Centillium Communications common 152319109 9,794 1,000,400 SOLE 1,000,400 Champion Enterprises common 158496109 518 100,000 SOLE 100,000 Charles River Assoc common 159852102 6,818 241,189 SOLE 241,189 Charter Municipal Mortgag common 160908109 611 32,150 SOLE 32,150 Chicago Bridge and Iron C common 167250109 1,361 60,000 SOLE 60,000 China.com common G2108N109 1,444 171,915 SOLE 171,915 ChipPac Inc common 169657103 6,316 830,000 SOLE 830,000 Cirrus Logic common 172755100 200 50,000 SOLE 50,000 Click2learn common 18681S106 1,900 1,149,184 SOLE 1,149,184 Coach Inc common 189754104 2,502 50,300 SOLE 50,300 Coeur D Alene Mines Corp common 192108108 3,499 2,517,000 SOLE 2,517,000 Cognos Inc common 19244C109 1,760 65,100 SOLE 65,100 Collegiate Pacific common 194589206 670 100,700 SOLE 100,700 Columbia Sportswear common 198516106 4,133 80,400 SOLE 80,400 Comarco Inc. common 200080109 2,788 392,613 SOLE 392,613 Comcast common 20030N101 515 17,061 SOLE 17,061 Corio Inc common 218875102 1,558 973,750 SOLE 973,750 Corporate Executive Board common 21988R102 12,303 301,400 SOLE 301,400 CoStar Group common 22160N109 13,699 461,550 SOLE 461,550 Covad Communications common 222814204 1,002 992,000 SOLE 992,000 Cray Inc common 225223106 4,393 556,100 SOLE 556,100 Cree Research common 225447101 1,463 90,000 SOLE 90,000 Crescent Point Energy LTD common 225907104 2,071 450,000 SOLE 450,000 Cuisine Solutions common 229904107 728 1,120,457 SOLE 1,120,457 Cumulus Media Inc common 231082108 1,415 75,400 SOLE 75,400 Custom Direct common 232028100 931 121,200 SOLE 121,200 Cybersource Corp common 23251J106 1,022 373,150 SOLE 373,150 Devon Energy common 25179M103 6,869 128,628 SOLE 128,628 Diamond Technology Partne common 25278P106 772 212,600 SOLE 212,600 Digimarc Corp common 253807101 2,363 150,507 SOLE 150,507 DigitalThink common 25388M100 3,066 907,100 SOLE 907,100 Dominion Resources Inc common 25746U109 3,214 50,000 SOLE 50,000 Drexler Technology Corp common 261876106 3,232 210,000 SOLE 210,000 Drugstore.com common 262241102 1,986 340,000 SOLE 340,000 East West Bancorp Inc common 27579R104 1,268 35,100 SOLE 35,100 Edison Schools common 281033100 8,157 5,437,707 SOLE 5,437,707 EGL Inc common 268484102 1,216 80,000 SOLE 80,000 Elan Corp. common 284131208 1,760 312,000 SOLE 312,000 Energy Savings common 292717105 7,690 435,000 SOLE 435,000 Ensign Resource Service G common 29357T104 3,628 242,000 SOLE 242,000 Entergy Corp common 29364G103 792 15,000 SOLE 15,000 Enwisen.com Inc common 29410M104 38 225,000 SOLE 225,000 Enwisen.com Inc ser A pf Preferred 29410M104 75 1,066,810 SOLE 1,066,810 EOG Resources common 26875P101 5,858 140,000 SOLE 140,000 EPlus common 294268107 2,134 200,600 SOLE 200,600 Equinix Inc common 29444U502 3,866 492,500 SOLE 492,500 Equity Marketing common 294724109 4,754 321,200 SOLE 321,200 EUniverse Inc common 298412107 1,799 505,200 SOLE 505,200 Euronet Worldwide Inc common 298736109 3,379 314,325 SOLE 314,325 Excelligence Learning Cor common 300684107 440 84,637 SOLE 84,637 Exponent Inc common 30214U102 310 20,000 SOLE 20,000 Factual Data Corp common 303094106 2,755 158,400 SOLE 158,400 Federal Home Loan Bank C Cvt Bnd 31339YBK7 1,000 1,000,000 SOLE 1,000,000 Federated Investors common 314211103 3,024 110,300 SOLE 110,300 Film Roman common 317234102 271 968,500 SOLE 968,500 First Advantage Corp common 31845F100 3,111 185,081 SOLE 185,081 First Republic Bancorp Sh common 336158100 1,875 70,500 SOLE 70,500 FMC Technology common 30249U101 632 30,000 SOLE 30,000 FNX Mining common 30253R101 1,181 250,000 SOLE 250,000 Fresh America common 35803R105 1 909,700 SOLE 909,700 Gap Stores common 364760108 3,752 200,000 SOLE 200,000 Garden Burger common 365476100 597 1,492,400 SOLE 1,492,400 Garden Burger C prf Preferred 365476100 136 68,000 SOLE 68,000 Garden Burger D prf Preferred 365476100 64 12,000 SOLE 12,000 Gemplus International common 36866Y102 5,020 1,930,950 SOLE 1,930,950 Gladstone Capital common 376535100 11,230 548,346 SOLE 548,346 Global Payments common 37940X102 6,426 181,000 SOLE 181,000 GoAmerica Inc common 38020R106 21 60,000 SOLE 60,000 Golar LNG Ltd common G9456A100 852 80,000 SOLE 80,000 Good Guys Inc. common 382091106 582 390,600 SOLE 390,600 Hall Kinion & Assoc common 406069104 1,617 603,300 SOLE 603,300 Harmonic Inc common 413160102 161 39,600 SOLE 39,600 Harvard Biosciences common 416906105 891 234,500 SOLE 234,500 Hewlett-Packard Co common 428236103 4,869 228,578 SOLE 228,578 HHB Fuller CO common 359694106 766 34,800 SOLE 34,800 Hibernia Foods PLC ADR common 428660104 4,075 2,753,180 SOLE 2,753,180 Hollywood Media common 436233100 2,255 1,734,736 SOLE 1,734,736 Hypercom Corp common 44913M105 1,649 397,300 SOLE 397,300 Hyperion Solutions Corp common 44914M104 843 25,000 SOLE 25,000 Iamgold Corp common 450913108 1,358 275,500 SOLE 275,500 IBIS Technology common 450909106 1,157 150,000 SOLE 150,000 IDT Corp common 448947309 1,760 100,000 SOLE 100,000 Imageware Systems common 45245S108 605 224,100 SOLE 224,100 Innovex Inc. common 457647105 4,170 410,000 SOLE 410,000 Insituform Tech common 457667103 2,921 165,700 SOLE 165,700 Integramed America common 45810N302 3,556 588,750 SOLE 588,750 Intel Corp. common 458140100 416 20,009 SOLE 20,009 Inter Parfums Inc common 458334109 740 100,000 SOLE 100,000 Intergrated Circuit Sys common 45811K208 5,393 171,700 SOLE 171,700 Intermune Pharmaceuticals common 45884X103 2,461 152,000 SOLE 152,000 Internap Networks common 45885A102 3,184 3,121,400 SOLE 3,121,400 Internet Capital Group common 46059C106 1,922 4,005,000 SOLE 4,005,000 Intuit Inc common 461202103 1,574 35,300 SOLE 35,300 Ionics common 462218108 4,653 208,000 SOLE 208,000 Iridex common 462684101 1,668 444,900 SOLE 444,900 IUnits S&P/TSX Cdn Gold I common 46577Y101 2,865 91,400 SOLE 91,400 Juniper Networks common 48203R104 998 80,000 SOLE 80,000 Kana Software common 483600300 1,185 396,100 SOLE 396,100 Key Energy Group common 492914106 3,859 360,000 SOLE 360,000 KFX Inc common 48245L107 233 60,000 SOLE 60,000 King Pharmaceuticals common 495582108 3,173 215,000 SOLE 215,000 Kroll Inc common 501049100 8,129 301,200 SOLE 301,200 L3 Communications common 502424104 4,566 105,000 SOLE 105,000 LabOne Inc common 50540L105 1,121 52,000 SOLE 52,000 Lexar Media common 52886P104 29,866 3,157,081 SOLE 3,157,081 Liberate Technologies common 530129105 931 312,500 SOLE 312,500 Liberty Media Cp common 530718105 3,567 308,600 SOLE 308,600 Lockeed Martin common 539830109 3,102 65,200 SOLE 65,200 Magma Design Automation common 559181102 858 50,000 SOLE 50,000 Man Tech International common 564563104 6,208 323,500 SOLE 323,500 Manugistics Group common 565011103 6,437 1,570,000 SOLE 1,570,000 Matria Healthcare common 576817209 10,119 573,981 SOLE 573,981 Maxxcom Inc common 57777W100 591 400,000 SOLE 400,000 McData Corp class B common 580031102 2,172 150,000 SOLE 150,000 McMoran Exploration Cvt B Cvt Bnd 582411AA2 2,500 2,500 SOLE 2,500 MDC Corp common 55267W309 19,076 2,478,849 SOLE 2,478,849 Medical Staffing Networks common 58463F104 1,522 217,400 SOLE 217,400 Medicalogic Medscape Inc common 584642102 129 2,584,053 SOLE 2,584,053 Mentor Graphics common 587200106 7,560 520,300 SOLE 520,300 MGM Mirage common 552953101 4,614 135,000 SOLE 135,000 Micron Technology Inc. common 595112103 7,211 620,000 SOLE 620,000 Microsoft common 594918104 264 10,294 SOLE 10,294 Microtek Medical Holdings common 59515B109 1,526 720,000 SOLE 720,000 MKTG Services Inc common 55308X100 93 61,908 SOLE 61,908 Modtech Holdings common 60783C100 21,440 2,507,599 SOLE 2,507,599 Modtech Holdings Ser A Preferred 60783C100 577 67,518 SOLE 67,518 Monterey Pasta common 612570101 11,965 2,441,900 SOLE 2,441,900 Murphy Oil Corp common 626717102 4,839 92,000 SOLE 92,000 Natrol Inc common 638789107 2,477 1,067,550 SOLE 1,067,550 Navigant Conslting common 63935N107 4,728 399,000 SOLE 399,000 NCO Portfolio Mgmt Inc common 62885J108 2,366 402,500 SOLE 402,500 Net Bank common 640933107 848 65,000 SOLE 65,000 Netopia Inc common 64114K104 5,964 1,533,100 SOLE 1,533,100 Netscreen Technologies common 64117V107 1,229 55,000 SOLE 55,000 Network Equipment Technol common 641208103 4,341 515,500 SOLE 515,500 Networks Associates common 640938106 634 50,000 SOLE 50,000 New Castle Investment Cor common 65105M108 1,958 100,000 SOLE 100,000 NII Holdings common 62913F201 1,179 30,800 SOLE 30,800 Northrop common 666807102 2,459 28,500 SOLE 28,500 NWH Inc common 62946E106 3,143 172,500 SOLE 172,500 Oak Technology common 671802106 4,458 721,400 SOLE 721,400 Omnivision Technologies common 682128103 1,614 51,850 SOLE 51,850 OnSite Energy common 68284P108 46 1,540,973 SOLE 1,540,973 OnSite Energy Corp. ser E Preferred 68284P108 225 22,500 SOLE 22,500 Opentv Corp common G67543101 430 303,000 SOLE 303,000 Openwave Systems common 683718100 8,810 4,405,185 SOLE 4,405,185 Opinion Research Corp common 683755102 4,825 733,300 SOLE 733,300 Opsware Inc common 68383A101 12,668 3,159,225 SOLE 3,159,225 Oracle Systems common 68389X105 1,201 100,000 SOLE 100,000 Orthologic Corp common 68750J107 5,175 1,142,400 SOLE 1,142,400 Overture Services common 69039R100 1,100 60,700 SOLE 60,700 Pacific Capital Bancorp common 69404P101 5,981 171,174 SOLE 171,174 Palm Inc common 696642107 11,373 708,150 SOLE 708,150 Pan American Silver common 697900108 2,841 403,000 SOLE 403,000 Patron Systems common 70337V108 1,856 2,209,000 SOLE 2,209,000 P-Com Inc common 693262206 101 1,076,234 SOLE 1,076,234 PC-Tel Inc common 69325Q105 1,210 102,076 SOLE 102,076 Peregrine Systems Inc common 71366Q101 4 10,000 SOLE 10,000 Phoenix Technology common 719153108 2,780 488,600 SOLE 488,600 Pinnacle Systems common 723481107 16,362 1,529,200 SOLE 1,529,200 Pixar common 725811103 2,423 40,000 SOLE 40,000 Pixelworks common 72581M107 2,707 454,150 SOLE 454,150 Placer Dome common 725906101 859 70,000 SOLE 70,000 Playboy Enterprise Inc H common 728117300 4,096 301,200 SOLE 301,200 Polymedica common 731738100 17,424 424,986 SOLE 424,986 Portal Software common 736126103 10,044 5,314,500 SOLE 5,314,500 Power Integrations common 739273103 1,799 74,000 SOLE 74,000 PPL Corp common 69351T106 4,300 100,000 SOLE 100,000 Precision Drilling common 74022D100 2,643 70,000 SOLE 70,000 Proxim common 744283102 1,184 816,840 SOLE 816,840 Psychiatric Solutions common 74439H108 3,287 338,836 SOLE 338,836 Q Comm International Inc common 74727M306 1,063 154,000 SOLE 154,000 QRS Corp common 74726X105 1,607 318,300 SOLE 318,300 Quantum Fuel Systems Tech common 74765E109 3,230 1,448,500 SOLE 1,448,500 Quicksilver Resources common 74837R104 5,501 229,700 SOLE 229,700 R F Monolithics Inc common 74955F106 1,022 209,900 SOLE 209,900 Raytheon Co. common 755111507 1,806 55,000 SOLE 55,000 RC2 Corp common 749388104 4,714 275,200 SOLE 275,200 Red Hat Inc common 756577102 10,481 1,390,000 SOLE 1,390,000 Redwood Trust common 758075402 4,015 100,602 SOLE 100,602 Restoration Hardware common 760981100 723 164,330 SOLE 164,330 Rio Narcea Gold Mines Ltd common 766909105 692 400,000 SOLE 400,000 Robotic Visions common 771074101 651 1,759,000 SOLE 1,759,000 Safeguard Scientific Cvt Cvt Bnd 786449AE8 1,148 1,530,000 SOLE 1,530,000 Safeguard Scientifics Inc common 786449108 8,377 3,102,600 SOLE 3,102,600 Sangamo Biosciences Inc common 800677106 287 100,014 SOLE 100,014 SAP AG NON VTG PFD DM 50 common 803054204 584 20,000 SOLE 20,000 Sciquest Inc common 80908Q107 527 136,859 SOLE 136,859 Sharper Image common 820013100 9,027 331,030 SOLE 331,030 Silicon Image Inc common 82705T102 3,004 546,100 SOLE 546,100 Silver Standard Resources common 82823L106 492 100,000 SOLE 100,000 Sino Forest CL A common 82934H101 3,569 2,100,000 SOLE 2,100,000 Skillsoft Corp common 830928107 14,347 2,840,934 SOLE 2,840,934 SM&A common 78465D105 5,605 501,300 SOLE 501,300 Sonex Com common 835448101 164 1,159,946 SOLE 1,159,946 Sonex Pfd Stk Preferred 835448101 621 725,000 SOLE 725,000 Stamps.com Inc common 852857101 10,769 2,243,500 SOLE 2,243,500 Stratex Networks common 86279T109 5,346 1,713,600 SOLE 1,713,600 Sun Opta common 852559103 20,488 2,902,000 SOLE 2,902,000 Superior Energy Services common 868157108 2,939 310,000 SOLE 310,000 SVI Solutions Inc common 784872301 3,548 1,500,000 SOLE 1,500,000 Symbol Technologies common 871508107 6,346 487,750 SOLE 487,750 Tag It Pacific common 873774103 5,249 946,100 SOLE 946,100 Tarantella Inc common 876090309 307 146,320 SOLE 146,320 Tekelec common 879101103 4,952 439,800 SOLE 439,800 Thermogenesis Corp common 883623209 3,898 1,363,000 SOLE 1,363,000 Tidel Tech common 886368109 118 655,100 SOLE 655,100 Tricom common 89612A100 20 10,000 SOLE 10,000 Trident Microsystems common 895919108 1,435 160,000 SOLE 160,000 TriZetto Group common 896882107 1,571 262,300 SOLE 262,300 Ultratech Inc common 904034105 11,389 615,300 SOLE 615,300 United Online Inc common 911268100 2,811 110,920 SOLE 110,920 UTI Worldwide common G87210103 2,005 65,000 SOLE 65,000 UTStarcom Inc common 918076100 14,648 411,000 SOLE 411,000 ValueClick Inc common 92046N102 6,957 1,148,000 SOLE 1,148,000 Varco Intl common 922122106 588 30,000 SOLE 30,000 Virage Logic Corp common 92763R104 1,157 160,000 SOLE 160,000 Vitalworks Inc common 928483106 7,775 1,998,700 SOLE 1,998,700 Vitesse common 928497106 7,353 1,503,600 SOLE 1,503,600 Wackenhut Corrections common 929798106 411 30,000 SOLE 30,000 WebEx Inc common 94767L109 1,804 130,000 SOLE 130,000 West Marine common 958102105 3,068 176,200 SOLE 176,200 Westport Resources Corp common 961418100 3,185 140,000 SOLE 140,000 Weyerhaeuser Co common 962166104 1,080 20,000 SOLE 20,000 WGI Heavy Minerals common 929267102 5,852 985,500 SOLE 985,500 Wheaton Rvr Minerals common 962902102 1,022 804,500 SOLE 804,500 Wheaton Rvr Mnrls 1.65 Ca Warrants 962902177 20 43,750 SOLE 43,750 Zindart LTD ADR's common 989597109 8,676 1,429,400 SOLE 1,429,400 Zoran common 98975F101 1,919 100,000 SOLE 100,000
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