13F-HR/A 1 q40613f.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, 2006 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_ February 9, 2007 [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: _____322___ Form 13F Information Table Value Total: _1,381,766_ _ 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 AAR Corp COMMON 000361105 2919 100000 SOLE 100000 Access Intgrtd Tch COMMON 004329108 15648 1801568 SOLE 1801568 Actions Semiconductor COMMON 00507E107 1622 195400 SOLE 195400 Adept Tech COMMON 006854202 9898 845281 SOLE 845281 Adobe Systems COMMON 00724F101 1645 40000 SOLE 40000 Advisory Board COMMON 00762W107 7497 140019 SOLE 140019 African Copper COMMON G0127A108 906 850000 SOLE 850000 Air China COMMON Y002A6104 3924 7250000 SOLE 7250000 Airgas Inc COMMON 009363102 4862 120000 SOLE 120000 Akamai Technologies COMMON 00971T101 4008 75450 SOLE 75450 Akorn Inc COMMON 009728106 5000 800000 SOLE 800000 Alcatel Lucent COMMON 013904305 1777 125000 SOLE 125000 Alliance Data Systems COMMON 018581108 14949 239300 SOLE 239300 Allion Healthcare Inc COMMON 019615103 8392 1172050 SOLE 1172050 American Commercial Lines COMMON 025195207 9171 140000 SOLE 140000 Ameriprise Financial COMMON 03076C106 8208 150600 SOLE 150600 Amerisafe Inc COMMON 03071H100 13843 895432 SOLE 895432 Ampex Corp Class A COMMON 032092306 6669 320029 SOLE 320029 Anadigics COMMON 032515108 6622 747400 SOLE 747400 Analex Corporation COMMON 032653107 378 178950 SOLE 178950 Apple Inc. b COMMON 037833100 21210 250000 SOLE 250000 Atheros Communications COMMON 04743P108 1087 51000 SOLE 51000 Autodesk COMMON 052769106 809 20000 SOLE 20000 Aventine Renewable Enrgy HlCOMMON 05356X403 4578 194300 SOLE 194300 Aventine Renewable Enrgy HlCOMMON 05356X304 3510 149000 SOLE 149000 Aventine Renewable Enrgy HlCOMMON 05356X205 8270 351000 SOLE 351000 Aware Inc. COMMON 05453N100 1013 190000 SOLE 190000 Baldwin & Lyons Inc COMMON 057755209 4428 173388 SOLE 173388 Bancorp Bank COMMON 05969A105 2768 93505 SOLE 93505 Basic Energy Services COMMON 06985P100 752 30500 SOLE 30500 Benihana Inc COMMON 082047200 18125 590375 SOLE 590375 Best Buy Co. COMMON 086516101 1970 40050 SOLE 40050 BioLase Tech Inc b COMMON 090911108 115 13100 SOLE 13100 Birch Mountain Resorts COMMON 09066X109 796 318350 SOLE 318350 Birch MtRs Bonds 09066XAA7 816 284 SOLE 284 Birch MtRs6 Bonds 09066XAA7 179 62 SOLE 62 Blue Coat Systems COMMON 09534T508 1317 55000 SOLE 55000 Bombardier Inc class B COMMON 097751200 7660 2250000 SOLE 2250000 Bookham Technology Plc COMMON 09856E105 528 129750 SOLE 129750 Boston Scientific COMMON 101137107 6013 350000 SOLE 350000 Boyd Gaming COMMON 103304101 2265 50000 SOLE 50000 Brandpartners Group COMMON 10531R107 303 2887000 SOLE 2887000 Bravo Fd Intl/ChinaPremFd COMMON 105666101 589 2000000 SOLE 2000000 Brooke Corp COMMON 112502109 10841 942707 SOLE 942707 Brooks Automation COMMON 114340102 1440 100000 SOLE 100000 Business Objects ADR COMMON 12328X107 6706 170000 SOLE 170000 CAE Inc COMMON 124765108 5096 550000 SOLE 550000 Calgon Carbon Corp COMMON 129603106 3627 585000 SOLE 585000 California Water Services COMMON 130788102 3030 75000 SOLE 75000 Cash Systems Inc COMMON 14756B102 12394 1735923 SOLE 1735923 Cerus Corp COMMON 157085101 1348 230000 SOLE 230000 China Comm & Construction CCOMMON B1JKTQ6 297 300000 SOLE 300000 China Merchant 14 COMMON Y14896115 530 250000 SOLE 250000 Chordiant Software COMMON 170404107 4468 1350000 SOLE 1350000 Chyron Corp COMMON 171605207 24 20000 SOLE 20000 Citrix Systems COMMON 177376100 2056 76000 SOLE 76000 CoStar Group COMMON 22160n109 5919 110504 SOLE 110504 Cobra Electronics COMMON 191042100 2934 306900 SOLE 306900 Cogent Comm Grp Inc COMMON 19239V302 4542 280000 SOLE 280000 Color Kinetics Inc COMMON 19624P100 3202 150000 SOLE 150000 Comarco Inc. COMMON 200080109 6403 743674 SOLE 743674 Combmatrix Corp COMMON 003881208 874 1106750 SOLE 1106750 Concur Technologies COMMON 206708109 3156 196768 SOLE 196768 Core Laboratories COMMON N22717107 1944 24000 SOLE 24000 Corgi Intl LTD ADR COMMON 21872Q202 6345 990701 SOLE 990701 Corning COMMON 219350105 4677 250000 SOLE 250000 Corporate Executive Board COMMON 21988r102 14889 169775 SOLE 169775 Covad Communications COMMON 222814204 345 250000 SOLE 250000 Covanta Holdings COMMON 22282E102 11827 536600 SOLE 536600 Cuisine Solutions COMMON 229904107 7757 1360827 SOLE 1360827 Cybersource Corp COMMON 23251J106 6459 586085 SOLE 586085 Cybex Intl Inc COMMON 23252E106 3125 520000 SOLE 520000 Cypress Semiconductor COMMON 232806109 2530 150000 SOLE 150000 Darling Intl Inc COMMON 237266101 2645 480000 SOLE 480000 Datalogic Int'l COMMON 23804Q102 500 25 SOLE 25 Dayton Superior Corp COMMON 240028308 3545 302000 SOLE 302000 Deli Solar r S COMMON 24688L102 310 250000 SOLE 250000 Denbury Resource Inc. COMMON 247916208 4168 150000 SOLE 150000 Denison Mines COMMON 248356107 1265 125000 SOLE 125000 Diomed Holdings Inc COMMON 25454R207 92 120000 SOLE 120000 Diomed Holdings Inc pref COMMON 25454R207 585 174 SOLE 174 Double Take Software COMMON 258598101 386 30000 SOLE 30000 Double Take-Software/NSI SoCOMMON 64121Y105 971 83785 SOLE 83785 Douglas Emmett Inc COMMON 25960P109 1329 50000 SOLE 50000 Dover Saddlery Inc COMMON 260412101 3310 386182 SOLE 386182 Dreamworks Animation SKG InCOMMON 26153C103 1474 50000 SOLE 50000 Dynegy Inc COMMON 26816Q101 2983 412000 SOLE 412000 EFJ Inc COMMON 26843B101 1568 232700 SOLE 232700 EMAK Worldwide Inc COMMON 26861V104 3116 528063 SOLE 528063 Echelon Corp COMMON 27874N105 1080 135000 SOLE 135000 Electro Scientific Ind. COMMON 285229100 2628 130500 SOLE 130500 Elk Corp B COMMON 287456107 1634 39775 SOLE 39775 Emergent Biosolutions Inc COMMON 29089Q105 463 41500 SOLE 41500 Emrise Corp COMMON 29246J101 1710 1747700 SOLE 1747700 Emulex COMMON 292475209 2049 105000 SOLE 105000 Energen Corp COMMON 29265N108 5755 122600 SOLE 122600 Energy Conversion Devices ICOMMON 292659109 4258 125300 SOLE 125300 Energy Savings Income Fund COMMON 292717105 10220 885668 SOLE 885668 FEI Co. COMMON 30241L109 264 10000 SOLE 10000 FTI Consulting COMMON 302941109 5160 185000 SOLE 185000 Federal Home Loan Bank TREASU 31339YBK7 470 500000 SOLE 500000 Fiberstars Inc COMMON 315662106 695 106750 SOLE 106750 Fifth Third Bancorp COMMON 316773100 6139 150000 SOLE 150000 First Solar COMMON 336433107 1162 39000 SOLE 39000 Five Star Quality Care COMMON 33832d106 14303 1282800 SOLE 1282800 Flextronics COMMON Y2573F102 3699 322170 SOLE 322170 Flow Intl Corp r b COMMON 343468104 563 51110 SOLE 51110 Focus Enhancements Inc COMMON 344159108 624 400000 SOLE 400000 Force Protection COMMON 345203202 43896 2616300 SOLE 2616300 Foundry Networks COMMON 35063R100 2022 135000 SOLE 135000 Gaming Partners Intl Corp COMMON 36467A107 253 14050 SOLE 14050 Gemalto ADR COMMON N3465M108 3069 123306 SOLE 123306 Gemplus International adr COMMON 36866y102 338 87250 SOLE 87250 Genius Prod Inc COMMON 37229R206 1771 675950 SOLE 675950 Geo Group COMMON 36159R103 2064 55000 SOLE 55000 Gigabeam Cp B pr COMMON 37517W107 702 6100 SOLE 6100 Gilat Satellite Networks LTCOMMON M51474118 661 75000 SOLE 75000 Golar LNG Ltd COMMON G9456A100 2560 200000 SOLE 200000 Golden Meditech COMMON G39580108 6409 15008600 SOLE 15008600 Goldleaf Fin Sol/Private BuCOMMON 38144H208 2925 500000 SOLE 500000 Harbin Electric Inc COMMON 41145W109 1080 134100 SOLE 134100 Harmonic Inc COMMON 413160102 3780 520000 SOLE 520000 Health Fitness Corp COMMON 42217V102 3505 1382800 SOLE 1382800 Hear USA COMMON 422360305 2022 1520400 SOLE 1520400 Hercules Tch Grwth COMMON 427096508 3911 274448 SOLE 274448 Hercules Tch Grwth COMMON 427096102 2956 218369 SOLE 218369 Hercules Tch Grwth COMMON 427096409 693 51224 SOLE 51224 Hexcel Corp. COMMON 428291108 870 50000 SOLE 50000 High River Gold Mines Ltd COMMON 42979J107 1853 1004500 SOLE 1004500 Hollis Eden Pharm COMMON 435902101 9588 1822900 SOLE 1822900 Hollywood Media COMMON 436233100 13681 3249657 SOLE 3249657 Horizon Lines Inc COMMON 44044K101 2696 100000 SOLE 100000 Horizon North Lgstcs COMMON 44044D107 57 18707 SOLE 18707 Hurray! Holding Co LTD ADR COMMON 447773102 1395 225000 SOLE 225000 Hypercom Corp COMMON 44913M105 1746 275000 SOLE 275000 ICF Intl COMMON 44925C103 1069 73650 SOLE 73650 ITC Deltacom Inc COMMON 45031T872 269 105500 SOLE 105500 Imageware Sys COMMON 45245S108 2714 1664351 SOLE 1664351 Imageware Sys ser C prf COMMON 45245S108 2000 1333 SOLE 1333 Imergent Inc COMMON 45247Q100 21038 734550 SOLE 734550 Imperial Oil COMMON 453038408 2210 60000 SOLE 60000 Industrl Entrprss Amrca COMMON 456132208 1533 354800 SOLE 354800 Infnty Bio-Enrgy Ltd COMMON G4770S101 2837 550000 SOLE 550000 InfoUSA Inc COMMON 456818301 3573 300000 SOLE 300000 Innovative Solution & SuppoCOMMON 45769n105 1192 70000 SOLE 70000 Inplay Tech Inc COMMON 45773L103 1571 1123700 SOLE 1123700 Int'l Business Machines COMMON 459200101 14572 150000 SOLE 150000 Int'l Rectifier COMMON 460254105 5009 130000 SOLE 130000 Integral Systems Inc COMMON 45810h107 2387 103000 SOLE 103000 Integramed America COMMON 45810n302 6818 453000 SOLE 453000 Integrated Security Sys COMMON 45812J101 42 300000 SOLE 300000 Integrated Security Sys Note 45812J101 182 1300000 SOLE 1300000 Intel Corp. COMMON 458140100 395 19509 SOLE 19509 Intelli-Check Inc COMMON 45817G102 2265 342800 SOLE 342800 Intelligroup Inc COMMON 45816A106 1517 1194100 SOLE 1194100 Intermap Technologies COMMON 458977204 1570 305000 SOLE 305000 Intevac Inc. COMMON 461148108 1038 40000 SOLE 40000 Investools Inc COMMON 46145P103 5574 404222 SOLE 404222 Iomai Corp COMMON 46202P103 3842 771480 SOLE 771480 Ionatron Inc COMMON 462070103 1116 272250 SOLE 272250 Iteris Holdings COMMON 46564T107 875 3610000 SOLE 3610000 Iteris Holdings Class A COMMON 46564T107 6010 2504140 SOLE 2504140 JumpTV COMMON 48139P107 1604 251300 SOLE 251300 Keystone Automotive COMMON 49338N109 3190 93840 SOLE 93840 LKQ Corp COMMON 501889208 6517 283475 SOLE 283475 LML Payment Systems COMMON 50208P109 2466 770699 SOLE 770699 LSI Logic Corp. COMMON 502161102 5431 603500 SOLE 603500 Lecroy COMMON 52324W109 1410 122500 SOLE 122500 Lee Enterprises COMMON 523768109 3960 127500 SOLE 127500 Lenova Group COMMON Y5257Y107 2446 6000000 SOLE 6000000 Lighting Science Group CorpCOMMON 53224G103 42 100000 SOLE 100000 Lionore Mining Intl COMMON 535913107 909 80000 SOLE 80000 Lions Gate Entnmnt COMMON 535919203 3992 372007 SOLE 372007 Lufkin Industries COMMON 549764108 871 15000 SOLE 15000 MDC Partners Inc COMMON 552697104 15563 2105217 SOLE 2105217 MEMC Electronic Materials COMMON 552715104 4570 116750 SOLE 116750 MSC Software COMMON 553531104 2284 150000 SOLE 150000 MSGI Security Solutions COMMON 553570102 312 503472 SOLE 503472 Mad Catz Interactive Inc COMMON 556162105 1916 3304300 SOLE 3304300 Marchex Inc COMMON 56624R108 636 47500 SOLE 47500 Market Vectors Gold Miners COMMON 57060U100 1994 50000 SOLE 50000 MathStar Inc COMMON 59139R209 1493 363011 SOLE 363011 Maxwell Labs COMMON 577767106 4206 301500 SOLE 301500 Mentor Graphics COMMON 587200106 14785 820000 SOLE 820000 Metretek Tech Inc COMMON 59159Q107 13946 1175839 SOLE 1175839 MicroTune Inc COMMON 59514P109 352 75000 SOLE 75000 Microislet Inc COMMON 59507Q106 323 420000 SOLE 420000 Micron Technology Inc. COMMON 595112103 14672 1051000 SOLE 1051000 Microsemi Corp COMMON 595137100 4928 250775 SOLE 250775 Modtech Holdings A243 COMMON 60783c100 19699 4110214 SOLE 4110214 Monogram Biosciences COMMON 60975U108 534 300000 SOLE 300000 Monterey Gourmet Foods COMMON 612570101 14004 3204625 SOLE 3204625 Moody's Corp COMMON 615369105 4844 70147 SOLE 70147 Nasdaq Stock Market COMMON 631103108 2651 86100 SOLE 86100 Navarre Corp COMMON 639208107 12717 3195251 SOLE 3195251 Neomagic Cp COMMON 640497202 2465 420000 SOLE 420000 Net 1 Ueps Tech Inc COMMON 64107N206 12611 426609 SOLE 426609 NetLogic Microsystems Inc COMMON 64118B100 1410 65000 SOLE 65000 Netlist Inc COMMON 64118P109 3493 359400 SOLE 359400 Network Appliance COMMON 64120L104 982 25000 SOLE 25000 Neurometrix Inc COMMON 641255104 4026 270000 SOLE 270000 Neustar Inc COMMON 64126X201 24710 761710 SOLE 761710 Nice Systems Lmtd ADR COMMON 653656108 2616 85000 SOLE 85000 Nintendo COMMON J51699106 11033 42500 SOLE 42500 Northwest Pipe COMMON 667746101 3698 110000 SOLE 110000 Novatel Wireless COMMON 66987M604 8907 921100 SOLE 921100 Nuance Comm COMMON 67020Y100 24107 2103550 SOLE 2103550 Nuvelo Inc COMMON 67072M301 160 40000 SOLE 40000 O'Charleys Inc. COMMON 670823103 2128 100000 SOLE 100000 ON Semiconductor COMMON 682189105 1514 200000 SOLE 200000 Oakmont Aquisition Corp UtsCOMMON 68831P106 883 162000 SOLE 162000 Oakmont Aquisition Corp Wt Warrants 6883P114 144 320000 SOLE 320000 Occam Networks Inc COMMON 67457P309 1815 110000 SOLE 110000 OnSite Energy COMMON 68284P108 24 1540973 SOLE 1540973 OnSite Energy Corp. ser E Preferred 68284P108 1 2250000 SOLE 2250000 Oneok Inc COMMON 682680103 3665 85000 SOLE 85000 Onex Corp COMMON 68272K103 2432 100000 SOLE 100000 Opentv Corp COMMON G67543101 3257 1403774 SOLE 1403774 Optionable Inc COMMON 684006109 2928 1096600 SOLE 1096600 Orpak System Ltd COMMON M75740106 3358 1000000 SOLE 1000000 PC-Tel Inc COMMON 69325Q105 10781 1153086 SOLE 1153086 PHI Inc COMMON 69336T205 4909 150000 SOLE 150000 PLX Technology COMMON 693417107 8966 687600 SOLE 687600 PRG Schultz Intl COMMON 69357C503 2566 320800 SOLE 320800 PW Eagle r S3 COMMON 69366Y108 2208 64000 SOLE 64000 Pacific Ethanol Inc COMMON 69423U107 189 12300 SOLE 12300 Paincare Holdings COMMON 69562E104 4305 3913900 SOLE 3913900 Paladin Resources COMMON Q7264T104 5641 825000 SOLE 825000 Par Technology Corporation COMMON 698884103 5338 591800 SOLE 591800 Parametric Technology Corp.COMMON 699173209 2793 155000 SOLE 155000 Patron Systems COMMON 70337V108 23 65138 SOLE 65138 Penn Virginia COMMON 707882106 2101 30000 SOLE 30000 Penn Virginia Resource PartCOMMON 707884102 890 34200 SOLE 34200 Pericom Semiconductor COMMON 713831105 4505 392750 SOLE 392750 Perma-Fix Envirn Serv COMMON 714157104 2819 1215000 SOLE 1215000 Pope & Talbot COMMON 732827100 5470 1000090 SOLE 1000090 Precision Castparts COMMON 740189105 6654 85000 SOLE 85000 Presstek Inc COMMON 741113104 1414 222400 SOLE 222400 PureDepth Inc COMMON 74622H105 7214 3435315 SOLE 3435315 Q Comm Intl Inc COMMON 74727M306 16 68200 SOLE 68200 QualComm COMMON 747525103 4535 120000 SOLE 120000 Questar Corp. COMMON 748356102 1246 15000 SOLE 15000 RELM Wireless COMMON 759525108 362 60600 SOLE 60600 Rackable Systems COMMON 750077109 8219 265400 SOLE 265400 Range Resources Corp COMMON 75281A109 5217 190000 SOLE 190000 Redwood Trust COMMON 758075402 5831 100400 SOLE 100400 Renewable Energy Corp COMMON R7199U100 6581 360000 SOLE 360000 Richardson Electronics COMMON 763165107 911 100000 SOLE 100000 Safeguard Scientifics Inc. COMMON 786449108 13714 5666900 SOLE 5666900 Safeway Inc. COMMON 786514208 14733 426300 SOLE 426300 Saic Inc COMMON 78390X101 2224 125000 SOLE 125000 Sands Regent COMMON 800091100 2857 191000 SOLE 191000 Sandvine Corp COMMON 800213100 1168 700000 SOLE 700000 Sapient Corp COMMON 803062108 823 150000 SOLE 150000 Schlumberger Ltd COMMON 806857108 4232 67000 SOLE 67000 Scientific Games COMMON 80874P109 1061 35100 SOLE 35100 Seracare Life Sciences COMMON 81747Q100 2668 412400 SOLE 412400 Shanda Interactive EntertaiCOMMON 81941Q203 5417 250000 SOLE 250000 Shells Seafood Rest COMMON 822809109 1680 2666680 SOLE 2666680 Siga Tech COMMON 826917106 1093 291500 SOLE 291500 Signalife Inc COMMON 82669P104 2097 1906100 SOLE 1906100 Signalife Inc/Recom COMMON 82669P104 928 937500 SOLE 937500 Silicon Image Inc COMMON 82705T102 27780 2184000 SOLE 2184000 Silicon Motion ADR COMMON 82706C108 1537 96856 SOLE 96856 Silver Wheaton Corp COMMON 828336107 13645 1302000 SOLE 1302000 Sinovac Biotech COMMON P8696W104 2644 1139620 SOLE 1139620 Sirenza Microdevices COMMON 82966T106 2908 370000 SOLE 370000 Smart Move Inc UT COMMON 831920103 189 40000 SOLE 40000 Smart Move Inc wt Warrants 831920103 30 40000 SOLE 40000 Sonex Com Rest. COMMON 835448101 20 302693 SOLE 302693 Sonex Pfd Stk Preferred 835448101 54 253750 SOLE 253750 Spartan Motors COMMON 846819100 607 40000 SOLE 40000 Standard Microsystem Corp COMMON 853626109 11472 410000 SOLE 410000 Star Scientific COMMON 85517P101 1090 335500 SOLE 335500 StealthGas Inc COMMON Y81669106 1732 148300 SOLE 148300 Stonepath Group COMMON 861837102 600 3752400 SOLE 3752400 Stratasys COMMON 862685104 377 12000 SOLE 12000 Sun Healthcare Group COMMON 866933401 1768 140000 SOLE 140000 Sun Opta COMMON 8676EP108 2640 300000 SOLE 300000 Sunair Services Corp COMMON 867017105 685 190476 SOLE 190476 Supertex b COMMON 868532102 14291 364100 SOLE 364100 Symbol Technologies COMMON 871508107 1494 100000 SOLE 100000 Synaptics COMMON 87157D109 9801 330100 SOLE 330100 Syntax-Brillian Corp COMMON 87163L103 393 45750 SOLE 45750 Syntax-Brillian Cp Preferred 87163L103 2577 515 SOLE 515 T Rowe Price COMMON 74144T108 3283 75000 SOLE 75000 TVIA Inc COMMON 87307P101 407 400000 SOLE 400000 TVIA Inc Note 87307P101 374 299 SOLE 299 Talisman Energy COMMON 87425E103 6966 410000 SOLE 410000 Technology Investment CapitCOMMON 878717305 9099 563733 SOLE 563733 Tenet Healthcare Corp COMMON 88033G100 1394 200000 SOLE 200000 Tessera Technologies COMMON 88164L100 1666 41300 SOLE 41300 Thermogenesis Corp COMMON 883623209 22487 5217432 SOLE 5217432 Tiffany COMMON 886547108 1177 30000 SOLE 30000 Tim Hortons ADR COMMON 88706M103 9143 315700 SOLE 315700 Titanium Corp COMMON 88833T104 2809 1106000 SOLE 1106000 Transocean Inc COMMON G90078109 5258 65000 SOLE 65000 Trident Microsystems COMMON 895919108 3554 195500 SOLE 195500 UAL Corp COMMON 902549807 4422 100505 SOLE 100505 UCBH Holding Inc COMMON 90262T308 18052 1028027 SOLE 1028027 UEX Corp COMMON 902666106 964 200000 SOLE 200000 US Bioenergy Corp COMMON 90342V109 2125 125000 SOLE 125000 US Gold Corp COMMON 912023207 2920 578200 SOLE 578200 Ultrapetrol Ltd COMMON P94398107 1878 142500 SOLE 142500 Ultratech Inc COMMON 904034105 7366 590200 SOLE 590200 United Auto Group COMMON 909440109 1886 80000 SOLE 80000 United Healthcare Corp. COMMON 91324P102 9671 180000 SOLE 180000 Uroplasty Inc COMMON 917277204 1230 500000 SOLE 500000 Vasco Data Security COMMON 92230Y104 2459 207500 SOLE 207500 Vaxgen Inc COMMON 922390208 8739 4599415 SOLE 4599415 VendingData Corp COMMON 92261Q202 263 132000 SOLE 132000 Vestas Wind Systems COMMON K9773J128 2324 55000 SOLE 55000 Viewpoint Corp COMMON 92672P108 747 1114800 SOLE 1114800 Virage Logic Corp COMMON 92763R104 9531 1025890 SOLE 1025890 WGI Heavy Minerals COMMON 929267102 690 957000 SOLE 957000 Wave Systems COMMON 943526301 1997 777000 SOLE 777000 Western Digital Corp. COMMON 958102105 1534 75000 SOLE 75000 Whole Foods Mkt COMMON 966837106 939 20000 SOLE 20000 Williams Cos. COMMON 969457100 4427 169500 SOLE 169500 Wireless Ronin TechnologiesCOMMON 97652A203 4319 749800 SOLE 749800 Xenoics Holdings COMMON 984117101 978 411000 SOLE 411000 Zygo Corp COMMON 989855101 11653 708400 SOLE 708400
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