13F-HR 1 q40713f.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, 2007 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 13, 2008 [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: ____319____ Form 13F Information Table Value Total: __998,003__ _ _ 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 ABB LTD COMMON 000375204 2448 85000 SOLE 85000 Absolute Software COMMON 00386B109 1369 37125 SOLE 37125 Access Intgrtd Tch COMMON 004329108 6854 1536159 SOLE 1536159 Adept Tech COMMON 006854202 5887 740481 SOLE 740481 Advent Software COMMON 007974108 2134 39450 SOLE 39450 Advisory Board COMMON 00762W107 1238 19293 SOLE 19293 African Copper COMMON G0127A108 560 480000 SOLE 480000 Air China COMMON Y002A6104 1250 838725 SOLE 838725 Airspan Networks COMMON 00950H102 1373 780000 SOLE 780000 Akeena Solar COMMON 009720103 5195 652620 SOLE 652620 Akorn Inc COMMON 009728106 5968 813050 SOLE 813050 Allion Healthcare Inc COMMON 019615103 7895 1438157 SOLE 1438157 Allscripts Healthcare SolutCOMMON 01988P108 194 10000 SOLE 10000 Altra Holdings COMMON 02208R106 6442 387395 SOLE 387395 American Vanguard Corp COMMON 030371108 1908 110000 SOLE 110000 Amerisafe Inc COMMON 03071H100 3646 235100 SOLE 235100 Ameron International COMMON 030710107 2654 28800 SOLE 28800 Ampex Corp Class A COMMON 032092306 960 320099 SOLE 320099 Analog Devices COMMON 032654105 1625 51250 SOLE 51250 Apple Inc. COMMON 037833100 5586 28200 SOLE 28200 Aradigm Corp COMMON 038505301 720 473750 SOLE 473750 Areva COMMON F84742109 9731 8500 SOLE 8500 Aruba Networks COMMON 043176106 5223 350300 SOLE 350300 Atheros Communications COMMON 04743P108 3256 106600 SOLE 106600 Aventine Renewable Enrgy HlCOMMON 05356X403 4224 331030 SOLE 331030 Aware Inc. COMMON 05453N100 905 216064 SOLE 216064 BMC Software COMMON 055921100 2435 68332 SOLE 68332 Bally Technologies B COMMON 05874B107 3070 61750 SOLE 61750 Basin Water Inc COMMON 07011T306 3649 441250 SOLE 441250 Be Aerospace COMMON 073302101 4787 90500 SOLE 90500 Bell Microproducts COMMON 078137106 992 165000 SOLE 165000 Benihana Inc COMMON 082047101 2777 219492 SOLE 219492 Benihana Inc Class A COMMON 082047200 3991 313000 SOLE 313000 Blackrock Inc COMMON 09247X101 5626 25952 SOLE 25952 Blue Coat Systems COMMON 09534T508 12800 389400 SOLE 389400 Bombardier Inc class B COMMON 097751200 7789 1300300 SOLE 1300300 Bookham Technology COMMON 09856E105 12886 5414451 SOLE 5414451 Breadtalk Group Ltd COMMON Y0969F108 2515 5240000 SOLE 5240000 Brigham Exploration COMMON 109178103 248 33000 SOLE 33000 Brightpoint Inc COMMON 109473405 15385 1001600 SOLE 1001600 British Gas COMMON G1245Z108 1371 60000 SOLE 60000 Brocade Communications SystCOMMON 111621306 609 83000 SOLE 83000 Brooke Corp COMMON 112502109 4541 673734 SOLE 673734 Brooke Credit Corp COMMON 11252N101 799 161500 SOLE 161500 Brooke Credit Corp Warrants 11252N101 85 173000 SOLE 173000 CAE Inc COMMON 124765108 7070 528500 SOLE 528500 CDC Corp COMMON G2022L106 3049 626125 SOLE 626125 Calgon Carbon Corp COMMON 129603106 7674 482974 SOLE 482974 Callaway Golf Co. COMMON 131193104 1038 59575 SOLE 59575 Cash Systems Inc COMMON 14756B102 2706 612180 SOLE 612180 Cavium Networks Inc COMMON 14965A101 2993 130000 SOLE 130000 China Natural Gas COMMON 168910107 463 70576 SOLE 70576 China Nepstar Chain DrugstoCOMMON 16943C109 3957 225100 SOLE 225100 Cisco COMMON 17275R102 2707 100000 SOLE 100000 Citrix Systems COMMON 177376100 285 7500 SOLE 7500 Cleveland Biolabs COMMON 185860103 208 23635 SOLE 23635 CoStar Group COMMON 22160n109 4249 89929 SOLE 89929 Cobra Electronics COMMON 191042100 366 76525 SOLE 76525 Cogent Comm Grp Inc COMMON 19239V302 7018 296000 SOLE 296000 Comarco Inc. COMMON 200080109 2960 535252 SOLE 535252 Commerce Planet COMMON 20084U100 397 1324750 SOLE 1324750 Compania de Saneamento BasiCOMMON 20441A102 2303 49000 SOLE 49000 Composite Tech COMMON 20461S108 1473 1060103 SOLE 1060103 Continental Resources COMMON 212015101 3436 131500 SOLE 131500 Core Laboratories COMMON N22717107 555 4450 SOLE 4450 Corgi Intl LTD ADR COMMON 21872Q202 2487 1207696 SOLE 1207696 Corning COMMON 219350105 5086 212000 SOLE 212000 Covanta Holdings COMMON 22282E102 8034 290470 SOLE 290470 Cuisine Solutions COMMON 229904107 4486 1043327 SOLE 1043327 Currency Shares Japanese YeCOMMON 23130A102 7167 80040 SOLE 80040 Cybersource Corp COMMON 23251J106 3974 223661 SOLE 223661 Cybex Intl Inc COMMON 23252E106 2008 440352 SOLE 440352 DBS Vikkors Financials COMMON 96699W749 4320 300000 SOLE 300000 DG FastChannel Inc COMMON 23326R109 2480 96741 SOLE 96741 Daktronics Inc. COMMON 234264109 1221 54100 SOLE 54100 Diomed Holdings Inc COMMON 25454R207 134 418762 SOLE 418762 Diomed Holdings Inc pref 1.COMMON 25454R207 241 724064 SOLE 724064 Double Take Software COMMON 258598101 1051 48370 SOLE 48370 Dover Saddlery Inc COMMON 260412101 1399 335432 SOLE 335432 EFJ Inc COMMON 26843B101 567 206890 SOLE 206890 EMAK Worldwide Inc COMMON 26861V104 262 281999 SOLE 281999 EMC Corp. COMMON 268648102 2316 125000 SOLE 125000 EOG Resources COMMON 26875P101 2677 30000 SOLE 30000 Echelon Corp B COMMON 27874N105 4149 201000 SOLE 201000 Electronic Arts COMMON 285512109 13610 233000 SOLE 233000 Elixir Gaming Tech Inc COMMON 28661G105 1755 500000 SOLE 500000 Emcore Corp b COMMON 290846104 2949 192750 SOLE 192750 Emergent Biosolutions Inc COMMON 29089Q105 1647 325492 SOLE 325492 Emrise Corp COMMON 29246J101 1022 1675300 SOLE 1675300 Endo Pharmaceuticals COMMON 29264F205 3067 115000 SOLE 115000 Energy Savings Income Fund COMMON 292717105 12651 753800 SOLE 753800 Enliven Marketing TechnologCOMMON 293361101 4421 3746500 SOLE 3746500 Entropic Communications IncCOMMON 29384R105 1912 262650 SOLE 262650 Entrust Technologies COMMON 293848107 289 150000 SOLE 150000 Environmental Power COMMON 29406L201 2530 553600 SOLE 553600 Equitable Resources COMMON 294549100 2643 49600 SOLE 49600 Expeditors Intl Washington COMMON 302130109 6034 135050 SOLE 135050 Extreme Networks COMMON 30226d106 627 177000 SOLE 177000 FCStone Group Inc b COMMON 31308T100 2479 53850 SOLE 53850 FEI Co. COMMON 30241L109 2607 105000 SOLE 105000 FTI Consulting COMMON 302941109 5707 92590 SOLE 92590 First American Financial COMMON 318522307 6826 200050 SOLE 200050 Five Star Quality Care COMMON 33832d106 4376 527245 SOLE 527245 Flow Intl Corp COMMON 343468104 3749 402300 SOLE 402300 Focus Media Holding Ltd COMMON 34415V109 3749 66000 SOLE 66000 Force Protection COMMON 345203202 5153 1100850 SOLE 1100850 Forest Labs Inc. COMMON 345838106 12165 333750 SOLE 333750 Foundry Networks COMMON 35063R100 2155 123000 SOLE 123000 Franco Nevada Corp COMMON 351858204 1522 100000 SOLE 100000 Fuqi Intl COMMON 36102A207 1988 239500 SOLE 239500 GSE Systems Inc COMMON 36227K106 497 48500 SOLE 48500 GSI Tech COMMON 36241U106 512 200600 SOLE 200600 GameTech Intl COMMON 36466D102 1020 142100 SOLE 142100 Gemalto ADR COMMON N3465M108 901 28749 SOLE 28749 General Electric COMMON 369604103 4810 129742 SOLE 129742 Genius Prod Inc. COMMON 37229R206 855 500000 SOLE 500000 Gigabeam Cp COMMON 37517W107 47 90165 SOLE 90165 Gilead Sciences COMMON 375558103 1587 34500 SOLE 34500 Global Traffic Network Inc COMMON 37947B103 5061 776230 SOLE 776230 Golar LNG Ltd COMMON G9456A100 489 22100 SOLE 22100 Golden Meditech COMMON G39580108 1667 3734374 SOLE 3734374 Greenlight Capital COMMON G4095J109 2248 108127 SOLE 108127 Gril Concepts Inc COMMON 398502203 939 246854 SOLE 246854 Guang Dong COMMON Y2929L100 1027 1800000 SOLE 1800000 Guidance Software COMMON 401692108 2090 149900 SOLE 149900 Hansen Medical Inc COMMON 411307101 5529 184674 SOLE 184674 Harmonic Inc COMMON 413160102 4650 443750 SOLE 443750 Health Fitness Corp COMMON 42217V102 2776 1107900 SOLE 1107900 Hear USA COMMON 422360305 1287 953150 SOLE 953150 Hemisphere GPS COMMON 423633106 1495 411000 SOLE 411000 Hewlett-Packard Co COMMON 428236103 7749 153500 SOLE 153500 High River Gold Mines Ltd COMMON 42979J107 3004 1052375 SOLE 1052375 Hollis Eden Pharm COMMON 435902101 2217 1412292 SOLE 1412292 Hollywood Media COMMON 436233100 7601 2621099 SOLE 2621099 Horizon Lines Inc COMMON 44044K101 2395 128500 SOLE 128500 Hutchinson Technology COMMON 448407106 1750 66500 SOLE 66500 Hyflux LTD COMMON 1J4788978 2223 1002000 SOLE 1002000 Hythiam Inc COMMON 44919F104 6093 2079550 SOLE 2079550 IRobot Corp COMMON 462726100 2850 157650 SOLE 157650 ITT Corp COMMON 450911102 6703 101500 SOLE 101500 Imageware Sys COMMON 45245S108 2859 1952901 SOLE 1952901 Imageware Sys C COMMON 452992100 1431 1333333 SOLE 1333333 Imageware Sys D COMMON 452992290 612 355263 SOLE 355263 Imergent Inc COMMON 45247Q100 6219 587250 SOLE 587250 Imperial Oil COMMON 453038408 2438 44500 SOLE 44500 Infinity Bio-Energy Ltd COMMON G4770S101 2381 570000 SOLE 570000 InfoUSA Inc COMMON 456818301 3664 410250 SOLE 410250 Innovative Solution & SuppoCOMMON 45769n105 1186 122350 SOLE 122350 Inplay Tech Inc COMMON 45773L103 2496 1895205 SOLE 1895205 Integral Systems Inc COMMON 45810h107 1392 59864 SOLE 59864 Integramed America COMMON 45810n302 4948 430300 SOLE 430300 Intel Corp. COMMON 458140100 14197 532509 SOLE 532509 Intelli-Check Inc COMMON 45817G102 553 172725 SOLE 172725 Intelligroup Inc COMMON 45816A106 2703 1126450 SOLE 1126450 Interactive Brokers Group ICOMMON 45841N107 7249 224300 SOLE 224300 Interface Inc. Class A COMMON 458665106 3068 188000 SOLE 188000 Intermap Technologies COMMON 458977204 1983 187900 SOLE 187900 Intersil Corporation COMMON 46069s109 1450 59250 SOLE 59250 Intrinsyc Software Intl IncCOMMON 461199101 2869 3103500 SOLE 3103500 Investools Inc COMMON 46145P103 4935 278175 SOLE 278175 Iomai Corp COMMON 46202P103 2145 2027120 SOLE 2027120 Ionatron Inc COMMON 462070103 1149 401600 SOLE 401600 Iteris Holdings 6%conv deb COMMON 46564T107 850 242972 SOLE 242972 Iteris Holdings Class A COMMON 46564T107 6929 1772100 SOLE 1772100 Itron COMMON 465741106 1152 12000 SOLE 12000 JMP Group COMMON 46629U107 214 25250 SOLE 25250 JMP Group Inc COMMON 47758S202 636 83370 SOLE 83370 JMP Group Inc COMMON 46629U107 1054 138075 SOLE 138075 JumpTV COMMON 48139P107 341 150000 SOLE 150000 Knology Inc COMMON 499183804 3157 247000 SOLE 247000 LML Payment Systems COMMON 50208P109 3087 1032543 SOLE 1032543 LSI Corp. COMMON 502161102 2514 473500 SOLE 473500 LSI Industries COMMON 50216C108 546 30000 SOLE 30000 Landamerica Financial COMMON 514936103 1935 57850 SOLE 57850 Lattice Semiconductor COMMON 518415104 1917 590000 SOLE 590000 Lenova Group COMMON Y5257Y107 3802 4230000 SOLE 4230000 Lindsay Corp COMMON 535555106 3181 45000 SOLE 45000 MCF Corp COMMON 580395309 99 18900 SOLE 18900 MDC Partners Inc COMMON 552697104 4604 472728 SOLE 472728 MEMC Electronic Materials COMMON 552715104 2655 30000 SOLE 30000 MIPS Technologies Class A COMMON 604567107 314 63250 SOLE 63250 MSGI Security Solutions COMMON 553570102 806 790350 SOLE 790350 Mad Catz Interactive Inc COMMON 556162105 3443 2967900 SOLE 2967900 Majesco Entrtnmnt R COMMON 560690208 607 500000 SOLE 500000 Market Vectors GOld Miners COMMON 57060U100 3668 80000 SOLE 80000 Marvell Technologies COMMON G5876H105 10376 742200 SOLE 742200 MathStar Inc COMMON 576801203 359 552011 SOLE 552011 Maxim Integrated Products COMMON 57772K101 1019 38500 SOLE 38500 Maxwell Labs COMMON 577767106 2488 300900 SOLE 300900 Mellanox Technologies COMMON M51363113 638 35000 SOLE 35000 Mentor Graphics COMMON 587200106 7185 666550 SOLE 666550 Mirabela Nickel LTD COMMON Q6188C106 413 68700 SOLE 68700 Modtech Holdings COMMON 60783c100 2992 3485654 SOLE 3485654 Monogram Biosciences COMMON 60975U108 4328 2985100 SOLE 2985100 Monterey Gourmet Foods COMMON 612570101 8787 2746005 SOLE 2746005 NVIDIA Corp COMMON 67066g104 680 20000 SOLE 20000 Nalco Holding Co COMMON 62985Q101 1328 54925 SOLE 54925 Navarre Corp COMMON 639208107 1451 697188 SOLE 697188 Neomagic Cp COMMON 640497202 1921 617757 SOLE 617757 Net 1 Ueps Tech Inc COMMON 64107N206 7456 253963 SOLE 253963 Netlist Inc COMMON 64118P109 620 281800 SOLE 281800 Network Appliance COMMON 64120L104 7738 310000 SOLE 310000 Neurometrix Inc COMMON 641255104 5883 639407 SOLE 639407 Neustar Inc COMMON 64126X201 6332 220795 SOLE 220795 Nintendo COMMON J51699106 7462 12670 SOLE 12670 Novatel Wirelessb COMMON 66987M604 3907 241150 SOLE 241150 Novint Tech COMMON 670085109 855 1000000 SOLE 1000000 Nuance Comm COMMON 67020Y100 20111 1076600 SOLE 1076600 OMNI Energy Services COMMON 68210T208 2689 550950 SOLE 550950 OSI Systems COMMON 671044105 3798 143500 SOLE 143500 Omnivision Technologies COMMON 682128103 1847 118000 SOLE 118000 Online Resources COMMON 68273G101 1836 154000 SOLE 154000 Open Text COMMON 683715106 1415 45000 SOLE 45000 Opnext Inc COMMON 68375V105 863 97500 SOLE 97500 Origo Sino-India PLC COMMON G6809Y108 472 507614 SOLE 507614 Orpak System Ltd COMMON M75740106 3330 975000 SOLE 975000 Oversea Chinese Banking COMMON Y64248209 4613 800000 SOLE 800000 PC-Tel Inc COMMON 69325Q105 2752 401127 SOLE 401127 PLX Technology COMMON 693417107 3696 397450 SOLE 397450 Paladin Resources COMMON Q7264T104 1190 204500 SOLE 204500 Par Technology Corporation COMMON 698884103 3638 471900 SOLE 471900 Penn Virginia Resource PartCOMMON 707884102 816 33200 SOLE 33200 Penwest Pharmaceutical COMMON 709754105 4497 768750 SOLE 768750 Perma-Fix Envirn Serv COMMON 714157104 445 180000 SOLE 180000 Petro Resources Corp COMMON 71646K106 230 118700 SOLE 118700 Petroleo Brasiliero ADR COMMON 71654V408 2305 20000 SOLE 20000 Photon Dynamics COMMON 719364101 497 59900 SOLE 59900 Pinnacle Gas COMMON 723464202 170 37146 SOLE 37146 Pinnacle Gas COMMON 723464103 679 148281 SOLE 148281 Ports Design Ltd COMMON B03XK94 3194 915825 SOLE 915825 PowerSecure COMMON 73936N105 18460 1367399 SOLE 1367399 Presstek Inc COMMON 741113104 1029 200900 SOLE 200900 Price Smart COMMON 741511109 4297 142947 SOLE 142947 PureDepth Inc COMMON 74622H105 2348 3261710 SOLE 3261710 Quantum Corp-DLT & Storage COMMON 747906204 4810 1788150 SOLE 1788150 Questar Corp. COMMON 748356102 730 13500 SOLE 13500 RF Micro Devices COMMON 749941100 8737 1530200 SOLE 1530200 Rackable Systems COMMON 750077109 2252 225250 SOLE 225250 Range Resources Corp COMMON 75281A109 1664 32400 SOLE 32400 Redwood Trust COMMON 758075402 6563 191675 SOLE 191675 Regal Entertainment COMMON 758766109 1007 55750 SOLE 55750 Remedent Inc COMMON 75954T104 1786 1280000 SOLE 1280000 Renewable Energy Corp COMMON R7199U100 1426 27950 SOLE 27950 Reunion Gold COMMON 76131P106 399 400000 SOLE 400000 Richardson Electronics COMMON 763165107 1768 252250 SOLE 252250 Riverbed Tech COMMON 768573107 4287 160339 SOLE 160339 Royal Gold COMMON 780287108 6313 206860 SOLE 206860 Rubicon Tech COMMON 78112T107 2375 100000 SOLE 100000 Ryanair Holdings COMMON 783513104 1223 31000 SOLE 31000 SM&A COMMON 78465D105 192 32850 SOLE 32850 Safeguard Scientifics Inc. COMMON 786449108 5554 3085800 SOLE 3085800 Safety Insurance Group COMMON 78648T100 1465 40006 SOLE 40006 Saic Inc COMMON 78390X101 2305 114550 SOLE 114550 Sandvine Corp COMMON 800213100 2075 530000 SOLE 530000 Sanmina Corp COMMON 800907107 1274 700000 SOLE 700000 Sapient Corp COMMON 803062108 3876 440000 SOLE 440000 Schlumberger Ltd COMMON 806857108 2066 21000 SOLE 21000 Seagate Technology HoldingsCOMMON G7945J104 5208 204250 SOLE 204250 Secure Computing COMMON 813705100 3715 386950 SOLE 386950 Sempra Energy COMMON 816851109 5119 82725 SOLE 82725 Sequenom Inc COMMON 817337405 2087 218500 SOLE 218500 Seracare Life Sciences COMMON 81747Q100 2185 364700 SOLE 364700 Shanda Interactive Ent ADR COMMON 81941Q203 6839 205125 SOLE 205125 Siga Tech COMMON 826917106 2987 969750 SOLE 969750 Signalife Inc COMMON 82669P104 1889 2698700 SOLE 2698700 Silicon Image Inc COMMON 82705T102 1303 288225 SOLE 288225 Silicon Laboratories COMMON 826919102 1984 53000 SOLE 53000 Silicon Motion ADR COMMON 82706C108 2311 130000 SOLE 130000 Silver Wheaton Corp COMMON 828336107 11193 659550 SOLE 659550 Sinofert Holdings LTD COMMON G8403G103 3828 4100000 SOLE 4100000 Sinomem Technology Ltd COMMON Y8035B100 1423 2298000 SOLE 2298000 Sinovac Biotech COMMON P8696W104 6794 1326870 SOLE 1326870 Sirf Technology Holdings COMMON 82967H101 1351 53750 SOLE 53750 Socket Communications COMMON 833672108 142 172600 SOLE 172600 Solar Power Inc COMMON 83490A100 4312 1134616 SOLE 1134616 Sonex Com Rest. COMMON 835448101 11 302693 SOLE 302693 Sonex Pfd Preferred 835448101 54 725000 SOLE 725000 Spreadtrum Communications COMMON 849415203 1058 86300 SOLE 86300 Standard Microsystem Corp COMMON 853626109 6780 173533 SOLE 173533 StealthGas Inc COMMON Y81669106 1235 90975 SOLE 90975 Sun Healthcare Group COMMON 866933401 311 18125 SOLE 18125 Sun Opta COMMON 8676EP108 2529 189405 SOLE 189405 Suncor Energy COMMON 867229106 651 6000 SOLE 6000 Super Micro Computer COMMON 86800U104 307 40000 SOLE 40000 Supertex COMMON 868532102 2710 86600 SOLE 86600 Syntax-Brillian Corp COMMON 87163L103 517 168000 SOLE 168000 TVIA Inc COMMON 87307P101 1 40000 SOLE 40000 Taiwan Semiconductors ADR COMMON 874039100 1003 100712 SOLE 100712 Tessco Technologies COMMON 872386107 2890 160000 SOLE 160000 Tessera Technologies COMMON 88164L100 3536 85000 SOLE 85000 Tetra Tech COMMON 88162g103 5191 241450 SOLE 241450 The Brink's Company COMMON 109696104 1195 20000 SOLE 20000 Thermogenesis Corp COMMON 883623209 6831 4323114 SOLE 4323114 Towerstream Corp COMMON 892000100 1656 590084 SOLE 590084 Transocean Inc COMMON G90073100 1572 10982 SOLE 10982 Trimas Corp COMMON 896215209 1457 137546 SOLE 137546 UAL Corp COMMON 902549807 760 21326 SOLE 21326 UCBH Holding Inc COMMON 90262T308 9494 670500 SOLE 670500 UOB Kay Hian Holdings Ltd COMMON Y92991101 1910 1283000 SOLE 1283000 US Global Investors COMMON 902952100 5492 329650 SOLE 329650 US Gold Corp COMMON 912023207 2288 772904 SOLE 772904 Ultrapetrol Ltd COMMON P94398107 667 39205 SOLE 39205 Ultratech Inc COMMON 904034105 3629 320000 SOLE 320000 Ur-Energy Inc COMMON 91688R108 1423 400000 SOLE 400000 Uranium Participation Corp COMMON 917017105 2113 200000 SOLE 200000 Uroplasty Inc COMMON 917277204 1359 323500 SOLE 323500 Vasco Data Security COMMON 92230Y104 1005 36000 SOLE 36000 Vaxgen Inc COMMON 922390208 3449 6271115 SOLE 6271115 Vicor Corp. COMMON 925815102 1091 70000 SOLE 70000 Virage Logic Corp COMMON 92763R104 8532 1021800 SOLE 1021800 WESCO Intl COMMON 95082P105 5708 144000 SOLE 144000 WGI Heavy Minerals COMMON 929267102 614 692800 SOLE 692800 Walter Industries COMMON 93317Q105 2156 60000 SOLE 60000 Wave Systems Class A COMMON 943526301 395 272500 SOLE 272500 Western Digital Corp. COMMON 958102105 1208 40000 SOLE 40000 Williams Cos. COMMON 969457100 1923 53750 SOLE 53750 Xenoics Holdings COMMON 984117101 760 378250 SOLE 378250 Yingli Green Energy HoldingCOMMON 98584B103 2322 60000 SOLE 60000 Zygo Corp B COMMON 989855101 249 20000 SOLE 20000
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