13F-HR 1 q40813f.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, 2008 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, 2009 [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: ____204____ Form 13F Information Table Value Total: __424,850__ __ _ _ 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 Adept Tech COMMON 006854202 2231 594846 SOLE 594846 Adobe Systems COMMON 00724F101 2355 110600 SOLE 110600 Advanced Micro Devices COMMON 007903107 4103 1899500 SOLE 1899500 Advent Software COMMON 007974108 951 47600 SOLE 47600 Airvana Inc COMMON 00950V101 734 120000 SOLE 120000 Akeena Solar COMMON 009720103 568 330000 SOLE 330000 Akorn Inc COMMON 009728106 8349 3630000 SOLE 3630000 Allion Healthcare Inc COMMON 019615103 6435 1561844 SOLE 1561844 Altra Holdings COMMON 02208R106 3112 393405 SOLE 393405 American Water Works COMMON 030420103 3088 147900 SOLE 147900 Amerisafe Inc b COMMON 03071H100 2435 118605 SOLE 118605 Ansys COMMON 03662Q105 837 30000 SOLE 30000 Applied Energetics/IonatronCOMMON 462070103 43 135545 SOLE 135545 Arris Group COMMON 04269Q100 2862 360000 SOLE 360000 Bancorp Bank COMMON 05969A105 2250 600000 SOLE 600000 Barrick Gold COMMON 067901108 2206 60000 SOLE 60000 Benihana Inc COMMON 082047101 299 142287 SOLE 142287 Benihana Inc Class A COMMON 082047200 538 256390 SOLE 256390 Berkshire Hathaway Class B COMMON 084670207 9642 3000 SOLE 3000 Bookham Technology COMMON 09856E105 3818 8485504 SOLE 8485504 Brightpoint Inc COMMON 109473405 1087 250000 SOLE 250000 Broadcom Corp COMMON 111320107 1697 100000 SOLE 100000 Broadridge Financial SolutiCOMMON 11133T103 3146 250900 SOLE 250900 CAE Inc COMMON 124765108 3874 582500 SOLE 582500 CNW Corp. COMMON 209656107 1463 55000 SOLE 55000 Calgon Carbon Corp COMMON 129603106 3226 210000 SOLE 210000 Calpine Corp COMMON 131347304 3655 502000 SOLE 502000 Capstone Turbine b COMMON 14067D102 588 700000 SOLE 700000 Cavium Networks Inc COMMON 14965A101 3075 292625 SOLE 292625 Ceragon Networks COMMON 1L001085166 1114 220530 SOLE 220530 Check Point Software COMMON M22465104 1481 78000 SOLE 78000 China Mobile COMMON 16941M109 3559 70000 SOLE 70000 China Nepstar Chain DrugstoCOMMON 16943C109 2575 510000 SOLE 510000 China Solar&Clean Energy COMMON 16943E105 44 42000 SOLE 42000 Cinedigm COMMON 004329108 358 970700 SOLE 970700 Clarient COMMON 180489106 1240 760800 SOLE 760800 Cogent Comm Grp Inc COMMON 19239V302 1698 260000 SOLE 260000 Comarco Inc. COMMON 200080109 452 565412 SOLE 565412 Commercial Metals Co COMMON 201723103 4024 339000 SOLE 339000 Companhia Vale Do Rio Doce COMMON 204412209 2180 180000 SOLE 180000 Compania de Saneamento BasiCOMMON 20441A102 4235 174930 SOLE 174930 Comtech Comm COMMON 205826209 2062 45000 SOLE 45000 Copart Inc. COMMON 217204106 6624 243625 SOLE 243625 Core Laboratories COMMON N22717107 1496 25000 SOLE 25000 Corgi Intl LTD ADR COMMON 21872Q202 62 869570 SOLE 869570 Covanta Holdings COMMON 22282E102 4262 194095 SOLE 194095 Crocs Inc COMMON 227046109 285 230000 SOLE 230000 Cuisine Solutions COMMON 229904107 742 1453977 SOLE 1453977 Cybex Intl Inc COMMON 23252E106 452 245651 SOLE 245651 DG FastChannel Inc COMMON 23326R109 4001 320598 SOLE 320598 Daystar Technologies COMMON 23962Q100 501 532900 SOLE 532900 Diamond Offshore Drilling COMMON 25271C102 883 14975 SOLE 14975 EMAK Worldwide Inc COMMON 26861V104 55 268999 SOLE 268999 EOG Resources COMMON 26875P101 2563 38500 SOLE 38500 Emcore Corp COMMON 290846104 138 106400 SOLE 106400 Emrise Corp COMMON 29246J101 678 445780.27 SOLE 445780 Energy Savings Income Fund COMMON 292717105 3654 509189 SOLE 509189 Environmental Power COMMON 29406L201 299 474100 SOLE 474100 Epiq Systems COMMON 26882D109 7519 450000 SOLE 450000 Equitable Resources COMMON 294549100 3444 102650 SOLE 102650 Exelon Corp COMMON 30161N101 4367 78530 SOLE 78530 Expeditors Intl Washington COMMON 302130109 832 25000 SOLE 25000 Exxon Mobile Corp COMMON 30231G102 798 10000 SOLE 10000 FEI Co. COMMON 30241L109 1132 60000 SOLE 60000 Five Star Quality Care COMMON 33832d106 806 526695 SOLE 526695 Flotek Industries COMMON 343389102 1355 537650 SOLE 537650 Flow Intl Corp COMMON 343468104 1320 545650 SOLE 545650 Force Protection COMMON 345203202 25245 4221600 SOLE 4221600 Forward Air Corp COMMON 349853101 5461 225000 SOLE 225000 Franco Nevada Corp COMMON 351858105 874 50000 SOLE 50000 Franklin Covey COMMON 353469109 3178 525315 SOLE 525315 GSE Systems Inc COMMON 36227K106 1200 203350 SOLE 203350 GameTech Intl COMMON 36466D102 256 176328 SOLE 176328 Gigabeam Cp COMMON 37517W107 6 110000 SOLE 110000 Global Traffic Network Inc COMMON 37947B103 9358 1602400 SOLE 1602400 Gril Concepts Inc COMMON 398502203 15 60660 SOLE 60660 Guidance Software COMMON 401692108 525 128775 SOLE 128775 Hansen Medical Inc COMMON 411307101 1529 211783 SOLE 211783 Harris Ineractive Inc COMMON 414549105 734 1129150 SOLE 1129150 Health Fitness Corp COMMON 42217V201 1125 516100 SOLE 516100 Healthways Inc COMMON 422245100 2881 251000 SOLE 251000 Hear USA COMMON 422360305 300 600000 SOLE 600000 Hemisphere GPS COMMON 423633106 774 673000 SOLE 673000 Hollis Eden Pharm COMMON 435902101 286 421017 SOLE 421017 Hollywood Media COMMON 436233100 2235 2234734 SOLE 2234734 Horizon Lines Inc COMMON 44044K101 593 169970 SOLE 169970 Hot Topic COMMON 441339108 742 80000 SOLE 80000 Hythiam Inc COMMON 44919F104 615 1578197 SOLE 1578197 ICF Intl COMMON 44925C103 1106 45000 SOLE 45000 IRobot Corp COMMON 462726100 192 21300 SOLE 21300 ITT Corp COMMON 450911102 4599 100000 SOLE 100000 Imageware Sys COMMON 45245S108 286 2128901 SOLE 2128901 Imageware Sys C COMMON 452992100 504 4,000,000 SOLE 4000000 Imageware Sys D COMMON 452992290 170 1,350,000 SOLE 1350000 Imergent Inc COMMON 45247Q100 3723 896995 SOLE 896995 InfoGroup Inc COMMON 45670G108 2826 596187 SOLE 596187 Infologix Inc COMMON 45668X105 102 196000 SOLE 196000 Inplay Tech Inc COMMON 45773L103 312 1838205 SOLE 1838205 Integramed America COMMON 45810n302 4247 633850.5 SOLE 633851 Intelli-Check Inc COMMON 45817G102 186 112500 SOLE 112500 Intelligroup Inc COMMON 45816A106 2214 1383540 SOLE 1383540 InterClick Inc COMMON 458483104 443 591000 SOLE 591000 Intermap Technologies COMMON 458977204 450 286950 SOLE 286950 Iteris Holdings Class A COMMON 46564T107 3285 2119531 SOLE 2119531 J.P. Morgan COMMON 46625h100 946 30000 SOLE 30000 Knology Inc COMMON 499183804 1330 257699 SOLE 257699 LKQ Corp COMMON 501889208 603 51700 SOLE 51700 LML Payment Systems COMMON 50208P109 686 993837 SOLE 993837 LSB Industries Inc COMMON 502160104 473 56800 SOLE 56800 Las Vegas Sands Inc COMMON 517834107 415 70000 SOLE 70000 Lattice Semiconductor COMMON 518415104 574 380000 SOLE 380000 Liz Claiborne COMMON 539320101 780 300000 SOLE 300000 MDC Partners Inc COMMON 552697104 3492 1148621 SOLE 1148621 MEMC Electronic Materials COMMON 552715104 1449 101500 SOLE 101500 MSGI Security Solutions COMMON 553570102 378 1889048 SOLE 1889048 MYR Group Inc COMMON 55405W104 1723 172350 SOLE 172350 Mad Catz Interactive Inc COMMON 556162105 782 2607900 SOLE 2607900 Majesco Entrtnmnt COMMON 560690208 866 1546900 SOLE 1546900 Marvell Technologies COMMON G5876H105 2350 352350 SOLE 352350 Maxwell Technologies COMMON 577767106 2681 528886 SOLE 528886 Mentor Graphics COMMON 587200106 1990 385000 SOLE 385000 Meruelo Maddux Properties COMMON 590473104 1885 1520013 SOLE 1520013 MicroTune Inc COMMON 59514P109 181 88810 SOLE 88810 Microvision Inc. COMMON 594960106 756 450000 SOLE 450000 Mobile Mini COMMON 60740F105 206 14310 SOLE 14310 Monogram Biosciences COMMON 60975U207 36351398001.64 SOLE 1398002 Monterey Gourmet Foods COMMON 612570101 2558 2413205 SOLE 2413205 Navarre Corp COMMON 639208107 166 414475 SOLE 414475 Net 1 Ueps Tech Inc COMMON 64107N206 6850 500032 SOLE 500032 Neurometrix Inc COMMON 641255104 1164 1369489 SOLE 1369489 Nintendo Co COMMON 654445303 2364 49500 SOLE 49500 Novell Inc. COMMON 670006105 998 256500 SOLE 256500 Novint Tech COMMON 670085109 551 1117663 SOLE 1117663 Nuance Comm COMMON 67020Y100 10742 1036850 SOLE 1036850 Nucor COMMON 670346105 1848 40000 SOLE 40000 OSI Systems COMMON 671044105 1712 123600 SOLE 123600 OYO Geospace Corp COMMON 671074102 488 27955 SOLE 27955 Occidental Petroleum COMMON 674599105 1200 20000 SOLE 20000 Open Text COMMON 683715106 4498 149300 SOLE 149300 PC-Tel Inc COMMON 69325Q105 1843 280563 SOLE 280563 Par Technology Corporation COMMON 698884103 2674 481800 SOLE 481800 Parexel Intl Corp COMMON 699462107 3010 310000 SOLE 310000 Penwest Pharmaceutical COMMON 709754105 1562 994600 SOLE 994600 Perma-Fix Envirn Serv COMMON 714157104 2537 2030000 SOLE 2030000 Petrohawk Energy COMMON 716495106 751 48040 SOLE 48040 Petroleo Brasiliero COMMON 71654V408 1149 46900 SOLE 46900 Petroleo Brasiliero COMMON 71654V101 2728 133675 SOLE 133675 Pharmathene Inc COMMON 71714G102 806 350239 SOLE 350239 Phoenix Coal/ Marimba COMMON 56782F128 34 171000 SOLE 171000 Polycom COMMON 73172K104 675 50000 SOLE 50000 PowerSecure COMMON 73936N105 4397 1336324 SOLE 1336324 Price Smart COMMON 741511109 8211 397440 SOLE 397440 Proshares Ultra Oil and GasCOMMON 74347R719 867 30000 SOLE 30000 PureDepth COMMON 74622H105 620 3261710 SOLE 3261710 QualComm COMMON 747525103 6091 170000 SOLE 170000 Range Resources Corp COMMON 75281A109 3439 100000 SOLE 100000 Remedent Inc COMMON 75954T104 896 1280000 SOLE 1280000 RemoteMDx Inc COMMON 75961Q101 245 1115300 SOLE 1115300 Republic Services COMMON 760759100 2479 100000 SOLE 100000 Reunion Gold COMMON 76131P106 10 250000 SOLE 250000 Richardson Electronics COMMON 763165107 354 119850 SOLE 119850 Riverbed Tech COMMON 768573107 4163 365500 SOLE 365500 Royal Gold b COMMON 780287108 3859 78427 SOLE 78427 SPDR Gold Trust ETF COMMON 863307104 3462 40000 SOLE 40000 STEC Inc COMMON 784774101 4392 1031100 SOLE 1031100 Safeguard Scientifics Inc. COMMON 786449108 1759 2550000 SOLE 2550000 Saic Inc COMMON 78390X101 3409 175000 SOLE 175000 Sandisk Corp COMMON 80004C101 931 97000 SOLE 97000 Sandvine Corp COMMON 800213100 365 548500 SOLE 548500 Sapient Corp COMMON 803062108 2976 670200 SOLE 670200 Seachange Intl COMMON 811699107 3681 510500 SOLE 510500 Sempra Energy COMMON 816851109 2917 68420 SOLE 68420 Seracare Life Sciences COMMON 81747T104 460 356513 SOLE 356513 Shanda Interactive Ent ADR COMMON 81941Q203 5501 170000 SOLE 170000 Siga Tech COMMON 826917106 5054 1545595 SOLE 1545595 Silver Wheaton Corp COMMON 828336107 2271 350000 SOLE 350000 Sinovac Biotech COMMON P8696W104 1872 1356564 SOLE 1356564 Solar Power Inc COMMON 83490A100 615 1307466 SOLE 1307466 StealthGas Inc COMMON Y81669106 288 59725 SOLE 59725 Sun Opta COMMON 8676EP108 3124 1990113 SOLE 1990113 Super Micro Computer COMMON 86800U104 380 60000 SOLE 60000 Supertex COMMON 868532102 480 20000 SOLE 20000 Synaptics COMMON 87157D109 3712 224150 SOLE 224150 Synthesis Energy Systems COMMON 871628103 118 173750 SOLE 173750 Tessera Technologies COMMON 88164L100 1723 145000 SOLE 145000 Tetra Tech COMMON 88162g103 3503 145050 SOLE 145050 ThermoEnergy COMMON 883906406 378 838895 SOLE 838895 Thermogenesis Corp COMMON 883623209 2406 5596053 SOLE 5596053 Towerstream Corp COMMON 892000100 385 549417 SOLE 549417 Transocean Inc COMMON G90073100 657 13900 SOLE 13900 TriQuint Semiconductor COMMON 89674K103 430 125000 SOLE 125000 Ultratech Inc COMMON 904034105 1796 150194 SOLE 150194 Unisys COMMON 909214108 425 500000 SOLE 500000 Uroplasty Inc COMMON 917277204 360 379300 SOLE 379300 Valmont Industries COMMON 920253101 1534 25000 SOLE 25000 Vaxgen Inc COMMON 922390208 2601 6048065 SOLE 6048065 Virage Logic Corp COMMON 92763R104 2754 921200 SOLE 921200 Virtusa Corp COMMON 92827P102 540 95700 SOLE 95700 Vivus Inc. COMMON 928551100 2937 552150 SOLE 552150 Wave Systems Class A COMMON 943526301 191 490500 SOLE 490500 Whiting Petroleum COMMON 966387102 1951 58300 SOLE 58300 World Energy Solutions COMMON 98145W109 62 189000 SOLE 189000 Xenoics Holdings COMMON 984117101 139 252381 SOLE 252381 Yucheng Tech COMMON G98777108 1057 145000 SOLE 145000
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