13F-HR 1 q30913f.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: September 30, 2009 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_ November 6, 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: ____205____ Form 13F Information Table Value Total: __611,155__ __ _ _ 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 Acme Packet Inc COMMON 004764106 801 80000 SOLE 80000 Adept Tech COMMON 006854202 1637 509846 SOLE 509846 Advanced Energy COMMON 007973100 4984 350000 SOLE 350000 Advanced Micro Devices COMMON 007903107 13301 2350000 SOLE 2350000 Airvana Inc COMMON 00950V101 1246 184000 SOLE 184000 Akorn Inc COMMON 009728106 10343 7549727 SOLE 7549727 Alcatel Lucent ADR COMMON 013904305 2245 500000 SOLE 500000 Allion Healthcare Inc COMMON 019615103 3505 599140 SOLE 599140 American Water Works COMMON 030420103 3988 200000 SOLE 200000 Amerisafe Inc COMMON 03071H100 4140 240000 SOLE 240000 Answer Corp COMMON 03662X100 92 10000 SOLE 10000 Apple Inc. COMMON 037833100 9268 50000 SOLE 50000 Arotech Corp COMMON 042682203 554 300988 SOLE 300988 Asia Info Holdings COMMON 04518A104 5791 290000 SOLE 290000 Atmel Corp. COMMON 049513104 1257 300000 SOLE 300000 Avago Tech COMMON Y0486S104 1707 100000 SOLE 100000 Bancorp Bank COMMON 05969A105 3947 690000 SOLE 690000 Bed Bath and Beyond COMMON 075896100 3754 100000 SOLE 100000 Benihana Inc COMMON 082047101 808 133100 SOLE 133100 Benihana Inc Class A COMMON 082047200 1203 210000 SOLE 210000 Berkshire Hathaway Class B COMMON 084670207 8307 2500 SOLE 2500 BioScrip COMMON 09069N108 473 70000 SOLE 70000 Brocade Communications SystCOMMON 111621306 8253 1050000 SOLE 1050000 CAE Inc COMMON 124765108 3570 423000 SOLE 423000 Calgon Carbon Corp COMMON 129603106 5383 363000 SOLE 363000 Calpine Corp COMMON 131347304 2419 210000 SOLE 210000 Cavium Networks Inc COMMON 14965A101 5891 274400 SOLE 274400 Central Fund of Canada COMMON 153501101 3312 250000 SOLE 250000 Ceragon Networks COMMON 1L00108516 1861 220000 SOLE 220000 China Life Insurance Co LtdCOMMON 16939P106 2957 45000 SOLE 45000 China Natural Gas COMMON 168910107 1818 150000 SOLE 150000 China Nepstar Chain DrugstoCOMMON 16943C109 2888 474930 SOLE 474930 Cinedigm COMMON 004329108 89 74628 SOLE 74628 Clarient COMMON 180489106 2779 660060 SOLE 660060 Cogo Group COMMON 192448108 1249 204140 SOLE 204140 Columbia Sportswear COMMON 198516106 2058 50000 SOLE 50000 Comarco Inc. COMMON 200080109 1335 492780 SOLE 492780 Compania de Saneamento BasiCOMMON 20441A102 2465 65000 SOLE 65000 Comtech Comm COMMON 205826209 2990 90000 SOLE 90000 Concho Resources COMMON 20605P101 1453 40000 SOLE 40000 Cooper Cameron COMMON 132632100 1513 40000 SOLE 40000 Copart Inc. COMMON 217204106 2657 80000 SOLE 80000 Corgi Intl LTD ADR COMMON 21872Q202 3 869570 SOLE 869570 Covanta Holdings COMMON 22282E102 2263 133125 SOLE 133125 Cray Inc COMMON 225223106 2166 260000 SOLE 260000 Cuisine Solutions COMMON 229904107 1052 883900 SOLE 883900 Cybersource Corp COMMON 23251J106 4918 295000 SOLE 295000 Cybex Intl Inc COMMON 23252E106 434 285701 SOLE 285701 DG FastChannel Inc COMMON 23326R109 1287 61455 SOLE 61455 Diamond Offshore Drilling COMMON 25271C102 1430 14975 SOLE 14975 DR Horton COMMON 23331A109 1711 150000 SOLE 150000 Drugstore.com COMMON 262241102 2607 1072900 SOLE 1072900 Dyncorp International Inc CCOMMON 26817C101 1350 75000 SOLE 75000 Echelon Corp COMMON 27874N105 1544 120000 SOLE 120000 EMAK Worldwide Inc COMMON 26861V104 342 268999 SOLE 268999 Emrise Corp COMMON 29246J101 509 391329 SOLE 391329 Encore Acquistion Co COMMON 29255W100 748 20000 SOLE 20000 Entropic Communications IncCOMMON 29384R105 767 280000 SOLE 280000 EOG Resources COMMON 26875P101 3633 43500 SOLE 43500 Epiq Systems COMMON 26882D109 1359 93750 SOLE 93750 EQT Corp COMMON 294549100 4762 111790 SOLE 111790 Esco Technologies COMMON 296315104 1245 31600 SOLE 31600 Ethan Allen Interiors COMMON 297602104 1650 100000 SOLE 100000 Expeditors Intl Washington COMMON 302130109 2636 75000 SOLE 75000 EZ Corp. COMMON 302301106 1366 100000 SOLE 100000 F5 Networks COMMON 315616102 2731 68900 SOLE 68900 First American Financial COMMON 318522307 3075 95000 SOLE 95000 Five Star Quality Care COMMON 33832d106 5490 1500000 SOLE 1500000 Flotek Industries COMMON 343389102 333 161495 SOLE 161495 Flow Intl Corp COMMON 343468104 1745 673600 SOLE 673600 Force Protection COMMON 345203202 14358 2629653 SOLE 2629653 Forest Oil Corp COMMON 346091705 1174 60000 SOLE 60000 Forward Air Corp COMMON 349853101 1505 65000 SOLE 65000 Franklin Covey COMMON 353469109 1170 200000 SOLE 200000 GameTech Intl COMMON 36466D102 86 50000 SOLE 50000 GeoEye Inc COMMON 37250W108 1640 61200 SOLE 61200 Gigabeam Cp COMMON 37517W107 4 144100 SOLE 144100 Global Traffic Network Inc COMMON 37947B103 6457 1382600 SOLE 1382600 GSE Systems Inc COMMON 36227K106 1940 311850 SOLE 311850 Hansen Medical Inc COMMON 411307101 1400 400000 SOLE 400000 Harbin Electric Inc COMMON 41145W109 1266 75000 SOLE 75000 Harris Ineractive Inc COMMON 414549105 2065 2024500 SOLE 2024500 Headwaters Inc COMMON 42210P102 387 100000 SOLE 100000 Health Fitness Corp COMMON 42217V201 4861 869525 SOLE 869525 Hear USA COMMON 422360305 371 299300 SOLE 299300 Hewlett-Packard Co COMMON 428236103 5051 107000 SOLE 107000 Hollywood Media COMMON 436233100 3189 2071019 SOLE 2071019 Huntsman Corp COMMON 447011107 2050 225000 SOLE 225000 ICF Intl COMMON 44925C103 297 9800 SOLE 9800 Imageware Sys COMMON 45245S108 1838 2785196 SOLE 2785196 Imageware Sys C COMMON 452992100 2520 4000000 SOLE 4000000 Imageware Sys D COMMON 452992290 850 1350000 SOLE 1350000 Imergent Inc COMMON 45247Q100 8341 1058446 SOLE 1058446 Infinera Corp COMMON 45667G103 636 80000 SOLE 80000 InfoGroup Inc COMMON 45670G108 2103 300000 SOLE 300000 Inplay Tech Inc COMMON 45773L103 60 1497747 SOLE 1497747 Integramed America COMMON 45810n302 5285 556362 SOLE 556362 Integratd Securty Sys COMMON 45812J101 54 10817152 SOLE 10817152 InterClick Inc COMMON 458483104 1688 800000 SOLE 800000 Intermap Tech COMMON 458977204 970 391450 SOLE 391450 Int'l Business Machines COMMON 459200101 207 1733 SOLE 1732 Iteris Holdings Class A COMMON 46564T107 2213 1515600 SOLE 1515600 Jacobs Engineering COMMON 469814107 4917 107000 SOLE 107000 JB Hunt Trans Svs COMMON 445658107 3856 120000 SOLE 120000 Just Energy Income Fund COMMON 48213T108 6468 495379 SOLE 495379 Kulicke & Soffa COMMON 501242101 838 139000 SOLE 139000 KVH Industries Inc COMMON 482738101 894 89500 SOLE 89500 Landstar System Inc COMMON 515098101 6851 180000 SOLE 180000 LogMein Inc COMMON 54142L109 1831 100000 SOLE 100000 LSI Corp. COMMON 502161102 4941 900000 SOLE 900000 LTX-Credence Corp COMMON 502403108 495 300000 SOLE 300000 Mad Catz Interactive Inc COMMON 556162105 418 1100000 SOLE 1100000 Majesco Entrtnmnt COMMON 560690208 2153 1571407 SOLE 1571407 Market Vectors Gold Miners COMMON 57060U100 453 10000 SOLE 10000 Maxim Integrated Products COMMON 57772K101 3628 200000 SOLE 200000 Maxwell Technologies COMMON 577767106 11827 641735 SOLE 641735 MDC Partners Inc COMMON 552697104 12249 1646383 SOLE 1646383 Meruelo Maddux Properties COMMON 590473104 1722 4100000 SOLE 4100000 Metalico Inc COMMON 591176102 1459 350000 SOLE 350000 Micron Technology Inc. COMMON 595112103 8581 1046500 SOLE 1046500 Microstrategy COMMON 594972408 701 9800 SOLE 9800 Monterey Gourmet Foods COMMON 612570101 4212 2074705 SOLE 2074705 MSC Industrial Direct COMMON 553530106 6973 160000 SOLE 160000 MSGI Security Solutions COMMON 553570102 182 1517549 SOLE 1517549 MYR Group Inc COMMON 55405W104 2636 125000 SOLE 125000 National Fuel Gas COMMON 636180101 3207 70000 SOLE 70000 National Semiconductor COMMON 637640103 1998 140000 SOLE 140000 Natural Gas ETF COMMON 06739H644 792 50000 SOLE 50000 Net 1 Ueps Tech Inc COMMON 64107N206 5455 260250 SOLE 260250 Neurometrix Inc COMMON 641255104 4996 1787733 SOLE 1787733 Novellus Systems COMMON 670008101 1469 70000 SOLE 70000 Novint Tech COMMON 670085109 220 1116063 SOLE 1116063 Nuance Comm COMMON 67020Y100 12516 836620 SOLE 836620 Nucor COMMON 670346105 2821 60000 SOLE 60000 O2 Micro International COMMON 67107W100 971 185000 SOLE 185000 Occidental Petroleum COMMON 674599105 3136 40000 SOLE 40000 Oclaro Inc COMMON 09856E105 9916 9014499 SOLE 9014499 Omnivision Technologies COMMON 682128103 1758 108000 SOLE 108000 ON Semiconductor COMMON 682189105 7425 900000 SOLE 900000 OnSite Energy Corp. COMMON 68284P108 71 1425601 SOLE 1425601 Orchids Paper Products COMMON 68572N104 640 32000 SOLE 32000 Par Technology Corporation COMMON 698884103 2619 410444 SOLE 410444 Parametric Technology Corp.COMMON 699173209 871 63000 SOLE 63000 Parexel Intl Corp COMMON 699462107 2718 200000 SOLE 200000 Penwest Pharmaceutical COMMON 709754105 1073 513530 SOLE 513530 Perma-Fix Envirn Serv COMMON 714157104 4938 2110400 SOLE 2110400 Petrohawk Energy COMMON 716495106 1163 48040 SOLE 48040 Petroleo Brasiliero ADR COMMON 71654V408 1345 29300 SOLE 29300 Petroleo Brasiliero ADR COMMON 71654V101 3083 78425 SOLE 78425 Pharmathene Inc COMMON 71714G102 6616 1625547 SOLE 1625547 Photronics Inc. COMMON 719405102 711 150000 SOLE 150000 Pioneer Natural Resources COMMON 723787107 3448 95000 SOLE 95000 PowerSecure COMMON 73936N105 9693 1429649 SOLE 1429649 Proshares Ultra Short ConsuCOMMON 74347R636 1764 40000 SOLE 40000 PureDepth COMMON 74622H105 379 3154610 SOLE 3154610 QualComm B COMMON 747525103 408 9060 SOLE 9060 Rambus COMMON 750917106 3518 202200 SOLE 202200 Redwood Trust COMMON 758075402 4273 275700 SOLE 275700 Reliance Steel and AluminumCOMMON 759509102 1064 25000 SOLE 25000 Remedent Inc COMMON 75954T104 576 1280000 SOLE 1280000 RemoteMDx Inc COMMON 75961Q101 72 688650 SOLE 688650 Royal Gold b COMMON 780287108 7980 174990 SOLE 174990 Rubicon Tech COMMON 78112T107 297 20000 SOLE 20000 Safeguard Scientifics Inc. COMMON 786449108 3291 300000 SOLE 300000 Sandisk Corp COMMON 80004C101 1085 50000 SOLE 50000 Sapient Corp COMMON 803062108 6432 800000 SOLE 800000 Seachange Intl COMMON 811699107 2311 308200 SOLE 308200 Seagate Technology HoldingsCOMMON G7945J104 8061 530000 SOLE 530000 Seracare Life Sciences COMMON 81747T104 1767 721039 SOLE 721039 Shanda Interactive Ent ADR COMMON 81941Q203 3326 64965 SOLE 64965 Siga Tech COMMON 826917106 11835 1500000 SOLE 1500000 Silver Wheaton Corp COMMON 828336107 7054 565000 SOLE 565000 Sinovac Biotech COMMON P8696W104 5803 700000 SOLE 700000 SmartHeat COMMON 83172F104 768 64700 SOLE 64700 Solar Power Inc COMMON 83490A100 2341 2150442 SOLE 2150442 SPDR Gold Trust ETF COMMON 863307104 3954 40000 SOLE 40000 St Mary Land & Explortion CCOMMON 792228108 1948 60000 SOLE 60000 Standard Pacific Corp COMMON 85375C101 1845 500000 SOLE 500000 StealthGas Inc COMMON Y81669106 375 59725 SOLE 59725 STEC Inc COMMON 784774101 871 29640 SOLE 29640 Sun Opta COMMON 8676EP108 18856 4655870 SOLE 4655870 Super Micro Computer COMMON 86800U104 200 23600 SOLE 23600 Supertex COMMON 868532102 1866 62200 SOLE 62200 Sybase Inc COMMON 871130100 4279 110000 SOLE 110000 Taiwan Semiconductors ADR COMMON 874039100 1644 150000 SOLE 150000 Telecomm System COMMON 87929J103 6565 785300 SOLE 785300 Telvent GIT SA COMMON E90215109 3767 130000 SOLE 130000 ThermoEnergy COMMON 883906406 49 143534 SOLE 143534 Thermogenesis Corp COMMON 883623209 3258 5254849 SOLE 5254849 Towerstream Corp COMMON 892000100 762 582000 SOLE 582000 Transocean Inc COMMON G90073100 1386 16200 SOLE 16200 TriQuint Semiconductor COMMON 89674K103 1930 250000 SOLE 250000 US Gold Corp COMMON 912023207 1747 604400 SOLE 604400 Vaxgen Inc COMMON 922390208 3647 5137050 SOLE 5137050 Verigy Ltd COMMON Y93691106 703 60500 SOLE 60500 Virage Logic Corp COMMON 92763R104 3565 684250 SOLE 684250 VIXS ETN COMMON 06740C527 4000 80000 SOLE 80000 Wabtech COMMON 929740108 1407 37500 SOLE 37500 Wave Systems Class A COMMON 943526301 1971 2287477 SOLE 2287477 Whirlpool COMMON 963320106 4547 65000 SOLE 65000 Xyratex Ltd COMMON G98268108 1141 120000 SOLE 120000 Yucheng Tech COMMON G98777108 1012 141200 SOLE 141200 Yum Brands Inc COMMON 988498101 844 25000 SOLE 25000 Zagg Inc B COMMON 98884U108 105 20000 SOLE 20000 Zoran COMMON 98975F101 5069 440000 SOLE 440000
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