13F-HR 1 q40913f.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, 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_ February 10, 2010 [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: ____200____ Form 13F Information Table Value Total: __636,127__ __ _ _ 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 AK Steel Holdings COMMON 001547108 1494 70000 SOLE 70000 Acme Packet Inc COMMON 004764106 2200 200000 SOLE 200000 Adept Tech COMMON 006854202 1810 535578 SOLE 535578 Advanced Energy COMMON 007973100 6937 460000 SOLE 460000 Advanced Micro Devices COMMON 007903107 16051 1658160 SOLE 1658160 Akorn Inc COMMON 009728106 13478 7529727 SOLE 7529727 Alcatel Lucent ADR COMMON 013904305 1660 500000 SOLE 500000 Alliance Data Systems COMMON 018581108 2584 40000 SOLE 40000 Alpha Natural Resources COMMON 02076X102 2603 60000 SOLE 60000 Altera Corp. COMMON 021441100 2263 100000 SOLE 100000 American Water Works COMMON 030420103 5602 250000 SOLE 250000 Amerigon Inc COMMON 03070L300 635 80000 SOLE 80000 Amerisafe Inc COMMON 03071H100 10423 580000 SOLE 580000 AmerisourceBergen Corp COMMON 03073E105 1955 75000 SOLE 75000 Apple Inc. COMMON 037833100 8434 40000 SOLE 40000 Arotech Corp COMMON 042682203 506 300988 SOLE 300988 Asia Info Holdings COMMON 04518A104 3809 125000 SOLE 125000 Atlas Air Worldwide HoldingCOMMON 049164205 5587 150000 SOLE 150000 Bancorp Bank COMMON 05969A105 4802 700000 SOLE 700000 Bed Bath and Beyond COMMON 075896100 4249 110000 SOLE 110000 Benihana Inc COMMON 082047101 294 70000 SOLE 70000.5 Benihana Inc Class A COMMON 082047200 57 15000 SOLE 15000 Berkshire Hathaway Class B COMMON 084670207 12385 3769 SOLE 3769 BioScrip Inc COMMON 09069N108 836 100000 SOLE 100000 Brocade Communications SystCOMMON 111621306 6295 825000 SOLE 825000 CAE Inc COMMON 124765108 2921 350000 SOLE 350000 Calgon Carbon Corp COMMON 129603106 5421 390000 SOLE 390000 Calpine Corp COMMON 131347304 4950 450000 SOLE 450000 Cameron Intl Corp COMMON 132632100 1672 40000 SOLE 40000 Cavium Networks Inc COMMON 14965A101 4766 200000 SOLE 200000 Central Fund of Canada COMMON 153501101 5512 400000 SOLE 400000 China Life Insurance Co LtdCOMMON 16939P106 3667 50000 SOLE 50000 China Natural Gas COMMON 168910107 389 35000 SOLE 35000 China Nepstar Chain DrugstoCOMMON 16943C109 6743 925000 SOLE 925000 China Valves Technology COMMON 169476207 813 88000 SOLE 88000 Ciena Corp COMMON 171779309 1084 100000 SOLE 100000 Cinedigm COMMON 172407108 42 36000 SOLE 36000 Clarient COMMON 180489106 1855 700000 SOLE 700000 Cogo Group COMMON 192448108 3233 438700 SOLE 438700 Columbia Sportswear COMMON 198516106 4294 110000 SOLE 110000 Comarco Inc. COMMON 200080109 1391 515023 SOLE 515023 Comtech Comm COMMON 205826209 2149 61300 SOLE 61300 Concho Resources COMMON 20605P101 1796 40000 SOLE 40000 Contango Oil and Gas COMMON 21075N204 1471 31300 SOLE 31300 Copart Inc. COMMON 217204106 1831 50000 SOLE 50000 Corning COMMON 219350105 1448 75000 SOLE 75000 Covanta Holdings COMMON 22282E102 3256 180000 SOLE 180000 Cray Inc COMMON 225223106 1284 200000 SOLE 200000 Cuisine Solutions COMMON 229904206 327 883900 SOLE 883900 Cybersource Corp COMMON 23251J106 5027 250000 SOLE 250000 Cybex Intl Inc COMMON 23252E106 351 300000 SOLE 300000 DR Horton COMMON 23331A109 3261 300000 SOLE 300000 Devon Energy COMMON 25179M103 1470 20000 SOLE 20000 Diamond Offshore Drilling COMMON 25271C102 1968 20000 SOLE 20000 Drugstore.com COMMON 262241102 5030 1627732 SOLE 1627732 EMAK Worldwide Inc COMMON 26861V104 287 318999 SOLE 318999 EMC Corp. COMMON 268648102 1747 100000 SOLE 100000 EOG Resources COMMON 26875P101 3159 32470 SOLE 32470 EZ Corp. COMMON 302301106 860 50000 SOLE 50000 Echelon Corp COMMON 27874N105 1156 100000 SOLE 100000 Emrise Corp COMMON 29246J101 152 200000 SOLE 200000 Ener 1 Inc COMMON 29267A203 380 60000 SOLE 60000 EnergyConnect Group COMMON 292748100 124 1770000 SOLE 1770000 Enersys COMMON 29275Y102 3718 170000 SOLE 170000 Entegris Inc COMMON 29362u104 528 100000 SOLE 100000 Entropic Communications IncCOMMON 29384R105 768 250300 SOLE 250300 Ethan Allen Interiors COMMON 297602104 1342 100000 SOLE 100000 Expeditors Intl Washington COMMON 302130109 6165 177500 SOLE 177500 Finisar COMMON 31787A101 2007 225000 SOLE 225000 First American Financial COMMON 318522307 2152 65000 SOLE 65000 Five Star Quality Care COMMON 33832d106 5297 1526600 SOLE 1526600 Flow Intl Corp COMMON 343468104 2356 765000 SOLE 765000 Force Protection COMMON 345203202 10070 1932736 SOLE 1932736 Forward Air Corp COMMON 349853101 3006 120000 SOLE 120000 Franklin Covey COMMON 353469109 653 103700 SOLE 103700 GSE Systems Inc COMMON 36227K106 1749 319150 SOLE 319150 General Steel Holdings COMMON 370853103 441 100000 SOLE 100000 Gigabeam Cp COMMON 37517W107 2 144100 SOLE 144100 Global Traffic Network Inc COMMON 37947B103 5950 1433700 SOLE 1433700 Harris Ineractive Inc COMMON 414549105 3264 2743067 SOLE 2743067 Headwaters Inc COMMON 42210P102 1141 175000 SOLE 175000 Health Fitness Corp COMMON 42217V201 7061 923025 SOLE 923025 Hewlett-Packard Co COMMON 428236103 5151 100000 SOLE 100000 Hollywood Media COMMON 436233100 2635 1882300 SOLE 1882300 Imageware Sys COMMON 45245S108 2153 2785196 SOLE 2785196 Imageware Sys Cprf COMMON 452992100 2952 4000000 SOLE 4000000 Imageware Sys Dprf COMMON 452992290 996 1350000 SOLE 1350000 Imergent Inc COMMON 45247Q100 6638 1093596 SOLE 1093596 InfoGroup Inc COMMON 45670G108 1925 240000 SOLE 240000 Inplay Tech Inc COMMON 45773L103 10 1497747 SOLE 1497747 Int'l Business Machines COMMON 459200101 227 1733 SOLE 1733 Integramed America COMMON 45810n302 4345 556362 SOLE 556362 Integratd Securty Sys COMMON 45812J101 68 10817152 SOLE 10817152 Intelligroup Inc COMMON 45816A106 5457 1559240 SOLE 1559240 InterClick Inc COMMON 458483203 2882 550000 SOLE 550000 Iteris Holdings Class A COMMON 46564T107 2250 1500000 SOLE 1500000 JB Hunt Trans Svs COMMON 445658107 6777 210000 SOLE 210000 Jack In The Box COMMON 466367109 590 30000 SOLE 30000 KVH Industries Inc COMMON 482738101 2802 190000 SOLE 190000 Kulicke & Soffa COMMON 501242101 808 150000 SOLE 150000 LSI Corp. COMMON 502161102 5409 900000 SOLE 900000 Landstar System Inc COMMON 515098101 8142 210000 SOLE 210000 Lihua International COMMON 532352101 1045 100000 SOLE 100000 LogMein Inc COMMON 54142L109 1995 100000 SOLE 100000 MDC Partners Inc COMMON 552697104 13732 1646483 SOLE 1646483 MGIC Investment Corp COMMON 552848103 1734 300000 SOLE 300000 MSC Industrial Direct COMMON 553530106 7050 150000 SOLE 150000 MSGI Security Solutions COMMON 553570102 76 1517549 SOLE 1517549 MYR Group Inc COMMON 55405W104 2260 125000 SOLE 125000 Majesco Entrtnmnt COMMON 560690208 1436 1248884 SOLE 1248884 Market Vectors Gold Miners COMMON 57060U100 485 10500 SOLE 10500 Mattson Technology COMMON 577223100 626 175000 SOLE 175000 Maxim Integrated Products COMMON 57772K101 3349 165000 SOLE 165000 Maxwell Technologies COMMON 577767106 9930 556600 SOLE 556600 Metalico Inc COMMON 591176102 1476 300000 SOLE 300000 Micron Technology Inc. COMMON 595112103 3696 350000 SOLE 350000 Microvision Inc. COMMON 594960106 634 200000 SOLE 200000 Motorola Inc. COMMON 620076109 1940 250000 SOLE 250000 National Fuel Gas COMMON 636180101 1000 20000 SOLE 20000 Net 1 Ueps Tech Inc COMMON 64107N206 5356 275800 SOLE 275800 Netezza Corp COMMON 64111N101 2376 245000 SOLE 245000 Neurometrix Inc COMMON 641255104 4246 1780433 SOLE 1780433 Novellus Systems COMMON 670008101 1634 70000 SOLE 70000 Novint Tech COMMON 670085109 102 747663 SOLE 747663 Nuance Comm COMMON 67020Y100 11914 766690 SOLE 766690 O2 Micro International COMMON 67107W100 784 150000 SOLE 150000 ON Semiconductor COMMON 682189105 6604 749610 SOLE 749610 Occidental Petroleum COMMON 674599105 3254 40000 SOLE 40000 Oclaro Inc COMMON 09856E105 14325 9745000 SOLE 9745000 Old Dominion Freight COMMON 679580100 4451 145000 SOLE 145000 Omnivision Technologies COMMON 682128103 872 60000 SOLE 60000 OnSite Energy COMMON 68284P108 71 1425601 SOLE 1425601 Open Text COMMON 683715106 1626 40000 SOLE 40000 PMI Group Inc COMMON 69344M101 2520 1000000 SOLE 1000000 Par Technology Corporation COMMON 698884103 1498 259197 SOLE 259197 Parexel Intl Corp COMMON 699462107 1692 120000 SOLE 120000 Penwest Pharmaceutical COMMON 709754105 1718 663430 SOLE 663430 Perma-Fix Envirn Serv COMMON 714157104 4880 2150000 SOLE 2150000 Petrohawk Energy COMMON 716495106 1152 48040 SOLE 48040 Petroleo Brasiliero ADR COMMON 71654V408 1049 22000 SOLE 22000 Petroleo Brasiliero ADR COMMON 71654V101 2243 52925 SOLE 52925 Pharmathene Inc COMMON 71714G102 2853 1455575 SOLE 1455575 Photronics Inc. COMMON 719405102 667 150000 SOLE 150000 Pioneer Natural Resources COMMON 723787107 4094 85000 SOLE 85000 PowerSecure COMMON 73936N105 10185 1412649 SOLE 1412649 Proshares Ultra Short ConsuCOMMON 74347R636 1695 45000 SOLE 45000 PureDepth COMMON 74622H105 168 2809000 SOLE 2809000 QKL STORES INC COMMON 74732Y105 1675 250000 SOLE 250000 QualComm COMMON 747525103 419 9060 SOLE 9060 Rambus COMMON 750917106 5124 210000 SOLE 210000 Redwood Trust COMMON 758075402 3625 250700 SOLE 250700 Remedent Inc COMMON 75954T104 495 1270000 SOLE 1270000 RemoteMDx Inc COMMON 75961Q101 43 288650 SOLE 288650 Riverbed Tech COMMON 768573107 1608 70000 SOLE 70000 Rosetta Resources COMMON 777779307 1295 65000 SOLE 65000 Royal Gold COMMON 780287108 4710 100000 SOLE 100000 SPDR Gold Trust ETF COMMON 863307104 3219 30000 SOLE 30000 Safeguard Scientifics Inc. COMMON 786449108 1822 176700 SOLE 176700 Sapient Corp COMMON 803062108 7443 900000 SOLE 900000 Seagate Technology HoldingsCOMMON G7945J104 3543 194790 SOLE 194790 Seracare Life Sciences COMMON 81747T104 3330 864939 SOLE 864939 Shanda Games LTD-ADR COMMON 81941U105 1019 100000 SOLE 100000 Shanda Interactive Ent ADR COMMON 81941Q203 4998 95000 SOLE 95000 Siga Tech COMMON 826917106 8683 1497000 SOLE 1497000 Silver Wheaton Corp COMMON 828336107 7508 499900 SOLE 499900 Sinovac Biotech COMMON P8696W104 3798 600000 SOLE 600000 SmartHeat COMMON 83172F104 1742 120000 SOLE 120000 Solar Power Inc COMMON 83490A100 2703 2197942 SOLE 2197942 Sonic Wall Inc COMMON 835470105 380 50000 SOLE 50000 St Mary Land & Explortion CCOMMON 792228108 2054 60000 SOLE 60000 Standard Microsystem Corp COMMON 853626109 416 20000 SOLE 20000 Standard Pacific Corp COMMON 85375C101 6171 1650000 SOLE 1650000 Starr Surgical Co COMMON 852312305 311 100000 SOLE 100000 Sun Opta COMMON 8676EP108 18309 5449075 SOLE 5449075 Sunpower Corp COMMON 867652307 1257 60000 SOLE 60000 Super Micro Computer COMMON 86800U104 2002 180000 SOLE 180000 Supertex COMMON 868532102 9646 323700 SOLE 323700 Sybase Inc COMMON 871130100 4340 100000 SOLE 100000 Techwell Inc COMMON 87874D101 330 25000 SOLE 25000 Telecomm System COMMON 87929J103 7744 800000 SOLE 800000 Telvent GIT SA COMMON E90215109 6007 154100 SOLE 154100 Thermogenesis Corp COMMON 883623209 3128 5478449 SOLE 5478449 Toll Brothers COMMON 889478103 1881 100000 SOLE 100000 Towerstream Corp COMMON 892000100 1013 522000 SOLE 522000 Transocean Inc COMMON G90073100 1341 16200 SOLE 16200 UQM Technologies COMMON 903213106 685 100000 SOLE 100000 USX US Steel Group COMMON 912909108 2756 50000 SOLE 50000 United Healthcare Corp. COMMON 91324P102 1829 60000 SOLE 60000 Vaxgen Inc COMMON 922390208 2517 5137050 SOLE 5137050 Verisk Analytics Inc Class COMMON 92345Y106 1363 45000 SOLE 45000 Virage Logic Corp COMMON 92763R104 3470 631000 SOLE 631000 Wabtech COMMON 929740108 862 21100 SOLE 21100 Wave Systems Class A COMMON 943526301 2400 1690000 SOLE 1690000 Whirlpool COMMON 963320106 4434 54975 SOLE 54975 Winner Medical Group COMMON 97476p204 827 112000 SOLE 112000 Wireless Ronin TechnologiesCOMMON 97652A203 783 212200 SOLE 212200 Wonder Auto Technology COMMON 978166106 2234 190000 SOLE 190000 Yucheng Tech COMMON G98777108 1279 150000 SOLE 150000 Zagg Inc B COMMON 98884U108 78 20000 SOLE 20000 Zoran COMMON 98975F101 4862 440000 SOLE 440000
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