13F-HR 1 q31013f.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, 2010 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_ October 29, 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: ____178____ Form 13F Information Table Value Total: __567,820__ __ _ _ 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 5109.89 190100 SOLE 190100 Adept Tech COMMON 006854202 2781.21 551828 SOLE 551828 Adobe Systems COMMON 00724F101 528.6 20000 SOLE 20000 Advanced Energy COMMON 007973100 5530.5 450000 SOLE 450000 Advanced Micro Devices COMMON 007903107 2196 300000 SOLE 300000 Airtran Holdings COMMON 00949P108 2182.5 450000 SOLE 450000 Akorn Inc COMMON 009728106 16926.03 5699000 SOLE 5699000 Alcatel Lucent ADR COMMON 013904305 2794 1100000 SOLE 1100000 Altera Corp. COMMON 021441100 2605.05 105000 SOLE 105000 American Water Works COMMON 030420103 4145.96 201260 SOLE 201260 Apple Inc. COMMON 037833100 2263.77 9000 SOLE 9000 Approach Resources Inc COMMON 03834A103 275.2 40000 SOLE 40000 Asia Info Holdings COMMON 04518A104 2513.9 115000 SOLE 115000 Atlas Air Worldwide HoldingsCOMMON 049164205 4750 100000 SOLE 100000 AutoChina Intl LTD COMMON G06750106 2561.2 95000 SOLE 95000 BMC Software COMMON 055921100 2250.95 65000 SOLE 65000 Bancorp Bank COMMON 05969A105 3016.7 385275 SOLE 385275 BioScrip Inc COMMON 09069N108 1310 250000 SOLE 250000 Boeing COMMON 097023105 2510 40000 SOLE 40000 CAE Inc COMMON 124765108 3054.34 350000 SOLE 350000 Calgon Carbon Corp COMMON 129603106 3972 300000 SOLE 300000 Calpine Corp COMMON 131347304 7314 575000 SOLE 575000 Camac Energy Inc COMMON 131745101 2797.5 750000 SOLE 750000 Cameron Intl Corp COMMON 132632100 975.6 30000 SOLE 30000 Carbo Ceramics Inc COMMON 140781105 577.52 8000 SOLE 8000 Cavium Networks Inc COMMON 14965A101 4190.4 160000 SOLE 160000 Central Fund of Canada COMMON 153501101 5425.2 360000 SOLE 360000 China Electric Motor COMMON 16890A205 1473 300000 SOLE 300000 China Media Express COMMON 169442100 4673.84 532935 SOLE 532935 China Valves Technology COMMON 169476207 466.5 50000 SOLE 50000 Clarient COMMON 180489106 2252.19 731230 SOLE 731230 Clearwire Corp Class A COMMON 185385309 2184 300000 SOLE 300000 Codexis Inc COMMON 192005106 876 100000 SOLE 100000 Cogo Group COMMON 192448108 3806.4 610000 SOLE 610000 Collective Brands Inc COMMON 704379106 2212 140000 SOLE 140000 Comarco Inc. COMMON 200080109 1272.73 541589 SOLE 541589 Concho Resources COMMON 20605P101 1991.88 36000 SOLE 36000 Conseco COMMON 208464883 1336.5 270000 SOLE 270000 Consol Energy Inc COMMON 20854P109 2363.2 70000 SOLE 70000 Covanta Holdings COMMON 22282E102 2986.2 180000 SOLE 180000 Cybex Intl Inc COMMON 23252E106 412.16 282300 SOLE 282300 DR Horton COMMON 23331A109 2211.75 225000 SOLE 225000 Diana Shipping COMMON Y2066G104 4785.5 425000 SOLE 425000 Drugstore.com COMMON 262241102 3819.2 1240000 SOLE 1240000 EMAK Worldwide Inc COMMON 26861V104 370.3 528999 SOLE 528999 EMC Corp. COMMON 268648102 2196 120000 SOLE 120000 EOG Resources COMMON 26875P101 4276.14 43470 SOLE 43470 EZ Chip Semiconductor COMMON M4146Y108 1050 60000 SOLE 60000 EZ Corp. COMMON 302301106 2782.5 150000 SOLE 150000 EnergyConnect Group COMMON 292748100 707.14 4637000 SOLE 4637000 Enersys COMMON 29275Y102 2191.07 102530 SOLE 102530 Entegris Inc COMMON 29362U104 397 100000 SOLE 100000 Entropic Communications Inc COMMON 29384R105 1648.4 260000 SOLE 260000 Ethan Allen Interiors COMMON 297602104 1678.8 120000 SOLE 120000 Expeditors Intl Washington COMMON 302130109 4733.91 137175 SOLE 137175 Fabrinet COMMON G3323L100 535 50000 SOLE 50000 Finisar COMMON 31787A101 2598.04 174365 SOLE 174365 First Marblehead Corp COMMON 320771108 235 100000 SOLE 100000 Five Star Quality Care COMMON 33832d106 3569.34 1181900 SOLE 1181900 Flow Intl Corp COMMON 343468104 896.8 380000 SOLE 380000 GSE Systems Inc COMMON 36227K106 105.55 25998 SOLE 25998 GeoEye Inc COMMON 37250W108 934.2 30000 SOLE 30000 Global Traffic Network Inc COMMON 37947B103 7954.33 1478500 SOLE 1478500 Graftech Intl COMMON 384313102 1681.3 115000 SOLE 115000 Great Lakes Dredge & Dry DocCOMMON 390607109 240 40000 SOLE 40000 Halliburton & Co. COMMON 406216101 1718.5 70000 SOLE 70000 Harmonic Inc COMMON 413160102 625.6 115000 SOLE 115000 Harris Ineractive Inc COMMON 414549105 3271.53 3086349 SOLE 3086349 Heckmann Corp COMMON 422680108 417.6 90000 SOLE 90000 Helmerich and Payne COMMON 423452101 1643.4 45000 SOLE 45000 Hewlett-Packard Co COMMON 428236103 649.2 15000 SOLE 15000 Hollywood Media COMMON 436233100 2221.11 1882300 SOLE 1882300 Huntsman Corp COMMON 447011107 3970.86 458000 SOLE 458000 IStar Financial Inc COMMON 45031U101 1115 250000 SOLE 250000 Imageware Sys COMMON 45245S108 1418.18 2785196 SOLE 2785196 Imageware Sys Cprf COMMON 452992100 1944 2000 SOLE 1000 Imageware Sys Dprf COMMON 452992290 656.1 675 SOLE 338 Imergent Inc COMMON 45247Q100 3457.1 955000 SOLE 955000 Infospace.com COMMON 45678T201 3442.28 457750 SOLE 457750 Int'l Business Machines COMMON 459200101 213.94 1733 SOLE 1733 Integramed America COMMON 45810n302 4864.29 599051 SOLE 599051 Intel Corp. COMMON 458140100 972.5 50000 SOLE 50000 InterClick Inc COMMON 458483203 1827.12 496500 SOLE 496500 Iteris Holdings Class A COMMON 46564T107 675 500000 SOLE 500000 JB Hunt Trans Svs COMMON 445658107 6631.36 202980 SOLE 202980 JDA Software Group COMMON 46612K108 1538.6 70000 SOLE 70000 Jazz Pharmaceuticals COMMON 472147107 1669.36 213200 SOLE 213200 Just Energy Income Fund COMMON 48213T108 5634.41 472900 SOLE 472900 KVH Industries Inc COMMON 482738101 2484 200000 SOLE 200000 Kaiser Aluminum COMMON 483007704 1386.8 40000 SOLE 40000 Kulicke & Soffa COMMON 501242101 772.2 110000 SOLE 110000 LSI Corp. COMMON 502161102 2300 500000 SOLE 500000 Landstar System Inc COMMON 515098101 5151.36 132120 SOLE 132120 Lennar Corp COMMON 526057104 4868.5 350000 SOLE 350000 Lihua International COMMON 532352101 9303.25 1094500 SOLE 1094500 LogMein Inc COMMON 54142L109 1704.95 65000 SOLE 65000 Lowes Companies COMMON 548661107 1042.83 51069 SOLE 51069 MDC Partners Inc COMMON 552697104 12074.33 1130555 SOLE 1130555 MEMC Electronic Materials COMMON 552715104 988 100000 SOLE 100000 MGIC Investment Corp COMMON 552848103 1991.97 289110 SOLE 289110 MSC Industrial Direct COMMON 553530106 4052.8 80000 SOLE 80000 MYR Group Inc COMMON 55405W104 944.65 56600 SOLE 56600 Majesco Entrtnmnt COMMON 560690208 568 800000 SOLE 800000 Market Vectors Gold Miners COMMON 57060U100 3008.48 57900 SOLE 57900 Maxim Integrated Products COMMON 57772K101 1505.7 90000 SOLE 90000 Maxwell Technologies COMMON 577767106 5959.35 522750 SOLE 522750 Micron Technology Inc. COMMON 595112103 7216.5 850000 SOLE 850000 Microsoft COMMON 594918104 920.4 40000 SOLE 40000 Microvision Inc. COMMON 594960106 420.62 142100 SOLE 142100 Money 4 Gold Holdings COMMON 60936N102 51.1 730000 SOLE 730000 Nektar Therapeutics COMMON 640268108 4114 340000 SOLE 340000 Net 1 Ueps Tech Inc COMMON 64107N206 1341 100000 SOLE 100000 Netezza Corp COMMON 64111N101 2359.8 172500 SOLE 172500 Neurometrix Inc COMMON 641255104 1558.57 1367169 SOLE 1367169 Newfield Exploration COMMON 651290108 732.9 15000 SOLE 15000 Nova Measuring Instruments COMMON M7516K103 339.02 81300 SOLE 81300 Novellus Systems COMMON 670008101 1521.6 60000 SOLE 60000 Novint Tech COMMON 670085109 19.24 152663 SOLE 152663 Nuance Comm COMMON 67020Y100 10049.99 672240 SOLE 672240 ON Semiconductor COMMON 682189105 2552 400000 SOLE 400000 OSI Systems COMMON 671044105 555.4 20000 SOLE 20000 Occidental Petroleum COMMON 674599105 3086 40000 SOLE 40000 Oclaro Inc COMMON 09856E105 22543.35 2032764 SOLE 2032764 Old Dominion Freight COMMON 679580100 5152.58 146630 SOLE 146630 Omnivision Technologies COMMON 682128103 3001.6 140000 SOLE 140000 OnSite Energy COMMON 68284P108 92.66 1425601 SOLE 1425601 Oshkosh Truck COMMON 688239201 2492.8 80000 SOLE 80000 PMI Group Inc COMMON 69344M101 3251.54 1125100 SOLE 1125100 Penwest Pharmaceutical COMMON 709754105 3502.62 1061400 SOLE 1061400 Perma-Fix Envirn Serv COMMON 714157104 3638.6 2260000 SOLE 2260000 Pharmathene Inc COMMON 71714G102 1883.59 1155575 SOLE 1155575 Photronics Inc. COMMON 719405102 452 100000 SOLE 100000 Pioneer Natural Resources COMMON 723787107 2704.97 45500 SOLE 45500 Plum Creek Timber Company COMMON 729251108 3504.79 101500 SOLE 101500 Polypore Intl COMMON 73179V103 1364.4 60000 SOLE 60000 Power-One Inc COMMON 739308104 675 100000 SOLE 100000 PowerSecure COMMON 73936N105 10242.32 1126768 SOLE 1126768 Procera Networks COMMON 74269U104 832.6 1810000 SOLE 1810000 Proshares Ultra Euro ETF COMMON 74347W874 435.2 20000 SOLE 20000 PureDepth COMMON 74622H105 49.21 2590000 SOLE 2590000 QKL STORES INC COMMON 74732Y105 924 220000 SOLE 220000 QualComm COMMON 747525103 1149.4 35000 SOLE 35000 Radware LTD COMMON M81873107 2200.52 107500 SOLE 107500 Range Resources Corp COMMON 75281A109 2208.25 55000 SOLE 55000 Redwood Trust COMMON 758075402 6235.03 425890 SOLE 425890 Remedent Inc COMMON 75954T104 469.9 1270000 SOLE 1270000 Resource Capital Corp COMMON 76120W302 1988 350000 SOLE 350000 Roadrunner Transportation SyCOMMON 76973Q105 4355.36 306500 SOLE 306500 Rosetta Resources COMMON 777779307 1981 100000 SOLE 100000 Royal Gold COMMON 780287108 7680 160000 SOLE 160000 SPDR Gold Trust ETF COMMON 863307104 3813.33 31339 SOLE 31339 Safeguard Scientifics Inc. COMMON 786449108 316.8 30000 SOLE 30000 Sapient Corp COMMON 803062108 9227.4 910000 SOLE 910000 Semtech COMMON 816850101 327.4 20000 SOLE 20000 Seracare Life Sciences COMMON 81747T104 1273.59 333400 SOLE 333400 Siga Tech COMMON 826917106 13277.86 1724398 SOLE 1724398 Sigma Designs COMMON 826565103 600.6 60000 SOLE 60000 Silicon Image Inc COMMON 82705T102 1263.6 360000 SOLE 360000 Silver Wheaton Corp COMMON 828336107 7537.5 375000 SOLE 375000 SmartHeat COMMON 83172F104 3212.45 562601 SOLE 562601 Smith Micro Software COMMON 832154108 1103.16 116000 SOLE 116000 Solar Power COMMON 83490A100 1343.49 2487942 SOLE 2487942 Standard Pacific Corp COMMON 85375C101 3523.71 1058170 SOLE 1058170 Starwood Property Tr COMMON 85571B105 254.25 15000 SOLE 15000 Steel Dynamics COMMON 858119100 659.5 50000 SOLE 50000 Sun Opta COMMON 8676EP108 26800.67 6118875 SOLE 6118875 Super Micro Computer COMMON 86800U104 2926.85 216804 SOLE 216804 Supertex COMMON 868532102 9871.4 400300 SOLE 400300 Sybase Inc COMMON 871130100 4815.23 74470 SOLE 74470 Synaptics COMMON 87157D109 550 20000 SOLE 20000 TIBCO Software COMMON 88632Q103 2231.1 185000 SOLE 185000 Telecomm System COMMON 87929J103 2843.14 686750 SOLE 686750 Telvent GIT SA COMMON E90215109 1002 60000 SOLE 60000 Terremark Worldwide Inc COMMON 881448203 2108.7 270000 SOLE 270000 Thermogenesis Corp COMMON 883623209 2491.5 5084700 SOLE 5084700 Toreador Royalty COMMON 891041105 220 40000 SOLE 40000 USX US Steel Group COMMON 912909108 1156.5 30000 SOLE 30000 Vaxgen Inc COMMON 922390208 1695.23 5137050 SOLE 5137050 Viasat COMMON 92552v100 976.8 30000 SOLE 30000 Virage Logic Corp COMMON 92763R104 1070.1 90000 SOLE 90000 Vitesse COMMON 928497106 1011.2 3950000 SOLE 3950000 Winner Medical Group COMMON 97476p204 1231.37 234100 SOLE 234100 Wonder Auto Technology COMMON 978166106 1647 225000 SOLE 225000 Yahoo COMMON 984332106 2074.5 150000 SOLE 150000
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