13F-HR 1 q11113f.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: March 31, 2011 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_ May 4, 2011 [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: ____166____ Form 13F Information Table Value Total: __637,416__ __ _ _ 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 STOCK 001547108 1578 100000 SOLE 100000 AMCOL Intl Corp COMMON STOCK 02341W103 2878 80000 SOLE 80000 Acme Packet Inc COMMON STOCK 004764106 1774 25000 SOLE 25000 Adept Tech COMMON STOCK 006854202 2784 600000 SOLE 600000 Advanced Energy COMMON STOCK 007973100 7031 430000 SOLE 430000 Akorn Inc COMMON STOCK 009728106 14077 2439649 SOLE 2439649 Alcatel Lucent ADR COMMON STOCK 013904305 29050 5000000 SOLE 5000000 Alcoa COMMON STOCK 013817101 2648 150000 SOLE 150000 Allegheny Tech COMMON STOCK 01741R102 5685 83950 SOLE 83950 Alpha Natural Resources COMMON STOCK 02076X102 1187 20000 SOLE 20000 Amerigon Inc COMMON STOCK 03070L300 2291 150000 SOLE 150000 Approach Resources Inc COMMON STOCK 03834A103 605 18000 SOLE 18000 Aspen Technology COMMON STOCK 045327103 1649 110000 SOLE 110000 Atlas Air Worldwide HoldingsCOMMON STOCK 049164205 1046 15000 SOLE 15000 Atmel Corp. COMMON STOCK 049513104 2113 155000 SOLE 155000 Bancorp Bank COMMON STOCK 05969A105 1620 175500 SOLE 175500 Be Aerospace COMMON STOCK 073302101 1066 30000 SOLE 30000 BioScrip Inc COMMON STOCK 09069N108 10362 2200000 SOLE 2200000 Brightpoint Inc COMMON STOCK 109473405 3360 310000 SOLE 310000 Cabela's Inc COMMON STOCK 126804301 325 13000 SOLE 13000 Calgon Carbon Corp COMMON STOCK 129603106 4605 290000 SOLE 290000 Calpine Corp COMMON STOCK 131347304 3201 201700 SOLE 201700 Cavium Networks Inc COMMON STOCK 14965A101 3594 80000 SOLE 80000 Celanese Corp COMMON STOCK 150870103 3328 75000 SOLE 75000 Central Fund of Canada COMMON STOCK 153501101 2944 131610 SOLE 131610 Chicos Fas Inc COMMON STOCK 168615102 894 60000 SOLE 60000 China Electric Motor COMMON STOCK 16890A205 14 287500 SOLE 287500 China TechFaith Wireless ComCOMMON STOCK 169424108 484 110000 SOLE 110000 Ciena Corp COMMON STOCK 171779309 5841 225000 SOLE 225000 Clearwire Corp Class A COMMON STOCK 185385309 378 67600 SOLE 67600 Codexis Inc COMMON STOCK 192005106 5930 500000 SOLE 500000 Cogo Group COMMON STOCK 192448108 7263 900000 SOLE 900000 Concho Resources COMMON STOCK 20605P101 1073 10000 SOLE 10000 Covanta Holdings COMMON STOCK 22282E102 3416 200000 SOLE 200000 Danaos Corp COMMON STOCK Y1968P105 197 29000 SOLE 29000 Darling Intl Inc COMMON STOCK 237266101 1537 100000 SOLE 100000 Devon Energy * COMMON STOCK 25179M103 2019 22000 SOLE 22000 DiaDexus Inc COMMON STOCK 922390208 318 826452 SOLE 826452 Digitalglobe COMMON STOCK 25389M877 1023 36500 SOLE 36500 Dycom COMMON STOCK 267475101 1734 100000 SOLE 100000 EMAK Worldwide Inc COMMON STOCK 26861V104 209 868999 SOLE 868999 EOG Resources * COMMON STOCK 26875P101 5926 50000 SOLE 50000 EZ Chip Semiconductor B COMMON STOCK M4146Y108 1352 45620 SOLE 45620 East West Bancorp Inc COMMON STOCK 27579R104 1318 60000 SOLE 60000 Electronics for Imaging COMMON STOCK 286082102 1030 70000 SOLE 70000 Emulex COMMON STOCK 292475209 1494 140000 SOLE 140000 Energen Corp COMMON STOCK 29265N108 2525 40000 SOLE 40000 EnergyConnect Group COMMON STOCK 292748100 1070 5000000 SOLE 5000000 FSI International COMMON STOCK 302633102 1445 330000 SOLE 330000 FX Energy Inc COMMON STOCK 302695101 1170 140000 SOLE 140000 Fabrinet COMMON STOCK G3323L100 4909 243500 SOLE 243500 First Commonwealth FinancialCOMMON STOCK 319829107 514 75000 SOLE 75000 First Republic Bank COMMON STOCK 33616C100 927 30000 SOLE 30000 Five Star Quality Care COMMON STOCK 33832d106 7317 900000 SOLE 900000 Flow Intl Corp COMMON STOCK 343468104 1317 300000 SOLE 300000 GeoEye Inc COMMON STOCK 37250W108 1247 30000 SOLE 30000 Global Traffic Network Inc COMMON STOCK 37947B103 18515 1484800 SOLE 1484800 Halliburton & Co. COMMON STOCK 406216101 3489 70000 SOLE 70000 Harbin Electric Inc COMMON STOCK 41145W109 10345 500000 SOLE 500000 Harmonic Inc COMMON STOCK 413160102 2533 270000 SOLE 270000 Harris Interactive Inc COMMON STOCK 414549105 3479 3527999 SOLE 3527999 Hewlett-Packard Co COMMON STOCK 428236103 4712 115000 SOLE 115000 Himax Technologies COMMON STOCK 43289P106 403 170000 SOLE 170000 Imageware Sys COMMON STOCK 45245S108 3913 2785196 SOLE 2785196 Imageware Sys Cprf COMMON STOCK 452992100 5364 1000 SOLE 1000 Imageware Sys Dprf COMMON STOCK 452992290 1810 338 SOLE 338 Int'l Business Machines COMMON STOCK 459200101 283 1733 SOLE 1733 Integramed America COMMON STOCK 45810n302 973 94500 SOLE 94500 InterClick Inc COMMON STOCK 458483203 5170 733300 SOLE 733300 Iridium Communications COMMON STOCK 46269c102 2391 300000 SOLE 300000 Jack In The Box COMMON STOCK 466367109 454 20000 SOLE 20000 Jazz Pharmaceuticals b COMMON STOCK 472147107 956 30000 SOLE 30000 Just Energy Income Fund COMMON STOCK 48213T108 7533 471600 SOLE 471600 KVH Industries Inc COMMON STOCK 482738101 3251 215000 SOLE 215000 Kansas City Southern City COMMON STOCK 485170302 3267 60000 SOLE 60000 Kronos Worldwide Inc COMMON STOCK 50105F105 4676 80000 SOLE 80000 LTX-Credence Corp COMMON STOCK 502403207 1370 150000 SOLE 150000 Lennar Corp COMMON STOCK 526057104 3986 220000 SOLE 220000 Liberty Global COMMON STOCK 530555309 2465 61640 SOLE 61640 Lihua International COMMON STOCK 532352101 16938 1929200 SOLE 1929200 Local.Com COMMON STOCK 53954R105 1362 350000 SOLE 350000 MDC Partners Inc COMMON STOCK 552697104 24512 1461682 SOLE 1461682 MEMC Electronic Materials COMMON STOCK 552715104 3240 250000 SOLE 250000 MGIC Investment Corp COMMON STOCK 552848103 3556 400000 SOLE 400000 MYR Group Inc COMMON STOCK 55405W104 2751 115000 SOLE 115000 Magma Design Automation COMMON STOCK 559181102 12423 1821500 SOLE 1821500 Magnachip Semiconductor CorpCOMMON STOCK 55933J203 1375 100000 SOLE 100000 Marten Transport COMMON STOCK 573075108 446 20000 SOLE 20000 Massey Energy Company COMMON STOCK 576206106 2051 30000 SOLE 30000 Mastec COMMON STOCK 576323109 13936 670000 SOLE 670000 Maxwell Technologies COMMON STOCK 577767106 6008 347870 SOLE 347870 Micron Technology Inc. COMMON STOCK 595112103 8022 700000 SOLE 700000 Molycorp Inc COMMON STOCK 608753109 7202 120000 SOLE 120000 NCI Buiding Systems COMMON STOCK 628852204 634 50000 SOLE 50000 Nektar Therapeutics COMMON STOCK 640268108 7576 800000 SOLE 800000 Network Equipment TechnologiCOMMON STOCK 641208103 1084 287400 SOLE 287400 Newfield Exploration COMMON STOCK 651290108 1140 15000 SOLE 15000 Nova Measuring Instruments COMMON STOCK M7516K103 931 95000 SOLE 95000 Novint Tech COMMON STOCK 670085109 14 152663 SOLE 152663 Nuance Comm COMMON STOCK 67020Y100 12875 658250 SOLE 658250 OCZ Technology Group COMMON STOCK 67086E303 9644 1199543 SOLE 1199543 ON Semiconductor COMMON STOCK 682189105 3948 400000 SOLE 400000 Occidental Petroleum COMMON STOCK 674599105 3553 34000 SOLE 34000 Oclaro Inc COMMON STOCK 09856E105 11510 1000000 SOLE 1000000 OnSite Energy COMMON STOCK 68284P108 53 1331229 SOLE 1331229 Opko Health Inc COMMON STOCK 68375N103 1119 300000 SOLE 300000 Oracle Systems COMMON STOCK 68389X105 4177 125165 SOLE 125165 Overland Data COMMON STOCK 690310107 2882 1435000 SOLE 1435000 PC-Tel Inc COMMON STOCK 69325Q105 387 50500 SOLE 50500 Perma-Fix Envirn Serv COMMON STOCK 714157104 2930 1940600 SOLE 1940600 Pharmathene Inc COMMON STOCK 71714G102 3601 1128773 SOLE 1128773 Pioneer Natural Resources COMMON STOCK 723787107 3160 31000 SOLE 31000 Plantronics Inc COMMON STOCK 727493108 732 20000 SOLE 20000 Polypore Intl COMMON STOCK 73179V103 1727 30000 SOLE 30000 PowerSecure COMMON STOCK 73936N105 15875 1845900 SOLE 1845900 Procera Networks COMMON STOCK 74269U104 1136 112000 SOLE 112000 Proshares Ultra Short ConsumCOMMON STOCK 74347R636 488 25000 SOLE 25000 PureDepth COMMON STOCK 74622H105 0 439614 SOLE 439614 QualComm COMMON STOCK 747525103 5483 100000 SOLE 100000 Quality Distribution Inc COMMON STOCK 74756M102 1778 150000 SOLE 150000 Quanta Services COMMON STOCK 74762E102 673 30000 SOLE 30000 Radware LTD B COMMON STOCK M81873107 1591 44900 SOLE 44900 Remedent Inc COMMON STOCK 75954T104 508 1270000 SOLE 1270000 Rockwell Collins COMMON STOCK 774341101 2269 35000 SOLE 35000 Rosetta Resources COMMON STOCK 777779307 4184 88000 SOLE 88000 SPDR Gold Trust ETF COMMON STOCK 863307104 2829 20232 SOLE 20232 Salesforce.com Inc COMMON STOCK 79466L302 2004 15000 SOLE 15000 Sapient Corp COMMON STOCK 803062108 8015 700000 SOLE 700000 Savvis Communications COMMON STOCK 805423100 3338 90000 SOLE 90000 Seracare Life Sciences COMMON STOCK 81747T104 1704 425900 SOLE 425900 Shanghi Innovations COMMON STOCK 82321P104 393 100000 SOLE 100000 ShoreTel Inc COMMON STOCK 825211105 2881 350000 SOLE 350000 Siga Tech COMMON STOCK 826917106 19421 1605000 SOLE 1605000 Silver Wheaton Corp COMMON STOCK 828336107 2168 50000 SOLE 50000 Sino Clean Energy COMMON STOCK 82936G200 1451 255000 SOLE 255000 Smart Modular Tech COMMON STOCK G82245104 4856 625000 SOLE 625000 SmartHeat COMMON STOCK 83172F104 3538 1250000 SOLE 1250000 Solar Power COMMON STOCK 83490A100 1319 2487942 SOLE 2487942 Sprint Nextel Corp COMMON STOCK 812387108 2784 600000 SOLE 600000 Sun Opta COMMON STOCK 8676EP108 25274 3406160 SOLE 3406160 Supertex COMMON STOCK 868532102 6232 279700 SOLE 279700 TIBCO Software COMMON STOCK 88632Q103 4946 181500 SOLE 181500 Telecomm System COMMON STOCK 87929J103 2884 700000 SOLE 700000 Terremark Worldwide Inc COMMON STOCK 881448203 3610 190000 SOLE 190000 Thermogenesis Corp COMMON STOCK 883623209 1599 765000 SOLE 765000 Titan International COMMON STOCK 88830M102 4258 160000 SOLE 160000 Titan Machinery Inc COMMON STOCK 88830R101 1389 55000 SOLE 55000 Toreador Royalty COMMON STOCK 891041105 1078 100000 SOLE 100000 Towerstream Corp COMMON STOCK 892000100 391 100000 SOLE 100000 Trina Solar ADR COMMON STOCK 89628E104 4217 140000 SOLE 140000 Trinity Industry COMMON STOCK 896522109 3667 100000 SOLE 100000 Trunkbow Intl Holdings COMMON STOCK 89818A102 1262 310000 SOLE 310000 Tyson Foods COMMON STOCK 902494103 5757 300000 SOLE 300000 Ultratech Inc COMMON STOCK 904034105 735 25000 SOLE 25000 Uni-Pixel Inc COMMON STOCK 904572203 773 108300 SOLE 108300 Unit Corp. COMMON STOCK 909218109 9912 160000 SOLE 160000 United Continental Holdings COMMON STOCK 910047109 6897 300000 SOLE 300000 Verigy Ltd COMMON STOCK Y93691106 423 30000 SOLE 30000 Viasat COMMON STOCK 92552v100 1195 30000 SOLE 30000 Vitesse COMMON STOCK 928497106 606 125000 SOLE 125000 Wave Systems Class A COMMON STOCK 943526301 205 65500 SOLE 65500 Web.com Group Inc COMMON STOCK 94733A104 7295 500000 SOLE 500000 Wells Fargo COMMON STOCK 949746101 2469 77900 SOLE 77900 Wonder Auto Technology COMMON STOCK 978166106 1491 275000 SOLE 275000 Xerium Technologies COMMON STOCK 98416J118 2044 85000 SOLE 85000 Zagg Inc B COMMON STOCK 98884U108 601 80000 SOLE 80000
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