13F-HR 1 q21113f.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: June 30, 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_ August 3, 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: ____178____ Form 13F Information Table Value Total: __599,797__ __ _ _ 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 ABB LTD COMMON STOCK 000375204 779 30000 SOLE 30000 AMCOL Intl Corp COMMON STOCK 02341W103 2156 56500 SOLE 56500 AU Optronics COMMON STOCK 002255107 1032 150000 SOLE 150000 Acme Packet Inc COMMON STOCK 004764106 2455 35000 SOLE 35000 Actuate Corp COMMON STOCK 00508B102 5116 874600 SOLE 874600 Adept Tech COMMON STOCK 006854202 2388 600000 SOLE 600000 Advanced Energy COMMON STOCK 007973100 6360 430000 SOLE 430000 Akorn Inc COMMON STOCK 009728106 9356 1336530 SOLE 1336530 Alcatel Lucent ADR COMMON STOCK 013904305 29977 5195300 SOLE 5195300 Alcoa COMMON STOCK 013817101 2379 150000 SOLE 150000 Allegheny Tech COMMON STOCK 01741R102 10155 160000 SOLE 160000 Amerigon Inc COMMON STOCK 03070L300 2606 149920 SOLE 149920 Approach Resources Inc COMMON STOCK 03834A103 408 18000 SOLE 18000 Aspen Technology COMMON STOCK 045327103 1890 110000 SOLE 110000 Atlas Air Worldwide Holdings COMMON STOCK 049164205 1785 30000 SOLE 30000 Atmel Corp. 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