13F-HR 1 c42423_13fhr.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: 03/31/06 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: GAM USA Inc. Address: 330 Madison Avenue New York, NY 10017 13F File Number: 28-7714 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, 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: Kenneth A. Dursht Title: General Counsel Phone: 212-407-4766 Signature, Place, and Date of Signing: Kenneth A. Dursht New York, New York 04/20/06 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of other Included Managers: 2 Form 13F Information Table Entry Total: 223 Form 13F Information Table Value Total: $1,248,544 List of other Included Managers No. 13F File Number Name 01 00-00000-000 GAM International Management Limited 02 00-00000-000 GAM London Limited GB Form 13F Information Table GAM USA Inc. Page 1 of 9

Form 13F Information Table GAM USA Inc. Page 1 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- -- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Abbott Laboratories Common NPV Com 002824100 7,019 150,400 0 0 150,400 02 01 150,400 0 0 Abbott Laboratories Common NPV Com 002824100 933 20,000 0 0 20,000 01 20,000 0 0 Abraxas Petroleum Corp. (Nev) Com Com 003830106 1,395 600,000 0 0 600,000 01 600,000 0 0 Abraxas Petroleum Corp. (Nev) Com Com 003830106 349 150,000 0 0 150,000 02 150,000 0 0 ADC Telecommunications Inc. Com. U Com 000886101 268 100,000 0 0 100,000 01 100,000 0 0 Advanced Power Technology Inc USD Com 00761E108 155 20,000 0 0 20,000 01 20,000 0 0 Alberto-Culver Company Common USD0 Com 013068101 16,904 348,000 0 0 348,000 02 348,000 0 0 Albertson's Incorporated Common US Com 013104104 191 8,000 0 0 8,000 01 8,000 0 0 Alcon Incorporated Common USD0.20 Com H01301102 581 7,208 0 0 7,208 01 7,208 0 0 Alcon Incorporated Common USD0.20 Com H01301102 628 7,792 0 0 7,792 02 7,792 0 0 Allegheny Energy Inc. Common USD1. Com 017361106 296 15,000 0 0 15,000 01 15,000 0 0 Allied Domecq PLC-Spons. ADR Com 019121201 239 6,000 0 0 6,000 01 6,000 0 0 Altria Group Inc. Common USD0.333 Com 02209S103 22,838 373,900 0 0 373,900 02 01 373,900 0 0 Altria Group Inc. Common USD0.333 Com 02209S103 16,340 270,300 270,300 0 0 270,300 0 0 American Express Company Common US Com 025816109 8,121 144,000 0 0 144,000 02 01 144,000 0 0 American Express Company Common US Com 025816109 959 17,000 0 0 17,000 01 17,000 0 0 American International Grp. Com. U Com 026874107 7,355 111,925 0 0 111,925 02 01 111,925 0 0 American International Grp. Com. U Com 026874107 591 9,000 0 0 9,000 01 9,000 0 0 American International Grp. Com. U Com 026874107 2,359 35,898 0 0 35,898 01 35,898 0 0 American International Grp. Com. U Com 026874107 16,778 255,328 0 0 255,328 02 255,328 0 0 American International Grp. Com. U Com 026874107 11,683 178,355 178,355 0 0 178,355 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 413 25,000 0 0 25,000 01 25,000 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 1,652 100,000 0 0 100,000 02 100,000 0 0 Anheuser-Busch Companies Inc Com U Com 035229103 5,402 106,500 0 0 106,500 02 01 106,500 0 0 Anheuser-Busch Companies Inc Com U Com 035229103 14,974 295,600 295,600 0 0 295,600 0 0 --------- 138,422 Form 13F Information Table GAM USA Inc. Page 2 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Applied Materials Inc. Common USD0 Com 038222105 15,584 909,494 909,494 0 0 909,494 0 0 Arbor Realty Trust Inc. Common USD Com 038923108 613 25,000 0 0 25,000 02 25,000 0 0 Archer Daniels Midland Common NPV Com 039483102 1,565 70,000 0 0 70,000 01 70,000 0 0 Argosy Gaming Company USD0.01 Com 040228108 47 1,000 0 0 1,000 01 1,000 0 0 AT&T Comcast Corp. Common Cls. A U Com 20030N101 333 10,000 0 0 10,000 01 10,000 0 0 AT&T Comcast Corp. Common Cls. A U Com 20030N101 20,698 634,920 634,920 0 0 634,920 0 0 AutoZone Incorporated Common USD0. Com 053332102 14,609 160,000 0 0 160,000 02 160,000 0 0 Banco Latinoamericano Export. Comm Com P16994132 1,119 56,100 0 0 56,100 01 56,100 0 0 Banco Latinoamericano Export. Comm Com P16994132 333 16,700 0 0 16,700 02 16,700 0 0 Bank of America Corp. Common USD0. Com 060505104 8,708 185,400 0 0 185,400 02 01 185,400 0 0 Bank of America Corp. Common USD0. Com 060505104 0 2 0 0 2 01 2 0 0 Bank of America Corp. Common USD0. Com 060505104 18,422 392,200 0 0 392,200 02 392,200 0 0 Baxter International Inc. Common U Com 071813109 1,035 30,000 0 0 30,000 01 30,000 0 0 Bear Stearns Companies Inc. Com. U Com 073902108 3,275 32,000 0 0 32,000 01 32,000 0 0 Bear Stearns Companies Inc. Com. U Com 073902108 12,895 126,000 0 0 126,000 02 126,000 0 0 Berkley (W R) Corporation Common U Com 084423102 15,090 320,000 0 0 320,000 02 320,000 0 0 Berkshire Hathaway Inc. Cls. B USD Com 084670207 5,625 1,918 0 0 1,918 02 01 1,918 0 0 Best Buy Company Inc. Common USD0. Com 086516101 2,139 36,000 0 0 36,000 01 36,000 0 0 Best Buy Company Inc. Common USD0. Com 086516101 3,120 52,500 0 0 52,500 02 52,500 0 0 BioLase Technology Inc. Com. USD.0 Com 090911108 174 16,000 0 0 16,000 01 16,000 0 0 Bookham Inc. Common USD0.01 Com 09856E105 1,193 246,500 0 0 246,500 02 246,500 0 0 BorgWarner Incorporated Common USD Com 099724106 217 4,000 0 0 4,000 01 4,000 0 0 BP PLC ADR (Cnv. 6 Ord.) ADR 055622104 12,161 208,000 0 0 208,000 02 01 208,000 0 0 BP PLC ADR (Cnv. 6 Ord.) ADR 055622104 7,472 127,800 127,800 0 0 127,800 0 0 Bristol-Myers Squibb Co. Common US Com 110122108 17,517 694,200 694,200 0 0 694,200 0 0 --------- 163,941 Form 13F Information Table GAM USA Inc. Page 3 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- - Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Burlington Resources Inc. Common U Com 122014103 3,352 77,000 0 0 77,000 01 77,000 0 0 Burlington Resources Inc. Common U Com 122014103 24,507 563,000 0 0 563,000 02 563,000 0 0 Cablevision Systems Corp. Class A Com 12686C109 1,494 60,000 0 0 60,000 01 60,000 0 0 CACI Intl. Inc. Class A Common USD Com 127190304 1,703 25,000 0 0 25,000 01 25,000 0 0 Campbell Soup Company Common USD0. Com 134429109 120 4,000 0 0 4,000 01 4,000 0 0 Campbell Soup Company Common USD0. Com 134429109 6,154 205,900 205,900 0 0 205,900 0 0 Cavalier Homes Inc. Common USD0.10 Com 149507105 160 27,300 0 0 27,300 01 27,300 0 0 Champion Enterprises Common USD1.0 Com 158496109 354 30,000 0 0 30,000 01 30,000 0 0 Cherokee Intl. Corp. Common USD0.0 Com 164450108 288 30,000 0 0 30,000 02 30,000 0 0 ChevronTexaco Corp. Common USD1.50 Com 166764100 11,796 224,700 0 0 224,700 02 01 224,700 0 0 Christopher & Banks Corp. Common U Com 171046105 1,382 75,000 0 0 75,000 02 75,000 0 0 Chubb Corporation Common USD1.00 Com 171232101 3,384 44,000 0 0 44,000 01 44,000 0 0 Chubb Corporation Common USD1.00 Com 171232101 28,378 369,000 0 0 369,000 02 369,000 0 0 Cincinnati Bell Inc. Common USD1 Com 171871106 83 20,000 0 0 20,000 01 20,000 0 0 Cisco Systems Inc. Common USD0.001 Com 17275R102 16,399 844,336 844,336 0 0 844,336 0 0 Citadel Broadcasting Co. Common US Com 17285T106 2,338 144,462 0 0 144,462 02 144,462 0 0 Citigroup Incorporated Common USD0 Com 172967101 14,666 304,433 0 0 304,433 02 01 304,433 0 0 Citigroup Incorporated Common USD0 Com 172967101 16,279 340,656 340,656 0 0 340,656 0 0 Citizens Communications Co. Com. U Com 17453B101 207 15,000 0 0 15,000 01 15,000 0 0 Clear Channel Comms. Inc. Common U Com 184502102 19,521 583,240 583,240 0 0 583,240 0 0 CNH Global N.V. EUR2.25 Com N20935206 232 12,000 0 0 12,000 01 12,000 0 0 Coachmen Industries Inc. Common. N Com 189873102 87 5,000 0 0 5,000 01 5,000 0 0 Coca-Cola Company Common USD0.25 Com 191216100 11,455 275,100 0 0 275,100 02 01 275,100 0 0 Coca-Cola Company Common USD0.25 Com 191216100 416 10,000 0 0 10,000 01 10,000 0 0 Coca-Cola Company Common USD0.25 Com 191216100 32,791 792,245 792,245 0 0 792,245 0 0 --------- 197,548 Form 13F Information Table GAM USA Inc. Page 4 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Colgate-Palmolive Company Common U Com 194162103 4,421 86,400 0 0 86,400 02 01 86,400 0 0 Colgate-Palmolive Company Common U Com 194162103 19,104 375,795 375,795 0 0 375,795 0 0 Computer Associates Intl. Com. USD Com 204912109 18,719 602,662 0 0 602,662 02 602,662 0 0 Conns Inc Common USD0.01 Com 208242107 1,814 107,632 0 0 107,632 01 107,632 0 0 Conns Inc Common USD0.01 Com 208242107 16,356 970,666 0 0 970,666 02 970,666 0 0 ConocoPhillips Common USD1.250 Com 20825C104 6,668 76,800 0 0 76,800 02 01 76,800 0 0 Consolidated Tomoka Land Common US Com 210226106 258 6,000 0 0 6,000 02 6,000 0 0 Cooper Industries Inc. Cls.A Com. Com G24182100 815 12,000 0 0 12,000 01 12,000 0 0 Crown Media Holdings Cl. A Com. US Com 228411104 138 16,000 0 0 16,000 01 16,000 0 0 CSK Auto Incorporated Common USD0. Com 125965103 167 10,000 0 0 10,000 01 10,000 0 0 CTI Molecular Imaging Inc. Com. US Com 22943D105 1,804 127,136 0 0 127,136 02 127,136 0 0 Curtiss-Wright Corp. Cls. B Comm U Com 231561408 1,805 32,100 0 0 32,100 01 32,100 0 0 Dana Corporation Common USD1.00 Com 235811106 780 45,000 0 0 45,000 01 45,000 0 0 Deere & Company Common USD1.00 Com 244199105 149 2,000 0 0 2,000 01 2,000 0 0 Del Laboratories Inc. Common USD1. Com 245091103 393 11,300 0 0 11,300 01 11,300 0 0 Delta & Pine Land Inc. Common USD0 Com 247357106 2,865 105,000 0 0 105,000 01 105,000 0 0 Delta & Pine Land Inc. Common USD0 Com 247357106 3,138 115,000 0 0 115,000 02 115,000 0 0 Deluxe Corporation Common USD1.00 Com 248019101 8,601 227,700 227,700 0 0 227,700 0 0 Diageo PLC Sponsored ADR Com 25243Q205 289 5,000 0 0 5,000 01 5,000 0 0 DIRECTV Group Inc. Common USD0.01 Com 25459L106 301 18,000 0 0 18,000 01 18,000 0 0 Dollar General Corporation Com. US Com 256669102 2,554 123,000 0 0 123,000 01 123,000 0 0 Dollar General Corporation Com. US Com 256669102 17,401 838,000 0 0 838,000 02 838,000 0 0 Dow Jones & Company Inc. Common US Com 260561105 14,736 345,100 345,100 0 0 345,100 0 0 DPL Incorporated Common USD0.01 Com 233293109 351 14,000 0 0 14,000 01 14,000 0 0 Dreyer's Grand Ice Cream Hdg Inc.U Com 261877104 740 9,200 0 0 9,200 01 9,200 0 0 --------- 124,367 Form 13F Information Table GAM USA Inc. Page 5 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- -- Voting Authority --- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Duke Energy Corporation Common NPV Com 264399106 26,443 1,044,000 0 0 1,044,000 02 1,044,000 0 0 EchoStar Comm. Corp. Cls. A Com. U Com 278762109 333 10,000 0 0 10,000 01 10,000 0 0 Edgar Online Incorporated CommonUS Com 279765101 61 40,000 0 0 40,000 01 40,000 0 0 Education Management Co. Common US Com 28139T101 1,419 43,000 0 0 43,000 01 43,000 0 0 Education Management Co. Common US Com 28139T101 8,482 257,000 0 0 257,000 02 257,000 0 0 Edward Lifesciences Corporation US Com 28176E108 206 5,000 0 0 5,000 01 5,000 0 0 E.I. Du Pont de Nemours Common USD Com 263534109 15,481 320,600 320,600 0 0 320,600 0 0 El Paso Corporation Common USD3.00 Com 28336L109 623 60,000 0 0 60,000 01 60,000 0 0 El Paso Corporation Common USD3.00 Com 28336L109 49,417 4,760,000 0 0 4,760,000 02 4,760,000 0 0 El Paso Electric Company Common NP Com 283677854 189 10,000 0 0 10,000 01 10,000 0 0 EMC Corporation (Mass) Common USD0 Com 268648102 14,340 970,769 970,769 0 0 970,769 0 0 Emerson Electric Common USD1.00 Com 291011104 6,143 87,600 0 0 87,600 02 01 87,600 0 0 Endocardial Solutions Inc. Com. US Com 292962107 54 4,600 0 0 4,600 01 4,600 0 0 Estee Lauder Co. Class A Common US Com 518439104 1,756 38,400 0 0 38,400 02 01 38,400 0 0 Exxon Mobil Corporation NPV Com 30231G102 21,738 424,072 0 0 424,072 02 01 424,072 0 0 Exxon Mobil Corporation NPV Com 30231G102 154 3,000 0 0 3,000 01 3,000 0 0 Exxon Mobil Corporation NPV Com 30231G102 261 5,100 0 0 5,100 02 5,100 0 0 Fairchild Corp. Class A Common USD Com 303698104 26 7,000 0 0 7,000 01 7,000 0 0 Fannie Mae Common NPV Com 313586109 6,891 96,750 0 0 96,750 02 01 96,750 0 0 Fedders Corporation Common USD1.00 Com 313135501 29 8,000 0 0 8,000 01 8,000 0 0 Fisher Communications Inc. Com. US Com 337756209 611 12,500 0 0 12,500 01 12,500 0 0 Fleetwood Enterprises Common USD1 Com 339099103 175 13,000 0 0 13,000 01 13,000 0 0 Flowers Foods Inc. Common USD0.01 Com 343498101 95 3,000 0 0 3,000 01 3,000 0 0 Flowserve Corporation Common USD1. Com 34354P105 138 5,000 0 0 5,000 01 5,000 0 0 Foamex International Inc. Com. USD Com 344123104 1,082 288,560 0 0 288,560 01 288,560 0 0 --------- 156,146 Form 13F Information Table GAM USA Inc. Page 6 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- -- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Foamex International Inc. Com. USD Com 344123104 2,747 732,440 0 0 732,440 02 732,440 0 0 Fomento Economico Mex ADR (1 Rep 1 Com 344419106 132 2,500 0 0 2,500 01 2,500 0 0 Fortune Brands Inc. Common USD3.12 Com 349631101 11,576 150,000 0 0 150,000 02 150,000 0 0 Fox Entertainment Group - Cls. A U Com 35138T107 642 20,500 0 0 20,500 02 01 20,500 0 0 Fox Entertainment Group - Cls. A U Com 35138T107 1,565 50,000 0 0 50,000 01 50,000 0 0 Freddie Mac Common USD0.21 Com 313400301 3,773 51,200 0 0 51,200 02 01 51,200 0 0 Fred's Incorporated Class A Common Com 356108100 3,481 200,077 0 0 200,077 01 200,077 0 0 Fred's Incorporated Class A Common Com 356108100 19,157 1,101,000 0 0 1,101,000 02 1,101,000 0 0 Fremont General Corp. Common USD1. Com 357288109 2,494 99,000 0 0 99,000 02 99,000 0 0 Gemstar-TV Guide Intl. Common USD0 Com 36866W106 829 140,000 0 0 140,000 01 140,000 0 0 General Electric Co. Amer. Com. US Com 369604103 17,370 475,900 0 0 475,900 02 01 475,900 0 0 General Mills Incorporated Com. US Com 370334104 12,899 263,300 263,300 0 0 263,300 0 0 Genuine Parts Company Common USD1. Com 372460105 705 16,000 0 0 16,000 01 16,000 0 0 Gerber Scientific Common USD1.00 Com 373730100 304 40,000 0 0 40,000 01 40,000 0 0 Gerber Scientific Common USD1.00 Com 373730100 342 45,000 0 0 45,000 02 45,000 0 0 Gold Banc Corporation Inc. Common Com 379907108 25 1,700 0 0 1,700 01 1,700 0 0 Gray Television Incorporated Commo Com 389375106 542 35,000 0 0 35,000 01 35,000 0 0 Guidant Corporation Common NPV Com 401698105 216 3,000 0 0 3,000 01 3,000 0 0 Hain Celestial Group Inc. Common U Com 405217100 207 10,000 0 0 10,000 01 10,000 0 0 Harmony Gold Mining Sponsor ADR Com 413216300 23,585 2,541,000 0 0 2,541,000 02 2,541,000 0 0 Heinz (HJ) Company Common USD0.25 Com 423074103 390 10,000 0 0 10,000 01 10,000 0 0 Henry Schein Incorporated Common U Com 806407102 174 2,500 0 0 2,500 01 2,500 0 0 Home Depot Incorporated Common USD Com 437076102 4,689 109,700 0 0 109,700 02 01 109,700 0 0 Home Depot Incorporated Common USD Com 437076102 2,224 52,300 52,300 0 0 52,300 0 0 Honeywell Intl Inc Com USD1 Com 438516106 567 16,000 0 0 16,000 01 16,000 0 0 --------- 110,634 Form 13F Information Table GAM USA Inc. Page 7 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority --- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None HSBC Holdings PLC ADR (Rep. 5 Ord. Com 404280406 4,681 55,000 0 0 55,000 02 01 55,000 0 0 IAC/InterActiveCorp Common USD0.01 Com 44919P102 387 14,000 0 0 14,000 01 14,000 0 0 ICU Medical Incorporated Common US Com 44930G107 2,734 100,000 0 0 100,000 02 100,000 0 0 Inamed Corporation Common USD0.01 Com 453235103 158 2,500 0 0 2,500 01 2,500 0 0 Infinity Property & Casualty Commo Com 45665Q103 1,462 41,500 0 0 41,500 01 41,500 0 0 Infinity Property & Casualty Commo Com 45665Q103 18,199 516,500 0 0 516,500 02 516,500 0 0 Infonet Services Corp. Common USD0 Com 45666T106 8 4,100 0 0 4,100 01 4,100 0 0 Intel Corporation Common USD0.001 Com 458140100 15,620 667,800 0 0 667,800 02 01 667,800 0 0 Intel Corporation Common USD0.001 Com 458140100 101 4,300 0 0 4,300 02 4,300 0 0 Intel Corporation Common USD0.001 Com 458140100 22,636 970,970 970,970 0 0 970,970 0 0 International Steel Group Common U Com 460377104 61 1,500 0 0 1,500 01 1,500 0 0 Intl. Business Machines Corp. USD0 Com 459200101 2,483 25,200 0 0 25,200 02 01 25,200 0 0 Ionics Incorporated Common USD1.00 Com 462218108 87 2,000 0 0 2,000 01 2,000 0 0 ITT Industries Inc. Common USD1.00 Com 450911102 422 5,000 0 0 5,000 01 5,000 0 0 IXYS Corporation Common USD0.01 Com 46600W106 3,876 375,000 0 0 375,000 02 375,000 0 0 Johnson & Johnson Common USD1.00 Com 478160104 10,596 167,000 0 0 167,000 02 01 167,000 0 0 Johnson & Johnson Common USD1.00 Com 478160104 23,172 367,890 367,890 0 0 367,890 0 0 J.P. Morgan Chase & Co. Common USD Com 46625H100 7,303 187,200 0 0 187,200 02 01 187,200 0 0 Kaneb Services LLC Common NPV Com 484173109 125 2,900 0 0 2,900 01 2,900 0 0 Kerzner International Ltd. Com. US Com P6065Y107 480 8,000 0 0 8,000 01 8,000 0 0 Keystone Automotive Ind. Inc. USD0 Com 49338N109 3,460 148,800 0 0 148,800 01 148,800 0 0 Keystone Automotive Ind. Inc. USD0 Com 49338N109 3,864 166,200 0 0 166,200 02 166,200 0 0 KLA-Tencor Corporation Common USD0 Com 482480100 8,626 184,889 184,889 0 0 184,889 0 0 Kohls Corporation Common USD0.01 Com 500255104 3,470 70,600 0 0 70,600 02 70,600 0 0 Kraft Foods Inc. NPV Class A Share Com 50075N104 4,006 112,500 0 0 112,500 02 01 112,500 0 0 --------- 138,015 Form 13F Information Table GAM USA Inc. Page 8 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority-- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Liberty Corp. Common USD1.0 Com 530370105 659 15,000 0 0 15,000 01 15,000 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 1,646 150,000 0 0 150,000 01 150,000 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 19 1,751 0 0 1,751 02 1,751 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 925 20,014 0 0 20,014 01 20,014 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 5 104 0 0 104 02 104 0 0 Lilly (Eli) & Company Common NPV Com 532457108 5,630 99,200 0 0 99,200 02 01 99,200 0 0 Lilly (Eli) & Company Common NPV Com 532457108 170 3,000 0 0 3,000 01 3,000 0 0 Lilly (Eli) & Company Common NPV Com 532457108 15,335 272,600 272,600 0 0 272,600 0 0 Linear Technology Corporation Comm Com 535678106 13,310 342,954 342,954 0 0 342,954 0 0 Lin TV Corp. Class A Common USD0.0 Com 532774106 95 5,000 0 0 5,000 01 5,000 0 0 LKQ Corporation. Common. USD0.01 Com 501889208 107 5,312 0 0 5,312 01 5,312 0 0 LKQ Corporation. Common. USD0.01 Com 501889208 395 19,688 0 0 19,688 02 19,688 0 0 LNR Property Corporation Common US Com 501940100 63 1,000 0 0 1,000 01 1,000 0 0 Maguire Properties Inc. Common USD Com 559775101 1,563 57,000 0 0 57,000 01 57,000 0 0 Maguire Properties Inc. Common USD Com 559775101 4,607 168,000 0 0 168,000 02 168,000 0 0 Mahanagar Telephone Nigam Limited Com 559778402 1,352 170,000 0 0 170,000 02 170,000 0 0 Mandalay Resort Group Com. USD0.01 Com 562567107 247 3,500 0 0 3,500 01 3,500 0 0 Mandalay Resort Group Com. USD0.01 Com 562567107 13,382 190,000 0 0 190,000 02 190,000 0 0 MarketWatch Inc. Common USD0.01 Com 570619106 270 15,000 0 0 15,000 01 15,000 0 0 Marsh & McLennan Companies Common Com 571748102 4,085 124,200 0 0 124,200 02 01 124,200 0 0 Marsh & McLennan Companies Common Com 571748102 13,639 423,400 423,400 0 0 423,400 0 0 Material Science Corp. Common USD0 Com 576674105 108 6,000 0 0 6,000 01 6,000 0 0 Maxtor Corporation Common USD0.01 Com 577729205 32 6,000 0 0 6,000 01 6,000 0 0 McDonald's Corporation Common NPV Com 580135101 2,988 93,200 0 0 93,200 02 01 93,200 0 0 McDonald's Corporation Common NPV Com 580135101 10,329 323,321 323,321 0 0 323,321 0 0 --------- 90,962 Form 13F Information Table GAM USA Inc. Page 9 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None McGraw-Hill Inc. Cos. Common USD1. Com 580645109 8,343 91,100 0 0 91,100 02 01 91,100 0 0 MDI Inc. Common USD0.01 Com 552705105 50 50,000 0 0 50,000 02 50,000 0 0 MeadWestvaco Corporation Common US Com 583334107 14,696 436,000 436,000 0 0 436,000 0 0 Medco Health Solutions Inc. Com. U Com 58405U102 948 22,793 0 0 22,793 02 22,793 0 0 Medtronic Incorporated Common USD0 Com 585055106 14,714 296,450 296,450 0 0 296,450 0 0 Mellon Financial Corp. Common USD0 Com 58551A108 156 5,000 0 0 5,000 01 5,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 4,115 128,000 0 0 128,000 02 01 128,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 2,186 68,000 0 0 68,000 01 68,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 27,612 859,000 0 0 859,000 02 859,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 18,660 591,011 591,011 0 0 591,011 0 0 Merrill Lynch & Co. Common USD1.33 Com 590188108 6,044 101,100 0 0 101,100 02 01 101,100 0 0 Metro Goldwyn Mayer Inc. Com. USD0 Com 591610100 2,256 190,000 0 0 190,000 01 190,000 0 0 Micron Technology Inc. Common USD0 Com 595112103 18,978 1,561,544 1,561,544 0 0 1,561,544 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 10,258 383,900 0 0 383,900 02 01 383,900 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 529 19,800 0 0 19,800 02 19,800 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 14,966 557,359 557,359 0 0 557,359 0 0 Microtek Medical Hldgs. Inc. USD0. Com 59515B109 405 100,000 0 0 100,000 02 100,000 0 0 Mobile Telesystems ADR (1 Rep. 5 O Com 607409109 1,301 9,400 0 0 9,400 01 9,400 0 0 Mobile Telesystems ADR (1 Rep. 5 O Com 607409109 277 2,000 0 0 2,000 02 2,000 0 0 MoneyGram International USD0.01 Com 60935Y109 2,160 102,000 0 0 102,000 02 102,000 0 0 Monolithic System Tech. Inc. Com.U Com 609842109 50 8,000 0 0 8,000 01 8,000 0 0 Monsanto Company Common USD0.01 Com 61166W101 436 7,845 0 0 7,845 02 7,845 0 0 Motorola Incorporated Common USD3. Com 620076109 258 15,000 0 0 15,000 01 15,000 0 0 Myogen Inc. Common USD0.001 Com 62856E104 178 22,000 0 0 22,000 02 22,000 0 0 Neiman-Marcus Group Com. Class B U Com 640204301 133 2,000 0 0 2,000 01 2,000 0 0 --------- 149,709 Form 13F Information Table GAM USA Inc. Page 10 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority - Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Neopharm Incorporated Common USD0. Com 640919106 3,344 267,825 0 0 267,825 01 267,825 0 0 Neopharm Incorporated Common USD0. Com 640919106 17,445 1,397,305 0 0 1,397,305 02 1,397,305 0 0 News Corporation Inc. Cls A Com. U Com 65248E104 7,165 384,000 0 0 384,000 02 01 384,000 0 0 News Corporation Inc. Cls A Com. U Com 65248E104 784 42,000 0 0 42,000 01 42,000 0 0 New York Comm. Bancorp Inc. Com. U Com 649445103 411 20,000 0 0 20,000 01 20,000 0 0 Nobility Homes Inc. Common USD0.10 Com 654892108 69 3,000 0 0 3,000 01 3,000 0 0 Northrop Grumman Corporation Com U Com 666807102 10,227 187,500 187,500 0 0 187,500 0 0 Novellus Systems Inc. Common NPV Com 670008101 11,397 407,467 407,467 0 0 407,467 0 0 Occidental Petroleum Corp. Com. US Com 674599105 2,334 40,000 0 0 40,000 02 01 40,000 0 0 Ocular Science Inc. Common USD0.00 Com 675744106 245 5,000 0 0 5,000 01 5,000 0 0 Optibase Limited Common Com M7524R108 88 15,000 0 0 15,000 02 15,000 0 0 Overnite Corporation Common USD0.0 Com 690322102 1,303 35,000 0 0 35,000 02 35,000 0 0 Oxigene Incorporated Common USD0.0 Com 691828107 275 50,000 0 0 50,000 02 50,000 0 0 Palm Harbor Homes Inc. Com. USD0.0 Com 696639103 101 6,000 0 0 6,000 01 6,000 0 0 Patina Oil & Gas Corp. Common USD0 Com 703224105 195 5,200 0 0 5,200 01 5,200 0 0 Paychex Incorporated Common USD0.0 Com 704326107 2,588 78,400 78,400 0 0 78,400 0 0 Pegasus Comms. Class A Com. USD0.0 Com 705904605 17 1,840 0 0 1,840 02 1,840 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 9,014 172,700 0 0 172,700 02 01 172,700 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 17,900 344,400 344,400 0 0 344,400 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 11,665 433,900 0 0 433,900 02 01 433,900 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 726 27,000 0 0 27,000 01 27,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 1,242 46,200 0 0 46,200 01 46,200 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 4,716 175,400 0 0 175,400 02 175,400 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 32,696 1,210,712 1,210,712 0 0 1,210,712 0 0 PNC Financial Services Common USD5 Com 693475105 344 6,000 0 0 6,000 01 6,000 0 0 --------- 136,293 Form 13F Information Table GAM USA Inc. Page 11 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority - Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Polycom Inc. Common USD0.0005 Com 73172K104 2 91 0 0 91 02 91 0 0 Power-One Incorporated Common USD0 Com 739308104 3,337 374,060 0 0 374,060 01 374,060 0 0 Power-One Incorporated Common USD0 Com 739308104 22,728 2,547,980 0 0 2,547,980 02 2,547,980 0 0 Precision Castparts Corporation Co Com 740189105 197 3,000 0 0 3,000 01 3,000 0 0 Price Communications Corp. Com. US Com 741437305 57 3,075 0 0 3,075 01 3,075 0 0 PRIMEDIA Incorporated Common USD0. Com 74157K101 38 10,000 0 0 10,000 01 10,000 0 0 Procter & Gamble Common NPV Com 742718109 13,150 238,700 0 0 238,700 02 01 238,700 0 0 Procter & Gamble Common NPV Com 742718109 275 5,000 0 0 5,000 01 5,000 0 0 Pulitzer Incorporated Common USD0. Com 745769109 195 3,000 0 0 3,000 01 3,000 0 0 Qwest Comms. Intl. Inc. Common USD Com 749121109 266 60,000 0 0 60,000 01 60,000 0 0 Raytheon Company New Common USD0.0 Com 755111507 10,367 267,304 267,304 0 0 267,304 0 0 Retalix Limited ILS1.00 Com M8215W109 1,093 50,000 0 0 50,000 01 50,000 0 0 Retalix Limited ILS1.00 Com M8215W109 2,185 100,000 0 0 100,000 02 100,000 0 0 RF Micro Devices Inc. Common NPV Com 749941100 8,166 1,180,300 1,180,300 0 0 1,180,300 0 0 Riggs Natl. Corp. Washington Com. Com 766570105 276 13,000 0 0 13,000 01 13,000 0 0 Rogers Wireless Comms. Inc. NPV B Com 775315104 365 8,000 0 0 8,000 01 8,000 0 0 Royal Dutch Petroleum EUR0.56 Com 780257804 1,102 19,200 0 0 19,200 02 01 19,200 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 15,876 450,000 0 0 450,000 02 450,000 0 0 SBC Communications Inc. Common USD Com 78387G103 386 15,000 0 0 15,000 01 15,000 0 0 Scottish Re Group Ltd. Common USD0 Com G7885T104 3,172 122,500 0 0 122,500 01 122,500 0 0 Scottish Re Group Ltd. Common USD0 Com G7885T104 1,450 56,000 0 0 56,000 02 56,000 0 0 Sea Containers Class B Common USD0 Com 811371103 390 20,000 0 0 20,000 02 20,000 0 0 Sealed Air Corporation Common USD0 Com 81211K100 107 2,000 0 0 2,000 01 2,000 0 0 Select Medical Corporation Common Com 816196109 81 4,600 0 0 4,600 01 4,600 0 0 Select Medical Corporation Common Com 816196109 2,642 150,000 0 0 150,000 02 150,000 0 0 --------- 87,903 Form 13F Information Table GAM USA Inc. Page 12 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority - Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Sensient Technologies Corp. Com. U Com 81725T100 240 10,000 0 0 10,000 01 10,000 0 0 Sierra Health Services Common USD0 Com 826322109 430 7,800 0 0 7,800 01 7,800 0 0 Sierra Health Services Common USD0 Com 826322109 6,149 111,550 0 0 111,550 02 111,550 0 0 Sinclair Broadcast Group Common US Com 829226109 322 35,000 0 0 35,000 01 35,000 0 0 Skyline Corporation Common USD0.02 Com 830830105 245 6,000 0 0 6,000 01 6,000 0 0 Sola International Inc. Common USD Com 834092108 154 5,600 0 0 5,600 01 5,600 0 0 Sony Corporation ADR (CNV To 1 Ord Com 835699307 8,891 228,000 0 0 228,000 02 228,000 0 0 Sprint Corporation Common USD2.50 Com 852061100 870 35,000 0 0 35,000 01 35,000 0 0 Sprint Corporation Common USD2.50 Com 852061100 4,747 191,000 0 0 191,000 02 191,000 0 0 Standard Motor Prod. Inc. Com. USD Com 853666105 79 5,000 0 0 5,000 01 5,000 0 0 State Street Corporation Common US Com 857477103 14,170 293,300 293,300 0 0 293,300 0 0 Stelmar Shipping Limited Common US Com V8726M103 134 2,800 0 0 2,800 01 2,800 0 0 Suntrust Banks Incorporated Com. U Com 867914103 2,956 40,000 0 0 40,000 02 01 40,000 0 0 SWS Group Inc. Com. USD0.01 Com 78503N107 110 5,000 0 0 5,000 01 5,000 0 0 Synalloy Corporation Common USD1.0 Com 871565107 335 33,750 0 0 33,750 02 33,750 0 0 Sysco Corporation Common USD1.00 Com 871829107 1,909 50,000 0 0 50,000 02 01 50,000 0 0 Sysco Corporation Common USD1.00 Com 871829107 15,568 415,300 415,300 0 0 415,300 0 0 Taiwan Semiconductor Manu. Co. Ltd Com 874039100 645 76,000 0 0 76,000 01 76,000 0 0 Taiwan Semiconductor Manu. Co. Ltd Com 874039100 366 43,126 0 0 43,126 02 43,126 0 0 Target Corporation USD0.167 Com 87612E106 4,983 96,000 0 0 96,000 02 01 96,000 0 0 Technology Solutions Co. Common US Com 87872T108 62 56,000 0 0 56,000 02 56,000 0 0 Telefonos de Mexico (1 ADR Rep. 20 Com 879403780 379 9,900 0 0 9,900 02 9,900 0 0 Telephone & Data Sys. Inc. Com. US Com 879433100 308 4,000 0 0 4,000 01 4,000 0 0 Teradyne Inc. Common USD0.125 Com 880770102 8,798 512,913 512,913 0 0 512,913 0 0 Teva Pharmaceuticals ADR (1 Rep 1 Com 881624209 249 8,350 0 0 8,350 02 8,350 0 0 --------- 73,099 Form 13F Information Table GAM USA Inc. Page 13 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority --- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Texas Instruments Inc. Common USD1 Com 882508104 788 32,000 0 0 32,000 01 32,000 0 0 The Progressive Corp. Common USD1. Com 743315103 187 2,200 0 0 2,200 02 2,200 0 0 The Walt Disney Company Common USD Com 254687106 556 20,000 0 0 20,000 01 20,000 0 0 Thomas & Betts Corporation Common Com 884315102 460 15,000 0 0 15,000 01 15,000 0 0 Thomas Industries Inc. Com. USD1. Com 884425109 399 10,000 0 0 10,000 01 10,000 0 0 Tiffany & Company Common USD0.01 Com 886547108 12,227 386,500 386,500 0 0 386,500 0 0 Time Warner Inc. Common Stk. USD0. Com 887317105 1,913 98,400 0 0 98,400 02 01 98,400 0 0 Time Warner Inc. Common Stk. USD0. Com 887317105 1,312 67,500 0 0 67,500 01 67,500 0 0 Titan Corporation Common USD0.01 Com 888266103 427 26,400 0 0 26,400 01 26,400 0 0 Titan Corporation Common USD0.01 Com 888266103 1,439 88,900 0 0 88,900 02 88,900 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 2,097 40,000 0 0 40,000 01 40,000 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 1,153 22,000 0 0 22,000 02 22,000 0 0 Tribune Company Common NPV Com 896047107 928 22,000 0 0 22,000 01 22,000 0 0 Tribune Company Common NPV Com 896047107 10,337 244,800 244,800 0 0 244,800 0 0 Ultratech Inc. USD0.001 Com 904034105 85 4,500 0 0 4,500 01 4,500 0 0 Unisource Energy Corp. Common NPV Com 909205106 34 1,400 0 0 1,400 01 1,400 0 0 United Auto Group Inc. Common USD0 Com 909440109 5,479 185,000 0 0 185,000 01 185,000 0 0 United Auto Group Inc. Common USD0 Com 909440109 28,134 950,000 0 0 950,000 02 950,000 0 0 United Parcel Service Com.Cls B US Com 911312106 4,811 56,300 0 0 56,300 02 01 56,300 0 0 United Technologies Corp. Common U Com 913017109 13,404 131,000 131,000 0 0 131,000 0 0 USA Truck Incorporated Common USD0 Com 902925106 1,695 100,000 0 0 100,000 01 100,000 0 0 USA Truck Incorporated Common USD0 Com 902925106 7,398 436,600 0 0 436,600 02 436,600 0 0 US Cellular Corporation Common USD Com 911684108 538 12,000 0 0 12,000 01 12,000 0 0 Veolia Environnement ADR (1 Rep. 1 Com 92334N103 546 15,000 0 0 15,000 01 15,000 0 0 Verizon Communications Common USD0 Com 92343V104 8,216 201,718 201,718 0 0 201,718 0 0 --------- 104,562 Form 13F Information Table GAM USA Inc. Page 14 of 14 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority -- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 3,493 96,000 0 0 96,000 02 01 0 0 96,000 Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 14,099 389,877 389,877 0 0 0 0 389,877 Viacom Incorporated Class A Com. U Com 925524100 519 14,000 0 0 14,000 01 14,000 0 0 Viad Corporation Common USD 1.50 Com 92552R406 726 25,500 0 0 25,500 02 25,500 0 0 Vivendi Universal SA ADR (1 ADR : Com 92851S204 1,154 36,000 0 0 36,000 01 36,000 0 0 Walgreen Company Common USD0.625 Com 931422109 9,206 239,900 0 0 239,900 02 01 239,900 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 9,290 176,000 0 0 176,000 02 01 176,000 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 23,791 451,212 451,212 0 0 451,212 0 0 Waste Management Inc. Common USD0. Com 94106L109 2,246 75,000 0 0 75,000 01 75,000 0 0 Watts Water Tech. Inc. A Common US Com 942749102 64 2,000 0 0 2,000 01 2,000 0 0 Waypoint Financial Corp. Common US Com 946756103 198 7,000 0 0 7,000 01 7,000 0 0 Webzen Inc. ADR (1 Rep. 3/10 Ord.) Com 94846M102 218 33,500 0 0 33,500 02 33,500 0 0 Weyerhaeuser Company Common USD1.2 Com 962166104 9,658 143,600 143,600 0 0 143,600 0 0 Williams Companies Inc. Common USD Com 969457100 1,017 62,537 0 0 62,537 01 62,537 0 0 Williams Companies Inc. Common USD Com 969457100 152 9,381 0 0 9,381 02 9,381 0 0 Wm. Wrigley Jr. Company Common NPV Com 982526105 14,416 209,100 209,100 0 0 209,100 0 0 Wyeth Common USD0.333 Com 983024100 1,159 27,200 0 0 27,200 01 27,200 0 0 Wyeth Common USD0.333 Com 983024100 7,680 180,300 0 0 180,300 02 180,300 0 0 Wyeth Common USD0.333 Com 983024100 15,671 371,803 371,803 0 0 371,803 0 0 XL Capital Limited Class A USD0.01 Com G98255105 3,884 50,000 0 0 50,000 01 50,000 0 0 XL Capital Limited Class A USD0.01 Com G98255105 15,690 202,000 0 0 202,000 02 202,000 0 0 Young Broadcasting Inc. Class A US Com 987434107 254 24,000 0 0 24,000 01 24,000 0 0 Yum! Brands Incorporated Common NP Com 988498101 255 5,400 0 0 5,400 02 5,400 0 0 Zimmer Holdings Inc. Common USD0.0 Com 98956P102 160 2,000 0 0 2,000 01 2,000 0 0 --------- 135,000 ========= 1,806,601

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Filing Compare · GAM USA INC