13F-HR 1 c54537_13f-hr.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: 06/30/08 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: One Rockefeller Plaza New York, NY 10020 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 08/07/08 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: 165 Form 13F Information Table Value Total: $1,160,694 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 127 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 ~~24/7~~3M ~~Real~~Company ~~Media Inc.~~ Common ~~USD 0~~USD0.01 Com ~~901314203~~88579Y101 ~~2,052~~83 ~~255~~1,~~670~~200 0 0 ~~255~~1,~~670~~200 01 ~~255~~1,~~670~~200 0 0 3MAbaxis ~~Company~~Inc. Common ~~USD0.01~~NPV Com ~~88579Y101~~002567105 91 1,~~200~~419 58,790 0 0 158,~~200~~790 01 158,~~200~~790 0 0 3MAbitibiBowater ~~Company~~Inc. Common ~~USD0~~USD1.0100 Com ~~88579Y101~~003687100 ~~986~~4,094 12437,~~900~~669 0 0 12437,~~900~~669 0201 12437,~~900~~669 0 0 ~~Abbott~~AbitibiBowater ~~Laboratories~~Inc. Common ~~NPV~~USD1.00 Com ~~002824100~~003687100 ~~697~~11,652 121,~~500~~246,122 0 0 121,~~500~~246,122 02 ~~01 12~~1,~~500~~246,122 0 0 ~~Acco~~Air ~~Brands~~Methods ~~Corporation~~Corp. Common USD0.0106 Com ~~00081T108~~009128307 ~~565~~1,266 2350,~~501~~610 0 0 2350,~~501~~610 01 2350,~~501~~610 0 0 ~~Acco~~Alcoa ~~Brands~~Inc. ~~Corporation~~Common ~~USD0.01~~USD1 Com ~~00081T108~~013817101 ~~283~~5,019 11140,~~750~~820 0 0 11140,~~750~~820 02 11140,~~750~~820 0 0 ~~ADTRAN~~Alico ~~Incorporated~~Inc. Common ~~USD0~~USD1.0100 Com ~~00738A106~~016230104 15978 ~~640~~28,230 0 0 ~~640~~28,230 01 ~~640~~28,230 0 0 ~~ADTRAN~~Altria ~~Incorporated~~Group Inc. Common USD0.01333 Com ~~00738A106~~02209S103 ~~173~~21 71,~~100~~040 0 0 71,~~100~~040 0201 71,~~100~~040 0 0 ~~Alcon~~Altria ~~Incorporated~~Group Inc. Common USD0.20333 Com ~~H01301102~~02209S103 26 1,~~156~~250 ~~8,766~~ 0 0 81,~~766~~250 0102 81,~~766~~250 0 0 ~~Alcon~~Amerigon ~~Incorporated~~Inc. Common ~~USD0.20~~NPV Com ~~H01301102~~03070L300 ~~822~~669 694,~~234~~070 0 0 694,~~234~~070 0201 694,~~234~~070 0 0 ~~Altria~~Anheuser-Busch ~~Group~~Cos. Inc. ~~Common USD0~~Com.~~333~~ USD1 Com ~~02209S103~~035229103 9118,651 1300,~~040~~000 0 0 1300,~~040~~000 01 1300,~~040~~000 0 0 ~~Altria~~Apple ~~Group~~Incorporated ~~Inc.~~ Common ~~USD0.333~~NPV Com ~~02209S103~~037833100 ~~803~~204 91,~~150~~200 0 0 91,~~150~~200 0201 91,~~150~~200 0 0 ~~America~~ArthroCare ~~Movil~~Corporation ~~SAB~~Common ~~ADR~~USD0 (1Com ~~Reps~~043136100 ~~20 O ADR 02364W105~~ 1,~~056~~504 2236,~~108~~860 0 0 2236,~~108~~860 01 2236,~~108~~860 0 0 ~~America~~AutoZone ~~Movil~~Incorporated ~~SAB~~Common ~~ADR~~USD0. (1Com ~~Reps~~053332102 ~~20 O ADR 02364W105 3~~6,~~119~~049 6550,~~300~~000 0 0 6550,~~300~~000 0201 6550,~~300~~000 0 0 ~~American~~Banco ~~Express~~Bradesco ~~Company~~SA ~~Common~~ADR US(1 ~~Com~~Rep ~~025816109~~1 ~~519~~Pre 9ADR 059460303 2,~~200~~427 118,718 0 0 9118,~~200~~718 02 01 9118,~~200~~718 0 0 ~~American~~Banco ~~International~~Bradesco ~~Grp.~~SA ~~Com.~~ADR U(1 ~~Com~~Rep ~~026874107~~1 ~~311~~Pre 4ADR 059460303 436 21,~~625~~198 0 0 421,~~625~~198 02 01 421,~~625~~198 0 0 ~~Ameriprise~~Banco ~~Financial~~Bradesco ~~Inc.~~SA ~~Common~~ADR U(1 ~~Com~~Rep ~~03076C106~~1 ~~138~~Pre 2ADR 059460303 392 19,~~420~~174 0 0 219,~~420~~174 02 ~~01 2~~19,~~420~~174 0 0 ~~AMIS~~Bank ~~Holdings~~of ~~Inc~~America Corp. Common USD0.01 Com ~~031538101~~060505104 ~~788~~146 725,~~000~~913 0 0 725,~~000~~913 01 725,~~000~~913 0 0 ~~AMIS~~Bank ~~Holdings~~of ~~Inc~~America Corp. Common USD0.01 Com ~~031538101~~060505104 ~~580~~197 538,~~000~~279 0 0 538,~~000~~279 02 538,~~000~~279 0 0 ~~Anheuser-Busch~~Barrick ~~Companies~~Gold ~~Inc~~Corporation ~~Com~~Common UNP Com ~~035229103~~067901108 ~~338~~29,026 6637,~~700~~503 0 0 6637,~~700~~503 02 01 6637,~~700~~503 0 0 ~~Apple~~Barrick ~~Incorporated~~Gold Corporation Common ~~NPV~~NP Com ~~037833100~~067901108 ~~113~~84,573 1,~~200~~857,758 0 0 1,~~200~~857,758 0102 1,~~200~~857,758 0 0 ~~Aracruz~~Beacon ~~Celulose~~Roofing ~~ADR~~Supply (1Inc. ~~Rep~~Com. 10US ~~Pre~~Com ~~ADR~~073685109 ~~038496204~~1,080 ~~136 2~~101,~~600~~660 0 0 2101,~~600~~660 0201 2101,~~600~~660 0 0 ~~Automatic~~Berkley ~~Data~~(W ~~Processing~~R) ~~Com.~~Corporation ~~USD~~Common U Com ~~053015103~~084423102 ~~358~~10,372 7430,~~400~~000 0 0 7430,~~400~~000 02 01 7430,~~400~~000 0 0 ~~AutoZone~~Bookham ~~Incorporated~~Inc. Common USD0.01 Com ~~053332102~~09856E105 204,~~494~~276 ~~160~~2,~~000~~537,700 0 0 ~~160~~2,~~000~~537,700 01 ~~160~~2,~~000~~537,700 0 0 ~~Banco~~Bookham ~~Bradesco~~Inc. SACommon ~~ADR~~USD0.01 (1Com ~~Rep~~09856E105 12,253 ~~Pre ADR 059460303 809 20~~1,~~000~~341,117 0 0 201,~~000~~341,117 0102 201,~~000~~341,117 0 0 --------- 36186,~~492~~813

Form 13F Information Table GAM USA Inc. Page 2 of 127 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 ~~Banco~~Bpz ~~Bradesco~~Resources SAInc. ~~ADR~~NPV (1Com ~~Rep~~055639108 1,564 ~~Pre ADR 059460303 222 5~~53,~~500~~090 0 0 553,~~500~~090 0201 553,~~500~~090 0 0 ~~Banco~~Bristol-Myers ~~Itau~~Squibb ~~Hldgs Fin~~Co. ~~ADR~~Common (1US ~~Rep~~Com 1110122108 ~~ADR~~47,345 ~~059602201 135 3~~2,~~870~~306,700 0 0 32,~~870~~306,700 0201 32,~~870~~306,700 0 0 ~~Bank~~Bristol-Myers ofSquibb ~~America Corp~~Co. Common ~~USD0.~~US Com ~~060505104~~110122108 ~~612~~76,990 123,~~000~~751,230 0 0 123,~~000~~751,230 02 ~~01 12~~3,~~000~~751,230 0 0 ~~Bank~~Carnival ofCorporation ~~America Corp.~~ Common USD0.0 Com ~~060505104~~143658300 251,~~623~~932 ~~502~~58,~~250~~660 0 0 ~~502~~58,~~250~~660 0102 ~~502~~58,~~250~~660 0 0 ~~Bank~~Carrizo ofOil ~~America~~& ~~Corp~~Gas Inc. Common USD0. Com ~~060505104~~144577103 21,~~336~~478 4521,~~800~~720 0 0 4521,~~800~~720 0201 4521,~~800~~720 0 0 ~~Bank~~Carter's ofIncorporated ~~the Ozarks Inc.~~ Common USD.0 Com ~~063904106~~146229109 1,~~956~~093 6878,~~181~~990 0 0 6878,~~181~~990 01 6878,~~181~~990 0 0 ~~Barrick~~Caterpillar ~~Gold~~Inc. ~~Corporation~~ Common NPUSD1.00 Com ~~067901108~~149123101 ~~34,707~~133 1,~~215,672~~800 0 0 1,~~215,672~~800 01 1,~~215,672~~800 0 0 ~~Barrick~~Century ~~Gold~~Casinos ~~Corporation~~Inc. Common NPUSD0.0 Com ~~067901108~~156492100 ~~116~~1,~~250~~550 4470,~~072,338~~410 0 0 4470,~~072,338~~410 0201 4470,~~072,338~~410 0 0 ~~Bear~~Chevron ~~Stearns~~Corp. ~~Companies~~Common ~~Inc~~USD0.75 Com. U166764100 ~~Com~~304 ~~073902108 23~~3,~~315~~070 ~~155,000~~ 0 0 ~~155~~3,~~000~~070 0102 ~~155~~3,~~000~~070 0 0 ~~Berkley~~Christopher (W& R)Banks ~~Corporation~~Corp. Common U Com ~~084423102~~171046105 ~~23,828~~511 ~~720~~75,000 0 0 ~~720~~75,000 01 ~~720~~75,000 0 0 ~~Best~~Chubb ~~Buy~~Corporation ~~Company Inc.~~ Common ~~USD0~~USD1.00 Com ~~086516101~~171232101 16,~~997~~130 41125,000 0 0 41125,000 01 41125,000 0 0 ~~Best~~Cisco ~~Buy~~Systems ~~Company~~ Inc. Common USD0.001 Com ~~086516101~~17275R102 ~~1,948~~332 4014,~~000~~044 0 0 4014,~~000~~044 0201 4014,~~000~~044 0 0 ~~BigBand~~Cisco ~~Networks~~Systems Inc. ~~Com.~~Common USD0.00001 Com ~~089750509~~17275R102 ~~615~~382 3416,~~170~~427 0 0 3416,~~170~~427 0102 3416,~~170~~427 0 0 ~~Bookham~~Citigroup ~~Inc.~~Incorporated Common USD0~~.01~~ Com ~~09856E105~~172967101 ~~3,894~~41 12,~~719,000~~400 0 0 12,~~719,000~~400 01 12,~~719,000~~400 0 0 ~~Bookham~~Clearwire ~~Inc~~Corp. Class A Common ~~USD0.01~~USD Com ~~09856E105~~185385309 ~~1,957~~993 ~~866~~76,~~000~~650 0 0 ~~866~~76,~~000~~650 02 ~~866~~76,~~000~~650 0 0 ~~Bristol~~Coca-~~Myers~~Cola ~~Squibb~~Company ~~Co.~~ Common USUSD0.25 Com ~~110122108~~191216100 ~~72,293~~190 23,~~604,200~~660 0 0 23,~~604,200~~660 0102 23,~~604,200~~660 0 0 ~~Bristol-Myers~~Community ~~Squibb~~Bancorp ~~Co.~~ Common USNPV Com ~~110122108~~20343T100 ~~106,833~~301 360,~~848,700~~060 0 0 360,~~848,700~~060 0201 360,~~848,700~~060 0 0 ~~BRT~~Companhia ~~Realty~~Vale ~~Trust~~do ~~Common~~Rio ~~USD3.00~~ADR ~~Com~~(1 ~~055645303~~rep 21 ADR 204412209 3,~~109~~904 69109,~~960~~058 0 0 69109,~~960~~058 01 69109,~~960~~058 0 0 ~~CalAmp~~Companhia ~~Corporation~~Vale ~~Common~~do ~~USD0.01~~Rio ~~Com~~ADR ~~128126109~~(1 ~~2,616~~rep ~~302~~1 ADR 204412209 269 7,~~310~~584 0 0 ~~302~~7,~~310~~584 01 ~~302~~7,~~310~~584 0 0 ~~Campbell~~Companhia ~~Soup~~Vale ~~Company~~do ~~Common~~Rio ~~USD0.~~ADR ~~Com~~(1 ~~134429109~~rep ~~4,751~~1 ~~122~~ADR 204412209 740 20,~~000~~679 0 0 ~~122~~20,~~000~~679 0102 ~~122~~20,~~000~~679 0 0 ~~Campbell~~Conns ~~Soup~~Inc ~~Company~~ Common USD0.01 Com ~~134429109~~208242107 1512,~~691~~711 ~~403~~790,000 0 0 ~~403~~790,000 0201 ~~403~~790,000 0 0 ~~Capital~~ConocoPhillips ~~One~~Common ~~Financial Corp~~USD1.250 ~~USD0.0~~ Com ~~14040H105~~20825C104 ~~347~~7,542 480,~~600~~000 0 0 480,~~600~~000 02 01 480,~~600~~000 0 0 ~~Carrizo~~ConocoPhillips ~~Oil~~Common ~~& Gas Inc~~USD1.250 ~~Common USD0~~ Com ~~144577103~~20825C104 13,~~682~~346 4835,~~120~~490 0 0 4835,~~120~~490 0102 4835,~~120~~490 0 0 ~~Caterpillar~~Consolidated ~~Inc.~~Tomoka Land Common ~~USD1.00~~US Com ~~149123101~~210226106 ~~402~~253 6,000 0 0 6,000 02 01 6,000 0 0 ~~Caterpillar~~Corning ~~Inc.~~Incorporated Common ~~USD1~~USD0.005 Com ~~149123101~~219350105 ~~119~~145 16,~~800~~300 0 0 16,~~800~~300 0102 16,~~800~~300 0 0 --------- ~~446~~170,~~240~~180

Form 13F Information Table GAM USA Inc. Page 3 of 127 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 ~~CDC~~Cyberoptics ~~Corporation~~Corp ~~Class A USD0~~Com.~~00025~~ NPV Com ~~G2022L106~~232517102 90722 1073,~~150~~337 0 0 1073,~~150~~337 01 1073,~~150~~337 0 0 ~~CDC~~DIRECTV ~~Corporation~~Group ~~Class~~Inc. ACommon USD0.~~00025~~01 Com ~~G2022L106~~25459L106 41,~~268~~339 ~~472~~51,~~336~~660 0 0 ~~472~~51,~~336~~660 02 ~~472~~51,~~336~~660 0 0 ~~CEMIG~~Divx ~~ADR~~Inc. ~~(1 ADR Rep~~Com. ~~1000 Pref~~USD0.)001 ~~ADR~~Com ~~204409601~~255413106 ~~832~~576 1778,~~100~~540 0 0 1778,~~100~~540 01 1778,~~100~~540 0 0 ~~Cherokee~~Dr ~~Intl.~~Pepper ~~Corp.~~Snapple ~~Common~~Group-W/I ~~USD0~~Com.0 U Com ~~164450108~~26138E109 196,457 3307,~~400~~900 0 0 3307,~~400~~900 0201 3307,~~400~~900 0 0 ~~Chevron~~Dr ~~Corp.~~Pepper ~~Common~~Snapple ~~USD0~~Group-W/I Com.75 U Com ~~166764100~~26138E109 19,~~183~~959 16475,000 0 0 16475,000 02 ~~01 16~~475,000 0 0 ~~Chevron~~Du ~~Corp~~Pont (E.I.) de Nemours Common ~~USD0.75~~U Com ~~166764100~~263534109 ~~227~~4,099 395,~~070~~600 0 0 395,~~070~~600 0201 395,~~070~~600 0 0 ~~China~~Du ~~Mobile~~Pont HK(E.I.) ~~Ltd~~de ~~ADR~~Nemours ~~(1ADR~~Common ~~Rep~~U ~~ADR~~Com ~~16941M109~~263534109 ~~171~~11,568 3269,~~774~~816 0 0 3269,~~774~~816 0102 3269,~~774~~816 0 0 ~~China~~Eastman ~~Mobile~~Kodak HKCompany ~~Ltd~~Common ~~ADR~~USD2. ~~(1ADR~~Com ~~Rep~~277461109 ~~ADR~~16,497 ~~16941M109 357 7~~1,~~956~~144,400 0 0 71,~~956~~144,400 0201 71,~~956~~144,400 0 0 ~~Cholestech~~Eastman ~~Corporation~~Kodak Company Common ~~NPV~~USD2. Com ~~170393102~~277461109 147,~~438~~702 833,~~338~~310,267 0 0 833,~~338~~310,267 0102 833,~~338~~310,267 0 0 ~~Christopher~~Electronics &For ~~Banks~~Imaging ~~Corp~~Com. ~~Common~~USD0. U Com ~~171046105~~286082102 1,~~459~~487 75101,~~000~~810 0 0 75101,~~000~~810 01 75101,~~000~~810 0 0 ~~Chubb~~El Paso Corporation Common ~~USD1~~USD3.00 Com ~~171232101~~28336L109 2990,~~851~~059 ~~578~~4,~~000~~144,472 0 0 ~~578~~4,~~000~~144,472 01 ~~578~~4,~~000~~144,472 0 0 ~~Chubb~~El Paso Corporation Common ~~USD1~~USD3.00 Com ~~171232101~~28336L109 2169,~~066~~201 407,~~000~~787,258 0 0 407,~~000~~787,258 02 407,~~000~~787,258 0 0 ~~Chunghwa~~Enova ~~Telecom~~Systems CoInc. ~~ADR~~Ord. (1NPV ~~Reps~~Com 129355M200 ~~ADR 17133Q205 3~~1,~~831~~898 ~~192~~453,~~372~~305 0 0 ~~192~~453,~~372~~305 01 ~~192~~453,~~372~~305 0 0 ~~Cisco~~Enova Systems Inc. ~~Common USD0~~Ord.~~001~~ NPV Com ~~17275R102~~29355M200 ~~194~~4,441 71,~~600~~060,970 0 0 71,~~600~~060,970 02 71,~~600~~060,970 0 0 ~~Citadel~~Epoch ~~Broadcasting~~Holdings ~~Co.~~Corp Common USUSD0.01 Com ~~17285T106~~29428R103 ~~704~~2,582 74283,~~105~~452 0 0 74283,~~105~~452 01 74283,~~105~~452 0 0 ~~Citigroup~~Evercore ~~Incorporated~~Partners ~~Common~~Inc. Com. USD0.0 Com ~~172967101~~29977A105 ~~1,285~~719 2575,~~033~~510 0 0 2575,~~033~~510 02 01 2575,~~033~~510 0 0 ~~Citigroup~~Exelon ~~Incorporated~~Corporation Common ~~USD0~~NPV Com ~~172967101~~30161N101 ~~123~~5,584 262,~~400~~100 0 0 262,~~400~~100 0102 262,~~400~~100 0 0 ~~Cnooc~~Fred's ~~Ltd.~~Incorporated ~~ADR~~Class (1A ~~Rep.~~Common ~~100~~Com ~~Ord.)~~356108100 ~~ADR~~9,844 ~~126132109 131 1~~875,~~470~~000 0 0 1875,~~470~~000 01 1875,~~470~~000 0 0 ~~Cnooc~~General ~~Ltd~~Electric Co. ~~ADR (1 Rep~~Amer. ~~100 Ord~~Com.) ~~ADR~~US ~~126132109~~Com 2369604103 1,~~778~~522 3157,~~700~~289 0 0 3157,~~700~~289 0201 3157,~~700~~289 0 0 ~~Coca-Cola~~General ~~Company~~Electric ~~Common~~Co. ~~USD0~~Amer.25 Com. ~~191216100~~US 1Com 369604103 3,~~080~~919 22147,~~500~~152 0 0 22147,~~500~~152 02 ~~01 22~~147,~~500~~152 0 0 ~~Coca-Cola~~General ~~Company~~Motors Corp. Common ~~USD0~~USD1.256 Com ~~191216100~~370442105 ~~176~~8,000 3697,~~660~~793 0 0 3697,~~660~~793 0201 3697,~~660~~793 0 0 ~~Complete~~General ~~Production~~Motors ~~Inc~~Corp. ~~Com~~Common USD1.6 ~~USD0~~ Com ~~20453E109~~370442105 9923,549 52,~~000~~055,174 0 0 52,~~000~~055,174 02 52,~~000~~055,174 0 0 ~~Conns~~Gerber ~~Inc~~Scientific Common ~~USD0~~USD1.0100 Com ~~208242107~~373730100 ~~32,136~~969 185,~~300,~~000 0 0 185,~~300,~~000 01 85,~~300,~~000 0 0 ~~Conns~~Globaloptions Group Inc. Common ~~USD0.01~~US Com ~~208242107~~37946D209 61,~~674~~668 ~~270~~706,~~000~~640 0 0 ~~270~~706,~~000~~640 0201 ~~270~~706,~~000~~640 0 0 ~~ConocoPhillips~~Harbin Electric Inc. Common ~~USD1~~USD0.~~250~~0 Com ~~20825C104~~41145W109 1,~~155~~247 1687,~~900~~756 0 0 1687,~~900~~756 02 01 1687,~~900~~756 0 0 --------- 92425,~~327~~607

Form 13F Information Table GAM USA Inc. Page 4 of 127 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 ~~ConocoPhillips~~Hersha Hospitality Trust Common ~~USD1.250~~US Com ~~20825C104~~427825104 271,~~346~~043 ~~400~~138,~~000~~120 0 0 ~~400~~138,~~000~~120 01 ~~400~~138,~~000~~120 0 0 ~~Consolidated~~Home ~~Tomoka~~Bancshares ~~Land~~Inc. ~~Common~~Com. USUSD0.01 Com ~~210226106~~436893200 ~~451~~1,484 665,~~000~~960 0 0 665,~~000~~960 0201 665,~~000~~960 0 0 ~~Corning~~Home Depot Incorporated Common ~~USD0.5~~USD Com ~~219350105~~437076102 ~~143~~2,460 6105,~~300~~180 0 0 6105,~~300~~180 02 6105,~~300~~180 0 0 ~~Credicorp~~Human ~~Ltd~~Genome ~~Common~~Sciences ~~USD5~~Inc.00 Com. ~~G2519Y108~~US ~~658~~Com 13444903108 809 155,~~500~~400 0 0 13155,~~500~~400 0102 13155,~~500~~400 0 0 ~~Credicorp~~Huntsman ~~Ltd~~Corporation Common ~~USD5~~USD0.000 Com ~~G2519Y108~~447011107 13,~~810~~366 37295,~~130~~000 0 0 37295,~~130~~000 0201 37295,~~130~~000 0 0 ~~CRM~~ICU ~~Holdings~~Medical ~~Ltd.~~Incorporated Common ~~USD0.01~~US Com ~~G2554P103~~44930G107 12,~~104~~291 ~~126~~100,~~340~~000 0 0 ~~126~~100,~~340~~000 01 ~~126~~100,~~340~~000 0 0 ~~Cutera~~Infinity ~~Incorporated~~Property ~~common~~& ~~USD0.00~~Casualty Commo Com ~~232109108~~45665Q103 26,~~072~~224 57150,~~240~~000 0 0 57150,~~240~~000 01 57150,~~240~~000 0 0 ~~Daktronics~~Intel ~~Inc.~~Corporation Common ~~USD~~USD0.001 ~~NPV~~ Com ~~234264109~~458140100 14,~~601~~863 58226,~~402~~350 0 0 58226,~~402~~350 0102 58226,~~402~~350 0 0 ~~Delta~~International &Paper ~~Pine~~Company ~~Land Inc~~Com. ~~Common~~U ~~USD0~~ Com ~~247357106~~460146103 122,~~975~~566 ~~315~~110,~~000~~200 0 0 ~~315~~110,~~000~~200 01 ~~315~~110,~~000~~200 0 0 ~~Dollar~~International ~~General~~Paper ~~Corporation~~Company Com. USU Com ~~256669102~~460146103 277,~~573~~413 1318,~~304,000~~400 0 0 1318,~~304,000~~400 0102 1318,~~304,000~~400 0 0 ~~Dollar~~Intl. ~~General~~Business ~~Corporation~~Machines ~~Com~~Corp. USCom Com ~~256669102~~459200101 ~~20,360~~180 ~~963~~1,~~000~~500 0 0 ~~963~~1,~~000~~500 0201 ~~963~~1,~~000~~500 0 0 DuiShares ~~Pont~~MSCI ~~(E.I.)~~Singapore deIndex ~~Nemours~~Fund ~~Common U~~ Com ~~263534109~~464286673 ~~3,064~~395 6231,~~000~~843 0 0 6231,~~000~~843 01 6231,~~000~~843 0 0 DuJDS ~~Pont~~Uniphase (ECorp.~~I.)~~ ~~de Nemours~~ Common UUSD0.001 Com ~~263534109~~46612J507 10,~~129~~243 ~~205~~901,~~000~~300 0 0 ~~205~~901,~~000~~300 0201 ~~205~~901,~~000~~300 0 0 ~~Eastman~~JDS ~~Kodak~~Uniphase ~~Company~~Corp. Common ~~USD2~~USD0.001 Com ~~277461109~~46612J507 830,~~688~~011 ~~385~~2,~~212~~640,852 0 0 ~~385~~2,~~212~~640,852 0102 ~~385~~2,~~212~~640,852 0 0 ~~Eastman~~Johnson ~~Kodak~~& ~~Company~~Johnson Common ~~USD2~~USD1.00 Com ~~277461109~~478160104 ~~20,812~~121 ~~922~~1,~~744~~900 0 0 ~~922~~1,~~744~~900 0201 ~~922~~1,~~744~~900 0 0 ~~Edgar~~Johnson ~~Online~~& ~~Incorporated~~Johnson ~~CommonUS~~Common USD1.00 Com ~~279765101~~478160104 ~~109~~206 403,~~000~~206 0 0 403,~~000~~206 02 403,~~000~~206 0 0 ~~Education~~J.P. ~~Realty~~Morgan ~~Trust~~Chase ~~Inc.~~& ~~Com~~Co. UCommon USD Com ~~28140H104~~46625H100 71 2,~~077~~022 ~~140,740~~ 0 0 ~~140~~2,~~740~~022 01 ~~140~~2,~~740~~022 0 0 ElJ.P. ~~Paso~~Morgan ~~Corporation~~Chase ~~Common~~& ~~USD3~~Co.00 Common USD Com ~~28336L109~~46625H100 ~~70,245~~137 4,~~857,900~~000 0 0 4,~~857,900~~000 0102 4,~~857,900~~000 0 0 ElJupitermedia ~~Paso~~Corp. ~~Corporation~~ Common ~~USD3~~USD0.0001 Com ~~28336L109~~48207D101 ~~126,913~~77 854,~~778,000~~630 0 0 854,~~778,000~~630 0201 854,~~778,000~~630 0 0 ~~Embarq~~Kensey ~~Corporation~~Nash Corp Common USD0.01001 Com ~~29078E105~~490057106 ~~845~~1,471 1545,~~000~~900 0 0 1545,~~000~~900 01 1545,~~000~~900 0 0 ~~Embarq~~Korn/Ferry ~~Corporation~~International Common ~~USD0.01~~US Com ~~29078E105~~500643200 ~~116~~1,138 272,~~050~~260 0 0 272,~~050~~260 0201 272,~~050~~260 0 0 ~~Emerson~~Kraft ~~Electric~~Foods ~~Common~~Inc ~~USD1.00~~A NPV Com ~~291011104~~50075N104 ~~577~~156 135,~~400~~491 0 0 135,~~400~~491 02 01 135,~~400~~491 0 0 ~~Epoch~~Kraft ~~Holdings~~Foods ~~Corp~~Inc ~~Common~~A ~~USD0.01~~NPV Com ~~29428R103~~50075N104 ~~1,146~~186 866,~~292~~517 0 0 866,~~292~~517 0102 866,~~292~~517 0 0 ~~Evercore~~LoJack ~~Partners~~Corporation ~~Inc.~~ Common USD0.01 Com ~~29977A105~~539451104 21,~~011~~221 64153,~~480~~340 0 0 64153,~~480~~340 01 64153,~~480~~340 0 0 ~~Exxon~~Lsb ~~Mobil~~Industries ~~Corporation~~Inc. ~~NPV~~Com. USD0.10 Com ~~30231G102~~502160104 21,~~412~~396 3170,~~972~~310 0 0 3170,~~972~~310 02 01 3170,~~972~~310 0 0 --------- ~~345~~79,~~238~~528

Form 13F Information Table GAM USA Inc. Page 5 of 127 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 ~~Focus~~Martha ~~Media~~Stewart ~~Holding~~Liv. ~~Ltd~~- ~~ADR~~CL (1A ~~Rep~~Com. ~~ADR~~US ~~34415V109~~Com ~~910~~573083102 11895 120,~~600~~820 0 0 11120,~~600~~820 01 11120,~~600~~820 0 0 ~~Focus~~Marvell ~~Media~~Tech. ~~Holding~~Group Ltd. ~~ADR~~Common (1US ~~Rep~~Com ~~ADR~~G5876H105 ~~34415V109~~201 211,~~589~~345 ~~33,000~~ 0 0 3311,~~000~~345 0201 3311,~~000~~345 0 0 ~~Fortune~~Marvell ~~Brands~~Tech. ~~Inc~~Group Ltd. Common ~~USD3.12~~US Com ~~349631101~~G5876H105 ~~15,755~~239 ~~200~~13,~~000~~506 0 0 ~~200~~13,~~000~~506 0102 ~~200~~13,~~000~~506 0 0 ~~Fortune~~Matrix ~~Brands~~Service ~~Inc~~Co. Common ~~USD3~~USD0.1201 Com ~~349631101~~576853105 1,~~969~~564 2567,~~000~~840 0 0 2567,~~000~~840 0201 2567,~~000~~840 0 0 ~~Fred's~~Merck ~~Incorporated~~& ~~Class~~Company AInc. Common USD0.0 Com ~~356108100~~589331107 1518,~~813~~998 1504,~~076,077~~400 0 0 1504,~~076,077~~400 01 1504,~~076,077~~400 0 0 ~~Fred's~~Merck ~~Incorporated~~& ~~Class~~Company AInc. Common USD0.0 Com ~~356108100~~589331107 356,~~306~~508 ~~225~~1,~~000~~500,471 0 0 ~~225~~1,~~000~~500,471 02 ~~225~~1,~~000~~500,471 0 0 ~~General~~Merrill ~~Electric~~Lynch & Co. ~~Amer.~~Common ~~Com~~USD1.33 US Com ~~369604103~~590188108 ~~1,418~~253 408,~~100~~000 0 0 408,~~100~~000 02 ~~01 40~~8,~~100~~000 0 0 ~~Gentiva~~Microsoft ~~Health~~Corporation ~~Services~~Com. ~~Inc~~USD0.00 Com U594918104 ~~Com~~89 ~~37247A102 2~~3,~~039~~216 ~~101,190~~ 0 0 ~~101~~3,~~190~~216 01 ~~101~~3,~~190~~216 0 0 ~~Gerber~~Microsoft ~~Scientific~~Corporation ~~Common~~Com. ~~USD1~~USD0.00 Com ~~373730100~~594918104 ~~318~~191 306,~~000~~958 0 0 306,~~000~~958 0102 306,~~000~~958 0 0 ~~Gerber~~Middleby ~~Scientific~~Corp. ~~Common~~Com. ~~USD1~~USD0.00005 Com ~~373730100~~596278101 ~~583~~1,975 5544,~~000~~990 0 0 5544,~~000~~990 0201 5544,~~000~~990 0 0 ~~Globalstar~~Mitsubishi ~~Incorporated~~UFJ ~~USD0.0001~~Fin ~~Com~~Grp ~~378973408~~ADR 22(1 2rep ADR 606822104 83 9,~~064~~500 0 0 29,~~064~~500 0201 29,~~064~~500 0 0 ~~Green~~MoneyGram ~~Mountain~~International ~~Coffee~~USD0.01 ~~Roasters USD~~ Com ~~393122106~~60935Y109 ~~2,979~~38 4742,~~300~~000 0 0 4742,~~300~~000 01 4742,~~300~~000 0 0 ~~Halliburton~~Monsanto Company Common ~~USD2~~USD0.5001 Com ~~406216101~~61166W101 ~~317~~646 105,~~000~~116 0 0 105,~~000~~116 02 01 105,~~000~~116 0 0 ~~Harmony~~Morton's ~~Gold~~Restaurant ~~Mining~~Grp. ~~Sponsor~~Com ~~ADR~~USD0. Com ~~413216300~~619430101 71,~~685~~987 ~~552~~287,~~670~~380 0 0 ~~552~~287,~~670~~380 01 ~~552~~287,~~670~~380 0 0 ~~Harmony~~Movado ~~Gold~~Group ~~Mining~~Inc. ~~Sponsor~~Common ~~ADR~~USD0.01 Com ~~413216300~~624580106 251,~~988~~459 173,~~869,330~~570 0 0 173,~~869,330~~570 0201 173,~~869,330~~570 0 0 ~~Hilton~~Neopharm ~~Hotels~~Incorporated ~~Corporation~~ Common UUSD0. Com ~~432848109~~640919106 ~~338~~896 91,~~400~~706,797 0 0 91,~~400~~706,797 02 01 91,~~400~~706,797 0 0 ~~Himax~~On ~~Technologies~~Semiconductor ~~ADR~~Corp. (1Com. ~~Reps~~USD0.0 1Com O682189105 ~~ADR~~1,318 ~~43289P106 34 6~~143,~~700~~750 0 0 6143,~~700~~750 01 6143,~~700~~750 0 0 ~~Himax~~Optionsxpress ~~Technologies~~Hdgs. ~~ADR~~Inc. (1Com. ~~Reps~~USD0 1Com O684010101 ~~ADR~~2,208 ~~43289P106 74 13~~98,~~800~~760 0 0 1398,~~800~~760 0201 1398,~~800~~760 0 0 ~~Home~~Oracle ~~Depot~~Corporation ~~Incorporated~~ Common ~~USD~~USD0.01 Com ~~437076102~~68389X105 ~~378~~321 1015,~~300~~100 0 0 1015,~~300~~100 02 01 1015,~~300~~100 0 0 ~~HSBC~~Oracle ~~Holdings~~Corporation ~~PLC~~Common ~~ADR (Rep~~USD0.01 5Com ~~Ord.~~68389X105 ~~ADR~~384 ~~404280406 580 6~~18,~~600~~300 0 0 618,~~600~~300 02 ~~01 6~~18,~~600~~300 0 0 ~~Hub~~Penske ~~International~~Auto ~~Ltd~~Group Inc. Common ~~NPV~~USD0 Com ~~44332P101~~70959W103 4,~~178~~418 ~~100~~300,~~200~~000 0 0 ~~100~~300,~~200~~000 01 ~~100~~300,~~200~~000 0 0 ~~Huntsman~~Perficient ~~Corporation~~Inc. Common USD0.0001 Com ~~447011107~~71375U101 ~~16,396~~717 ~~860~~74,~~000~~150 0 0 ~~860~~74,~~000~~150 01 ~~860~~74,~~000~~150 0 0 ~~ICU~~PetroChina ~~Medical~~Co. ~~Incorporated~~Ltd. ~~Common~~ADR US(1 Rep. 10 Com ~~44930G107~~71646E100 32,~~920~~436 ~~100~~18,~~000~~900 0 0 ~~100~~18,~~000~~900 01 ~~100~~18,~~000~~900 0 0 ~~IDEARC~~PetroChina ~~Incorporated~~Co. ~~Common~~Ltd. ~~USD0~~ADR (1 Rep.01 10 Com ~~451663108~~71646E100 ~~1,799~~537 514,~~299~~200 0 0 514,~~299~~200 01 514,~~299~~200 0 0 ~~IDEARC~~PetroChina ~~Incorporated~~Co. ~~Common~~Ltd. ~~USD0~~ADR (1 Rep.01 10 Com ~~451663108~~71646E100 ~~5,912~~464 ~~168~~3,~~607~~600 0 0 ~~168~~3,~~607~~600 02 ~~168~~3,~~607~~600 0 0 --------- ~~115~~98,~~300~~826

Form 13F Information Table GAM USA Inc. Page 6 of 127 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 ~~Infinity~~Petrohawk ~~Property~~Energy &Corp. ~~Casualty~~Common ~~Commo~~USD0 Com ~~45665Q103~~716495106 2117,~~087~~583 ~~450~~380,000 0 0 ~~450~~380,000 01 ~~450~~380,000 0 0 ~~Infinity~~Pfizer ~~Property~~Incorporated &Common ~~Casualty~~USD0.05 ~~Commo~~ Com ~~45665Q103~~717081103 24,~~812~~366 60250,000 0 0 60250,000 0201 60250,000 0 0 ~~Infosys~~Philip ~~Technologies~~Morris ~~ADR~~International (1Com. ~~Rep~~N 1Com ~~ADR~~718172109 ~~456788108~~52 ~~824 16~~1,~~400~~040 0 0 161,~~400~~040 01 161,~~400~~040 0 0 ~~Infosys~~Philip ~~Technologies~~Morris ~~ADR~~International (1Com. ~~Rep~~N 1Com ~~ADR~~718172109 ~~456788108~~62 ~~105 2~~1,~~100~~250 0 0 21,~~100~~250 0102 21,~~100~~250 0 0 ~~Infosys~~Power-One ~~Technologies~~Incorporated ~~ADR~~Common (1USD0 ~~Rep~~Com 1739308104 ~~ADR~~3,780 ~~456788108~~ 2,~~461 49~~000,000 0 0 492,000,000 0201 492,000,000 0 0 ~~Intel~~Procter ~~Corporation~~& Gamble Common ~~USD0.001~~NPV Com ~~458140100~~742718109 ~~870~~119 451,~~500~~960 0 0 451,~~500~~960 02 01 451,~~500~~960 0 0 ~~InterOil~~Retalix ~~Corporation~~Limited ~~Common~~ILS1.00 ~~NPV~~ Com ~~460951106~~M8215W109 ~~491~~381 1829,~~511~~021 0 0 1829,~~511~~021 01 1829,~~511~~021 0 0 ~~InterOil~~RF ~~Corporation~~Micro Devices Inc. Common NPV Com ~~460951106~~749941100 32,~~667~~535 ~~138~~872,~~396~~580 0 0 ~~138~~872,~~396~~580 0201 ~~138~~872,~~396~~580 0 0 ~~Intl.~~Rightnow ~~Business~~Technologies ~~Machines Corp~~Inc. Com. US Com ~~459200101~~76657R106 ~~142~~ 1,~~500~~634 119,240 0 0 1119,~~500~~240 01 1119,~~500~~240 0 0 ~~iShares~~R.R. ~~MSCI~~Donnelley ~~Singapore~~& ~~Index~~Sons ~~Fund~~Co. Comm. US Com ~~464286673~~257867101 ~~394~~5,942 31200,~~843~~000 0 0 31200,~~843~~000 01 31200,~~843~~000 0 0 ~~Ixia~~Sara Lee Corporation Common ~~NPV~~USD0.0 Com ~~45071R109~~803111103 115,~~879~~559 ~~202~~1,~~460~~271,200 0 0 ~~202~~1,~~460~~271,200 01 ~~202~~1,~~460~~271,200 0 0 ~~IXYS~~Sara Lee Corporation Common USD0.010 Com ~~46600W106~~803111103 338,~~831~~484 ~~375~~3,~~000~~144,558 0 0 ~~375~~3,~~000~~144,558 02 ~~375~~3,~~000~~144,558 0 0 ~~JDS~~Shutterfly ~~Uniphase Corp~~Inc. Common USD0.~~001~~0001 Com ~~46612J507~~82568P304 ~~6,092~~755 ~~400~~61,~~000~~800 0 0 ~~400~~61,~~000~~800 01 ~~400~~61,~~000~~800 0 0 ~~JDS~~Smithtown ~~Uniphase~~Bancorp ~~Corp~~Inc. Common USD0~~.001~~ Com ~~46612J507~~832449102 191,~~327~~047 164,~~269,000~~176 0 0 164,~~269,000~~176 0201 164,~~269,000~~176 0 0 ~~Johnson~~SoftBrands &Incorporated ~~Johnson~~ Common ~~USD1.00~~USD Com ~~478160104~~83402A107 ~~801~~229 13229,~~300~~449 0 0 13229,~~300~~449 02 01 13229,~~300~~449 0 0 ~~Johnson~~Sonosite &Inc. ~~Johnson~~ Common ~~USD1~~USD.0001 Com ~~478160104~~83568G104 ~~115~~ 1,~~900~~574 56,160 0 0 156,~~900~~160 01 156,~~900~~160 0 0 ~~Johnson~~Sony &Corporation ~~Johnson~~ADR ~~Common~~(CNV ~~USD1.00~~To ~~Com~~1 ~~478160104~~Ord ~~193~~ADR ~~3,206~~835699307 13 285 0 0 ~~3,206~~285 0201 ~~3,206~~285 0 0 ~~J.P.~~Sony ~~Morgan~~Corporation ~~Chase~~ADR &(CNV ~~Co.~~To ~~Common~~1 ~~USD~~Ord ~~Com~~ADR ~~46625H100~~835699307 ~~735~~241 155,~~200~~500 0 0 155,~~200~~500 02 ~~01 15~~5,~~200~~500 0 0 ~~J.P.~~Sprint ~~Morgan~~Nextel ~~Chase~~Corporation ~~& Co.~~ Common ~~USD~~U Com ~~46625H100~~852061100 9811,135 21,~~022~~173,293 0 0 21,~~022~~173,293 01 21,~~022~~173,293 0 0 ~~J.P.~~Sprint ~~Morgan~~Nextel ~~Chase~~Corporation ~~& Co.~~ Common ~~USD~~U Com ~~46625H100~~852061100 ~~194~~32,182 43,~~000~~391,820 0 0 43,~~000~~391,820 02 43,~~000~~391,820 0 0 ~~Juniper~~Spss ~~Networks~~ Inc. Common USD0.01 Com ~~48203R104~~78462K102 1,~~416~~335 7236,~~000~~700 0 0 7236,~~000~~700 01 7236,~~000~~700 0 0 ~~Juniper~~Sterlite ~~Networks~~Industries ~~Inc.~~Indi ~~Common~~Adr ~~USD0.~~(1rep Com ~~48203R104~~859737207 41,~~760~~412 ~~242~~88,~~000~~700 0 0 ~~242~~88,~~000~~700 0201 ~~242~~88,~~000~~700 0 0 K2Sterlite ~~Incorporated~~Industries ~~Common~~Indi ~~USD1.00~~Adr (1rep Com ~~482732104~~859737207 ~~2,308~~168 ~~190~~10,~~840~~400 0 0 ~~190~~10,~~840~~400 01 ~~190~~10,~~840~~400 0 0 ~~Keystone~~St. ~~Automotive~~Joe ~~Ind.~~Corporation ~~Inc.~~Common ~~USD0~~NPV Com ~~49338N109~~790148100 231,~~573~~158 ~~700~~33,~~000~~760 0 0 ~~700~~33,~~000~~760 0102 ~~700~~33,~~000~~760 0 0 ~~Keystone~~Sun ~~Automotive~~Microsystems ~~Ind.~~ Inc. Common USD0. Com ~~49338N109~~866810203 27,~~021~~043 60647,~~000~~325 0 0 60647,~~000~~325 0201 60647,~~000~~325 0 0 --------- ~~100~~148,~~195~~786

Form 13F Information Table GAM USA Inc. Page 7 of 127 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 ~~Kohls~~Sun ~~Corporation~~Microsystems Inc. Common USD0.01 Com ~~500255104~~866810203 220,~~341~~783 301,~~550 0 0 30~~910,~~550~~247 ~~01 30,550~~ 0 0 ~~Kohls Corporation Common USD0.01 Com 500255104~~ 1,~~916 25~~910,~~000~~247 ~~0 0 25,000~~ 02 251,~~000 0 0 Lilly (Eli) & Company Common NPV Com 532457108 215 4~~910,~~000~~247 0 0 ~~4,000~~Synalloy ~~02 01 4,000 0 0 LKQ~~ Corporation. Common. ~~USD0~~USD1.010 Com ~~501889208~~871565107 ~~630~~519 2833,~~838~~750 0 0 2833,~~838~~750 01 2833,~~838~~750 0 0 ~~LKQ~~Taiwan ~~Corporation~~Semi. ~~Common.~~- ~~USD0.01~~SP ~~Com~~ADR ~~501889208~~(1 ~~462~~ADR ~~21,162~~Rep 05 ~~0 21,162 02 21,162 0 0 Macquarie Infrastructure Common US~~ Com ~~55607X108~~874039100 2,~~948~~202 75202,~~080~~000 0 0 75202,~~080~~000 01 75202,~~080~~000 0 0 ~~Mahanagar~~Tele ~~Telephone~~Norte ~~Nigam~~Leste ~~Limited~~ADR ~~Com~~(1 ~~559778402~~Rep. 1~~,929~~ ~~290,000~~Pre 0ADR 0879246106 ~~290,000~~805 ~~02 290~~32,~~000~~300 0 0 ~~Marsh & McLennan Companies Common Com 571748102 6~~32,~~651~~300 ~~227,000 0 0 227,000~~ 01 ~~227~~32,~~000~~300 0 0 ~~Marsh~~Tellabs &Incorporated ~~McLennan Companies~~ Common USD0.0 Com ~~571748102~~879664100 215,~~359~~607 ~~729~~1,207,000 0 0 ~~729~~1,207,000 0201 ~~729~~1,207,000 0 0 ~~Marvell~~Tellabs ~~Tech.~~Incorporated ~~Group~~Common ~~Ltd~~USD0.0 ~~Common US~~ Com ~~G5876H105~~879664100 ~~120 7~~16,~~161~~489 ~~0 0 7~~3,~~161 01 7~~550,~~161~~493 0 0 ~~Marvell Tech. Group Ltd. Common US Com G5876H105 353 20~~3,~~990 0 0 20~~550,~~990~~493 02 203,~~990 0 0 McDonald's Corporation Common NPV Com 580135101 419 9~~550,~~300~~493 0 0 ~~9,300~~Tenaris 02SA 01ADR ~~9,300~~(1 0ADR ~~0 McGraw-Hill Inc~~Rep. ~~Cos.~~2 ~~Common USD1~~Ord.) Com ~~580645109~~88031M109 ~~980~~1,372 1518,~~600~~400 0 0 1518,~~600~~400 02 01 1518,~~600~~400 0 0 ~~MDI~~Teva ~~Inc.~~Pharmaceuticals ~~Common~~ADR ~~USD0.01~~(1 ~~Com~~Rep ~~552705105~~1 26ADR ~~25,000~~881624209 0233 ~~0 25~~5,~~000~~150 ~~01 25,000~~ 0 0 ~~Measurement Specialties Inc. Commo Com 583421102 2~~5,~~617~~150 ~~116,000 0 0 116,000~~ 01 ~~116~~5,~~000~~150 0 0 ~~Medco~~Teva ~~Health~~Pharmaceuticals ~~Solutions~~ADR ~~Inc.~~(1 ~~Com.~~Rep U1 ~~Com~~ADR ~~58405U102~~881624209 ~~787~~320 106,~~854~~980 0 0 106,~~854~~980 0102 106,~~854~~980 0 0 ~~Merck~~The &Boeing Company ~~Inc.~~ Common ~~USD0.0~~USD5 Com ~~589331107~~097023105 ~~34,007~~200 ~~770~~2,~~000~~993 0 0 ~~770~~2,~~000~~993 01 ~~770~~2,~~000~~993 0 0 ~~Merck~~The &Boeing Company ~~Inc.~~ Common ~~USD0.0~~USD5 Com ~~589331107~~097023105 ~~66,001~~179 12,~~494,500~~721 0 0 12,~~494,500~~721 02 12,~~494,500~~721 0 0 ~~Merrill~~Toyota ~~Lynch~~Motor &Corporation CoSpon. ~~Common~~ADR ~~USD1.33~~ Com ~~590188108~~892331307 ~~572~~69 ~~7,000~~735 0 0 ~~7,000~~735 02 01 ~~7,000~~735 0 0 ~~Microchip~~Toyota ~~Technology~~Motor ~~Inc.~~Corporation ~~Com~~Spon. ~~USD~~ADR Com ~~595017104~~892331307 ~~142~~179 41,~~000~~900 0 0 41,~~000~~900 02 ~~01 4~~1,~~000~~900 0 0 ~~Microsoft~~Tradestation ~~Corporation~~Group ~~Com~~Inc. USD0.0001 Com ~~594918104~~89267P105 ~~691 24~~1,~~800~~241 ~~0 0 24~~122,~~800~~100 ~~02 01 24,800~~ 0 0 ~~Microsoft Corporation Com. USD0.00 Com 594918104 89 3~~122,~~216~~100 ~~0 0 3,216~~ 01 3122,~~216~~100 0 0 ~~Microsoft~~Vimpelcom-Sp ~~Corporation~~ADR ~~Com.~~(1 ~~USD0.00~~rep ~~Com 594918104 194 6,958~~ 0 ~~0 6,958 02 6,958 0 0 Microtek Medical Hldgs~~.50 ~~Inc.~~ord) ~~USD0.~~ Com ~~59515B109~~68370R109 ~~238~~756 5025,~~000~~500 0 0 5025,~~000~~500 01 5025,~~000~~500 0 0 ~~Microtek Medical Hldgs. Inc. USD0. Com 59515B109 238 50,000 0 0 50,000 02 50,000 0 0~~ --------- ~~145~~50,~~924~~954 ========= 1,160,694

Form 13F Information Table GAM USA Inc. Page 8 of 12 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 Mitsubishi UFJ Fin Grp ADR (1 rep ADR 606822104 108 9,500 0 0 9,500 01 9,500 0 0 Mobile Telesystems ADR (1 Rep. 5 O ADR 607409109 744 13,300 0 0 13,300 02 13,300 0 0 MoneyGram International USD0.01 Com 60935Y109 1,165 42,000 0 0 42,000 01 42,000 0 0 MoneyGram International USD0.01 Com 60935Y109 1,664 60,000 0 0 60,000 02 60,000 0 0 Monsanto Company Common USD0.01 Com 61166W101 281 5,116 0 0 5,116 01 5,116 0 0 MoSys Incorporated Common USD0.01 Com 619718109 2,032 241,950 0 0 241,950 01 241,950 0 0 Movado Group Inc. Common USD0.01 Com 624580106 2,042 69,350 0 0 69,350 01 69,350 0 0 Neopharm Incorporated Common USD0. Com 640919106 1,591 930,492 0 0 930,492 01 930,492 0 0 Neopharm Incorporated Common USD0. Com 640919106 1,327 776,305 0 0 776,305 02 776,305 0 0 Newpark Resources Inc. Common USD0 Com 651718504 2,149 305,500 0 0 305,500 01 305,500 0 0 News Corporation Inc. Cls A Com. U Com 65248E104 712 30,820 0 0 30,820 02 01 30,820 0 0 Occidental Petroleum Corp. Com. US Com 674599105 493 10,000 0 0 10,000 02 01 10,000 0 0 Omrix Biopharmaceuticals Common US Com 681989109 1,170 30,560 0 0 30,560 01 30,560 0 0 Optibase Limited Common Com M7524R108 26 6,350 0 0 6,350 02 6,350 0 0 Oracle Corporation Common USD0.01 Com 68389X105 128 7,032 0 0 7,032 01 7,032 0 0 Oracle Corporation Common USD0.01 Com 68389X105 729 40,220 0 0 40,220 02 40,220 0 0 Oxigene Incorporated Common USD0.0 Com 691828107 191 50,000 0 0 50,000 02 50,000 0 0 PeopleSupport Inc. Common USD NPV Com 712714302 104 9,000 0 0 9,000 01 9,000 0 0 PeopleSupport Inc. Common USD NPV Com 712714302 616 53,800 0 0 53,800 02 53,800 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 985 15,500 0 0 15,500 02 01 15,500 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 ADR 71646E100 996 8,500 0 0 8,500 01 8,500 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 ADR 71646E100 142 1,200 0 0 1,200 01 1,200 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 ADR 71646E100 6,292 53,700 0 0 53,700 02 53,700 0 0 Petrohawk Energy Corp. Common USD0 Com 716495106 7,001 532,000 0 0 532,000 01 532,000 0 0 Petrol Brasileiro SA ADR (Rep 4 Co ADR 71654V408 1,404 14,100 0 0 14,100 01 14,100 0 0 --------- 34,091

Form 13F Information Table GAM USA Inc. Page 9 of 12 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 Petrol Brasileiro SA ADR (Rep 4 Co ADR 71654V408 6,314 63,400 0 0 63,400 02 63,400 0 0 P.F. Chang's China Bistro Inc. USD Com 69333Y108 1,448 34,580 0 0 34,580 01 34,580 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 472 18,700 0 0 18,700 02 01 18,700 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 6,313 250,000 0 0 250,000 01 250,000 0 0 Photronics Inc. Common USD 0.01 Com 719405102 2,446 157,450 0 0 157,450 01 157,450 0 0 Power-One Incorporated Common USD0 Com 739308104 20,111 3,522,040 0 0 3,522,040 01 3,522,040 0 0 Power-One Incorporated Common USD0 Com 739308104 2,855 500,000 0 0 500,000 02 500,000 0 0 Praxair Incorporated Common USD0.0 Com 74005P104 434 6,900 0 0 6,900 02 01 6,900 0 0 Procter & Gamble Common NPV Com 742718109 1,149 18,200 0 0 18,200 02 01 18,200 0 0 Procter & Gamble Common NPV Com 742718109 124 1,960 0 0 1,960 01 1,960 0 0 QUALCOMM Inc. Common USD0.0001 Com 747525103 171 4,000 0 0 4,000 02 01 4,000 0 0 Red Hat Incorporation Common USD0. Com 756577102 3,254 142,000 0 0 142,000 01 142,000 0 0 Red Hat Incorporation Common USD0. Com 756577102 10,265 448,000 0 0 448,000 02 448,000 0 0 Red Robin Gourmet Burgers Com. USD Com 75689M101 2,219 57,180 0 0 57,180 01 57,180 0 0 Retalix Limited ILS1.00 Com M8215W109 2,600 135,100 0 0 135,100 02 135,100 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 16,459 450,000 0 0 450,000 01 450,000 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 5,626 332,800 0 0 332,800 01 332,800 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 17,795 1,052,800 0 0 1,052,800 02 1,052,800 0 0 Schweitzer-Mauduit Intl. Common US Com 808541106 2,611 105,200 0 0 105,200 01 105,200 0 0 Scottish Re Group Ltd. Common USD0 Com G73537410 565 141,500 0 0 141,500 01 141,500 0 0 Scottish Re Group Ltd. Common USD0 Com G73537410 148 37,000 0 0 37,000 02 37,000 0 0 Seacoast Banking Corp Common USD 0 Com 811707306 2,890 127,500 0 0 127,500 01 127,500 0 0 Sierra Health Services Common USD0 Com 826322109 28,809 700,000 0 0 700,000 01 700,000 0 0 SoftBrands Incorporated Common USD Com 83402A107 53 24,321 0 0 24,321 01 24,321 0 0 SoftBrands Incorporated Common USD Com 83402A107 445 205,128 0 0 205,128 02 205,128 0 0 --------- 135,574

Form 13F Information Table GAM USA Inc. Page 10 of 12 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 Sonosite Inc. Common USD.01 Com 83568G104 1,524 53,960 0 0 53,960 01 53,960 0 0 Sony Corporation ADR (CNV To 1 Ord ADR 835699307 15 285 0 0 285 01 285 0 0 Sony Corporation ADR (CNV To 1 Ord ADR 835699307 278 5,500 0 0 5,500 02 5,500 0 0 Southern Community Financial Commo Com 842632101 1,934 188,812 0 0 188,812 01 188,812 0 0 Southern Copper Corp. Common USD0. Com 84265V105 1,002 14,000 0 0 14,000 01 14,000 0 0 Sprint Nextel Corporation Common U Com 852061100 12,657 667,900 0 0 667,900 01 667,900 0 0 Sprint Nextel Corporation Common U Com 852061100 22,099 1,166,300 0 0 1,166,300 02 1,166,300 0 0 Standard Microsystems Corp. Com. U Com 853626109 1,806 59,170 0 0 59,170 01 59,170 0 0 Sun Microsystems Inc. Common USD0. Com 866810104 6,337 1,054,600 0 0 1,054,600 01 1,054,600 0 0 Sun Microsystems Inc. Common USD0. Com 866810104 21,615 3,596,500 0 0 3,596,500 02 3,596,500 0 0 Suntrust Banks Incorporated Com. U Com 867914103 197 2,375 0 0 2,375 02 01 2,375 0 0 Synalloy Corporation Common USD1.0 Com 871565107 940 33,750 0 0 33,750 01 33,750 0 0 Sysco Corporation Common USD1.00 Com 871829107 257 7,600 0 0 7,600 02 01 7,600 0 0 Target Corporation USD0.167 Com 87612E106 509 8,600 0 0 8,600 02 01 8,600 0 0 Technology Solut. Co. New Comm. US Com 87872T207 8 1,000 0 0 1,000 01 1,000 0 0 Telekomunikasi Ind. (1 ADR Rep. 40 ADR 715684106 147 3,400 0 0 3,400 02 3,400 0 0 Tele Norte Leste ADR (1 Rep. 1 Pre ADR 879246106 447 32,300 0 0 32,300 01 32,300 0 0 Tele Norte Leste ADR (1 Rep. 1 Pre ADR 879246106 574 41,500 0 0 41,500 02 41,500 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 11,965 1,209,150 0 0 1,209,150 01 1,209,150 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 38,257 3,866,700 0 0 3,866,700 02 3,866,700 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) ADR 88031M109 454 9,900 0 0 9,900 01 9,900 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) ADR 88031M109 1,019 22,200 0 0 22,200 02 22,200 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 8 215 0 0 215 01 215 0 0 Texas Instruments Inc. Common USD1 Com 882508104 241 8,000 0 0 8,000 02 01 8,000 0 0 The Boeing Company Common USD5 Com 097023105 135 1,500 0 0 1,500 01 1,500 0 0 --------- 124,424

Form 13F Information Table GAM USA Inc. Page 11 of 12 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 The Boeing Company Common USD5 Com 097023105 318 3,578 0 0 3,578 02 3,578 0 0 TIB Financial Corp. Common USD0.10 Com 872449103 2,116 140,943 0 0 140,943 01 140,943 0 0 Total SA ADR (1 Rep. 0.5 Ord.) ADR 89151E109 524 7,500 0 0 7,500 02 01 7,500 0 0 Toyota Motor Corporation Spon. ADR Com 892331307 95 735 0 0 735 01 735 0 0 Toyota Motor Corporation Spon. ADR Com 892331307 243 1,900 0 0 1,900 02 1,900 0 0 Transocean Incorporated Common USD Com G90078109 817 10,000 0 0 10,000 02 01 10,000 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 2,741 127,350 0 0 127,350 01 127,350 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 473 22,000 0 0 22,000 02 22,000 0 0 Tribune Company Common NPV Com 896047107 6,423 200,000 0 0 200,000 01 200,000 0 0 Tribune Company Common NPV Com 896047107 3,212 100,000 0 0 100,000 02 100,000 0 0 Ultratech Inc. Common USD0.001 Com 904034105 2,586 190,180 0 0 190,180 01 190,180 0 0 Unibanco GDR (1 reps. 10 shares) Com 90458E107 884 10,100 0 0 10,100 01 10,100 0 0 Unibanco GDR (1 reps. 10 shares) Com 90458E107 3,973 45,400 0 0 45,400 02 45,400 0 0 Unisys Corporation Common USD0.01 Com 909214108 10,394 1,233,000 0 0 1,233,000 01 1,233,000 0 0 Unisys Corporation Common USD0.01 Com 909214108 35,495 4,211,500 0 0 4,211,500 02 4,211,500 0 0 United Auto Group Inc. Common USD0 Com 909440109 25,965 1,280,000 0 0 1,280,000 01 1,280,000 0 0 United Auto Group Inc. Common USD0 Com 909440109 9,228 454,900 0 0 454,900 02 454,900 0 0 UnitedHealth Group Inc. Common USD Com 91324P102 297 5,600 0 0 5,600 02 01 5,600 0 0 United Parcel Service Com.Cls B US Com 911312106 378 5,400 0 0 5,400 02 01 5,400 0 0 United Technologies Corp. Common U Com 913017109 390 6,000 0 0 6,000 02 01 6,000 0 0 Universal Truckload Services Inc C Com 91388P105 1,211 50,000 0 0 50,000 02 50,000 0 0 USA Truck Incorporated Common USD0 Com 902925106 5,961 383,600 0 0 383,600 01 383,600 0 0 USA Truck Incorporated Common USD0 Com 902925106 4,211 271,000 0 0 271,000 02 271,000 0 0 Verizon Communications Common USD0 Com 92343V104 4,962 130,852 0 0 130,852 01 130,852 0 0 Verizon Communications Common USD0 Com 92343V104 16,573 437,080 0 0 437,080 02 437,080 0 0 --------- 139,469

Form 13F Information Table GAM USA Inc. Page 12 of 12 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 Viad Corporation Common USD 1.50 Com 92552R406 405 10,500 0 0 10,500 01 10,500 0 0 Viad Corporation Common USD 1.50 Com 92552R406 578 15,000 0 0 15,000 02 15,000 0 0 Viasys Healthcare Inc. Common USD0 Com 92553Q209 2,193 64,610 0 0 64,610 01 64,610 0 0 Vineyard Natl Bancorp Co. Common N Com 927426106 2,000 86,850 0 0 86,850 01 86,850 0 0 Walgreen Company Common USD0.625 Com 931422109 762 16,600 0 0 16,600 02 01 16,600 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 366 7,800 0 0 7,800 02 01 7,800 0 0 WD-40 Common USD.001 Com 929236107 3,116 98,230 0 0 98,230 01 98,230 0 0 WellPoint Inc. Common USD0.01 Com 94973V107 129 1,600 0 0 1,600 01 1,600 0 0 WellPoint Inc. Common USD0.01 Com 94973V107 292 3,600 0 0 3,600 02 3,600 0 0 Whole Foods Market Common NPV Com 966837106 233 5,200 0 0 5,200 02 01 5,200 0 0 Williams Companies Inc. Common USD Com 969457100 1,779 62,537 0 0 62,537 01 62,537 0 0 Wyeth Common USD0.333 Com 983024100 15,003 300,000 0 0 300,000 01 300,000 0 0 XL Capital Limited Class A USD0.01 Com G98255105 9,090 130,000 0 0 130,000 01 130,000 0 0 Yahoo! Incorporated Common USD0.00 Com 984332106 319 10,200 0 0 10,200 02 01 10,200 0 0 --------- 36,264 ========= 1,751,539

Filing Compare · GAM USA INC