13F-HR 1 c57579_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: 03/31/09 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 05/11/09 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: 126 Form 13F Information Table Value Total: $668,980 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 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None 3M Company Common USD0.01 Com 88579Y101 6958 1,200 0 0 1,200 01 1,200 0 0 AbitibiBowater Inc. Common USD1.00 Com 003687100 ~~203~~281 445,969 0 0 445,969 01 445,969 0 0 AbitibiBowater Inc. Common USD1.00 Com 003687100 ~~578~~802 1,277,022 0 0 1,277,022 02 1,277,022 0 0 Alcoa Inc. Common USD1 Com 013817101 1,~~926~~483 ~~171~~202,~~080~~540 0 0 ~~171~~202,~~080~~540 02 01 ~~171~~202,~~080~~540 0 0 America Movil ADR Srs L (1 Reps 20 Com 02364W105 ~~969~~311 3111,~~300~~700 0 0 3111,~~300~~700 01 3111,~~300~~700 0 0 ~~America~~Aon ~~Movil~~Corporation ~~ADR~~Common ~~Srs~~USD1.00 ~~L (1 Reps 20~~ Com ~~02364W105~~037389103 ~~743~~1,631 2440,000 0 0 2440,000 01 2440,000 0 0 ~~America Movil ADR Srs L (1 Reps 20 Com 02364W105 362 11,700 0 0 11,700 01 11,700 0 0~~ Apple Incorporated Common NPV Com 037833100 ~~290~~4,031 338,400 0 0 338,400 01 338,400 0 0 AutoZone Incorporated Common USD0. Com 053332102 4,~~886~~552 3528,000 0 0 3528,000 01 3528,000 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre ADR 059460303 ~~1,172~~565 ~~118~~56,~~718~~915 0 0 ~~118~~56,~~718~~915 01 ~~118~~56,~~718~~915 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre ADR 059460303 ~~209~~206 21,198 0 0 21,198 01 21,198 0 0 ~~Banco~~Bank ~~Itau~~of ~~Hldgs~~America ~~Fin~~Corp. ~~ADR~~Common (1USD0. ~~Rep 1~~ Com ~~059602201~~060505104 ~~1,033~~97 8916,~~100~~020 0 0 8916,~~100~~020 01 8916,~~100~~020 0 0 ~~Bank~~Bristol-Myers ofSquibb ~~America Corp~~Co. Common ~~USD0.~~US Com ~~060505104~~110122108 ~~225~~48,936 162,~~020~~239,650 0 0 162,~~020~~239,650 01 162,~~020~~239,650 0 0 ~~Barclays~~Bristol-Myers ~~Bk.~~Squibb ~~Plc~~Co. ~~7.75%~~Common ~~Pref.~~US ~~Perp~~Com ~~Pref~~110122108 ~~06739H511 1~~91,~~134~~019 784,~~700~~165,990 0 0 784,~~700~~165,990 02 784,~~700~~165,990 0 0 ~~Berkley~~Cablevision (WSystems R)Corp. ~~Corporation~~Class ~~Common~~A U Com ~~084423102~~12686C109 103,~~220~~237 ~~330~~250,~~000~~540 0 0 ~~330~~250,~~000~~540 01 ~~330~~250,~~000~~540 0 0 ~~Bookham~~China ~~Inc.~~Mobile ~~Common~~HK ~~USD0.01~~Spon ADR (1 Rep 5 Com ~~09856E105~~16941M109 ~~949~~317 27,~~131,900~~400 0 0 27,~~131,900~~400 01 27,~~131,900~~400 0 0 ~~Bookham~~Christopher ~~Inc~~& Banks Corp. Common ~~USD0.01~~U Com ~~09856E105~~171046105 ~~590~~308 175,~~341,117~~000 0 0 175,~~341,117~~000 0201 175,~~341,117~~000 0 0 ~~Bristol-Myers~~Chubb ~~Squibb~~Corporation ~~Co.~~ Common USUSD1.00 Com ~~110122108~~171232101 554,~~443~~866 2115,~~385,650~~000 0 0 2115,~~385,650~~000 01 2115,~~385,650~~000 0 0 ~~Bristol-Myers~~Cisco ~~Squibb~~Systems CoInc. Common USUSD0.001 Com ~~110122108~~17275R102 982,~~576~~424 4145,~~241,990~~300 0 0 4145,~~241,990~~300 0201 4145,~~241,990~~300 0 0 ~~Carnival~~Citigroup ~~Corporation~~Incorporated Common USD0.0 Com ~~143658300~~172967101 1,~~849~~212 75480,~~940~~000 0 0 75480,~~940~~000 02 01 75480,~~940~~000 0 0 ~~Caterpillar~~Citigroup ~~Inc.~~Incorporated Common ~~USD1.00~~USD0 Com ~~149123101~~172967101 ~~223~~3,640 51,442,000 0 0 51,442,000 0102 51,442,000 0 0 ~~China~~Clearwire ~~Mobile~~Corp. HKClass ~~Spon~~A ~~ADR~~Com. (1USD0. ~~Rep~~Com 518538Q105 ~~Com~~215 ~~16941M109~~41,839 10 0 41,~~641~~839 3202 01 41,~~300~~839 0 0 ~~32,300~~Conns Inc Common USD0.01 32Com 208242107 8,~~300~~772 625,000 0 0 ~~China~~625,000 ~~Mobile~~01 HK625,000 ~~Spon~~0 ~~ADR~~0 (1ConocoPhillips ~~Rep~~Common 5USD1.250 Com ~~16941M109~~20825C104 ~~376~~3,917 7100,~~400~~000 0 0 7100,~~400~~000 01 7100,~~400~~000 0 0 ~~Christopher~~ConocoPhillips &Common ~~Banks Corp~~USD1.250 ~~Common U~~ Com ~~171046105~~20825C104 ~~418~~2,258 7557,~~000~~640 0 0 7557,~~000~~640 02 01 7557,~~000~~640 0 0 ~~Chubb~~Consol ~~Corporation~~Energy ~~Common~~Inc. ~~USD1~~Com.00 USD0.01 Com ~~171232101~~20854P109 51,~~871~~134 ~~115~~45,000 0 0 ~~115~~45,000 01 ~~115~~45,000 0 0 --------- ~~189~~186,~~956~~273

Form 13F Information Table GAM USA Inc. Page 2 of 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Cia Siderurgica NACL-SP ADR(1 Rep Com 20440W105 738 57,500 0 0 57,500 01 57,500 0 0 Cisco Systems Inc. Common USD0.001 Com 17275R102 298 18,300 0 0 18,300 01 18,300 0 0 Clearwire Corp. Class A Com. USD0. Com 18538Q105 205 41,839 0 0 41,839 02 01 41,839 0 0 Companhia Vale do Rio ADR (1 rep 1 ADR 204412209 1,023 84,558 0 0 84,558 01 84,558 0 0 Companhia Vale do Rio ADR (1 rep 1 ADR 204412209 92 7,584 0 0 7,584 01 7,584 0 0 Conns Inc Common USD0.01 Com 208242107 5,281 625,000 0 0 625,000 01 625,000 0 0 ConocoPhillips Common USD1.250 Com 20825C104 5,186 100,000 0 0 100,000 01 100,000 0 0 ConocoPhillips Common USD1.250 Com 20825C104 2,383 45,950 0 0 45,950 02 01 45,950 0 0 Consolidated Tomoka Land Common US Com 210226106 ~~232~~179 6,000 0 0 6,000 01 6,000 0 0 Du Pont (E.I.) de Nemours Common U Com 263534109 5,~~453~~681 ~~215~~254,620 0 0 ~~215~~254,620 01 ~~215~~254,620 0 0 Du Pont (E.I.) de Nemours Common U Com 263534109 17,~~077~~472 ~~675~~783,291 0 0 ~~675~~783,291 02 ~~675~~783,291 0 0 Eastman Kodak Company Common USD2. Com 277461109 63,~~786~~956 1,032,840 0 0 1,032,840 01 1,032,840 0 0 Eastman Kodak Company Common USD2. Com 277461109 2112,~~427~~470 3,262,237 0 0 3,262,237 02 3,262,237 0 0 El Paso Corporation Common USD3.00 Com 28336L109 2721,~~233~~772 3,478,013 0 0 3,478,013 01 3,478,013 0 0 El Paso Corporation Common USD3.00 Com 28336L109 5947,~~935~~914 7,656,608 0 0 7,656,608 02 7,656,608 0 0 Enova Systems Inc. Ord. NPV Com 29355M200 ~~299~~195 453,305 0 0 453,305 01 453,305 0 0 Enova Systems Inc. Ord. NPV Com 29355M200 ~~699~~456 1,060,970 0 0 1,060,970 02 1,060,970 0 0 Exelon Corporation Common NPV Com 30161N101 2,~~517~~576 4556,~~270~~780 0 0 4556,~~270~~780 02 01 4556,~~270~~780 0 0 Exxon Mobil Corporation NPV Com 30231G102 117 1,710 0 0 1,710 01 1,710 0 0 Fred's Incorporated Class A Common Com 356108100 89,~~580~~020 800,000 0 0 800,000 01 800,000 0 0 General Electric Co. Amer. Com. US Com 369604103 ~~889~~554 54,944 0 0 54,944 01 54,944 0 0 General Electric Co. Amer. Com. US Com 369604103 21,~~153~~346 133,035 0 0 133,035 02 133,035 0 0 General Motors Corp. Common USD1.6 Com 370442105 ~~1,020~~613 310,410 0 0 310,410 01 310,410 0 0 General Motors Corp. Common USD1.6 Com 370442105 31,~~098~~865 948,195 0 0 948,195 02 948,195 0 0 Gerber Scientific Common USD1.00 Com 373730100 ~~431~~203 85,000 0 0 85,000 01 85,000 0 0 Goldman Sachs Group Inc. Com USD0. Com 38141G104 2,123 20,000 0 0 20,000 01 20,000 0 0 Home Depot Incorporated Common USD Com 437076102 ~~578~~587 25,100 0 0 25,100 01 25,100 0 0 Home Depot Incorporated Common USD Com 437076102 3,975 169,310 0 0 169,310 02 01 169,310 0 0 Human Genome Sciences Inc. Com. US Com 444903108 166 201,000 0 0 201,000 02 01 201,000 0 0 Huntsman Corporation Common USD0.0 Com 447011107 3,145 1,000,000 0 0 1,000,000 01 1,000,000 0 0 ICU Medical Incorporated Common US Com 44930G107 3,209 100,000 0 0 100,000 01 100,000 0 0 Infinity Property & Casualty Commo Com 45665Q103 4,244 125,000 0 0 125,000 01 125,000 0 0 Intel Corporation Common USD0.001 Com 458140100 378 25,700 0 0 25,700 01 25,700 0 0 --------- ~~173~~144,~~612~~218

Form 13F Information Table GAM USA Inc. Page 3 of 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Home Depot Incorporated Common USD Com 437076102 3,110 134,990 0 0 134,990 02 01 134,990 0 0 Human Genome Sciences Inc. Com. US Com 444903108 413 195,300 0 0 195,300 02 01 195,300 0 0 Huntsman Corporation Common USD0.0 Com 447011107 3,425 1,000,000 0 0 1,000,000 01 1,000,000 0 0 ICU Medical Incorporated Common US Com 44930G107 3,315 100,000 0 0 100,000 01 100,000 0 0 Infinity Property & Casualty Commo Com 45665Q103 6,546 140,000 0 0 140,000 01 140,000 0 0 Intel Corporation Common USD0.001 Com 458140100 ~~377 25~~5,~~700~~509 ~~0 0 25~~366,~~700~~400 ~~01 25,700~~ 0 0 ~~Intel Corporation Common USD0.001 Com 458140100 4~~366,~~287~~400 ~~292,150 0 0 292,150~~ 02 01 ~~292~~366,~~150~~400 0 0 International Paper Company Com. U Com 460146103 31,~~010~~797 255,100 0 0 255,100 01 255,100 0 0 International Paper Company Com. U Com 460146103 95,~~536~~694 808,300 0 0 808,300 02 808,300 0 0 Intl. Business Machines Corp. Com Com 459200101 ~~379~~426 4,500 0 0 4,500 01 4,500 0 0 JDS Uniphase Corp. Common USD0.001 Com 46612J507 3,~~607~~204 984,220 0 0 984,220 01 984,220 0 0 JDS Uniphase Corp. Common USD0.001 Com 46612J507 1110,~~539~~248 3,149,271 0 0 3,149,271 02 3,149,271 0 0 Johnson & Johnson Common USD1.00 Com 478160104 ~~371~~329 6,200 0 0 6,200 01 6,200 0 0 J.P. Morgan Chase & Co. Common USD Com 46625H100 641,644 262,022 0 0 262,022 01 262,022 0 0 Kraft Foods Inc A NPV Com 50075N104 ~~389~~317 14,500 0 0 14,500 01 14,500 0 0 Marsh & McLennan Companies Common Com 571748102 1,113 55,000 0 0 55,000 01 55,000 0 0 Marvell Tech. Group Ltd. Common US Com G5876H105 ~~306~~279 4630,~~000~~800 0 0 4630,~~000~~800 01 4630,~~000~~800 0 0 Mastercard Inc. Class A Com. USD0. Com 57636Q104 2,258 13,500 0 0 13,500 01 13,500 0 0 McDonald's Corporation Common USD0 Com 580135101 ~~502~~435 8,070 0 0 8,070 01 8,070 0 0 McKesson Incorporated Common USD0. Com 58155Q103 3,~~208~~641 82103,~~910~~980 0 0 82103,~~910~~980 02 01 82103,~~910~~980 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 17,~~686~~212 ~~581~~643,865 0 0 ~~581~~643,865 01 ~~581~~643,865 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 5452,~~926~~397 1,~~807~~960,~~236~~336 0 0 1,~~807~~960,~~236~~336 02 1,~~807~~960,~~236~~336 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 ~~451~~406 23,200 0 0 23,200 01 23,200 0 0 Mitsubishi UFJ Fin Grp ADR (1 rep ADR 606822104 5946 9,500 0 0 9,500 01 9,500 0 0 MoneyGram International USD0.01 Com 60935Y109 4349 42,000 0 0 42,000 01 42,000 0 0 Monsanto Company Common USD0.01 Com 61166W101 ~~360~~1,425 517,~~116~~146 0 0 517,~~116~~146 01 517,~~116~~146 0 0 Motorola Incorporated Common USD3. Com 620076109 720 170,100 0 0 170,100 01 170,100 0 0 Motorola Incorporated Common USD3. Com 620076109 2,167 512,200 0 0 512,200 02 512,200 0 0 Neopharm Incorporated Common USD0. Com 640919106 ~~282~~111 1,706,797 0 0 1,706,797 01 1,706,797 0 0 New Oriental Education ADR (1 rep Com 647581107 355 7,000 0 0 7,000 01 7,000 0 0 News Corp-Class B Com. USD0.01 Com 65248E203 1,903 247,499 0 0 247,499 02 01 247,499 0 0 --------- ~~128~~113,~~192~~683

Form 13F Information Table GAM USA Inc. Page 4 of 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None ~~New~~Novell ~~Oriental~~Incorporated ~~Education~~Common ~~ADR~~USD0.10 (1Com ~~rep~~670006105 4,014 941,050 0 0 941,050 01 941,050 0 0 Oclaro Inc. Com. ~~647581107~~USD0.01 ~~384~~Com 709856E105 895 2,~~000~~131,900 0 0 72,~~000~~131,900 01 72,~~000~~131,900 0 0 ~~News~~Oclaro ~~Corp-Class~~Inc. B Com. USD0.01 Com ~~65248E203~~09856E105 550 1,~~877 197~~341,~~339~~117 0 0 ~~197~~1,~~339~~341,117 02 ~~01 197~~1,~~339~~341,117 0 0 On Semiconductor Corp. Com. USD0.0 Com 682189105 ~~483~~561 143,750 0 0 143,750 01 143,750 0 0 Oracle Corporation Common USD0.01 Com 68389X105 ~~526~~524 29,700 0 0 29,700 01 29,700 0 0 Penske Auto Group Inc. Common USD0 Com 70959W103 2,~~303~~805 300,000 0 0 300,000 01 300,000 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 Com 71646E100 ~~1,683~~333 ~~18,900 0 0 18,900 01 18,900 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 Com 71646E100 374~~ 4,200 0 0 4,200 01 4,200 0 0 Petrohawk Energy Corp. Common USD0 Com 716495106 45,~~686~~774 300,000 0 0 300,000 01 300,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 43,~~660~~576 262,400 0 0 262,400 01 262,400 0 0 Philip Morris International Com. N Com 718172109 ~~146~~123 3,340 0 0 3,340 01 3,340 0 0 Potash Corp. Of Saskatchewan Com. Com 73755L107 2,426 30,000 0 0 30,000 01 30,000 0 0 Power-One Incorporated Common USD0 Com 739308104 21,~~360~~770 2,000,000 0 0 2,000,000 01 2,000,000 0 0 Procter & Gamble Common NPV Com 742718109 ~~445~~341 7,200 0 0 7,200 01 7,200 0 0 ~~Retalix~~Red ~~Limited~~Hat ~~ILS1~~Inc.00 Common USD0.0001 Com ~~M8215W109~~756577102 ~~175~~4,318 29241,~~021~~710 0 0 29241,~~021~~710 01 29241,~~021~~710 0 0 ~~Royal~~Research ~~Bank~~In OfMotion ~~Scotland 7~~Com.~~25%~~ ~~Pfd.~~NPV ~~Pref~~Com ~~780097713~~760975102 511,076 525,000 0 0 525,000 0201 525,000 0 0 Retalix Limited ILS1.00 Com M8215W109 260 29,021 0 0 29,021 01 29,021 0 0 Royal Bank of Scot. PLC 6.125% Pfd Pref 780097747 ~~181~~125 22,500 0 0 22,500 02 22,500 0 0 Royal Bk. of Scot. Grp. 6.4% Pfd P Bond 780097796 ~~217~~85 2414,800 0 0 2414,800 02 2414,800 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 21,~~717~~468 200,000 0 0 200,000 01 200,000 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 1210,~~038~~924 1,~~229~~353,~~600~~626 0 0 1,~~229~~353,~~600~~626 01 1,~~229~~353,~~600~~626 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 3733,~~479~~974 34,~~829~~210,~~018~~853 0 0 34,~~829~~210,~~018~~853 02 34,~~829~~210,~~018~~853 0 0 SoftBrands Incorporated Common USD Com 83402A107 8661 229,449 0 0 229,449 01 229,449 0 0 Sprint Nextel Corporation Common U Com 852061100 13,~~948~~775 1,058,863 0 0 1,058,863 01 1,058,863 0 0 Sprint Nextel Corporation Common U Com 852061100 611,~~145~~908 3,342,865 0 0 3,342,865 02 3,342,865 0 0 Sterlite Industries Indi Adr (1rep Com 859737207 5867 10,400 0 0 10,400 01 10,400 0 0 ~~St. Joe Corporation Common NPV Com 790148100 1,058 43,550 0 0 43,550 02 01 43,550 0 0 Sun Microsystems Inc. Common USD0. Com 866810203 3,272 855,360 0 0 855,360 01 855,360 0 0~~ --------- 8591,~~349~~730

Form 13F Information Table GAM USA Inc. Page 5 of 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None ~~Sun~~St. ~~Microsystems~~Joe ~~Inc.~~Corporation Common ~~USD0.~~NPV Com ~~866810203~~790148100 ~~10,543~~914 254,~~757,115~~630 0 0 254,~~757,115~~630 02 201 54,~~757,115~~630 0 0 ~~Synalloy~~Sun ~~Corporation~~Microsystems Inc. Common ~~USD1~~USD0.0 Com ~~871565107~~866810203 ~~162~~6,308 33855,~~750~~360 0 0 33855,~~750~~360 01 33855,~~750~~360 0 0 ~~Taiwan~~Sun ~~Semi~~Microsystems Inc. -Common SPUSD0. ~~ADR (1 ADR Rep 5~~ Com ~~874039100~~866810203 ~~566~~20,321 712,~~519~~757,115 0 0 712,~~519~~757,115 0102 712,~~519~~757,115 0 0 ~~Tele~~Synalloy ~~Norte~~Corporation ~~Leste~~Common ~~ADR (1 Rep~~USD1.0 1Com ~~Pre~~871565107 ~~ADR~~176 ~~879246106 448 32~~33,~~300~~750 0 0 3233,~~300~~750 01 3233,~~300~~750 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 4,~~482~~983 1,089,270 0 0 1,089,270 01 1,089,270 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 1415,~~378~~986 3,494,853 0 0 3,494,853 02 3,494,853 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) Com 88031M109 ~~386~~182 189,~~400~~034 0 0 189,~~400~~034 01 189,~~400~~034 0 0 ~~Tenaris~~Teva SAPharmaceuticals ADR (1 ~~ADR~~ Rep. 21 ~~Ord.)~~ADR ~~Com~~881624209 ~~88031M109~~284 ~~189 9~~6,~~034~~300 0 0 96,~~034~~300 01 96,~~034~~300 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 ~~314~~330 7,400 0 0 7,400 01 7,400 0 0 Texas Instruments Inc. Common USD1 Com 882508104 ~~317~~335 20,410 0 0 20,410 01 20,410 0 0 The Boeing Company Common USD5 Com 097023105 ~~243~~203 5,700 0 0 5,700 01 5,700 0 0 The Gap Inc. Common USD0.05 Com 364760108 ~~603~~584 45,000 0 0 45,000 01 45,000 0 0 Toyota Motor Corporation Spon. ADR Com 892331307 4847 735 0 0 735 01 735 0 0 ~~Turkcell Iletisim ADR (1 rep 2.5 o Com 900111204 782 53,700 0 0 53,700 01 53,700 0 0~~ UCBH Holdings INC Common USD0.01 Com 90262T308 ~~1,245~~273 181,340 0 0 181,340 02 01 181,340 0 0 Unisys Corporation Common USD0.01 Com 909214108 21,~~885~~734 3,241,040 0 0 3,241,040 01 3,241,040 0 0 Unisys Corporation Common USD0.01 Com 909214108 85,~~868~~389 10,090,820 0 0 10,090,820 02 10,090,820 0 0 USA Truck Incorporated Common USD0 Com 902925106 76,~~087~~698 519,600 0 0 519,600 01 519,600 0 0 Viad Corporation Common USD 1.50 Com 92552R406 ~~260~~148 10,500 0 0 10,500 01 10,500 0 0 ~~Vimpelcom-Sp~~Visa ~~ADR~~Inc. (1Class ~~rep~~A 0Common USD0.500001 ~~ord)~~ Com ~~68370R109~~92826C839 ~~182~~2,222 2540,~~500~~000 0 0 2540,~~500~~000 01 2540,~~500~~000 0 0 ~~Wachovia~~WellPoint ~~Corporation~~Inc. Common ~~USD3~~USD0.301 Com ~~929903102~~94973V107 ~~2,061~~125 ~~360~~3,~~000~~500 0 0 ~~360~~3,~~000~~500 01 ~~360~~3,~~000~~500 0 0 ~~WellPoint~~Wells ~~Inc~~Fargo & Co. ~~Common~~Com. ~~USD0~~USD1.01666 Com ~~94973V107~~949746101 ~~148~~1,027 371,~~500~~676 0 0 371,~~500~~676 01 371,~~500~~676 0 0 Williams Companies Inc. Common USD Com 969457100 ~~906~~711 62,537 0 0 62,537 01 62,537 0 0 Williams-Sonoma Inc. Common USD0.0 Com 969904101 12,~~780~~357 ~~226~~233,~~630~~250 0 0 ~~226~~233,~~630~~250 02 01 ~~226~~233,~~630~~250 0 0 WR Berkley Corp. Common USD0.20 Com 084423102 7,435 330,000 0 0 330,000 01 330,000 0 0 Wyeth Common USD0.333 Com 983024100 1214,~~272~~055 326,900 0 0 326,900 01 326,900 0 0 --------- 7192,~~157~~825

Form 13F Information Table GAM USA Inc. Page 6 of 6 1 2 3 4 5 6 7 8 ~~Mkt Value~~ -- Investment ~~Discretion~~ -- --- Voting Mkt Value Discretion -- Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Wyeth Common USD0.333 Com 983024100 3540,~~147~~251 936,400 0 0 936,400 02 936,400 0 0 --------- 3540,~~147~~251 ========= ~~683~~668,~~413~~980

Filing Compare · GAM USA INC