13F-HR 1 c48028_13-f.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: 03/31/07 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 04/24/07 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: 289 Form 13F Information Table Value Total: $1,751,539 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 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 ~~Abbott~~24/7 ~~Laboratories~~Real Media Inc. Common ~~NPV~~USD 0. Com ~~002824100~~901314203 ~~705~~2,052 16255,~~600~~670 0 0 16255,~~600~~670 02 01 16255,~~600~~670 0 0 ~~Abraxas~~3M ~~Petroleum~~Company ~~Corp~~Common USD0.01 ~~(Nev)~~ Com ~~Com~~88579Y101 ~~003830106~~91 ~~429 73~~1,200 0 0 731,200 0201 731,200 0 0 ~~Acco~~3M ~~Brands~~Company ~~Corporation~~Common USD0.01 Com ~~00081T108~~88579Y101 ~~782~~986 3512,~~251~~900 0 0 3512,~~251~~900 02 3512,~~251~~900 0 0 ~~Advanced~~Abbott ~~Power~~Laboratories ~~Technology~~Common ~~Inc~~NPV ~~USD~~ Com ~~00761E108~~002824100 ~~293~~697 2012,~~000~~500 0 0 2012,~~000~~500 02 01 2012,~~000~~500 0 0 ~~Agilent~~Acco ~~Technologies~~Brands ~~Inc~~Corporation USD0.01 ~~Common U~~ Com ~~00846U101~~00081T108 ~~2,197~~565 5823,~~540~~501 0 0 5823,~~540~~501 0201 5823,~~540~~501 0 0 ~~Alberto-Culver~~Acco ~~Company~~Brands ~~Common~~Corporation USD0.01 Com ~~013068101~~00081T108 ~~15,383~~283 ~~348~~11,~~000~~750 0 0 ~~348~~11,~~000~~750 02 ~~348~~11,~~000~~750 0 0 ~~Alcoa~~ADTRAN ~~Inc~~Incorporated Common USD0.01 Com 00738A106 15 640 0 0 640 01 640 0 0 ADTRAN Incorporated Common ~~USD1~~USD0.01 Com ~~013817101~~00738A106 ~~2,612~~173 857,~~500~~100 0 0 857,~~500~~100 02 857,~~500~~100 0 0 Alcon Incorporated Common USD0.20 Com H01301102 ~~752~~1,156 78,~~208~~766 0 0 78,~~208~~766 01 78,~~208~~766 0 0 Alcon Incorporated Common USD0.20 Com H01301102 ~~813~~822 76,~~792~~234 0 0 76,~~792~~234 02 76,~~792~~234 0 0 Altria Group Inc. Common USD0.333 Com 02209S103 ~~2,126~~91 301,~~000~~040 0 0 301,~~000~~040 02 01 301,~~000~~040 0 0 ~~Amdocs~~Altria ~~Limited~~Group Inc. Common ~~GBP0~~USD0.01333 Com ~~G02602103~~02209S103 803 9,150 0 0 9,150 02 9,150 0 0 America Movil SAB ADR (1 Reps 20 O ADR 02364W105 1,~~269~~056 3522,~~200~~108 0 0 3522,~~200~~108 01 22,108 0 0 America Movil SAB ADR (1 Reps 20 O ADR 02364W105 3,119 65,300 0 0 65,300 02 3565,~~200~~300 0 0 American Express Company Common US Com 025816109 ~~683~~519 139,~~000~~200 0 0 139,~~000~~200 02 01 139,~~000~~200 0 0 American International Grp. Com. U Com 026874107 ~~332~~311 54,~~025~~625 0 0 54,~~025~~625 02 01 54,~~025~~625 0 0 Ameriprise Financial Inc. Common U Com 03076C106 ~~118~~138 2,~~620~~420 0 0 2,~~620~~420 02 01 2,~~620~~420 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 ~~227~~788 2572,000 0 0 2572,000 01 2572,000 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 ~~906~~580 ~~100~~53,000 0 0 ~~100~~53,000 02 ~~100~~53,000 0 0 Anheuser-Busch Companies Inc Com U Com 035229103 ~~402~~338 96,~~400~~700 0 0 96,~~400~~700 02 01 96,~~400~~700 0 0 ~~Arbor~~Apple ~~Realty~~Incorporated ~~Trust Inc.~~ Common ~~USD~~NPV Com ~~038923108~~037833100 ~~675~~113 251,~~000~~200 0 0 251,~~000~~200 0201 251,~~000~~200 0 0 ~~AT&T~~Aracruz ~~Inc.~~Celulose ~~Common~~ADR ~~USD1.00~~(1 ~~Com~~Rep ~~00206R102~~10 ~~1,606~~Pre 59ADR 038496204 136 2,~~400~~600 0 0 592,~~400~~600 02 592,~~400~~600 0 0 Automatic Data Processing Com. USD Com 053015103 ~~365~~358 87,~~000~~400 0 0 87,~~000~~400 02 01 87,~~000~~400 0 0 AutoZone Incorporated Common USD0. Com 053332102 1520,~~950~~494 160,000 0 0 160,000 0201 160,000 0 0 ~~Baidu.com ADR Common (1 Rep 1 A Sh Com 056752108 146 2,600 0 0 2,600 02 2,600 0 0~~ Banco Bradesco SA ADR (1 Rep 1 Pre ~~Com~~ADR 059460303 ~~345~~809 920,~~600~~000 0 0 920,~~600~~000 ~~02 9,600 0 0 Banco Itau Hldgs Fin. ADR (1 Rep 1 Com 059602201 294 9,870 0 0 9,870 02 9,870 0 0 Bank of America Corp. Common USD0. Com 060505104 779 17,100 0 0 17,100 02~~ 01 1720,~~100~~000 0 0 --------- 5036,~~188~~492

Form 13F Information Table GAM USA Inc. Page 2 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 ~~Bank~~Banco ofBradesco ~~America~~SA ~~Corp.~~ADR ~~Common~~(1 ~~USD0.~~Rep ~~Com~~1 ~~060505104~~Pre ~~17,757~~ADR ~~390~~059460303 222 5,~~000~~500 0 0 ~~390~~5,~~000~~500 02 ~~390~~5,~~000~~500 0 0 ~~Barrick~~Banco ~~Gold~~Itau ~~Corporation~~Hldgs ~~Common~~Fin. NPADR ~~Com~~(1 ~~067901108~~Rep ~~138,613~~1 5ADR 059602201 135 3,~~092,113~~870 0 0 53,~~092,113~~870 02 53,~~092,113~~870 0 0 ~~Bear~~Bank ~~Stearns~~of ~~Companies~~America ~~Inc~~Corp. ~~Com~~Common USD0. U Com ~~073902108~~060505104 ~~4,159~~612 3012,000 0 0 3012,000 02 01 3012,000 0 0 ~~Bear~~Bank ~~Stearns~~of ~~Companies~~America ~~Inc~~Corp. ~~Com~~Common USD0. U Com ~~073902108~~060505104 2425,~~676~~623 ~~178~~502,~~000~~250 0 0 ~~178~~502,~~000~~250 0201 ~~178~~502,~~000~~250 0 0 ~~Berkley~~Bank (Wof R)America ~~Corporation~~Corp. Common UUSD0. Com ~~084423102~~060505104 272,~~859~~336 ~~480~~45,~~000~~800 0 0 ~~480~~45,~~000~~800 02 ~~480~~45,~~000~~800 0 0 ~~Best~~Bank ~~Buy~~of ~~Company~~the Ozarks Inc. Common ~~USD0.~~USD Com ~~086516101~~063904106 31,~~020~~956 5468,~~000~~181 0 0 5468,~~000~~181 01 5468,~~000~~181 0 0 ~~Best~~Barrick ~~Buy~~Gold ~~Company~~Corporation ~~Inc.~~ Common ~~USD0.~~NP Com ~~086516101~~067901108 434,~~404~~707 781,~~750~~215,672 0 0 781,~~750~~215,672 0201 781,~~750~~215,672 0 0 ~~Bookham~~Barrick ~~Inc.~~Gold Corporation Common ~~USD0.01~~NP Com ~~09856E105~~067901108 7116,~~980~~250 ~~836~~4,~~500~~072,338 0 0 ~~836~~4,~~500~~072,338 02 ~~836~~4,~~500~~072,338 0 0 BPBear ~~PLC~~Stearns ~~ADR~~Companies ~~(Cnv~~Inc. ~~6 Ord~~Com.) ~~ADR~~U ~~055622104~~Com 1073902108 23,~~351~~315 19155,~~600~~000 0 0 19155,~~600~~000 02 01 19155,~~600~~000 0 0 ~~Burlington~~Berkley ~~Resources~~(W ~~Inc.~~R) Corporation Common U Com ~~122014103~~084423102 5223,~~922~~828 ~~575~~720,~~300~~000 0 0 ~~575~~720,~~300~~000 0201 ~~575~~720,~~300~~000 0 0 CABest ~~INC~~Buy ~~Com~~Company Inc. Common USD0.10 Com ~~12673P105~~086516101 41,997 ~~133~~41,000 0 0 ~~133~~41,000 01 ~~133~~41,000 0 0 CABest ~~INC~~Buy ~~Com~~Company Inc. Common USD0.10 Com ~~12673P105~~086516101 161,~~398~~948 ~~602~~40,~~662~~000 0 0 ~~602~~40,~~662~~000 02 ~~602~~40,~~662~~000 0 0 ~~Campbell~~BigBand ~~Soup~~Networks ~~Company~~Inc. ~~Common~~Com. USD0.00 Com ~~134429109~~089750509 ~~10,204~~615 ~~315~~34,~~000~~170 0 0 ~~315~~34,~~000~~170 0201 ~~315~~34,~~000~~170 0 0 ~~Capital~~Bookham ~~One Financial Corp~~Inc. Common USD0.001 Com ~~14040H105~~09856E105 ~~403~~3,894 51,719,000 0 0 51,719,000 02 01 51,719,000 0 0 ~~Caterpillar~~Bookham Inc. Common ~~USD1~~USD0.0001 Com ~~149123101~~09856E105 ~~431~~1,957 6866,000 0 0 6866,000 02 ~~01 6~~866,000 0 0 ~~CBS~~Bristol-Myers ~~Corporation~~Squibb ~~Class~~Co. B Common ~~USD~~US Com ~~124857202~~110122108 ~~138~~72,293 52,~~750~~604,200 0 0 52,~~750~~604,200 02 01 52,~~750~~604,200 0 0 ~~Cemex~~Bristol-Myers ~~S.A.~~Squibb ~~de C~~Co.V. ~~ADR~~Common (1US ~~Rep. 10~~ Com ~~151290889~~110122108 ~~176~~106,833 23,848,700 0 0 23,848,700 02 23,848,700 0 0 ~~Check~~BRT ~~Point~~Realty ~~Software~~Trust ~~Tech.~~Common ~~Ltd~~USD3.00 IL Com ~~M22465104~~055645303 12,~~129~~109 5669,~~400~~960 0 0 5669,~~400~~960 01 5669,~~400~~960 0 0 ~~Check~~CalAmp ~~Point~~Corporation ~~Software~~Common ~~Tech~~USD0.01 ~~Ltd. IL~~ Com ~~M22465104~~128126109 ~~711~~2,616 35302,~~500~~310 0 0 35302,~~500~~310 0201 35302,~~500~~310 0 0 ~~Cherokee~~Campbell ~~Intl.~~Soup ~~Corp.~~Company Common USD0.0 Com ~~164450108~~134429109 ~~153~~4,751 30122,000 0 0 30122,000 0201 30122,000 0 0 ~~Chevron~~Campbell ~~Corp.~~Soup Company Common USD0.75 Com ~~166764100~~134429109 115,~~066~~691 18403,~~400~~000 0 0 18403,~~400~~000 02 ~~01 18~~403,~~400~~000 0 0 ~~Chevron~~Capital One Financial Corp. ~~Common~~ USD0.750 Com ~~166764100~~14040H105 ~~282~~347 4,~~870~~600 0 0 4,~~870~~600 02 01 4,~~870~~600 0 0 ~~Christopher~~Carrizo Oil & ~~Banks~~Gas ~~Corp~~Inc. Common UUSD0 Com ~~171046105~~144577103 1,~~740~~682 7548,~~000~~120 0 0 7548,~~000~~120 0201 7548,~~000~~120 0 0 ~~Chubb~~Caterpillar ~~Corporation~~Inc. Common USD1.00 Com ~~171232101~~149123101 ~~3,626~~402 386,000 0 0 386,000 02 01 386,000 0 0 ~~Chubb~~Caterpillar ~~Corporation~~Inc. Common USD1.00 Com ~~171232101~~149123101 ~~35,779~~119 ~~375~~1,~~000~~800 0 0 ~~375~~1,~~000~~800 0201 ~~375~~1,~~000~~800 0 0 --------- ~~354~~446,~~981~~240

Form 13F Information Table GAM USA Inc. Page 3 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 ~~Chunghwa~~CDC ~~Telecom~~Corporation ~~Co.~~Class ~~ADR~~A (1USD0.00025 ~~Reps 1~~ Com ~~17133Q205~~G2022L106 ~~3,693~~90 ~~188~~10,~~600~~150 0 0 ~~188~~10,~~600~~150 0201 ~~188~~10,~~600~~150 0 0 ~~Cisco~~CDC ~~Systems~~Corporation ~~Inc.~~Class ~~Common~~A USD0.~~001~~00025 Com ~~17275R102~~G2022L106 ~~165~~4,268 7472,~~600~~336 0 0 7472,~~600~~336 02 7472,~~600~~336 0 0 ~~Citadel~~CEMIG ~~Broadcasting~~ADR Co(1 ADR Rep. ~~Common~~1000 USPref.) ~~Com~~ADR ~~17285T106~~204409601 ~~1,599~~832 ~~144~~17,~~462~~100 0 0 ~~144~~17,~~462~~100 0201 ~~144~~17,~~462~~100 0 0 ~~Citigroup~~Cherokee ~~Incorporated~~Intl. Corp. Common USD0.0 Com ~~172967101~~164450108 ~~1,711~~19 363,~~233~~400 0 0 363,~~233~~400 02 ~~01 36~~3,~~233~~400 0 0 ~~Coca-Cola~~Chevron ~~Company~~Corp. Common USD0.2575 Com ~~191216100~~166764100 1,~~332~~183 3116,~~800~~000 0 0 3116,~~800~~000 02 01 3116,~~800~~000 0 0 ~~Coca-Cola~~Chevron ~~Company~~Corp. Common USD0.2575 Com ~~191216100~~166764100 ~~153~~227 3,~~660~~070 0 0 3,~~660~~070 02 3,~~660~~070 0 0 ~~Colgate-Palmolive~~China ~~Company~~Mobile ~~Common~~HK ULtd ~~Com~~ADR ~~194162103~~(1ADR ~~286~~Rep 5ADR 16941M109 171 3,~~000~~774 0 0 53,~~000~~774 02 01 53,~~000~~774 0 0 ~~Companhia~~China ~~Vale~~Mobile doHK ~~Rio~~Ltd ADR (11ADR ~~rep~~Rep 1ADR ~~Com~~16941M109 ~~204412209~~357 ~~179 3~~7,~~700~~956 0 0 37,~~700~~956 02 37,~~700~~956 0 0 ~~Conns~~Cholestech ~~Inc~~Corporation Common ~~USD0.01~~NPV Com ~~208242107~~170393102 31,~~674~~438 ~~107~~83,~~632~~338 0 0 ~~107~~83,~~632~~338 01 ~~107~~83,~~632~~338 0 0 ~~Conns~~Christopher ~~Inc~~& ~~Common~~Banks ~~USD0~~Corp.01 Common U Com ~~208242107~~171046105 431,~~652~~459 175,~~278,810~~000 0 0 175,~~278,810~~000 0201 175,~~278,810~~000 0 0 ~~ConocoPhillips~~Chubb Corporation Common USD1.~~250~~00 Com ~~20825C104~~171232101 129,~~156~~851 18578,~~300~~000 0 0 18578,~~300~~000 02 01 18578,~~300~~000 0 0 ~~ConocoPhillips~~Chubb Corporation Common USD1.~~250~~00 Com ~~20825C104~~171232101 12,~~049~~066 1640,~~600~~000 0 0 1640,~~600~~000 02 1640,~~600~~000 0 0 ~~Consolidated~~Chunghwa ~~Tomoka~~Telecom ~~Land~~Co. ~~Common~~ADR US(1 ~~Com~~Reps ~~210226106~~1 ~~373~~ADR 617133Q205 3,~~000~~831 192,372 0 0 6192,~~000~~372 0201 6192,~~000~~372 0 0 ~~Corning~~Cisco ~~Incorporated~~Systems Inc. Common USD0.5001 Com ~~219350105~~17275R102 ~~1,469~~194 547,600 0 0 547,600 02 547,600 0 0 ~~CVS~~Citadel ~~Corporation~~Broadcasting Co. Common ~~USD0.01~~US Com ~~126650100~~17285T106 ~~1,386~~704 4674,~~400~~105 0 0 4674,~~400~~105 0201 4674,~~400~~105 0 0 ~~Delta~~Citigroup &Incorporated ~~Pine Land Inc.~~ Common USD0 Com ~~247357106~~172967101 1,~~506~~285 5025,~~000~~033 0 0 5025,~~000~~033 02 01 5025,~~000~~033 0 0 ~~Delta~~Citigroup &Incorporated ~~Pine Land Inc.~~ Common USD0 Com ~~247357106~~172967101 ~~3,463~~123 ~~115~~2,~~000~~400 0 0 ~~115~~2,~~000~~400 0201 ~~115~~2,~~000~~400 0 0 ~~DIRECTV~~Cnooc ~~Group~~Ltd. ~~Inc~~ADR (1 Rep. ~~Common~~100 ~~USD0~~Ord.01) ~~Com~~ADR ~~25459L106~~126132109 131 1,~~028~~470 ~~62,700~~ 0 0 621,~~700~~470 0201 621,~~700~~470 0 0 ~~Discovery~~Cnooc ~~Holding Co~~Ltd. ~~Class~~ADR A(1 ~~Comm~~Rep. ~~Com~~100 ~~25468Y107~~Ord.) 3ADR ~~175~~126132109 2,778 31,700 0 0 ~~175~~31,700 02 ~~175~~31,700 0 0 ~~Dollar~~Coca-Cola ~~General~~Company ~~Corporation~~Common ~~Com~~USD0.25 US Com ~~256669102~~191216100 21,~~173~~080 ~~123~~22,~~000~~500 0 0 ~~123~~22,~~000~~500 02 01 ~~123~~22,~~000~~500 0 0 ~~Dollar~~Coca-Cola ~~General~~Company ~~Corporation~~Common ~~Com~~USD0.25 US Com ~~256669102~~191216100 ~~14,807~~176 ~~838~~3,~~000~~660 0 0 ~~838~~3,~~000~~660 02 ~~838~~3,~~000~~660 0 0 ~~Eastman~~Complete ~~Kodak~~Production ~~Company~~Inc. ~~Common USD2~~Com. USD0 Com ~~277461109~~20453E109 ~~33,975~~99 15,~~194,~~000 0 0 15,~~194,~~000 02 15,~~194,~~000 0 0 ~~Edgar~~Conns ~~Online~~Inc ~~Incorporated~~Common ~~CommonUS~~USD0.01 Com ~~279765101~~208242107 ~~205~~32,136 401,300,000 0 0 401,300,000 01 40,300,000 0 0 ~~Education~~Conns ~~Management~~Inc ~~Co.~~ Common USUSD0.01 Com ~~28139T101~~208242107 106,~~691~~674 ~~257~~270,000 0 0 ~~257~~270,000 02 ~~257~~270,000 0 0 ElConocoPhillips ~~Paso Corporation~~ Common ~~USD3~~USD1.00250 Com ~~28336L109~~20825C104 931,~~299~~155 716,~~750,000~~900 0 0 716,~~750,000~~900 02 701 16,~~750,000~~900 0 0 --------- ~~223~~92,~~029~~327

Form 13F Information Table GAM USA Inc. Page 4 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 ~~Emerson~~ConocoPhillips ~~Electric~~ Common USD1.00250 Com ~~291011104~~20825C104 ~~836~~27,346 10400,000 0 0 10400,000 02 01 10400,000 0 0 ~~Energy~~Consolidated ~~Partners~~Tomoka ~~Ltd.~~Land ~~USD0.01~~Common US Com ~~29270U105~~210226106 ~~1,523~~451 646,~~600~~000 0 0 646,~~600~~000 02 646,~~600~~000 0 0 ~~Estee~~Corning ~~Lauder~~Incorporated ~~Co. Class A~~ Common USUSD0.5 Com ~~518439104~~219350105 ~~175~~143 46,~~700~~300 0 0 46,~~700~~300 02 ~~01 4~~6,~~700~~300 0 0 ~~Exxon~~Credicorp ~~Mobil~~Ltd ~~Corporation~~Common ~~NPV~~USD5.00 Com ~~30231G102~~G2519Y108 ~~2,439~~658 4013,~~072~~500 0 0 4013,~~072~~500 02 01 4013,~~072~~500 0 0 ~~Exxon~~Credicorp ~~Mobil~~Ltd ~~Corporation~~Common ~~NPV~~USD5.00 Com ~~30231G102~~G2519Y108 21,~~045~~810 3337,~~600~~130 0 0 3337,~~600~~130 02 3337,~~600~~130 0 0 ~~Florida~~CRM ~~East~~Holdings ~~Coast~~Ltd. ~~Industries~~Common ~~Com~~USD0.01 Com ~~340632108~~G2554P103 1,~~418~~104 26126,~~300~~340 0 0 26126,~~300~~340 0201 26126,~~300~~340 0 0 ~~Fortune~~Cutera ~~Brands~~Incorporated ~~Inc.~~common ~~Common USD3~~USD0.1200 Com ~~349631101~~232109108 122,~~098~~072 ~~150~~57,~~000~~240 0 0 ~~150~~57,~~000~~240 0201 ~~150~~57,~~000~~240 0 0 ~~Fred's~~Daktronics ~~Incorporated~~Inc. ~~Class~~Common AUSD ~~Common~~NPV Com ~~356108100~~234264109 21,~~454~~601 ~~185~~58,~~077~~402 0 0 ~~185~~58,~~077~~402 01 ~~185~~58,~~077~~402 0 0 ~~Fred's~~Delta ~~Incorporated~~& ~~Class~~Pine ALand Inc. Common USD0 Com ~~356108100~~247357106 1412,~~798~~975 1315,~~116,~~000 0 0 1315,~~116,~~000 0201 1315,~~116,~~000 0 0 ~~Fremont~~Dollar General ~~Corp.~~Corporation ~~Common USD1~~Com. US Com ~~357288109~~256669102 227,~~135~~573 991,304,000 0 0 991,304,000 0201 991,304,000 0 0 Dollar General ~~Electric~~Corporation ~~Co. Amer.~~ Com. US Com ~~369604103~~256669102 120,~~624~~360 46963,~~700~~000 0 0 46963,~~700~~000 02 ~~01 46~~963,~~700~~000 0 0 ~~Gerber~~Du ~~Scientific~~Pont (E.I.) de Nemours Common ~~USD1.00~~U Com ~~373730100~~263534109 ~~412~~3,064 4062,000 0 0 4062,000 01 4062,000 0 0 ~~Gerber~~Du ~~Scientific~~Pont (E.I.) de Nemours Common ~~USD1.00~~U Com ~~373730100~~263534109 ~~464~~10,129 45205,000 0 0 45205,000 02 45205,000 0 0 ~~Gerdau~~Eastman ~~S.A~~Kodak ~~ADR~~Company (1Common ~~ADR~~USD2. ~~Rep 1 Pref)~~ Com ~~373737105~~277461109 458,688 2385,~~000~~212 0 0 2385,~~000~~212 0201 2385,~~000~~212 0 0 ~~Google~~Eastman ~~Incorporated~~Kodak ~~Com.~~Company ~~USD0~~Common USD2.~~001~~ Com ~~38259P508~~277461109 ~~671~~20,812 1922,~~720~~744 0 0 1922,~~720~~744 02 1922,~~720~~744 0 0 ~~Harmony~~Edgar ~~Gold~~Online ~~Mining~~Incorporated ~~Sponsor~~CommonUS ~~ADR~~ Com ~~413216300~~279765101 ~~49,884~~109 340,~~139,600~~000 0 0 340,~~139,600~~000 02 340,~~139,600~~000 0 0 ~~Hilton~~Education ~~Hotels~~Realty ~~Corporation~~Trust ~~Common~~Inc. Com. U Com ~~432848109~~28140H104 ~~255~~2,077 10140,~~000~~740 0 0 10140,~~000~~740 02 01 10140,~~000~~740 0 0 ~~Hilton~~El ~~Hotels~~Paso Corporation Common UUSD3.00 Com ~~432848109~~28336L109 170,~~594~~245 624,~~600~~857,900 0 0 624,~~600~~857,900 0201 624,~~600~~857,900 0 0 ~~Home~~El ~~Depot~~Paso ~~Incorporated~~Corporation Common ~~USD~~USD3.00 Com ~~437076102~~28336L109 ~~470~~126,913 118,~~100~~778,000 0 0 118,~~100~~778,000 02 ~~01 11~~8,~~100~~778,000 0 0 ~~Home~~Embarq ~~Depot~~Corporation ~~Incorporated~~ Common ~~USD~~USD0.01 Com ~~437076102~~29078E105 ~~1,396~~845 3315,000 0 0 3315,000 0201 3315,000 0 0 ~~HSBC~~Embarq ~~Holdings~~Corporation ~~PLC~~Common ~~ADR (Rep~~USD0.01 ~~5 Ord.~~ Com ~~404280406~~29078E105 ~~603~~116 72,~~200~~050 0 0 72,~~200~~050 02 ~~01 7~~2,~~200~~050 0 0 ~~Human~~Emerson ~~Genome~~Electric ~~Sciences~~Common ~~Inc~~USD1.00 Com. US291011104 ~~Com~~577 ~~444903108 981 90~~13,~~250~~400 0 0 9013,~~250~~400 02 9001 13,~~250~~400 0 0 ~~Huntsman~~Epoch ~~Corporation~~Holdings Corp Common USD0.001 Com ~~447011107~~29428R103 ~~965~~1,146 5086,~~000~~292 0 0 5086,~~000~~292 01 5086,~~000~~292 0 0 ~~Huntsman~~Evercore ~~Corporation~~Partners Inc. Common USD0.0 Com ~~447011107~~29977A105 122,~~349~~011 ~~640~~64,~~000~~480 0 0 ~~640~~64,~~000~~480 0201 ~~640~~64,~~000~~480 0 0 ~~ICU~~Exxon ~~Medical~~Mobil ~~Incorporated~~Corporation ~~Common~~NPV US Com ~~44930G107~~30231G102 32,~~619~~412 ~~100~~31,~~000~~972 0 0 ~~100~~31,~~000~~972 02 ~~100~~01 31,~~000~~972 0 0 --------- ~~115~~345,~~252~~238

Form 13F Information Table GAM USA Inc. Page 5 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 ~~Infinity~~Focus ~~Property~~Media &Holding ~~Casualty~~Ltd ~~Commo~~ADR ~~Com~~(1 ~~45665Q103~~Rep ~~1,732~~ADR 4134415V109 910 11,~~500~~600 0 0 4111,~~500~~600 01 4111,~~500~~600 0 0 ~~Infinity~~Focus ~~Property~~Media &Holding ~~Casualty~~Ltd ~~Commo~~ADR ~~Com~~(1 ~~45665Q103~~Rep 21ADR 34415V109 2,~~556~~589 ~~516~~33,~~500~~000 0 0 ~~516~~33,~~500~~000 02 ~~516~~33,~~500~~000 0 0 ~~Infosys~~Fortune ~~Technologies~~Brands ~~ADR~~Inc. (1Common ~~Rep~~USD3.12 1 Com ~~456788108~~349631101 ~~1,183~~ 15,755 200,000 0 0 ~~15,~~200,000 01 ~~15,~~200,000 0 0 ~~Infosys~~Fortune ~~Technologies~~Brands ~~ADR~~Inc. (1Common ~~Rep~~USD3.12 1 Com ~~456788108~~349631101 1,~~269~~969 1625,~~300~~000 0 0 1625,~~300~~000 02 1625,~~300~~000 0 0 ~~Intel~~Fred's ~~Corporation~~Incorporated ~~Common~~Class ~~USD0.001~~A Common Com ~~458140100~~356108100 115,~~551~~813 791,~~700~~076,077 0 0 791,~~700~~076,077 02 01 791,~~700~~076,077 0 0 ~~Intel~~Fred's ~~Corporation~~Incorporated ~~Common~~Class ~~USD0.001~~A Common Com ~~458140100~~356108100 13,~~206~~306 61225,~~970~~000 0 0 61225,~~970~~000 02 61225,~~970~~000 0 0 ~~IXYS~~General ~~Corporation~~Electric ~~Common~~Co. ~~USD0~~Amer.01 Com. ~~46600W106~~US 3Com 369604103 1,~~458~~418 ~~375~~40,~~000~~100 0 0 ~~375~~40,~~000~~100 02 ~~375~~01 40,~~000~~100 0 0 ~~JDS~~Gentiva ~~Uniphase~~Health ~~Corporation~~Services ~~Common~~Inc. USCom U Com ~~46612J101~~37247A102 42,~~962~~039 1101,190~~,000~~ 0 0 1101,190~~,000~~ 0201 1101,190~~,000~~ 0 0 ~~Johnson~~Gerber &Scientific ~~Johnson~~ Common USD1.00 Com ~~478160104~~373730100 ~~977~~318 1630,~~500~~000 0 0 1630,~~500~~000 02 01 1630,~~500~~000 0 0 ~~J.P.~~Gerber ~~Morgan~~Scientific ~~Chase~~Common ~~& Co~~USD1.00 ~~Common USD~~ Com ~~46625H100~~373730100 ~~979~~583 2355,~~500~~000 0 0 2355,~~500~~000 02 ~~01 23~~55,~~500~~000 0 0 ~~J.P.~~Globalstar ~~Morgan~~Incorporated ~~Chase & Co~~USD0.0001 ~~Common USD~~ Com ~~46625H100~~378973408 ~~1,437~~22 342,~~500~~064 0 0 342,~~500~~064 02 342,~~500~~064 0 0 ~~Keystone~~Green ~~Automotive~~Mountain ~~Ind.~~Coffee ~~Inc.~~Roasters ~~USD0~~USD Com ~~49338N109~~393122106 32,~~377~~979 8047,~~000~~300 0 0 8047,~~000~~300 01 8047,~~000~~300 0 0 ~~Keystone~~Halliburton ~~Automotive~~Company ~~Ind.~~Common ~~Inc~~USD2.50 ~~USD0~~ Com ~~49338N109~~406216101 ~~9,075~~317 ~~215~~10,000 0 0 ~~215~~10,000 02 ~~215~~01 10,000 0 0 ~~Kohls~~Harmony ~~Corporation~~Gold ~~Common~~Mining ~~USD0.01~~Sponsor ADR Com ~~500255104~~413216300 37,~~744~~685 70552,~~600~~670 0 0 70552,~~600~~670 0201 70552,~~600~~670 0 0 ~~Kookmin~~Harmony ~~Bank~~Gold ~~ADR~~Mining (1Sponsor ~~Rep.~~ADR ~~1 Ord)~~ Com ~~50049M109~~413216300 125,~~719~~988 201,~~100~~869,330 0 0 201,~~100~~869,330 02 201,~~100~~869,330 0 0 LGHilton ~~Phillips~~Hotels ~~LCD~~Corporation ~~ADR~~Common (1U ~~Rep. 0.5 Or~~ Com ~~50186V102~~432848109 ~~994~~338 439,~~770~~400 0 0 439,~~770~~400 02 4301 9,~~770~~400 0 0 ~~Liberty~~Himax ~~Global~~Technologies ~~Inc.~~ADR ~~Class~~(1 AReps ~~USD0.0~~1 ~~Com~~O ~~530555101~~ADR 243289P106 ~~104~~34 6,700 0 0 ~~104~~6,700 0201 ~~104~~6,700 0 0 ~~Liberty~~Himax ~~Global~~Technologies ~~Inc.~~ADR ~~Class~~(1 CReps ~~USD0.0~~1 ~~Com~~O ~~530555309~~ADR 243289P106 ~~104~~74 13,800 0 0 ~~104~~13,800 02 ~~104~~13,800 0 0 ~~Liberty~~Home ~~Media~~Depot ~~Corp.'A'~~Incorporated ~~Shs.~~Common ~~Com.~~USD U Com ~~530718105~~437076102 14378 110,~~751~~300 0 0 110,~~751~~300 02 101 10,~~751~~300 0 0 ~~Lilly~~HSBC ~~(Eli)~~Holdings &PLC ~~Company~~ADR ~~Common~~(Rep. ~~NPV~~5 ~~Com~~Ord. ~~532457108~~ADR ~~653~~404280406 11580 6,~~800~~600 0 0 116,~~800~~600 02 01 116,~~800~~600 0 0 ~~LKQ~~Hub ~~Corporation~~International Ltd. Common. ~~USD0.01~~NPV Com ~~501889208~~44332P101 ~~221~~4,178 10100,~~624~~200 0 0 10100,~~624~~200 01 10100,~~624~~200 0 0 ~~LKQ~~Huntsman Corporation. Common. USD0.010 Com ~~501889208~~447011107 ~~819~~16,396 39860,~~376~~000 0 0 39860,~~376~~000 0201 39860,~~376~~000 0 0 ~~Lucent~~ICU ~~Technologies~~Medical ~~Inc.~~Incorporated Common US Com ~~549463107~~44930G107 53,~~253~~920 1100,~~720,~~000 0 0 1100,~~720,~~000 0201 1100,~~720,~~000 0 0 ~~Mahanagar~~IDEARC ~~Telephone~~Incorporated ~~Nigam~~Common ~~Limited~~USD0.01 Com ~~559778402~~451663108 21,~~387~~799 ~~290~~51,~~000~~299 0 0 ~~290~~51,~~000~~299 0201 ~~290~~51,~~000~~299 0 0 ~~Marathon~~IDEARC ~~Oil~~Incorporated ~~Corporation~~ Common USUSD0.01 Com ~~565849106~~451663108 15,~~705~~912 22168,~~400~~607 0 0 22168,~~400~~607 02 22168,~~400~~607 0 0 --------- 70115,~~275~~300

Form 13F Information Table GAM USA Inc. Page 6 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 ~~McDonald's~~Infinity ~~Corporation~~Property ~~Common~~& ~~NPV~~Casualty Commo Com ~~580135101~~45665Q103 ~~381~~21,087 11450,~~100~~000 0 0 11450,~~100~~000 02 01 11450,~~100~~000 0 0 ~~McGraw-Hill~~Infinity ~~Inc.~~Property ~~Cos.~~& ~~Common~~Casualty ~~USD1.~~Commo Com ~~580645109~~45665Q103 12,~~250~~812 2160,~~700~~000 0 0 2160,~~700~~000 02 ~~01 21~~60,~~700~~000 0 0 ~~MDI~~Infosys ~~Inc.~~Technologies ~~Common~~ADR ~~USD0.01~~(1 ~~Com~~Rep ~~552705105~~1 73ADR 50456788108 824 16,~~000~~400 0 0 5016,~~000~~400 0201 5016,~~000~~400 0 0 ~~Mechel~~Infosys ~~OAO~~Technologies ADR (1 ~~Reps~~Rep 31 ~~ord)~~ADR ~~Com~~456788108 ~~583840103~~105 ~~151 5~~2,~~900~~100 0 0 52,~~900~~100 0201 52,~~900~~100 0 0 ~~Medco~~Infosys ~~Health~~Technologies ~~Solutions~~ADR ~~Inc.~~(1 ~~Com.~~Rep U1 ~~Com~~ADR ~~58405U102~~456788108 12,~~304~~461 2249,~~793~~000 0 0 2249,~~793~~000 02 2249,~~793~~000 0 0 ~~Merck~~Intel &Corporation ~~Company Inc.~~ Common USD0.0001 Com ~~589331107~~458140100 ~~2,396~~870 6845,~~000~~500 0 0 6845,~~000~~500 02 01 6845,~~000~~500 0 0 ~~Merck~~InterOil &Corporation ~~Company Inc.~~ Common ~~USD0.0~~NPV Com ~~589331107~~460951106 ~~88,231~~491 218,~~504,500~~511 0 0 218,~~504,500~~511 0201 218,~~504,500~~511 0 0 ~~Merrill~~InterOil ~~Lynch~~Corporation ~~& Co.~~ Common ~~USD1.33~~NPV Com ~~590188108~~460951106 ~~599~~3,667 7138,~~600~~396 0 0 7138,~~600~~396 02 ~~01 7~~138,~~600~~396 0 0 ~~Michaels Stores Inc~~Intl. ~~Common~~Business ~~USD0~~Machines Corp.1 Com ~~594087108~~Com 459200101 142 1,~~240~~500 ~~33,000~~ 0 0 331,~~000~~500 01 331,~~000~~500 0 0 ~~Michaels~~iShares ~~Stores~~MSCI ~~Inc.~~Singapore ~~Common~~Index ~~USD0.1~~Fund Com ~~594087108~~464286673 ~~22,883~~394 ~~609~~31,~~000~~843 0 0 ~~609~~31,~~000~~843 0201 ~~609~~31,~~000~~843 0 0 ~~Microsoft~~Ixia ~~Corporation~~Common ~~Com.~~NPV ~~USD0.00~~ Com ~~594918104~~45071R109 1,~~094~~879 40202,~~200~~460 0 0 40202,~~200~~460 02 01 40202,~~200~~460 0 0 ~~Microsoft~~IXYS Corporation ~~Com.~~Common USD0.0001 Com ~~594918104~~46600W106 13,~~480~~831 54375,~~400~~000 0 0 54375,~~400~~000 02 54375,~~400~~000 0 0 ~~Microtek~~JDS ~~Medical~~Uniphase ~~Hldgs~~Corp. ~~Inc.~~Common USD0.001 Com ~~59515B109~~46612J507 ~~352~~6,092 ~~100~~400,000 0 0 ~~100~~400,000 0201 ~~100~~400,000 0 0 ~~Mobile~~JDS ~~Telesystems~~Uniphase ~~ADR~~Corp. (1Common ~~Rep~~USD0.001 ~~5 O~~ Com ~~607409109~~46612J507 119,~~508~~327 451,~~600~~269,000 0 0 451,~~600~~269,000 0102 451,~~600~~269,000 0 0 ~~Mobile~~Johnson ~~Telesystems~~& ~~ADR~~Johnson (1Common ~~Rep~~USD1.00 ~~5 O~~ Com ~~607409109~~478160104 ~~1,416~~801 4213,~~800~~300 0 0 4213,~~800~~300 02 4201 13,~~800~~300 0 0 ~~MoneyGram~~Johnson ~~International~~& ~~USD0~~Johnson Common USD1.0100 Com ~~60935Y109~~478160104 ~~3,132~~115 ~~102~~1,~~000~~900 0 0 ~~102~~1,~~000~~900 0201 ~~102~~1,~~000~~900 0 0 ~~Monsanto~~Johnson ~~Company~~& Johnson Common ~~USD0~~USD1.0100 Com ~~61166W101~~478160104 ~~665~~193 73,~~845~~206 0 0 73,~~845~~206 02 73,~~845~~206 0 0 ~~Myogen~~J.P. ~~Inc~~Morgan Chase & Co. Common ~~USD0.001~~USD Com ~~62856E104~~46625H100 ~~797~~735 2215,~~000~~200 0 0 2215,~~000~~200 02 2201 15,~~000~~200 0 0 ~~Neopharm~~J.P. ~~Incorporated~~Morgan ~~Common~~Chase ~~USD0~~& Co. Common USD Com ~~640919106~~46625H100 98 2,~~239~~022 ~~267,825~~ 0 0 ~~267~~2,~~825~~022 01 ~~267~~2,~~825~~022 0 0 ~~Neopharm~~J.P. ~~Incorporated~~Morgan ~~Common~~Chase ~~USD0~~& Co. Common USD Com ~~640919106~~46625H100 ~~11,681~~194 14,~~397,305~~000 0 0 14,~~397,305~~000 02 14,~~397,305~~000 0 0 ~~NetBank~~Juniper ~~Incorporated~~Networks Inc. Common USD0.0 Com ~~640933107~~48203R104 ~~550~~1,416 7672,000 0 0 7672,000 0201 7672,000 0 0 ~~News~~Juniper ~~Corporation~~Networks Inc. ~~Cls~~Common ~~A Com~~USD0. U Com ~~65248E104~~48203R104 ~~803~~4,760 48242,~~320~~000 0 0 48242,~~320~~000 02 ~~01 48~~242,~~320~~000 0 0 ~~North~~K2 ~~Fork~~Incorporated ~~Bancorp.~~Common ~~Inc~~USD1.00 ~~Common US~~ Com ~~659424105~~482732104 12,~~585~~308 55190,~~000~~840 0 0 55190,~~000~~840 01 55190,~~000~~840 0 0 ~~North~~Keystone ~~Fork~~Automotive ~~Bancorp~~Ind. Inc. ~~Common~~USD0 US Com ~~659424105~~49338N109 2623,~~534~~573 ~~921~~700,000 0 0 ~~921~~700,000 0201 ~~921~~700,000 0 0 ~~Occidental~~Keystone ~~Petroleum~~Automotive ~~Corp~~Ind. ~~Com~~Inc. USUSD0 Com ~~674599105~~49338N109 ~~556~~2,021 660,000 0 0 660,000 02 ~~01 6~~60,000 0 0 --------- ~~172~~100,~~901~~195

Form 13F Information Table GAM USA Inc. Page 7 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 ~~Optibase~~Kohls ~~Limited~~Corporation Common USD0.01 Com ~~M7524R108~~500255104 592,341 1530,~~000~~550 0 0 1530,~~000~~550 0201 1530,~~000~~550 0 0 ~~Oxigene~~Kohls ~~Incorporated~~Corporation Common USD0.001 Com ~~691828107~~500255104 ~~234~~1,916 5025,000 0 0 5025,000 02 5025,000 0 0 ~~Pegasus~~Lilly ~~Comms.~~(Eli) ~~Class~~& ACompany ~~Com.~~Common ~~USD0.0~~NPV Com ~~705904605~~532457108 5215 14,~~840~~000 0 0 14,~~840~~000 02 101 4,~~840~~000 0 0 ~~PepsiCo~~LKQ ~~Incorporated~~Corporation. Common. USD0.001 Com ~~713448108~~501889208 ~~1,156~~630 2028,~~000~~838 0 0 2028,~~000~~838 02 01 2028,~~000~~838 0 0 ~~PetroChina~~LKQ CoCorporation. ~~Ltd~~Common. ~~ADR (1 Rep~~USD0.01 10 Com ~~71646E100~~501889208 ~~1,416~~462 1321,~~500~~162 0 0 1321,~~500~~162 0102 1321,~~500~~162 0 0 ~~PetroChina~~Macquarie ~~Co.~~Infrastructure ~~Ltd.~~Common ~~ADR~~US ~~(1 Rep. 10~~ Com ~~71646E100~~55607X108 12,~~238~~948 1175,~~800~~080 0 0 1175,~~800~~080 0201 1175,~~800~~080 0 0 ~~Petrohawk~~Mahanagar ~~Energy~~Telephone ~~Corp.~~Nigam ~~Common~~Limited ~~USD0~~ Com ~~716495106~~559778402 91,~~750~~929 ~~750~~290,000 0 0 ~~750~~290,000 02 ~~750~~290,000 0 0 ~~Petrol~~Marsh ~~Brasileiro~~& SAMcLennan ~~ADR~~Companies ~~(Rep~~Common ~~4 Co~~ Com ~~71654V408~~571748102 ~~970~~6,651 11227,~~200~~000 0 0 11227,~~200~~000 01 11227,~~200~~000 0 0 ~~Petrol~~Marsh ~~Brasileiro~~& SAMcLennan ~~ADR~~Companies ~~(Rep~~Common ~~4 Co~~ Com ~~71654V408~~571748102 21,359 4729,~~140~~000 0 0 4729,~~140~~000 02 4729,~~140~~000 0 0 ~~Pfizer~~Marvell ~~Incorporated~~Tech. ~~Common~~Group ~~USD0~~Ltd.05 Common US Com ~~717081103~~G5876H105 ~~805~~120 327,~~300~~161 0 0 327,~~300~~161 02 01 327,~~300~~161 0 0 ~~Pfizer~~Marvell ~~Incorporated~~Tech. ~~Common~~Group ~~USD0~~Ltd.05 Common US Com ~~717081103~~G5876H105 ~~8,592~~353 ~~344~~20,~~800~~990 0 0 ~~344~~20,~~800~~990 02 ~~344~~20,~~800~~990 0 0 ~~Polycom~~McDonald's ~~Inc.~~Corporation Common ~~USD0.0005~~NPV Com ~~73172K104~~580135101 2419 919,300 0 0 919,300 02 9101 9,300 0 0 ~~Power~~McGraw-~~One~~Hill ~~Incorporated~~Inc. Cos. Common ~~USD0~~USD1. Com ~~739308104~~580645109 ~~2,691~~980 ~~374~~15,~~060~~600 0 0 ~~374~~15,~~060~~600 02 01 ~~374~~15,~~060~~600 0 0 ~~Power-One~~MDI ~~Incorporated~~Inc. Common USD0.01 Com ~~739308104~~552705105 ~~21,930~~26 325,~~047,980~~000 0 0 325,~~047,980~~000 0201 325,~~047,980~~000 0 0 ~~Praxair~~Measurement ~~Incorporated~~Specialties ~~Common USD0~~Inc.0 Commo Com ~~74005P104~~583421102 ~~414~~2,617 7116,~~500~~000 0 0 7116,~~500~~000 02 01 7116,~~500~~000 0 0 ~~Procter~~Medco &Health ~~Gamble~~Solutions ~~Common~~Inc. ~~NPV~~Com. U Com ~~742718109~~58405U102 ~~1,354~~787 2310,~~500~~854 0 0 2310,~~500~~854 02 01 2310,~~500~~854 0 0 ~~Retalix~~Merck ~~Limited~~& ~~ILS1~~Company Inc.00 Common USD0.0 Com ~~M8215W109~~589331107 134,~~235~~007 50770,000 0 0 50770,000 01 50770,000 0 0 ~~Retalix~~Merck ~~Limited~~& ~~ILS1~~Company Inc.00 Common USD0.0 Com ~~M8215W109~~589331107 266,~~528~~001 ~~102~~1,~~400~~494,500 0 0 ~~102~~1,~~400~~494,500 02 ~~102~~1,~~400~~494,500 0 0 ~~Royal~~Merrill ~~Dutch~~Lynch ~~Shell~~& ~~ADR~~Co. (1Common ~~Repr~~USD1.33 ~~2 A~~ Com ~~780259206~~590188108 ~~467~~572 7,~~500~~000 0 0 7,~~500~~000 02 01 7,~~500~~000 0 0 ~~R.R.~~Microchip ~~Donnelley~~Technology ~~& Sons Co~~Inc. ~~Comm~~Com. USUSD Com ~~257867101~~595017104 ~~14,724~~142 ~~450~~4,000 0 0 ~~450~~4,000 02 ~~450~~01 4,000 0 0 ~~Sasol~~Microsoft ~~Ltd.~~Corporation ~~ADR (1 reps~~Com. ~~1 Ord~~USD0.00 ) Com ~~803866300~~594918104 ~~125~~691 324,~~300~~800 0 0 324,~~300~~800 02 301 24,~~300~~800 0 0 ~~Satyam~~Microsoft ~~Computer~~Corporation ~~Ltd~~Com. ~~ADR~~USD0.00 ~~(1 rep 2~~ Com ~~804098101~~594918104 ~~157~~89 3,~~600~~216 0 0 3,~~600~~216 0201 3,~~600~~216 0 0 ~~Scottish~~Microsoft ReCorporation ~~Group Ltd~~Com. ~~Common~~ USD0.00 Com ~~G7885T104~~594918104 ~~3,039~~194 ~~122~~6,~~500~~958 0 0 ~~122~~6,~~500~~958 0102 ~~122~~6,~~500~~958 0 0 ~~Scottish~~Microtek ReMedical ~~Group~~Hldgs. ~~Ltd~~Inc. ~~Common~~ USD0. Com ~~G7885T104~~59515B109 ~~1,389~~238 5650,000 0 0 5650,000 0201 5650,000 0 0 ~~Sea~~Microtek ~~Containers~~Medical ~~Class~~Hldgs. BInc. ~~Common~~ USD0. Com ~~811371103~~59515B109 ~~146~~238 2050,000 0 0 2050,000 02 2050,000 0 0 --------- 74145,~~785~~924

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 ~~Shinhan~~Mitsubishi UFJ Fin. ~~Group~~Grp ADR (1 ~~Spons~~rep reADR ~~Com~~606822104 ~~824596100~~108 ~~335 3~~9,~~800~~500 0 0 39,~~800~~500 0201 39,~~800~~500 0 0 ~~Sierra~~Mobile ~~Health~~Telesystems ~~Services~~ADR ~~Common~~(1 ~~USD0~~Rep. ~~Com~~5 ~~826322109~~O ~~635~~ADR 15607409109 744 13,~~600~~300 0 0 1513,~~600~~300 0102 1513,~~600~~300 0 0 ~~Sierra~~MoneyGram ~~Health~~International ~~Services Common~~ USD0.01 Com ~~826322109~~60935Y109 131,~~348~~165 ~~328~~42,000 0 0 ~~328~~42,000 0201 ~~328~~42,000 0 0 ~~SoftBrands~~MoneyGram ~~Incorporated~~International ~~Common~~USD0.01 ~~USD~~ Com ~~83402A107~~60935Y109 ~~336~~1,664 ~~229~~60,~~449~~000 0 0 ~~229~~60,~~449~~000 02 ~~229~~60,~~449~~000 0 0 ~~Sony~~Monsanto ~~Corporation~~Company ~~ADR~~Common ~~(CNV~~USD0.01 ~~To 1 Ord~~ Com ~~835699307~~61166W101 ~~913~~281 195,~~800~~116 0 0 195,~~800~~116 01 195,~~800~~116 0 0 ~~Sony~~MoSys ~~Corporation~~Incorporated ~~ADR~~Common ~~(CNV~~USD0.01 ~~To 1 Ord~~ Com ~~835699307~~619718109 112,~~215~~032 ~~243~~241,~~200~~950 0 0 ~~243~~241,~~200~~950 0201 ~~243~~241,~~200~~950 0 0 ~~Sprint~~Movado ~~Nextel~~Group ~~Corporation~~Inc. Common UUSD0.01 Com ~~852061100~~624580106 42,~~937~~042 ~~191~~69,~~000~~350 0 0 ~~191~~69,~~000~~350 0201 ~~191~~69,~~000~~350 0 0 ~~St.~~Neopharm ~~Joe~~Incorporated ~~Corporation~~ Common ~~NPV~~USD0. Com ~~790148100~~640919106 1,~~558~~591 24930,~~800~~492 0 0 24930,~~800~~492 0201 24930,~~800~~492 0 0 ~~Sun~~Neopharm ~~Microsystems~~Incorporated ~~Inc.~~ Common USD0. Com ~~866810104~~640919106 51,~~310~~327 1776,~~035,000~~305 0 0 1776,~~035,000~~305 02 1776,~~035,000~~305 0 0 ~~Suntrust~~Newpark ~~Banks~~Resources ~~Incorporated Com~~Inc. UCommon USD0 Com ~~867914103~~651718504 ~~291~~2,149 4305,~~000~~500 0 0 4305,~~000~~500 02 01 4305,~~000~~500 0 0 ~~Synalloy~~News Corporation ~~Common~~Inc. ~~USD1~~Cls A Com.0 U Com ~~871565107~~65248E104 ~~505~~712 3330,~~750~~820 0 0 3330,~~750~~820 02 3301 30,~~750~~820 0 0 ~~Sysco~~Occidental ~~Corporation~~Petroleum ~~Common~~Corp. ~~USD1~~Com.00 US Com ~~871829107~~674599105 ~~266~~493 810,~~300~~000 0 0 810,~~300~~000 02 01 810,~~300~~000 0 0 ~~Target~~Omrix ~~Corporation~~Biopharmaceuticals ~~USD0.167~~Common US Com ~~87612E106~~681989109 ~~489~~1,170 930,~~400~~560 0 0 930,~~400~~560 02 01 930,~~400~~560 0 0 ~~Technology~~Optibase ~~Solut.~~Limited ~~Co.~~Common ~~New Comm. US~~ Com ~~87872T207~~M7524R108 26 26,~~800~~350 0 0 26,~~800~~350 02 26,~~800~~350 0 0 ~~Tellabs~~Oracle ~~Incorporated~~Corporation Common USD0.001 Com ~~879664100~~68389X105 ~~5,406~~128 ~~340~~7,~~000~~032 0 0 ~~340~~7,~~000~~032 0201 ~~340~~7,~~000~~032 0 0 ~~Tenaris~~Oracle ~~S.A.~~Corporation ~~ADR~~Common ~~(1 ADR Rep~~USD0.01 ~~10 Or~~ Com ~~88031M109~~68389X105 ~~1,646~~729 940,~~120~~220 0 0 940,~~120~~220 02 940,~~120~~220 0 0 ~~Teva~~Oxigene ~~Pharmaceuticals~~Incorporated ~~ADR~~Common (1USD0.0 ~~Rep 1~~ Com ~~881624209~~691828107 ~~1,573~~191 3850,~~200~~000 0 0 3850,~~200~~000 02 3850,~~200~~000 0 0 ~~Time~~PeopleSupport ~~Warner~~ Inc. Common ~~Stk.~~USD ~~USD0.~~NPV Com ~~887317105~~712714302 ~~163~~104 9,~~700~~000 0 0 9,~~700~~000 02 01 9,~~700~~000 0 0 ~~Total~~PeopleSupport ~~SA ADR (1 Rep~~Inc. ~~0.5~~Common ~~Ord.)~~USD NPV Com ~~89151E109~~712714302 ~~540~~616 453,~~100~~800 0 0 453,~~100~~800 02 ~~01 4~~53,~~100~~800 0 0 ~~Trex~~PepsiCo ~~Company~~Incorporated ~~Inc.~~ Common USD0.010 Com ~~89531P105~~713448108 ~~1,266~~985 4015,~~000~~500 0 0 4015,~~000~~500 02 01 4015,~~000~~500 0 0 ~~Trex~~PetroChina ~~Company~~Co. ~~Inc~~Ltd. ~~Common~~ADR ~~USD0~~(1 Rep.01 ~~Com~~10 ~~89531P105~~ADR ~~697~~71646E100 22996 8,~~000~~500 0 0 228,~~000~~500 0201 228,~~000~~500 0 0 ~~TRX~~PetroChina ~~Inc~~Co. ~~Common~~Ltd. ~~USD0~~ADR (1 Rep.01 ~~Com~~10 ~~898452107~~ADR ~~379~~71646E100 40142 1,~~000~~200 0 0 401,~~000~~200 01 401,~~000~~200 0 0 ~~Turkcell~~PetroChina ~~Iletisim~~Co. Ltd. ADR (1 ~~Reps 2~~Rep.5 10 ADR ~~900111204~~71646E100 ~~148~~6,292 853,~~900~~700 0 0 853,~~900~~700 02 853,~~900~~700 0 0 ~~Unibanco~~Petrohawk ~~ADR~~Energy ~~(1 reps~~Corp. 5Common ~~shares)~~USD0 Com ~~90458E107~~716495106 27,~~267~~001 30532,~~675~~000 0 0 30532,~~675~~000 0201 30532,~~675~~000 0 0 ~~Unisys~~Petrol ~~Corporation~~Brasileiro ~~Common~~SA ~~USD0.01~~ADR ~~Com~~(Rep ~~909214108~~4 18Co ADR 71654V408 1,~~339~~404 214,~~660,000~~100 0 0 214,~~660,000~~100 0201 214,~~660,000~~100 0 0 --------- 7234,~~588~~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 ~~United~~Petrol ~~Auto~~Brasileiro ~~Group~~SA ~~Inc.~~ADR ~~Common~~(Rep ~~USD0~~4 ~~Com~~Co ~~909440109~~ADR 371654V408 6,~~439~~314 8063,~~000~~400 0 0 8063,~~000~~400 0102 8063,~~000~~400 0 0 ~~United~~P.F. ~~Auto~~Chang's ~~Group~~China Bistro Inc. ~~Common~~USD ~~USD0~~ Com ~~909440109~~69333Y108 451,~~354~~448 134,~~055,000~~580 0 0 134,~~055,000~~580 0201 134,~~055,000~~580 0 0 ~~UnitedHealth~~Pfizer ~~Group~~Incorporated ~~Inc.~~ Common ~~USD~~USD0.05 Com ~~91324P102~~717081103 ~~335~~472 618,~~000~~700 0 0 618,~~000~~700 02 01 618,~~000~~700 0 0 ~~United~~Pfizer ~~Microelectronics~~Incorporated ~~ADR~~Common (1USD0.05 ~~rep~~ Com ~~910873207~~717081103 16,~~434~~313 ~~420~~250,000 0 0 ~~420~~250,000 0201 ~~420~~250,000 0 0 ~~United~~Photronics ~~Parcel Service Com~~Inc.~~Cls~~ BCommon USUSD 0.01 Com ~~911312106~~719405102 ~~556~~2,446 7157,~~000~~450 0 0 7157,~~000~~450 02 01 7157,~~000~~450 0 0 ~~Universal~~Power-One ~~Truckload~~Incorporated ~~Services~~Common ~~Inc~~USD0 C Com ~~91388P105~~739308104 120,~~253~~111 503,~~000~~522,040 0 0 503,~~000~~522,040 01 503,~~000~~522,040 0 0 ~~USA~~Power-One ~~Truck~~ Incorporated Common USD0 Com ~~902925106~~739308104 2,~~458~~855 ~~100~~500,000 0 0 ~~100~~500,000 0102 ~~100~~500,000 0 0 ~~USA~~Praxair ~~Truck~~ Incorporated Common USD0.0 Com ~~902925106~~74005P104 ~~13,435~~434 ~~546~~6,~~600~~900 0 0 ~~546~~6,~~600~~900 02 ~~546~~01 6,~~600~~900 0 0 ~~Verizon~~Procter ~~Communications~~& Gamble Common ~~USD0~~NPV Com ~~92343V104~~742718109 81,~~558~~149 ~~251~~18,~~100~~200 0 0 ~~251~~18,~~100~~200 02 ~~251~~01 18,~~100~~200 0 0 ~~Viacom~~Procter ~~Inc.~~& ~~New~~Gamble ~~Class B~~ Common ~~USD~~NPV Com ~~92553P201~~742718109 ~~223~~124 51,~~750~~960 0 0 51,~~750~~960 02 01 51,~~750~~960 0 0 ~~Viad~~QUALCOMM ~~Corporation~~Inc. Common ~~USD 1~~USD0.500001 Com ~~92552R406~~747525103 ~~873~~171 254,~~500~~000 0 0 254,~~500~~000 02 2501 4,~~500~~000 0 0 ~~Vimpel-Communications~~Red ~~ADR~~Hat (1Incorporation ~~Reps~~Common USD0. Com ~~68370R109~~756577102 13,~~426~~254 33142,~~200~~000 0 0 33142,~~200~~000 0201 33142,~~200~~000 0 0 ~~Walgreen~~Red ~~Company~~Hat Incorporation Common USD0.~~625~~ Com ~~931422109~~756577102 ~~798~~10,265 18448,~~500~~000 0 0 18448,~~500~~000 02 01448,000 180 0 Red Robin Gourmet Burgers Com. USD Com 75689M101 2,~~500~~219 57,180 0 0 ~~Wal-Mart~~57,180 ~~Stores~~01 ~~Common~~57,180 ~~USD0~~0 0 Retalix Limited ILS1.1000 Com ~~931142103~~M8215W109 ~~850~~2,600 18135,~~000~~100 0 0 18135,~~000~~100 02 ~~01 18~~135,~~000~~100 0 0 ~~Whole~~R.R. ~~Foods~~Donnelley ~~Market~~& ~~Common~~Sons ~~NPV~~Co. Comm. US Com ~~966837106~~257867101 ~~332~~16,459 5450,000 0 0 5450,000 02 01 5450,000 0 0 ~~Williams~~Sara ~~Companies~~Lee ~~Inc.~~Corporation Common ~~USD~~USD0.0 Com ~~969457100~~803111103 15,~~338~~626 62332,~~537~~800 0 0 62332,~~537~~800 01 62332,~~537~~800 0 0 ~~Williams~~Sara ~~Companies~~Lee ~~Inc.~~Corporation Common ~~USD~~USD0.0 Com ~~969457100~~803111103 ~~201~~17,795 91,~~381~~052,800 0 0 91,~~381~~052,800 02 91,~~381~~052,800 0 0 ~~Wyeth~~Schweitzer-Mauduit Intl. Common ~~USD0.333~~US Com ~~983024100~~808541106 12,~~319~~611 27105,200 0 0 27105,200 01 27105,200 0 0 ~~Wyeth~~Scottish Re Group Ltd. Common USD0~~.333~~ Com ~~983024100~~G73537410 ~~15,780~~565 ~~325~~141,~~300~~500 0 0 ~~325~~141,~~300~~500 0201 ~~325~~141,~~300~~500 0 0 XLScottish ~~Capital~~Re ~~Limited~~Group ~~Class~~Ltd. ACommon USD0~~.01~~ Com ~~G98255105~~G73537410 ~~12,954~~148 ~~202~~37,000 0 0 ~~202~~37,000 02 ~~202~~37,000 0 0 ~~Yahoo!~~Seacoast ~~Incorporated~~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~~.00~~ Com ~~984332106~~826322109 ~~355~~28,809 11700,000 0 0 11700,000 02 01 11700,000 0 0 ~~Yahoo!~~SoftBrands Incorporated Common ~~USD0.00~~USD Com ~~984332106~~83402A107 ~~716~~53 2224,~~200~~321 0 0 2224,~~200~~321 0201 2224,~~200~~321 0 0 ~~Yum!~~SoftBrands ~~Brands~~ Incorporated Common NPUSD Com ~~988498101~~83402A107 ~~557~~445 11205,~~400~~128 0 0 11205,~~400~~128 02 11205,~~400~~128 0 0 --------- ~~114~~135,~~545 ========= 1,248,544~~574

Filing Compare · GAM USA INC