13F-HR 1 c56634_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: 12/31/08 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 02/12/09 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: $683,413 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 76 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 3M Company Common USD0.01 Com 88579Y101 8369 1,200 0 0 1,200 01 1,200 0 0 ~~Abaxis~~AbitibiBowater Inc. Common ~~NPV~~USD1.00 Com ~~002567105~~003687100 ~~1,419~~203 58445,~~790~~969 0 0 58445,~~790~~969 01 58445,~~790~~969 0 0 AbitibiBowater Inc. Common USD1.00 Com 003687100 ~~4,094~~578 ~~437~~1,~~669~~277,022 0 0 ~~437~~1,~~669~~277,022 0102 ~~437~~1,~~669~~277,022 0 0 ~~AbitibiBowater~~Alcoa Inc. Common USD1~~.00~~ Com ~~003687100~~013817101 111,~~652~~926 1171,~~246,122~~080 0 0 1171,~~246,122~~080 02 101 171,~~246,122~~080 0 0 ~~Air~~America ~~Methods~~Movil ~~Corp.~~ADR ~~Common~~Srs ~~USD0.06~~L (1 Reps 20 Com ~~009128307~~02364W105 ~~1,266~~969 5031,~~610~~300 0 0 5031,~~610~~300 01 5031,~~610~~300 0 0 ~~Alcoa~~America ~~Inc.~~Movil ~~Common~~ADR ~~USD1~~Srs L (1 Reps 20 Com ~~013817101~~02364W105 ~~5,019~~743 ~~140~~24,~~820~~000 0 0 ~~140~~24,~~820~~000 0201 ~~140~~24,~~820~~000 0 0 ~~Alico~~America ~~Inc.~~Movil ~~Common~~ADR ~~USD1.00~~Srs L (1 Reps 20 Com ~~016230104~~02364W105 ~~978~~362 2811,~~230~~700 0 0 2811,~~230~~700 01 2811,~~230~~700 0 0 ~~Altria~~Apple ~~Group~~Incorporated ~~Inc.~~ Common ~~USD0.333~~NPV Com ~~02209S103~~037833100 21290 13,~~040~~400 0 0 13,~~040~~400 01 13,~~040~~400 0 0 ~~Altria~~AutoZone ~~Group~~Incorporated ~~Inc.~~ Common USD0.~~333~~ Com ~~02209S103~~053332102 264,886 135,~~250~~000 0 0 135,~~250~~000 0201 135,~~250~~000 0 0 ~~Amerigon~~Banco ~~Inc.~~Bradesco ~~Common~~SA ~~NPV~~ADR ~~Com~~(1 ~~03070L300~~Rep ~~669~~1 94Pre ADR 059460303 1,~~070~~172 118,718 0 0 94118,~~070~~718 01 94118,~~070~~718 0 0 ~~Anheuser-Busch~~Banco ~~Cos.~~Bradesco ~~Inc.~~SA ~~Com.~~ADR ~~USD1~~(1 ~~Com~~Rep ~~035229103~~1 ~~18,651~~Pre ~~300~~ADR 059460303 209 21,~~000~~198 0 0 ~~300~~21,~~000~~198 01 ~~300~~21,~~000~~198 0 0 ~~Apple~~Banco ~~Incorporated~~Itau ~~Common~~Hldgs ~~NPV~~Fin. ~~Com~~ADR ~~037833100~~(1 ~~204~~Rep 1 Com 059602201 1,~~200~~033 89,100 0 0 189,~~200~~100 01 189,~~200~~100 0 0 ~~ArthroCare~~Bank ~~Corporation~~of America Corp. Common USD0. Com ~~043136100~~060505104 ~~1,504~~225 3616,~~860~~020 0 0 3616,~~860~~020 01 3616,~~860~~020 0 0 ~~AutoZone~~Barclays ~~Incorporated~~Bk. ~~Common~~Plc. ~~USD0~~7.75% ~~Com~~Pref. ~~053332102~~Perp 6Pref 06739H511 1,~~049~~134 5078,~~000~~700 0 0 5078,~~000~~700 0102 5078,~~000~~700 0 0 ~~Banco~~Berkley ~~Bradesco SA ADR~~ (1W ~~Rep~~R) 1Corporation ~~Pre~~Common ~~ADR~~U ~~059460303~~Com 2084423102 10,~~427~~220 ~~118~~330,~~718~~000 0 0 ~~118~~330,~~718~~000 01 ~~118~~330,~~718~~000 0 0 ~~Banco~~Bookham ~~Bradesco~~Inc. SACommon ~~ADR~~USD0.01 (1Com ~~Rep~~09856E105 1949 ~~Pre ADR 059460303 436 21~~2,~~198~~131,900 0 0 212,~~198~~131,900 01 212,~~198~~131,900 0 0 ~~Banco~~Bookham ~~Bradesco~~Inc. SACommon ~~ADR~~USD0.01 (1Com ~~Rep~~09856E105 1590 ~~Pre ADR 059460303 392 19~~1,~~174~~341,117 0 0 191,~~174~~341,117 02 191,~~174~~341,117 0 0 ~~Bank~~Bristol-Myers ofSquibb ~~America Corp~~Co. Common ~~USD0.~~US Com ~~060505104~~110122108 ~~146~~55,443 52,~~913~~385,650 0 0 52,~~913~~385,650 01 52,~~913~~385,650 0 0 ~~Bank~~Bristol-Myers ofSquibb ~~America Corp~~Co. Common ~~USD0.~~US Com ~~060505104~~110122108 ~~197~~98,576 84,~~279~~241,990 0 0 84,~~279~~241,990 02 84,~~279~~241,990 0 0 ~~Barrick~~Carnival ~~Gold~~ Corporation Common NPUSD0.0 Com ~~067901108~~143658300 291,~~026~~849 ~~637~~75,~~503~~940 0 0 ~~637~~75,~~503~~940 02 01 ~~637~~75,~~503~~940 0 0 ~~Barrick~~Caterpillar ~~Gold~~Inc. ~~Corporation~~ Common NPUSD1.00 Com ~~067901108~~149123101 ~~84,573~~223 15,~~857,758~~000 0 0 15,~~857,758~~000 0201 15,~~857,758~~000 0 0 ~~Beacon~~China ~~Roofing~~Mobile ~~Supply~~HK ~~Inc.~~Spon ~~Com.~~ADR US(1 Rep 5 Com ~~073685109~~16941M109 1,~~080~~641 ~~101~~32,~~660~~300 0 0 ~~101~~32,~~660~~300 01 ~~101~~32,~~660~~300 0 0 ~~Berkley~~China (WMobile R)HK ~~Corporation~~Spon ~~Common~~ADR U(1 Rep 5 Com ~~084423102~~16941M109 ~~10,372~~376 ~~430~~7,~~000~~400 0 0 ~~430~~7,~~000~~400 01 ~~430~~7,~~000~~400 0 0 ~~Bookham~~Christopher ~~Inc~~& Banks Corp. Common ~~USD0.01~~U Com ~~09856E105~~171046105 ~~4,276~~418 275,~~537,700~~000 0 0 275,~~537,700~~000 01 275,~~537,700~~000 0 0 ~~Bookham~~Chubb ~~Inc.~~Corporation Common ~~USD0~~USD1.0100 Com ~~09856E105~~171232101 25,~~253~~871 1115,~~341,117~~000 0 0 1115,~~341,117~~000 0201 1115,~~341,117~~000 0 0 --------- ~~186~~189,~~813~~956

Form 13F Information Table GAM USA Inc. Page 2 of 76 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 ~~Bpz~~Cia ~~Resources~~Siderurgica ~~Inc.~~NACL-SP ~~NPV~~ADR(1 Rep Com ~~055639108~~20440W105 ~~1,564~~738 5357,~~090~~500 0 0 5357,~~090~~500 01 5357,~~090~~500 0 0 ~~Bristol-Myers~~Cisco ~~Squibb~~Systems CoInc. Common USUSD0.001 Com ~~110122108~~17275R102 ~~47,345~~298 218,~~306,700~~300 0 0 218,~~306,700~~300 01 218,~~306,700~~300 0 0 ~~Bristol-Myers~~Clearwire ~~Squibb Co~~Corp. ~~Common~~Class USA Com. ~~110122108~~USD0. ~~76,990~~Com 318538Q105 205 41,~~751,230~~839 0 0 341,~~751,230~~839 02 301 41,~~751,230~~839 0 0 ~~Carnival~~Companhia ~~Corporation~~Vale ~~Common~~do ~~USD0.0~~Rio ~~Com~~ADR ~~143658300~~(1 rep 1 ADR 204412209 1,~~932~~023 5884,~~660~~558 0 0 5884,~~660~~558 0201 5884,~~660~~558 0 0 ~~Carrizo~~Companhia ~~Oil~~Vale &do ~~Gas~~Rio ~~Inc.~~ADR ~~Common~~(1 ~~USD0~~rep ~~Com~~1 ~~144577103~~ADR ~~1,478~~204412209 2192 7,~~720~~584 0 0 217,~~720~~584 01 217,~~720~~584 0 0 ~~Carter's~~Conns ~~Incorporated~~Inc Common ~~USD~~USD0.001 Com ~~146229109~~208242107 15,~~093~~281 78625,~~990~~000 0 0 78625,~~990~~000 01 78625,~~990~~000 0 0 ~~Caterpillar~~ConocoPhillips ~~Inc.~~ Common USD1.00250 Com ~~149123101~~20825C104 ~~133~~5,186 1100,~~800~~000 0 0 1100,~~800~~000 01 1100,~~800~~000 0 0 ~~Century~~ConocoPhillips ~~Casinos Inc.~~ Common ~~USD0~~USD1.0250 Com ~~156492100~~20825C104 12,~~550~~383 ~~470~~45,~~410~~950 0 0 ~~470~~45,~~410~~950 02 01 ~~470~~45,~~410~~950 0 0 ~~Chevron~~Consolidated ~~Corp.~~Tomoka Land Common ~~USD0.75~~US Com ~~166764100~~210226106 ~~304~~232 36,~~070~~000 0 0 36,~~070~~000 0201 36,~~070~~000 0 0 ~~Christopher~~Du &Pont ~~Banks Corp~~(E.I.) de Nemours Common U Com ~~171046105~~263534109 ~~511~~5,453 75215,~~000~~620 0 0 75215,~~000~~620 01 75215,~~000~~620 0 0 ~~Chubb~~Du ~~Corporation~~Pont (E.I.) de Nemours Common ~~USD1.00~~U Com ~~171232101~~263534109 617,~~130~~077 ~~125~~675,~~000~~291 0 0 ~~125~~675,~~000~~291 0102 ~~125~~675,~~000~~291 0 0 ~~Cisco~~Eastman ~~Systems~~Kodak ~~Inc.~~Company Common ~~USD0~~USD2.~~001~~ Com ~~17275R102~~277461109 ~~332~~6,786 141,~~044~~032,840 0 0 141,~~044~~032,840 01 141,~~044~~032,840 0 0 ~~Cisco~~Eastman ~~Systems~~Kodak ~~Inc.~~Company Common ~~USD0~~USD2.~~001~~ Com ~~17275R102~~277461109 ~~382 16~~21,427 3,262,237 0 0 163,~~427~~262,237 02 163,~~427~~262,237 0 0 ~~Citigroup~~El ~~Incorporated~~Paso Corporation Common ~~USD0~~USD3.00 Com ~~172967101~~28336L109 4127,233 23,~~400~~478,013 0 0 23,~~400~~478,013 01 23,~~400~~478,013 0 0 ~~Clearwire~~El ~~Corp.~~Paso ~~Class~~Corporation A Common ~~USD~~USD3.00 Com ~~185385309~~28336L109 ~~993~~59,935 767,~~650~~656,608 0 0 767,~~650~~656,608 02 767,~~650~~656,608 0 0 ~~Coca-Cola~~Enova ~~Company~~Systems ~~Common~~Inc. ~~USD0~~Ord.25 NPV Com ~~191216100~~29355M200 ~~190~~299 3453,~~660~~305 0 0 3453,~~660~~305 0201 3453,~~660~~305 0 0 ~~Community~~Enova ~~Bancorp~~Systems ~~Common~~Inc. Ord. NPV Com ~~20343T100~~29355M200 ~~301~~699 601,060,970 0 0 601,060,970 0102 601,060,970 0 0 ~~Companhia~~Exelon ~~Vale~~Corporation doCommon ~~Rio~~NPV ~~ADR~~Com (130161N101 ~~rep 1 ADR 204412209 3~~2,~~904~~517 ~~109~~45,~~058~~270 0 0 ~~109~~45,~~058~~270 02 01 ~~109~~45,~~058~~270 0 0 ~~Companhia~~Fred's ~~Vale~~Incorporated doClass ~~Rio~~A ~~ADR~~Common (1Com ~~rep~~356108100 18,580 ~~ADR 204412209 269 7~~800,~~584~~000 0 0 7800,~~584~~000 01 7800,~~584~~000 0 0 ~~Companhia~~General ~~Vale~~Electric doCo. ~~Rio~~Amer. ~~ADR~~Com. (1US ~~rep~~Com 1369604103 ~~ADR~~889 ~~204412209 740 20~~54,~~679~~944 0 0 2054,~~679~~944 0201 2054,~~679~~944 0 0 ~~Conns~~General ~~Inc~~Electric ~~Common~~Co. ~~USD0~~Amer.01 Com. ~~208242107~~US 12Com 369604103 2,~~711~~153 ~~790~~133,~~000~~035 0 0 ~~790~~133,~~000~~035 0102 ~~790~~133,~~000~~035 0 0 ~~ConocoPhillips~~General Motors Corp. Common USD1.~~250~~6 Com ~~20825C104~~370442105 71,~~542~~020 80310,~~000~~410 0 0 80310,~~000~~410 01 80310,~~000~~410 0 0 ~~ConocoPhillips~~General Motors Corp. Common USD1.~~250~~6 Com ~~20825C104~~370442105 3,~~346~~098 35948,~~490~~195 0 0 35948,~~490~~195 02 35948,~~490~~195 0 0 ~~Consolidated~~Gerber ~~Tomoka~~Scientific ~~Land~~ Common USUSD1.00 Com ~~210226106~~373730100 ~~253~~431 685,000 0 0 685,000 01 685,000 0 0 ~~Corning~~Home Depot Incorporated Common ~~USD0.5~~USD Com ~~219350105~~437076102 ~~145~~578 625,~~300~~100 0 0 625,~~300~~100 0201 625,~~300~~100 0 0 --------- ~~170~~173,~~180~~612

Form 13F Information Table GAM USA Inc. Page 3 of 76 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 ~~Cyberoptics~~Home ~~Corp~~Depot ~~Com.~~Incorporated ~~NPV~~Common USD Com ~~232517102~~437076102 ~~722~~3,110 73134,~~337~~990 0 0 73134,~~337~~990 02 01 73134,~~337~~990 0 0 ~~DIRECTV~~Human ~~Group~~Genome Sciences Inc. ~~Common USD0~~Com.01 US Com ~~25459L106~~444903108 ~~1,339~~413 51195,~~660~~300 0 0 51195,~~660~~300 02 5101 195,~~660~~300 0 0 ~~Divx~~Huntsman ~~Inc.~~Corporation ~~Com.~~Common USD0.~~001~~0 Com ~~255413106~~447011107 ~~576~~3,425 781,~~540~~000,000 0 0 781,~~540~~000,000 01 781,~~540~~000,000 0 0 DrICU ~~Pepper~~Medical ~~Snapple~~Incorporated ~~Group-W/I~~Common ~~Com.~~US U Com ~~26138E109~~44930G107 63,~~457~~315 ~~307~~100,~~900~~000 0 0 ~~307~~100,~~900~~000 01 ~~307~~100,~~900~~000 0 0 DrInfinity ~~Pepper~~Property ~~Snapple~~& ~~Group-W/I~~Casualty ~~Com.~~Commo U Com ~~26138E109~~45665Q103 96,~~959~~546 ~~475~~140,000 0 0 ~~475~~140,000 0201 ~~475~~140,000 0 0 DuIntel ~~Pont~~Corporation ~~(E.I.) de Nemours~~ Common UUSD0.001 Com ~~263534109~~458140100 ~~4,099~~377 9525,~~600~~700 0 0 9525,~~600~~700 01 9525,~~600~~700 0 0 DuIntel ~~Pont~~Corporation ~~(E.I.) de Nemours~~ Common UUSD0.001 Com ~~263534109~~458140100 114,~~568~~287 ~~269~~292,~~816~~150 0 0 ~~269~~292,~~816~~150 02 ~~269~~01 292,~~816~~150 0 0 ~~Eastman~~International ~~Kodak~~Paper Company ~~Common USD2~~Com. U Com ~~277461109~~460146103 163,~~497~~010 1255,~~144,400~~100 0 0 1255,~~144,400~~100 01 1255,~~144,400~~100 0 0 ~~Eastman~~International ~~Kodak~~Paper Company ~~Common USD2~~Com. U Com ~~277461109~~460146103 479,~~702~~536 3808,~~310,267~~300 0 0 3808,~~310,267~~300 02 3808,~~310,267~~300 0 0 ~~Electronics~~Intl. ~~For~~Business ~~Imaging~~Machines ~~Com~~Corp. ~~USD0.~~Com Com ~~286082102~~459200101 ~~1,487~~379 ~~101~~4,~~810~~500 0 0 ~~101~~4,~~810~~500 01 ~~101~~4,~~810~~500 0 0 ElJDS ~~Paso~~Uniphase ~~Corporation~~Corp. Common ~~USD3~~USD0.00001 Com ~~28336L109~~46612J507 903,~~059~~607 4984,~~144,472~~220 0 0 4984,~~144,472~~220 01 4984,~~144,472~~220 0 0 ElJDS ~~Paso~~Uniphase ~~Corporation~~Corp. Common ~~USD3~~USD0.00001 Com ~~28336L109~~46612J507 ~~169~~11,~~201~~539 73,~~787~~149,~~258~~271 0 0 73,~~787~~149,~~258~~271 02 73,~~787~~149,~~258~~271 0 0 ~~Enova~~Johnson ~~Systems~~& ~~Inc.~~Johnson ~~Ord~~Common USD1.00 ~~NPV~~ Com ~~29355M200~~478160104 ~~1,898~~371 ~~453~~6,~~305~~200 0 0 ~~453~~6,~~305~~200 01 ~~453~~6,~~305~~200 0 0 ~~Enova~~J.P. ~~Systems~~Morgan ~~Inc.~~Chase ~~Ord~~& Co. ~~NPV~~Common USD Com ~~29355M200~~46625H100 ~~4,441~~64 12,~~060,970~~022 0 0 12,~~060,970~~022 0201 12,~~060,970~~022 0 0 ~~Epoch~~Kraft ~~Holdings~~Foods ~~Corp~~Inc ~~Common~~A ~~USD0.01~~NPV Com ~~29428R103~~50075N104 ~~2,582~~389 ~~283~~14,~~452~~500 0 0 ~~283~~14,~~452~~500 01 ~~283~~14,~~452~~500 0 0 ~~Evercore~~Marvell ~~Partners Inc~~Tech. ~~Com.~~Group ~~USD0~~Ltd.0 Common US Com ~~29977A105~~G5876H105 ~~719~~306 7546,~~510~~000 0 0 7546,~~510~~000 01 7546,~~510~~000 0 0 ~~Exelon~~McDonald's Corporation Common ~~NPV~~USD0 Com ~~30161N101~~580135101 ~~5,584~~502 628,~~100~~070 0 0 628,~~100~~070 0201 628,~~100~~070 0 0 ~~Fred's~~McKesson Incorporated ~~Class A~~ Common USD0. Com ~~356108100~~58155Q103 93,~~844~~208 ~~875~~82,~~000~~910 0 0 ~~875~~82,~~000~~910 02 01 ~~875~~82,~~000~~910 0 0 ~~General~~Merck ~~Electric~~& ~~Co.~~Company ~~Amer~~Inc. ~~Com~~Common USD0.0 US Com ~~369604103~~589331107 117,~~522~~686 57581,~~289~~865 0 0 57581,~~289~~865 01 57581,~~289~~865 0 0 ~~General~~Merck ~~Electric~~& ~~Co.~~Company ~~Amer~~Inc. ~~Com~~Common USD0.0 US Com ~~369604103~~589331107 354,~~919~~926 ~~147~~1,~~152~~807,236 0 0 ~~147~~1,~~152~~807,236 02 ~~147~~1,~~152~~807,236 0 0 ~~General~~Microsoft ~~Motors~~Corporation ~~Corp~~Com. ~~Common USD1~~USD0.600 Com ~~370442105~~594918104 ~~8,000~~451 ~~697~~23,~~793~~200 0 0 ~~697~~23,~~793~~200 01 ~~697~~23,~~793~~200 0 0 ~~General~~Mitsubishi ~~Motors~~UFJ ~~Corp.~~Fin ~~Common~~Grp ~~USD1.6~~ADR ~~Com~~(1 ~~370442105~~rep ~~23,549~~ADR 2606822104 59 9,~~055,174~~500 0 0 29,~~055,174~~500 0201 29,~~055,174~~500 0 0 ~~Gerber~~MoneyGram ~~Scientific~~International ~~Common USD1~~USD0.0001 Com ~~373730100~~60935Y109 ~~969~~43 8542,000 0 0 8542,000 01 8542,000 0 0 ~~Globaloptions~~Monsanto ~~Group~~Company ~~Inc.~~ Common USUSD0.01 Com ~~37946D209~~61166W101 ~~1,668~~360 ~~706~~5,~~640~~116 0 0 ~~706~~5,~~640~~116 01 ~~706~~5,~~640~~116 0 0 ~~Harbin~~Neopharm ~~Electric~~Incorporated ~~Inc.~~ Common USD0.0 Com ~~41145W109~~640919106 282 1,~~247 87~~706,~~756~~797 0 0 871,~~756~~706,797 01 871,~~756~~706,797 0 0 --------- ~~425~~128,~~607~~192

Form 13F Information Table GAM USA Inc. Page 4 of 76 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 ~~Hersha~~New ~~Hospitality~~Oriental ~~Trust~~Education ~~Common~~ADR US(1 rep Com ~~427825104~~647581107 ~~1,043~~384 ~~138~~7,~~120~~000 0 0 ~~138~~7,~~120~~000 01 ~~138~~7,~~120~~000 0 0 ~~Home~~News ~~Bancshares~~Corp-Class ~~Inc.~~B Com. USD0.01 Com ~~436893200~~65248E203 1,~~484~~877 65197,~~960~~339 0 0 65197,~~960~~339 02 01 65197,~~960~~339 0 0 ~~Home~~On ~~Depot~~Semiconductor ~~Incorporated~~Corp. ~~Common~~Com. ~~USD~~USD0.0 Com ~~437076102~~682189105 ~~2,460~~483 ~~105~~143,~~180~~750 0 0 ~~105~~143,~~180~~750 0201 ~~105~~143,~~180~~750 0 0 ~~Human~~Oracle ~~Genome~~Corporation ~~Sciences~~Common ~~Inc~~USD0.01 Com. US68389X105 ~~Com~~526 ~~444903108 809 155~~29,~~400~~700 0 0 ~~155~~29,~~400~~700 0201 ~~155~~29,~~400~~700 0 0 ~~Huntsman~~Penske ~~Corporation~~Auto Group Inc. Common USD0.0 Com ~~447011107~~70959W103 32,~~366~~303 ~~295~~300,000 0 0 ~~295~~300,000 01 ~~295~~300,000 0 0 ~~ICU~~PetroChina ~~Medical~~Co. ~~Incorporated~~Ltd. ~~Common~~ADR US(1 Rep. 10 Com ~~44930G107~~71646E100 21,~~291~~683 ~~100~~18,~~000~~900 0 0 ~~100~~18,~~000~~900 01 ~~100~~18,~~000~~900 0 0 ~~Infinity~~PetroChina ~~Property~~Co. &Ltd. ~~Casualty~~ADR ~~Commo~~(1 Rep. 10 Com ~~45665Q103~~71646E100 ~~6,224~~374 ~~150~~4,~~000~~200 0 0 ~~150~~4,~~000~~200 01 ~~150~~4,~~000~~200 0 0 ~~Intel~~Petrohawk ~~Corporation~~Energy Corp. Common USD0~~.001~~ Com ~~458140100~~716495106 4,~~863~~686 ~~226~~300,~~350~~000 0 0 ~~226~~300,~~350~~000 0201 ~~226~~300,~~350~~000 0 0 ~~International~~Pfizer ~~Paper~~Incorporated ~~Company~~Common ~~Com~~USD0.05 U Com ~~460146103~~717081103 24,~~566~~660 ~~110~~262,~~200~~400 0 0 ~~110~~262,~~200~~400 01 ~~110~~262,~~200~~400 0 0 ~~International~~Philip ~~Paper~~Morris ~~Company~~International Com. UN Com ~~460146103~~718172109 ~~7,413~~146 ~~318~~3,~~400~~340 0 0 ~~318~~3,~~400~~340 0201 ~~318~~3,~~400~~340 0 0 ~~Intl.~~Power-One ~~Business~~Incorporated ~~Machines~~Common ~~Corp.~~USD0 Com ~~Com~~739308104 ~~459200101~~2,360 ~~180 1~~2,~~500~~000,000 0 0 12,~~500~~000,000 01 12,~~500~~000,000 0 0 ~~iShares~~Procter ~~MSCI~~& ~~Singapore~~Gamble ~~Index~~Common ~~Fund~~NPV Com ~~464286673~~742718109 ~~395~~445 317,~~843~~200 0 0 317,~~843~~200 01 317,~~843~~200 0 0 ~~JDS~~Retalix ~~Uniphase~~Limited ~~Corp~~ILS1.00 ~~Common USD0.001~~ Com ~~46612J507~~M8215W109 ~~10,243~~175 ~~901~~29,~~300~~021 0 0 ~~901~~29,~~300~~021 01 ~~901~~29,~~300~~021 0 0 ~~JDS~~Royal ~~Uniphase~~Bank ~~Corp.~~Of ~~Common~~Scotland ~~USD0~~7.~~001~~25% ~~Com~~Pfd. ~~46612J507~~Pref ~~30,011~~780097713 251 5,~~640,852~~000 0 0 25,~~640,852~~000 02 25,~~640,852~~000 0 0 ~~Johnson~~Royal &Bank ~~Johnson~~of ~~Common~~Scot. ~~USD1~~PLC 6.00125% ~~Com~~Pfd ~~478160104~~Pref ~~121~~780097747 1181 22,~~900~~500 0 0 122,~~900~~500 0102 122,~~900~~500 0 0 ~~Johnson~~Royal &Bk. ~~Johnson~~of ~~Common~~Scot. ~~USD1~~Grp.00 ~~Com~~6.4% ~~478160104~~Pfd ~~206~~P 3Bond 780097796 217 24,~~206~~800 0 0 324,~~206~~800 02 324,~~206~~800 0 0 JR.PR. ~~Morgan~~Donnelley ~~Chase~~ & Sons Co. ~~Common~~Comm. ~~USD~~US Com ~~46625H100~~257867101 71 2,~~022~~717 200,000 0 0 2200,~~022~~000 01 2200,~~022~~000 0 0 ~~J.P.~~Sara ~~Morgan~~Lee ~~Chase~~Corporation &Common CoUSD0.0 ~~Common USD~~ Com ~~46625H100~~803111103 ~~137~~12,038 41,~~000~~229,600 0 0 41,~~000~~229,600 0201 41,~~000~~229,600 0 0 ~~Jupitermedia~~Sara ~~Corp.~~Lee Corporation Common USD0.010 Com ~~48207D101~~803111103 7737,479 543,~~630~~829,018 0 0 543,~~630~~829,018 0102 543,~~630~~829,018 0 0 ~~Kensey~~SoftBrands ~~Nash~~Incorporated ~~Corp~~ Common ~~USD0.001~~USD Com ~~490057106~~83402A107 ~~1,471~~86 45229,~~900~~449 0 0 45229,~~900~~449 01 45229,~~900~~449 0 0 ~~Korn/Ferry~~Sprint ~~International~~Nextel Corporation Common USU Com ~~500643200~~852061100 1,~~138~~948 721,~~260~~058,863 0 0 721,~~260~~058,863 01 721,~~260~~058,863 0 0 ~~Kraft~~Sprint ~~Foods~~Nextel ~~Inc~~Corporation ACommon ~~NPV~~U Com ~~50075N104~~852061100 ~~156~~6,145 53,~~491~~342,865 0 0 53,~~491~~342,865 0102 53,~~491~~342,865 0 0 ~~Kraft~~Sterlite ~~Foods~~Industries ~~Inc~~Indi AAdr ~~NPV~~(1rep Com ~~50075N104~~859737207 ~~186~~58 610,~~517~~400 0 0 610,~~517~~400 0201 610,~~517~~400 0 0 ~~LoJack~~St. Joe Corporation Common ~~USD0.01~~NPV Com ~~539451104~~790148100 1,~~221~~058 ~~153~~43,~~340~~550 0 0 ~~153~~43,~~340~~550 02 01 ~~153~~43,~~340~~550 0 0 ~~Lsb~~Sun ~~Industries~~Microsystems Inc. ~~Com.~~Common USD0.10 Com ~~502160104~~866810203 13,~~396~~272 70855,~~310~~360 0 0 70855,~~310~~360 01 70855,~~310~~360 0 0 --------- 7985,~~528~~349

Form 13F Information Table GAM USA Inc. Page 5 of 76 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 ~~Martha~~Sun ~~Stewart~~Microsystems ~~Liv~~Inc. -Common ~~CL A Com~~USD0. US Com ~~573083102~~866810203 ~~895~~10,543 ~~120~~2,~~820~~757,115 0 0 ~~120~~2,~~820~~757,115 0102 ~~120~~2,~~820~~757,115 0 0 ~~Marvell~~Synalloy ~~Tech.~~Corporation ~~Group~~Common ~~Ltd~~USD1.0 ~~Common US~~ Com ~~G5876H105~~871565107 ~~201~~162 1133,~~345~~750 0 0 1133,~~345~~750 01 1133,~~345~~750 0 0 ~~Marvell~~Taiwan ~~Tech~~Semi. ~~Group~~- ~~Ltd.~~SP ~~Common~~ADR US(1 ADR Rep 5 Com ~~G5876H105~~874039100 ~~239~~566 1371,~~506~~519 0 0 1371,~~506~~519 0201 1371,~~506~~519 0 0 ~~Matrix~~Tele ~~Service~~Norte ~~Co.~~Leste ~~Common~~ADR ~~USD0~~(1 Rep.01 ~~Com~~1 ~~576853105~~Pre ~~1,564~~ADR 67879246106 448 32,~~840~~300 0 0 6732,~~840~~300 01 6732,~~840~~300 0 0 ~~Merck~~Tellabs &Incorporated ~~Company Inc.~~ Common USD0.0 Com ~~589331107~~879664100 184,~~998~~482 ~~504~~1,~~400~~089,270 0 0 ~~504~~1,~~400~~089,270 01 ~~504~~1,~~400~~089,270 0 0 ~~Merck~~Tellabs &Incorporated ~~Company Inc.~~ Common USD0.0 Com ~~589331107~~879664100 5614,~~508~~378 13,~~500~~494,~~471~~853 0 0 13,~~500~~494,~~471~~853 02 13,~~500~~494,~~471~~853 0 0 ~~Merrill~~Tenaris ~~Lynch~~SA &ADR Co(1 ADR Rep. ~~Common~~2 ~~USD1~~Ord.33) Com ~~590188108~~88031M109 ~~253~~386 818,~~000~~400 0 0 818,~~000~~400 0201 818,~~000~~400 0 0 ~~Microsoft~~Tenaris ~~Corporation~~SA ~~Com~~ADR (1 ADR Rep. ~~USD0~~2 Ord.00) Com ~~594918104~~88031M109 89189 39,~~216~~034 0 0 39,~~216~~034 01 39,~~216~~034 0 0 ~~Microsoft~~Teva ~~Corporation~~Pharmaceuticals ~~Com.~~ADR ~~USD0.00~~(1 ~~Com~~Rep ~~594918104~~1 ~~191~~ADR 6881624209 314 7,~~958~~400 0 0 67,~~958~~400 0201 67,~~958~~400 0 0 ~~Middleby~~Texas ~~Corp.~~Instruments ~~Com~~Inc. ~~USD0.005~~Common USD1 Com ~~596278101~~882508104 ~~1,975~~317 4420,~~990~~410 0 0 4420,~~990~~410 01 4420,~~990~~410 0 0 ~~Mitsubishi~~The ~~UFJ~~Boeing ~~Fin~~Company ~~Grp~~Common ~~ADR~~USD5 (1Com ~~rep~~097023105 ~~ADR~~243 ~~606822104 83 9~~5,~~500~~700 0 0 95,~~500~~700 01 95,~~500~~700 0 0 ~~MoneyGram~~The ~~International~~Gap Inc. Common USD0.0105 Com ~~60935Y109~~364760108 38603 4245,000 0 0 4245,000 01 4245,000 0 0 ~~Monsanto~~Toyota ~~Company~~Motor ~~Common~~Corporation ~~USD0~~Spon.01 ADR Com ~~61166W101~~892331307 ~~646~~48 ~~5,116~~735 0 0 ~~5,116~~735 01 ~~5,116~~735 0 0 ~~Morton's~~Turkcell ~~Restaurant~~Iletisim ~~Grp.~~ADR ~~Com~~(1 ~~USD0~~rep 2.5 o Com ~~619430101~~900111204 ~~1,987~~782 ~~287~~53,~~380~~700 0 0 ~~287~~53,~~380~~700 01 ~~287~~53,~~380~~700 0 0 ~~Movado~~UCBH ~~Group~~Holdings ~~Inc.~~INC Common USD0.01 Com ~~624580106~~90262T308 1,~~459~~245 73181,~~570~~340 0 0 73181,~~570~~340 02 01 73181,~~570~~340 0 0 ~~Neopharm~~Unisys ~~Incorporated~~Corporation Common USD0.01 Com ~~640919106~~909214108 ~~896~~2,885 13,~~706~~241,~~797~~040 0 0 13,~~706~~241,~~797~~040 01 13,~~706~~241,~~797~~040 0 0 OnUnisys ~~Semiconductor~~Corporation ~~Corp.~~Common ~~Com.~~ USD0.001 Com ~~682189105~~909214108 18,~~318~~868 ~~143~~10,~~750~~090,820 0 0 ~~143~~10,~~750~~090,820 0102 ~~143~~10,~~750~~090,820 0 0 ~~Optionsxpress~~USA ~~Hdgs.~~Truck ~~Inc.~~Incorporated ~~Com.~~Common USD0 Com ~~684010101~~902925106 27,~~208~~087 98519,~~760~~600 0 0 98519,~~760~~600 01 98519,~~760~~600 0 0 ~~Oracle~~Viad Corporation Common ~~USD0~~USD 1.0150 Com ~~68389X105~~92552R406 ~~321~~260 1510,~~100~~500 0 0 1510,~~100~~500 01 1510,~~100~~500 0 0 ~~Oracle~~Vimpelcom-Sp ~~Corporation~~ADR ~~Common~~(1 ~~USD0~~rep 0.0150 ord) Com ~~68389X105~~68370R109 ~~384~~182 1825,~~300~~500 0 0 1825,~~300~~500 0201 1825,~~300~~500 0 0 ~~Penske~~Wachovia ~~Auto~~Corporation ~~Group~~Common ~~Inc~~USD3.3 ~~Common USD0~~ Com ~~70959W103~~929903102 42,~~418~~061 ~~300~~360,000 0 0 ~~300~~360,000 01 ~~300~~360,000 0 0 ~~Perficient~~WellPoint Inc. Common USD0.~~001~~01 Com ~~71375U101~~94973V107 ~~717~~148 743,~~150~~500 0 0 743,~~150~~500 01 743,~~150~~500 0 0 ~~PetroChina~~Williams ~~Co.~~Companies ~~Ltd~~Inc. ~~ADR~~Common (1USD ~~Rep. 10~~ Com ~~71646E100~~969457100 ~~2,436~~906 1862,~~900~~537 0 0 1862,~~900~~537 01 1862,~~900~~537 0 0 ~~PetroChina~~Williams-Sonoma CoInc. ~~Ltd.~~Common ~~ADR (1 Rep~~USD0.0 10 Com ~~71646E100~~969904101 ~~537~~1,780 4226,~~200~~630 0 0 4226,~~200~~630 02 01 4226,~~200~~630 0 0 ~~PetroChina~~Wyeth ~~Co.~~Common ~~Ltd~~USD0.333 ~~ADR (1 Rep. 10~~ Com ~~71646E100~~983024100 ~~464~~12,272 3326,~~600~~900 0 0 3326,~~600~~900 0201 3326,~~600~~900 0 0 --------- 9871,~~826~~157

Form 13F Information Table GAM USA Inc. Page 6 of 76 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 ~~Petrohawk~~Wyeth ~~Energy Corp.~~ Common USD0 ~~Com 716495106 17,583 380,000 0 0 380,000 01 380,000 0 0 Pfizer Incorporated Common USD0~~.05333 Com ~~717081103~~983024100 435,~~366~~147 ~~250~~936,000 0 0 250,000 01 250,000 0 0 Philip Morris International Com. N Com 718172109 52 1,040 0 0 1,040 01 1,040 0 0 Philip Morris International Com. N Com 718172109 62 1,250 0 0 1,250 02 1,250 0 0 Power-One Incorporated Common USD0 Com 739308104 3,780 2,000,000 0 0 2,000,000 01 2,000,000 0 0 Procter & Gamble Common NPV Com 742718109 119 1,960 0 0 1,960 01 1,960 0 0 Retalix Limited ILS1.00 Com M8215W109 381 29,021 0 0 29,021 01 29,021 0 0 RF Micro Devices Inc. Common NPV Com 749941100 2,535 872,580 0 0 872,580 01 872,580 0 0 Rightnow Technologies Inc. Com. US Com 76657R106 1,634 119,240 0 0 119,240 01 119,240 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 5,942 200,000 0 0 200,000 01 200,000 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 15,559 1,271,200 0 0 1,271,200 01 1,271,200 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 38,484 3,144,558 0 0 3,144,558 02 3,144,558 0 0 Shutterfly Inc. Common USD0.0001 Com 82568P304 755 61,800 0 0 61,800 01 61,800 0 0 Smithtown Bancorp Inc. Common USD0 Com 832449102 1,047 64,176 0 0 64,176 01 64,176 0 0 SoftBrands Incorporated Common USD Com 83402A107 229 229,449 0 0 229,449 01 229,449 0 0 Sonosite Inc. Common USD.01 Com 83568G104 1,574 56,160 0 0 56,160 01 56,160 0 0 Sony Corporation ADR (CNV To 1 Ord ADR 835699307 13 285 0 0 285 01 285 0 0 Sony Corporation ADR (CNV To 1 Ord ADR 835699307 241 5,500 0 0 5,500 02 5,500 0 0 Sprint Nextel Corporation Common U Com 852061100 11,135 1,173,293 0 0 1,173,293 01 1,173,293 0 0 Sprint Nextel Corporation Common U Com 852061100 32,182 3,391,820 0 0 3,391,820 02 3,391,820 0 0 Spss Inc Common USD0.01 Com 78462K102 1,335 36,700 0 0 36,700 01 36,700 0 0 Sterlite Industries Indi Adr (1rep Com 859737207 1,412 88,700 0 0 88,700 01 88,700 0 0 Sterlite Industries Indi Adr (1rep Com 859737207 168 10,400 0 0 10936,400 0102 10936,400 0 0 ~~St. Joe Corporation Common NPV Com 790148100 1,158 33,760 0 0 33,760 02 33,760 0 0 Sun Microsystems Inc. Common USD0. Com 866810203 7,043 647,325 0 0 647,325 01 647,325 0 0~~ --------- ~~148~~35,~~786~~147 ========= 683,413

Form 13F Information Table GAM USA Inc. Page 7 of 7 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 Sun Microsystems Inc. Common USD0. Com 866810203 20,783 1,910,247 0 0 1,910,247 02 1,910,247 0 0 Synalloy Corporation Common USD1.0 Com 871565107 519 33,750 0 0 33,750 01 33,750 0 0 Taiwan Semi. - SP ADR (1 ADR Rep 5 Com 874039100 2,202 202,000 0 0 202,000 01 202,000 0 0 Tele Norte Leste ADR (1 Rep. 1 Pre ADR 879246106 805 32,300 0 0 32,300 01 32,300 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 5,607 1,207,000 0 0 1,207,000 01 1,207,000 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 16,489 3,550,493 0 0 3,550,493 02 3,550,493 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) Com 88031M109 1,372 18,400 0 0 18,400 01 18,400 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 233 5,150 0 0 5,150 01 5,150 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 320 6,980 0 0 6,980 02 6,980 0 0 The Boeing Company Common USD5 Com 097023105 200 2,993 0 0 2,993 01 2,993 0 0 The Boeing Company Common USD5 Com 097023105 179 2,721 0 0 2,721 02 2,721 0 0 Toyota Motor Corporation Spon. ADR Com 892331307 69 735 0 0 735 01 735 0 0 Toyota Motor Corporation Spon. ADR Com 892331307 179 1,900 0 0 1,900 02 1,900 0 0 Tradestation Group Inc. USD0.01 Com 89267P105 1,241 122,100 0 0 122,100 01 122,100 0 0 Vimpelcom-Sp ADR (1 rep 0.50 ord) Com 68370R109 756 25,500 0 0 25,500 01 25,500 0 0 --------- 50,954 ========= 1,160,694

Filing Compare · GAM USA INC