13F-HR 1 c58536_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: 06/30/09 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: Sharon Ingram Title: Chief Compliance Officer Phone: 212-407-467 Signature, Place, and Date of Signing: Sharon Ingram New York, New York 08/14/09 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: 149 Form 13F Information Table Value Total: $808,657 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 ~~Investment~~Value --- ~~Voting~~Investment ~~Mkt Value~~ Discretion -- ~~Authority~~ --Voting Authority-- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None 3M Company Common USD0.01 Com 88579Y101 5872 1,200 0 0 1,200 01 1,200 0 0 AbitibiBowater Inc. Common USD1.00 Com 003687100 ~~281~~57 445,969 0 0 445,969 01 445,969 0 0 AbitibiBowater Inc. Common USD1.00 Com 003687100 ~~802~~164 1,277,022 0 0 1,277,022 02 1,277,022 0 0 Alcoa Inc. Common USD1 Com 013817101 12,~~483~~091 202,540 0 0 202,540 02 01 202,540 0 0 America Movil ADR Srs L (1 Reps 20 Com 02364W105 ~~311~~2,208 1156,~~700~~900 0 0 1156,~~700~~900 01 1156,~~700~~900 0 0 ~~Aon~~AngloGold ~~Corporation~~Ashanti ~~Common USD1~~Ltd.00 ADR (1 Com ~~037389103~~035128206 ~~1,631~~671 4018,~~000~~300 0 0 4018,~~000~~300 01 4018,~~000~~300 0 0 Apple Incorporated Common NPV Com 037833100 42,~~031~~193 3815,400 0 0 3815,400 01 3815,400 0 0 AU Optronics Corp. ADR (1 rep 10 o Com 002255107 881 91,100 0 0 91,100 01 91,100 0 0 AutoZone Incorporated Common USD0. Com 053332102 4,~~552~~234 28,000 0 0 28,000 01 28,000 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre ADR 059460303 ~~565~~1,754 118,718 0 0 118,718 01 118,718 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre ADR 059460303 841 56,915 0 0 56,915 01 56,915 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre ADR 059460303 ~~206~~317 21,~~198~~918 0 0 21,~~198~~918 01 21,~~198~~918 0 0 Bank of America Corp. Common USD0. Com 060505104 976,960 16528,~~020~~683 0 0 16528,~~020~~683 01 16528,~~020~~683 0 0 Bristol-Myers Squibb Co. Common US Com 110122108 4843,~~936~~115 2,~~239~~122,~~650~~850 0 0 2,~~239~~122,~~650~~850 01 2,~~239~~122,~~650~~850 0 0 Bristol-Myers Squibb Co. Common US Com 110122108 9182,~~019~~985 4,~~165~~086,~~990~~290 0 0 4,~~165~~086,~~990~~290 02 4,~~165~~086,~~990~~290 0 0 Bunge Ltd. Common USD0.01 Com G16962105 1,964 32,630 0 0 32,630 02 01 32,630 0 0 Cablevision Systems Corp. Class A Com 12686C109 31,~~237~~851 ~~250~~95,~~540~~400 0 0 ~~250~~95,~~540~~400 01 ~~250~~95,~~540~~400 0 0 Caterpillar Inc. Common USD1.00 ADR 149123101 174 5,000 0 0 5,000 01 5,000 0 0 China Mobile HK Spon ADR (1 Rep 5 Com 16941M109 ~~317~~379 7,400 0 0 7,400 01 7,400 0 0 Christopher & Banks Corp. Common U Com 171046105 ~~308~~504 75,000 0 0 75,000 01 75,000 0 0 Chubb Corporation Common USD1.00 Com 171232101 4,~~866~~589 115,000 0 0 115,000 01 115,000 0 0 Cisco Systems Inc. Common USD0.001 Com 17275R102 ~~2,424~~347 ~~145~~18,300 0 0 ~~145~~18,300 01 ~~145~~18,300 0 0 Citigroup Incorporated Common USD0 Com 172967101 12,~~212~~645 ~~480~~891,~~000~~900 0 0 ~~480~~891,~~000~~900 01 ~~480~~891,~~000~~900 0 0 Citigroup Incorporated Common USD0 Com 172967101 38,~~640~~566 12,~~442~~889,~~000~~900 0 0 12,~~442~~889,~~000~~900 02 12,~~442~~889,~~000~~900 0 0 Clearwire Corp. Class A Com. USD0. Com 18538Q105 ~~215~~231 41,839 0 0 41,839 02 01 41,839 0 0 Coca-Cola Company Common USD0.25 Com 191216100 2,147 44,750 0 0 44,750 01 44,750 0 0 Conns Inc Common USD0.01 Com 208242107 87,~~772~~822 625,000 0 0 625,000 01 625,000 0 0 ConocoPhillips Common USD1.250 Com 20825C104 34,~~917~~207 100,000 0 0 100,000 01 100,000 0 0 ConocoPhillips Common USD1.250 Com 20825C104 2,~~258~~425 57,640 0 0 57,640 02 01 57,640 0 0 ~~Consol Energy Inc. Com. USD0.01 Com 20854P109 1,134 45,000 0 0 45,000 01 45,000 0 0~~ --------- 186,~~273~~394

Form 13F Information Table GAM USA Inc. Page 2 of 6 1 2 3 4 5 6 7 8 --Mkt ~~Investment~~Value ---Investment ~~Voting Mkt Value~~ Discretion -- ~~Authority~~ --Voting Authority-- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Consolidated Tomoka Land Common US Com 210226106 ~~179~~211 6,000 0 0 6,000 01 6,000 0 0 Credicorp Ltd. Common USD5.00 Com G2519Y108 541 9,300 0 0 9,300 01 9,300 0 0 CVS Caremark Corp. Common USD0.01 Com 126650100 3,074 96,540 0 0 96,540 02 01 96,540 0 0 Du Pont (E.I.) de Nemours Common U Com 263534109 5,~~681~~959 ~~254~~232,620 0 0 ~~254~~232,620 01 ~~254~~232,620 0 0 Du Pont (E.I.) de Nemours Common U Com 263534109 1719,~~472~~679 ~~783~~768,~~291~~281 0 0 ~~783~~768,~~291~~281 02 ~~783~~768,~~291~~281 0 0 Eastman Kodak Company Common USD2. Com 277461109 32,~~956~~808 1943,~~032,~~840 0 0 1943,~~032,~~840 01 1943,~~032,~~840 0 0 Eastman Kodak Company Common USD2. Com 277461109 129,~~470~~507 3,~~262~~198,~~237~~537 0 0 3,~~262~~198,~~237~~537 02 3,~~262~~198,~~237~~537 0 0 El Paso Corporation Common USD3.00 Com 28336L109 2130,~~772~~101 3,~~478~~263,013 0 0 3,~~478~~263,013 01 3,~~478~~263,013 0 0 El Paso Corporation Common USD3.00 Com 28336L109 4769,~~914~~235 7,~~656~~506,~~608~~008 0 0 7,~~656~~506,~~608~~008 02 7,~~656~~506,~~608~~008 0 0 Enova Systems Inc. Ord. NPV Com 29355M200 ~~195~~373 453,305 0 0 453,305 01 453,305 0 0 Enova Systems Inc. Ord. NPV Com 29355M200 ~~456~~874 1,060,970 0 0 1,060,970 02 1,060,970 0 0 Exelon Corporation Common NPV Com 30161N101 2,~~576~~911 56,780 0 0 56,780 02 01 56,780 0 0 Exxon Mobil Corporation NPV Com 30231G102 ~~117~~121 1,710 0 0 1,710 01 1,710 0 0 ~~Fred's~~Fifth ~~Incorporated~~Third ~~Class~~Bancorp ACom. ~~Common~~NPV Com ~~356108100~~316773100 ~~9,020~~922 ~~800~~130,000 0 0 ~~800~~130,000 01 ~~800~~130,000 0 0 ~~General~~Ford ~~Electric~~Motor ~~Co.~~Company ~~Amer.~~Common ~~Com~~USD0.01 US Com ~~369604103~~345370860 ~~554~~1,213 54200,~~944~~000 0 0 54200,~~944~~000 01 54200,~~944~~000 0 0 ~~General~~Fred's ~~Electric~~Incorporated ~~Co.~~Class ~~Amer.~~A ~~Com.~~Common US Com ~~369604103~~356108100 18,~~346~~827 ~~133~~700,~~035~~000 0 0 ~~133~~700,~~035~~000 0201 ~~133~~700,~~035~~000 0 0 General ~~Motors~~Electric ~~Corp~~Co. ~~Common~~Amer. ~~USD1~~Com.6 US Com ~~370442105~~369604103 ~~613~~599 ~~310~~51,~~410~~094 0 0 ~~310~~51,~~410~~094 01 ~~310~~51,~~410~~094 0 0 General ~~Motors~~Electric ~~Corp~~Co. ~~Common~~Amer. ~~USD1~~Com.6 US Com ~~370442105~~369604103 1,~~865~~527 ~~948~~130,~~195~~435 0 0 ~~948~~130,~~195~~435 02 ~~948~~130,~~195~~435 0 0 Gerber Scientific Common USD1.00 Com 373730100 ~~203~~213 85,000 0 0 85,000 01 85,000 0 0 ~~Goldman~~Gold ~~Sachs~~Fields ~~Group Inc~~Ltd. ~~Com~~ADR ~~USD0.~~(1 ADR Rep 1 Com ~~38141G104~~38059T106 21,~~123~~085 2090,000 0 0 2090,000 01 2090,000 0 0 ~~Home~~Hewlett ~~Depot~~Packard ~~Incorporated~~Co. Common ~~USD~~USD0.01 Com ~~437076102~~428236103 ~~587~~1,360 2535,~~100~~200 0 0 2535,~~100~~200 01 2535,~~100~~200 0 0 Home Depot Incorporated Common USD Com 437076102 34,~~975~~004 169,310 0 0 169,310 02 01 169,310 0 0 Human Genome Sciences Inc. Com. US Com 444903108 ~~166~~576 201,000 0 0 201,000 02 01 201,000 0 0 Huntington Bancshares Inc. Com. US Com 446150104 710 170,000 0 0 170,000 01 170,000 0 0 Huntsman Corporation Common USD0.0 Com 447011107 34,~~145~~523 1900,000~~,000~~ 0 0 1900,000~~,000~~ 01 1900,000~~,000~~ 0 0 ICU Medical Incorporated Common US Com 44930G107 34,~~209~~116 100,000 0 0 100,000 01 100,000 0 0 Infinity Property & Casualty Commo Com 45665Q103 4,~~244~~563 125,000 0 0 125,000 01 125,000 0 0 Intel Corporation Common USD0.001 Com 458140100 ~~378~~421 25,700 0 0 25,700 01 25,700 0 0 --------- ~~144~~180,~~218~~053

Form 13F Information Table GAM USA Inc. Page 3 of 6 1 2 3 4 5 6 7 8 --Mkt ~~Investment~~Value ---Investment ~~Voting Mkt Value~~ Discretion -- ~~Authority~~ --Voting Authority-- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Intel Corporation Common USD0.001 Com 458140100 56,~~509~~064 366,400 0 0 366,400 02 01 366,400 0 0 International Paper Company Com. U Com 460146103 13,~~797~~528 ~~255~~233,100 0 0 ~~255~~233,100 01 ~~255~~233,100 0 0 International Paper Company Com. U Com 460146103 511,~~694~~997 ~~808~~792,~~300~~700 0 0 ~~808~~792,~~300~~700 02 ~~808~~792,~~300~~700 0 0 InterOil Corporation Common NPV Com 460951106 811 27,400 0 0 27,400 01 27,400 0 0 Intl. Business Machines Corp. Com Com 459200101 ~~426~~476 4,500 0 0 4,500 01 4,500 0 0 Itau Unibanco Banco ADR(1 Rep 1 Com 059602201 1,454 89,100 0 0 89,100 01 89,100 0 0 JDS Uniphase Corp. Common USD0.001 Com 46612J507 35,~~204~~776 ~~984~~1,007,220 0 0 ~~984~~1,007,220 01 ~~984~~1,007,220 0 0 JDS Uniphase Corp. Common USD0.001 Com 46612J507 1018,~~248~~723 3,~~149~~265,~~271~~161 0 0 3,~~149~~265,~~271~~161 02 3,~~149~~265,~~271~~161 0 0 Johnson & Johnson Common USD1.00 Com 478160104 ~~329~~353 6,200 0 0 6,200 01 6,200 0 0 J.P. Morgan Chase & Co. Common USD Com 46625H100 16,~~644~~907 62202,022 0 0 62202,022 01 62202,022 0 0 Keycorp Com. USD1.00 Com 493267108 969 185,000 0 0 185,000 01 185,000 0 0 Kraft Foods Inc A NPV Com 50075N104 ~~317~~371 14,500 0 0 14,500 01 14,500 0 0 ~~Marsh~~Leap &Wireless ~~McLennan~~Intl. ~~Companies~~Inc. ~~Common~~Com. USD Com ~~571748102~~521863308 1,~~113~~317 5540,000 0 0 5540,000 01 5540,000 0 0 Marvell Tech. Group Ltd. Common US Com G5876H105 ~~279~~359 30,800 0 0 30,800 01 30,800 0 0 Mastercard Inc. Class A Com. USD0. Com 57636Q104 23,~~258~~349 1320,~~500~~000 0 0 1320,~~500~~000 01 1320,~~500~~000 0 0 McDonald's Corporation Common USD0 Com 580135101 ~~435~~462 8,070 0 0 8,070 01 8,070 0 0 McKesson Incorporated Common USD0. Com 58155Q103 34,~~641~~578 103,980 0 0 103,980 02 01 103,980 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 1716,~~212~~460 ~~643~~589,~~865~~015 0 0 ~~643~~589,~~865~~015 01 ~~643~~589,~~865~~015 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 5253,~~397~~727 1,~~960~~922,~~336~~796 0 0 1,~~960~~922,~~336~~796 02 1,~~960~~922,~~336~~796 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 ~~406~~553 23,200 0 0 23,200 01 23,200 0 0 Mitsubishi UFJ Fin Grp ADR (1 rep ADR 606822104 4660 9,500 0 0 9,500 01 9,500 0 0 MoneyGram International USD0.01 Com 60935Y109 4975 42,000 0 0 42,000 01 42,000 0 0 Monsanto Company Common USD0.01 Com 61166W101 ~~1,425~~381 175,~~146~~116 0 0 175,~~146~~116 01 175,~~146~~116 0 0 ~~Motorola~~Motors ~~Incorporated~~Liquidation ~~Common USD3~~Co. Common Com ~~620076109~~370442105 ~~720~~309 ~~170~~283,~~100~~610 0 0 ~~170~~283,~~100~~610 01 ~~170~~283,~~100~~610 0 0 ~~Motorola~~Motors ~~Incorporated~~Liquidation ~~Common USD3~~Co. Common Com ~~620076109~~370442105 21,~~167~~014 ~~512~~929,~~200~~895 0 0 ~~512~~929,~~200~~895 02 ~~512~~929,~~200~~895 0 0 Neopharm Incorporated Common USD0. Com 640919106 ~~111~~427 1,706,797 0 0 1,706,797 01 1,706,797 0 0 New Oriental Education ADR (1 rep Com 647581107 ~~355~~458 7,000 0 0 7,000 01 7,000 0 0 News Corp-Class B Com. USD0.01 Com 65248E203 14,~~903~~728 ~~247~~447,499 0 0 ~~247~~447,499 02 01 ~~247~~447,499 0 0 --------- ~~113~~145,~~683~~686

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~~ --Voting Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Novell Incorporated Common USD0.10 Com 670006105 ~~4,014~~907 ~~941~~200,~~050~~000 0 0 ~~941~~200,~~050~~000 01 ~~941~~200,~~050~~000 0 0 Oclaro Inc. Com. USD0.01 Com 09856E105 ~~895~~1,371 2,131,900 0 0 2,131,900 01 2,131,900 0 0 Oclaro Inc. Com. USD0.01 Com 09856E105 ~~550~~854 1,341,117 0 0 1,341,117 02 1,341,117 0 0 On Semiconductor Corp. Com. USD0.0 Com 682189105 ~~561~~985 143,750 0 0 143,750 01 143,750 0 0 Oracle Corporation Common USD0.01 Com 68389X105 ~~524~~639 29,700 0 0 29,700 01 29,700 0 0 Penske Auto Group Inc. Common USD0 Com 70959W103 24,~~805~~998 300,000 0 0 300,000 01 300,000 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 Com 71646E100 ~~333~~2,086 18,900 0 0 18,900 01 18,900 0 0 PetroChina Co. Ltd. ADR (1 Rep. 10 Com 71646E100 478 4,200 0 0 4,200 01 4,200 0 0 Petrohawk Energy Corp. Common USD0 Com 716495106 56,~~774~~683 300,000 0 0 300,000 01 300,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 3,~~576~~938 262,400 0 0 262,400 01 262,400 0 0 Philip Morris International Com. N Com 718172109 ~~123~~145 3,340 0 0 3,340 01 3,340 0 0 Potash Corp. Of Saskatchewan Com. Com 73755L107 2,~~426~~048 3022,000 0 0 3022,000 01 3022,000 0 0 Power-One Incorporated Common USD0 Com 739308104 12,~~770~~990 2,000,000 0 0 2,000,000 01 2,000,000 0 0 Procter & Gamble Common NPV Com 742718109 ~~341~~376 7,200 0 0 7,200 01 7,200 0 0 Red Hat Inc. Common USD0.0001 Com 756577102 41,~~318~~325 ~~241~~65,~~710~~900 0 0 ~~241~~65,~~710~~900 01 ~~241~~65,~~710~~900 0 0 Regions Financial Corp. Common USD Com 7591EP100 1,006 250,000 0 0 250,000 01 250,000 0 0 Research In Motion Com. NPV Com 760975102 12,~~076~~622 2536,~~000~~900 0 0 2536,~~000~~900 01 2536,~~000~~900 0 0 Retalix Limited ILS1.00 Com M8215W109 ~~260~~259 29,021 0 0 29,021 01 29,021 0 0 Royal Bank of Scot. PLC 6.125% Pfd Pref 780097747 ~~125~~235 22,500 0 0 22,500 02 22,500 0 0 Royal Bk. of Scot. Grp. 6.4% Pfd P Bond 780097796 85165 14,800 0 0 14,800 02 14,800 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 12,~~468~~325 200,000 0 0 200,000 01 200,000 0 0 Safeway Inc. Common USD0.01 Com 786514208 2,409 118,300 0 0 118,300 01 118,300 0 0 Safeway Inc. Common USD0.01 Com 786514208 7,875 386,700 0 0 386,700 02 386,700 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 1012,~~924~~066 1,~~353~~236,~~626~~926 0 0 1,~~353~~236,~~626~~926 01 1,~~353~~236,~~626~~926 0 0 Sara Lee Corporation Common USD0.0 Com 803111103 3340,~~974~~273 4,~~210~~128,~~853~~873 0 0 4,~~210~~128,~~853~~873 02 4,~~210~~128,~~853~~873 0 0 SK Telecom Ltd Com 78440P108 818 54,000 0 0 54,000 01 54,000 0 0 SoftBrands Incorporated Common USD Com 83402A107 61207 229,449 0 0 229,449 01 229,449 0 0 Sprint Nextel Corporation Common U Com 852061100 34,~~775~~664 1967,~~058,863~~563 0 0 1967,~~058,863~~563 01 1967,~~058,863~~563 0 0 Sprint Nextel Corporation Common U Com 852061100 1115,~~908~~791 3,~~342~~277,~~865~~385 0 0 3,~~342~~277,~~865~~385 02 3,~~342~~277,~~865~~385 0 0 Sterlite Industries Indi Adr (1rep Com 859737207 67137 10,400 0 0 10,400 01 10,400 0 0 --------- 91120,~~730~~675

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~~ --Voting Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None St. Joe Corporation Common NPV Com 790148100 ~~914~~1,446 54,630 0 0 54,630 02 01 54,630 0 0 Sun Microsystems Inc. Common USD0. Com 866810203 67,~~308~~891 855,360 0 0 855,360 01 855,360 0 0 Sun Microsystems Inc. Common USD0. Com 866810203 2025,~~321~~432 2,757,115 0 0 2,757,115 02 2,757,115 0 0 Synalloy Corporation Common USD1.0 Com 871565107 ~~176~~277 33,750 0 0 33,750 01 33,750 0 0 ~~Tellabs~~Taiwan ~~Incorporated~~Semi. ~~Common~~- ~~USD0.~~SP ADR (1 ADR Rep 5 Com 874039100 3,537 376,119 0 0 376,119 01 376,119 0 0 Taiwan Semi. - SP ADR (1 ADR Rep 5 Com ~~879664100~~874039100 41,~~983~~398 148,600 0 0 148,600 01 148,600 0 0 Taiwan Semi. - SP ADR (1 ADR Rep 5 Com 874039100 427 44,~~089~~700 0 0 44,~~270~~700 01 44,700 0 0 Tele Norte Leste ADR (1 Rep. 1 Pre Com 879246106 480 32,~~089~~300 0 0 32,~~270~~300 01 32,300 0 0 Tele Norte Leste ADR (1 Rep. 1 Pre Com 879246106 452 30,~~089~~400 0 0 30,~~270~~400 01 30,400 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 155,~~986~~709 995,370 0 0 995,370 01 995,370 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 19,654 3,~~494~~427,~~853~~533 0 0 3,~~494~~427,~~853~~533 02 3,~~494~~427,~~853~~533 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) Com 88031M109 ~~182~~497 18,400 0 0 18,400 01 18,400 0 0 Tenaris SA ADR (1 ADR Rep. 2 Ord.) Com 88031M109 244 9,034 0 0 9,034 01 9,034 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 ~~284~~2,181 644,~~300~~154 0 0 644,~~300~~154 01 644,~~300~~154 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 ~~330~~863 717,~~400~~470 0 0 717,~~400~~470 01 717,~~400~~470 0 0 Teva Pharmaceuticals ADR (1 Rep 1 ADR 881624209 507 10,317 0 0 10,317 01 10,317 0 0 Texas Instruments Inc. Common USD1 Com 882508104 ~~335~~435 20,410 0 0 20,410 01 20,410 0 0 The Boeing Company Common USD5 Com 097023105 ~~203~~243 5,700 0 0 5,700 01 5,700 0 0 ~~The~~Toyota ~~Gap~~Motor ~~Inc.~~Corporation ~~Common USD0~~Spon.05 ADR Com ~~364760108~~892331307 ~~584~~56 ~~45,000~~735 0 0 ~~45,000~~735 01 ~~45,000~~735 0 0 ~~Toyota~~Turkcell ~~Motor~~Iletisim ~~Corporation~~ADR ~~Spon.~~(1 ~~ADR~~rep 2.5 Com ~~892331307~~900111204 47270 ~~735~~19,500 0 0 ~~735~~19,500 01 ~~735~~19,500 0 0 UCBH Holdings INC Common USD0.01 Com 90262T308 ~~273~~228 181,340 0 0 181,340 02 01 181,340 0 0 Unisys Corporation Common USD0.01 Com 909214108 14,~~734~~910 3,241,040 0 0 3,241,040 01 3,241,040 0 0 Unisys Corporation Common USD0.01 Com 909214108 515,~~389~~278 10,090,820 0 0 10,090,820 02 10,090,820 0 0 USA Truck Incorporated Common USD0 Com 902925106 67,~~698~~004 519,600 0 0 519,600 01 519,600 0 0 Vale SA ADR (1 Rep 1 Ord) Com 204412209 920 52,200 0 0 52,200 01 52,200 0 0 Viad Corporation Common USD 1.50 Com 92552R406 ~~148~~181 10,500 0 0 10,500 01 10,500 0 0 Visa Inc. Class A Common USD0.0001 Com 92826C839 24,~~222~~976 4080,000 0 0 4080,000 01 4080,000 0 0 WellPoint Inc. Common USD0.01 Com 94973V107 ~~125~~180 3,500 0 0 3,500 01 3,500 0 0 Wells Fargo & Co. Com. USD1.666 Com 949746101 12,~~027~~063 7184,~~676~~749 0 0 7184,~~676~~749 01 7184,~~676~~749 0 0 Williams Companies Inc. Common USD Com 969457100 ~~711~~976 62,537 0 0 62,537 01 62,537 0 0 Williams-Sonoma Inc. Common USD0.0 Com 969904101 2,~~357~~765 233,250 0 0 233,250 02 01 233,250 0 0 WR Berkley Corp. Common USD0.20 Com 084423102 7,~~435~~077 330,000 0 0 330,000 01 330,000 0 0 Wyeth Common USD0.333 Com 983024100 14,~~055~~827 326,900 0 0 326,900 01 326,900 0 0 --------- 92133,~~825~~384

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~~ --Voting Authority ---- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None Wyeth Common USD0.333 Com 983024100 4042,~~251~~465 936,400 0 0 936,400 02 936,400 0 0 --------- 4042,~~251~~465 ========= ~~668~~808,~~980~~657

Filing Compare · GAM USA INC