13F-HR 1 qtr4-2004_13f.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/04 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: 135 East 57th Street 25th Floor New York, NY 10022 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 02/07/05 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: 349 Form 13F Information Table Value Total: $1,806,601 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 35 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 Aaron Rents Inc. Common USD0.5 Com 002535201 -50 -1,500 0 -1,500 0 01 -1,500 0 0 Aaron Rents Inc. Common USD0.50 Com 002535300 46 1,500 0 1,500 0 01 1,500 0 0 Abbott Laboratories Common NPV Com 002824100 9,583 235,000 235,000 0 0 05 235,000 0 0 Abercrombie & Fitch Cls. A Com. US Com 002896207 26 672 672 0 0 01 672 0 0 Abercrombie & Fitch Cls. A Com. US Com 002896207 391 10,094 10,094 0 0 05 10,094 0 0 Abraxas Petroleum Corp. (Nev) Com Com 003830106 966 600,000 600,000 0 0 01 600,000 0 0 Abraxas Petroleum Corp. (Nev) Com Com 003830106 251 150,000 150,000 0 0 05 150,000 0 0 Accenture Ltd. Cl.A Common USD0.0 Com G1150G111 85 3,100 3,100 0 0 01 3,100 0 0 Accenture Ltd. Cl.A Common USD0.0 Com G1150G111 1,372 49,871 49,871 0 0 05 49,871 0 0 Acceris Communications Inc. Com. U Com 00490A104 7 4,450 4,450 0 0 01 4,450 0 0 Acceris Communications Inc. Com. U Com 00490A104 8 5,550 5,550 0 0 05 5,550 0 0 Adesa Incorporated Common USD0.01 Com 00686U104 -36 -1,500 0 -1,500 0 01 -1,500 0 0 Adobe Systems Inc. Common USD0.000 Com 00724F101 19,695 423,500 423,500 0 0 03 423,500 0 0 Advanced Fibre Comms. Inc. Com. US Com 00754A105 662 32,800 0 32,800 0 01 32,800 0 0 Advanced Fibre Comms. Inc. Com. US Com 00754A105 182 9,000 9,000 0 0 03 9,000 0 0 Advanced Lighting Tech. Com. USD0. Com 00753C102 13 41,500 0 41,500 0 01 41,500 0 0 Advanced Lighting Tech. Com. USD0. Com 00753C102 3 8,500 8,500 0 0 03 8,500 0 0 Advanced Power Technology Inc USD Com 00761E108 252 20,000 20,000 0 0 01 20,000 0 0 Affiliated Computer Servs. Inc. US Com 008190100 52 1,000 1,000 0 0 01 1,000 0 0 Affiliated Computer Servs. Inc. US Com 008190100 786 14,845 14,845 0 0 05 14,845 0 0 AGCO Corporation Common USD0.01 Com 001084102 387 19,000 0 19,000 0 01 19,000 0 0 AGCO Corporation Common USD0.01 Com 001084102 163 8,000 8,000 0 0 03 8,000 0 0 Agere Sys. Inc. Com. USD0.01 Class Com 00845V100 -129 -56,400 0 -56,400 0 01 -56,400 0 0 Agere Sys. Inc. Com. USD0.01 Class Com 00845V100 -20 -8,500 -8,500 0 0 03 -8,500 0 0 Agere Sys. Inc. Com. USD0.01 Class Com 00845V209 122 56,400 0 56,400 0 01 56,400 0 0 --------- 34,816 Form 13F Information Table GAM USA Inc. Page 2 of 35 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 Agere Sys. Inc. Com. USD0.01 Class Com 00845V209 18 8,500 8,500 0 0 03 8,500 0 0 AirTran Holdings Inc. Common USD0. Com 00949P108 25 1,800 1,800 0 0 01 1,800 0 0 AirTran Holdings Inc. Common USD0. Com 00949P108 402 28,434 28,434 0 0 05 28,434 0 0 Alaris Medical Systems Inc. Com. U Com 011637105 179 8,100 8,100 0 0 03 8,100 0 0 Alberto-Culver Company Common USD0 Com 013068101 34 700 700 0 0 01 700 0 0 Alberto-Culver Company Common USD0 Com 013068101 18,007 358,782 358,782 0 0 05 358,782 0 0 Albertson's Incorporated Common US Com 013104104 106 4,000 4,000 0 0 03 4,000 0 0 Albertson's Incorporated Common US Com 013104104 32 1,200 1,200 0 0 01 1,200 0 0 Albertson's Incorporated Common US Com 013104104 501 18,890 18,890 0 0 05 18,890 0 0 Alcan Inc. Common NPV Com 013716105 745 18,000 0 18,000 0 01 18,000 0 0 Alcide Corp. Common USD0.01 Com 013742507 142 6,875 0 6,875 0 01 6,875 0 0 Alcon Incorporated Common USD0.20 Com H01301102 555 7,208 7,208 0 0 01 7,208 0 0 Alcon Incorporated Common USD0.20 Com H01301102 613 7,792 7,792 0 0 05 7,792 0 0 Alleghany Corporation Common USD1. Com 017175100 576 2,000 0 2,000 0 01 2,000 0 0 Alleghany Corporation Common USD1. Com 017175100 176 612 612 0 0 03 612 0 0 Allegheny Energy Inc. Common USD1. Com 017361106 293 19,000 19,000 0 0 03 19,000 0 0 Allete Inc. Common NPV Com 018522102 50 1,500 0 1,500 0 01 1,500 0 0 Allete Inc. Common NPV Com 018522102 -40 -1,200 -1,200 0 0 03 -1,200 0 0 Alliance Capital Mgmt. Hdgs. LP NP Com 01855A101 431 12,718 12,718 0 0 05 12,718 0 0 Allied Domecq PLC-Spons. ADR Com 019121201 641 18,500 0 18,500 0 01 18,500 0 0 Allied Domecq PLC-Spons. ADR Com 019121201 208 6,000 6,000 0 0 03 6,000 0 0 Altera Corporation Common USD0.001 Com 021441100 8,630 388,400 388,400 0 0 03 388,400 0 0 Altria Group Inc. Common USD0.333 Com 02209S103 28,790 575,000 575,000 0 0 05 575,000 0 0 America Movil S.A. ADR. Series L N Com 02364W105 104 2,851 2,851 0 0 04 2,851 0 0 American Building Control Inc. Com Com 903898401 78 50,000 50,000 0 0 05 50,000 0 0 --------- 61,298 Form 13F Information Table GAM USA Inc. Page 3 of 35 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 American Express Company Common US Com 025816109 11,561 225,000 225,000 0 0 05 225,000 0 0 American Express Company Common US Com 025816109 3,905 76,000 0 76,000 0 01 76,000 0 0 American Express Company Common US Com 025816109 873 17,000 17,000 0 0 03 17,000 0 0 American International Grp. Com. U Com 026874107 12,478 175,025 175,025 0 0 05 175,025 0 0 American International Grp. Com. U Com 026874107 535 7,500 0 7,500 0 01 7,500 0 0 American International Grp. Com. U Com 026874107 535 7,500 7,500 0 0 03 7,500 0 0 American International Grp. Com. U Com 026874107 2,563 35,898 35,898 0 0 01 35,898 0 0 American International Grp. Com. U Com 026874107 18,832 264,157 264,157 0 0 05 264,157 0 0 American International Grp. Com. U Com 026874107 26,228 367,900 367,900 0 0 03 367,900 0 0 Amgen Incorporated Common USD0.000 Com 031162100 468 8,575 8,575 0 0 05 8,575 0 0 Amgen Incorporated Common USD0.000 Com 031162100 25,203 461,800 461,800 0 0 03 461,800 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 430 25,000 25,000 0 0 01 25,000 0 0 AMIS Holdings Inc. Common USD0.01 Com 031538101 1,692 100,000 100,000 0 0 05 100,000 0 0 Analog Devices Inc. Common USD0.16 Com 032654105 41 900 900 0 0 01 900 0 0 Analog Devices Inc. Common USD0.16 Com 032654105 673 14,301 14,301 0 0 05 14,301 0 0 Anheuser-Busch Companies Inc Com U Com 035229103 10,261 190,000 190,000 0 0 05 190,000 0 0 Anthem Incorporated Common USD0.01 Com 03674B104 -1,415 -15,800 0 -15,800 0 01 -15,800 0 0 Anthem Incorporated Common USD0.01 Com 03674B104 -233 -2,600 -2,600 0 0 03 -2,600 0 0 Apogent Technologies Common USD0.0 Com 03760A101 1,059 33,100 0 33,100 0 01 33,100 0 0 Apogent Technologies Common USD0.0 Com 03760A101 112 3,500 3,500 0 0 03 3,500 0 0 Applied Materials Inc. Common USD0 Com 038222105 19,933 1,015,700 1,015,700 0 0 03 1,015,700 0 0 ARAMARK Corp. Cls. B Common USD0.0 Com 038521100 887 30,825 30,825 0 0 05 30,825 0 0 Arbor Realty Trust Inc. Common USD Com 038923108 498 25,000 25,000 0 0 05 25,000 0 0 Arch Coal Inc. Common USD0.01 Com 039380100 307 8,400 0 8,400 0 01 8,400 0 0 Archer Daniels Midland Common NPV Com 039483102 1,343 80,000 0 80,000 0 01 80,000 0 0 --------- 138,768 Form 13F Information Table GAM USA Inc. Page 4 of 35 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 Archer Daniels Midland Common NPV Com 039483102 1,259 75,000 75,000 0 0 03 75,000 0 0 ArthroCare Corporation Common USD0 Com 043136100 290 10,000 0 10,000 0 01 10,000 0 0 ArthroCare Corporation Common USD0 Com 043136100 29 1,000 1,000 0 0 03 1,000 0 0 AT Road Inc. Common USD 0.0001 Com 04648K105 -11 -1,400 0 -1,400 0 01 -1,400 0 0 AT&T Comcast Corp. Common Cls. A U Com 20030N101 1,962 70,000 0 70,000 0 01 70,000 0 0 AT&T Comcast Corp. Common Cls. A U Com 20030N101 336 12,000 12,000 0 0 03 12,000 0 0 AT&T Corporation Common USD1.00 Com 001957505 146 10,000 10,000 0 0 03 10,000 0 0 AT&T Corporation Common USD1.00 Com 001957505 20,846 1,425,000 1,425,000 0 0 05 1,425,000 0 0 AT&T Wireless Services Inc. Com. U Com 00209A106 4,570 319,000 0 319,000 0 01 319,000 0 0 AT&T Wireless Services Inc. Com. U Com 00209A106 1,024 71,500 71,500 0 0 03 71,500 0 0 AT&T Wireless Services Inc. Com. U Com 00209A106 28,650 2,000,000 2,000,000 0 0 05 2,000,000 0 0 AU Optronics Corp-ADR Com 002255107 41 2,500 2,500 0 0 02 2,500 0 0 AU Optronics Corp-ADR Com 002255107 20 1,250 1,250 0 0 05 02 1,250 0 0 Autodesk Incorporated Common USD0. Com 052769106 227 5,310 5,310 0 0 05 5,310 0 0 AutoNation Incorporated Common USD Com 05329W102 513 30,000 0 30,000 0 01 30,000 0 0 AutoZone Incorporated Common USD0. Com 053332102 12,817 160,000 160,000 0 0 05 160,000 0 0 Aztar Corporation Common USD0.01 Com 054802103 87 3,100 0 3,100 0 01 3,100 0 0 Baker Hughes Incorporated Common U Com 057224107 471 12,500 0 12,500 0 01 12,500 0 0 Banco Bradesco SA ADR (1 Rep 1 Pre Com 059460303 32 700 700 0 0 04 700 0 0 Bank of America Corp. Common USD0. Com 060505104 12,698 150,000 150,000 0 0 05 150,000 0 0 Bank of America Corp. Common USD0. Com 060505104 0 1 1 0 0 03 1 0 0 Bank of America Corp. Common USD0. Com 060505104 16,508 195,000 195,000 0 0 05 195,000 0 0 Bank of New York Company Inc. USD7 Com 064057102 39 1,323 1,323 0 0 01 1,323 0 0 Bank of New York Company Inc. USD7 Com 064057102 725 24,613 24,613 0 0 05 24,613 0 0 Bank One Corporation Common USD0.0 Com 06423A103 6,375 125,000 125,000 0 0 05 125,000 0 0 --------- 109,656 Form 13F Information Table GAM USA Inc. Page 5 of 35 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 One Corporation Common USD0.0 Com 06423A103 1,295 25,400 0 25,400 0 01 25,400 0 0 Bank One Corporation Common USD0.0 Com 06423A103 51 1,000 1,000 0 0 03 1,000 0 0 Bard (CR) Incorporated Common USD0 Com 067383109 -34 -600 -600 0 0 03 -600 0 0 Barnes & Noble Inc. Common USD0.00 Com 067774109 382 11,250 11,250 0 0 05 11,250 0 0 Bay View Capital Corp. Common USD0 Com 07262L101 135 65,600 0 65,600 0 01 65,600 0 0 Bay View Capital Corp. Common USD0 Com 07262L101 49 23,600 23,600 0 0 03 23,600 0 0 BearingPoint Inc. Common USD0.01 Com 074002106 276 31,100 31,100 0 0 05 31,100 0 0 Bear Stearns Companies Inc. Com. U Com 073902108 2,713 32,000 32,000 0 0 01 32,000 0 0 Bear Stearns Companies Inc. Com. U Com 073902108 10,623 126,000 126,000 0 0 05 126,000 0 0 BEA Systems Incorporated Common US Com 073325102 10,065 1,224,500 1,224,500 0 0 03 1,224,500 0 0 BellSouth Corporation Common USD1. Com 079860102 16,615 633,800 633,800 0 0 03 633,800 0 0 Berkley (W R) Corporation Common U Com 084423102 13,731 320,000 320,000 0 0 05 320,000 0 0 Berkshire Hathaway Inc. Cls. B USD Com 084670207 8,924 3,018 3,018 0 0 05 3,018 0 0 Best Buy Company Inc. Common USD0. Com 086516101 1,893 36,000 36,000 0 0 01 36,000 0 0 Best Buy Company Inc. Common USD0. Com 086516101 2,664 52,500 52,500 0 0 05 52,500 0 0 Bethlehem Steel Corp. Common USD1. Com 087509105 1 530,000 530,000 0 0 05 530,000 0 0 BHA Group Holdings Inc. Common USD Com 055446108 266 7,036 0 7,036 0 01 7,036 0 0 BioLase Technology Inc. Com. USD.0 Com 090911108 627 46,700 0 46,700 0 01 46,700 0 0 BioLase Technology Inc. Com. USD.0 Com 090911108 201 15,000 15,000 0 0 03 15,000 0 0 Bioveris Corporation Common USD0.0 Com 090676107 2 300 0 300 0 01 300 0 0 Black & Decker Corporation Com. US Com 091797100 -31 -500 -500 0 0 03 -500 0 0 Blyth Incorporated Common USD0.02 Com 09643P108 34 1,000 0 1,000 0 01 1,000 0 0 Boca Resorts Inc. Class A Common U Com 09688T106 396 20,000 0 20,000 0 01 20,000 0 0 Boise Cascade Corporation Common U Com 097383103 0 1 0 1 0 01 1 0 0 Borders Group Inc. Common USD0.001 Com 099709107 296 12,650 12,650 0 0 05 12,650 0 0 --------- 71,178 Form 13F Information Table GAM USA Inc. Page 6 of 35 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 BorgWarner Incorporated Common USD Com 099724106 219 5,000 5,000 0 0 03 5,000 0 0 Boyd Bros. Transportation Inc. USD Com 103255105 58 8,300 0 8,300 0 01 8,300 0 0 BP PLC ADR (Cnv. 6 Ord.) ADR 055622104 17,417 325,000 325,000 0 0 05 325,000 0 0 BP PLC ADR (Cnv. 6 Ord.) ADR 055622104 557 10,400 0 10,400 0 01 10,400 0 0 Brunswick Corporation Common USD0. Com 117043109 -29 -700 -700 0 0 03 -700 0 0 Burlington Resources Inc. Common U Com 122014103 -528 -14,600 0 -14,600 0 01 -14,600 0 0 Burlington Resources Inc. Common U Com 122014103 5,135 140,000 140,000 0 0 01 140,000 0 0 Burlington Resources Inc. Common U Com 122014103 18,090 500,000 500,000 0 0 05 500,000 0 0 Burlington Resources Inc. Common U Com 122014103 1,272 35,000 35,000 0 0 04 35,000 0 0 Cabela's Inc. Common USD0.01 Com 126804301 340 20,000 20,000 0 0 01 20,000 0 0 Cable Design Technologies Common U Com 126924109 309 29,200 0 29,200 0 01 29,200 0 0 Cable Design Technologies Common U Com 126924109 56 5,300 5,300 0 0 03 5,300 0 0 Cablevision Systems Corp. Class A Com 12686C109 2,848 145,000 0 145,000 0 01 145,000 0 0 Cablevision Systems Corp. Class A Com 12686C109 1,080 55,000 55,000 0 0 03 55,000 0 0 CACI Intl. Inc. Class A Common USD Com 127190304 1,415 35,000 0 35,000 0 01 35,000 0 0 CACI Intl. Inc. Class A Common USD Com 127190304 283 7,000 7,000 0 0 03 7,000 0 0 Cadbury Schweppes PLC ADR NPV Com 127209302 422 12,000 0 12,000 0 01 12,000 0 0 Caesars Entertainment Inc. Com. US Com 127687101 450 30,000 0 30,000 0 01 30,000 0 0 Campbell Soup Company Common USD0. Com 134429109 108 4,000 4,000 0 0 03 4,000 0 0 Capstone Turbine Corp. Common USD0 Com 14067D102 58 26,800 0 26,800 0 01 26,800 0 0 Carlisle Companies Inc. Common USD Com 142339100 -31 -500 -500 0 0 03 -500 0 0 Carnival Corporation Comm. USD0.01 Com 143658300 -940 -20,000 0 -20,000 0 01 -20,000 0 0 Carnival Corporation Comm. USD0.01 Com 143658300 -423 -9,000 -9,000 0 0 03 -9,000 0 0 Cavalier Homes Inc. Common USD0.10 Com 149507105 402 75,000 0 75,000 0 01 75,000 0 0 Cavalier Homes Inc. Common USD0.10 Com 149507105 107 20,000 20,000 0 0 03 20,000 0 0 --------- 48,674 Form 13F Information Table GAM USA Inc. Page 7 of 35 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 Cavco Industries Inc. Common USD0. Com 149568107 994 25,000 0 25,000 0 01 25,000 0 0 CB Richard Ellis Class A Com. USD0 Com 12497T101 1,427 75,000 75,000 0 0 01 75,000 0 0 Cemex SA ADR (Rep. 5 CPO) Com 151290889 66 2,255 2,255 0 0 04 2,255 0 0 CenturyTel Incorporated Common USD Com 156700106 301 10,000 0 10,000 0 01 10,000 0 0 Champion Enterprises Common USD1.0 Com 158496109 1,147 125,000 0 125,000 0 01 125,000 0 0 Champion Enterprises Common USD1.0 Com 158496109 202 22,000 22,000 0 0 03 22,000 0 0 Charter One Financial Inc. Com. US Com 160903100 2,683 60,700 0 60,700 0 01 60,700 0 0 Charter One Financial Inc. Com. US Com 160903100 760 17,200 17,200 0 0 03 17,200 0 0 Cheesecake Factory Inc. Common USD Com 163072101 -597 -15,000 0 -15,000 0 01 -15,000 0 0 Cheesecake Factory Inc. Common USD Com 163072101 -119 -3,000 -3,000 0 0 03 -3,000 0 0 Chemed Corporation Cap USD1.00 Com 16359R103 155 3,200 3,200 0 0 03 3,200 0 0 Cherokee Intl. Corp. Common USD0.0 Com 164450108 341 30,000 30,000 0 0 05 30,000 0 0 ChevronTexaco Corp. Common USD1.50 Com 166764100 14,120 150,000 150,000 0 0 05 150,000 0 0 Christopher & Banks Corp. Common U Com 171046105 1,327 75,000 75,000 0 0 05 75,000 0 0 Chubb Corporation Common USD1.00 Com 171232101 5,482 80,000 80,000 0 0 01 80,000 0 0 Chubb Corporation Common USD1.00 Com 171232101 22,709 333,000 333,000 0 0 05 333,000 0 0 Churchill Downs Inc. Common NPV Com 171484108 245 6,000 0 6,000 0 01 6,000 0 0 CIMA Labs Inc. Common USD0.01 Com 171796105 169 5,000 0 5,000 0 01 5,000 0 0 Cincinnati Bell Inc. Common USD1 Com 171871106 89 20,000 20,000 0 0 03 20,000 0 0 Cisco Systems Inc. Common USD0.001 Com 17275R102 15,763 665,000 665,000 0 0 05 665,000 0 0 Cisco Systems Inc. Common USD0.001 Com 17275R102 14,849 626,400 626,400 0 0 03 626,400 0 0 Citadel Broadcasting Co. Common US Com 17285T106 447 30,538 30,538 0 0 01 30,538 0 0 Citadel Broadcasting Co. Common US Com 17285T106 2,100 144,462 144,462 0 0 05 144,462 0 0 Citigroup Incorporated Common USD0 Com 172967101 22,129 475,833 475,833 0 0 05 475,833 0 0 Citigroup Incorporated Common USD0 Com 172967101 98 2,100 2,100 0 0 01 2,100 0 0 --------- 106,883 Form 13F Information Table GAM USA Inc. Page 8 of 35 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 Citigroup Incorporated Common USD0 Com 172967101 1,543 33,176 33,176 0 0 05 33,176 0 0 Citigroup Incorporated Common USD0 Com 172967101 26,666 573,400 573,400 0 0 03 573,400 0 0 Citizens Communications Co. Com. U Com 17453B101 409 33,800 0 33,800 0 01 33,800 0 0 Citizens Communications Co. Com. U Com 17453B101 282 23,300 23,300 0 0 03 23,300 0 0 Clarent Corporation Common USD0.00 Com 180461105 13 383,000 383,000 0 0 01 383,000 0 0 Clarent Corporation Common USD0.00 Com 180461105 9 258,000 258,000 0 0 05 258,000 0 0 Clear Channel Comms. Inc. Common U Com 184502102 13,265 359,000 359,000 0 0 03 359,000 0 0 CNH Global N.V. EUR2.25 Com N20935206 1,716 83,200 0 83,200 0 01 83,200 0 0 CNH Global N.V. EUR2.25 Com N20935206 206 10,000 10,000 0 0 03 10,000 0 0 Coachmen Industries Inc. Common. N Com 189873102 337 21,000 0 21,000 0 01 21,000 0 0 Coachmen Industries Inc. Common. N Com 189873102 24 1,500 1,500 0 0 03 1,500 0 0 Coca-Cola Company Common USD0.25 Com 191216100 21,706 430,000 430,000 0 0 05 430,000 0 0 Coca-Cola Company Common USD0.25 Com 191216100 1,767 35,000 0 35,000 0 01 35,000 0 0 Coca-Cola Company Common USD0.25 Com 191216100 505 10,000 10,000 0 0 03 10,000 0 0 Coca-Cola Company Common USD0.25 Com 191216100 40,328 798,900 798,900 0 0 03 798,900 0 0 Cognizant Tech. Solutions Corp. US Com 192446102 54 2,045 2,045 0 0 01 2,045 0 0 Cognizant Tech. Solutions Corp. US Com 192446102 984 38,722 38,722 0 0 05 38,722 0 0 Cole National Corp Class A Com. US Com 193290103 703 30,100 0 30,100 0 01 30,100 0 0 Cole National Corp Class A Com. US Com 193290103 89 3,800 3,800 0 0 03 3,800 0 0 Colgate-Palmolive Company Common U Com 194162103 7,891 135,000 135,000 0 0 05 135,000 0 0 Colgate-Palmolive Company Common U Com 194162103 5,258 89,954 89,954 0 0 05 89,954 0 0 Colgate-Palmolive Company Common U Com 194162103 8,388 143,500 143,500 0 0 03 143,500 0 0 Com. de Bebidas Spon. ADR NPV Com 20441W104 360 9,300 0 9,300 0 01 9,300 0 0 Com. de Bebidas Spon. ADR NPV Com 20441W104 62 1,600 1,600 0 0 03 1,600 0 0 Commonwealth Telephone Ent. Inc. U Com 203349105 1,119 25,000 0 25,000 0 01 25,000 0 0 --------- 133,683 Form 13F Information Table GAM USA Inc. Page 9 of 35 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 Community 1st Bankshrs Inc. Com. U Com 203902101 998 31,000 0 31,000 0 01 31,000 0 0 Community 1st Bankshrs Inc. Com. U Com 203902101 229 7,100 7,100 0 0 03 7,100 0 0 Companhia de Bebidas ADR(1 Rep 100 Pref 20441W203 121 6,000 0 6,000 0 01 6,000 0 0 Computer Associates Intl. Com. USD Com 204912109 16,914 602,662 602,662 0 0 05 602,662 0 0 Comp. Vale do Rio Doce ADR-1 Rep 1 Com 204412100 59 1,509 1,509 0 0 04 1,509 0 0 Conns Inc Common USD0.01 Com 208242107 1,841 107,632 107,632 0 0 01 107,632 0 0 Conns Inc Common USD0.01 Com 208242107 10,048 637,568 637,568 0 0 05 637,568 0 0 ConocoPhillips Common USD1.250 Com 20825C104 8,393 110,000 110,000 0 0 05 110,000 0 0 Consolidated Tomoka Land Common US Com 210226106 227 6,000 6,000 0 0 05 6,000 0 0 Constellation Brands Inc. Com. USD Com 21036P108 -45 -1,200 -1,200 0 0 03 -1,200 0 0 Corn Products International Com. U Com 219023108 93 2,000 0 2,000 0 01 2,000 0 0 Corn Products International Com. U Com 219023108 130 2,800 2,800 0 0 03 2,800 0 0 Cox Communications Inc. Cl.A Com. Com 224044107 70 2,500 2,500 0 0 03 2,500 0 0 Crane Company Common USD1.00 Com 224399105 314 10,000 0 10,000 0 01 10,000 0 0 Crown Media Holdings Cl. A Com. US Com 228411104 43 5,000 5,000 0 0 03 5,000 0 0 CSK Auto Incorporated Common USD0. Com 125965103 2,093 122,000 0 122,000 0 01 122,000 0 0 CSK Auto Incorporated Common USD0. Com 125965103 86 5,000 5,000 0 0 03 5,000 0 0 CTI Molecular Imaging Inc. Com. US Com 22943D105 646 43,988 43,988 0 0 01 43,988 0 0 CTI Molecular Imaging Inc. Com. US Com 22943D105 1,808 127,136 127,136 0 0 05 127,136 0 0 Curtiss-Wright Corp. Cls. B Comm U Com 231561408 2,000 37,200 0 37,200 0 01 37,200 0 0 Curtiss-Wright Corp. Cls. B Comm U Com 231561408 1,666 31,000 31,000 0 0 03 31,000 0 0 Curtiss-Wright Corporation Common Com 231561101 -1,387 -24,700 0 -24,700 0 01 -24,700 0 0 Curtiss-Wright Corporation Common Com 231561101 -56 -1,000 -1,000 0 0 03 -1,000 0 0 Dana Corporation Common USD1.00 Com 235811106 2,352 120,000 0 120,000 0 01 120,000 0 0 Dana Corporation Common USD1.00 Com 235811106 882 45,000 45,000 0 0 03 45,000 0 0 --------- 49,523 Form 13F Information Table GAM USA Inc. Page 10 of 35 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 Deere & Company Common USD1.00 Com 244199105 2,455 35,000 0 35,000 0 01 35,000 0 0 Deere & Company Common USD1.00 Com 244199105 316 4,500 4,500 0 0 03 4,500 0 0 Del Laboratories Inc. Common USD1. Com 245091103 140 4,500 0 4,500 0 01 4,500 0 0 Del Laboratories Inc. Common USD1. Com 245091103 115 3,715 3,715 0 0 03 3,715 0 0 Dell Inc. Common USD0.01 Com 24702R101 13,687 382,100 382,100 0 0 03 382,100 0 0 Del Monte Foods Company Common USD Com 24522P103 129 12,679 12,679 0 0 03 12,679 0 0 Delta & Pine Land Inc. Common USD0 Com 247357106 2,212 105,000 105,000 0 0 01 105,000 0 0 Delta & Pine Land Inc. Common USD0 Com 247357106 2,520 115,000 115,000 0 0 05 115,000 0 0 Devon Energy Corporation Common US Com 25179M103 571 8,660 0 8,660 0 01 8,660 0 0 Devon Energy Corporation Common US Com 25179M103 892 13,400 13,400 0 0 04 13,400 0 0 Diageo PLC Sponsored ADR Com 25243Q205 274 5,000 5,000 0 0 03 5,000 0 0 Diamond Offshore Drilling Common U Com 25271C102 -295 -12,354 0 -12,354 0 01 -12,354 0 0 DIRECTV Group Inc. Common USD0.01 Com 25459L106 350 20,464 20,464 0 0 03 20,464 0 0 Distributed Energy Systems Com. US Com 25475V104 30 10,860 10,860 0 0 04 10,860 0 0 Dollar General Corporation Com. US Com 256669102 3,294 163,000 163,000 0 0 01 163,000 0 0 Dollar General Corporation Com. US Com 256669102 9,748 498,000 498,000 0 0 05 498,000 0 0 DPL Incorporated Common USD0.01 Com 233293109 291 15,000 15,000 0 0 03 15,000 0 0 Dreyer's Grand Ice Cream Hdg Inc.U Com 261877104 1,071 13,539 0 13,539 0 01 13,539 0 0 Dreyer's Grand Ice Cream Hdg Inc.U Com 261877104 728 9,200 9,200 0 0 03 9,200 0 0 DSP Group Incorporated Common USD0 Com 23332B106 55 2,035 2,035 0 0 04 2,035 0 0 Duane Reade Incorporated Common US Com 263578106 93 5,700 0 5,700 0 01 5,700 0 0 Duke Energy Corporation Common NPV Com 264399106 21,177 1,044,000 1,044,000 0 0 05 1,044,000 0 0 Eastman Kodak Company Common USD2. Com 277461109 15,378 570,000 570,000 0 0 05 570,000 0 0 Eaton Corporation Common USD0.50 Com 278058102 -32 -500 -500 0 0 03 -500 0 0 Edgar Online Incorporated CommonUS Com 279765101 39 40,000 40,000 0 0 01 40,000 0 0 --------- 75,239 Form 13F Information Table GAM USA Inc. Page 11 of 35 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 Education Management Co. Common US Com 28139T101 1,404 43,000 43,000 0 0 01 43,000 0 0 Education Management Co. Common US Com 28139T101 8,445 257,000 257,000 0 0 05 257,000 0 0 Edward Lifesciences Corporation US Com 28176E108 697 20,000 0 20,000 0 01 20,000 0 0 Edward Lifesciences Corporation US Com 28176E108 244 7,000 7,000 0 0 03 7,000 0 0 Elcom International Inc. Com. USD0 Com 284434107 15 98,500 98,500 0 0 05 98,500 0 0 El Paso Corporation Common USD3.00 Com 28336L109 236 30,000 30,000 0 0 03 30,000 0 0 El Paso Corporation Common USD3.00 Com 28336L109 19,883 2,525,000 2,525,000 0 0 05 2,525,000 0 0 El Paso Electric Company Common NP Com 283677854 308 20,000 20,000 0 0 03 20,000 0 0 EMC Corporation (Mass) Common USD0 Com 268648102 26 2,300 2,300 0 0 01 2,300 0 0 EMC Corporation (Mass) Common USD0 Com 268648102 388 34,028 34,028 0 0 05 34,028 0 0 Emerson Electric Common USD1.00 Com 291011104 8,903 140,000 140,000 0 0 05 140,000 0 0 Enbridge Energy Partners LP Common Com 29250R106 241 5,200 0 5,200 0 01 5,200 0 0 ENI S.p.A. Sponsored ADR Com 26874R108 621 6,200 0 6,200 0 01 6,200 0 0 ESG Re Limited Common USD1.00 Com G31215109 20 85,000 85,000 0 0 01 85,000 0 0 ESG Re Limited Common USD1.00 Com G31215109 3 15,000 15,000 0 0 05 15,000 0 0 Estee Lauder Co. Class A Common US Com 518439104 2,930 60,000 60,000 0 0 05 60,000 0 0 Estee Lauder Co. Class A Common US Com 518439104 62 1,300 1,300 0 0 01 1,300 0 0 Estee Lauder Co. Class A Common US Com 518439104 984 20,159 20,159 0 0 05 20,159 0 0 Ethan Allen Interiors Inc. Com. US Com 297602104 -539 -15,000 0 -15,000 0 01 -15,000 0 0 Ethan Allen Interiors Inc. Com. US Com 297602104 -144 -4,000 -4,000 0 0 03 -4,000 0 0 Evergreen Resources Inc. Common NP Com 299900308 2,030 50,300 0 50,300 0 01 50,300 0 0 Evergreen Resources Inc. Common NP Com 299900308 282 7,000 7,000 0 0 03 7,000 0 0 ExpressJet Holdings Inc. Common US Com 30218U108 17 1,400 1,400 0 0 01 1,400 0 0 ExpressJet Holdings Inc. Common US Com 30218U108 265 21,752 21,752 0 0 05 21,752 0 0 Exxon Mobil Corporation NPV Com 30231G102 32,238 725,672 725,672 0 0 05 725,672 0 0 --------- 79,559 Form 13F Information Table GAM USA Inc. Page 12 of 35 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 Exxon Mobil Corporation NPV Com 30231G102 133 3,000 3,000 0 0 03 3,000 0 0 Fairchild Corp. Class A Common USD Com 303698104 119 28,000 0 28,000 0 01 28,000 0 0 Fairchild Corp. Class A Common USD Com 303698104 30 7,000 7,000 0 0 03 7,000 0 0 Family Dollar Stores Common USD0.1 Com 307000109 41 1,300 1,300 0 0 01 1,300 0 0 Family Dollar Stores Common USD0.1 Com 307000109 688 22,616 22,616 0 0 05 22,616 0 0 Fannie Mae Common NPV Com 313586109 11,422 160,050 160,050 0 0 05 160,050 0 0 Fannie Mae Common NPV Com 313586109 -214 -3,000 0 -3,000 0 01 -3,000 0 0 Fannie Mae Common NPV Com 313586109 -36 -500 -500 0 0 03 -500 0 0 Fedders Corporation Common USD1.00 Com 313135501 138 32,000 0 32,000 0 01 32,000 0 0 Fedders Corporation Common USD1.00 Com 313135501 35 8,000 8,000 0 0 03 8,000 0 0 First Years Inc. Common USD0.10 Com 337610109 141 7,600 0 7,600 0 01 7,600 0 0 Fiserv Incorporated Common USD0.01 Com 337738108 93 2,400 2,400 0 0 01 2,400 0 0 Fiserv Incorporated Common USD0.01 Com 337738108 1,489 38,296 38,296 0 0 05 38,296 0 0 Fisher Communications Inc. Com. US Com 337756209 1,460 29,000 0 29,000 0 01 29,000 0 0 Fisher Communications Inc. Com. US Com 337756209 629 12,500 12,500 0 0 03 12,500 0 0 Fisher Scientific Intl. Common USD Com 338032204 -795 -13,776 0 -13,776 0 01 -13,776 0 0 Fisher Scientific Intl. Common USD Com 338032204 -113 -1,960 -1,960 0 0 03 -1,960 0 0 Fisher Scientific Intl. Common USD Com 338032204 -40 -700 -700 0 0 03 -700 0 0 Fleetwood Capital 6.00% Pfd. 15-02 Pref 339072407 341 7,500 0 7,500 0 01 7,500 0 0 Fleetwood Capital 6.00% Pfd. 15-02 Pref 339072407 46 1,000 1,000 0 0 03 1,000 0 0 Fleetwood Enterprises Common USD1 Com 339099103 1,091 75,000 0 75,000 0 01 75,000 0 0 Fleetwood Enterprises Common USD1 Com 339099103 145 10,000 10,000 0 0 03 10,000 0 0 Flextronics Intl. Limited Common U Com Y2573F102 43 2,669 2,669 0 0 04 2,669 0 0 Flowers Foods Inc. Common USD0.01 Com 343498101 131 5,000 0 5,000 0 01 5,000 0 0 Flowers Foods Inc. Common USD0.01 Com 343498101 118 4,500 4,500 0 0 03 4,500 0 0 --------- 17,133 Form 13F Information Table GAM USA Inc. Page 13 of 35 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 Flowserve Corporation Common USD1. Com 34354P105 249 10,000 0 10,000 0 01 10,000 0 0 Flowserve Corporation Common USD1. Com 34354P105 125 5,000 5,000 0 0 03 5,000 0 0 Foamex International Inc. Com. USD Com 344123104 1,427 288,560 288,560 0 0 01 288,560 0 0 Foamex International Inc. Com. USD Com 344123104 3,571 732,440 732,440 0 0 05 732,440 0 0 Fomento Economico Mex ADR (1 Rep 1 Com 344419106 46 1,000 0 1,000 0 01 1,000 0 0 Fomento Economico Mex ADR (1 Rep 1 Com 344419106 229 5,000 5,000 0 0 03 5,000 0 0 Ford Motor Company Common USD0.01 Com 345370860 -783 -50,000 0 -50,000 0 01 -50,000 0 0 Ford Motor Company Common USD0.01 Com 345370860 -235 -15,000 -15,000 0 0 03 -15,000 0 0 Fortune Brands Inc. Common USD3.12 Com 349631101 11,314 150,000 150,000 0 0 05 150,000 0 0 Fortune Brands Inc. Common USD3.12 Com 349631101 -30 -400 -400 0 0 03 -400 0 0 Fox Entertainment Group - Cls. A U Com 35138T107 857 32,100 32,100 0 0 05 32,100 0 0 Fox Entertainment Group - Cls. A U Com 35138T107 1,335 50,000 0 50,000 0 01 50,000 0 0 Fox Entertainment Group - Cls. A U Com 35138T107 1,602 60,000 60,000 0 0 03 60,000 0 0 FPL Group Incorporated Com USD0.01 Com 302571104 384 6,000 0 6,000 0 01 6,000 0 0 Freddie Mac Common USD0.21 Com 313400301 7,597 120,000 120,000 0 0 05 120,000 0 0 Fred's Incorporated Class A Common Com 356108100 5,942 265,077 265,077 0 0 01 265,077 0 0 Fred's Incorporated Class A Common Com 356108100 14,778 669,000 669,000 0 0 05 669,000 0 0 Fremont General Corp. Common USD1. Com 357288109 1,746 99,000 99,000 0 0 05 99,000 0 0 FuelCell Energy Inc. Common USD0.0 Com 35952H106 60 5,134 0 5,134 0 01 5,134 0 0 Gannett Company Inc. Common USD1.0 Com 364730101 422 4,970 4,970 0 0 05 4,970 0 0 Gaylan's Trading Company Common NP Com 36458R101 357 21,400 0 21,400 0 01 21,400 0 0 Gemstar-TV Guide Intl. Common USD0 Com 36866W106 985 205,000 0 205,000 0 01 205,000 0 0 Gemstar-TV Guide Intl. Common USD0 Com 36866W106 324 67,400 67,400 0 0 03 67,400 0 0 Gencorp Incorporated Common USD0.1 Com 368682100 402 30,000 30,000 0 0 03 30,000 0 0 General Electric Co. Amer. Com. US Com 369604103 25,106 775,000 775,000 0 0 05 775,000 0 0 --------- 77,809 Form 13F Information Table GAM USA Inc. Page 14 of 35 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 General Electric Co. Amer. Com. US Com 369604103 324 10,000 10,000 0 0 03 10,000 0 0 General Electric Co. Amer. Com. US Com 369604103 55 1,700 1,700 0 0 01 1,700 0 0 General Electric Co. Amer. Com. US Com 369604103 16,272 502,317 502,317 0 0 05 502,317 0 0 General Maritime Corp. Common USD0 Com Y2692M103 -227 -8,270 0 -8,270 0 01 -8,270 0 0 General Mills Incorporated Com. US Com 370334104 1,426 30,000 0 30,000 0 01 30,000 0 0 General Motors 5.25% Cv. Pfd 06-03 Pref 370442733 1,144 46,400 0 46,400 0 04 46,400 0 0 Genesse Corporation Common USD 0.5 Com 371601204 11 4,336 0 4,336 0 01 4,336 0 0 Genesse Corporation Common USD 0.5 Com 371601204 12 4,700 4,700 0 0 03 4,700 0 0 Genuine Parts Company Common USD1. Com 372460105 1,984 50,000 0 50,000 0 01 50,000 0 0 Genuine Parts Company Common USD1. Com 372460105 635 16,000 16,000 0 0 03 16,000 0 0 Genzyme Corporation Common USD0.01 Com 372917104 -475 -10,055 0 -10,055 0 01 -10,055 0 0 Genzyme Corporation Common USD0.01 Com 372917104 -91 -1,920 -1,920 0 0 03 -1,920 0 0 Gerber Scientific Common USD1.00 Com 373730100 263 40,000 40,000 0 0 01 40,000 0 0 Gerber Scientific Common USD1.00 Com 373730100 317 45,000 45,000 0 0 05 45,000 0 0 Gerdau S.A ADR (1 Rep 1000 Pref) Com 373737105 61 5,004 5,004 0 0 04 5,004 0 0 Golar LNG Limited Common USD1.00 Com G9456A100 389 24,900 0 24,900 0 01 24,900 0 0 Gold Banc Corporation Inc. Common Com 379907108 256 16,500 0 16,500 0 01 16,500 0 0 Gold Banc Corporation Inc. Common Com 379907108 34 2,200 2,200 0 0 03 2,200 0 0 Golden State Vintners Inc. Comm. U Com 38121K208 45 5,500 0 5,500 0 01 5,500 0 0 Goldman Sachs Group Inc. Com. USD0 Com 38141G104 28 300 300 0 0 01 300 0 0 Goldman Sachs Group Inc. Com. USD0 Com 38141G104 475 5,046 5,046 0 0 05 5,046 0 0 Goldman Sachs Group Inc. Com. USD0 Com 38141G104 8,757 93,000 93,000 0 0 03 93,000 0 0 Granite Broadcasting Corp. Com. US Com 387241102 8 11,000 0 11,000 0 01 11,000 0 0 Gray Television Incorporated Commo Com 389375106 278 20,000 0 20,000 0 01 20,000 0 0 Gray Television Incorporated Commo Com 389375106 556 40,000 40,000 0 0 03 40,000 0 0 --------- 32,538 Form 13F Information Table GAM USA Inc. Page 15 of 35 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 GreenPoint Financial Corp. Com. US Com 395384100 131 3,300 0 3,300 0 01 3,300 0 0 GreenPoint Financial Corp. Com. US Com 395384100 20 500 500 0 0 03 500 0 0 Greif Inc. Class A Common NPV Com 397624107 339 8,000 0 8,000 0 01 8,000 0 0 Griffin Land & Nurseries Inc. Com. Com 398231100 38 1,500 0 1,500 0 01 1,500 0 0 Group 1 Software Inc. Common USD0. Com 39943Y103 353 15,400 0 15,400 0 01 15,400 0 0 Group 1 Software Inc. Common USD0. Com 39943Y103 37 1,600 1,600 0 0 03 1,600 0 0 Grupo Aeroportuario del Sureste S. Com 40051E202 45 2,455 2,455 0 0 04 2,455 0 0 Grupo Tele. ADR (Rep. 2 Ord. Ptg. Com 40049J206 31 700 700 0 0 01 700 0 0 Grupo Tele. ADR (Rep. 2 Ord. Ptg. Com 40049J206 104 2,307 2,307 0 0 04 2,307 0 0 Grupo Tele. ADR (Rep. 2 Ord. Ptg. Com 40049J206 514 11,364 11,364 0 0 05 11,364 0 0 Hain Celestial Group Inc. Common U Com 405217100 361 20,000 0 20,000 0 01 20,000 0 0 Hain Celestial Group Inc. Common U Com 405217100 54 3,000 3,000 0 0 03 3,000 0 0 Halliburton Company Common USD2.50 Com 406216101 -30 -1,000 -1,000 0 0 03 -1,000 0 0 Harbour Global Co. Ltd. Com. USD0. Com G4285W100 37 3,655 0 3,655 0 01 3,655 0 0 Harmony Gold Mining Sponsor ADR Com 413216300 16,908 1,600,000 1,600,000 0 0 05 1,600,000 0 0 Harmony Gold Mining Sponsor ADR Com 413216300 558 51,400 51,400 0 0 04 51,400 0 0 Headwaters Incorporated Common USD Com 42210P102 215 8,300 0 8,300 0 01 8,300 0 0 Heinz (HJ) Company Common USD0.25 Com 423074103 314 8,000 8,000 0 0 03 8,000 0 0 Henry Schein Incorporated Common U Com 806407102 189 3,000 3,000 0 0 03 3,000 0 0 Hershey Foods Corporation Common U Com 427866108 -28 -600 -600 0 0 03 -600 0 0 Hewlett Packard Corp. Common USD1. Com 428236103 252 11,958 11,958 0 0 05 11,958 0 0 Hilton Hotels Corporation Common U Com 432848109 466 25,000 0 25,000 0 01 25,000 0 0 Hilton Hotels Corporation Common U Com 432848109 93 5,000 5,000 0 0 03 5,000 0 0 Hollywood Entertainment Corp. Comm Com 436141105 140 10,500 0 10,500 0 01 10,500 0 0 Hollywood Entertainment Corp. Comm Com 436141105 33 2,500 2,500 0 0 03 2,500 0 0 --------- 21,176 Form 13F Information Table GAM USA Inc. Page 16 of 35 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 Home Depot Incorporated Common USD Com 437076102 229 6,500 6,500 0 0 05 6,500 0 0 Home Depot Incorporated Common USD Com 437076102 -598 -17,000 0 -17,000 0 01 -17,000 0 0 Home Depot Incorporated Common USD Com 437076102 -317 -9,000 -9,000 0 0 03 -9,000 0 0 Home Depot Incorporated Common USD Com 437076102 10,033 285,000 285,000 0 0 03 285,000 0 0 Honeywell Intl Inc Com USD1 Com 438516106 1,100 30,000 0 30,000 0 01 30,000 0 0 Honeywell Intl Inc Com USD1 Com 438516106 587 16,000 16,000 0 0 03 16,000 0 0 Hong Kong Land Hdgs. Ltd. Common U Com G4587L109 14,756 9,429,000 9,429,000 0 0 05 02 9,429,000 0 0 Hong Kong Land Hdgs. Ltd. Common U Com G4587L109 11,232 7,177,000 7,177,000 0 0 01 7,177,000 0 0 Hon Hai Precision GDR Com 438090201 49 6,740 6,740 0 0 01 6,740 0 0 Hon Hai Precision GDR Com 438090201 802 106,580 106,580 0 0 05 106,580 0 0 Hospira Inc. Common USD0.01 Com 441060100 649 23,500 23,500 0 0 05 23,500 0 0 H&R Block Incorporated Common NPV Com 093671105 238 5,000 0 5,000 0 01 5,000 0 0 Hughes Supply Inc. Common. USD1 Com 444482103 -41 -700 -700 0 0 03 -700 0 0 I2 Technologies Inc. Common USD0.0 Com 465754109 3,532 3,968,400 3,968,400 0 0 03 3,968,400 0 0 IAC/InterActiveCorp Common USD0.01 Com 44919P102 1,026 34,000 0 34,000 0 01 34,000 0 0 IAC/InterActiveCorp Common USD0.01 Com 44919P102 392 13,000 13,000 0 0 03 13,000 0 0 ICU Medical Incorporated Common US Com 44930G107 3,353 100,000 100,000 0 0 05 100,000 0 0 ILEX Oncology Inc. Common USD0.01 Com 451923106 900 36,000 0 36,000 0 01 36,000 0 0 ILEX Oncology Inc. Common USD0.01 Com 451923106 127 5,100 5,100 0 0 03 5,100 0 0 Inamed Corporation Common USD0.01 Com 453235103 786 12,500 0 12,500 0 01 12,500 0 0 Inamed Corporation Common USD0.01 Com 453235103 346 5,500 5,500 0 0 03 5,500 0 0 Infinity Property & Casualty Commo Com 45665Q103 1,320 41,500 41,500 0 0 01 41,500 0 0 Infinity Property & Casualty Commo Com 45665Q103 9,092 275,500 275,500 0 0 05 275,500 0 0 Information Holdings Inc. Common U Com 456727106 164 6,000 0 6,000 0 01 6,000 0 0 Information Res. Contingent Value Com 45676E107 3 1,000 0 1,000 0 01 1,000 0 0 --------- 59,759 Form 13F Information Table GAM USA Inc. Page 17 of 35 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 Integrity Media Inc. Common USD0.0 Com 45817Y103 63 9,800 0 9,800 0 01 9,800 0 0 Intel Corporation Common USD0.001 Com 458140100 27,605 1,000,000 1,000,000 0 0 05 1,000,000 0 0 Intel Corporation Common USD0.001 Com 458140100 -3,865 -140,000 -140,000 0 0 05 -140,000 0 0 Intel Corporation Common USD0.001 Com 458140100 14,492 525,000 525,000 0 0 05 525,000 0 0 Intel Corporation Common USD0.001 Com 458140100 23,105 837,000 837,000 0 0 03 837,000 0 0 International Bancshares Corp. Com Com 459044103 0 -2 0 -2 0 01 -2 0 0 Intersil Corp. Class A Common USD0 Com 46069S109 -33 -1,507 0 -1,507 0 01 -1,507 0 0 Intersil Corp. Class A Common USD0 Com 46069S109 -7 -335 -335 0 0 03 -335 0 0 Intl. Business Machines Corp. USD0 Com 459200101 6,171 70,000 70,000 0 0 05 70,000 0 0 Intl. Business Machines Corp. USD0 Com 459200101 62 700 700 0 0 01 700 0 0 Intl. Business Machines Corp. USD0 Com 459200101 972 11,022 11,022 0 0 05 11,022 0 0 Invision Technologies Inc. Com. US Com 461851107 639 12,800 0 12,800 0 01 12,800 0 0 Invision Technologies Inc. Com. US Com 461851107 175 3,500 3,500 0 0 03 3,500 0 0 ITT Industries Inc. Common USD1.00 Com 450911102 83 1,000 0 1,000 0 01 1,000 0 0 Jardine Strategic Holdings Ltd. US Com G50764102 12,444 2,428,000 2,428,000 0 0 05 02 2,428,000 0 0 Jardine Strategic Holdings Ltd. US Com G50764102 9,335 1,821,500 1,821,500 0 0 01 1,821,500 0 0 J.C. Penney Company Inc. Com. USD0 Com 708160106 668 17,700 17,700 0 0 05 17,700 0 0 Jefferies Group Inc. Common USD0.0 Com 472319102 31 977 977 0 0 01 977 0 0 Jefferies Group Inc. Common USD0.0 Com 472319102 555 17,970 17,970 0 0 05 17,970 0 0 J. M. Smucker Company Common NPV Com 832696405 -3 -72 -72 0 0 03 -72 0 0 Johnson & Johnson Common USD1.00 Com 478160104 18,104 325,000 325,000 0 0 05 325,000 0 0 Johnson & Johnson Common USD1.00 Com 478160104 77 1,400 1,400 0 0 01 1,400 0 0 Johnson & Johnson Common USD1.00 Com 478160104 1,190 21,358 21,358 0 0 05 21,358 0 0 Johnson & Johnson Common USD1.00 Com 478160104 38,949 699,200 699,200 0 0 03 699,200 0 0 Journal Comm. Inc . Common USD0.12 Com 481130102 395 21,000 0 21,000 0 01 21,000 0 0 --------- 151,206 Form 13F Information Table GAM USA Inc. Page 18 of 35 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 J.P. Morgan Chase & Co. Common USD Com 46625H100 4,249 109,600 109,600 0 0 05 109,600 0 0 J.P. Morgan Chase & Co. Common USD Com 46625H100 -1,300 -33,528 0 -33,528 0 01 -33,528 0 0 J.P. Morgan Chase & Co. Common USD Com 46625H100 -51 -1,320 -1,320 0 0 03 -1,320 0 0 KDI Corp. Common Stock (Restricted Com 482452109 0 57 0 57 0 01 57 0 0 Kennametal Inc. Cap USD1.25 Com 489170100 -32 -700 -700 0 0 03 -700 0 0 KeySpan Corporation Common USD 0.0 Com 49337W100 367 10,000 0 10,000 0 01 10,000 0 0 Keystone Automotive Ind. Inc. USD0 Com 49338N109 4,224 148,800 148,800 0 0 01 148,800 0 0 Keystone Automotive Ind. Inc. USD0 Com 49338N109 4,635 166,200 166,200 0 0 05 166,200 0 0 Keystone Property Trust Com. USD0. Com 493596100 855 35,600 0 35,600 0 01 35,600 0 0 Keystone Property Trust Com. USD0. Com 493596100 101 4,200 4,200 0 0 03 4,200 0 0 KFX Incorporated Common USD0.001 Com 48245L107 264 34,722 0 34,722 0 01 34,722 0 0 KLA-Tencor Corporation Common USD0 Com 482480100 -1,481 -30,000 -30,000 0 0 05 -30,000 0 0 KLA-Tencor Corporation Common USD0 Com 482480100 21,683 439,100 439,100 0 0 03 439,100 0 0 Knight-Ridder Inc. Common USD0.021 Com 499040103 36 500 500 0 0 01 500 0 0 Knight-Ridder Inc. Common USD0.021 Com 499040103 606 8,419 8,419 0 0 05 8,419 0 0 Knightsbridge Tankers Ltd. Com. US Com G5299G106 479 16,600 0 16,600 0 01 16,600 0 0 Kohls Corporation Common USD0.01 Com 500255104 -296 -7,000 0 -7,000 0 01 -7,000 0 0 Kohls Corporation Common USD0.01 Com 500255104 -85 -2,000 -2,000 0 0 03 -2,000 0 0 Kohls Corporation Common USD0.01 Com 500255104 1,282 29,400 29,400 0 0 01 29,400 0 0 Kohls Corporation Common USD0.01 Com 500255104 2,985 70,600 70,600 0 0 05 70,600 0 0 Kookmin Bank (1 ADR Rep 1 Ord KRW5 Com 50049M109 765 24,419 24,419 0 0 01 24,419 0 0 Kookmin Bank (1 ADR Rep 1 Ord KRW5 Com 50049M109 634 20,217 20,217 0 0 05 20,217 0 0 Kraft Foods Inc. NPV Class A Share Com 50075N104 7,127 225,000 225,000 0 0 05 225,000 0 0 Kroll Incorporated Common USD0.01 Com 501049100 1,490 40,400 0 40,400 0 01 40,400 0 0 Kroll Incorporated Common USD0.01 Com 501049100 258 7,000 7,000 0 0 03 7,000 0 0 --------- 48,795 Form 13F Information Table GAM USA Inc. Page 19 of 35 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 La-Z-Boy Incorporated Common USD1 Com 505336107 -450 -25,000 0 -25,000 0 01 -25,000 0 0 La-Z-Boy Incorporated Common USD1 Com 505336107 -288 -16,000 -16,000 0 0 03 -16,000 0 0 Legg Mason Incorporated Common USD Com 524901105 65 722 722 0 0 01 722 0 0 Legg Mason Incorporated Common USD Com 524901105 1,038 11,414 11,414 0 0 05 11,414 0 0 Liberty Corp. Common USD1.0 Com 530370105 146 3,100 0 3,100 0 01 3,100 0 0 Liberty Corp. Common USD1.0 Com 530370105 705 15,000 15,000 0 0 03 15,000 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 4,043 450,000 0 450,000 0 01 450,000 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 1,078 119,999 119,999 0 0 03 119,999 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 21 2,310 2,310 0 0 01 2,310 0 0 Liberty Media Corp.'A' Shs. Com. U Com 530718105 16 1,751 1,751 0 0 05 1,751 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 2,226 60,000 0 60,000 0 01 60,000 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 631 17,000 17,000 0 0 03 17,000 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 4 115 115 0 0 01 115 0 0 Liberty Media Intl Inc Class"A" US Com 530719103 3 87 87 0 0 05 87 0 0 Lilly (Eli) & Company Common NPV Com 532457108 10,836 155,000 155,000 0 0 05 155,000 0 0 Lilly (Eli) & Company Common NPV Com 532457108 350 5,002 0 5,002 0 01 5,002 0 0 Lilly (Eli) & Company Common NPV Com 532457108 140 2,000 2,000 0 0 03 2,000 0 0 Limited Brands Inc. Common USD0.50 Com 532716107 400 21,248 21,248 0 0 01 21,248 0 0 Limited Brands Inc. Common USD0.50 Com 532716107 967 51,674 51,674 0 0 05 51,674 0 0 Linear Technology Corporation Comm Com 535678106 51 1,325 1,325 0 0 01 1,325 0 0 Linear Technology Corporation Comm Com 535678106 969 24,542 24,542 0 0 05 24,542 0 0 Linear Technology Corporation Comm Com 535678106 26,815 679,300 679,300 0 0 03 679,300 0 0 Liz Claiborne Incorporated Com. US Com 539320101 51 1,400 1,400 0 0 01 1,400 0 0 Liz Claiborne Incorporated Com. US Com 539320101 800 22,238 22,238 0 0 05 22,238 0 0 LKQ Corporation. Common. USD0.01 Com 501889208 105 5,312 5,312 0 0 01 5,312 0 0 --------- 50,723 Form 13F Information Table GAM USA Inc. Page 20 of 35 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 LKQ Corporation. Common. USD0.01 Com 501889208 366 19,688 19,688 0 0 05 19,688 0 0 Lockheed Martin Corporation Com. U Com 539830109 20,000 384,100 384,100 0 0 03 384,100 0 0 Loews Corporation Common USD1.00 Com 540424108 -30 -500 -500 0 0 03 -500 0 0 LUKOIL Spons. ADR (1 Rep 4 Ord) Com 677862104 27 252 252 0 0 04 252 0 0 Maguire Properties Inc. Common USD Com 559775101 1,410 57,000 57,000 0 0 01 57,000 0 0 Maguire Properties Inc. Common USD Com 559775101 4,161 168,000 168,000 0 0 05 168,000 0 0 Mahanagar Telephone Nigam Limited Com 559778402 1,863 257,000 257,000 0 0 05 257,000 0 0 Mandalay Resort Group Com. USD0.01 Com 562567107 1,373 20,000 0 20,000 0 01 20,000 0 0 Mandalay Resort Group Com. USD0.01 Com 562567107 206 3,000 3,000 0 0 03 3,000 0 0 Marathon Oil Corporation Common US Com 565849106 1,421 38,000 38,000 0 0 04 38,000 0 0 Marimba Incorporated Common USD0.0 Com 56781Q109 209 25,600 0 25,600 0 01 25,600 0 0 Marimba Incorporated Common USD0.0 Com 56781Q109 41 5,000 5,000 0 0 03 5,000 0 0 Marsh & McLennan Common USD1 Com 571748102 10,214 225,000 225,000 0 0 05 225,000 0 0 Marsh & McLennan Common USD1 Com 571748102 787 17,600 17,600 0 0 04 17,600 0 0 Massey Energy Company Common USD0. Com 576206106 196 6,964 0 6,964 0 01 6,964 0 0 Maxim Integrated Products Inc. USD Com 57772K101 34 663 663 0 0 01 663 0 0 Maxim Integrated Products Inc. USD Com 57772K101 645 12,303 12,303 0 0 05 12,303 0 0 Maxtor Corporation Common USD0.01 Com 577729205 119 18,000 0 18,000 0 01 18,000 0 0 Maxtor Corporation Common USD0.01 Com 577729205 53 8,000 8,000 0 0 03 8,000 0 0 Maxwell Shoe Company Inc. Common U Com 577766108 1,094 47,073 0 47,073 0 01 47,073 0 0 Maxwell Shoe Company Inc. Common U Com 577766108 139 6,000 6,000 0 0 03 6,000 0 0 MBNA Corporation Common USD0.01 Com 55262L100 44 1,700 1,700 0 0 01 1,700 0 0 MBNA Corporation Common USD0.01 Com 55262L100 680 26,374 26,374 0 0 05 26,374 0 0 McCormick & Co Inc Com N/VTG NPV Com 579780206 463 13,604 13,604 0 0 05 13,604 0 0 McCormick & Co Inc Com N/VTG NPV Com 579780206 -37 -1,100 -1,100 0 0 03 -1,100 0 0 --------- 45,477 Form 13F Information Table GAM USA Inc. Page 21 of 35 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 Corporation Common NPV Com 580135101 3,865 148,700 148,700 0 0 05 148,700 0 0 McDonald's Corporation Common NPV Com 580135101 -650 -25,000 0 -25,000 0 01 -25,000 0 0 McDonald's Corporation Common NPV Com 580135101 -208 -8,000 -8,000 0 0 03 -8,000 0 0 McDonald's Corporation Common NPV Com 580135101 9,530 366,600 366,600 0 0 03 366,600 0 0 McGraw-Hill Inc. Cos. Common USD1. Com 580645109 11,488 150,000 150,000 0 0 05 150,000 0 0 MDSI Mobile Data Solutions Inc. Co Com 55268N100 55 8,500 0 8,500 0 01 8,500 0 0 Medco Health Solutions Inc. Com. U Com 58405U102 904 24,120 24,120 0 0 05 24,120 0 0 Medco Health Solutions Inc. Com. U Com 58405U102 298 8,200 8,200 0 0 01 8,200 0 0 Medco Health Solutions Inc. Com. U Com 58405U102 854 22,793 22,793 0 0 05 22,793 0 0 Media General Inc. Cls. A Common U Com 584404107 385 6,000 0 6,000 0 01 6,000 0 0 MedSource Technologies Inc. Com. U Com 58505Y103 21 3,000 3,000 0 0 03 3,000 0 0 Medtronic Incorporated Common USD0 Com 585055106 53 1,100 1,100 0 0 01 1,100 0 0 Medtronic Incorporated Common USD0 Com 585055106 812 16,667 16,667 0 0 05 16,667 0 0 Medtronic Incorporated Common USD0 Com 585055106 23,478 481,800 481,800 0 0 03 481,800 0 0 Mellon Financial Corp. Common USD0 Com 58551A108 147 5,000 5,000 0 0 03 5,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 9,501 200,000 200,000 0 0 05 200,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 475 10,000 0 10,000 0 01 10,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 3,259 68,000 68,000 0 0 01 68,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 24,180 509,000 509,000 0 0 05 509,000 0 0 Merck & Company Inc. Common USD0.0 Com 589331107 48,930 1,030,000 1,030,000 0 0 03 1,030,000 0 0 Mercury Interactive Corp. Com. USD Com 589405109 25 500 500 0 0 01 500 0 0 Mercury Interactive Corp. Com. USD Com 589405109 51 1,022 1,022 0 0 04 1,022 0 0 Mercury Interactive Corp. Com. USD Com 589405109 383 7,682 7,682 0 0 05 7,682 0 0 Merrill Lynch & Co. Common USD1.33 Com 590188108 8,638 160,000 160,000 0 0 05 160,000 0 0 Merrill Lynch & Co. Common USD1.33 Com 590188108 70 1,300 1,300 0 0 01 1,300 0 0 --------- 146,544 Form 13F Information Table GAM USA Inc. Page 22 of 35 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 Merrill Lynch & Co. Common USD1.33 Com 590188108 1,112 20,600 20,600 0 0 05 20,600 0 0 Metro Goldwyn Mayer Inc. Com. USD0 Com 591610100 4,237 350,000 0 350,000 0 01 350,000 0 0 Metro Goldwyn Mayer Inc. Com. USD0 Com 591610100 1,211 100,000 100,000 0 0 03 100,000 0 0 MGM MIRAGE Common USD0.01 Com 552953101 1,516 32,300 0 32,300 0 01 32,300 0 0 MGM MIRAGE Common USD0.01 Com 552953101 141 3,000 3,000 0 0 03 3,000 0 0 Micron Technology Inc. Common USD0 Com 595112103 27,676 1,807,700 1,807,700 0 0 03 1,807,700 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 17,139 600,000 600,000 0 0 05 600,000 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 54 1,900 1,900 0 0 01 1,900 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 17,366 607,953 607,953 0 0 05 607,953 0 0 Microsoft Corporation Com. USD0.00 Com 594918104 47,892 1,676,600 1,676,600 0 0 03 1,676,600 0 0 Microtek Medical Hldgs. Inc. USD0. Com 59515B109 512 100,000 100,000 0 0 05 100,000 0 0 Midas Incorporated. Common. USD0.0 Com 595626102 386 22,000 0 22,000 0 01 22,000 0 0 Millennium Chemical Inc. Common US Com 599903101 83 4,800 0 4,800 0 01 4,800 0 0 Mirant Corporation Common USD0.01 Com 604675108 0 922 0 922 0 01 922 0 0 Mitek Systems Inc. Common USD0.001 Com 606710200 180 225,000 225,000 0 0 05 225,000 0 0 Modine Manufacturing Co. Common US Com 607828100 222 7,000 0 7,000 0 01 7,000 0 0 Monolithic System Tech. Inc. Com.U Com 609842109 45 6,000 0 6,000 0 01 6,000 0 0 Monolithic System Tech. Inc. Com.U Com 609842109 15 2,000 2,000 0 0 03 2,000 0 0 Monsanto Company Common USD0.01 Com 61166W101 198 5,629 5,629 0 0 01 5,629 0 0 Monsanto Company Common USD0.01 Com 61166W101 302 7,845 7,845 0 0 05 7,845 0 0 MONY Group Incorporated Common USD Com 615337102 188 6,000 0 6,000 0 01 6,000 0 0 Morgan Stanley Common USD0.01 Com 617446448 9,106 172,600 172,600 0 0 03 172,600 0 0 Motorola Incorporated Common USD3. Com 620076109 548 30,000 0 30,000 0 01 30,000 0 0 Motorola Incorporated Common USD3. Com 620076109 402 22,000 22,000 0 0 03 22,000 0 0 Myogen Inc. Common USD0.001 Com 62856E104 171 22,000 22,000 0 0 05 22,000 0 0 --------- 130,701 Form 13F Information Table GAM USA Inc. Page 23 of 35 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 Nat. Australia Bk. 7.875% Pref. (U Bond 632525309 547 15,400 0 15,400 0 04 15,400 0 0 National Comm. Fin. Corp. Common U Com 63545P104 42 1,300 0 1,300 0 01 1,300 0 0 National Processing Inc. Common NP Com 637229105 58 2,000 0 2,000 0 01 2,000 0 0 Navistar Intl. Corporation Com. US Com 63934E108 620 16,000 0 16,000 0 01 16,000 0 0 Navistar Intl. Corporation Com. US Com 63934E108 194 5,000 5,000 0 0 03 5,000 0 0 NCR Corporation Common USD0.01 Com 62886E108 -40 -800 -800 0 0 03 -800 0 0 NeighborCare Inc. Common USD0.02 Com 64015Y104 288 9,200 0 9,200 0 01 9,200 0 0 Neiman-Marcus Group Com. Class A U Com 640204202 -862 -15,500 0 -15,500 0 01 -15,500 0 0 Neiman-Marcus Group Com. Class A U Com 640204202 -111 -2,000 -2,000 0 0 03 -2,000 0 0 Neiman-Marcus Group Com. Class B U Com 640204301 804 15,500 0 15,500 0 01 15,500 0 0 Neiman-Marcus Group Com. Class B U Com 640204301 104 2,000 2,000 0 0 03 2,000 0 0 Neopharm Incorporated Common USD0. Com 640919106 4,585 454,825 454,825 0 0 01 454,825 0 0 Neopharm Incorporated Common USD0. Com 640919106 12,502 1,210,305 1,210,305 0 0 05 1,210,305 0 0 Nestle SA Spon ADR (CV 1/4 Reg CHF Com 641069406 11,743 175,000 175,000 0 0 05 175,000 0 0 New Century Equity Hldgs. Com. USD Com 64353J107 14 42,900 0 42,900 0 01 42,900 0 0 New England Bus. Service Inc. Com. Com 643872104 506 11,500 11,500 0 0 03 11,500 0 0 Newmont Mining Corporation Com. US Com 651639106 388 10,000 0 10,000 0 01 10,000 0 0 News Corp. ADR Rep. 4 Pref. Ltd. V Pref 652487802 9,863 300,000 300,000 0 0 05 300,000 0 0 News Corp. ADR Rep. 4 Pref. Ltd. V Pref 652487802 1,315 40,000 0 40,000 0 01 40,000 0 0 News Corp. ADR Rep. 4 Pref. Ltd. V Pref 652487802 690 21,000 21,000 0 0 03 21,000 0 0 News Corp. Exchange Trust Pref. 5. Pref 652486200 4,058 38,500 0 38,500 0 04 38,500 0 0 New York Comm. Bancorp Inc. Com. U Com 649445103 10 500 0 500 0 01 500 0 0 New York Times Co. Class A Com. US Com 650111107 447 10,000 0 10,000 0 01 10,000 0 0 New York Times Co. Class A Com. US Com 650111107 67 1,500 1,500 0 0 01 1,500 0 0 New York Times Co. Class A Com. US Com 650111107 1,027 22,970 22,970 0 0 05 22,970 0 0 --------- 48,857 Form 13F Information Table GAM USA Inc. Page 24 of 35 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 Nexstar Broadcasting Grp. A Com. U Com 65336K103 55 5,000 0 5,000 0 01 5,000 0 0 NextWave Telecom Inc. Common USD0. Com 65332M103 39 6,500 0 6,500 0 01 6,500 0 0 Nobility Homes Inc. Common USD0.10 Com 654892108 421 20,000 0 20,000 0 01 20,000 0 0 Nobility Homes Inc. Common USD0.10 Com 654892108 63 3,000 3,000 0 0 03 3,000 0 0 Noble Corporation Common USD0.10 Com G65422100 29 800 800 0 0 01 800 0 0 Noble Corporation Common USD0.10 Com G65422100 469 12,376 12,376 0 0 05 12,376 0 0 North Fork Bancorp. Inc. Common US Com 659424105 -132 -3,469 0 -3,469 0 01 -3,469 0 0 North Fork Bancorp. Inc. Common US Com 659424105 -20 -526 -526 0 0 03 -526 0 0 Northrop Grumman Corporation Com U Com 666807102 269 5,000 5,000 0 0 03 5,000 0 0 Novellus Systems Inc. Common NPV Com 670008101 19,681 626,000 626,000 0 0 03 626,000 0 0 NWH Incorporated Common USD0.01 Com 62946E106 88 5,000 0 5,000 0 01 5,000 0 0 Omnicom Group Incorporated Com. US Com 681919106 107 1,400 1,400 0 0 01 1,400 0 0 Omnicom Group Incorporated Com. US Com 681919106 1,656 21,808 21,808 0 0 05 21,808 0 0 OpTel Incorporated Com 683817100 0 500 0 500 0 01 500 0 0 Optibase Limited Common Com M7524R108 181 35,000 35,000 0 0 01 35,000 0 0 Optibase Limited Common Com M7524R108 86 15,000 15,000 0 0 05 15,000 0 0 Oracle Corporation Common USD0.01 Com 68389X105 28 2,400 2,400 0 0 01 2,400 0 0 Oracle Corporation Common USD0.01 Com 68389X105 436 36,574 36,574 0 0 05 36,574 0 0 Oracle Corporation Common USD0.01 Com 68389X105 17,161 1,438,500 1,438,500 0 0 03 1,438,500 0 0 Orthofix International N.V Com. US Com N6748L102 85 2,000 0 2,000 0 01 2,000 0 0 OTP Bank Rt. Spons. GDR (1 Rep 1 O Com X60746116 152 3,674 3,674 0 0 04 3,674 0 0 Overnite Corporation Common USD0.0 Com 690322102 1,029 35,000 35,000 0 0 05 35,000 0 0 Overseas Shipholding Group Com. US Com 690368105 -336 -7,616 0 -7,616 0 01 -7,616 0 0 Oxford Health Plans Inc. Common US Com 691471106 330 6,000 0 6,000 0 01 6,000 0 0 Oxford Health Plans Inc. Common US Com 691471106 82 1,500 1,500 0 0 03 1,500 0 0 --------- 41,961 Form 13F Information Table GAM USA Inc. Page 25 of 35 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 Oxigene Incorporated Common USD0.0 Com 691828107 316 50,000 50,000 0 0 05 50,000 0 0 Palm Harbor Homes Inc. Com. USD0.0 Com 696639103 586 33,000 0 33,000 0 01 33,000 0 0 Palm Harbor Homes Inc. Com. USD0.0 Com 696639103 89 5,000 5,000 0 0 03 5,000 0 0 Palm Harbor Homes Inc. Com. USD0.0 Com 696639103 172 9,765 9,765 0 0 01 9,765 0 0 PanAmSat Corporation Common USD0.0 Com 697933109 599 25,800 0 25,800 0 01 25,800 0 0 PanAmSat Corporation Common USD0.0 Com 697933109 116 5,000 5,000 0 0 03 5,000 0 0 Panera Bread Co. Class A Com. USD0 Com 69840W108 562 15,337 15,337 0 0 04 15,337 0 0 Party City Corp. Common USD0.01 Com 702145103 93 7,500 7,500 0 0 01 7,500 0 0 Paxson Communications Corp. Com US Com 704231109 23 7,000 0 7,000 0 01 7,000 0 0 Paychex Incorporated Common USD0.0 Com 704326107 16,166 477,300 477,300 0 0 03 477,300 0 0 Peabody Energy Corp. Common USD0.0 Com 704549104 283 5,056 0 5,056 0 01 5,056 0 0 Pegasus Comms. Class A Com. USD0.0 Com 705904605 58 3,080 3,080 0 0 01 3,080 0 0 Pegasus Comms. Class A Com. USD0.0 Com 705904605 23 920 920 0 0 05 920 0 0 PeopleSoft Incorporated Common USD Com 712713106 278 15,000 0 15,000 0 01 15,000 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 14,548 270,000 270,000 0 0 05 270,000 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 76 1,400 1,400 0 0 01 1,400 0 0 PepsiCo Incorporated Common USD0.0 Com 713448108 1,242 23,057 23,057 0 0 05 23,057 0 0 Petrol Brasileiros S.A. ADR (Rep. Com 71654V408 47 1,680 1,680 0 0 04 1,680 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 23,996 700,000 700,000 0 0 05 700,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 2,400 70,000 0 70,000 0 01 70,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 686 20,000 20,000 0 0 03 20,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 1,670 48,000 48,000 0 0 01 48,000 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 6,546 190,956 190,956 0 0 05 190,956 0 0 Pfizer Incorporated Common USD0.05 Com 717081103 40,489 1,181,120 1,181,120 0 0 03 1,181,120 0 0 Pioneer Natural Resources Com. USD Com 723787107 -713 -20,328 0 -20,328 0 01 -20,328 0 0 --------- 110,347 Form 13F Information Table GAM USA Inc. Page 26 of 35 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 Pioneer Natural Resources Com. USD Com 723787107 -143 -4,068 -4,068 0 0 03 -4,068 0 0 Plains Resources Inc. Common USD0. Com 726540503 159 9,400 0 9,400 0 01 9,400 0 0 Plains Resources Inc. Common USD0. Com 726540503 22 1,300 1,300 0 0 03 1,300 0 0 PNC Financial Services Common USD5 Com 693475105 398 7,500 0 7,500 0 01 7,500 0 0 PNC Financial Services Common USD5 Com 693475105 398 7,500 7,500 0 0 03 7,500 0 0 Pogo Producing Company Common USD1 Com 730448107 1,086 21,700 21,700 0 0 04 21,700 0 0 Polaris Industries Common USD0.01 Com 731068102 -1,920 -40,000 0 -40,000 0 01 -40,000 0 0 Polaris Industries Common USD0.01 Com 731068102 -864 -18,000 -18,000 0 0 03 -18,000 0 0 Polaris Industries Common USD0.01 Com 731068102 -34 -700 -700 0 0 03 -700 0 0 Polycom Inc. Common USD0.0005 Com 73172K104 2 91 91 0 0 05 91 0 0 Potlatch Corporation Common USD1.0 Com 737628107 -33 -800 -800 0 0 03 -800 0 0 Power-One Incorporated Common USD0 Com 739308104 6,840 665,060 665,060 0 0 01 665,060 0 0 Power-One Incorporated Common USD0 Com 739308104 18,202 1,656,980 1,656,980 0 0 05 1,656,980 0 0 Precision Castparts Corporation Co Com 740189105 164 3,000 3,000 0 0 03 3,000 0 0 Precision Castparts Corporation Co Com 740189105 -33 -600 -600 0 0 03 -600 0 0 Price Communications Corp. Com. US Com 741437305 261 17,640 0 17,640 0 01 17,640 0 0 Price Communications Corp. Com. US Com 741437305 23 1,575 1,575 0 0 03 1,575 0 0 Prima Energy Corp. Common USD0.015 Com 741901201 573 14,500 0 14,500 0 01 14,500 0 0 PRIMEDIA Incorporated Common USD0. Com 74157K101 83 30,000 0 30,000 0 01 30,000 0 0 PRIMEDIA Incorporated Common USD0. Com 74157K101 28 10,000 10,000 0 0 03 10,000 0 0 Priority Healthcare Corp. Com. USD Com 74264T102 34 1,500 1,500 0 0 03 1,500 0 0 Procter & Gamble Common NPV Com 742718109 22,867 420,000 420,000 0 0 05 420,000 0 0 Procter & Gamble Common NPV Com 742718109 544 10,000 0 10,000 0 01 10,000 0 0 Procter & Gamble Common NPV Com 742718109 327 6,000 6,000 0 0 03 6,000 0 0 Publicard Inc Common Stk USD0.10 Com 744627100 4 78,750 78,750 0 0 04 78,750 0 0 --------- 48,989 Form 13F Information Table GAM USA Inc. Page 27 of 35 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 Pulitzer Incorporated Common USD0. Com 745769109 611 12,500 0 12,500 0 01 12,500 0 0 Pulitzer Incorporated Common USD0. Com 745769109 147 3,000 3,000 0 0 03 3,000 0 0 Quaker City Bancorp Inc. USD0.01 Com 74731K106 137 2,500 0 2,500 0 01 2,500 0 0 Quest Diagnostics Inc. Common USD0 Com 74834L100 -34 -400 -400 0 0 03 -400 0 0 Qwest Comms. Intl. Inc. Common USD Com 749121109 216 60,000 60,000 0 0 03 60,000 0 0 RADWARE Limited ILS0.1 Com M81873107 28 1,644 1,644 0 0 04 1,644 0 0 Raytheon Company New Common USD0.0 Com 755111507 4,211 117,800 117,800 0 0 05 117,800 0 0 Raytheon Company New Common USD0.0 Com 755111507 25,865 723,500 723,500 0 0 03 723,500 0 0 Reader's Digest Assn. A Non-vtg US Com 755267101 80 5,000 0 5,000 0 01 5,000 0 0 Retalix Limited ILS1.00 Com M8215W109 1,048 50,000 50,000 0 0 01 50,000 0 0 Retalix Limited ILS1.00 Com M8215W109 40 1,960 1,960 0 0 04 1,960 0 0 Retalix Limited ILS1.00 Com M8215W109 2,027 100,000 100,000 0 0 05 100,000 0 0 Rhone-Poulenc Overseas 8.125% Pref Pref G75495104 3,047 120,800 0 120,800 0 04 120,800 0 0 Riggs Natl. Corp. Washington Com. Com 766570105 527 25,000 0 25,000 0 01 25,000 0 0 Riggs Natl. Corp. Washington Com. Com 766570105 316 15,000 15,000 0 0 03 15,000 0 0 Robbins & Myers Inc. Common. NPV Com 770196103 225 10,000 0 10,000 0 01 10,000 0 0 Royal Bank Of Scotland 8.500% Pref Pref 780097507 1,124 44,400 0 44,400 0 04 44,400 0 0 Royal Dutch Petroleum EUR0.56 Com 780257804 2,583 50,000 50,000 0 0 05 50,000 0 0 R.R. Donnelley & Sons Co. Comm. US Com 257867101 11,559 350,000 350,000 0 0 05 350,000 0 0 SAFECO Corporation Common NPV Com 786429100 -31 -700 -700 0 0 03 -700 0 0 Samsung Elec. GDR (1/2 Vtg KRW5000 Com 796050888 881 4,288 4,288 0 0 01 4,288 0 0 Samsung Elec. GDR (1/2 Vtg KRW5000 Com 796050888 1,033 5,028 5,028 0 0 05 5,028 0 0 Sasol ADR Com 803866300 112 7,100 0 7,100 0 01 7,100 0 0 SBC Communications Inc. Common USD Com 78387G103 655 27,000 27,000 0 0 03 27,000 0 0 SBC Communications Inc. Common USD Com 78387G103 19,740 814,200 814,200 0 0 03 814,200 0 0 --------- 76,144 Form 13F Information Table GAM USA Inc. Page 28 of 35 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 Scottish Re Group Ltd. Common USD0 Com G7885T104 2,806 122,500 122,500 0 0 01 122,500 0 0 Scottish Re Group Ltd. Common USD0 Com G7885T104 1,301 56,000 56,000 0 0 05 56,000 0 0 Scotts Company Class A Common NPV Com 810186106 408 6,395 6,395 0 0 05 6,395 0 0 Seacoast Financial Services Com. U Com 81170Q106 294 8,500 0 8,500 0 01 8,500 0 0 Seacoast Financial Services Com. U Com 81170Q106 35 1,000 1,000 0 0 03 1,000 0 0 Sea Containers Class B Common USD0 Com 811371103 356 20,000 20,000 0 0 05 20,000 0 0 Sealed Air Corporation Common USD0 Com 81211K100 213 4,000 4,000 0 0 03 4,000 0 0 Sempra Energy Common NPV Com 816851109 537 15,600 0 15,600 0 01 15,600 0 0 Sensient Technologies Corp. Com. U Com 81725T100 1,716 80,000 0 80,000 0 01 80,000 0 0 Sensient Technologies Corp. Com. U Com 81725T100 493 23,000 23,000 0 0 03 23,000 0 0 SERENA Software Inc. Common USD0.0 Com 817492101 -159 -8,354 0 -8,354 0 01 -8,354 0 0 Serviceware Technologies Inc. Com Com 81763Q109 60 100,000 100,000 0 0 01 100,000 0 0 Sierra Health Services Common USD0 Com 826322109 346 7,800 7,800 0 0 01 7,800 0 0 Sierra Health Services Common USD0 Com 826322109 4,985 111,550 111,550 0 0 05 111,550 0 0 Sinclair Broadcast Group Common US Com 829226109 1,954 190,000 0 190,000 0 01 190,000 0 0 Sinclair Broadcast Group Common US Com 829226109 206 20,000 20,000 0 0 03 20,000 0 0 Six Flags Incorporated Common USD0 Com 83001P109 29 4,000 4,000 0 0 03 4,000 0 0 SK Telecom Co. Ltd. ADR (1 Rep 1/9 Com 78440P108 87 4,141 4,141 0 0 04 4,141 0 0 Skyline Corporation Common USD0.02 Com 830830105 1,057 26,000 0 26,000 0 01 26,000 0 0 Skyline Corporation Common USD0.02 Com 830830105 203 5,000 5,000 0 0 03 5,000 0 0 SoftBrands Incorporated Common USD Com 83402A107 275 229,449 229,449 0 0 05 229,449 0 0 Somerset International Group Inc. Com 671017101 0 952 952 0 0 04 952 0 0 Sony Corporation ADR (CNV To 1 Ord Com 835699307 190 5,000 0 5,000 0 01 5,000 0 0 Sony Corporation ADR (CNV To 1 Ord Com 835699307 1,820 47,820 47,820 0 0 05 47,820 0 0 Southern Energy Homes Common USD0. Com 842814105 517 126,000 0 126,000 0 01 126,000 0 0 --------- 19,727 Form 13F Information Table GAM USA Inc. Page 29 of 35 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 Southern Energy Homes Common USD0. Com 842814105 82 20,000 20,000 0 0 03 20,000 0 0 Sovereign Bancorp Inc. Common NPV Com 845905108 -465 -21,052 0 -21,052 0 01 -21,052 0 0 Sovereign Bancorp Inc. Common NPV Com 845905108 -91 -4,109 -4,109 0 0 03 -4,109 0 0 Spinnaker Exploration Co. Com. USD Com 84855W109 -123 -3,132 0 -3,132 0 01 -3,132 0 0 Sprint Corporation Common USD2.50 Com 852061100 1,760 100,000 0 100,000 0 01 100,000 0 0 Sprint Corporation Common USD2.50 Com 852061100 968 55,000 55,000 0 0 03 55,000 0 0 Sprint Corporation Common USD2.50 Com 852061100 3,362 191,000 191,000 0 0 05 191,000 0 0 Standard Motor Prod. Inc. Com. USD Com 853666105 147 10,000 10,000 0 0 03 10,000 0 0 State Street Corporation Common US Com 857477103 62 1,269 1,269 0 0 01 1,269 0 0 State Street Corporation Common US Com 857477103 1,162 23,692 23,692 0 0 05 23,692 0 0 Stelmar Shipping Limited Common US Com V8726M103 766 23,184 0 23,184 0 01 23,184 0 0 St. Joe Corporation Common NPV Com 790148100 1,634 40,800 40,800 0 0 04 40,800 0 0 Storage Engine Inc. Common USD0.01 Com 86210N104 0 16,666 16,666 0 0 05 16,666 0 0 StorageNetworks Inc. Common USD0.0 Com 86211E103 6 193,449 0 193,449 0 01 193,449 0 0 StorageNetworks Inc. Common USD0.0 Com 86211E103 2 58,757 58,757 0 0 03 58,757 0 0 Suncor Energy Inc. Common NPV Com 867229106 320 12,500 0 12,500 0 01 12,500 0 0 SunGard Data Systems Inc. Common U Com 867363103 49 1,877 1,877 0 0 01 1,877 0 0 SunGard Data Systems Inc. Common U Com 867363103 848 32,639 32,639 0 0 05 32,639 0 0 Suntrust Banks Incorporated Com. U Com 867914103 5,524 85,000 85,000 0 0 05 85,000 0 0 Suntrust Banks Incorporated Com. U Com 867914103 -31 -481 0 -481 0 01 -481 0 0 SUPERVALU Incorporated Common USD1 Com 868536103 -40 -1,300 -1,300 0 0 03 -1,300 0 0 SureBeam Corp. Class A Common USD0 Com 86866R102 0 18,443 18,443 0 0 01 18,443 0 0 SureBeam Corp. Class A Common USD0 Com 86866R102 1 62,105 62,105 0 0 05 62,105 0 0 Sybron Dental Specialties Com. USD Com 871142105 60 2,000 0 2,000 0 01 2,000 0 0 Symmetricom Incorporated Common NP Com 871543104 598 71,772 71,772 0 0 01 71,772 0 0 --------- 16,602 Form 13F Information Table GAM USA Inc. Page 30 of 35 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 Symmetricom Incorporated Common NP Com 871543104 1,112 124,862 124,862 0 0 05 124,862 0 0 Synalloy Corporation Common USD1.0 Com 871565107 344 33,750 33,750 0 0 05 33,750 0 0 Syntroleum Corporation Common USD0 Com 871630109 110 16,638 0 16,638 0 01 16,638 0 0 Taiwan Semiconductor Manu. Co. Ltd Com 874039100 39 4,966 4,966 0 0 01 4,966 0 0 Taiwan Semiconductor Manu. Co. Ltd Com 874039100 693 83,400 83,400 0 0 05 83,400 0 0 Target Corporation USD0.167 Com 87612E106 6,371 150,000 150,000 0 0 05 150,000 0 0 Technology Solutions Co. Common US Com 87872T108 60 56,000 56,000 0 0 05 56,000 0 0 Telekomunikasi Ind. (1 ADR Rep. 20 Com 715684106 56 3,600 3,600 0 0 04 3,600 0 0 Telemig Celular ADR (1 Rep. 20000 Com 87944E105 30 1,000 1,000 0 0 04 1,000 0 0 Tele Norte Leste Participacoes S.A Com 879246106 987 77,500 77,500 0 0 01 77,500 0 0 Tele Norte Leste Participacoes S.A Com 879246106 34 2,634 2,634 0 0 04 2,634 0 0 Telephone & Data Sys. Inc. Com. US Com 879433100 499 7,000 7,000 0 0 03 7,000 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 -444 -50,840 0 -50,840 0 01 -50,840 0 0 Tellabs Incorporated Common USD0.0 Com 879664100 -122 -13,950 -13,950 0 0 03 -13,950 0 0 Temple-Inland Inc. Common USD1.00 Com 879868107 -28 -400 -400 0 0 03 -400 0 0 Texas Instruments Inc. Common USD1 Com 882508104 1,210 50,000 0 50,000 0 01 50,000 0 0 Texas Instruments Inc. Common USD1 Com 882508104 653 27,000 27,000 0 0 03 27,000 0 0 The Boeing Company Common USD5.00 Com 097023105 7,919 155,000 155,000 0 0 05 155,000 0 0 The Gap Incorporated Common USD0.0 Com 364760108 -170 -7,000 0 -7,000 0 01 -7,000 0 0 The Gap Incorporated Common USD0.0 Com 364760108 -121 -5,000 -5,000 0 0 03 -5,000 0 0 The May Dept. Stores Co. Com. USD0 Com 577778103 -1,236 -45,000 0 -45,000 0 01 -45,000 0 0 The May Dept. Stores Co. Com. USD0 Com 577778103 -385 -14,000 -14,000 0 0 03 -14,000 0 0 The Progressive Corp. Common USD1. Com 743315103 77 900 900 0 0 05 900 0 0 The Sherwin-Williams Co. Common US Com 824348106 -33 -800 -800 0 0 03 -800 0 0 The Toro Company Common USD1.00 Com 891092108 -42 -600 -600 0 0 03 -600 0 0 --------- 17,612 Form 13F Information Table GAM USA Inc. Page 31 of 35 1 2 3 4 5 6 7 8 Mkt Value -- Investment Discretion -- --- Voting Authority --- Name of Issuer Type CUSIP $ x1000 # Shares Sole Shared Other Managers Sole Shared None The Walt Disney Company Common USD Com 254687106 2,422 95,000 0 95,000 0 01 95,000 0 0 The Walt Disney Company Common USD Com 254687106 153 6,000 6,000 0 0 03 6,000 0 0 The Walt Disney Company Common USD Com 254687106 35 1,400 1,400 0 0 01 1,400 0 0 The Walt Disney Company Common USD Com 254687106 575 22,570 22,570 0 0 05 22,570 0 0 The Walt Disney Company Common USD Com 254687106 14,007 549,400 549,400 0 0 03 549,400 0 0 Thomas & Betts Corporation Common Com 884315102 708 26,000 0 26,000 0 01 26,000 0 0 Thomas & Betts Corporation Common Com 884315102 408 15,000 15,000 0 0 03 15,000 0 0 Thomas Industries Inc. Com. USD1. Com 884425109 100 3,000 0 3,000 0 01 3,000 0 0 Thomas Industries Inc. Com. USD1. Com 884425109 332 10,000 10,000 0 0 03 10,000 0 0 Thomas Nelson Inc. Common USD1.00 Com 640376109 91 4,000 0 4,000 0 01 4,000 0 0 Tiffany & Company Common USD0.01 Com 886547108 -295 -8,000 0 -8,000 0 01 -8,000 0 0 Tiffany & Company Common USD0.01 Com 886547108 -111 -3,000 -3,000 0 0 03 -3,000 0 0 Time Warner Inc. Common Stk. USD0. Com 887317105 2,881 163,800 163,800 0 0 05 163,800 0 0 Time Warner Inc. Common Stk. USD0. Com 887317105 3,254 185,000 0 185,000 0 01 185,000 0 0 Time Warner Inc. Common Stk. USD0. Com 887317105 1,187 67,500 67,500 0 0 03 67,500 0 0 Titan Corporation Common USD0.01 Com 888266103 1,296 99,900 0 99,900 0 01 99,900 0 0 Titan Corporation Common USD0.01 Com 888266103 48 3,700 3,700 0 0 03 3,700 0 0 Titan Corporation Common USD0.01 Com 888266103 482 26,400 26,400 0 0 01 26,400 0 0 Titan Corporation Common USD0.01 Com 888266103 1,153 88,900 88,900 0 0 05 88,900 0 0 Total SA ADR Com 89151E109 -265 -2,758 0 -2,758 0 01 -2,758 0 0 Transocean Incorporated Common USD Com G90078109 524 18,122 0 18,122 0 01 18,122 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 2,344 63,000 63,000 0 0 01 63,000 0 0 Trex Company Inc. Common USD0.01 Com 89531P105 831 22,000 22,000 0 0 05 22,000 0 0 Tribune Company Common NPV Com 896047107 3,187 70,000 0 70,000 0 01 70,000 0 0 Tribune Company Common NPV Com 896047107 820 18,000 18,000 0 0 03 18,000 0 0 --------- 36,168 Form 13F Information Table GAM USA Inc. Page 32 of 35 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 T. Rowe Price Group Inc. Common US Com 74144T108 252 5,000 0 5,000 0 01 5,000 0 0 T. Rowe Price Group Inc. Common US Com 74144T108 50 1,000 1,000 0 0 03 1,000 0 0 TRW Automotive Holdings Common USD Com 87264S106 377 20,000 0 20,000 0 01 20,000 0 0 Tsakos Energy Navigation Ltd. USD1 Com G9108L108 352 10,400 0 10,400 0 01 10,400 0 0 Tularik Inc Common USD0.001 Com 899165104 935 37,700 0 37,700 0 01 37,700 0 0 Tularik Inc Common USD0.001 Com 899165104 149 6,000 6,000 0 0 03 6,000 0 0 Turnstone Systems Inc. Common USD0 Com 900423104 7 37,900 0 37,900 0 01 37,900 0 0 UBS Pref. Funding Trust III 7.25% Pref 90347V203 25 1,000 0 1,000 0 04 1,000 0 0 Union Pacific Corporation Common U Com 907818108 11,565 194,500 194,500 0 0 03 194,500 0 0 Unisource Energy Corp. Common NPV Com 909205106 2,758 111,000 0 111,000 0 01 111,000 0 0 Unisource Energy Corp. Common NPV Com 909205106 161 6,500 6,500 0 0 03 6,500 0 0 United Auto Group Inc. Common USD0 Com 909440109 12,430 385,000 385,000 0 0 01 385,000 0 0 United Auto Group Inc. Common USD0 Com 909440109 22,988 750,000 750,000 0 0 05 750,000 0 0 UnitedHealth Group Inc. Common USD Com 91324P102 -198 -3,183 0 -3,183 0 01 -3,183 0 0 UnitedHealth Group Inc. Common USD Com 91324P102 -59 -948 -948 0 0 03 -948 0 0 United Microelectronics Corp. ADR Com 910873207 18 4,466 4,466 0 0 01 4,466 0 0 United Microelectronics Corp. ADR Com 910873207 316 73,508 73,508 0 0 05 73,508 0 0 United Parcel Service Com.Cls B US Com 911312106 6,766 90,000 90,000 0 0 05 90,000 0 0 United Technologies Corp. Common U Com 913017109 45 500 500 0 0 01 500 0 0 United Technologies Corp. Common U Com 913017109 738 8,066 8,066 0 0 05 8,066 0 0 Univision Communications Inc. USD0 Com 914906102 50 1,600 1,600 0 0 01 1,600 0 0 Univision Communications Inc. USD0 Com 914906102 843 26,400 26,400 0 0 05 26,400 0 0 UNOVA Incorporated Common USD0.01 Com 91529B106 567 28,000 0 28,000 0 01 28,000 0 0 USA Truck Incorporated Common USD0 Com 902925106 1,164 100,000 100,000 0 0 01 100,000 0 0 USA Truck Incorporated Common USD0 Com 902925106 5,263 436,600 436,600 0 0 05 436,600 0 0 --------- 67,562 Form 13F Information Table GAM USA Inc. Page 33 of 35 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 US Cellular Corporation Common USD Com 911684108 2,122 55,000 0 55,000 0 01 55,000 0 0 US Cellular Corporation Common USD Com 911684108 559 14,500 14,500 0 0 03 14,500 0 0 US Oncology Inc Common USD0.01 Com 90338W103 674 45,800 0 45,800 0 01 45,800 0 0 US Oncology Inc Common USD0.01 Com 90338W103 99 6,700 6,700 0 0 03 6,700 0 0 Vans Inc. Common USD0.001 Com 921930103 594 28,900 0 28,900 0 01 28,900 0 0 Vans Inc. Common USD0.001 Com 921930103 175 8,500 8,500 0 0 03 8,500 0 0 VERITAS Software Corp. Common USD0 Com 923436109 56 2,000 2,000 0 0 01 2,000 0 0 VERITAS Software Corp. Common USD0 Com 923436109 807 29,135 29,135 0 0 05 29,135 0 0 VERITAS Software Corp. Common USD0 Com 923436109 13,734 495,800 495,800 0 0 03 495,800 0 0 Verizon Communications Common USD0 Com 92343V104 -125 -3,460 0 -3,460 0 01 -3,460 0 0 Verizon Communications Common USD0 Com 92343V104 203 5,600 5,600 0 0 03 5,600 0 0 Verizon Communications Common USD0 Com 92343V104 24,392 674,000 674,000 0 0 03 674,000 0 0 Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 5,358 150,000 150,000 0 0 05 0 0 150,000 Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 75 2,100 2,100 0 0 01 0 0 2,100 Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 1,211 33,913 33,913 0 0 05 0 0 33,913 Viacom Inc. Cls. B Non-Vtg. Com. U Com 925524308 15,645 438,000 438,000 0 0 03 0 0 438,000 Viacom Incorporated Class A Com. U Com 925524100 1,930 53,100 0 53,100 0 01 53,100 0 0 Viad Corporation Common USD1.50 Com 92552R109 2,755 102,000 102,000 0 0 05 102,000 0 0 Vivendi Universal SA ADR (1 ADR : Com 92851S204 1,478 53,000 0 53,000 0 01 53,000 0 0 Vivendi Universal SA ADR (1 ADR : Com 92851S204 1,116 40,000 40,000 0 0 03 40,000 0 0 Walgreen Company Common USD0.625 Com 931422109 13,584 375,000 375,000 0 0 05 375,000 0 0 Wal-Mart de Mexico ADR (1 Rep 10 " Com 93114W107 85 2,870 2,870 0 0 04 2,870 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 14,510 275,000 275,000 0 0 05 275,000 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 50 950 950 0 0 01 950 0 0 Wal-Mart Stores Common USD0.10 Com 931142103 915 17,334 17,334 0 0 05 17,334 0 0 --------- 102,001 Form 13F Information Table GAM USA Inc. Page 34 of 35 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 Waste Management Inc. Common USD0. Com 94106L109 153 5,000 0 5,000 0 01 5,000 0 0 Watts Water Tech. Inc. A Common US Com 942749102 94 3,500 3,500 0 0 03 3,500 0 0 Waypoint Financial Corp. Common US Com 946756103 704 25,500 0 25,500 0 01 25,500 0 0 Waypoint Financial Corp. Common US Com 946756103 138 5,000 5,000 0 0 03 5,000 0 0 WellPoint Health Networks Comm. US Com 94973H108 1,769 15,800 0 15,800 0 01 15,800 0 0 WellPoint Health Networks Comm. US Com 94973H108 291 2,600 2,600 0 0 03 2,600 0 0 Westcorp Common USD1.00 Com 957907108 -499 -10,979 0 -10,979 0 01 -10,979 0 0 Westmoreland Coal Company Com. USD Com 960878106 303 15,600 0 15,600 0 01 15,600 0 0 WFS Financial Incorporated Com. NP Com 92923B106 490 9,900 0 9,900 0 01 9,900 0 0 WHX Corp. 3.75% Cv. Pref. Series B Pref 929248300 8 2,000 0 2,000 0 01 2,000 0 0 WHX Corporation Common USD0.01 Com 929248409 -1 -500 0 -500 0 01 -500 0 0 Williams Companies Inc. Common USD Com 969457100 765 62,537 62,537 0 0 01 62,537 0 0 Williams Companies Inc. Common USD Com 969457100 112 9,381 9,381 0 0 05 9,381 0 0 WilTel Comm. Contingent Sale Right Com 972CSR991 0 26,000 0 26,000 0 01 26,000 0 0 WilTel Comm. Contingent Sale Right Com 972CSR991 0 8,000 8,000 0 0 03 8,000 0 0 Winnebago Industries Inc. Common U Com 974637100 -34 -900 -900 0 0 03 -900 0 0 Wiser Oil Co. Common USD0.01 Com 977284108 159 15,000 15,000 0 0 03 15,000 0 0 Wm. Wrigley Jr. Company Common NPV Com 982526105 1,262 20,000 0 20,000 0 01 20,000 0 0 Wm. Wrigley Jr. Company Common NPV Com 982526105 442 7,000 7,000 0 0 03 7,000 0 0 Worldcom Inc- MCI Group USD0.01 Com 98157D304 0 3,480 3,480 0 0 01 3,480 0 0 Worldcom Inc- MCI Group USD0.01 Com 98157D304 0 4,500 4,500 0 0 05 4,500 0 0 Worldcom Incorporated Common USD0. Com 98157D106 1 87,000 87,000 0 0 01 87,000 0 0 Worldcom Incorporated Common USD0. Com 98157D106 0 37,500 37,500 0 0 05 37,500 0 0 Wyeth Common USD0.333 Com 983024100 1,002 27,200 27,200 0 0 01 27,200 0 0 Wyeth Common USD0.333 Com 983024100 6,520 180,300 180,300 0 0 05 180,300 0 0 --------- 13,680 Form 13F Information Table GAM USA Inc. Page 35 of 35 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 Wyeth Common USD0.333 Com 983024100 21,960 607,300 607,300 0 0 03 607,300 0 0 Xicor Incorporated Common NPV Com 984903104 76 5,000 0 5,000 0 01 5,000 0 0 Xicor Incorporated Common NPV Com 984903104 15 1,000 1,000 0 0 03 1,000 0 0 XL Capital Limited Class A USD0.01 Com G98255105 3,798 50,000 50,000 0 0 01 50,000 0 0 XL Capital Limited Class A USD0.01 Com G98255105 15,237 202,000 202,000 0 0 05 202,000 0 0 XTO Energy Incorporated Common USD Com 98385X106 388 13,046 0 13,046 0 01 13,046 0 0 Xyratex Ltd. Common NPV Com G98268108 349 25,000 25,000 0 0 01 25,000 0 0 Yellow Roadway Corporation Common Com 985577105 -36 -900 -900 0 0 03 -900 0 0 Young Broadcasting Inc. Class A US Com 987434107 818 62,000 0 62,000 0 01 62,000 0 0 Young Broadcasting Inc. Class A US Com 987434107 317 24,000 24,000 0 0 03 24,000 0 0 Young Innovations Inc. Common USD0 Com 987520103 137 5,400 0 5,400 0 01 5,400 0 0 Yum! Brands Incorporated Common NP Com 988498101 52 1,400 1,400 0 0 01 1,400 0 0 Yum! Brands Incorporated Common NP Com 988498101 831 22,327 22,327 0 0 05 22,327 0 0 Zale Corporation Common USD0.01 Com 988858106 -1,090 -40,000 0 -40,000 0 01 -40,000 0 0 Zale Corporation Common USD0.01 Com 988858106 -327 -12,000 -12,000 0 0 03 -12,000 0 0 Zimmer Holdings Inc. Common USD0.0 Com 98956P102 617 7,000 0 7,000 0 01 7,000 0 0 Zimmer Holdings Inc. Common USD0.0 Com 98956P102 220 2,500 2,500 0 0 03 2,500 0 0 --------- 43,363 ========= 2,334,153

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