Gryphon International Investment 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	12,711	42,905	SH		SOLE	NONE	42,905	0	0
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	7,194	24,284	SH		DFND		0	24,284	0
ALLSTATE CORPORATION	Common	009724478	110	1,552	SH		DFND		0	1,552	0
AMERICAN EXPRESS COMPANY	Common	009988572	16,134	206,532	SH		SOLE	NONE	206,532	0	0
AMERICAN EXPRESS COMPANY	Common	009988572	8,566	109,650	SH		DFND		0	109,650	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	Common	011551521	17,361	278,261	SH		SOLE	NONE	278,261	0	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	Common	011551521	9,329	149,523	SH		DFND		0	149,523	0
CORNING INC	Common	009976027	15,542	685,265	SH		SOLE	NONE	685,265	0	0
CORNING INC	Common	009976027	8,899	392,357	SH		DFND		0	392,357	0
CYTEC INDUSTRIES INC.	Common	010514169	14,756	273,060	SH		SOLE	NONE	273,060	0	0
CYTEC INDUSTRIES INC.	Common	010514169	8,029	148,570	SH		DFND		0	148,570	0
DANAHER CORPORATION	Common	009962131	12,129	142,863	SH		SOLE	NONE	142,863	0	0
DANAHER CORPORATION	Common	009962131	5,606	66,026	SH		DFND		0	66,026	0
DOW CHEMICAL COMPANY	Common	009735739	15,294	318,765	SH		SOLE	NONE	318,765	0	0
DOW CHEMICAL COMPANY	Common	009735739	9,148	190,660	SH		DFND		0	190,660	0
EMC CORPORATION	Common	009720308	71	2,785	SH		DFND		0	2,785	0
ERICSSON L M TEL ADR	ADR	015720786	310	24,730	SH		SOLE	NONE	24,730	0	0
ERICSSON L M TEL ADR	ADR	015720786	463	36,885	SH		DFND		0	36,885	0
GILEAD SCIENCES INC	Common	010008328	18,019	183,620	SH		SOLE	NONE	183,620	0	0
GILEAD SCIENCES INC	Common	010008328	9,806	99,929	SH		DFND		0	99,929	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	21,413	205,278	SH		SOLE	NONE	205,278	0	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	11,466	109,927	SH		DFND		0	109,927	0
JOHNSON & JOHNSON	Common	009722513	16,994	168,930	SH		SOLE	NONE	168,930	0	0
JOHNSON & JOHNSON	Common	009722513	9,872	98,130	SH		DFND		0	98,130	0
JPMORGAN CHASE & CO.	Common	012271654	13,956	230,370	SH		SOLE	NONE	230,370	0	0
JPMORGAN CHASE & CO.	Common	012271654	7,414	122,380	SH		DFND		0	122,380	0
METLIFE INC	Common	011030068	11,452	226,540	SH		SOLE	NONE	226,540	0	0
METLIFE INC	Common	011030068	6,138	121,420	SH		DFND		0	121,420	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	13,850	42,143	SH		SOLE	NONE	42,143	0	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	7,431	22,610	SH		DFND		0	22,610	0
PRAXAIR INC.	Common	009967419	10,509	87,037	SH		SOLE	NONE	87,037	0	0
PRAXAIR INC.	Common	009967419	6,295	52,136	SH		DFND		0	52,136	0
RESMED INC.	Common	011540066	12,330	171,773	SH		SOLE	NONE	171,773	0	0
RESMED INC.	Common	011540066	6,929	96,530	SH		DFND		0	96,530	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	19,630	239,825	SH		SOLE	NONE	239,825	0	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	10,655	130,172	SH		DFND		0	130,172	0
STANLEY BLACK & DECKER INC	Common	049645619	18,770	196,835	SH		SOLE	NONE	196,835	0	0
STANLEY BLACK & DECKER INC	Common	049645619	10,356	108,595	SH		DFND		0	108,595	0
TE CONNECTIVITY LTD	Common	043813854	17,885	249,720	SH		SOLE	NONE	249,720	0	0
TE CONNECTIVITY LTD	Common	043813854	9,597	133,996	SH		DFND		0	133,996	0
THE TJX COMPANIES INC.	Common	009961968	24,330	347,320	SH		SOLE	NONE	347,320	0	0
THE TJX COMPANIES INC.	Common	009961968	12,991	185,449	SH		DFND		0	185,449	0
WABTEC CORP.	Common	011540104	25,292	266,205	SH		SOLE	NONE	266,205	0	0
WABTEC CORP.	Common	011540104	13,532	142,430	SH		DFND		0	142,430	0