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
ALERE INC.	Common	01449J105	11,651	241,980	SH		SOLE	NONE	241,980	0	0
ALERE INC.	Common	01449J105	7,294	151,485	SH		DFND		0	151,485	0
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	14,723	56,850	SH		SOLE	NONE	56,850	0	0
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	9,533	36,810	SH		DFND		0	36,810	0
ALLSTATE CORPORATION	Common	009724478	90	1,552	SH		DFND		0	1,552	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	Common	011551521	14,056	224,496	SH		SOLE	NONE	224,496	0	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	Common	011551521	8,647	138,110	SH		DFND		0	138,110	0
CYTEC INDUSTRIES INC.	Common	010514169	7,991	108,205	SH		SOLE	NONE	108,205	0	0
CYTEC INDUSTRIES INC.	Common	010514169	4,952	67,050	SH		DFND		0	67,050	0
DANAHER CORPORATION	Common	009962131	9,822	115,273	SH		SOLE	NONE	115,273	0	0
DANAHER CORPORATION	Common	009962131	5,148	60,411	SH		DFND		0	60,411	0
DOW CHEMICAL COMPANY	Common	009735739	12,642	298,170	SH		SOLE	NONE	298,170	0	0
DOW CHEMICAL COMPANY	Common	009735739	7,897	186,260	SH		DFND		0	186,260	0
EMC CORPORATION	Common	009720308	67	2,785	SH		DFND		0	2,785	0
ERICSSON L M TEL ADR	ADR	015720786	166	16,985	SH		SOLE	NONE	16,985	0	0
ERICSSON L M TEL ADR	ADR	015720786	361	36,885	SH		DFND		0	36,885	0
GILEAD SCIENCES INC	Common	010008328	14,566	148,345	SH		SOLE	NONE	148,345	0	0
GILEAD SCIENCES INC	Common	010008328	9,059	92,259	SH		DFND		0	92,259	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	15,695	165,753	SH		SOLE	NONE	165,753	0	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	9,607	101,456	SH		DFND		0	101,456	0
JOHNSON & JOHNSON	Common	009722513	11,319	121,255	SH		SOLE	NONE	121,255	0	0
JOHNSON & JOHNSON	Common	009722513	7,037	75,380	SH		DFND		0	75,380	0
JPMORGAN CHASE & CO.	Common	012271654	14,524	238,215	SH		SOLE	NONE	238,215	0	0
JPMORGAN CHASE & CO.	Common	012271654	9,101	149,275	SH		DFND		0	149,275	0
METLIFE INC	Common	011030068	11,261	238,830	SH		SOLE	NONE	238,830	0	0
METLIFE INC	Common	011030068	7,036	149,225	SH		DFND		0	149,225	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	9,688	34,023	SH		SOLE	NONE	34,023	0	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	5,945	20,880	SH		DFND		0	20,880	0
PRAXAIR INC.	Common	009967419	7,156	70,252	SH		SOLE	NONE	70,252	0	0
PRAXAIR INC.	Common	009967419	4,941	48,511	SH		DFND		0	48,511	0
RESMED INC.	Common	011540066	8,257	162,033	SH		SOLE	NONE	162,033	0	0
RESMED INC.	Common	011540066	5,156	101,180	SH		DFND		0	101,180	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	18,485	207,490	SH		SOLE	NONE	207,490	0	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	11,533	129,453	SH		DFND		0	129,453	0
STANLEY BLACK & DECKER INC	Common	049645619	15,402	158,820	SH		SOLE	NONE	158,820	0	0
STANLEY BLACK & DECKER INC	Common	049645619	9,746	100,490	SH		DFND		0	100,490	0
TE CONNECTIVITY LTD	Common	043813854	16,382	273,530	SH		SOLE	NONE	273,530	0	0
TE CONNECTIVITY LTD	Common	043813854	10,131	169,164	SH		DFND		0	169,164	0
THE TJX COMPANIES INC.	Common	009961968	20,020	280,320	SH		SOLE	NONE	280,320	0	0
THE TJX COMPANIES INC.	Common	009961968	12,266	171,744	SH		DFND		0	171,744	0
WABTEC CORP.	Common	011540104	18,912	214,790	SH		SOLE	NONE	214,790	0	0
WABTEC CORP.	Common	011540104	11,585	131,575	SH		DFND		0	131,575	0