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
AERCAP HOLDINGS NV	Common	027691617	80,659	1,402,271	SH		SOLE	NONE	1,402,271	0	0
AERCAP HOLDINGS NV	Common	027691617	54	942	SH		DFND		0	942	0
ALBEMARLE CORPORATION	Common	010231272	2,825	28,315	SH		SOLE	NONE	28,315	0	0
ALBEMARLE CORPORATION	Common	010231272	3,169	31,763	SH		DFND		0	31,763	0
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	2,837	12,013	SH		SOLE	NONE	12,013	0	0
ALLIANCE DATA SYSTEMS CORPORATION	Common	013083916	3,070	12,999	SH		DFND		0	12,999	0
ALLSTATE CORPORATION	Common	009724478	91	920	SH		DFND		0	920	0
BOOKING HOLDINGS INC	Common	178531140	4,125	2,079	SH		SOLE	NONE	2,079	0	0
BOOKING HOLDINGS INC	Common	178531140	4,605	2,321	SH		DFND		0	2,321	0
CHARLES RIVER LABORATORIES	Common	011376487	4,623	34,360	SH		SOLE	NONE	34,360	0	0
CHARLES RIVER LABORATORIES	Common	011376487	5,123	38,079	SH		DFND		0	38,079	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	Common	011551521	52	680	SH		DFND		0	680	0
DOWDUPONT INC.	Common	046910503	3,469	53,935	SH		SOLE	NONE	53,935	0	0
DOWDUPONT INC.	Common	046910503	3,860	60,029	SH		DFND		0	60,029	0
FORTIVE CORPORATION	Common	143696294	2,255	26,785	SH		SOLE	NONE	26,785	0	0
FORTIVE CORPORATION	Common	143696294	2,517	29,895	SH		DFND		0	29,895	0
HEXCEL CORPORATION	Common	011539629	2,905	43,325	SH		SOLE	NONE	43,325	0	0
HEXCEL CORPORATION	Common	011539629	3,248	48,446	SH		DFND		0	48,446	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	3,096	18,603	SH		SOLE	NONE	18,603	0	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	3,433	20,631	SH		DFND		0	20,631	0
II-VI INC.	Common	011542298	2,841	60,065	SH		SOLE	NONE	60,065	0	0
II-VI INC.	Common	011542298	3,102	65,586	SH		DFND		0	65,586	0
JOHNSON & JOHNSON	Common	009722513	2,180	15,780	SH		SOLE	NONE	15,780	0	0
JOHNSON & JOHNSON	Common	009722513	2,478	17,935	SH		DFND		0	17,935	0
JPMORGAN CHASE & CO.	Common	012271654	4,372	38,745	SH		SOLE	NONE	38,745	0	0
JPMORGAN CHASE & CO.	Common	012271654	4,862	43,085	SH		DFND		0	43,085	0
LKQ CORPORATION	Common	022290436	2,577	81,375	SH		SOLE	NONE	81,375	0	0
LKQ CORPORATION	Common	022290436	2,884	91,060	SH		DFND		0	91,060	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	2,560	4,203	SH		SOLE	NONE	4,203	0	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	2,752	4,519	SH		DFND		0	4,519	0
QUANTA SERVICES, INC.	Common	011549624	1,850	55,410	SH		SOLE	NONE	55,410	0	0
QUANTA SERVICES, INC.	Common	011549624	2,058	61,644	SH		DFND		0	61,644	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	3,111	23,945	SH		SOLE	NONE	23,945	0	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	3,499	26,928	SH		DFND		0	26,928	0
STANLEY BLACK & DECKER INC	Common	049645619	3,170	21,645	SH		SOLE	NONE	21,645	0	0
STANLEY BLACK & DECKER INC	Common	049645619	3,535	24,141	SH		DFND		0	24,141	0
TE CONNECTIVITY LTD	Common	043813854	4,188	47,630	SH		SOLE	NONE	47,630	0	0
TE CONNECTIVITY LTD	Common	043813854	4,656	52,947	SH		DFND		0	52,947	0
THE TJX COMPANIES INC.	Common	009961968	3,874	34,585	SH		SOLE	NONE	34,585	0	0
THE TJX COMPANIES INC.	Common	009961968	4,322	38,585	SH		DFND		0	38,585	0
WABTEC CORP.	Common	011540104	3,033	28,920	SH		SOLE	NONE	28,920	0	0
WABTEC CORP.	Common	011540104	3,371	32,145	SH		DFND		0	32,145	0