EULAV Asset Management 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ABB LTD	SPONSORED ADR	000375204	1,841	85,000	SH		DFND		0	85,000	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	12,248	170,200	SH		DFND		0	170,200	0
ACE LTD	SHS	H0023R105	1,879	21,000	SH		DFND		0	21,000	0
ACTAVIS INC	COM	00507K103	4,670	37,000	SH		DFND		0	37,000	0
ACTUANT CORP	CL A NEW	00508X203	1,510	45,800	SH		DFND		0	45,800	0
ACUITY BRANDS INC	COM	00508Y102	8,768	116,100	SH		DFND		0	116,100	0
ADOBE SYS INC	COM	00724F101	1,093	24,000	SH		DFND		0	24,000	0
ADVENT SOFTWARE INC	COM	007974108	1,641	46,800	SH		DFND		0	46,800	0
ADVISORY BRD CO	COM	00762W107	2,503	45,800	SH		DFND		0	45,800	0
AFFILIATED MANAGERS GROUP	COM	008252108	9,476	57,800	SH		DFND		0	57,800	0
AFLAC INC	COM	001055102	6,201	106,700	SH		DFND		0	106,700	0
AGL RES INC	COM	001204106	1,007	23,500	SH		DFND		0	23,500	0
AGRIUM INC	COM	008916108	1,391	16,000	SH		DFND		0	16,000	0
AIR PRODS & CHEMS INC	COM	009158106	4,762	52,000	SH		DFND		0	52,000	0
AIRGAS INC	COM	009363102	3,398	35,600	SH		DFND		0	35,600	0
AKORN INC	COM	009728106	1,157	85,600	SH		DFND		0	85,600	0
ALBEMARLE CORP	COM	012653101	629	10,100	SH		DFND		0	10,100	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	986	1,000,000	PRN		DFND		0	1,000,000	0
ALEXION PHARMACEUTICALS INC	COM	015351109	11,493	124,600	SH		DFND		0	124,600	0
ALLEGHANY CORP DEL	COM	017175100	882	2,300	SH		DFND		0	2,300	0
ALLERGAN INC	COM	018490102	6,706	79,600	SH		DFND		0	79,600	0
ALLIANCE DATA SYSTEMS CORP	COM	018581108	10,807	59,700	SH		DFND		0	59,700	0
ALLIANCE DATA SYSTEMS CORP	NOTE 1.750% 8/0	018581AD0	341	150,000	PRN		DFND		0	150,000	0
ALLIED WRLD ASSUR COM HLDG A	SHS	H01531104	494	5,400	SH		DFND		0	5,400	0
AMERICA MOVIL SAB DE CV	SPON ADR L SHS	02364W105	2,001	92,000	SH		DFND		0	92,000	0
AMERICAN CAMPUS CMNTYS INC	COM	024835100	423	10,400	SH		DFND		0	10,400	0
AMERICAN ELEC PWR INC	COM	025537101	985	22,000	SH		DFND		0	22,000	0
AMERICAN STS WTR CO	COM	029899101	1,047	19,500	SH		DFND		0	19,500	0
AMERICAN TOWER CORP NEW	COM	03027X100	8,480	115,900	SH		DFND		0	115,900	0
AMERIPRISE FINL INC	COM	03076C106	1,051	13,000	SH		DFND		0	13,000	0
AMETEK INC NEW	COM	031100100	16,828	397,825	SH		DFND		0	397,825	0
AMGEN INC	COM	031162100	3,552	36,000	SH		DFND		0	36,000	0
AMPHENOL CORP NEW	CL A	032095101	8,067	103,500	SH		DFND		0	103,500	0
AMTRUST FINANCIAL SERVICES I	COM	032359309	236	6,600	SH		DFND		0	6,600	0
ANIXTER INTL INC	COM	035290105	3,995	52,700	SH		DFND		0	52,700	0
ANSYS INC	COM	03662Q105	11,859	162,226	SH		DFND		0	162,226	0
APACHE CORP	COM	037411105	1,599	19,077	SH		DFND		0	19,077	0
APACHE CORP	PFD CONV SER D	037411808	1,599	33,500	SH		DFND		0	33,500	0
APPLE INC	COM	037833100	5,585	14,100	SH		DFND		0	14,100	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	648	13,400	SH		DFND		0	13,400	0
APTARGROUP INC	COM	038336103	8,773	158,900	SH		DFND		0	158,900	0
ARBITRON INC	COM	03875Q108	1,747	37,600	SH		DFND		0	37,600	0
ARCH CAP GROUP LTD	ORD	G0450A105	8,226	160,000	SH		DFND		0	160,000	0
ARM HLDGS PLC	SPONSORED ADR	042068106	1,798	49,700	SH		DFND		0	49,700	0
AT&T INC	COM	00206R102	2,832	80,000	SH		DFND		0	80,000	0
ATMOS ENERGY CORP	COM	049560105	994	24,200	SH		DFND		0	24,200	0
ATWOOD OCEANICS INC	COM	050095108	2,186	42,000	SH		DFND		0	42,000	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	1,721	25,000	SH		DFND		0	25,000	0
AUTOZONE INC	COM	053332102	14,236	33,600	SH		DFND		0	33,600	0
AVAGO TECHNOLOGIES LTD	SHS	Y0486S104	1,570	42,000	SH		DFND		0	42,000	0
AVIS BUDGET GROUP	NOTE 3.500%10/0	053774AB1	640	350,000	PRN		DFND		0	350,000	0
AXIS CAPITAL HOLDINGS LTD	SHS	G0692U109	211	4,600	SH		DFND		0	4,600	0
AZZ INC	COM	002474104	4,072	105,600	SH		DFND		0	105,600	0
B & G FOODS INC NEW	COM	05508R106	272	8,000	SH		DFND		0	8,000	0
BALL CORP	COM	058498106	3,485	83,900	SH		DFND		0	83,900	0
BANCO DE CHILE	SPONSORED ADR	059520106	724	8,316	SH		DFND		0	8,316	0
BANCOLOMBIA S A	SPON ADR PREF	05968L102	1,695	30,000	SH		DFND		0	30,000	0
BANK MONTREAL QUE	COM	063671101	4,509	77,700	SH		DFND		0	77,700	0
BANK N S HALIFAX	COM	064149107	1,478	27,600	SH		DFND		0	27,600	0
BARD C R INC	COM	067383109	5,586	51,400	SH		DFND		0	51,400	0
BCE INC	COM NEW	05534B760	3,651	89,000	SH		DFND		0	89,000	0
BECTON DICKINSON & CO	COM	075887109	2,817	28,500	SH		DFND		0	28,500	0
BHP BILLITON LTD	SPONSORED ADR	088606108	2,422	42,000	SH		DFND		0	42,000	0
BIO RAD LABS INC	CL A	090572207	898	8,000	SH		DFND		0	8,000	0
BIOGEN IDEC INC	COM	09062X103	2,475	11,500	SH		DFND		0	11,500	0
BIO-REFERENCE LABS INC	COM $.01 NEW	09057G602	494	17,200	SH		DFND		0	17,200	0
BLACKROCK INC	COM	09247X101	10,967	42,700	SH		DFND		0	42,700	0
BMC SOFTWARE INC	COM	055921100	903	20,000	SH		DFND		0	20,000	0
BOEING CO	COM	097023105	2,459	24,000	SH		DFND		0	24,000	0
BOK FINL CORP	COM NEW	05561Q201	359	5,600	SH		DFND		0	5,600	0
BORGWARNER INC	COM	099724106	6,229	72,300	SH		DFND		0	72,300	0
BOSTON BEER INC	CL A	100557107	4,761	27,900	SH		DFND		0	27,900	0
BRE PROPERTIES INC	CL A	05564E106	850	17,000	SH		DFND		0	17,000	0
BRF SA	SPONSORED ADR	10552T107	2,366	109,000	SH		DFND		0	109,000	0
BRINKER INTL INC	COM	109641100	9,708	246,200	SH		DFND		0	246,200	0
BRISTOL MYERS SQUIBB CO	COM	110122108	3,039	68,000	SH		DFND		0	68,000	0
BRISTOW GROUP INC	NOTE 3.000% 6/1	110394AC7	295	250,000	PRN		DFND		0	250,000	0
BRITISH AMERN TOB PLC	SPONSORED ADR	110448107	4,931	47,900	SH		DFND		0	47,900	0
BROWN & BROWN INC	COM	115236101	967	30,000	SH		DFND		0	30,000	0
BROWN FORMAN CORP	CL B	115637209	1,439	21,300	SH		DFND		0	21,300	0
BUCKLE INC	COM	118440106	3,178	61,100	SH		DFND		0	61,100	0
BUFFALO WILD WINGS INC	COM	119848109	3,897	39,700	SH		DFND		0	39,700	0
BUNGE LIMITED	COM	G16962105	3,291	46,500	SH		DFND		0	46,500	0
C H ROBINSON WORLDWIDE INC	COM NEW	12541W209	845	15,000	SH		DFND		0	15,000	0
CACI INTL INC	NOTE 2.125% 5/0	127190AD8	419	350,000	PRN		DFND		0	350,000	0
CAMDEN PPTY TR	SH BEN INT	133131102	1,964	28,400	SH		DFND		0	28,400	0
CAMERON INTERNATIONAL CORP	COM	13342B105	3,058	50,000	SH		DFND		0	50,000	0
CANADIAN NATL RY CO	COM	136375102	12,684	130,400	SH		DFND		0	130,400	0
CANADIAN PAC RY LTD	COM	13645T100	1,141	9,400	SH		DFND		0	9,400	0
CAPITAL ONE FINL CORP	COM	14040H105	3,894	62,000	SH		DFND		0	62,000	0
CARLISLE COS INC	COM	142339100	2,567	41,200	SH		DFND		0	41,200	0
CARTER INC	COM	146229109	1,259	17,000	SH		DFND		0	17,000	0
CASEYS GEN STORES INC	COM	147528103	4,055	67,400	SH		DFND		0	67,400	0
CATAMARAN CORP	COM	148887102	7,735	158,770	SH		DFND		0	158,770	0
CDN IMPERIAL BK OF COMMERCE	COM	136069101	1,931	27,200	SH		DFND		0	27,200	0
CERNER CORP	COM	156782104	10,032	104,400	SH		DFND		0	104,400	0
CF INDS HLDGS INC	COM	125269100	3,310	19,300	SH		DFND		0	19,300	0
CHART INDS INC	COM PAR $0.01	16115Q308	2,823	30,000	SH		DFND		0	30,000	0
CHEVRON CORP NEW	COM	166764100	4,260	36,000	SH		DFND		0	36,000	0
CHICAGO BRIDGE & IRON CO N V	N Y REGISTRY SH	167250109	7,756	130,000	SH		DFND		0	130,000	0
CHURCH & DWIGHT INC	COM	171340102	13,231	214,400	SH		DFND		0	214,400	0
CINTAS CORP	COM	172908105	1,093	24,000	SH		DFND		0	24,000	0
CLARCOR INC	COM	179895107	8,703	166,700	SH		DFND		0	166,700	0
CLEAN HARBORS INC	COM	184496107	3,441	68,100	SH		DFND		0	68,100	0
CLECO CORP NEW	COM	12561W105	1,458	31,400	SH		DFND		0	31,400	0
CMS ENERGY CORP	COM	125896100	978	36,000	SH		DFND		0	36,000	0
CNOOC LTD	SPONSORED ADR	126132109	1,440	8,600	SH		DFND		0	8,600	0
COCA COLA CO	COM	191216100	1,284	32,000	SH		DFND		0	32,000	0
COCA COLA FEMSA S A B DE C V	SPON ADR REP L	191241108	2,637	18,800	SH		DFND		0	18,800	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	10,318	164,800	SH		DFND		0	164,800	0
COHERENT INC	COM	192479103	220	4,000	SH		DFND		0	4,000	0
COMCAST CORP NEW	CL A SPL	20030N200	4,007	101,000	SH		DFND		0	101,000	0
COMMERCE BANCSHARES INC	COM	200525103	244	5,600	SH		DFND		0	5,600	0
COMMVAULT SYSTEMS INC	COM	204166102	1,396	18,400	SH		DFND		0	18,400	0
COMPANHIA DE BEBIDAS DAS AME	SPON ADR PFD	20441W203	4,855	130,000	SH		DFND		0	130,000	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	2,517	241,800	SH		DFND		0	241,800	0
COMPASS MINERALS INTL INC	COM	20451N101	634	7,500	SH		DFND		0	7,500	0
CONAGRA FOODS INC	COM	205887102	1,048	30,000	SH		DFND		0	30,000	0
CONCUR TECHNOLOGIES INC	COM	206708109	3,312	40,700	SH		DFND		0	40,700	0
CONOCOPHILLIPS	COM	20825C104	1,694	28,000	SH		DFND		0	28,000	0
COOPER COS INC	COM NEW	216648402	738	6,200	SH		DFND		0	6,200	0
COPA HOLDINGS SA	CL A	P31076105	262	2,000	SH		DFND		0	2,000	0
COPART INC	COM	217204106	1,491	48,400	SH		DFND		0	48,400	0
CORE LABORATORIES N V	COM	N22717107	2,897	19,100	SH		DFND		0	19,100	0
COSTCO WHSL CORP NEW	COM	22160K105	7,795	70,500	SH		DFND		0	70,500	0
CROWN CASTLE INTL CORP	COM	228227104	8,571	118,400	SH		DFND		0	118,400	0
CROWN HOLDINGS INC	COM	228368106	6,120	148,800	SH		DFND		0	148,800	0
CTRIP COM INTL LTD	AMERICAN DEP SHS	22943F100	1,207	37,000	SH		DFND		0	37,000	0
CVS CAREMARK CORPORATION	COM	126650100	2,402	42,000	SH		DFND		0	42,000	0
CYTEC INDS INC	COM	232820100	5,413	73,900	SH		DFND		0	73,900	0
DANAHER CORP DEL	COM	235851102	12,533	198,000	SH		DFND		0	198,000	0
DARDEN RESTAURANTS INC	COM	237194105	5,144	101,900	SH		DFND		0	101,900	0
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	1,546	12,800	SH		DFND		0	12,800	0
DECKERS OUTDOOR CORP	COM	243537107	298	5,900	SH		DFND		0	5,900	0
DENTSPLY INTL INC NEW	COM	249030107	2,580	63,000	SH		DFND		0	63,000	0
DIAGEO P L C	SPON ADR NEW	25243Q205	483	4,200	SH		DFND		0	4,200	0
DIAMOND OFFSHORE DRILLING IN	COM	25271C102	2,270	33,000	SH		DFND		0	33,000	0
DICKS SPORTING GOODS INC	COM	253393102	3,214	64,200	SH		DFND		0	64,200	0
DIGITAL RLTY TR INC	COM	253868103	3,294	54,000	SH		DFND		0	54,000	0
DIRECTV	COM	25490A309	4,621	75,000	SH		DFND		0	75,000	0
DISCOVER FINL SVCS	COM	254709108	2,763	58,000	SH		DFND		0	58,000	0
DISNEY WALT CO	COM DISNEY	254687106	3,852	61,000	SH		DFND		0	61,000	0
DOMINOS PIZZA INC	COM	25754A201	9,420	162,000	SH		DFND		0	162,000	0
DONALDSON INC	COM	257651109	6,383	179,000	SH		DFND		0	179,000	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	1,148	25,000	SH		DFND		0	25,000	0
DST SYS INC DEL	DBCV 8/1	233326AE7	277	200,000	PRN		DFND		0	200,000	0
DSW INC	CL A	23334L102	2,792	38,000	SH		DFND		0	38,000	0
DU PONT E I DE NEMOURS & CO	COM	263534109	3,622	69,000	SH		DFND		0	69,000	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	1,777	26,333	SH		DFND		0	26,333	0
DUN & BRADSTREET CORP DEL NE	COM	26483E100	1,715	17,600	SH		DFND		0	17,600	0
E M C CORP MASS	COM	268648102	4,451	188,442	SH		DFND		0	188,442	0
EATON CORP PLC	SHS	G29183103	5,870	89,200	SH		DFND		0	89,200	0
EATON VANCE CORP	COM NON VTG	278265103	526	14,000	SH		DFND		0	14,000	0
EBAY INC	COM	278642103	3,517	68,000	SH		DFND		0	68,000	0
ECOLAB INC	COM	278865100	15,079	177,000	SH		DFND		0	177,000	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	6,209	92,400	SH		DFND		0	92,400	0
EL PASO ELEC CO	COM NEW	283677854	1,476	41,800	SH		DFND		0	41,800	0
EMERSON ELEC CO	COM	291011104	982	18,000	SH		DFND		0	18,000	0
ENBRIDGE INC	COM	29250N105	2,596	61,700	SH		DFND		0	61,700	0
ENERGIZER HLDGS INC	COM	29266R108	6,654	66,200	SH		DFND		0	66,200	0
ENERSYS	COM	29275Y102	6,915	141,000	SH		DFND		0	141,000	0
ENERSYS	NOTE 3.375% 6/0	29275YAA0	262	200,000	PRN		DFND		0	200,000	0
ENPRO INDS INC	COM	29355X107	1,574	31,000	SH		DFND		0	31,000	0
ENSCO PLC	SHS CLASS A	G3157S106	1,044	17,955	SH		DFND		0	17,955	0
ENSTAR GROUP LIMITED	SHS	G3075P101	359	2,700	SH		DFND		0	2,700	0
EOG RES INC	COM	26875P101	2,239	17,000	SH		DFND		0	17,000	0
EQT CORP	COM	26884L109	8,016	101,000	SH		DFND		0	101,000	0
EQUIFAX INC	COM	294429105	1,373	23,300	SH		DFND		0	23,300	0
EQUINIX INC	COM NEW	29444U502	7,777	42,100	SH		DFND		0	42,100	0
EQUINIX INC	NOTE 4.750% 6/1	29444UAH9	681	300,000	PRN		DFND		0	300,000	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	2,751	35,000	SH		DFND		0	35,000	0
EQUITY ONE	COM	294752100	1,043	46,100	SH		DFND		0	46,100	0
ESSEX PPTY TR INC	COM	297178105	1,494	9,400	SH		DFND		0	9,400	0
ESTERLINE TECHNOLOGIES CORP	COM	297425100	7,496	103,700	SH		DFND		0	103,700	0
EXPEDITORS INTL WASH INC	COM	302130109	3,166	83,300	SH		DFND		0	83,300	0
EXPRESS SCRIPTS HLDG CO	COM	30219G108	13,046	211,480	SH		DFND		0	211,480	0
EXXON MOBIL CORP	COM	30231G102	5,421	60,000	SH		DFND		0	60,000	0
F M C CORP	COM NEW	302491303	8,451	138,400	SH		DFND		0	138,400	0
FASTENAL CO	COM	311900104	2,705	59,000	SH		DFND		0	59,000	0
FEDEX CORP	COM	31428X106	9,207	93,400	SH		DFND		0	93,400	0
FIDELITY NATIONAL FINANCIAL	NOTE 4.250% 8/1	31620RAE5	394	300,000	PRN		DFND		0	300,000	0
FIRST CASH FINL SVCS INC	COM	31942D107	1,516	30,800	SH		DFND		0	30,800	0
FIRST FINL BANKSHARES	COM	32020R109	828	14,874	SH		DFND		0	14,874	0
FISERV INC	COM	337738108	734	8,400	SH		DFND		0	8,400	0
FLOWERS FOODS INC	COM	343498101	13,231	600,037	SH		DFND		0	600,037	0
FLOWSERVE CORP	COM	34354P105	1,523	28,200	SH		DFND		0	28,200	0
FMC TECHNOLOGIES INC	COM	30249U101	7,127	128,000	SH		DFND		0	128,000	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	2,621	25,400	SH		DFND		0	25,400	0
FRANKLIN ELEC INC	COM	353514102	397	11,800	SH		DFND		0	11,800	0
FRESENIUS MED CARE AG&CO KGA	SPONSORED ADR	358029106	1,340	38,000	SH		DFND		0	38,000	0
GARDNER DENVER INC	COM	365558105	3,564	47,400	SH		DFND		0	47,400	0
GENERAL DYNAMICS CORP	COM	369550108	4,465	57,000	SH		DFND		0	57,000	0
GENERAL MLS INC	COM	370334104	13,346	275,000	SH		DFND		0	275,000	0
GENESCO INC	COM	371532102	1,521	22,700	SH		DFND		0	22,700	0
GENESEE & WYO INC	CL A	371559105	4,607	54,300	SH		DFND		0	54,300	0
GENUINE PARTS CO	COM	372460105	5,723	73,300	SH		DFND		0	73,300	0
GILDAN ACTIVEWEAR INC	COM	375916103	1,560	38,500	SH		DFND		0	38,500	0
GILEAD SCIENCES INC	COM	375558103	4,711	92,000	SH		DFND		0	92,000	0
GILEAD SCIENCES INC	NOTE 1.625% 5/0	375558AP8	226	100,000	PRN		DFND		0	100,000	0
GOODRICH PETE CORP	NOTE 5.000%10/0	382410AC2	248	250,000	PRN		DFND		0	250,000	0
GOODYEAR TIRE & RUBR CO	PFD CONV 5.875%	382550309	345	7,000	SH		DFND		0	7,000	0
GOOGLE INC	CL A	38259P508	6,779	7,700	SH		DFND		0	7,700	0
GRACO INC	COM	384109104	3,350	53,000	SH		DFND		0	53,000	0
GRAINGER W W INC	COM	384802104	10,365	41,100	SH		DFND		0	41,100	0
GREEN MTN COFFEE ROASTERS IN	COM	393122106	1,726	23,000	SH		DFND		0	23,000	0
GREIF INC	CL A	397624107	2,560	48,600	SH		DFND		0	48,600	0
GROUPE CGI INC	CL A SUB VTG	39945C109	205	7,000	SH		DFND		0	7,000	0
HANESBRANDS INC	COM	410345102	566	11,000	SH		DFND		0	11,000	0
HARRIS CORP DEL	COM	413875105	1,625	33,000	SH		DFND		0	33,000	0
HARRIS TEETER SUPERMARKETS I	COM	414585109	5,295	113,000	SH		DFND		0	113,000	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	1,452	46,960	SH		DFND		0	46,960	0
HCP INC	COM	40414L109	1,818	40,000	SH		DFND		0	40,000	0
HDFC BANK LTD	ADR REPS 3 SHS	40415F101	2,736	75,500	SH		DFND		0	75,500	0
HEALTH CARE REIT INC	COM	42217K106	1,475	22,000	SH		DFND		0	22,000	0
HEALTHCARE SVCS GRP INC	COM	421906108	750	30,600	SH		DFND		0	30,600	0
HEARTLAND PMT SYS INC	COM	42235N108	715	19,200	SH		DFND		0	19,200	0
HEICO CORP NEW	COM	422806109	7,651	151,895	SH		DFND		0	151,895	0
HERBALIFE LTD	COM USD SHS	G4412G101	478	10,600	SH		DFND		0	10,600	0
HESS CORP	COM	42809H107	1,097	16,500	SH		DFND		0	16,500	0
HMS HLDGS CORP	COM	40425J101	1,696	72,800	SH		DFND		0	72,800	0
HOME DEPOT INC	COM	437076102	1,085	14,000	SH		DFND		0	14,000	0
HORMEL FOODS CORP	COM	440452100	8,387	217,400	SH		DFND		0	217,400	0
HORNBECK OFFSHORE SVCS INC N	COM	440543106	1,016	19,000	SH		DFND		0	19,000	0
HORNBECK OFFSHORE SVCS INC N	FRNT 1.625%11/1	440543AE6	288	250,000	PRN		DFND		0	250,000	0
HUB GROUP INC	CL A	443320106	991	27,200	SH		DFND		0	27,200	0
HUNT J B TRANS SVCS INC	COM	445658107	4,891	67,700	SH		DFND		0	67,700	0
HUNTINGTON BANCSHARES INC	PFD CONV SER A	446150401	305	250	SH		DFND		0	250	0
IDEX CORP	COM	45167R104	10,829	201,250	SH		DFND		0	201,250	0
IDEXX LABS INC	COM	45168D104	7,928	88,300	SH		DFND		0	88,300	0
IHS INC	CL A	451734107	6,064	58,100	SH		DFND		0	58,100	0
ILLINOIS TOOL WKS INC	COM	452308109	1,245	18,000	SH		DFND		0	18,000	0
INGREDION INC	COM	457187102	3,314	50,500	SH		DFND		0	50,500	0
INSULET CORP	NOTE 3.750% 6/1	45784PAC5	391	300,000	PRN		DFND		0	300,000	0
INTEL CORP	COM	458140100	5,328	220,000	SH		DFND		0	220,000	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	4,969	26,000	SH		DFND		0	26,000	0
INTERNATIONAL GAME TECHNOLOG	NOTE 3.250% 5/0	459902AQ5	213	200,000	PRN		DFND		0	200,000	0
INTUIT	COM	461202103	2,069	33,900	SH		DFND		0	33,900	0
INTUITIVE SURGICAL INC	COM NEW	46120E602	5,471	10,800	SH		DFND		0	10,800	0
IRON MTN INC	COM	462846106	1,842	69,231	SH		DFND		0	69,231	0
ITAU UNIBANCO HLDG SA	SPON ADR REP PFD	465562106	1,014	78,513	SH		DFND		0	78,513	0
ITC HLDGS CORP	COM	465685105	10,235	112,100	SH		DFND		0	112,100	0
ITT CORP NEW	COM NEW	450911201	2,531	86,050	SH		DFND		0	86,050	0
J & J SNACK FOODS CORP	COM	466032109	3,454	44,400	SH		DFND		0	44,400	0
J2 GLOBAL INC	COM	48123V102	1,484	34,900	SH		DFND		0	34,900	0
JOHNSON & JOHNSON	COM	478160104	3,177	37,000	SH		DFND		0	37,000	0
JOHNSON CTLS INC	COM	478366107	1,181	33,000	SH		DFND		0	33,000	0
JPMORGAN CHASE & CO	COM	46625H100	5,543	105,000	SH		DFND		0	105,000	0
KANSAS CITY SOUTHERN	COM NEW	485170302	12,493	117,900	SH		DFND		0	117,900	0
KAPSTONE PAPER & PACKAGING C	COM	48562P103	386	9,600	SH		DFND		0	9,600	0
KIRBY CORP	COM	497266106	12,003	150,900	SH		DFND		0	150,900	0
KROGER CO	COM	501044101	1,589	46,000	SH		DFND		0	46,000	0
L-3 COMMUNICATIONS HLDGS INC	COM	502424104	1,792	20,900	SH		DFND		0	20,900	0
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	222	200,000	PRN		DFND		0	200,000	0
LAS VEGAS SANDS CORP	COM	517834107	3,758	71,000	SH		DFND		0	71,000	0
LENNOX INTL INC	COM	526107107	6,351	98,400	SH		DFND		0	98,400	0
LIFE TIME FITNESS INC	COM	53217R207	2,435	48,600	SH		DFND		0	48,600	0
LILLY ELI & CO	COM	532457108	982	20,000	SH		DFND		0	20,000	0
LINCOLN ELEC HLDGS INC	COM	533900106	7,159	125,000	SH		DFND		0	125,000	0
LKQ CORP	COM	501889208	11,850	460,200	SH		DFND		0	460,200	0
LOCKHEED MARTIN CORP	COM	539830109	1,193	11,000	SH		DFND		0	11,000	0
LOWES COS INC	COM	548661107	1,636	40,000	SH		DFND		0	40,000	0
LUXOTTICA GROUP S P A	SPONSORED ADR	55068R202	313	6,200	SH		DFND		0	6,200	0
M & T BK CORP	COM	55261F104	10,817	96,800	SH		DFND		0	96,800	0
MACQUARIE INFRASTR CO LLC	MEMBERSHIP INT	55608B105	866	16,200	SH		DFND		0	16,200	0
MASTEC INC	NOTE 4.000% 6/1	576323AL3	316	150,000	PRN		DFND		0	150,000	0
MASTERCARD INC	CL A	57636Q104	11,720	20,400	SH		DFND		0	20,400	0
MCCORMICK & CO INC	COM NON VTG	579780206	563	8,000	SH		DFND		0	8,000	0
MCDONALDS CORP	COM	580135101	13,454	135,900	SH		DFND		0	135,900	0
MCKESSON CORP	COM	58155Q103	4,007	35,000	SH		DFND		0	35,000	0
MEDNAX INC	COM	58502B106	5,138	56,100	SH		DFND		0	56,100	0
MERCK & CO INC NEW	COM	58933Y105	2,276	49,000	SH		DFND		0	49,000	0
METLIFE INC	UNIT 99/99/9999	59156R116	877	16,000	SH		DFND		0	16,000	0
METTLER TOLEDO INTERNATIONAL	COM	592688105	8,611	42,800	SH		DFND		0	42,800	0
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	224	200,000	PRN		DFND		0	200,000	0
MICROS SYS INC	COM	594901100	3,482	80,700	SH		DFND		0	80,700	0
MICROSOFT CORP	COM	594918104	3,004	87,000	SH		DFND		0	87,000	0
MIDDLEBY CORP	COM	596278101	8,147	47,900	SH		DFND		0	47,900	0
MONRO MUFFLER BRAKE INC	COM	610236101	951	19,800	SH		DFND		0	19,800	0
MONSANTO CO NEW	COM	61166W101	2,174	22,000	SH		DFND		0	22,000	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	2,082	36,071	SH		DFND		0	36,071	0
MOVADO GROUP INC	COM	624580106	345	10,200	SH		DFND		0	10,200	0
MSC INDL DIRECT INC	CL A	553530106	1,084	14,000	SH		DFND		0	14,000	0
MWI VETERINARY SUPPLY INC	COM	55402X105	2,933	23,800	SH		DFND		0	23,800	0
NAVISTAR INTL CORP NEW	NOTE 3.000%10/1	63934EAL2	291	300,000	PRN		DFND		0	300,000	0
NCR CORP NEW	COM	62886E108	3,035	92,000	SH		DFND		0	92,000	0
NEW JERSEY RES	COM	646025106	573	13,800	SH		DFND		0	13,800	0
NEWMARKET CORP	COM	651587107	10,161	38,700	SH		DFND		0	38,700	0
NIKE INC	CL B	654106103	10,010	157,200	SH		DFND		0	157,200	0
NOBLE ENERGY INC	COM	655044105	8,574	142,800	SH		DFND		0	142,800	0
NORDSON CORP	COM	655663102	2,662	38,400	SH		DFND		0	38,400	0
NORFOLK SOUTHERN CORP	COM	655844108	1,453	20,000	SH		DFND		0	20,000	0
NORTHROP GRUMMAN CORP	COM	666807102	1,242	15,000	SH		DFND		0	15,000	0
NORTHWEST NAT GAS CO	COM	667655104	969	22,800	SH		DFND		0	22,800	0
NORTHWESTERN CORP	COM NEW	668074305	271	6,800	SH		DFND		0	6,800	0
NOVARTIS A G	SPONSORED ADR	66987V109	3,041	43,000	SH		DFND		0	43,000	0
NOVO-NORDISK A S	ADR	670100205	10,011	64,600	SH		DFND		0	64,600	0
O REILLY AUTOMOTIVE INC NEW	COM	67103H107	9,212	81,800	SH		DFND		0	81,800	0
OCEANEERING INTL INC	COM	675232102	433	6,000	SH		DFND		0	6,000	0
OIL STS INTL INC	COM	678026105	463	5,000	SH		DFND		0	5,000	0
ON SEMICONDUCTOR CORP	NOTE 2.625%12/1	682189AG0	355	350,000	PRN		DFND		0	350,000	0
ONEOK INC NEW	COM	682680103	3,181	77,000	SH		DFND		0	77,000	0
OPEN TEXT CORP	COM	683715106	1,452	21,200	SH		DFND		0	21,200	0
ORACLE CORP	COM	68389X105	3,779	123,000	SH		DFND		0	123,000	0
OWENS & MINOR INC NEW	COM	690732102	1,455	43,000	SH		DFND		0	43,000	0
PACKAGING CORP AMER	COM	695156109	3,780	77,200	SH		DFND		0	77,200	0
PANERA BREAD CO	CL A	69840W108	1,990	10,700	SH		DFND		0	10,700	0
PARKER HANNIFIN CORP	COM	701094104	8,796	92,200	SH		DFND		0	92,200	0
PARTNERRE LTD	COM	G6852T105	3,170	35,000	SH		DFND		0	35,000	0
PEABODY ENERGY CORP	SDCV 4.750%12/1	704549AG9	555	800,000	PRN		DFND		0	800,000	0
PENN NATL GAMING INC	COM	707569109	3,933	74,400	SH		DFND		0	74,400	0
PEOPLES UNITED FINANCIAL INC	COM	712704105	1,743	117,000	SH		DFND		0	117,000	0
PEPSICO INC	COM	713448108	11,042	135,000	SH		DFND		0	135,000	0
PFIZER INC	COM	717081103	2,683	95,788	SH		DFND		0	95,788	0
PIEDMONT NAT GAS INC	COM	720186105	1,208	35,800	SH		DFND		0	35,800	0
PIONEER NAT RES CO	COM	723787107	774	5,346	SH		DFND		0	5,346	0
POOL CORPORATION	COM	73278L105	1,200	22,900	SH		DFND		0	22,900	0
PORTFOLIO RECOVERY ASSOCS IN	COM	73640Q105	4,071	26,500	SH		DFND		0	26,500	0
PPG INDS INC	COM	693506107	586	4,000	SH		DFND		0	4,000	0
PRAXAIR INC	COM	74005P104	13,209	114,700	SH		DFND		0	114,700	0
PRECISION CASTPARTS CORP	COM	740189105	15,301	67,700	SH		DFND		0	67,700	0
PRICE T ROWE GROUP INC	COM	74144T108	5,369	73,400	SH		DFND		0	73,400	0
PRICELINE COM INC	COM NEW	741503403	2,481	3,000	SH		DFND		0	3,000	0
PROASSURANCE CORP	COM	74267C106	7,772	149,000	SH		DFND		0	149,000	0
PROCTER & GAMBLE CO	COM	742718109	3,080	40,000	SH		DFND		0	40,000	0
PROSPERITY BANCSHARES INC	COM	743606105	2,258	43,600	SH		DFND		0	43,600	0
PRUDENTIAL FINL INC	COM	744320102	5,185	71,000	SH		DFND		0	71,000	0
PVH CORP	COM	693656100	4,245	33,946	SH		DFND		0	33,946	0
QUALCOMM INC	COM	747525103	3,848	63,000	SH		DFND		0	63,000	0
QUESTAR CORP	COM	748356102	5,254	220,300	SH		DFND		0	220,300	0
RALPH LAUREN CORP	CL A	751212101	1,911	11,000	SH		DFND		0	11,000	0
RAYTHEON CO	COM NEW	755111507	2,843	43,000	SH		DFND		0	43,000	0
RBC BEARINGS INC	COM	75524B104	468	9,000	SH		DFND		0	9,000	0
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	347	4,000	SH		DFND		0	4,000	0
REPUBLIC SVCS INC	COM	760759100	7,433	219,000	SH		DFND		0	219,000	0
RESMED INC	COM	761152107	406	9,000	SH		DFND		0	9,000	0
REYNOLDS AMERICAN INC	COM	761713106	4,402	91,000	SH		DFND		0	91,000	0
RLI CORP	COM	749607107	4,210	55,100	SH		DFND		0	55,100	0
ROCKWELL AUTOMATION INC	COM	773903109	748	9,000	SH		DFND		0	9,000	0
ROCKWELL COLLINS INC	COM	774341101	1,902	30,000	SH		DFND		0	30,000	0
ROCKWOOD HLDGS INC	COM	774415103	4,866	76,000	SH		DFND		0	76,000	0
ROLLINS INC	COM	775711104	8,956	345,800	SH		DFND		0	345,800	0
ROPER INDS INC NEW	COM	776696106	16,546	133,200	SH		DFND		0	133,200	0
ROYAL BK CDA MONTREAL QUE	COM	780087102	4,606	79,000	SH		DFND		0	79,000	0
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	1,060	16,000	SH		DFND		0	16,000	0
RUSH ENTERPRISES INC	CL A	781846209	1,676	67,700	SH		DFND		0	67,700	0
RYANAIR HLDGS PLC	SPONSORED ADR	783513104	258	5,000	SH		DFND		0	5,000	0
SAFEWAY INC	COM NEW	786514208	2,082	88,000	SH		DFND		0	88,000	0
SALESFORCE COM INC	COM	79466L302	11,187	293,000	SH		DFND		0	293,000	0
SANOFI	SPONSORED ADR	80105N105	1,597	31,000	SH		DFND		0	31,000	0
SAP AG	SPON ADR	803054204	4,290	58,900	SH		DFND		0	58,900	0
SBA COMMUNICATIONS CORP	COM	78388J106	10,229	138,000	SH		DFND		0	138,000	0
SCHEIN HENRY INC	COM	806407102	12,917	134,900	SH		DFND		0	134,900	0
SCHLUMBERGER LTD	COM	806857108	4,300	60,000	SH		DFND		0	60,000	0
SCHWAB CHARLES CORP NEW	COM	808513105	2,548	120,000	SH		DFND		0	120,000	0
SCOTTS MIRACLE GRO CO	CL A	810186106	4,116	85,200	SH		DFND		0	85,200	0
SEMPRA ENERGY	COM	816851109	2,208	27,000	SH		DFND		0	27,000	0
SHERWIN WILLIAMS CO	COM	824348106	4,185	23,700	SH		DFND		0	23,700	0
SIGMA ALDRICH CORP	COM	826552101	11,146	138,700	SH		DFND		0	138,700	0
SIGNET JEWELERS LIMITED	SHS	G81276100	2,562	38,000	SH		DFND		0	38,000	0
SILGAN HOLDINGS INC	COM	827048109	7,227	153,900	SH		DFND		0	153,900	0
SMITHFIELD FOODS INC	NOTE 4.000% 6/3	832248AR9	396	300,000	PRN		DFND		0	300,000	0
SNAP ON INC	COM	833034101	447	5,000	SH		DFND		0	5,000	0
SOUTH JERSEY INDS INC	COM	838518108	6,602	115,000	SH		DFND		0	115,000	0
SOUTHWEST GAS CORP	COM	844895102	1,759	37,600	SH		DFND		0	37,600	0
STAPLES INC	COM	855030102	2,141	135,000	SH		DFND		0	135,000	0
STARBUCKS CORP	COM	855244109	8,402	128,300	SH		DFND		0	128,300	0
STATE STR CORP	COM	857477103	2,217	34,000	SH		DFND		0	34,000	0
STEEL DYNAMICS INC	NOTE 5.125% 6/1	858119AP5	373	350,000	PRN		DFND		0	350,000	0
STERICYCLE INC	COM	858912108	14,477	131,100	SH		DFND		0	131,100	0
STERIS CORP	COM	859152100	343	8,000	SH		DFND		0	8,000	0
STIFEL FINL CORP	COM	860630102	6,528	183,000	SH		DFND		0	183,000	0
SYNGENTA AG	SPONSORED ADR	87160A100	997	12,800	SH		DFND		0	12,800	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	201	6,000	SH		DFND		0	6,000	0
TARGET CORP	COM	87612E106	3,856	56,000	SH		DFND		0	56,000	0
TAUBMAN CTRS INC	COM	876664103	601	8,000	SH		DFND		0	8,000	0
TE CONNECTIVITY LTD	REG SHS	H84989104	1,093	24,000	SH		DFND		0	24,000	0
TELEDYNE TECHNOLOGIES INC	COM	879360105	5,778	74,700	SH		DFND		0	74,700	0
TENARIS S A	SPONSORED ADR	88031M109	322	8,000	SH		DFND		0	8,000	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	4,564	116,437	SH		DFND		0	116,437	0
TEXAS INSTRS INC	COM	882508104	1,918	55,000	SH		DFND		0	55,000	0
THE ADT CORPORATION	COM	00101J106	3,268	82,000	SH		DFND		0	82,000	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	10,917	129,000	SH		DFND		0	129,000	0
TIME WARNER CABLE INC	COM	88732J207	1,462	13,000	SH		DFND		0	13,000	0
TJX COS INC NEW	COM	872540109	16,670	333,000	SH		DFND		0	333,000	0
TORO CO	COM	891092108	9,545	210,200	SH		DFND		0	210,200	0
TORONTO DOMINION BK ONT	COM NEW	891160509	1,502	18,684	SH		DFND		0	18,684	0
TOTAL S A	SPONSORED ADR	89151E109	1,023	21,000	SH		DFND		0	21,000	0
TOWER GROUP INC	NOTE 5.000% 9/1	891777AC8	210	200,000	PRN		DFND		0	200,000	0
TOWERS WATSON & CO	CL A	891894107	2,016	24,600	SH		DFND		0	24,600	0
TRANSCANADA CORP	COM	89353D107	4,009	93,000	SH		DFND		0	93,000	0
TRIMBLE NAVIGATION LTD	COM	896239100	2,096	80,600	SH		DFND		0	80,600	0
TRINITY INDS INC	NOTE 3.875% 6/0	896522AF6	352	300,000	PRN		DFND		0	300,000	0
TYCO INTERNATIONAL LTD	SHS	H89128104	2,175	66,000	SH		DFND		0	66,000	0
TYLER TECHNOLOGIES INC	COM	902252105	429	6,258	SH		DFND		0	6,258	0
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	4,152	35,400	SH		DFND		0	35,400	0
ULTRAPAR PARTICIPACOES S A	SP ADR REP COM	90400P101	742	31,000	SH		DFND		0	31,000	0
UNION PAC CORP	COM	907818108	16,014	103,800	SH		DFND		0	103,800	0
UNITED TECHNOLOGIES CORP	COM	913017109	14,080	151,500	SH		DFND		0	151,500	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,831	58,500	SH		DFND		0	58,500	0
US BANCORP DEL	COM NEW	902973304	5,169	143,000	SH		DFND		0	143,000	0
V F CORP	COM	918204108	3,243	16,800	SH		DFND		0	16,800	0
VALMONT INDS INC	COM	920253101	8,857	61,900	SH		DFND		0	61,900	0
VALSPAR CORP	COM	920355104	7,398	114,400	SH		DFND		0	114,400	0
VERIZON COMMUNICATIONS INC	COM	92343V104	1,762	35,000	SH		DFND		0	35,000	0
VIACOM INC NEW	CL B	92553P201	2,654	39,000	SH		DFND		0	39,000	0
VISA INC	COM CL A	92826C839	2,741	15,000	SH		DFND		0	15,000	0
VMWARE INC	CL A COM	928563402	1,608	24,000	SH		DFND		0	24,000	0
VOLCANO CORPORATION	COM	928645100	243	13,400	SH		DFND		0	13,400	0
WABTEC CORP	COM	929740108	7,031	131,600	SH		DFND		0	131,600	0
WALGREEN CO	COM	931422109	1,768	40,000	SH		DFND		0	40,000	0
WAL-MART STORES INC	COM	931142103	2,086	28,000	SH		DFND		0	28,000	0
WASTE CONNECTIONS INC	COM	941053100	15,586	378,850	SH		DFND		0	378,850	0
WELLPOINT INC	COM	94973V107	573	7,000	SH		DFND		0	7,000	0
WELLS FARGO & CO NEW	COM	949746101	4,870	118,000	SH		DFND		0	118,000	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	298	250	SH		DFND		0	250	0
WEX INC	COM	96208T104	8,399	109,500	SH		DFND		0	109,500	0
WHOLE FOODS MKT INC	COM	966837106	5,127	99,600	SH		DFND		0	99,600	0
WILEY JOHN & SONS INC	CL A	968223206	445	11,100	SH		DFND		0	11,100	0
WISCONSIN ENERGY CORP	COM	976657106	4,833	117,900	SH		DFND		0	117,900	0
WOLVERINE WORLD WIDE INC	COM	978097103	7,648	140,050	SH		DFND		0	140,050	0
WOODWARD INC	COM	980745103	4,112	102,800	SH		DFND		0	102,800	0
XCEL ENERGY INC	COM	98389B100	964	34,000	SH		DFND		0	34,000	0
XILINX INC	SDCV 3.125% 3/1	983919AD3	1,380	1,000,000	PRN		DFND		0	1,000,000	0
XILINX INC	NOTE 2.625% 6/1	983919AF8	286	200,000	PRN		DFND		0	200,000	0
YAMANA GOLD INC	COM	98462Y100	2,397	252,000	SH		DFND		0	252,000	0
YUM BRANDS INC	COM	988498101	12,343	178,000	SH		DFND		0	178,000	0
ZOETIS INC	CL A	98978V103	251	8,128	SH		DFND		0	8,128	0