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
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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
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	13,265	166,400	SH		DFND		0	166,400	0
ACE LTD	SHS	H0023R105	1,783	18,000	SH		DFND		0	18,000	0
ACTAVIS PLC	SHS	G0083B108	6,937	33,700	SH		DFND		0	33,700	0
ACTUANT CORP	CL A NEW	00508X203	1,810	53,000	SH		DFND		0	53,000	0
ACUITY BRANDS INC	COM	00508Y102	17,552	132,400	SH		DFND		0	132,400	0
ADOBE SYS INC	COM	00724F101	1,275	19,400	SH		DFND		0	19,400	0
ADVENT SOFTWARE INC	COM	007974108	1,374	46,800	SH		DFND		0	46,800	0
ADVISORY BRD CO	COM	00762W107	3,264	50,800	SH		DFND		0	50,800	0
AFFILIATED MANAGERS GROUP	COM	008252108	11,563	57,800	SH		DFND		0	57,800	0
AFLAC INC	COM	001055102	10,004	158,700	SH		DFND		0	158,700	0
AGL RES INC	COM	001204106	1,219	24,900	SH		DFND		0	24,900	0
AIR PRODS & CHEMS INC	COM	009158106	3,928	33,000	SH		DFND		0	33,000	0
AIRGAS INC	COM	009363102	3,472	32,600	SH		DFND		0	32,600	0
AKORN INC	COM	009728106	2,037	92,600	SH		DFND		0	92,600	0
ALBEMARLE CORP	COM	012653101	671	10,100	SH		DFND		0	10,100	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	1,099	1,000,000	PRN		DFND		0	1,000,000	0
ALEXION PHARMACEUTICALS INC	COM	015351109	14,391	94,600	SH		DFND		0	94,600	0
ALLEGHANY CORP DEL	COM	017175100	2,159	5,300	SH		DFND		0	5,300	0
ALLERGAN INC	COM	018490102	10,995	88,600	SH		DFND		0	88,600	0
ALLIANCE DATA SYSTEMS CORP	COM	018581108	15,720	57,700	SH		DFND		0	57,700	0
ALLIANT TECHSYSTEMS INC	COM	018804104	1,137	8,000	SH		DFND		0	8,000	0
ALLIANT TECHSYSTEMS INC	NOTE 3.000% 8/1	018804AK0	279	150,000	PRN		DFND		0	150,000	0
ALLIED WRLD ASSUR COM HLDG A	SHS	H01531104	557	5,400	SH		DFND		0	5,400	0
AMBEV SA	SPONSORED ADR	02319V103	4,816	650,000	SH		DFND		0	650,000	0
AMERICA MOVIL SAB DE CV	SPON ADR L SHS	02364W105	1,829	92,000	SH		DFND		0	92,000	0
AMERICAN CAMPUS CMNTYS INC	COM	024835100	388	10,400	SH		DFND		0	10,400	0
AMERICAN ELEC PWR INC	COM	025537101	1,287	25,400	SH		DFND		0	25,400	0
AMERICAN STS WTR CO	COM	029899101	1,711	53,000	SH		DFND		0	53,000	0
AMERICAN TOWER CORP NEW	COM	03027X100	9,652	117,900	SH		DFND		0	117,900	0
AMERIPRISE FINL INC	COM	03076C106	1,068	9,700	SH		DFND		0	9,700	0
AMETEK INC NEW	COM	031100100	17,096	332,025	SH		DFND		0	332,025	0
AMGEN INC	COM	031162100	4,403	35,700	SH		DFND		0	35,700	0
AMPHENOL CORP NEW	CL A	032095101	7,891	86,100	SH		DFND		0	86,100	0
AMTRUST FINL SVCS INC	COM	032359309	243	6,460	SH		DFND		0	6,460	0
ANIXTER INTL INC	COM	035290105	5,127	50,500	SH		DFND		0	50,500	0
ANSYS INC	COM	03662Q105	12,187	158,226	SH		DFND		0	158,226	0
APPLE INC	COM	037833100	7,568	14,100	SH		DFND		0	14,100	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	888	18,400	SH		DFND		0	18,400	0
APTARGROUP INC	COM	038336103	10,503	158,900	SH		DFND		0	158,900	0
ARCH CAP GROUP LTD	ORD	G0450A105	8,976	156,000	SH		DFND		0	156,000	0
ARM HLDGS PLC	SPONSORED ADR	042068106	2,533	49,700	SH		DFND		0	49,700	0
AT&T INC	COM	00206R102	3,086	88,000	SH		DFND		0	88,000	0
ATMOS ENERGY CORP	COM	049560105	1,536	32,600	SH		DFND		0	32,600	0
ATWOOD OCEANICS INC	COM	050095108	2,731	54,200	SH		DFND		0	54,200	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	5,570	72,100	SH		DFND		0	72,100	0
AUTOZONE INC	COM	053332102	16,650	31,000	SH		DFND		0	31,000	0
AVAGO TECHNOLOGIES LTD	SHS	Y0486S104	2,061	32,000	SH		DFND		0	32,000	0
AZZ INC	COM	002474104	4,718	105,600	SH		DFND		0	105,600	0
BALL CORP	COM	058498106	3,354	61,200	SH		DFND		0	61,200	0
BANCO DE CHILE	SPONSORED ADR	059520106	626	8,316	SH		DFND		0	8,316	0
BANK MONTREAL QUE	COM	063671101	2,144	32,000	SH		DFND		0	32,000	0
BANK N S HALIFAX	COM	064149107	1,601	27,600	SH		DFND		0	27,600	0
BARD C R INC	COM	067383109	7,606	51,400	SH		DFND		0	51,400	0
BCE INC	COM NEW	05534B760	4,530	105,000	SH		DFND		0	105,000	0
BECTON DICKINSON & CO	COM	075887109	3,536	30,200	SH		DFND		0	30,200	0
BHP BILLITON LTD	SPONSORED ADR	088606108	3,361	49,600	SH		DFND		0	49,600	0
BIO RAD LABS INC	CL A	090572207	1,025	8,000	SH		DFND		0	8,000	0
BIOGEN IDEC INC	COM	09062X103	3,059	10,000	SH		DFND		0	10,000	0
BIO-REFERENCE LABS INC	COM $.01 NEW	09057G602	476	17,200	SH		DFND		0	17,200	0
BLACKROCK INC	COM	09247X101	13,051	41,500	SH		DFND		0	41,500	0
BOEING CO	COM	097023105	2,384	19,000	SH		DFND		0	19,000	0
BOK FINL CORP	COM NEW	05561Q201	387	5,600	SH		DFND		0	5,600	0
BORGWARNER INC	COM	099724106	8,889	144,600	SH		DFND		0	144,600	0
BOSTON BEER INC	CL A	100557107	6,828	27,900	SH		DFND		0	27,900	0
BRE PROPERTIES INC	CL A	05564E106	1,067	17,000	SH		DFND		0	17,000	0
BRF SA	SPONSORED ADR	10552T107	2,378	119,000	SH		DFND		0	119,000	0
BRINKER INTL INC	COM	109641100	13,873	264,500	SH		DFND		0	264,500	0
BRISTOL MYERS SQUIBB CO	COM	110122108	3,501	67,400	SH		DFND		0	67,400	0
BRISTOW GROUP INC	NOTE 3.000% 6/1	110394AC7	310	250,000	PRN		DFND		0	250,000	0
BRITISH AMERN TOB PLC	SPONSORED ADR	110448107	5,337	47,900	SH		DFND		0	47,900	0
BROWN & BROWN INC	COM	115236101	2,245	73,000	SH		DFND		0	73,000	0
BROWN FORMAN CORP	CL B	115637209	2,000	22,300	SH		DFND		0	22,300	0
BUCKLE INC	COM	118440106	2,844	62,100	SH		DFND		0	62,100	0
BUFFALO WILD WINGS INC	COM	119848109	7,192	48,300	SH		DFND		0	48,300	0
BUNGE LIMITED	COM	G16962105	4,254	53,500	SH		DFND		0	53,500	0
CACI INTL INC	NOTE 2.125% 5/0	127190AD8	472	350,000	PRN		DFND		0	350,000	0
CAMDEN PPTY TR	SH BEN INT	133131102	1,145	17,000	SH		DFND		0	17,000	0
CAMERON INTERNATIONAL CORP	COM	13342B105	2,285	37,000	SH		DFND		0	37,000	0
CANADIAN NATL RY CO	COM	136375102	13,841	246,200	SH		DFND		0	246,200	0
CANADIAN PAC RY LTD	COM	13645T100	1,715	11,400	SH		DFND		0	11,400	0
CAPITAL ONE FINL CORP	COM	14040H105	4,738	61,400	SH		DFND		0	61,400	0
CARLISLE COS INC	COM	142339100	5,236	66,000	SH		DFND		0	66,000	0
CASEYS GEN STORES INC	COM	147528103	5,367	79,400	SH		DFND		0	79,400	0
CATAMARAN CORP	COM	148887102	3,174	70,914	SH		DFND		0	70,914	0
CDN IMPERIAL BK OF COMMERCE	COM	136069101	2,258	26,200	SH		DFND		0	26,200	0
CERNER CORP	COM	156782104	10,564	187,800	SH		DFND		0	187,800	0
CHART INDS INC	COM PAR $0.01	16115Q308	1,734	21,800	SH		DFND		0	21,800	0
CHEVRON CORP NEW	COM	166764100	10,583	89,000	SH		DFND		0	89,000	0
CHICAGO BRIDGE & IRON CO N V	COM	167250109	10,284	118,000	SH		DFND		0	118,000	0
CHURCH & DWIGHT INC	COM	171340102	14,809	214,400	SH		DFND		0	214,400	0
CINTAS CORP	COM	172908105	1,395	23,400	SH		DFND		0	23,400	0
CLARCOR INC	COM	179895107	9,560	166,700	SH		DFND		0	166,700	0
CLEAN HARBORS INC	COM	184496107	3,731	68,100	SH		DFND		0	68,100	0
CLECO CORP NEW	COM	12561W105	1,740	34,400	SH		DFND		0	34,400	0
CNOOC LTD	SPONSORED ADR	126132109	1,306	8,600	SH		DFND		0	8,600	0
COCA COLA CO	COM	191216100	3,487	90,200	SH		DFND		0	90,200	0
COCA COLA FEMSA S A B DE C V	SPON ADR REP L	191241108	2,596	24,600	SH		DFND		0	24,600	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	14,292	282,400	SH		DFND		0	282,400	0
COHERENT INC	COM	192479103	261	4,000	SH		DFND		0	4,000	0
COMCAST CORP NEW	CL A SPL	20030N200	4,876	100,000	SH		DFND		0	100,000	0
COMMERCE BANCSHARES INC	COM	200525103	1,956	42,130	SH		DFND		0	42,130	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	2,239	241,800	SH		DFND		0	241,800	0
COMPASS MINERALS INTL INC	COM	20451N101	289	3,500	SH		DFND		0	3,500	0
CONCUR TECHNOLOGIES INC	COM	206708109	4,765	48,100	SH		DFND		0	48,100	0
CONOCOPHILLIPS	COM	20825C104	1,921	27,300	SH		DFND		0	27,300	0
COOPER COS INC	COM NEW	216648402	1,099	8,000	SH		DFND		0	8,000	0
COPART INC	COM	217204106	1,761	48,400	SH		DFND		0	48,400	0
CORE LABORATORIES N V	COM	N22717107	4,505	22,700	SH		DFND		0	22,700	0
COSTCO WHSL CORP NEW	COM	22160K105	8,655	77,500	SH		DFND		0	77,500	0
CROWN CASTLE INTL CORP	COM	228227104	3,903	52,900	SH		DFND		0	52,900	0
CROWN HOLDINGS INC	COM	228368106	6,134	137,100	SH		DFND		0	137,100	0
CVS CAREMARK CORPORATION	COM	126650100	6,692	89,400	SH		DFND		0	89,400	0
CYTEC INDS INC	COM	232820100	2,909	29,800	SH		DFND		0	29,800	0
DANAHER CORP DEL	COM	235851102	15,525	207,000	SH		DFND		0	207,000	0
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	675	9,800	SH		DFND		0	9,800	0
DENTSPLY INTL INC NEW	COM	249030107	3,241	70,400	SH		DFND		0	70,400	0
DIAGEO P L C	SPON ADR NEW	25243Q205	698	5,600	SH		DFND		0	5,600	0
DIAMOND OFFSHORE DRILLING IN	COM	25271C102	1,170	24,000	SH		DFND		0	24,000	0
DICKS SPORTING GOODS INC	COM	253393102	4,817	88,200	SH		DFND		0	88,200	0
DIRECTV	COM	25490A309	5,518	72,200	SH		DFND		0	72,200	0
DISCOVER FINL SVCS	COM	254709108	2,968	51,000	SH		DFND		0	51,000	0
DISNEY WALT CO	COM DISNEY	254687106	4,836	60,400	SH		DFND		0	60,400	0
DOMINOS PIZZA INC	COM	25754A201	8,259	107,300	SH		DFND		0	107,300	0
DONALDSON INC	COM	257651109	7,590	179,000	SH		DFND		0	179,000	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	1,928	35,400	SH		DFND		0	35,400	0
DRIL-QUIP INC	COM	262037104	2,197	19,600	SH		DFND		0	19,600	0
DSW INC	CL A	23334L102	1,650	46,000	SH		DFND		0	46,000	0
DU PONT E I DE NEMOURS & CO	COM	263534109	4,093	61,000	SH		DFND		0	61,000	0
DUKE ENERGY CORP NEW	COM NEW	26441C204	2,018	28,333	SH		DFND		0	28,333	0
DUN & BRADSTREET CORP DEL NE	COM	26483E100	2,643	26,600	SH		DFND		0	26,600	0
E M C CORP MASS	COM	268648102	5,165	188,442	SH		DFND		0	188,442	0
EATON VANCE CORP	COM NON VTG	278265103	534	14,000	SH		DFND		0	14,000	0
EBAY INC	COM	278642103	5,485	99,300	SH		DFND		0	99,300	0
ECOLAB INC	COM	278865100	15,486	143,400	SH		DFND		0	143,400	0
EL PASO ELEC CO	COM NEW	283677854	1,458	40,800	SH		DFND		0	40,800	0
ENBRIDGE INC	COM	29250N105	3,036	66,700	SH		DFND		0	66,700	0
ENERGEN CORP	COM	29265N108	646	8,000	SH		DFND		0	8,000	0
ENERGIZER HLDGS INC	COM	29266R108	6,669	66,200	SH		DFND		0	66,200	0
ENERSYS	COM	29275Y102	8,246	119,000	SH		DFND		0	119,000	0
ENERSYS	NOTE 3.375% 6/0	29275YAA0	347	200,000	PRN		DFND		0	200,000	0
ENPRO INDS INC	COM	29355X107	3,328	45,800	SH		DFND		0	45,800	0
ENSCO PLC	SHS CLASS A	G3157S106	2,399	45,455	SH		DFND		0	45,455	0
ENSTAR GROUP LIMITED	SHS	G3075P101	409	3,000	SH		DFND		0	3,000	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	4,162	60,000	SH		DFND		0	60,000	0
EOG RES INC	COM	26875P101	2,943	15,000	SH		DFND		0	15,000	0
EQT CORP	COM	26884L109	10,751	110,873	SH		DFND		0	110,873	0
EQUIFAX INC	COM	294429105	2,742	40,300	SH		DFND		0	40,300	0
EQUINIX INC	COM NEW	29444U502	3,623	19,600	SH		DFND		0	19,600	0
EQUINIX INC	NOTE 4.750% 6/1	29444UAH9	677	300,000	PRN		DFND		0	300,000	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	2,845	70,000	SH		DFND		0	70,000	0
EQUITY ONE	COM	294752100	753	33,700	SH		DFND		0	33,700	0
ESSEX PPTY TR INC	COM	297178105	1,598	9,400	SH		DFND		0	9,400	0
ESTERLINE TECHNOLOGIES CORP	COM	297425100	11,048	103,700	SH		DFND		0	103,700	0
EVEREST RE GROUP LTD	COM	G3223R108	888	5,800	SH		DFND		0	5,800	0
EXPEDITORS INTL WASH INC	COM	302130109	2,318	58,500	SH		DFND		0	58,500	0
EXPRESS SCRIPTS HLDG CO	COM	30219G108	12,576	167,480	SH		DFND		0	167,480	0
EXXON MOBIL CORP	COM	30231G102	5,763	59,000	SH		DFND		0	59,000	0
F M C CORP	COM NEW	302491303	11,943	156,000	SH		DFND		0	156,000	0
FASTENAL CO	COM	311900104	2,910	59,000	SH		DFND		0	59,000	0
FEDEX CORP	COM	31428X106	11,506	86,800	SH		DFND		0	86,800	0
FIDELITY NATIONAL FINANCIAL	NOTE 4.250% 8/1	31620RAE5	474	300,000	PRN		DFND		0	300,000	0
FIDELITY NATL INFORMATION SV	COM	31620M106	989	18,500	SH		DFND		0	18,500	0
FIRST CASH FINL SVCS INC	COM	31942D107	1,554	30,800	SH		DFND		0	30,800	0
FIRST FINL BANKSHARES	COM	32020R109	1,969	31,874	SH		DFND		0	31,874	0
FISERV INC	COM	337738108	3,152	55,600	SH		DFND		0	55,600	0
FLOWERS FOODS INC	COM	343498101	13,407	625,037	SH		DFND		0	625,037	0
FLOWSERVE CORP	COM	34354P105	2,523	32,200	SH		DFND		0	32,200	0
FMC TECHNOLOGIES INC	COM	30249U101	6,693	128,000	SH		DFND		0	128,000	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	2,368	25,400	SH		DFND		0	25,400	0
FRANKLIN ELEC INC	COM	353514102	1,157	27,200	SH		DFND		0	27,200	0
FRANKLIN RES INC	COM	354613101	2,167	40,000	SH		DFND		0	40,000	0
GAMING & LEISURE PPTYS INC	COM	36467J108	2,938	80,592	SH		DFND		0	80,592	0
GENERAL DYNAMICS CORP	COM	369550108	10,260	94,200	SH		DFND		0	94,200	0
GENERAL MLS INC	COM	370334104	13,157	253,900	SH		DFND		0	253,900	0
GENESEE & WYO INC	CL A	371559105	4,993	51,300	SH		DFND		0	51,300	0
GENUINE PARTS CO	COM	372460105	3,300	38,000	SH		DFND		0	38,000	0
GILDAN ACTIVEWEAR INC	COM	375916103	1,486	29,500	SH		DFND		0	29,500	0
GILEAD SCIENCES INC	COM	375558103	3,968	56,000	SH		DFND		0	56,000	0
GILEAD SCIENCES INC	NOTE 1.625% 5/0	375558AP8	311	100,000	PRN		DFND		0	100,000	0
GLOBAL PMTS INC	COM	37940X102	3,001	42,200	SH		DFND		0	42,200	0
GOODRICH PETE CORP	NOTE 5.000%10/0	382410AC2	257	250,000	PRN		DFND		0	250,000	0
GOOGLE INC	CL A	38259P508	8,470	7,600	SH		DFND		0	7,600	0
GRACO INC	COM	384109104	4,783	64,000	SH		DFND		0	64,000	0
GRAINGER W W INC	COM	384802104	10,384	41,100	SH		DFND		0	41,100	0
GREIF INC	CL A	397624107	1,186	22,600	SH		DFND		0	22,600	0
GRUPO AEROPORTUARIO DEL SURE	SPON ADR SER B	40051E202	515	4,200	SH		DFND		0	4,200	0
HARRIS CORP DEL	COM	413875105	2,195	30,000	SH		DFND		0	30,000	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	1,896	53,760	SH		DFND		0	53,760	0
HDFC BANK LTD	ADR REPS 3 SHS	40415F101	3,098	75,500	SH		DFND		0	75,500	0
HEALTH CARE REIT INC	COM	42217K106	1,514	25,400	SH		DFND		0	25,400	0
HEALTHCARE SVCS GRP INC	COM	421906108	1,209	41,600	SH		DFND		0	41,600	0
HEARTLAND PMT SYS INC	COM	42235N108	613	14,800	SH		DFND		0	14,800	0
HEICO CORP NEW	COM	422806109	11,422	189,868	SH		DFND		0	189,868	0
HESS CORP	COM	42809H107	1,334	16,100	SH		DFND		0	16,100	0
HOME DEPOT INC	COM	437076102	1,076	13,600	SH		DFND		0	13,600	0
HORMEL FOODS CORP	COM	440452100	9,381	190,400	SH		DFND		0	190,400	0
HORNBECK OFFSHORE SVCS INC N	COM	440543106	1,137	27,200	SH		DFND		0	27,200	0
HUNT J B TRANS SVCS INC	COM	445658107	4,560	63,400	SH		DFND		0	63,400	0
HUNTINGTON BANCSHARES INC	PFD CONV SER A	446150401	323	250	SH		DFND		0	250	0
IDEX CORP	COM	45167R104	15,325	210,250	SH		DFND		0	210,250	0
IDEXX LABS INC	COM	45168D104	9,894	81,500	SH		DFND		0	81,500	0
IHS INC	CL A	451734107	7,411	61,000	SH		DFND		0	61,000	0
INGREDION INC	COM	457187102	4,432	65,100	SH		DFND		0	65,100	0
INSULET CORP	NOTE 3.750% 6/1	45784PAC5	544	300,000	PRN		DFND		0	300,000	0
INTEL CORP	COM	458140100	5,678	220,000	SH		DFND		0	220,000	0
INTEL CORP	SDCV 3.250% 8/0	458140AF7	210	150,000	PRN		DFND		0	150,000	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	5,197	27,000	SH		DFND		0	27,000	0
INTERNATIONAL GAME TECHNOLOG	NOTE 3.250% 5/0	459902AQ5	200	200,000	PRN		DFND		0	200,000	0
INTUIT	COM	461202103	2,635	33,900	SH		DFND		0	33,900	0
ITC HLDGS CORP	COM	465685105	12,561	336,300	SH		DFND		0	336,300	0
ITT CORP NEW	COM NEW	450911201	6,647	155,450	SH		DFND		0	155,450	0
J & J SNACK FOODS CORP	COM	466032109	4,261	44,400	SH		DFND		0	44,400	0
J2 GLOBAL INC	COM	48123V102	2,387	47,700	SH		DFND		0	47,700	0
JOHNSON & JOHNSON	COM	478160104	3,546	36,100	SH		DFND		0	36,100	0
JOHNSON CTLS INC	COM	478366107	1,562	33,000	SH		DFND		0	33,000	0
JPMORGAN CHASE & CO	COM	46625H100	6,290	103,600	SH		DFND		0	103,600	0
KANSAS CITY SOUTHERN	COM NEW	485170302	7,420	72,700	SH		DFND		0	72,700	0
KAPSTONE PAPER & PACKAGING C	COM	48562P103	1,742	60,400	SH		DFND		0	60,400	0
KIRBY CORP	COM	497266106	15,937	157,400	SH		DFND		0	157,400	0
KROGER CO	COM	501044101	1,873	42,900	SH		DFND		0	42,900	0
L-3 COMMUNICATIONS HLDGS INC	COM	502424104	2,292	19,400	SH		DFND		0	19,400	0
LAM RESEARCH CORP	NOTE 1.250% 5/1	512807AL2	248	200,000	PRN		DFND		0	200,000	0
LAS VEGAS SANDS CORP	COM	517834107	4,928	61,000	SH		DFND		0	61,000	0
LENNOX INTL INC	COM	526107107	8,236	90,600	SH		DFND		0	90,600	0
LIFE TIME FITNESS INC	COM	53217R207	327	6,800	SH		DFND		0	6,800	0
LILLY ELI & CO	COM	532457108	1,324	22,500	SH		DFND		0	22,500	0
LINCOLN ELEC HLDGS INC	COM	533900106	9,793	136,000	SH		DFND		0	136,000	0
LKQ CORP	COM	501889208	11,309	429,200	SH		DFND		0	429,200	0
LOCKHEED MARTIN CORP	COM	539830109	1,747	10,700	SH		DFND		0	10,700	0
LOWES COS INC	COM	548661107	1,711	35,000	SH		DFND		0	35,000	0
LUXOTTICA GROUP S P A	SPONSORED ADR	55068R202	530	9,200	SH		DFND		0	9,200	0
M & T BK CORP	COM	55261F104	11,681	96,300	SH		DFND		0	96,300	0
MACQUARIE INFRASTR CO LLC	MEMBERSHIP INT	55608B105	928	16,200	SH		DFND		0	16,200	0
MASTEC INC	NOTE 4.000% 6/1	576323AL3	413	150,000	PRN		DFND		0	150,000	0
MASTERCARD INC	CL A	57636Q104	13,745	184,000	SH		DFND		0	184,000	0
MCCORMICK & CO INC	COM NON VTG	579780206	574	8,000	SH		DFND		0	8,000	0
MCDONALDS CORP	COM	580135101	5,127	52,300	SH		DFND		0	52,300	0
MCKESSON CORP	COM	58155Q103	11,707	66,300	SH		DFND		0	66,300	0
MDU RES GROUP INC	COM	552690109	920	26,800	SH		DFND		0	26,800	0
MEDNAX INC	COM	58502B106	8,070	130,200	SH		DFND		0	130,200	0
MERCK & CO INC NEW	COM	58933Y105	2,714	47,800	SH		DFND		0	47,800	0
METLIFE INC	COM	59156R108	1,799	34,072	SH		DFND		0	34,072	0
METLIFE INC	UNIT 99/99/9999	59156R116	493	16,000	SH		DFND		0	16,000	0
METTLER TOLEDO INTERNATIONAL	COM	592688105	10,653	45,200	SH		DFND		0	45,200	0
MGM RESORTS INTERNATIONAL	NOTE 4.250% 4/1	55303QAE0	291	200,000	PRN		DFND		0	200,000	0
MICROS SYS INC	COM	594901100	2,673	50,500	SH		DFND		0	50,500	0
MICROSOFT CORP	COM	594918104	3,476	84,800	SH		DFND		0	84,800	0
MIDDLEBY CORP	COM	596278101	12,180	46,100	SH		DFND		0	46,100	0
MONRO MUFFLER BRAKE INC	COM	610236101	1,183	20,800	SH		DFND		0	20,800	0
MONSANTO CO NEW	COM	61166W101	2,162	19,000	SH		DFND		0	19,000	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	2,319	36,071	SH		DFND		0	36,071	0
MOVADO GROUP INC	COM	624580106	465	10,200	SH		DFND		0	10,200	0
MSC INDL DIRECT INC	CL A	553530106	1,350	15,600	SH		DFND		0	15,600	0
MWI VETERINARY SUPPLY INC	COM	55402X105	3,937	25,300	SH		DFND		0	25,300	0
NAVISTAR INTL CORP NEW	NOTE 3.000%10/1	63934EAL2	305	300,000	PRN		DFND		0	300,000	0
NEW JERSEY RES	COM	646025106	1,374	27,600	SH		DFND		0	27,600	0
NEWMARKET CORP	COM	651587107	13,247	33,900	SH		DFND		0	33,900	0
NEXTERA ENERGY INC	COM	65339F101	1,626	17,000	SH		DFND		0	17,000	0
NIKE INC	CL B	654106103	2,954	40,000	SH		DFND		0	40,000	0
NOBLE ENERGY INC	COM	655044105	10,145	142,800	SH		DFND		0	142,800	0
NORDSON CORP	COM	655663102	2,707	38,400	SH		DFND		0	38,400	0
NORTHROP GRUMMAN CORP	COM	666807102	1,184	9,600	SH		DFND		0	9,600	0
NORTHWEST NAT GAS CO	COM	667655104	1,003	22,800	SH		DFND		0	22,800	0
NORTHWESTERN CORP	COM NEW	668074305	323	6,800	SH		DFND		0	6,800	0
NOVARTIS A G	SPONSORED ADR	66987V109	3,622	42,600	SH		DFND		0	42,600	0
NOVO-NORDISK A S	ADR	670100205	14,745	323,000	SH		DFND		0	323,000	0
O REILLY AUTOMOTIVE INC NEW	COM	67103H107	10,832	73,000	SH		DFND		0	73,000	0
OCEANEERING INTL INC	COM	675232102	1,940	27,000	SH		DFND		0	27,000	0
OCI PARTNERS LP	COM UNIT REP LP	67091N108	742	34,600	SH		DFND		0	34,600	0
OIL STS INTL INC	COM	678026105	493	5,000	SH		DFND		0	5,000	0
ONE GAS INC	COM	68235P108	377	10,500	SH		DFND		0	10,500	0
ONEOK INC NEW	COM	682680103	4,562	77,000	SH		DFND		0	77,000	0
OPEN TEXT CORP	COM	683715106	2,118	44,400	SH		DFND		0	44,400	0
ORACLE CORP	COM	68389X105	4,071	99,500	SH		DFND		0	99,500	0
OSHKOSH CORP	COM	688239201	5,669	96,300	SH		DFND		0	96,300	0
OWENS & MINOR INC NEW	COM	690732102	834	23,800	SH		DFND		0	23,800	0
PACKAGING CORP AMER	COM	695156109	5,433	77,200	SH		DFND		0	77,200	0
PARKER HANNIFIN CORP	COM	701094104	11,516	96,200	SH		DFND		0	96,200	0
PARTNERRE LTD	COM	G6852T105	2,546	24,600	SH		DFND		0	24,600	0
PEABODY ENERGY CORP	SDCV 4.750%12/1	704549AG9	647	800,000	PRN		DFND		0	800,000	0
PENN NATL GAMING INC	COM	707569109	830	67,400	SH		DFND		0	67,400	0
PEOPLES UNITED FINANCIAL INC	COM	712704105	1,695	114,000	SH		DFND		0	114,000	0
PEPSICO INC	COM	713448108	12,884	154,300	SH		DFND		0	154,300	0
PFIZER INC	COM	717081103	3,000	93,388	SH		DFND		0	93,388	0
PIEDMONT NAT GAS INC	COM	720186105	2,067	58,400	SH		DFND		0	58,400	0
PIONEER NAT RES CO	COM	723787107	1,000	5,346	SH		DFND		0	5,346	0
POOL CORPORATION	COM	73278L105	2,263	36,900	SH		DFND		0	36,900	0
PORTFOLIO RECOVERY ASSOCS IN	COM	73640Q105	5,121	88,500	SH		DFND		0	88,500	0
PRAXAIR INC	COM	74005P104	13,844	105,700	SH		DFND		0	105,700	0
PRECISION CASTPARTS CORP	COM	740189105	14,483	57,300	SH		DFND		0	57,300	0
PRICE T ROWE GROUP INC	COM	74144T108	3,953	48,000	SH		DFND		0	48,000	0
PRICELINE COM INC	COM NEW	741503403	3,099	2,600	SH		DFND		0	2,600	0
PRINCIPAL FINL GROUP INC	COM	74251V102	460	10,000	SH		DFND		0	10,000	0
PROASSURANCE CORP	COM	74267C106	6,261	140,600	SH		DFND		0	140,600	0
PROCTER & GAMBLE CO	COM	742718109	8,463	105,000	SH		DFND		0	105,000	0
PROSPERITY BANCSHARES INC	COM	743606105	3,281	49,600	SH		DFND		0	49,600	0
PRUDENTIAL FINL INC	COM	744320102	5,942	70,200	SH		DFND		0	70,200	0
PTC INC	COM	69370C100	567	16,000	SH		DFND		0	16,000	0
QUALCOMM INC	COM	747525103	4,913	62,300	SH		DFND		0	62,300	0
QUESTAR CORP	COM	748356102	5,072	213,300	SH		DFND		0	213,300	0
RALPH LAUREN CORP	CL A	751212101	2,414	15,000	SH		DFND		0	15,000	0
RAYTHEON CO	COM NEW	755111507	3,843	38,900	SH		DFND		0	38,900	0
RBC BEARINGS INC	COM	75524B104	701	11,000	SH		DFND		0	11,000	0
RENAISSANCERE HOLDINGS LTD	COM	G7496G103	390	4,000	SH		DFND		0	4,000	0
REPUBLIC SVCS INC	COM	760759100	8,451	247,400	SH		DFND		0	247,400	0
RESMED INC	COM	761152107	581	13,000	SH		DFND		0	13,000	0
REYNOLDS AMERICAN INC	COM	761713106	4,861	91,000	SH		DFND		0	91,000	0
RLI CORP	COM	749607107	4,919	111,200	SH		DFND		0	111,200	0
ROCKWELL AUTOMATION INC	COM	773903109	2,653	21,300	SH		DFND		0	21,300	0
ROCKWOOD HLDGS INC	COM	774415103	4,806	64,600	SH		DFND		0	64,600	0
ROLLINS INC	COM	775711104	10,336	341,800	SH		DFND		0	341,800	0
ROPER INDS INC NEW	COM	776696106	15,834	118,600	SH		DFND		0	118,600	0
ROYAL BK CDA MONTREAL QUE	COM	780087102	5,306	80,400	SH		DFND		0	80,400	0
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	2,000	25,600	SH		DFND		0	25,600	0
RUSH ENTERPRISES INC	CL A	781846209	2,329	71,700	SH		DFND		0	71,700	0
RYANAIR HLDGS PLC	SPONSORED ADR	783513104	294	5,000	SH		DFND		0	5,000	0
SAFEWAY INC	COM NEW	786514208	2,407	65,158	SH		DFND		0	65,158	0
SALESFORCE COM INC	COM	79466L302	14,900	261,000	SH		DFND		0	261,000	0
SALIX PHARMACEUTICALS INC	NOTE 2.750% 5/1	795435AC0	276	123,000	PRN		DFND		0	123,000	0
SANDISK CORP	NOTE 1.500% 8/1	80004CAD3	247	150,000	PRN		DFND		0	150,000	0
SANOFI	SPONSORED ADR	80105N105	1,736	33,200	SH		DFND		0	33,200	0
SAP AG	SPON ADR	803054204	4,870	59,900	SH		DFND		0	59,900	0
SBA COMMUNICATIONS CORP	COM	78388J106	12,116	133,200	SH		DFND		0	133,200	0
SCHEIN HENRY INC	COM	806407102	13,692	114,700	SH		DFND		0	114,700	0
SCHLUMBERGER LTD	COM	806857108	5,772	59,200	SH		DFND		0	59,200	0
SCHWAB CHARLES CORP NEW	COM	808513105	3,280	120,000	SH		DFND		0	120,000	0
SCOTTS MIRACLE GRO CO	CL A	810186106	6,618	108,000	SH		DFND		0	108,000	0
SEMPRA ENERGY	COM	816851109	1,838	19,000	SH		DFND		0	19,000	0
SIGMA ALDRICH CORP	COM	826552101	12,672	135,700	SH		DFND		0	135,700	0
SIGNATURE BK NEW YORK N Y	COM	82669G104	1,143	9,100	SH		DFND		0	9,100	0
SIGNET JEWELERS LIMITED	SHS	G81276100	1,503	14,200	SH		DFND		0	14,200	0
SILGAN HOLDINGS INC	COM	827048109	8,711	175,900	SH		DFND		0	175,900	0
SNAP ON INC	COM	833034101	1,021	9,000	SH		DFND		0	9,000	0
SOUTH JERSEY INDS INC	COM	838518108	6,450	115,000	SH		DFND		0	115,000	0
SOUTHWEST GAS CORP	COM	844895102	2,384	44,600	SH		DFND		0	44,600	0
SPECTRUM BRANDS HLDGS INC	COM	84763R101	319	4,000	SH		DFND		0	4,000	0
STAPLES INC	COM	855030102	1,436	126,600	SH		DFND		0	126,600	0
STARBUCKS CORP	COM	855244109	9,048	123,300	SH		DFND		0	123,300	0
STATE STR CORP	COM	857477103	2,302	33,100	SH		DFND		0	33,100	0
STEEL DYNAMICS INC	NOTE 5.125% 6/1	858119AP5	378	350,000	PRN		DFND		0	350,000	0
STERICYCLE INC	COM	858912108	13,816	121,600	SH		DFND		0	121,600	0
STERIS CORP	COM	859152100	621	13,000	SH		DFND		0	13,000	0
STIFEL FINL CORP	COM	860630102	8,559	172,000	SH		DFND		0	172,000	0
SYNGENTA AG	SPONSORED ADR	87160A100	970	12,800	SH		DFND		0	12,800	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	210	6,000	SH		DFND		0	6,000	0
TARGET CORP	COM	87612E106	3,534	58,400	SH		DFND		0	58,400	0
TAUBMAN CTRS INC	COM	876664103	566	8,000	SH		DFND		0	8,000	0
TE CONNECTIVITY LTD	REG SHS	H84989104	1,168	19,400	SH		DFND		0	19,400	0
TELEDYNE TECHNOLOGIES INC	COM	879360105	9,198	94,500	SH		DFND		0	94,500	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	4,398	83,237	SH		DFND		0	83,237	0
TEXAS INSTRS INC	COM	882508104	2,593	55,000	SH		DFND		0	55,000	0
THE ADT CORPORATION	COM	00101J106	2,878	96,100	SH		DFND		0	96,100	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	15,090	125,500	SH		DFND		0	125,500	0
TIME WARNER CABLE INC	COM	88732j207	1,742	12,700	SH		DFND		0	12,700	0
TJX COS INC NEW	COM	872540109	18,268	301,200	SH		DFND		0	301,200	0
TORO CO	COM	891092108	14,294	226,200	SH		DFND		0	226,200	0
TORONTO DOMINION BK ONT	COM NEW	891160509	1,754	37,368	SH		DFND		0	37,368	0
TOTAL S A	SPONSORED ADR	89151E109	1,935	29,500	SH		DFND		0	29,500	0
TOWER GROUP INC	NOTE 5.000% 9/1	891777AC8	189	200,000	PRN		DFND		0	200,000	0
TOWERS WATSON & CO	CL A	891894107	2,041	17,900	SH		DFND		0	17,900	0
TRANSCANADA CORP	COM	89353D107	4,570	100,400	SH		DFND		0	100,400	0
TRANSOCEAN LTD	REG SHS	H8817H100	992	24,000	SH		DFND		0	24,000	0
TRIMBLE NAVIGATION LTD	COM	896239100	2,363	60,800	SH		DFND		0	60,800	0
TYCO INTERNATIONAL LTD	SHS	H89128104	2,769	65,300	SH		DFND		0	65,300	0
TYLER TECHNOLOGIES INC	COM	902252105	1,946	23,258	SH		DFND		0	23,258	0
ULTIMATE SOFTWARE GROUP INC	COM	90385D107	5,822	42,500	SH		DFND		0	42,500	0
ULTRAPAR PARTICIPACOES S A	SP ADR REP COM	90400P101	785	32,600	SH		DFND		0	32,600	0
UNION PAC CORP	COM	907818108	15,294	81,500	SH		DFND		0	81,500	0
UNITED TECHNOLOGIES CORP	COM	913017109	17,351	148,500	SH		DFND		0	148,500	0
UNITEDHEALTH GROUP INC	COM	91324P102	5,083	62,000	SH		DFND		0	62,000	0
UNIVERSAL HLTH SVCS INC	CL B	913903100	657	8,000	SH		DFND		0	8,000	0
US BANCORP DEL	COM NEW	902973304	5,838	136,200	SH		DFND		0	136,200	0
V F CORP	COM	918204108	4,158	67,200	SH		DFND		0	67,200	0
VALMONT INDS INC	COM	920253101	10,210	68,600	SH		DFND		0	68,600	0
VALSPAR CORP	COM	920355104	8,251	114,400	SH		DFND		0	114,400	0
VCA ANTECH INC	COM	918194101	1,876	58,200	SH		DFND		0	58,200	0
VERIZON COMMUNICATIONS INC	COM	92343V104	1,717	36,100	SH		DFND		0	36,100	0
VIACOM INC NEW	CL B	92553P201	2,550	30,000	SH		DFND		0	30,000	0
VISA INC	COM CL A	92826C839	2,806	13,000	SH		DFND		0	13,000	0
VMWARE INC	CL A COM	928563402	2,592	24,000	SH		DFND		0	24,000	0
WABTEC CORP	COM	929740108	11,199	144,500	SH		DFND		0	144,500	0
WALGREEN CO	COM	931422109	2,575	39,000	SH		DFND		0	39,000	0
WAL-MART STORES INC	COM	931142103	2,087	27,300	SH		DFND		0	27,300	0
WASTE CONNECTIONS INC	COM	941053100	16,151	368,250	SH		DFND		0	368,250	0
WELLPOINT INC	COM	94973V107	697	7,000	SH		DFND		0	7,000	0
WELLS FARGO & CO NEW	COM	949746101	5,830	117,200	SH		DFND		0	117,200	0
WELLS FARGO & CO NEW	PERP PFD CNV A	949746804	293	250	SH		DFND		0	250	0
WEX INC	COM	96208T104	9,134	96,100	SH		DFND		0	96,100	0
WHOLE FOODS MKT INC	COM	966837106	4,848	95,600	SH		DFND		0	95,600	0
WILEY JOHN & SONS INC	CL A	968223206	640	11,100	SH		DFND		0	11,100	0
WISCONSIN ENERGY CORP	COM	976657106	5,921	127,200	SH		DFND		0	127,200	0
WOLVERINE WORLD WIDE INC	COM	978097103	9,036	316,500	SH		DFND		0	316,500	0
WOODWARD INC	COM	980745103	1,312	31,600	SH		DFND		0	31,600	0
XCEL ENERGY INC	COM	98389B100	1,187	39,100	SH		DFND		0	39,100	0
XILINX INC	NOTE 2.625% 6/1	983919AF8	375	200,000	PRN		DFND		0	200,000	0
YUM BRANDS INC	COM	988498101	14,023	186,000	SH		DFND		0	186,000	0