Gluskin Sheff & Assoc 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
AMAZON.COM INC.	COM	023135106	12,498	39,977	SH		SOLE		0	0	0
AMBAC FINANCIAL GROUP INC.	COM NEW	023139884	3,433	189,260	SH		SOLE		0	0	0
AMERICAN INTERNATIONAL GROUP	COM NEW	026874784	4,272	87,850	SH		SOLE		0	0	0
AMETEK INC	COM	031100100	2,929	63,650	SH		SOLE		0	0	0
ANHEUSER-BUSCH INBEV SPN ADR	SPONSORED ADR	03524A108	29,750	299,895	SH		SOLE		0	0	0
APPLE INC.	COM	037833100	62,952	132,044	SH		SOLE		0	0	0
BANK OF AMERICA CORP.	COM	060505104	25,613	1,856,030	SH		SOLE		0	0	0
BERKSHIRE HATHAWAY INC. CL B	CL B NEW	084670702	59,247	521,950	SH		SOLE		0	0	0
BROOKFIELD INFRASTRUCTURE P LP	LP INT UNIT	G16252101	10,241	269,366	SH		SOLE		0	0	0
CABOT OIL & GAS CORP.	COM	127097103	872	23,370	SH		SOLE		0	0	0
CAPITAL ONE FINANCIAL CORP.	COM	14040H105	5,180	75,350	SH		SOLE		0	0	0
CARMIKE CINEMAS INC.	COM	143436400	1,824	82,602	SH		SOLE		0	0	0
CBS CORPORATION	CL B	124857202	21,949	397,914	SH		SOLE		0	0	0
CHICAGO BRIDGE & IRON	N Y REGISTRY SH	167250109	7,620	112,440	SH		SOLE		0	0	0
CHURCH & DWIGHT CO INC	COM	171340102	5,516	91,850	SH		SOLE		0	0	0
CINEDIGM DIGITAL CINEMA - A	COM	172407108	32	21,351	SH		SOLE		0	0	0
CITIGROUP INC.	COM NEW	172967424	27,157	559,830	SH		SOLE		0	0	0
COMCAST CORPORATION 'A'	CL A	20030N101	9,234	204,685	SH		SOLE		0	0	0
COMCAST CORPORATION SPECIAL A	CL A SPL	20030N200	44,815	1,033,790	SH		SOLE		0	0	0
COPA HOLDINGS SA 'A'	CL A	P31076105	4,437	32,000	SH		SOLE		0	0	0
COVIDIEN PLC	SHS	G2554F113	19,069	312,910	SH		SOLE		0	0	0
CVS/CAREMARK CORPORATION	COM	126650100	23,807	419,510	SH		SOLE		0	0	0
DANAHER CORP.	COM	235851102	17,080	246,390	SH		SOLE		0	0	0
DEUTSCHE BANK AG	NAMEN AKT	D18190898	4,359	95,000	SH		SOLE		0	0	0
DIRECTV	COM	25490A309	3,037	50,810	SH		SOLE		0	0	0
DISCOVER FINANCIAL SERVICES	COM	254709108	6,638	131,350	SH		SOLE		0	0	0
ECOLAB INC.	COM	278865100	15,580	157,760	SH		SOLE		0	0	0
EMC CORP.	COM	268648102	16,097	629,770	SH		SOLE		0	0	0
ENI SPA-SPONSORED ADR	SPONSORED ADR	26874R108	7,089	154,000	SH		SOLE		0	0	0
EOG RESOURCES INC.	COM	26875p101	1,801	10,640	SH		SOLE		0	0	0
EXPEDIA INC.	COM NEW	30212P303	14,323	276,450	SH		SOLE		0	0	0
EXXON MOBIL CORPORATION	COM	30231G102	2,530	29,403	SH		SOLE		0	0	0
FIRST REPUBLIC BANK/CA	COM	33616C100	14,453	309,950	SH		SOLE		0	0	0
FORD MOTOR COMPANY	COM PAR $0.01	345370860	24,301	1,440,500	SH		SOLE		0	0	0
FOREST CITY ENTERPRISES-CL A	CL A	345550107	2,471	130,480	SH		SOLE		0	0	0
FORTINET INC	COM	34959E109	2,259	111,500	SH		SOLE		0	0	0
FORTUNE BRANDS HOME & SECURITY	COM	34964C106	8,988	215,890	SH		SOLE		0	0	0
FREEPORT McMORAN COPPER & GOLD	COM	35671D857	2,154	65,110	SH		SOLE		0	0	0
GENERAL MOTORS 4.75% PFD B	JR PFD CNV SRB	37045V209	22,684	452,320	SH		SOLE		0	0	0
GILEAD SCIENCES INC	COM	375558103	3,392	53,950	SH		SOLE		0	0	0
GOLDMAN SACHS GROUP INC.	COM	38141G104	19,673	124,350	SH		SOLE		0	0	0
GOOGLE INC. 'A'	CL A	38259P508	65,314	74,567	SH		SOLE		0	0	0
GRAINGER W W INC.	COM	384802104	6,634	25,350	SH		SOLE		0	0	0
HEICO CORP- CLASS A	CL A	422806208	32,705	652,274	SH		SOLE		0	0	0
HSBC HOLDINGS PLC-SPONS ADR	SPON ADR NEW	404280406	6,945	128,000	SH		SOLE		0	0	0
INGERSOLL-RAND PLC	SHS	G47791101	60,292	928,430	SH		SOLE		0	0	0
ISHARES EUROPE ETF	EUROPE ETF	464287861	7,147	162,000	SH		SOLE		0	0	0
JOHNSON & JOHNSON	COM	478160104	31,966	368,738	SH		SOLE		0	0	0
JP MORGAN CHASE & CO.	COM	46625H100	4,220	81,648	SH		SOLE		0	0	0
KAR AUCTION SERVICES INC	COM	48238T109	5,791	205,290	SH		SOLE		0	0	0
KBR INC.	COM	48242W106	7,233	221,590	SH		SOLE		0	0	0
KINDER MORGAN INC	COM	49456B101	4,146	116,570	SH		SOLE		0	0	0
KRAFT FOODS GROUP INC.	COM	50076Q106	19,303	367,817	SH		SOLE		0	0	0
LAS VEGAS SANDS CORP	COM	517834107	15,310	230,500	SH		SOLE		0	0	0
LIBERTY GLOBAL PLC 'C'	SHS CL C	G5480U120	24,780	328,510	SH		SOLE		0	0	0
LIONS GATE ENTERTAINMENT CORP.	COM NEW	535919203	2,039	58,167	SH		SOLE		0	0	0
LKQ CORP.	COM	501889208	23,993	752,840	SH		SOLE		0	0	0
MACY'S INC	COM	55616P104	7,414	171,340	SH		SOLE		0	0	0
MADISON SQUARE GARDEN CO-A	CL A	55826P100	1,188	20,450	SH		SOLE		0	0	0
MARATHON OIL CORP.	COM	565849106	1,159	33,240	SH		SOLE		0	0	0
MASTEC INC	COM	576323109	28,242	932,090	SH		SOLE		0	0	0
MATTEL INC.	COM	577081102	6,177	147,490	SH		SOLE		0	0	0
MELCO CROWN ENTERTAINMENT	ADR	585464100	9,549	300,000	SH		SOLE		0	0	0
MICROSOFT $25 PUT 1/17/2015	CALL	594918954	9	8,400	SH		SOLE		0	0	0
MICROSOFT $40 CALL 1/17/2015	PUT	594918904	6	6,000	SH		SOLE		0	0	0
MOODY'S CORP	COM	615369105	23,693	336,880	SH		SOLE		0	0	0
NATIONAL OILWELL VARCO INC.	COM	637071101	45,402	581,260	SH		SOLE		0	0	0
NCR CORPORATION	COM	62886E108	40,408	1,020,152	SH		SOLE		0	0	0
NOVO NORDISK A/S ADR	ADR	670100205	5,246	31,000	SH		SOLE		0	0	0
OAKTREE CAPITAL GROUP LLC	UNIT 99/99/9999	674001201	29,078	555,455	SH		SOLE		0	0	0
OASIS PETROLEUM INC.	COM	674215108	1,418	28,870	SH		SOLE		0	0	0
OCCIDENTAL PETROLEUM CORP	COM	674599105	24,417	261,030	SH		SOLE		0	0	0
OMNICARE INC.	COM	681904108	13,009	234,400	SH		SOLE		0	0	0
OMNICOM GROUP	COM	681919106	40,080	631,770	SH		SOLE		0	0	0
PFIZER INC.	COM	717081103	24,119	840,085	SH		SOLE		0	0	0
PRICESMART INC	COM	741511109	4,026	42,280	SH		SOLE		0	0	0
QUALCOMM INC.	COM	747525103	12,576	186,810	SH		SOLE		0	0	0
RANGE RESOURCES CORP	COM	75281A109	2,440	32,150	SH		SOLE		0	0	0
REINSURANCE GROUP OF AMERICA A	COM NEW	759351604	1,131	16,879	SH		SOLE		0	0	0
ROCK-TENN COMPANY CL A	CL A	772739207	938	9,260	SH		SOLE		0	0	0
RYANAIR HLDGS PLC-SP ADR	SPONSORED ADR	783513104	11,226	225,690	SH		SOLE		0	0	0
SAN JUAN BASIN ROYALTY TRUST	UNIT BEN INT	798241105	400	25,000	SH		SOLE		0	0	0
SANOFI ADR	SPONSORED ADR	80105N105	5,063	100,000	SH		SOLE		0	0	0
SIGNET JEWELERS LTD	SHS	G81276100	16,841	235,040	SH		SOLE		0	0	0
SIRIUS XM RADIO INC.	COM	82967N108	18,189	4,693,950	SH		SOLE		0	0	0
SOLERA HOLDINGS INC	COM	83421A104	2,867	54,220	SH		SOLE		0	0	0
SPROTT PHYSICAL GOLD TRUST	UNIT	85207H104	154	13,960	SH		SOLE		0	0	0
STARBUCKS CORP.	COM	855244109	12,795	166,230	SH		SOLE		0	0	0
TEXAS INSTRUMENTS INCORPORATED	COM	882508104	8,888	220,600	SH		SOLE		0	0	0
THE BLACKSTONE GROUP LP	COM UNIT LTD	09253U108	37,462	1,505,120	SH		SOLE		0	0	0
TORO CO	COM	891092108	16,717	307,587	SH		SOLE		0	0	0
TOYOTA MTR CORP ADR	SP ADR REP2COM	892331307	8,002	62,500	SH		SOLE		0	0	0
TWENTY-FIRST CENTURY FOX INC	CL A	90130A101	37,636	1,123,140	SH		SOLE		0	0	0
TYCO INTERNATIONAL LTD.	SHS	H89128104	27,483	785,674	SH		SOLE		0	0	0
UBS AG - REG	SHS NEW	H89231338	8,003	390,000	SH		SOLE		0	0	0
UNILEVER PLC-SPONSORED ADR	SPONSORED ADR	904767704	4,244	110,000	SH		SOLE		0	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	15,461	143,395	SH		SOLE		0	0	0
US BANCORP	COM NEW	902973304	2,594	70,900	SH		SOLE		0	0	0
VIACOM INC. 'B'	CL B	92553P201	24,045	287,690	SH		SOLE		0	0	0
VODAFONE GROUP PLC SP ADR	SPONS ADR NEW	92857W209	19,676	559,280	SH		SOLE		0	0	0
WALT DISNEY CO.	COM DISNEY	254687106	6,581	102,050	SH		SOLE		0	0	0
WELLS FARGO COMPANY	COM	949746101	27,886	674,867	SH		SOLE		0	0	0
WISDOMTREE JAPAN HEDGED EQ	JAPN HEDGE EQT	97717W851	6,998	146,000	SH		SOLE		0	0	0
WYNN RESORTS LTD.	COM	983134107	28,036	177,430	SH		SOLE		0	0	0
YAHOO! INC.	COM	984332106	29,609	892,630	SH		SOLE		0	0	0