FORM 13F

















                     (SEC USE ONLY)

Name of Reporting Manager:Scheer Rowlett & Associates Investment Counsel
Ltd

















Item 1
Item 2
Item 3
Item 4
Item 5
Item 6


Item 7
Item 8


Name of Issuer



Shares of
Investment Discretion

Mgrs
Voting Authority (Shares)

Title of
Cusip
Fair Market
Principal
A) Sole
B) Shared -
C) Shared
See
A) Sole
B) Shared
C) None

Class
Number
Value $
Amount

As
Defined
Other
Instr. V









in Instr.V





Agrium Inc.
Common
008916108
193,773,628
1,788,056
1,788,056
N/A
N/A

N/A
1,788,056
N/A
Bank of Nova Scotia
Common
064149107
196,750,839
4,277,209
4,277,209
N/A
N/A

N/A
4,277,209
N/A
Barrick Gold Corp.
Common
067901108
137,868,074
3,001,002
3,001,002
N/A
N/A

N/A
3,001,002
N/A
Canadian Natural Resources Ltd.
Common
136385101
166,941,481
1,679,628
1,679,628
N/A
N/A

N/A
1,679,628
N/A
Canadian National Railway
Common
1.36E+08
98,618,038
2,042,769
2,042,769
N/A
N/A

N/A
2,042,769
N/A
CIBC
Common
136069101
130,787,246
2,365,289
2,365,289
N/A
N/A

N/A
2,365,289
N/A
EnCana Corp.
Common
292505104
224,434,920
2,438,997
2,438,997
N/A
N/A

N/A
2,438,997
N/A
Manulife Financial Corp.
Common
56501R106
97,891,779
2,785,137
2,785,137
N/A
N/A

N/A
2,785,137
N/A
Nexen Inc.
Common
65334H102
133,628,219
3,334,360
3,334,360
N/A
N/A

N/A
3,334,360
N/A
Petro-Canada
Common
71644E102
152,066,490
2,701,488
2,701,488
N/A
N/A

N/A
2,701,488
N/A
Rogers Communications Inc.
Common
7.75E+08
101,233,158
2,596,260
2,596,260
N/A
N/A

N/A
2,596,260
N/A
Royal Bank of Canada
Common
780087102
222,826,114
4,932,850
4,932,850
N/A
N/A

N/A
4,932,850
N/A
Suncor Energy Inc.
Common
867229106
159,781,891
2,738,341
2,738,341
N/A
N/A

N/A
2,738,341
N/A
Talisman Energy Inc.
Common
87425E103
129,416,125
5,814,952
5,814,952
N/A
N/A

N/A
5,814,952
N/A
Toronto Dominion Bank
Common
891160509
217,876,993
3,440,487
3,440,487
N/A
N/A

N/A
3,440,487
N/A



2,363,894,995
45,936,825
45,936,825




45,936,825