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
118,671,227
2,120,518
2,120,518
N/A
N/A

N/A
2,120,518
N/A
Bank of Nova Scotia
Common
064149107
205,150,899
4,544,077
4,544,077
N/A
N/A

N/A
4,544,077
N/A
Barrick Gold Corp.
Common
067901108
118,236,268
3,225,773
3,225,773
N/A
N/A

N/A
3,225,773
N/A
Canadian Natural Resources Ltd.
Common
136385101
144,086,367
2,098,522
2,098,522
N/A
N/A

N/A
2,098,522
N/A
Canadian National Railway
Common
1.36E+08
84,100,505
1,760,838
1,760,838
N/A
N/A

N/A
1,760,838
N/A
CIBC
Common
136069101
127,477,701
2,218,956
2,218,956
N/A
N/A

N/A
2,218,956
N/A
EnCana Corp.
Common
292505104
166,373,190
2,602,816
2,602,816
N/A
N/A

N/A
2,602,816
N/A
Manulife Financial Corp.
Common
56501R106
106,077,077
2,946,206
2,946,206
N/A
N/A

N/A
2,946,206
N/A
Nexen Inc.
Common
65334H102
82,681,974
3,558,995
3,558,995
N/A
N/A

N/A
3,558,995
N/A
Petro-Canada
Common
71644E102
96,011,172
2,883,580
2,883,580
N/A
N/A

N/A
2,883,580
N/A
Rogers Communications Inc.
Common
7.75E+08
90,245,365
2,779,506
2,779,506
N/A
N/A

N/A
2,779,506
N/A
Royal Bank of Canada
Common
780087102
248,150,157
5,224,403
5,224,403
N/A
N/A

N/A
5,224,403
N/A
Suncor Energy Inc.
Common
867229106
135,982,974
3,285,832
3,285,832
N/A
N/A

N/A
3,285,832
N/A
Talisman Energy Inc.
Common
87425E103
87,724,698
6,209,626
6,209,626
N/A
N/A

N/A
6,209,626
N/A
Toronto Dominion Bank
Common
891160509
220,505,259
3,658,558
3,658,558
N/A
N/A

N/A
3,658,558
N/A



2,031,474,835
49,118,206
49,118,206




49,118,206