UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	March 31, 2010


Check here if Amendment []		Amendment Number:
	This Amendment (Check only one):	[ ] is a restatement.
							[] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:				Scheer, Rowlett & Associates Investment Management Ltd.
				300-181 University Ave
				Toronto, Ontario M5H 3M7

The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete, and that it is understood that
all required items, statements, schedules, lists and tables, are
considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:			Rob Dionne
Title:		Director & Compliance Officer
Phone:		(416) 202-6690

Signature, place, and Date of Signing:

	"Rob Dionne"	Toronto, ON Canada	March 31, 2010
	[Signature]		[City, State]			[Date]

Report Type	(Check only one):

[X]	13F HOLDINGS REPORT.  (Check here if all holdings of this
reporting manager are reported in this report.
[ ]	13F NOTICE.  (Check here if no holdings reported are in this
report, and all holdings are reported by other reporting manager(s).)
[ ]	13F COMBINATION REPORT.  (Check here if a portion of the holdings
for this reporting manager are reported in this report and a portion
are reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:	NONE


Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:				None

Form 13F Information Table Entry Total:		129,019,296

Form 13F Information Table Value Total:		$4,869,654,631


List of Other Included Managers:

	NONE


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.
COM
008916108
262,639,981
2,536,500
2,536,500
N/A
N/A

N/A
2,536,500
N/A
Bank of Montreal
COM
063671101
1,853,359
3,523,486
3,523,486
N/A
N/A

N/A
3,523,486
N/A
Bank of Nova Scotia
COM
064149107
339,695,151
5,279,861
5,279,861
N/A
N/A

N/A
5,279,861
N/A
Barrick Gold Corp.
COM
067901108
220,507,590
4,835,136
4,835,136
N/A
N/A

N/A
4,835,136
N/A
BCE Inc.
COM NEW
05534B760
28,760,889
6,181,251
6,181,251
N/A
N/A

N/A
6,181,251
N/A
Cameco Corp.
COM
13321L108
69,528,426
1,222,085
1,222,085
N/A
N/A

N/A
1,222,085
N/A
Canadian Imperial Bank of
Commerce
COM
136069101
336,394,518
10,800,300
10,800,300
N/A
N/A

N/A
10,800,300
N/A
Canadian National Railway
COM
136375102
141,758,512
11,383,921
11,383,921
N/A
N/A

N/A
11,383,921
N/A
Canadian Natural Resources Ltd.
COM
136385101
261,061,991
1,435,320
1,435,320
N/A
N/A

N/A
1,435,320
N/A
Canadian Pacific Railway Ltd.
COM
13645T100
108,967,572
3,710,128
3,710,128
N/A
N/A

N/A
3,710,128
N/A
Cenovus Energy Inc.
COM
15135U109
138,065,854
5,740,723
5,740,723
N/A
N/A

N/A
5,740,723
N/A
Central Fund of Canada Limited
CL A
153501101
29,975,989
2,141,700
2,141,700
N/A
N/A

N/A
2,141,700
N/A
Domtar Corp
COM NEW
257559203
41,978,352
650,812
650,812
N/A
N/A

N/A
650,812
N/A
EnCana Corp.
COM
292505104
150,599,081
8,729,066
8,729,066
N/A
N/A

N/A
8,729,066
N/A
Gerdau Ameristeel Corp.
COM
37373P105
68,831,036
3,772,620
3,772,620
N/A
N/A

N/A
3,772,620
N/A
Gildan Activewear Class A
COM
375916103
70,519,309
1,194,678
1,194,678
N/A
N/A

N/A
1,194,678
N/A
Magna International Inc. Class A
CL A
559222401
29,630,595
2,333,243
2,333,243
N/A
N/A

N/A
2,333,243
N/A
Manulife Financial Corp.
COM
56501R106
222,413,008
1,931,395
1,931,395
N/A
N/A

N/A
1,931,395
N/A
Methanex Corp.
COM
59151K108
91,475,484
478,309
478,309
N/A
N/A

N/A
478,309
N/A
Nexen Inc.
COM
65334H102
153,107,129
2,677,596
2,677,596
N/A
N/A

N/A
2,677,596
N/A
Penn West Energy Trust
TR UNIT
707885109
25,910,057
793,123
793,123
N/A
N/A

N/A
793,123
N/A
Potash Corp. of Saskatchewan
COM
73755L107
142,812,624
30,500
30,500
N/A
N/A

N/A
30,500
N/A
Research In Motion
COM
760975102
79,838,577
6,773,540
6,773,540
N/A
N/A

N/A
6,773,540
N/A
Rogers Comm Inc. Class B
CL B
775109200
173,328,480
4,599,583
4,599,583
N/A
N/A

N/A
4,599,583
N/A
Royal Bank of Canada
COM
780087102
461,549,857
7,877,951
7,877,951
N/A
N/A

N/A
7,877,951
N/A
Suncor Energy Inc.
COM
867224107
351,617,869
5,981,897
5,981,897
N/A
N/A

N/A
5,981,897
N/A
Talisman Energy Inc.
COM
87425E103
194,902,871
11,259,936
11,259,936
N/A
N/A

N/A
11,259,936
N/A
Telus Corp. Non-voting
NON-VTG SHS
87971M202
144,045,162
1,076,415
1,076,415
N/A
N/A

N/A
1,076,415
N/A
Thomson Reuters Corporation
COM
884903105
28,893,427
977,533
977,533
N/A
N/A

N/A
977,533
N/A
Toronto-Dominion Bank
COM NEW
891160509
446,335,422
5,069,196
5,069,196
N/A
N/A

N/A
5,069,196
N/A
TransCanada Pipelines Corp.
COM
89353D107
52,656,459
4,021,492
4,021,492
N/A
N/A

N/A
4,021,492
N/A



4,869,654,631
129,019,296
129,019,296




129,019,296