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

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	December 31, 2011


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
Phone:		(416) 202-6690

Signature, place, and Date of Signing:

	"Rob Dionne"	Toronto, ON Canada	December 31, 2011
	[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:		102,670,987

Form 13F Information Table Value Total:		$3,682,171,215


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
175,045,614
2,606,613
2,606,613
N/A
N/A

N/A
2,606,613
N/A
Bank of Nova Scotia
COM
064149107
303,570,488
6,081,264
6,081,264
N/A
N/A

N/A
6,081,264
N/A
Barrick Gold Corp.
COM
067901108
317,119,413
6,996,898
6,996,898
N/A
N/A

N/A
6,996,898
N/A
BCE Inc.
COM NEW
05534B760
24,848,985
595,773
595,773
N/A
N/A

N/A
595,773
N/A
Canadian Imperial Bank of
Commerce
COM
136069101
238,784,585
3,295,059
3,295,059
N/A
N/A

N/A
3,295,059
N/A
Canadian National Railway
COM
136375102
124,460,415
1,581,183
1,581,183
N/A
N/A

N/A
1,581,183
N/A
Canadian Natural Resources Ltd.
COM
136385101
221,044,641
5,899,835
5,899,835
N/A
N/A

N/A
5,899,835
N/A
Canadian Pacific Railway Ltd.
COM
13645T100
92,664,859
1,367,280
1,367,280
N/A
N/A

N/A
1,367,280
N/A
Celestica Inc.
SUB VTG SHS
15101Q108
20,484,460
2,784,820
2,784,820
N/A
N/A

N/A
2,784,820
N/A
Cenovus Energy Inc.
COM
15135U109
116,640,856
3,510,776
3,510,776
N/A
N/A

N/A
3,510,776
N/A
Domtar Corp
COM NEW
257559203
23,628,894
295,180
295,180
N/A
N/A

N/A
295,180
N/A
EnCana Corp.
COM
292505104
46,471,088
2,504,986
2,504,986
N/A
N/A

N/A
2,504,986
N/A
Gildan Activewear Class A
COM
375916103
68,096,230
3,618,945
3,618,945
N/A
N/A

N/A
3,618,945
N/A
Magna International Inc. Class A
COM
559222401
90,995,119
2,725,170
2,725,170
N/A
N/A

N/A
2,725,170
N/A
Manulife Financial Corp.
COM
56501R106
55,105,395
5,171,527
5,171,527
N/A
N/A

N/A
5,171,527
N/A
Methanex Corp.
COM
59151K108
34,024,985
1,485,675
1,485,675
N/A
N/A

N/A
1,485,675
N/A
Nexen Inc.
COM
65334H102
89,386,389
5,614,910
5,614,910
N/A
N/A

N/A
5,614,910
N/A
Penn West Petroleum Corp.
COM
707887105
27,643,991
1,394,180
1,394,180
N/A
N/A

N/A
1,394,180
N/A
Potash Corp. of Saskatchewan
COM
73755L107
154,478,214
3,735,394
3,735,394
N/A
N/A

N/A
3,735,394
N/A
Research In Motion
COM
760975102
20,694,782
1,423,815
1,423,815
N/A
N/A

N/A
1,423,815
N/A
Rogers Comm Inc. Class B
CL B
775109200
145,741,755
3,780,931
3,780,931
N/A
N/A

N/A
3,780,931
N/A
Royal Bank of Canada
COM
780087102
287,770,826
5,637,219
5,637,219
N/A
N/A

N/A
5,637,219
N/A
Suncor Energy Inc.
COM
867224107
262,562,330
9,099,867
9,099,867
N/A
N/A

N/A
9,099,867
N/A
Talisman Energy Inc.
COM
87425E103
139,830,401
10,969,361
10,969,361
N/A
N/A

N/A
10,969,361
N/A
Teck Resources Ltd.
CL B
878742204
81,989,063
2,324,850
2,324,850
N/A
N/A

N/A
2,324,850
N/A
Telus Corp. Non-voting
NON-VTG SHS
87971M202
173,006,258
3,224,078
3,224,078
N/A
N/A

N/A
3,224,078
N/A
Thomson Reuters Corporation
COM
884903105
13,565,715
507,282
507,282
N/A
N/A

N/A
507,282
N/A
Toronto-Dominion Bank
COM NEW
891160509
332,515,462
4,438,116
4,438,116
N/A
N/A

N/A
4,438,116
N/A



3,682,171,215
102,670,987
102,670,987




102,670,987