Scheer, Rowlett & Associates Investment Management Ltd. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMO	BANK MONTREAL MEDIUM	596,325 (+28.3%)	$80,786 (+33.9%)	5.8%	$98.88	+40.5%	COM	063671101
AGI	ALAMOS GOLD INC	756,989 (+73.2%)	$33,685 (+99.6%)	2.4%	$38.09	+11.7%	COM CL A	011532108
FNV	FRANCO NEV CORP	160,054 (+11.7%)	$39,638 (+33.4%)	2.9%	$187.04	+31.4%	COM	351858105
RY	ROYAL BK CDA	1,040,618 (+2.2%)	$168,254 (-3.1%)	12.1%	$79.19	+114.6%	COM	780087102

Exited Positions (1)

BNS BANK NOVA SCOTIA HALIFAX 5.0%

Value ($000) $69,365 Shares 940,485 Est. Cost $36.85 Unrealized +103.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNS	BANK NOVA SCOTIA HALIFAX	940,485	$69,365	5.0%	$36.85	+103.3%	—	064149107

Decreased Positions (26)

SU SUNCOR ENERGY INC NEW 6.4%

Value ($000) $89,113 (+43.6%) Shares 1,347,051 (-3.6%) Est. Cost $17.83 Unrealized +190.7%

CVE CENOVUS ENERGY INC 5.9%

Value ($000) $81,720 (+40.1%) Shares 3,088,546 (-10.4%) Est. Cost $15.29 Unrealized +28.2%

TD TORONTO DOMINION BK ONT 9.2%

Value ($000) $127,640 (-15.0%) Shares 1,368,213 (-14.1%) Est. Cost $48.08 Unrealized +98.1%

B BARRICK MNG CORP 6.0%

Value ($000) $83,647 (-18.2%) Shares 2,046,425 (-12.8%) Est. Cost $19.29 Unrealized +150.4%

MEOH METHANEX CORP 0.7%

Value ($000) $9,680 (-64.4%) Shares 162,425 (-76.3%) Est. Cost $41.57 Unrealized +14.2%

BN BROOKFIELD CORP 5.7%

Value ($000) $79,277 (-15.0%) Shares 1,956,028 (-3.7%) Est. Cost $28.06 Unrealized +66.3%

MGA MAGNA INTL INC 0.7%

Value ($000) $10,360 (-52.6%) Shares 185,467 (-54.8%) Est. Cost $45.65 Unrealized +25.4%

CNQ CANADIAN NAT RES LTD MED TER 2.7%

Value ($000) $37,175 (+38.6%) Shares 762,030 (-3.8%) Est. Cost $23.29 Unrealized +59.7%

MFC MANULIFE FINL CORP 2.7%

Value ($000) $37,708 (-20.3%) Shares 1,094,428 (-15.9%) Est. Cost $20.90 Unrealized +77.5%

GIB CGI INC 2.0%

Value ($000) $28,073 (-23.1%) Shares 383,925 (-2.8%) Est. Cost $87.06 Unrealized -3.6%

NTR NUTRIEN LTD 1.6%

Value ($000) $21,734 (-23.2%) Shares 287,859 (-37.2%) Est. Cost $42.75 Unrealized +59.3%

RCI ROGERS COMMUNICATIONS INC 2.9%

Value ($000) $40,095 (-13.6%) Shares 1,042,339 (-15.2%) Est. Cost $39.23 Unrealized -4.8%

OTEX OPEN TEXT CORP 0.4%

Value ($000) $5,724 (-37.1%) Shares 256,800 (-8.1%) Est. Cost $30.53 Unrealized -10.0%

ENB ENBRIDGE INC 2.4%

Value ($000) $33,485 (+9.6%) Shares 617,581 (-3.3%) Est. Cost $25.21 Unrealized +92.7%

TU TELUS CORPORATION 3.0%

Value ($000) $41,471 (-6.1%) Shares 3,224,096 (-3.8%) Est. Cost $16.87 Unrealized -19.0%

GIL GILDAN ACTIVEWEAR INC 1.0%

Value ($000) $14,385 (-14.3%) Shares 258,258 (-3.8%) Est. Cost $53.42 Unrealized +26.1%

TFII TRANSFORCE INC 1.9%

Value ($000) $26,366 (-5.6%) Shares 242,180 (-10.4%) Est. Cost $92.11 Unrealized +23.8%

TRP TC ENERGY CORP 3.6%

Value ($000) $50,247 (-2.4%) Shares 803,654 (-14.0%) Est. Cost $34.41 Unrealized +69.2%

QSR RESTAURANT BRANDS INTL INC 1.9%

Value ($000) $26,588 (+4.3%) Shares 359,229 (-3.8%) Est. Cost $59.76 Unrealized +14.4%

CP CANADIAN PACIFIC KANSAS CITY 2.4%

Value ($000) $33,427 (+2.9%) Shares 424,696 (-3.8%) Est. Cost $77.33 Unrealized -0.1%

OR OR ROYALTIES INC. 2.3%

Value ($000) $32,009 (+3.0%) Shares 840,453 (-4.2%) Est. Cost $24.09 Unrealized +73.8%

TECK TECK RESOURCES LTD 1.0%

Value ($000) $14,344 (+4.0%) Shares 277,200 (-3.8%) Est. Cost $26.70 Unrealized +105.9%

ASTL ALGOMA STL GROUP INC 1.0%

Value ($000) $13,237 (-3.6%) Shares 3,207,480 (-3.9%) Est. Cost $6.85 Unrealized -34.6%

ATS ATS CORPORATION 2.4%

Value ($000) $33,321 (-1.4%) Shares 1,181,937 (-3.6%) Est. Cost $28.46 Unrealized +5.3%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $1,743 (+12.8%) Shares 8,587 (-5.8%) Est. Cost $96.83 Unrealized +112.8%

CNI CANADIAN NATL RY CO 5.4%

Value ($000) $75,479 (+0.2%) Shares 733,191 (-3.7%) Est. Cost $78.18 Unrealized +30.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SU	SUNCOR ENERGY INC NEW	1,347,051 (-3.6%)	$89,113 (+43.6%)	6.4%	$17.83	+190.7%	COM	867224107
CVE	CENOVUS ENERGY INC	3,088,546 (-10.4%)	$81,720 (+40.1%)	5.9%	$15.29	+28.2%	COM	15135U109
TD	TORONTO DOMINION BK ONT	1,368,213 (-14.1%)	$127,640 (-15.0%)	9.2%	$48.08	+98.1%	COM NEW	891160509
B	BARRICK MNG CORP	2,046,425 (-12.8%)	$83,647 (-18.2%)	6.0%	$19.29	+150.4%	COM SHS	06849F108
MEOH	METHANEX CORP	162,425 (-76.3%)	$9,680 (-64.4%)	0.7%	$41.57	+14.2%	COM	59151K108
BN	BROOKFIELD CORP	1,956,028 (-3.7%)	$79,277 (-15.0%)	5.7%	$28.06	+66.3%	CL A LTD VT SH	11271J107
MGA	MAGNA INTL INC	185,467 (-54.8%)	$10,360 (-52.6%)	0.7%	$45.65	+25.4%	COM	559222401
CNQ	CANADIAN NAT RES LTD MED TER	762,030 (-3.8%)	$37,175 (+38.6%)	2.7%	$23.29	+59.7%	COM	136385101
MFC	MANULIFE FINL CORP	1,094,428 (-15.9%)	$37,708 (-20.3%)	2.7%	$20.90	+77.5%	COM	56501R106
GIB	CGI INC	383,925 (-2.8%)	$28,073 (-23.1%)	2.0%	$87.06	-3.6%	CL A SUB VTG	12532H104
NTR	NUTRIEN LTD	287,859 (-37.2%)	$21,734 (-23.2%)	1.6%	$42.75	+59.3%	COM	67077M108
RCI	ROGERS COMMUNICATIONS INC	1,042,339 (-15.2%)	$40,095 (-13.6%)	2.9%	$39.23	-4.8%	CL B	775109200
OTEX	OPEN TEXT CORP	256,800 (-8.1%)	$5,724 (-37.1%)	0.4%	$30.53	-10.0%	COM	683715106
ENB	ENBRIDGE INC	617,581 (-3.3%)	$33,485 (+9.6%)	2.4%	$25.21	+92.7%	COM	29250N105
TU	TELUS CORPORATION	3,224,096 (-3.8%)	$41,471 (-6.1%)	3.0%	$16.87	-19.0%	COM	87971M103
GIL	GILDAN ACTIVEWEAR INC	258,258 (-3.8%)	$14,385 (-14.3%)	1.0%	$53.42	+26.1%	COM	375916103
TFII	TRANSFORCE INC	242,180 (-10.4%)	$26,366 (-5.6%)	1.9%	$92.11	+23.8%	COM	87241L109
TRP	TC ENERGY CORP	803,654 (-14.0%)	$50,247 (-2.4%)	3.6%	$34.41	+69.2%	COM	87807B107
QSR	RESTAURANT BRANDS INTL INC	359,229 (-3.8%)	$26,588 (+4.3%)	1.9%	$59.76	+14.4%	COM	76131D103
CP	CANADIAN PACIFIC KANSAS CITY	424,696 (-3.8%)	$33,427 (+2.9%)	2.4%	$77.33	-0.1%	COM	13646K108
OR	OR ROYALTIES INC.	840,453 (-4.2%)	$32,009 (+3.0%)	2.3%	$24.09	+73.8%	COM SHS	68390D106
TECK	TECK RESOURCES LTD	277,200 (-3.8%)	$14,344 (+4.0%)	1.0%	$26.70	+105.9%	CL B	878742204
ASTL	ALGOMA STL GROUP INC	3,207,480 (-3.9%)	$13,237 (-3.6%)	1.0%	$6.85	-34.6%	COM	015658107
ATS	ATS CORPORATION	1,181,937 (-3.6%)	$33,321 (-1.4%)	2.4%	$28.46	+5.3%	COM	00217Y104
AEM	AGNICO EAGLE MINES LTD	8,587 (-5.8%)	$1,743 (+12.8%)	0.1%	$96.83	+112.8%	COM	008474108
CNI	CANADIAN NATL RY CO	733,191 (-3.7%)	$75,479 (+0.2%)	5.4%	$78.18	+30.6%	COM	136375102

Unchanged Positions (1)

CNH CNH INDL N V 0.0%

Value ($000) $139 Shares 12,680 Est. Cost $9.99 Unrealized +14.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNH	CNH INDL N V	12,680	$139	0.0%	$9.99	+14.3%	SHS	N20944109