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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BN	BROOKFIELD CORP	2,031,480 (+29.8%)	$93,276 (-13.1%)	6.4%	$28.06	+62.3%	CL A LTD VT SH	11271J107
TFII	TFI INTL INC	270,163 (+63.3%)	$27,925 (+91.8%)	1.9%	$92.11	+1.0%	COM	87241L109
TU	TELUS CORPORATION	3,350,460 (+4.1%)	$44,159 (-12.8%)	3.0%	$16.87	-16.5%	COM	87971M103
AEM	AGNICO EAGLE MINES LTD	9,112 (+2.2%)	$1,545 (+3.0%)	0.1%	$96.83	+73.3%	COM	008474108

Exited Positions (2)

CM CANADIAN IMPERIAL BANK OF CO 2.3%

Value ($000) $32,892 Shares 411,706 Est. Cost $35.88 Unrealized +139.1%

IAG IAMGOLD CORP 0.5%

Value ($000) $6,633 Shares 513,516 Est. Cost $8.76 Unrealized +60.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CM	CANADIAN IMPERIAL BANK OF CO	411,706	$32,892	2.3%	$35.88	+139.1%	—	136069101
IAG	IAMGOLD CORP	513,516	$6,633	0.5%	$8.76	+60.9%	—	450913108

Decreased Positions (24)

TRP TC ENERGY CORP 3.5%

Value ($000) $51,479 (-36.4%) Shares 934,851 (-37.2%) Est. Cost $34.41 Unrealized +55.0%

RCI ROGERS COMMUNICATIONS INC 3.2%

Value ($000) $46,421 (-31.4%) Shares 1,229,758 (-37.4%) Est. Cost $39.23 Unrealized -4.5%

BMO BANK MONTREAL QUE 4.1%

Value ($000) $60,341 (-22.1%) Shares 464,627 (-21.8%) Est. Cost $87.54 Unrealized +44.6%

MGA MAGNA INTL INC 1.5%

Value ($000) $21,877 (-42.0%) Shares 410,369 (-48.4%) Est. Cost $45.65 Unrealized +7.1%

RY ROYAL BK CDA 11.9%

Value ($000) $173,620 (-7.8%) Shares 1,018,409 (-20.3%) Est. Cost $77.21 Unrealized +98.9%

ENB ENBRIDGE INC 2.1%

Value ($000) $30,558 (-29.2%) Shares 638,571 (-25.4%) Est. Cost $25.21 Unrealized +86.9%

CP CANADIAN PACIFIC KANSAS CITY 2.2%

Value ($000) $32,490 (-24.9%) Shares 441,304 (-24.0%) Est. Cost $77.33 Unrealized -4.8%

OR OR ROYALTIES INC. 2.1%

Value ($000) $31,074 (-23.2%) Shares 877,209 (-13.2%) Est. Cost $24.09 Unrealized +45.4%

CVE CENOVUS ENERGY INC 4.0%

Value ($000) $58,343 (-12.8%) Shares 3,448,636 (-12.5%) Est. Cost $15.29 Unrealized +13.6%

CNI CANADIAN NATL RY CO 5.2%

Value ($000) $75,315 (-9.2%) Shares 761,487 (-13.5%) Est. Cost $78.18 Unrealized +23.0%

OTEX OPEN TEXT CORP 0.6%

Value ($000) $9,098 (-44.8%) Shares 279,352 (-36.7%) Est. Cost $30.53 Unrealized +16.0%

NTR NUTRIEN LTD 1.9%

Value ($000) $28,303 (-20.2%) Shares 458,531 (-24.1%) Est. Cost $42.75 Unrealized +37.7%

TD TORONTO DOMINION BK ONT 10.3%

Value ($000) $150,157 (-4.3%) Shares 1,593,176 (-18.8%) Est. Cost $48.08 Unrealized +75.6%

BNS BANK NOVA SCOTIA HALIFAX 4.8%

Value ($000) $69,365 (-8.0%) Shares 940,485 (-19.4%) Est. Cost $36.85 Unrealized +84.5%

B BARRICK MNG CORP 7.0%

Value ($000) $102,272 (+5.4%) Shares 2,347,731 (-20.6%) Est. Cost $19.29 Unrealized +94.0%

SU SUNCOR ENERGY INC NEW 4.3%

Value ($000) $62,051 (-7.0%) Shares 1,398,002 (-12.3%) Est. Cost $17.83 Unrealized +137.1%

GIB CGI INC 2.5%

Value ($000) $36,498 (-10.2%) Shares 395,129 (-13.5%) Est. Cost $87.06 Unrealized +2.2%

MEOH METHANEX CORP 1.9%

Value ($000) $27,191 (-12.2%) Shares 685,524 (-12.0%) Est. Cost $41.57 Unrealized -10.5%

CNQ CANADIAN NAT RES LTD 1.8%

Value ($000) $26,819 (-12.3%) Shares 791,781 (-17.2%) Est. Cost $23.29 Unrealized +39.2%

QSR RESTAURANT BRANDS INTL INC 1.7%

Value ($000) $25,492 (-7.6%) Shares 373,562 (-13.1%) Est. Cost $59.76 Unrealized +15.3%

GIL GILDAN ACTIVEWEAR INC 1.2%

Value ($000) $16,781 (-5.5%) Shares 268,471 (-12.7%) Est. Cost $53.42 Unrealized +11.3%

TECK TECK RESOURCES LTD 0.9%

Value ($000) $13,794 (-5.3%) Shares 288,130 (-13.3%) Est. Cost $26.70 Unrealized +62.2%

MFC MANULIFE FINL CORP 3.2%

Value ($000) $47,283 (+0.9%) Shares 1,302,110 (-13.5%) Est. Cost $20.90 Unrealized +62.4%

ASTL ALGOMA STL GROUP INC 0.9%

Value ($000) $13,735 (+1.1%) Shares 3,336,525 (-12.9%) Est. Cost $6.85 Unrealized -41.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRP	TC ENERGY CORP	934,851 (-37.2%)	$51,479 (-36.4%)	3.5%	$34.41	+55.0%	COM	87807B107
RCI	ROGERS COMMUNICATIONS INC	1,229,758 (-37.4%)	$46,421 (-31.4%)	3.2%	$39.23	-4.5%	CL B	775109200
BMO	BANK MONTREAL QUE	464,627 (-21.8%)	$60,341 (-22.1%)	4.1%	$87.54	+44.6%	COM	063671101
MGA	MAGNA INTL INC	410,369 (-48.4%)	$21,877 (-42.0%)	1.5%	$45.65	+7.1%	COM	559222401
RY	ROYAL BK CDA	1,018,409 (-20.3%)	$173,620 (-7.8%)	11.9%	$77.21	+98.9%	COM	780087102
ENB	ENBRIDGE INC	638,571 (-25.4%)	$30,558 (-29.2%)	2.1%	$25.21	+86.9%	COM	29250N105
CP	CANADIAN PACIFIC KANSAS CITY	441,304 (-24.0%)	$32,490 (-24.9%)	2.2%	$77.33	-4.8%	COM	13646K108
OR	OR ROYALTIES INC.	877,209 (-13.2%)	$31,074 (-23.2%)	2.1%	$24.09	+45.4%	COM SHS	68390D106
CVE	CENOVUS ENERGY INC	3,448,636 (-12.5%)	$58,343 (-12.8%)	4.0%	$15.29	+13.6%	COM	15135U109
CNI	CANADIAN NATL RY CO	761,487 (-13.5%)	$75,315 (-9.2%)	5.2%	$78.18	+23.0%	COM	136375102
OTEX	OPEN TEXT CORP	279,352 (-36.7%)	$9,098 (-44.8%)	0.6%	$30.53	+16.0%	COM	683715106
NTR	NUTRIEN LTD	458,531 (-24.1%)	$28,303 (-20.2%)	1.9%	$42.75	+37.7%	COM	67077M108
TD	TORONTO DOMINION BK ONT	1,593,176 (-18.8%)	$150,157 (-4.3%)	10.3%	$48.08	+75.6%	COM NEW	891160509
BNS	BANK NOVA SCOTIA HALIFAX	940,485 (-19.4%)	$69,365 (-8.0%)	4.8%	$36.85	+84.5%	COM	064149107
B	BARRICK MNG CORP	2,347,731 (-20.6%)	$102,272 (+5.4%)	7.0%	$19.29	+94.0%	COM SHS	06849F108
SU	SUNCOR ENERGY INC NEW	1,398,002 (-12.3%)	$62,051 (-7.0%)	4.3%	$17.83	+137.1%	COM	867224107
GIB	CGI INC	395,129 (-13.5%)	$36,498 (-10.2%)	2.5%	$87.06	+2.2%	CL A SUB VTG	12532H104
MEOH	METHANEX CORP	685,524 (-12.0%)	$27,191 (-12.2%)	1.9%	$41.57	-10.5%	COM	59151K108
CNQ	CANADIAN NAT RES LTD	791,781 (-17.2%)	$26,819 (-12.3%)	1.8%	$23.29	+39.2%	COM	136385101
QSR	RESTAURANT BRANDS INTL INC	373,562 (-13.1%)	$25,492 (-7.6%)	1.7%	$59.76	+15.3%	COM	76131D103
GIL	GILDAN ACTIVEWEAR INC	268,471 (-12.7%)	$16,781 (-5.5%)	1.2%	$53.42	+11.3%	COM	375916103
TECK	TECK RESOURCES LTD	288,130 (-13.3%)	$13,794 (-5.3%)	0.9%	$26.70	+62.2%	CL B	878742204
MFC	MANULIFE FINL CORP	1,302,110 (-13.5%)	$47,283 (+0.9%)	3.2%	$20.90	+62.4%	COM	56501R106
ASTL	ALGOMA STL GROUP INC	3,336,525 (-12.9%)	$13,735 (+1.1%)	0.9%	$6.85	-41.8%	COM	015658107

Unchanged Positions (2)

FNV FRANCO NEV CORP 2.0%

Value ($000) $29,715 Shares 143,350 Est. Cost $180.19 Unrealized +12.5%

ATS ATS CORPORATION 2.3%

Value ($000) $33,786 Shares 1,226,450 Est. Cost $28.46 Unrealized -6.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNV	FRANCO NEV CORP	143,350	$29,715	2.0%	$180.19	+12.5%	COM	351858105
ATS	ATS CORPORATION	1,226,450	$33,786	2.3%	$28.46	-6.1%	COM	00217Y104