13F-HR 1 dec2010.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calender Year or Quarter Ended: December 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: Jarislowsky, Fraser Limited ------------------------------------ Address: 1010 Sherbrooke St. West, 20th Floor ------------------------------------ Montreal, Quebec ------------------------------------ Canada H3A 2R7 ------------------------------------ Form 13F File Number: 28-67075 -------------- The insitutional 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 herin 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Erin P. O'Brien, CFA ------------------------------------ Title: Partner & C.F.O. ------------------------------------ Phone: 514-842-2727 ------------------------------------ Signature, Place, and Date of Signing: /s/ Erin O'Brien Montreal, Quebec January 11, 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).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------------- Form 13F Information Table Entry Total: 155 -------------------- Form 13F Information Table Value Total: 26,004,344.41 -------------------- (thousands) List of Other Included Managers: NONE VOTING AUTHORITY NAME OF ISSUER Title Cusip VALUE (x$1000) Shares/PRN ASH/PRPUT/INVESTMNT OTHER SOLE SHARED NONE 3M Co Common88579Y101 121,091 1,403,135 SH SOLE 1,366,603 36,532 ABB Ltd ADR Common000375204 6,429 286,362 SH SOLE 267,212 19,150 Abbott Laboratories Common002824100 120,759 2,520,547 SH SOLE 2,355,937 164,610 Alcatel-Lucent ADR Common013904305 17 5,649 SH SOLE 5,649 0 Altria Group Inc. Common02209S103 15,271 620,259 SH SOLE 620,259 0 America Movil SAB ADR Common02364W105 53,512 933,249 SH SOLE 933,249 0 American International GrouCommon026874784 201 3,481 SH SOLE 3,481 0 AOL Inc. Common00184X105 57 2,394 SH SOLE 2,394 0 Apple Inc. Common037833100 77,727 240,968 SH SOLE 230,068 10,900 Automatic Data Processing ICommon053015103 70,672 1,527,054 SH SOLE 1,464,224 62,830 Banco Santander SA ADR Common05964H105 10,527 988,438 SH SOLE 988,438 0 Bank of New York Mellon CorCommon064058100 75,992 2,516,305 SH SOLE 2,321,104 195,201 Bank of Montreal Common063671101 448,584 7,754,611 SH SOLE 6,451,108 1,303,503 Bank of Nova Scotia Common064149107 1,736,794 30,223,553 SH SOLE 25,399,231 4,824,322 BB&T Corp. Common054937107 43,355 1,649,093 SH SOLE 1,588,363 60,730 BCE Inc. Common05534B760 8,874 249,501 SH SOLE 249,501 0 Beckman Coulter Inc. Common075811109 481 6,390 SH SOLE 6,390 0 Becton Dickinson and Co. Common075887109 90,587 1,071,780 SH SOLE 1,032,660 39,120 BHP Billiton Ltd ADR Common088606108 64,766 697,007 SH SOLE 688,407 8,600 BP PLC ADR Common055622104 39,563 895,694 SH SOLE 788,294 107,400 Bristol-Myers Squibb Co. Common110122108 659 24,900 SH SOLE 24,900 0 CAE Inc. Common124765108 347,451 29,995,217 SH SOLE 24,942,956 5,052,261 Cameco Corp. Common13321L108 325,084 8,015,373 SH SOLE 6,815,718 1,199,655 Canadian Imperial Bank of CCommon136069101 3,062 38,840 SH SOLE 38,840 0 Canadian National Railway CCommon136375102 816,209 12,223,446 SH SOLE 10,208,354 2,015,092 Canadian Natural Resources Common136385101 837,125 18,755,574 SH SOLE 15,767,268 2,988,306 Canon Inc ADR Common138006309 1,357 26,427 SH SOLE 26,427 0 Cardinal Health Inc. Common14149Y108 8,318 217,117 SH SOLE 217,117 0 CareFusion Corp. Common14170T101 3,050 118,684 SH SOLE 118,684 0 Cemex SAB de CV ADR Common151290889 46 4,271 SH SOLE 4,271 0 Cenovus Energy Inc. Common15135U109 850,068 25,380,711 SH SOLE 21,248,711 4,132,000 Chevron Corp. Common166764100 174,488 1,912,199 SH SOLE 1,859,399 52,800 Cisco Systems Inc. Common17275R102 107,716 5,324,560 SH SOLE 5,162,225 162,335 Coca-Cola Common191216100 11,871 180,489 SH SOLE 180,489 0 Colgate-Palmolive Co. Common194162103 180,492 2,245,760 SH SOLE 2,127,410 118,350 Comcast Corp. A A 20030N101 325 14,811 SH SOLE 14,811 0 Comcast Corp. Common20030N200 40,946 1,967,604 SH SOLE 1,868,144 99,460 Community Health Systems InCommon203668108 5,012 134,130 SH SOLE 134,130 0 ConAgra Foods Inc. Common205887102 68 3,025 SH SOLE 2,825 200 ConocoPhillips Common20825C104 2,220 32,601 SH SOLE 32,601 0 Crown Holdings Inc. Common228368106 40 1,200 SH SOLE 1,200 0 CVS Caremark Corp. Common126650100 128,406 3,693,022 SH SOLE 3,521,112 171,910 Descartes Systems Group IncCommon249906108 42,827 6,061,956 SH SOLE 6,061,956 0 Diageo PLC ADR Common25243Q205 75,200 1,011,702 SH SOLE 1,000,202 11,500 Diebold Inc. Common253651103 2,735 85,328 SH SOLE 85,328 0 Dr Pepper Snapple Group IncCommon26138E109 7 197 SH SOLE 197 0 Emerson Electric Co. Common291011104 171,234 2,995,181 SH SOLE 2,817,681 177,500 Enbridge Inc. Common29250N105 863,054 15,240,337 SH SOLE 13,102,217 2,138,120 Encana Corp. Common292505104 521,803 17,823,629 SH SOLE 15,070,359 2,753,270 Enerplus Corp. Common292766102 184 5,963 SH SOLE 5,963 0 EOG Resources Inc. Common26875P101 58,712 642,295 SH SOLE 608,475 33,820 ERICSSON LM-ADR Common294821608 878 76,140 SH SOLE 76,140 0 E.W. Scripps Class A A 811054402 11 1,066 SH SOLE 1,066 0 Exxon Mobil Corp. Common30231G102 223,197 3,052,481 SH SOLE 3,001,149 51,332 Federal National Mortgage ACommon313586109 1 4,190 SH SOLE 4,190 0 Fifth Third Bancorp Common316773100 37 2,502 SH SOLE 2,502 0 First Horizon National CorpCommon320517105 2,243 190,410 SH SOLE 190,410 0 Fiserv Inc. Common337738108 82,866 1,415,066 SH SOLE 1,354,616 60,450 Fluor Corp. Common343412102 16,476 248,650 SH SOLE 238,100 10,550 Fomento Economico Mexicano Common344419106 61,323 1,096,625 SH SOLE 1,096,625 0 Fresenius Medical Care AG ACommon358029106 10,884 188,661 SH SOLE 179,411 9,250 General Electric Co. Common369604103 89,671 4,902,740 SH SOLE 4,524,040 378,700 Gilead Sciences Inc. Common375558103 32,499 896,764 SH SOLE 862,214 34,550 GlaxoSmithKline PLC ADR Common37733W105 11,494 293,071 SH SOLE 293,071 0 Goldcorp Inc. Common380956409 329,577 7,137,843 SH SOLE 5,920,922 1,216,921 Halliburton Co. Common406216101 80,876 1,980,794 SH SOLE 1,892,704 88,090 Hartford Financial ServicesCommon416515104 44,318 1,672,991 SH SOLE 1,627,671 45,320 Hospira Inc. Common441060100 1,040 18,681 SH SOLE 18,681 0 HSBC Holdings PLC ADR Common404280406 25,042 490,641 SH SOLE 473,791 16,850 Imperial Oil Ltd. Common453038408 642,006 15,720,277 SH SOLE 13,594,275 2,126,002 ING Groep NV ADR Common456837103 12,099 1,235,887 SH SOLE 1,168,377 67,510 Intel Corp. Common458140100 677 32,175 SH SOLE 32,175 0 Interpublic Group of Cos InCommon460690100 28 2,600 SH SOLE 2,600 0 International Flavors & FraCommon459506101 8,400 151,106 SH SOLE 151,106 0 JM Smucker Co. Common832696405 18 267 SH SOLE 267 0 Johnson & Johnson Common478160104 203,276 3,286,600 SH SOLE 3,136,740 149,860 JPMorgan Chase & Co. Common46625H100 93,777 2,210,687 SH SOLE 2,151,557 59,130 Kimberly-Clark Corp. Common494368103 75,915 1,204,239 SH SOLE 1,185,039 19,200 Kinross Gold Corp. Common496902404 347,174 18,242,706 SH SOLE 15,174,917 3,067,789 Kraft Foods Inc. Common50075N104 15,350 487,160 SH SOLE 487,160 0 Kyocera Corp ADR Common501556203 56 550 SH SOLE 550 0 Lincoln National Corp. Common534187109 30,356 1,091,544 SH SOLE 1,036,164 55,380 Luxottica Group Spa ADR Common55068R202 16,980 554,553 SH SOLE 554,553 0 M&T Bank Corp. Common55261F104 44,055 506,083 SH SOLE 483,223 22,860 Manulife Financial Corp. Common56501R106 922,294 53,436,578 SH SOLE 45,061,308 8,375,271 McCormick & Co Inc. Common579780206 58,998 1,267,954 SH SOLE 1,192,924 75,030 Medco Health Solutions Inc.Common58405U102 745 12,164 SH SOLE 12,164 0 Medtronic Inc. Common585055106 6,440 173,641 SH SOLE 173,641 0 Merck & Co Inc. Common58933Y105 4,775 132,504 SH SOLE 132,504 0 MetLife Inc. Common59156R108 88,825 1,998,770 SH SOLE 1,935,350 63,420 Microsoft Corp. Common594918104 3,943 141,265 SH SOLE 141,265 0 Monsanto Co. Common61166W101 72,323 1,038,529 SH SOLE 989,149 49,380 Motorola Mobility Common620097105 18 612 SH SOLE 612 0 Motorola Solutions Common620076307 26 700 SH SOLE 700 0 National Grid PLC ADR Common636274300 25,592 576,667 SH SOLE 466,667 110,000 Neenah Paper Inc. Common640079109 7 357 SH SOLE 357 0 Nexen Inc Common65334H102 871,337 37,973,863 SH SOLE 32,470,455 5,503,408 NIKE Inc. B 654106103 86,515 1,012,818 SH SOLE 981,323 31,495 Nordion Inc. Common65563C105 5 401 SH SOLE 401 0 Novartis AG ADR Common66987V109 6,978 118,365 SH SOLE 118,365 0 Novo Nordisk AS ADR Common670100205 5,226 46,425 SH SOLE 46,425 0 Penn West Energy Trust Common707885109 522 21,737 SH SOLE 21,737 0 PepsiCo Inc Common713448108 184,333 2,821,566 SH SOLE 2,673,956 147,610 Pfizer Inc Common717081103 81,160 4,635,049 SH SOLE 4,500,589 134,460 Philip Morris Common718172109 151,937 2,595,884 SH SOLE 2,427,084 168,800 Pitney Bowes Inc Common724479100 10 400 SH SOLE 400 0 Potash Corp of SaskatchewanCommon73755L107 865,950 5,571,064 SH SOLE 4,628,106 942,958 Procter & Gamble Co. Common742718109 243,604 3,786,789 SH SOLE 3,636,244 150,545 Quest Diagnostics Inc. Common74834L100 50,089 928,092 SH SOLE 891,522 36,570 Reed Elsevier NV ADR Common758204200 180 7,236 SH SOLE 7,236 0 Reed Elsevier NV ADR Common758205207 4,906 146,173 SH SOLE 146,173 0 Research In Motion Ltd. Common760975102 603,714 10,330,298 SH SOLE 8,539,793 1,790,505 Rogers Communications Inc. B 775109200 466,752 13,404,281 SH SOLE 11,309,308 2,094,973 Royal Bank of Canada Common780087102 1,968,605 37,444,574 SH SOLE 31,578,870 5,865,704 Royal Bank of Scotland GrouCommon780097689 0 25 SH SOLE 25 0 Royal Dutch Shell A PLC ADR A 780259206 99,946 1,496,650 SH SOLE 1,468,410 28,240 Royal Dutch Shell A PLC ADR B 780259107 520 7,799 SH SOLE 7,799 0 Sanofi-Aventis SA ADR Common80105N105 23 711 SH SOLE 711 0 SAP AG ADR Common803054204 32,767 647,448 SH SOLE 633,048 14,400 Scripps Networks Interactiv A 811065101 49,150 949,755 SH SOLE 925,470 24,285 Shaw Communications Inc. B 82028K200 685,755 31,915,728 SH SOLE 27,238,139 4,677,589 Siemens AG ADR Common826197501 12,545 100,969 SH SOLE 93,769 7,200 Smith & Nephew PLC ADR Common83175M205 16,755 318,835 SH SOLE 305,835 13,000 Sony Corp ADR Common835699307 187 5,230 SH SOLE 5,230 0 Spectra Energy Corp Common847560109 53,720 2,149,642 SH SOLE 2,088,192 61,450 Stantec Inc Common85472N109 43,921 1,573,805 SH SOLE 1,474,065 99,740 Sun Life Financial Inc. Common866796105 11,337 374,131 SH SOLE 374,131 0 Suncor Energy Inc. Common867224107 1,023,444 26,565,964 SH SOLE 22,357,489 4,208,475 Talisman Energy Inc. Common87425E103 1,382,641 62,109,455 SH SOLE 52,479,131 9,630,324 Tata Motors Ltd ADR Common876568502 2,682 91,425 SH SOLE 91,425 0 Texas Instruments Inc. Common882508104 76,776 2,362,347 SH SOLE 2,266,477 95,870 Thomson Reuters Corp. Common884903105 980,282 26,156,203 SH SOLE 22,001,624 4,154,579 Tim Hortons Inc. Common88706M103 318,812 7,707,720 SH SOLE 6,684,995 1,022,725 Time Warner Cable Inc. Common88732J207 17,188 260,309 SH SOLE 251,605 8,704 Time Warner Inc. Common887317303 8,962 278,596 SH SOLE 278,596 0 Toronto-Dominion Bank Common891160509 1,793,007 23,994,904 SH SOLE 20,187,831 3,807,073 Total SA ADR Common89151E109 41,922 783,875 SH SOLE 773,075 10,800 Toyota Motor Corp ADR Common892331307 3,106 39,504 SH SOLE 35,204 4,300 TransCanada Corp Common89353D107 908,686 23,767,210 SH SOLE 20,279,681 3,487,529 Transocean Ltd CommonH8817H100 18,001 258,977 SH SOLE 245,877 13,100 Tyco Electronics Ltd CommonH8912P106 5 150 SH SOLE 150 0 Tyco International Ltd CommonH89128104 10 250 SH SOLE 250 0 Unilever NV Common904784709 2,179 69,394 SH SOLE 69,394 0 Unilever PLC ADR Common904767704 182 5,879 SH SOLE 5,879 0 US Bancorp Common902973304 79,191 2,936,249 SH SOLE 2,828,079 108,170 Veolia Environnement ADR Common92334N103 4,309 146,757 SH SOLE 126,557 20,200 Verisk Analytics Inc. A 92345Y106 32,737 960,590 SH SOLE 912,600 47,990 Vodafone Group PLC ADR Common92857W209 96,567 3,652,324 SH SOLE 3,402,524 249,800 Walgreen Co. Common931422109 123,847 3,178,830 SH SOLE 3,104,070 74,760 Wal-Mart Stores Inc. Common931142103 2,041 37,845 SH SOLE 37,645 200 Walt Disney Co. Common254687106 983 26,217 SH SOLE 26,217 0 Washington Post Co. B 939640108 21,049 47,892 SH SOLE 46,732 1,160 Wells Fargo & Co. Common949746101 137,689 4,443,022 SH SOLE 4,324,081 118,941 Xerox Corp. Common984121103 7 601 SH SOLE 601 0 Zimmer Holdings Inc. Common98956P102 77,977 1,452,621 SH SOLE 1,410,426 42,195