13F-HR 1 jun2011.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: June 30, 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: 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 July 12, 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: 157 -------------------- Form 13F Information Table Value Total: 26,457,854 -------------------- (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 128,550 1,355,303 SH SOLE 1,318,946 36,357 ABB LTD.-SPON ADR Common000375204 6,746 259,971 SH SOLE 240,821 19,150 ABBOTT LABORATORIES Common002824100 134,733 2,560,494 SH SOLE 2,371,659 188,835 ALCATEL-LUCENT-SPONSORED ADCommon013904305 17 2,955 SH SOLE 2,955 0 ALTRIA GROUP INC. Common02209S103 16,043 607,445 SH SOLE 607,445 0 AMERICA MOVIL-ADR SERIES L Common02364W105 25,707 954,215 SH SOLE 954,215 0 AMERICAN INTERNATIONAL GROUCommon026874784 95 3,254 SH SOLE 3,254 0 ANHEUSER-BUSCH INBEV SPN ADCommon03524A108 52,965 913,035 SH SOLE 908,035 5,000 AOL INC. Common00184X105 37 1,848 SH SOLE 1,848 0 APPLE INC. Common037833100 1,669 4,971 SH SOLE 4,971 0 AUTOMATIC DATA PROCESSING Common053015103 80,344 1,525,139 SH SOLE 1,462,284 62,855 BANCO SANTANDER SA-SPON ADRCommon05964H105 10,801 938,398 SH SOLE 938,398 0 BANK OF MONTREAL Common063671101 412,227 6,484,771 SH SOLE 5,335,235 1,149,536 BANK OF NEW YORK MELLON CORCommon064058100 53,964 2,106,305 SH SOLE 1,990,554 115,751 BANK OF NOVA SCOTIA Common064149107 1,760,337 29,246,012 SH SOLE 24,273,937 4,972,075 BB&T CORP. Common054937107 48,110 1,792,476 SH SOLE 1,732,106 60,370 BCE INC. Common05534B760 292,059 7,452,821 SH SOLE 6,169,891 1,282,930 BECTON DICKINSON AND CO Common075887109 92,021 1,067,896 SH SOLE 1,028,851 39,045 BHP BILLITON LTD.-SPON ADR Common088606108 63,597 672,061 SH SOLE 663,461 8,600 BP PLC-SPONS ADR Common055622104 39,670 895,679 SH SOLE 729,279 166,400 BRISTOL-MYERS SQUIBB CO Common110122108 667 23,025 SH SOLE 23,025 0 CAE INC. Common124765108 387,406 28,738,319 SH SOLE 23,605,411 5,132,908 CAMECO CORP. Common13321L108 233,595 8,861,750 SH SOLE 7,401,704 1,460,046 CAN IMPERIAL BK OF COMMERCECommon136069101 2,413 30,579 SH SOLE 30,579 0 CANADIAN NATL RAILWAY CO Common136375102 941,900 11,784,124 SH SOLE 9,716,911 2,067,213 CANADIAN NATURAL RESOURCES Common136385101 916,722 21,882,978 SH SOLE 17,895,810 3,987,168 CANON INC.-SPONS ADR Common138006309 1,049 22,052 SH SOLE 22,052 0 CARDINAL HEALTH INC. Common14149Y108 9,117 200,733 SH SOLE 200,733 0 CAREFUSION CORP. Common14170T101 153 5,649 SH SOLE 5,649 0 CEMEX SAB-SPONS ADR PART CECommon151290889 1 67 SH SOLE 67 0 CENOVUS ENERGY INC. Common15135U109 949,938 25,186,403 SH SOLE 20,896,698 4,289,705 CHEVRON CORP. Common166764100 154,943 1,506,640 SH SOLE 1,469,770 36,870 CISCO SYSTEMS INC. Common17275R102 80,455 5,154,055 SH SOLE 4,990,545 163,510 COCA-COLA CO/THE Common191216100 12,210 181,451 SH SOLE 181,451 0 COLGATE-PALMOLIVE CO Common194162103 195,192 2,233,059 SH SOLE 2,100,959 132,100 COMCAST CORP.-CLASS A A 20030N101 231 9,114 SH SOLE 9,114 0 COMCAST CORP.-SPECIAL CL A A 20030N200 2,963 122,297 SH SOLE 122,297 0 COMMUNITY HEALTH SYSTEMS INCommon203668108 216 8,420 SH SOLE 8,420 0 CONAGRA FOODS INC. Common205887102 57 2,225 SH SOLE 2,025 200 CONOCOPHILLIPS Common20825C104 2,220 29,527 SH SOLE 29,527 0 CROWN HOLDINGS INC. Common228368106 39 1,000 SH SOLE 1,000 0 CVS CAREMARK CORP. Common126650100 134,085 3,567,976 SH SOLE 3,335,716 232,260 DESCARTES SYSTEMS GRP/THE Common249906108 43,945 6,128,806 SH SOLE 6,077,006 51,800 DIAGEO PLC-SPONSORED ADR Common25243Q205 78,802 962,529 SH SOLE 954,029 8,500 DIEBOLD INC. Common253651103 1,511 48,711 SH SOLE 48,711 0 DR PEPPER SNAPPLE GROUP INCCommon26138E109 8 197 SH SOLE 197 0 EMERSON ELECTRIC CO Common291011104 174,558 3,103,255 SH SOLE 2,900,365 202,890 ENBRIDGE INC. Common29250N105 950,746 29,259,102 SH SOLE 24,791,616 4,467,486 ENCANA CORP. Common292505104 970,329 31,446,077 SH SOLE 25,936,344 5,509,733 ENERPLUS CORP. Common292766102 164 5,213 SH SOLE 5,213 0 EOG RESOURCES INC. Common26875P101 68,152 651,859 SH SOLE 618,039 33,820 ERICSSON (LM) TEL-SP ADR Common294821608 749 52,080 SH SOLE 52,080 0 EW SCRIPPS CO/THE-A A 811054402 8 850 SH SOLE 850 0 EXXON MOBIL CORP. Common30231G102 237,945 2,923,873 SH SOLE 2,876,216 47,657 FANNIE MAE Common313586109 1 4,190 SH SOLE 4,190 0 FIFTH THIRD BANCORP Common316773100 32 2,502 SH SOLE 2,502 0 FIRST HORIZON NATIONAL CORPCommon320517105 2,071 217,065 SH SOLE 217,065 0 FISERV INC. Common337738108 85,761 1,369,327 SH SOLE 1,308,152 61,175 FLUOR CORP. Common343412102 19 300 SH SOLE 300 0 FOMENTO ECONOMICO MEX-SP ADCommon344419106 69,527 1,045,680 SH SOLE 1,045,680 0 FRESENIUS MEDICAL CARE-ADR Common358029106 13,456 180,140 SH SOLE 170,890 9,250 GENERAL ELECTRIC CO Common369604103 107,917 5,721,979 SH SOLE 5,221,098 500,881 GILEAD SCIENCES INC. Common375558103 56,274 1,358,937 SH SOLE 1,304,782 54,155 GLAXOSMITHKLINE PLC-SPON ADCommon37733W105 12,391 288,846 SH SOLE 288,846 0 GOLDCORP INC. Common380956409 7,147 147,866 SH SOLE 147,866 0 HALLIBURTON CO Common406216101 98,325 1,927,942 SH SOLE 1,840,202 87,740 HARTFORD FINANCIAL SVCS GRPCommon416515104 42,785 1,622,478 SH SOLE 1,570,533 51,945 HOSPIRA INC. Common441060100 1,033 18,226 SH SOLE 18,226 0 HSBC HOLDINGS PLC-SPONS ADRCommon404280406 26,425 532,548 SH SOLE 515,698 16,850 IMPERIAL OIL LTD. Common453038408 605,114 13,000,790 SH SOLE 11,015,231 1,985,559 ING GROEP N.V.-SPONSORED ADCommon456837103 14,472 1,169,929 SH SOLE 1,102,419 67,510 INTEL CORP. Common458140100 639 28,843 SH SOLE 28,843 0 INTERPUBLIC GROUP OF COS INCommon460690100 33 2,600 SH SOLE 2,600 0 INTL BUSINESS MACHINES CORPCommon459200101 92,561 539,555 SH SOLE 516,185 23,370 INTL FLAVORS & FRAGRANCES Common459506101 9,161 142,606 SH SOLE 142,606 0 JM SMUCKER CO/THE Common832696405 13 167 SH SOLE 167 0 JOHNSON & JOHNSON Common478160104 216,659 3,257,054 SH SOLE 3,088,064 168,990 JPMORGAN CHASE & CO Common46625H100 122,300 2,987,291 SH SOLE 2,727,978 259,313 KIMBERLY-CLARK CORP. Common494368103 70,897 1,065,164 SH SOLE 1,045,964 19,200 KINROSS GOLD CORP. Common496902404 2,557 162,020 SH SOLE 162,020 0 KRAFT FOODS INC.-CLASS A A 50075N104 16,736 475,048 SH SOLE 475,048 0 KYOCERA CORP. -SPONS ADR Common501556203 56 550 SH SOLE 550 0 LINCOLN NATIONAL CORP. Common534187109 30,911 1,084,983 SH SOLE 1,020,778 64,205 LUXOTTICA GROUP SPA-SPON ADCommon55068R202 13,610 423,979 SH SOLE 423,979 0 M & T BANK CORP. Common55261F104 44,058 500,943 SH SOLE 481,083 19,860 MANULIFE FINANCIAL CORP.. Common56501R106 1,030,367 58,220,537 SH SOLE 48,507,356 9,713,181 MCCORMICK & CO-NON VTG SHRSCommon579780206 2,048 41,315 SH SOLE 41,315 0 MEDCO HEALTH SOLUTIONS INC.Common58405U102 621 10,982 SH SOLE 10,982 0 MEDTRONIC INC. Common585055106 5,407 140,336 SH SOLE 140,336 0 MERCK & CO. INC. Common58933Y105 4,414 125,084 SH SOLE 125,084 0 METLIFE Common59156R108 94,762 2,160,070 SH SOLE 2,084,445 75,625 MICROSOFT CORP. Common594918104 3,099 119,205 SH SOLE 119,205 0 MONSANTO Common61166W101 72,885 1,004,752 SH SOLE 955,347 49,405 MOTOROLA MOBILITY HOLDINGS Common620097105 10 456 SH SOLE 456 0 MOTOROLA SOLUTIONS INC. Common620076307 24 520 SH SOLE 520 0 NATIONAL GRID PLC-SP ADR Common636274300 31,317 633,557 SH SOLE 501,557 132,000 NEENAH PAPER INC. Common640079109 4 189 SH SOLE 189 0 NEXEN INC. Common65334H102 823,135 36,541,272 SH SOLE 30,725,306 5,815,966 NIKE INC. -CL B B 654106103 88,733 986,144 SH SOLE 954,824 31,320 NORDION INC. Common65563C105 4 401 SH SOLE 401 0 NOVARTIS AG-ADR Common66987V109 6,012 98,377 SH SOLE 98,377 0 NOVO-NORDISK A/S-SPONS ADR Common670100205 5,620 44,860 SH SOLE 44,860 0 ORACLE CORP. Common68389X105 60,034 1,824,199 SH SOLE 1,756,404 67,795 PENN WEST PETROLEUM LTD. Common707887105 130 5,644 SH SOLE 5,644 0 PEPSICO INC. Common713448108 195,456 2,775,175 SH SOLE 2,622,572 152,603 PFIZER INC. Common717081103 91,570 4,445,131 SH SOLE 4,313,971 131,160 PHILIP MORRIS INTERNATIONALCommon718172109 169,781 2,542,781 SH SOLE 2,373,231 169,550 PITNEY BOWES INC. Common724479100 9 400 SH SOLE 400 0 POTASH CORP. OF SASKATCHEWACommon73755L107 783,877 13,749,901 SH SOLE 11,307,152 2,442,749 PROCTER & GAMBLE CO. Common742718109 236,094 3,713,918 SH SOLE 3,552,123 161,795 QEP RESOURCES INC. Common74733V100 33,457 799,834 SH SOLE 764,414 35,420 QUEST DIAGNOSTICS INC. Common74834L100 53,404 903,628 SH SOLE 867,158 36,470 REED ELSEVIER NV-SPONS ADR Common758204200 195 7,236 SH SOLE 7,236 0 REED ELSEVIER PLC-SPONS ADRCommon758205207 5,010 137,338 SH SOLE 137,338 0 RESEARCH IN MOTION Common760975102 5,841 202,064 SH SOLE 202,064 0 ROGERS COMMUNICATIONS INC.- B 775109200 793,588 20,054,782 SH SOLE 16,503,291 3,551,491 ROYAL BANK OF CANADA Common780087102 2,064,499 36,365,645 SH SOLE 30,353,564 6,012,081 ROYAL BANK OF SCOT-SPON ADRCommon780097689 0 25 SH SOLE 25 0 ROYAL DUTCH SHELL PLC-ADR A 780259206 73,139 1,028,238 SH SOLE 1,028,238 0 ROYAL DUTCH SHELL PLC-ADR B 780259107 568 7,918 SH SOLE 7,918 0 SANOFI-ADR Common80105N105 6,818 169,734 SH SOLE 151,734 18,000 SAP AG-SPONSORED ADR Common803054204 36,780 606,423 SH SOLE 592,023 14,400 SCRIPPS NETWORKS INTER-CL A A 811065101 49,737 1,017,530 SH SOLE 987,655 29,875 SHAW COMMUNICATIONS INC.-B B 82028K200 696,898 30,585,558 SH SOLE 25,740,229 4,845,329 SIEMENS AG-SPONS ADR Common826197501 15,684 114,041 SH SOLE 106,841 7,200 SMITH & NEPHEW PLC -SPON ADCommon83175M205 15,547 287,053 SH SOLE 274,053 13,000 SONY CORP.-SPONSORED ADR Common835699307 138 5,230 SH SOLE 5,230 0 SPECTRA ENERGY CORP. Common847560109 56,536 2,062,592 SH SOLE 2,001,417 61,175 STANTEC INC. Common85472N109 54,910 1,892,630 SH SOLE 1,799,565 93,065 SUN LIFE FINANCIAL INC. Common866796105 10,702 355,527 SH SOLE 355,527 0 SUNCOR ENERGY INC. Common867224107 884,440 22,581,297 SH SOLE 18,731,579 3,849,718 TALISMAN ENERGY INC. Common87425E103 1,228,613 59,855,338 SH SOLE 49,727,529 10,127,809 TATA MOTORS LTD.-SPON ADR Common876568502 1,527 67,850 SH SOLE 67,850 0 TEXAS INSTRUMENTS INC. Common882508104 74,466 2,268,221 SH SOLE 2,172,901 95,320 THOMSON REUTERS CORP. Common884903105 946,564 25,228,626 SH SOLE 20,916,454 4,312,172 TIM HORTONS INC. Common88706M103 397,408 8,144,801 SH SOLE 6,950,213 1,194,588 TIME WARNER CABLE Common88732J207 74,560 955,403 SH SOLE 916,009 39,394 TIME WARNER INC. Common887317303 821 22,585 SH SOLE 22,585 0 TORONTO-DOMINION BANK Common891160509 1,979,490 23,326,074 SH SOLE 19,440,922 3,885,152 TOTAL SA-SPON ADR Common89151E109 30,245 522,902 SH SOLE 512,102 10,800 TOYOTA MOTOR CORP. -SPON ADCommon892331307 5,619 68,173 SH SOLE 68,173 0 TRANSCANADA CORP. Common89353D107 1,020,437 23,254,404 SH SOLE 19,558,605 3,695,799 TRANSOCEAN LTD. CommonH8817H100 16,343 253,152 SH SOLE 240,052 13,100 TYCO INTERNATIONAL LTD. CommonH89128104 12 250 SH SOLE 250 0 UNILEVER N V -NY SHARES Common904784709 2,257 68,715 SH SOLE 68,715 0 UNILEVER PLC-SPONSORED ADR Common904767704 200 6,179 SH SOLE 6,179 0 US BANCORP Common902973304 83,693 3,280,801 SH SOLE 3,187,556 93,245 VEOLIA ENVIRONNEMENT-ADR Common92334N103 3,736 131,827 SH SOLE 110,680 21,147 VERISK ANALYTICS A A 92345Y106 47,818 1,381,220 SH SOLE 1,312,875 68,345 VODAFONE GROUP PLC-SP ADR Common92857W209 94,176 3,524,533 SH SOLE 3,266,533 258,000 WALGREEN CO Common931422109 130,380 3,070,645 SH SOLE 2,996,335 74,310 WAL-MART STORES INC. Common931142103 1,818 34,208 SH SOLE 34,008 200 WALT DISNEY CO. Common254687106 855 21,892 SH SOLE 21,892 0 WASHINGTON POST-CLASS B B 939640108 8,258 19,711 SH SOLE 18,876 835 WELLS FARGO & CO Common949746101 122,237 4,356,281 SH SOLE 4,245,290 110,991 XEROX CORP. Common984121103 0 1 SH SOLE 1 0 ZIMMER HOLDINGS INC. Common98956P102 87,895 1,390,750 SH SOLE 1,348,730 42,020