13F-HR 1 sep2011.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: September 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 Oct. 13, 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: 156 -------------------- Form 13F Information Table Value Total: 22,170,076 -------------------- (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 94,046 1,310,017 SH SOLE 1,271,360 38,657 ABB LTD-SPON ADR Common000375204 4,143 242,584 SH SOLE 222,134 20,450 ABBOTT LABORATORIES Common002824100 125,609 2,456,179 SH SOLE 2,265,694 190,485 ALCATEL-LUCENT-SPONSORED ADCommon013904305 8 2,955 SH SOLE 2,955 0 ALTRIA GROUP INC Common02209S103 15,802 589,406 SH SOLE 589,406 0 AMERICA MOVIL-ADR SERIES L Common02364W105 52,277 2,367,624 SH SOLE 2,367,624 0 AMERICAN INTERNATIONAL GROUCommon026874784 70 3,167 SH SOLE 3,167 0 ANHEUSER-BUSCH INBEV SPN ADCommon03524A108 61,782 1,166,147 SH SOLE 1,161,147 5,000 AOL INC Common00184X105 19 1,594 SH SOLE 1,594 0 APPLE INC Common037833100 1,615 4,234 SH SOLE 4,234 0 AUTOMATIC DATA PROCESSING Common053015103 80,804 1,713,773 SH SOLE 1,634,453 79,320 BANCO SANTANDER SA-SPON ADRCommon05964H105 6,966 866,405 SH SOLE 866,405 0 BANK OF MONTREAL Common063671101 380,799 6,228,615 SH SOLE 5,187,874 1,040,741 BANK OF NEW YORK MELLON CORCommon064058100 37,106 1,996,024 SH SOLE 1,879,523 116,501 BANK OF NOVA SCOTIA Common064149107 1,545,187 28,126,584 SH SOLE 23,693,623 4,432,961 BB&T CORP Common054937107 37,056 1,737,272 SH SOLE 1,675,102 62,170 BCE INC Common05534B760 485,602 11,860,691 SH SOLE 9,884,696 1,975,995 BECTON DICKINSON AND CO Common075887109 78,721 1,073,658 SH SOLE 1,031,713 41,945 BHP BILLITON LTD-SPON ADR Common088606108 45,992 692,241 SH SOLE 682,191 10,050 BP PLC-SPONS ADR Common055622104 30,674 850,391 SH SOLE 683,991 166,400 BRISTOL-MYERS SQUIBB CO Common110122108 701 22,325 SH SOLE 22,325 0 CAE INC Common124765108 284,027 27,727,896 SH SOLE 22,982,458 4,745,438 CAMECO CORP Common13321L108 183,342 9,144,667 SH SOLE 7,740,486 1,404,181 CAN IMPERIAL BK OF COMMERCECommon136069101 2,180 28,505 SH SOLE 28,505 0 CANADIAN NATL RAILWAY CO Common136375102 826,682 11,328,327 SH SOLE 9,483,517 1,844,810 CANADIAN NATURAL RESOURCES Common136385101 705,914 22,015,855 SH SOLE 18,328,568 3,687,287 CANON INC-SPONS ADR Common138006309 991 21,902 SH SOLE 21,902 0 CARDINAL HEALTH INC Common14149Y108 7,784 185,865 SH SOLE 185,865 0 CAREFUSION CORP Common14170T101 125 5,199 SH SOLE 5,199 0 CENOVUS ENERGY INC Common15135U109 817,204 24,302,059 SH SOLE 20,371,443 3,930,616 CHEVRON CORP Common166764100 134,470 1,452,312 SH SOLE 1,414,417 37,895 CISCO SYSTEMS INC Common17275R102 18,733 1,208,569 SH SOLE 1,188,569 20,000 COCA-COLA CO/THE Common191216100 11,731 173,631 SH SOLE 173,631 0 COLGATE-PALMOLIVE CO Common194162103 192,330 2,168,806 SH SOLE 2,033,306 135,500 COMCAST CORP-CLASS A A 20030N101 165 7,867 SH SOLE 7,867 0 COMCAST CORP-SPECIAL CL A A 20030N200 2,335 112,715 SH SOLE 112,715 0 COMMUNITY HEALTH SYSTEMS INCommon203668108 122 7,330 SH SOLE 7,330 0 CONAGRA FOODS INC Common205887102 34 1,400 SH SOLE 1,200 200 CONOCOPHILLIPS Common20825C104 1,837 29,017 SH SOLE 29,017 0 CROWN HOLDINGS INC Common228368106 31 1,000 SH SOLE 1,000 0 CVS CAREMARK CORP Common126650100 115,852 3,449,004 SH SOLE 3,199,719 249,285 DESCARTES SYSTEMS GRP/THE Common249906108 41,508 6,128,106 SH SOLE 6,077,306 50,800 DIAGEO PLC-SPONSORED ADR Common25243Q205 71,030 935,462 SH SOLE 925,512 9,950 DIEBOLD INC Common253651103 1,326 48,211 SH SOLE 48,211 0 DR PEPPER SNAPPLE GROUP INCCommon26138E109 8 197 SH SOLE 197 0 EMERSON ELECTRIC CO Common291011104 126,588 3,064,334 SH SOLE 2,857,294 207,040 ENBRIDGE INC Common29250N105 982,968 28,200,376 SH SOLE 24,083,770 4,116,606 ENCANA CORP Common292505104 651,567 31,000,214 SH SOLE 25,887,401 5,112,813 ENERPLUS CORP Common292766102 141 5,213 SH SOLE 5,213 0 EOG RESOURCES INC Common26875P101 46,183 650,379 SH SOLE 613,209 37,170 ERICSSON (LM) TEL-SP ADR Common294821608 491 51,380 SH SOLE 51,380 0 EW SCRIPPS CO/THE-A A 811054402 6 835 SH SOLE 835 0 EXXON MOBIL CORP Common30231G102 205,133 2,824,352 SH SOLE 2,773,020 51,332 FANNIE MAE Common313586109 1 3,065 SH SOLE 3,065 0 FIFTH THIRD BANCORP Common316773100 25 2,502 SH SOLE 2,502 0 FIRST HORIZON NATIONAL CORPCommon320517105 1,264 212,059 SH SOLE 212,059 0 FISERV INC Common337738108 67,643 1,332,339 SH SOLE 1,267,439 64,900 FLUOR CORP Common343412102 14 300 SH SOLE 300 0 FOMENTO ECONOMICO MEX-SP ADCommon344419106 66,160 1,020,669 SH SOLE 1,020,669 0 FRESENIUS MEDICAL CARE-ADR Common358029106 10,753 159,230 SH SOLE 149,380 9,850 GENERAL ELECTRIC CO Common369604103 99,705 6,550,950 SH SOLE 5,995,664 555,286 GILEAD SCIENCES INC Common375558103 57,018 1,469,540 SH SOLE 1,407,450 62,090 GLAXOSMITHKLINE PLC-SPON ADCommon37733W105 11,375 275,489 SH SOLE 275,489 0 GOLDCORP INC Common380956409 5,043 100,677 SH SOLE 100,677 0 HALLIBURTON CO Common406216101 56,782 1,860,483 SH SOLE 1,766,693 93,790 HARTFORD FINANCIAL SVCS GRPCommon416515104 24,946 1,545,624 SH SOLE 1,493,279 52,345 HOSPIRA INC Common441060100 670 18,121 SH SOLE 18,121 0 HSBC HOLDINGS PLC-SPONS ADRCommon404280406 20,428 537,003 SH SOLE 519,053 17,950 IMPERIAL OIL LTD Common453038408 491,246 12,524,516 SH SOLE 10,691,247 1,833,269 ING GROEP N.V.-SPONSORED ADCommon456837103 7,953 1,128,105 SH SOLE 1,060,595 67,510 INTEL CORP Common458140100 531 24,893 SH SOLE 24,893 0 INTERPUBLIC GROUP OF COS INCommon460690100 19 2,600 SH SOLE 2,600 0 INTL BUSINESS MACHINES CORPCommon459200101 99,940 571,510 SH SOLE 546,815 24,695 INTL FLAVORS & FRAGRANCES Common459506101 8,017 142,606 SH SOLE 142,606 0 JM SMUCKER CO/THE Common832696405 12 158 SH SOLE 158 0 JOHNSON & JOHNSON Common478160104 201,877 3,169,688 SH SOLE 2,995,873 173,815 JPMORGAN CHASE & CO Common46625H100 89,069 2,957,128 SH SOLE 2,677,640 279,488 KIMBERLY-CLARK CORP Common494368103 72,212 1,016,923 SH SOLE 997,223 19,700 KINROSS GOLD CORP Common496902404 1,223 75,370 SH SOLE 75,370 0 KRAFT FOODS INC-CLASS A A 50075N104 15,263 454,536 SH SOLE 454,536 0 KYOCERA CORP -SPONS ADR Common501556203 46 550 SH SOLE 550 0 LINCOLN NATIONAL CORP Common534187109 16,087 1,029,250 SH SOLE 964,495 64,755 LUXOTTICA GROUP SPA-SPON ADCommon55068R202 6,629 263,247 SH SOLE 263,247 0 M & T BANK CORP Common55261F104 33,955 485,763 SH SOLE 466,353 19,410 MANULIFE FINANCIAL CORP Common56501R106 706,208 56,759,653 SH SOLE 47,893,428 8,866,225 MCCORMICK & CO-NON VTG SHRSCommon579780206 1,521 32,951 SH SOLE 32,951 0 MEDCO HEALTH SOLUTIONS INC Common58405U102 515 10,982 SH SOLE 10,982 0 MEDTRONIC INC Common585055106 4,407 132,586 SH SOLE 132,586 0 MERCK & CO. INC. Common58933Y105 3,967 121,307 SH SOLE 121,307 0 METLIFE Common59156R108 59,740 2,132,799 SH SOLE 2,055,099 77,700 MICROSOFT CORP Common594918104 2,896 116,355 SH SOLE 116,355 0 MONSANTO Common61166W101 58,238 969,985 SH SOLE 918,405 51,580 MOTOROLA MOBILITY HOLDINGS Common620097105 12 306 SH SOLE 306 MOTOROLA SOLUTIONS INC Common620076307 15 349 SH SOLE 349 NATIONAL GRID PLC-SP ADR Common636274300 32,919 663,696 SH SOLE 519,696 144,000 NEENAH PAPER INC Common640079109 3 189 SH SOLE 189 0 NEXEN INC Common65334H102 560,963 33,026,180 SH SOLE 27,987,708 5,038,472 NIKE INC -CL B B 654106103 60,083 702,648 SH SOLE 681,168 21,480 NORDION INC Common65563C105 4 401 SH SOLE 401 NOVARTIS AG-ADR Common66987V109 5,330 95,577 SH SOLE 95,577 0 NOVO-NORDISK A/S-SPONS ADR Common670100205 4,380 44,010 SH SOLE 44,010 0 ORACLE CORP Common68389X105 72,865 2,535,309 SH SOLE 2,437,454 97,855 PENN WEST PETROLEUM LTD Common707887105 85 5,245 SH SOLE 5,245 0 PEPSICO INC Common713448108 169,028 2,730,670 SH SOLE 2,568,567 162,103 PFIZER INC Common717081103 75,437 4,266,822 SH SOLE 4,132,037 134,785 PHILIP MORRIS INTERNATIONALCommon718172109 153,753 2,464,782 SH SOLE 2,295,082 169,700 PITNEY BOWES INC Common724479100 15 800 SH SOLE 800 0 POTASH CORP OF SASKATCHEWANCommon73755L107 621,871 13,188,442 SH SOLE 11,012,949 2,175,493 PROCTER & GAMBLE CO/THE Common742718109 228,755 3,620,688 SH SOLE 3,453,743 166,945 QEP RESOURCES INC Common74733V100 21,009 776,092 SH SOLE 739,647 36,445 QUEST DIAGNOSTICS INC Common74834L100 43,359 878,433 SH SOLE 840,963 37,470 REED ELSEVIER NV-SPONS ADR Common758204200 158 7,236 SH SOLE 7,236 0 REED ELSEVIER PLC-SPONS ADRCommon758205207 3,881 127,573 SH SOLE 127,573 0 RESEARCH IN MOTION Common760975102 3,970 178,369 SH SOLE 178,369 0 ROGERS COMMUNICATIONS INC-B B 775109200 721,728 19,308,737 SH SOLE 16,089,245 3,219,492 ROYAL BANK OF CANADA Common780087102 1,754,062 35,024,549 SH SOLE 29,604,020 5,420,529 ROYAL BANK OF SCOT-SPON ADRCommon780097689 0 25 SH SOLE 25 0 ROYAL DUTCH SHELL PLC-ADR A A 780259206 61,552 1,000,528 SH SOLE 1,000,528 0 ROYAL DUTCH SHELL PLC-ADR B B 780259107 486 7,826 SH SOLE 7,826 0 SANOFI-ADR Common80105N105 8,512 259,507 SH SOLE 237,007 22,500 SAP AG-SPONSORED ADR Common803054204 31,348 619,272 SH SOLE 601,372 17,900 SCRIPPS NETWORKS INTER-CL A A 811065101 44,563 1,198,898 SH SOLE 1,156,228 42,670 SHAW COMMUNICATIONS INC-B B 82028K200 650,867 29,379,231 SH SOLE 24,959,047 4,420,184 SIEMENS AG-SPONS ADR Common826197501 11,914 132,687 SH SOLE 123,787 8,900 SMITH & NEPHEW PLC -SPON ADCommon83175M205 10,251 229,377 SH SOLE 220,027 9,350 SONY CORP-SPONSORED ADR Common835699307 99 5,230 SH SOLE 5,230 0 SPECTRA ENERGY CORP Common847560109 48,384 1,972,428 SH SOLE 1,906,328 66,100 STANTEC INC Common85472N109 46,128 1,895,780 SH SOLE 1,802,765 93,015 SUN LIFE FINANCIAL INC Common866796105 8,931 342,397 SH SOLE 342,397 0 SUNCOR ENERGY INC Common867224107 609,785 21,867,655 SH SOLE 18,283,564 3,584,091 TALISMAN ENERGY INC Common87425E103 773,416 57,624,703 SH SOLE 48,431,113 9,193,590 TATA MOTORS LTD-SPON ADR Common876568502 751 48,800 SH SOLE 48,800 0 TEXAS INSTRUMENTS INC Common882508104 57,943 2,174,240 SH SOLE 2,076,220 98,020 THOMSON REUTERS CORP Common884903105 718,210 24,268,577 SH SOLE 20,346,583 3,921,994 TIM HORTONS INC Common88706M103 398,106 7,843,172 SH SOLE 6,757,653 1,085,519 TIME WARNER CABLE Common88732J207 57,876 923,502 SH SOLE 883,033 40,469 TIME WARNER INC Common887317303 648 21,625 SH SOLE 21,625 0 TORONTO-DOMINION BANK Common891160509 1,741,042 22,399,592 SH SOLE 18,915,581 3,484,011 TOTAL SA-SPON ADR Common89151E109 22,992 524,084 SH SOLE 510,634 13,450 TOYOTA MOTOR CORP -SPON ADRCommon892331307 4,425 64,819 SH SOLE 64,819 0 TRANSCANADA CORP Common89353D107 990,156 22,336,622 SH SOLE 19,014,768 3,321,854 TRANSOCEAN LTD CommonH8817H100 11,615 243,307 SH SOLE 229,882 13,425 TYCO INTERNATIONAL LTD CommonH89128104 10 250 SH SOLE 250 0 UNILEVER N V -NY SHARES Common904784709 2,113 67,110 SH SOLE 67,110 0 UNILEVER PLC-SPONSORED ADR Common904767704 193 6,179 SH SOLE 6,179 0 US BANCORP Common902973304 74,340 3,158,014 SH SOLE 3,063,919 94,095 VEOLIA ENVIRONNEMENT-ADR Common92334N103 730 50,114 SH SOLE 50,114 0 VERISK ANALYTICS A A 92345Y106 55,927 1,608,492 SH SOLE 1,538,197 70,295 VODAFONE GROUP PLC-SP ADR Common92857W209 87,764 3,420,251 SH SOLE 3,142,251 278,000 WALGREEN CO Common931422109 102,550 3,117,970 SH SOLE 3,030,130 87,840 WAL-MART STORES INC Common931142103 1,785 34,388 SH SOLE 34,188 200 WALT DISNEY CO/THE Common254687106 573 18,992 SH SOLE 18,992 0 WASHINGTON POST-CLASS B B 939640108 828 2,531 SH SOLE 2,531 0 WELLS FARGO & CO Common949746101 101,663 4,214,904 SH SOLE 4,101,488 113,416 XEROX CORP Common984121103 0 1 SH SOLE 1 0 ZIMMER HOLDINGS INC Common98956P102 76,706 1,434,298 SH SOLE 1,388,883 45,415