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Disclosure
Jarislowsky Fraser is defined as an SEC registered independent
investment advisor located in Canada. The composite creation
date is April 1, 1995. From April 1, 1995 to September 30,
2001, the composite is made up of the time-weighted, total
return results of the Jarislowsky Fraser International Equity
Fund, a pooled fund managed by the investment professionals at
Jarislowsky Fraser Limited. Beginning October 1, 2001 to June
30, 2003, the composite is made up of time-weighted, total
return results of all actual, fee-paying, fully discretionary
international equity portfolios managed by Jarislowsky Fraser
Limited. From July 1, 2003 to present, performance results
reflect the time-weighted, total return composite results of
only U.S.-based actual, fee-paying, fully discretionary
accounts.
All accounts included in the composite are within the same
investment guidelines. Valuations are computed and performance
is reported in US dollars. Performance shown is gross of all
management and incentive fees and net of withholding taxes on
dividends, interest and capital gains. The Jarislowsky Fraser
International Equity Fund may invest in up to 10% non-EAFE and
other countries which the benchmark does not. Historically,
however, the Fund has never had above 10% non-EAFE or other
country exposure. The benchmark is the Morgan Stanley EAFE
Growth Index for which there is no advisory fee or withholding
tax.
Performance results earned on behalf of Jarislowsky
Fraser’ s clients are calculated gross of investment management
fees and will be reduced by JFL’s investment advisory fee as
stated above. Performance is measured on a monthly basis and
geometrically linked to obtain the quarterly and annual results.
Eligible new portfolios are added to the composite after they
have been fully invested for one full calendar month. Terminated
accounts remain in the historical figures. A complete list and
description of Jarislowsky Fraser’s composites is available upon
request.
| Year
Ended December 31 |
Gross
Rate of Return |
Net
Rate of Return |
Number
of Port-folios |
Non-Fee
Paying Portfolios (%) |
Composite
Assets at End of Year ($mm) |
Composite
Assets as % of Total Firm Assets |
Composite
Assets as % of Total Product Assets |
Dispersion
of Annual Returns (Standard Deviation) |
Benchmark
Return of
MSCI EAFE
Index |
|
2006
|
23.76% |
23.00% |
24 |
0.00% |
$2,637.7 |
4.8% |
24.0% |
0.10% |
22.69% |
|
2005 |
10.96% |
10.27% |
25 |
0.0% |
$3,046.7 |
6.0% |
37.5% |
0.07% |
13.63% |
|
2004 |
15.37% |
14.69% |
30 |
0.0% |
$2,860.6 |
6.8% |
39.3% |
0.06% |
16.48% |
| 2003 |
32.43% |
31.63% |
20 |
0.0% |
$1,634.4 |
4.9% |
34.2% |
1.47% |
32.48% |
| 2002 |
-14.18% |
-14.80% |
25 |
0.0% |
$2,293.9 |
10.0% |
80.7% |
0.68% |
-15.76% |
| 2001 |
-15.98% |
-16.60% |
12 |
0.0% |
$1,437.1 |
7.6% |
94.4% |
n/a
(1 fund |
-24.40% |
| 2000 |
4.87% |
4.14% |
1 |
0.0% |
$656.9 |
3.8% |
75.0% |
n/a
(1 fund) |
-24.40% |
| 1999 |
35.37% |
34.42% |
1 |
0.0% |
$375.6 |
2.6% |
89.4% |
n/a
(1 fund) |
29.69% |
| 1998 |
25.90% |
25.01% |
1 |
0.0% |
$144.8 |
1.3% |
100% |
n/a
(1 fund) |
22.47% |
| 1997 |
15.05% |
14.25% |
1 |
0.0% |
$67.5 |
0.8% |
100% |
n/a
(1 fund) |
2.33% |
| 1996 |
14.79% |
13.99% |
1 |
0.0% |
$37.3 |
0.5% |
100% |
n/a
(1 fund) |
3.70% |
1995
(4/1 - 12/31) |
9.65% |
9.06% |
1 |
0.0% |
$18.8 |
0.2% |
100% |
n/a
(1 fund) |
9.20% |
Jarislowsky Fraser Limited has prepared and presented this
report in compliance with the Global Investment Performance
Standards (GIPS). Past performance is not a guarantee of
future results. Additional information regarding policies for
calculating and reporting returns is available upon request.
Investment
management fees are based on market values of the assets under
management. The following annual management fees are charged
quarterly, in arrears:
Separate Account
Management
First $25 million ...................... 0.60%
Next $25 million ...................... 0.50%
Next $25 million ...................... 0.40%
Next $25 million ...................... 0.30%
Next $100 million.......................0.20%
Balance....................................0.10%
Minimum Account Size: $25 million
Marketing
Disclosure Statement:
GRA Partners LLC, Walpole, Massachusetts, serves as an independent
agent and marketing representative for Jarislowsky, Fraser
Limited located in Montreal, Canada. GRA Partners LLC is compensated
for the production and retention of new business generated,
by receiving a marketing fee equal to a percentage of Jarislowsky Fraser's
asset management fees. No
additional amount is added to Jarislowsky, Fraser's investment
advisory fee as a result of GRA Partners LLC's role in the
solicitation of new business for them. A copy of Jarislowsky
Fraser's Form ADV as filed with the Securities & Exchange
Commission is available upon request.
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