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Baron Funds

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Baron Funds Baron Focused Growth Fund — PORTFOLIO HOLDINGS December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (90.80%) Consumer Discretionary (46.07%) Automobile Manufacturers (10.98%) 90,000 Tesla Motors, Inc. 1 $ 20,342,221 $ 19,232,100 Hotels, Resorts & Cruise Lines (15.52%) 150,000 Choice Hotels International, Inc. 5,080,139 8,407,500 340,000 Hyatt Hotels Corp., Cl A 1 12,201,302 18,788,400 17,281,441 27,195,900 Internet & Direct Marketing Retail (2.55%) 2,000,000 AO World plc (United Kingdom) 1,2 3,931,658 4,471,147 Leisure Facilities (12.54%) 136,230 Vail Resorts, Inc. 8,272,836 21,975,261 Movies & Entertainment (4.48%) 550,000 Manchester United plc, Cl A 2 8,719,506 7,837,500 Total Consumer Discretionary 58,547,662 80,711,908 Consumer Staples (2.52%) Household Products (2.52%) 100,000 Church & Dwight Co., Inc. 1,274,171 4,419,000 Financials (19.38%) Asset Management & Custody Banks (7.46%) 435,000 The Carlyle Group 9,519,389 6,633,750 175,000 Financial Engines, Inc. 5,948,430 6,431,250 15,467,819 13,065,000 Financial Exchanges & Data (7.00%) 75,000 FactSet Research Systems, Inc. 5,828,282 12,257,250 Property & Casualty Insurance (4.92%) 100,000 Arch Capital Group Ltd. 1,2 1,800,056 8,629,000 Total Financials 23,096,157 33,951,250 Industrials (8.08%) Building Products (2.62%) 160,000 CaesarStone Ltd. 1,2 6,770,357 4,584,000 Research & Consulting Services (2.78%) 60,000 Verisk Analytics, Inc. 1 1,688,861 4,870,200 Trading Companies & Distributors (2.68%) 100,000 Fastenal Co. 2,169,716 4,698,000 Total Industrials 10,628,934 14,152,200 Shares Cost Value Common Stocks (continued) Information Technology (14.75%) Application Software (2.87%) 101,870 Guidewire Software, Inc. 1 $ 4,816,692 $ 5,025,247 Internet Software & Services (11.88%) 225,000 Benefitfocus, Inc. 1 5,980,202 6,682,500 75,000 CoStar Group, Inc. 1 13,824,622 14,136,750 19,804,824 20,819,250 Total Information Technology 24,621,516 25,844,497 TOTAL COMMON STOCKS 118,168,440 159,078,855 Preferred Stocks (4.37%) Telecommunication Services (4.37%) Alternative Carriers (4.37%) 22,300 Iridium Communications, Inc., Series B, 6.75% 5,814,082 7,664,733 Principal Amount Short Term Investments (4.77%) $8,350,534 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2016, 0.0305% due 1/3/2017; Proceeds at maturity - $8,350,562; (Fully collateralized by $8,430,000 U.S. Treasury Note, 0.375% due 7/15/2025; Market value - $8,521,533) 8,350,534 8,350,534 TOTAL INVESTMENTS (99.94%) $132,333,056 175,094,122 CASH AND OTHER ASSETS LESS LIABILITIES (0.06%) 100,830 NET ASSETS $175,194,952 RETAIL SHARES (Equivalent to $12.43 per share based on 3,031,041 shares outstanding) $ 37,688,342 INSTITUTIONAL SHARES (Equivalent to $12.63 per share based on 10,208,792 shares outstanding) $128,926,883 R6 SHARES (Equivalent to $12.63 per share based on 679,102 shares outstanding) $ 8,579,727 % Represents percentage of net assets. 1 Non-income producing securities. 2 Foreign corporation. 106

Baron Funds Baron International Growth Fund — PORTFOLIO HOLDINGS December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (90.16%) Australia (4.54%) 48,169 Domino’s Pizza Enterprises Ltd. $ 388,096 $ 2,259,128 345,000 MYOB Group Ltd. 951,083 911,228 55,000 Newcrest Mining Ltd. 498,261 803,738 Total Australia 1,837,440 3,974,094 Brazil (3.10%) 250,000 BM&FBOVESPA SA 827,205 1,264,861 60,000 Smiles SA 702,409 823,519 85,000 TOTVS SA 703,494 626,536 Total Brazil 2,233,108 2,714,916 Canada (6.20%) 15,000 Agnico Eagle Mines Ltd. 512,576 630,000 5,200 Constellation Software, Inc. 662,016 2,362,957 110,000 Encana Corp. 945,261 1,291,400 35,000 Suncor Energy, Inc. 1,225,000 1,144,150 Total Canada 3,344,853 5,428,507 Chile (1.05%) 32,000 Sociedad Química y Minera de Chile SA, ADR 661,784 916,800 China (9.43%) 20,000 Alibaba Group Holding Ltd., ADR 1 1,592,811 1,756,200 3,500 Baidu, Inc., ADR 1 663,199 575,435 76,000 BYD Co., Ltd., Cl H 471,093 400,361 90,000 China Distance Education Holdings Ltd., ADR 1 996,684 1,006,200 21,000 Ctrip.com International Ltd., ADR 1 756,010 840,000 315,771 Haitong Securities Co., Ltd., Cl H 486,565 541,589 2,001,700 Kingdee International Software Group Co. Ltd. 1 234,264 751,170 8,000 TAL Education Group, ADR 1 250,373 561,200 75,000 Tencent Holdings Ltd. 393,663 1,834,741 Total China 5,844,662 8,266,896 Denmark (1.06%) 53,000 Nets A/S, 144A 1 1,178,281 927,547 France (3.41%) 7,000 Eurofins Scientific SE 682,393 2,984,264 Germany (6.62%) 21,425 Fresenius Medical Care Ag & Co. 1,776,883 1,814,392 23,566 ProSiebenSat.1 Media SE 953,083 908,175 165,100 RIB Software AG 1,395,193 2,164,587 15,000 Symrise AG 171,804 913,121 Total Germany 4,296,963 5,800,275 Hong Kong (1.80%) 275,000 L’Occitane International SA 580,547 519,892 1,000,000 Man Wah Holdings Ltd. 588,953 677,026 240,010 Wynn Macau Ltd. 1 290,539 381,936 Total Hong Kong 1,460,039 1,578,854 Shares Cost Value Common Stocks (continued) India (2.46%) 8,000 Maruti Suzuki India Ltd. $ 609,012 $ 627,028 55,000 Multi Commodity Exchange of India Ltd. 790,850 1,027,147 75,000 Zee Entertainment Enterprises Ltd. 379,557 500,645 Total India 1,779,419 2,154,820 Indonesia (1.97%) 812,373 PT Matahari Department Store Tbk 1,014,213 912,017 1,250,000 PT Sarana Menara Nusantara Tbk 1 260,297 332,158 1,301,400 PT Tower Bersama Infrastructure Tbk 534,199 481,052 Total Indonesia 1,808,709 1,725,227 Ireland (1.53%) 16,075 Ryanair Holdings plc, ADR 1 399,042 1,338,405 Israel (4.09%) 16,000 Check Point Software Technologies Ltd. 1 758,407 1,351,360 27,000 Mellanox Technologies Ltd. 1 1,046,562 1,104,300 18,000 Mobileye N.V. 1 652,001 686,160 10,000 Wix.com Ltd. 1 439,285 445,500 Total Israel 2,896,255 3,587,320 Japan (12.45%) 25,000 Bridgestone Corp. 480,797 901,390 200,000 Daiwa Securities Group, Inc. 1,367,627 1,232,599 6,500 FANUC Corp. 593,652 1,102,011 44,000 Mitsui Fudosan Co. Ltd. 908,371 1,018,353 38,000 MonotaRO Co. Ltd. 466,100 777,070 130,000 Rakuten, Inc. 1,636,392 1,274,139 42,000 SMS Co. Ltd. 1,064,897 931,097 38,000 SoftBank Group Corp. 1,682,304 2,524,663 41,000 Sony Corp., ADR 1,308,191 1,149,230 Total Japan 9,508,331 10,910,552 Mexico (1.12%) 200,000 Grupo Financiero Banorte S.A.B. de C.V., Cl O 1,111,475 985,062 Netherlands (1.44%) 5,000 Cimpress NV 1 475,629 458,050 23,000 InterXion Holding N.V. 1 761,293 806,610 Total Netherlands 1,236,922 1,264,660 Norway (1.31%) 50,000 Golar LNG Ltd. 823,128 1,147,000 Panama (1.24%) 12,000 Copa Holdings, S.A., Cl A 973,816 1,089,960 Russia (1.15%) 50,000 Yandex N.V., Cl A 1 714,945 1,006,500 South Africa (0.95%) 160,622 Steinhoff International Holdings N.V. 749,072 829,163 Spain (3.85%) 12,000 Aena SA, 144A 1,098,173 1,637,713 40,000 Grifols SA, ADR 207,626 642,800 32,105 Industria de Diseño Textil SA 919,024 1,095,983 Total Spain 2,224,823 3,376,496 107

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