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Baron Funds

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Baron Funds Baron International Growth Fund — PORTFOLIO HOLDINGS (Continued) December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (continued) Switzerland (2.13%) 42,067 Julius Baer Group Ltd. $ 1,489,578 $ 1,868,497 United Kingdom (12.63%) 200,000 Abcam plc 1,362,532 1,890,501 240,214 AO World plc 1 546,053 537,016 225,000 Domino’s Pizza Group plc 675,667 1,000,462 73,000 Experian plc 770,060 1,416,052 300,000 Horizon Discovery Group plc 1 608,398 532,397 110,000 Howden Joinery Group PLC 511,855 520,294 30,000 Intertek Group plc 816,271 1,286,995 70,159 JUST EAT plc 1 290,233 504,517 1,501,886 Lekoil Ltd. 1 530,554 485,868 22,325 Reckitt Benckiser Group PLC 2,145,569 1,894,568 300,000 Worldpay Group plc, 144A 1,097,280 997,874 Total United Kingdom 9,354,472 11,066,544 United States (4.63%) 28,000 Agilent Technologies, Inc. 639,432 1,275,680 27,000 Arch Capital Group Ltd. 1 983,682 2,329,830 115,155 TerraForm Global, Inc., Cl A 932,046 454,862 Total United States 2,555,160 4,060,372 TOTAL COMMON STOCKS 59,164,670 79,002,731 Principal Amount Cost Value Short Term Investments (9.57%) $8,384,431 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2016, 0.0305% due 1/3/2017; Proceeds at maturity - $8,384,459; (Fully collateralized by $8,465,000 U.S. Treasury Note, 0.375% due 7/15/2025 Market value - $8,556,913) $ 8,384,431 $ 8,384,431 TOTAL INVESTMENTS (99.73%) $67,549,101 87,387,162 CASH AND OTHER ASSETS LESS LIABILITIES (0.27%) 233,299 NET ASSETS $87,620,461 RETAIL SHARES (Equivalent to $18.09 per share based on 2,314,654 shares outstanding) $41,862,236 INSTITUTIONAL SHARES (Equivalent to $18.25 per share based on 2,486,436 shares outstanding) $45,384,682 R6 SHARES (Equivalent to $18.25 per share based on 20,464 shares outstanding) $ 373,543 % Represents percentage of net assets. 1 Non-income producing securities. ADR American Depositary Receipt. 144A Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted. At December 31, 2016, the market value of Rule 144A securities amounted to $3,563,134 or 4.07% of net assets. Summary of Investments by Sector as of December 31, 2016 Percentage of Net Assets Information Technology 23.1% Consumer Discretionary 19.6% Financials 10.6% Industrials 10.5% Health Care 10.4% Energy 4.6% Telecommunication Services 3.8% Materials 3.7% Consumer Staples 2.2% Real Estate 1.2% Utilities 0.5% Cash and Cash Equivalents* 9.8% 100.0% * Includes short term investments. 108

Baron Funds Baron Real Estate Fund — PORTFOLIO HOLDINGS December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (97.76%) Consumer Discretionary (30.60%) Casinos & Gaming (6.27%) 2,068,700 MGM Resorts International 1 $ 41,142,891 $ 59,640,621 Home Furnishings (6.83%) 325,307 Mohawk Industries, Inc. 1 46,064,799 64,957,302 Home Improvement Retail (5.86%) 301,700 Home Depot, Inc. 28,131,634 40,451,936 214,000 Lowe’s Companies, Inc. 7,633,690 15,219,680 35,765,324 55,671,616 Homebuilding (1.53%) 467,700 Toll Brothers, Inc. 1 14,454,925 14,498,700 Hotels, Resorts & Cruise Lines (10.11%) 1,615,900 Hilton Worldwide Holdings, Inc. 39,907,764 43,952,480 223,650 Marriott International, Inc., Cl A 17,018,591 18,491,382 507,350 Norwegian Cruise Line Holdings Ltd. 1,2 13,905,683 21,577,595 147,500 Royal Caribbean Cruises Ltd. 2 11,830,667 12,100,900 82,662,705 96,122,357 Total Consumer Discretionary 220,090,644 290,890,596 Financials (2.94%) Asset Management & Custody Banks (2.94%) 845,300 Brookfield Asset Management, Inc., Cl A 2 22,960,517 27,903,353 Industrials (9.12%) Building Products (4.26%) 452,650 Masco Corp. 14,595,172 14,312,793 397,800 Masonite International Corp. 1,2 23,211,673 26,175,240 37,806,845 40,488,033 Industrial Conglomerates (3.77%) 438,600 Macquarie Infrastructure Corp. 3 26,534,343 35,833,620 Trading Companies & Distributors (1.09%) 298,300 SiteOne Landscape Supply, Inc. 1 9,844,829 10,359,959 Total Industrials 74,186,017 86,681,612 Information Technology (8.05%) Internet Software & Services (1.95%) 98,250 CoStar Group, Inc. 1 18,281,019 18,519,143 IT Consulting & Other Services (6.10%) 1,653,850 InterXion Holding N.V. 1,2 49,917,131 58,000,519 Total Information Technology 68,198,150 76,519,662 Materials (8.48%) Construction Materials (5.68%) 115,600 Martin Marietta Materials, Inc. 15,219,152 25,608,868 227,100 Vulcan Materials Co. 27,708,159 28,421,565 42,927,311 54,030,433 Specialty Chemicals (2.80%) 98,850 The Sherwin-Williams Co. 25,953,131 26,564,949 Total Materials 68,880,442 80,595,382 Shares Cost Value Common Stocks (continued) Real Estate (35.82%) Hotel & Resort REITs (2.09%) 786,144 MGM Growth Properties LLC, Cl A $ 16,509,024 $ 19,897,305 Industrial REITs (3.63%) 387,050 Prologis, Inc. 19,655,596 20,432,370 606,300 Rexford Industrial Realty, Inc. 13,321,077 14,060,097 32,976,673 34,492,467 Office REITs (4.39%) 58,500 Boston Properties, Inc. 7,333,010 7,358,130 457,250 Douglas Emmett, Inc. 10,877,014 16,717,060 168,900 Vornado Realty Trust 16,789,325 17,628,093 34,999,349 41,703,283 Real Estate Operating Companies (0.65%) 302,750 Kennedy-Wilson Holdings, Inc. 4,235,350 6,206,375 Real Estate Services (4.73%) 1,149,950 CBRE Group, Inc., Cl A 1 25,374,283 36,211,925 86,400 Jones Lang LaSalle, Inc. 7,310,848 8,729,856 32,685,131 44,941,781 Residential REITs (2.77%) 529,839 American Campus Communities, Inc. 21,855,859 26,370,087 Retail REITs (3.38%) 336,750 General Growth Properties, Inc. 9,076,543 8,412,015 133,350 Simon Property Group, Inc. 20,366,635 23,692,295 29,443,178 32,104,310 Specialized REITs (14.18%) 196,950 Alexandria Real Estate Equities, Inc. 3 13,707,702 21,887,053 436,200 American Tower Corp. 38,923,694 46,097,616 134,541 Equinix, Inc. 30,585,205 48,086,299 612,200 Gaming and Leisure Properties, Inc. 16,811,466 18,745,564 100,028,067 134,816,532 Total Real Estate 272,732,631 340,532,140 Telecommunication Services (2.75%) Integrated Telecommunication Services (1.65%) 151,800 SBA Communications Corp., Cl A 1 10,586,343 15,674,868 Wireless Telecommunication Services (1.10%) 39,421,610 PT Sarana Menara Nusantara Tbk. (Indonesia) 1,2 9,738,076 10,475,365 Total Telecommunication Services 20,324,419 26,150,233 TOTAL COMMON STOCKS 747,372,820 929,272,978 109

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