Views
1 year ago

Baron Funds

2lc6zl9

Baron

Baron Funds Baron Global Advantage Fund — PORTFOLIO HOLDINGS December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (99.26%) Argentina (1.30%) 3,786 Globant SA 1 $ 150,993 $ 126,263 Brazil (3.31%) 23,517 Cetip SA – Mercados Organizados 244,353 321,956 Canada (5.18%) 1,107 Constellation Software, Inc. 338,745 503,037 China (15.92%) 6,482 Alibaba Group Holding Ltd., ADR 1 541,292 569,184 679 Baidu, Inc., ADR 1 88,840 111,634 9,508 Ctrip.com International Ltd., ADR 1 319,515 380,320 6,923 TAL Education Group, ADR 1 198,990 485,649 Total China 1,148,637 1,546,787 Israel (7.66%) 1,217 Check Point Software Technologies Ltd. 1 81,662 102,788 9,491 Mellanox Technologies Ltd. 1 386,503 388,182 6,640 Mobileye N.V. 1 323,741 253,117 Total Israel 791,906 744,087 Japan (1.65%) 26,000 Daiwa Securities Group, Inc. 167,827 160,238 Netherlands (1.78%) 1,544 ASML Holding N.V. 111,558 173,337 South Africa (4.82%) 3,193 Naspers Limited, Cl N 445,555 468,262 United Kingdom (4.44%) 59,967 JUST EAT plc 1 258,537 431,226 United States (53.20%) 9,405 Acxiom Corp. 1 185,152 252,054 3,726 Aerie Pharmaceuticals, Inc. 1 61,817 141,029 933 Allergan plc 256,633 195,939 696 Alphabet Inc., Cl C 1 358,241 537,187 1,553 Amazon.com, Inc. 1 475,611 1,164,548 291 Bats Global Markets, Inc. 5,529 9,751 4,399 Benefitfocus, Inc. 1 117,819 130,650 6,818 BlackLine, Inc. 1 115,906 188,381 4,888 EPAM Systems, Inc. 1 352,033 314,347 4,592 Facebook, Inc., Cl A 1 123,378 528,310 18,036 FireEye, Inc. 1 556,784 214,628 2,533 First Republic Bank 182,384 233,391 6,725 Glaukos Corporation 1 150,392 230,668 4,529 Greenlight Capital Re Ltd., Cl A 1 99,623 103,261 1,889 Illumina, Inc. 1 109,775 241,868 1,361 Luxoft Holding, Inc. 1 81,588 76,488 4,129 Noble Midstream Partners LP 1 92,903 148,644 5,255 Pacira Pharmaceuticals, Inc. 1 336,531 169,737 149 The Priceline Group, Inc. 1 109,221 218,443 1,377 Splunk, Inc. 1 82,149 70,434 Total United States 3,853,469 5,169,758 TOTAL COMMON STOCKS 7,511,580 9,644,951 Principal Amount Cost Value Short Term Investments (1.50%) $146,072 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2016, 0.0305% due 1/3/2017; Proceeds at maturity - $146,073; (Fully collateralized by $160,000 U.S. Treasury Note, 1.625% due 2/15/2026; Market value - $149,854) $ 146,072 $ 146,072 TOTAL INVESTMENTS (100.76%) $7,657,652 9,791,023 LIABILITIES LESS CASH AND OTHER ASSETS (-0.76%) (73,908) NET ASSETS $9,717,115 RETAIL SHARES (Equivalent to $13.75 per share based on 361,216 shares outstanding) $4,966,496 INSTITUTIONAL SHARES (Equivalent to $13.87 per share based on 330,862 shares outstanding) $4,589,126 R6 SHARES (Equivalent to $13.87 per share based on 11,643 shares outstanding) $ 161,493 % Represents percentage of net assets. 1 Non-income producing securities. ADR American Depositary Receipt. Summary of Investments by Sector as of December 31, 2016 Percentage of Net Assets Information Technology 51.2% Consumer Discretionary 28.0% Health Care 10.1% Financials 8.5% Energy 1.5% Cash and Cash Equivalents* 0.7% 100.0% * Includes short term investments. 114

Baron Funds Baron Discovery Fund — PORTFOLIO HOLDINGS December 31, 2016 (Unaudited) Shares Cost Value Common Stocks (94.77%) Consumer Discretionary (14.11%) Casinos & Gaming (3.76%) 95,000 Pinnacle Entertainment, Inc. 1 $ 1,189,265 $ 1,377,500 55,000 Red Rock Resorts, Inc., Cl A 1,246,308 1,275,450 2,435,573 2,652,950 Education Services (1.65%) 50,000 Nord Anglia Education, Inc. 1,2 1,106,521 1,165,000 Internet & Direct Marketing Retail (2.47%) 44,000 Liberty Expedia Holdings, Inc., Cl A 1 1,921,220 1,745,480 Movies & Entertainment (1.44%) 30,000 Liberty Media Group, Cl A 1 691,840 940,500 5,063 Manchester United plc, Cl A 2 92,760 72,148 784,600 1,012,648 Restaurants (4.29%) 200,000 Domino’s Pizza Group plc (United Kingdom) 2 905,083 889,299 61,000 Wingstop, Inc. 1 1,450,692 1,804,990 14,000 Zoe’s Kitchen, Inc. 1 312,966 335,860 2,668,741 3,030,149 Specialty Stores (0.50%) 25,000 Party City Holdco, Inc. 1 308,692 355,000 Total Consumer Discretionary 9,225,347 9,961,227 Consumer Staples (2.09%) Distillers & Vintners (1.21%) 17,000 MGP Ingredients, Inc. 823,451 849,660 Packaged Foods & Meats (0.88%) 750,000 Barfresh Food Group, Inc. 1 417,200 622,500 Total Consumer Staples 1,240,651 1,472,160 Energy (3.75%) Oil & Gas Exploration & Production (1.24%) 175,000 Jones Energy, Inc. 1 871,214 875,000 Oil & Gas Storage & Transportation (2.51%) 60,000 Dominion Midstream Partners, L.P. 1,445,654 1,773,000 Total Energy 2,316,868 2,648,000 Financials (1.73%) Property & Casualty Insurance (1.73%) 36,000 Kinsale Capital Group, Inc. 578,352 1,224,360 Health Care (25.08%) Biotechnology (7.84%) 39,000 Adamas Pharmaceuticals, Inc. 1 642,242 659,100 74,000 Flexion Therapeutics, Inc. 1 1,251,101 1,407,480 68,500 Foundation Medicine, Inc. 1 1,495,210 1,212,450 80,000 Myriad Genetics, Inc. 1 1,551,635 1,333,600 13,200 Sage Therapeutics, Inc. 1 651,461 673,992 3,500 Ultragenyx Pharmaceutical, Inc. 1 230,488 246,085 5,822,137 5,532,707 Health Care Equipment (6.83%) 36,200 Glaukos Corporation 1 972,748 1,241,660 16,000 Inogen, Inc. 1 642,030 1,074,720 16,300 Nevro Corp. 1 1,217,453 1,184,358 185,600 Novadaq Technologies, Inc. 1,2 1,712,611 1,315,904 4,544,842 4,816,642 Shares Cost Value Common Stocks (continued) Health Care (continued) Health Care Supplies (5.18%) 282,500 Cerus Corp. 1 $ 1,551,139 $ 1,228,875 168,500 Sientra, Inc. 1 1,362,090 1,435,620 40,500 The Spectranetics Corporation 1 883,363 992,250 3,796,592 3,656,745 Life Sciences Tools & Services (1.38%) 27,000 Medpace Holdings, Inc. 1 706,642 973,890 Managed Health Care (0.52%) 9,000 HealthEquity, Inc. 1 186,306 364,680 Pharmaceuticals (3.33%) 70,500 Neos Therapeutics, Inc. 1 614,484 412,425 19,000 Pacira Pharmaceuticals, Inc. 1 843,838 613,700 229,900 TherapeuticsMD, Inc. 1 1,464,502 1,326,523 2,922,824 2,352,648 Total Health Care 17,979,343 17,697,312 Industrials (11.18%) Aerospace & Defense (6.34%) 34,000 DigitalGlobe, Inc. 1 943,884 974,100 95,000 The KEYW Holding Corporation 1 877,418 1,120,050 78,600 Mercury Systems, Inc. 1 1,278,877 2,375,292 3,100,179 4,469,442 Heavy Electrical Equipment (0.66%) 29,000 TPI Composites, Inc. 1 434,363 465,160 Industrial Machinery (2.46%) 16,500 ESCO Technologies, Inc. 579,185 934,725 63,500 Kornit Digital Ltd. 1,2 656,467 803,275 1,235,652 1,738,000 Trading Companies & Distributors (1.72%) 35,000 SiteOne Landscape Supply, Inc. 1 1,236,991 1,215,550 Total Industrials 6,007,185 7,888,152 Information Technology (31.92%) Application Software (2.48%) 31,000 BlackLine, Inc. 1 546,494 856,530 35,000 QAD, Inc., Cl B 724,815 894,250 1,271,309 1,750,780 Electronic Equipment & Instruments (1.19%) 6,100 Coherent, Inc. 1 480,442 838,048 Internet Software & Services (11.29%) 96,700 Amber Road, Inc. 1 726,678 878,036 22,300 Benefitfocus, Inc. 1 608,349 662,310 40,000 Envestnet, Inc. 1 1,486,958 1,410,000 260,000 JUST EAT plc (United Kingdom) 1,2 1,524,415 1,869,674 70,000 Quotient Technology, Inc. 1 774,876 752,500 55,000 The Trade Desk, Inc., Cl A 1 1,324,718 1,521,850 70,000 TrueCar, Inc. 1 889,715 875,000 7,335,709 7,969,370 IT Consulting & Other Services (1.71%) 45,000 Acxiom Corp. 1 1,071,213 1,206,000 Semiconductor Equipment (1.01%) 66,000 Ichor Holdings Ltd. 1,2 604,766 714,120 115

Pioneer Funds – Strategic Income - Pioneer Investments
Pioneer Funds – Strategic Income - Pioneer Investments
Portfolio Pioneer Funds – US Dollar Aggregate Bond
Pioneer Funds – Euro Strategic Bond - Pioneer Investments
Investor Presentation March 2016
J-Curve Exposure: Managing a Portfolio of Venture Capital and Private Equity Funds (Wiley Finance)
永泰地產有限公司 - Wing Tai Properties Limited
" " ¤VXG - TVK
新鴻基地產發展有限公司 - Sun Hung Kai Properties Ltd.
Oznámení podílníkům Pioneer Funds - Pioneer Investments
主要交易- 出售一家合營公司之40%權益 - Wing Tai Properties Limited
Fund update
Working Paper Series
AODP-GCI-2016_INSURANCE-SECTOR-ANALYSIS_FINAL_VIEW
Výroční zpráva k 31.12.2001 - Pioneer Investments
Invest more when valuations are low Here’s how
ANNUAL REPORT 2015
קבוצת אלרוב