UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-5032
BARON INVESTMENT FUNDS TRUST
(Exact
name of registrant as specified in charter)
767 Fifth Avenue, 49th Floor,
New York, NY 10153
(Address of Principal Executive Offices) (Zip Code)
Patrick
M. Patalino, Esq.
c/o Baron Investment Funds Trust
767 Fifth Avenue, 49th
Floor,
New York, NY 10153
(Name and Address of Agent for Service)
Registrants Telephone Number, including Area Code: 212-583-2000
Date of fiscal
year end: September 30
Date of reporting period: December 31, 2011
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant
is required to disclose the information specified by Form N-Q, and the Commission
will make this information public. A registrant is not required to respond to the
collection of information contained in Form N-Q unless the Form displays a currently
valid Office of Management and Budget (OMB) control number. Please direct
comments concerning the accuracy of the information collection burden estimate and
any suggestions for reducing the burden to the Secretary, Securities and Exchange
Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed
this collection of information under the clearance requirements of 44 U.S.C. Section
3507.
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
SEC 2455 (8-05)
Item 1. Schedule of Investments
Baron Asset Fund |
SCHEDULE OF INVESTMENTS |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (96.82%) | |||||||||
Consumer Discretionary (25.93%) | |||||||||
Apparel, Accessories & | |||||||||
Luxury Goods (4.15%) |
|||||||||
325,000 | Fossil, Inc.1 | $ | 27,308,697 | $ | 25,792,000 | ||||
200,000 | Michael Kors Holdings Ltd.1,2 | 4,029,827 | 5,450,000 | ||||||
450,000 | Ralph Lauren Corp. | 8,360,854 | 62,136,000 | ||||||
39,699,378 | 93,378,000 | ||||||||
Auto Parts & Equipment (1.26%) |
|||||||||
75,000 | BorgWarner, Inc.1 | 4,227,642 | 4,780,500 | ||||||
800,000 | Gentex Corp. | 24,149,686 | 23,672,000 | ||||||
28,377,328 | 28,452,500 | ||||||||
Automotive Retail (0.54%) | |||||||||
400,000 | CarMax, Inc.1 | 4,552,845 | 12,192,000 | ||||||
Broadcasting (2.35%) | |||||||||
1,100,000 | Discovery Communications, | ||||||||
Inc.,Cl A1 |
29,767,574 | 45,067,000 | |||||||
100,000 | Liberty Media Corp., Cl A1 | ||||||||
7,834,173 | 7,805,000 | ||||||||
37,601,747 | 52,872,000 | ||||||||
Casinos & Gaming (2.33%) | |||||||||
475,000 | Wynn Resorts Ltd. | 1,577,883 | 52,482,750 | ||||||
Education Services (1.79%) | |||||||||
1,050,000 | DeVry, Inc. | 3,287,292 | 40,383,000 | ||||||
Hotels,
Resorts & |
|||||||||
850,000 | Choice Hotels International, Inc. | 4,185,563 | 32,342,500 | ||||||
900,000 | Hyatt Hotels Corp., Cl A1 | 25,974,110 | 33,876,000 | ||||||
30,159,673 | 66,218,500 | ||||||||
Internet Retail (2.65%) | |||||||||
560,000 | HomeAway, Inc.1 | 18,382,466 | 13,020,000 | ||||||
100,000 | priceline.com, Inc.1 | 16,248,871 | 46,771,000 | ||||||
34,631,337 | 59,791,000 | ||||||||
Leisure Facilities (2.86%) | |||||||||
1,523,150 | Vail Resorts, Inc. | 29,984,666 | 64,520,634 | ||||||
Specialty Stores (5.06%) | |||||||||
850,000 | Dicks Sporting Goods, Inc. | 23,324,713 | 31,348,000 | ||||||
875,000 | Tiffany & Co. | 27,677,226 | 57,977,500 | ||||||
350,000 | Tractor Supply Co. | 23,457,323 | 24,552,500 | ||||||
74,459,262 | 113,878,000 | ||||||||
Total Consumer Discretionary | 284,331,411 | 584,168,384 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Energy (9.81%) | |||||||||
Oil & Gas Drilling (1.94%) | |||||||||
750,000 | Helmerich & Payne, Inc. | $ | 23,128,329 | $ | 43,770,000 | ||||
Oil & Gas Equipment & | |||||||||
Services (3.48%) |
|||||||||
220,000 | CARBO Ceramics, Inc. | 29,714,593 | 27,132,600 | ||||||
315,000 | Core Laboratories N.V.2 | 21,719,124 | 35,894,250 | ||||||
200,000 | Oil States International, Inc.1 | 13,476,078 | 15,274,000 | ||||||
64,909,795 | 78,300,850 | ||||||||
Oil & Gas Exploration & | |||||||||
Production (4.39%) |
|||||||||
464,500 | Concho Resources, Inc.1 | 21,502,934 | 43,546,875 | ||||||
375,000 | SM Energy Co. | 22,362,045 | 27,412,500 | ||||||
600,000 | Whiting Petroleum Corp.1 | 20,570,319 | 28,014,000 | ||||||
64,435,298 | 98,973,375 | ||||||||
Total Energy | 152,473,422 | 221,044,225 | |||||||
Financials (12.00%) | |||||||||
Asset Management & | |||||||||
Custody Banks (1.40%) |
|||||||||
550,000 | Eaton Vance Corp. | 10,018,290 | 13,002,000 | ||||||
325,000 | T. Rowe Price Group, Inc. | 7,848,785 | 18,508,750 | ||||||
17,867,075 | 31,510,750 | ||||||||
Investment Banking & | |||||||||
Brokerage (2.33%) |
|||||||||
4,650,000 | The Charles Schwab Corp. | 7,550,542 | 52,359,000 | ||||||
Office REITs (1.84%) | |||||||||
112,000 | Alexanders, Inc.4 | 5,740,710 | 41,443,360 | ||||||
Real Estate Services (1.01%) | |||||||||
1,500,000 | CBRE Group, Inc. | ||||||||
(formerly, CB Richard |
|||||||||
Ellis Group, Inc., Cl A)1 |
17,995,875 | 22,830,000 | |||||||
Regional Banks (0.61%) | |||||||||
450,000 | First Republic Bank1 | 11,878,902 | 13,774,500 | ||||||
Reinsurance (3.06%) | |||||||||
1,850,000 | Arch Capital Group Ltd.1,2 | 20,334,022 | 68,875,500 | ||||||
Specialized Finance (1.75%) | |||||||||
1,200,000 | MSCI, Inc., Cl A1 | 35,757,268 | 39,516,000 | ||||||
Total Financials | 117,124,394 | 270,309,110 |
See Notes to Schedules of Investments. |
Baron Asset Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Health Care (11.76%) | |||||||||
Health Care Distributors (1.00%) | |||||||||
350,000 | Henry Schein, Inc.1 | $ | 9,382,832 | $ | 22,550,500 | ||||
Health Care Equipment (5.21%) | |||||||||
1,075,000 | IDEXX Laboratories, Inc.1 | 43,162,360 | 82,732,000 | ||||||
75,000 | Intuitive Surgical, Inc.1 | 10,179,705 | 34,725,750 | ||||||
53,342,065 | 117,457,750 | ||||||||
Health Care Technology (1.22%) | |||||||||
450,000 | Cerner Corp.1 | 21,846,918 | 27,562,500 | ||||||
Life Sciences Tools & |
|||||||||
380,000 | Mettler-Toledo International, Inc.1 | 27,886,467 | 56,129,800 | ||||||
Pharmaceuticals (1.84%) | |||||||||
425,000 | Perrigo Co. | 33,814,414 | 41,352,500 | ||||||
Total Health Care | 146,272,696 | 265,053,050 | |||||||
Industrials (18.17%) | |||||||||
Air Freight & Logistics (4.13%) | |||||||||
950,000 | C. H. Robinson Worldwide, Inc. | 17,452,617 | 66,291,000 | ||||||
650,000 | Expeditors International | ||||||||
of Washington, Inc. |
15,092,924 | 26,624,000 | |||||||
32,545,541 | 92,915,000 | ||||||||
Diversified
Support |
|||||||||
1,000,000 | Ritchie Bros. Auctioneers, Inc.2 | 23,870,329 | 22,080,000 | ||||||
Electrical Components & | |||||||||
Equipment (1.46%) |
|||||||||
400,000 | Polypore International, Inc.1 | 25,463,792 | 17,596,000 | ||||||
175,000 | Roper Industries, Inc. | 14,045,821 | 15,202,250 | ||||||
39,509,613 | 32,798,250 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Industrials (continued) | |||||||||
Environmental & Facilities | |||||||||
Services (1.78%) |
|||||||||
515,000 | Stericycle, Inc.1 | $ | 14,698,417 | $ | 40,128,800 | ||||
Human Resource & | |||||||||
Employment Services (0.66%) |
|||||||||
525,000 | Robert Half International, Inc. | 468,763 | 14,941,500 | ||||||
Research & Consulting | |||||||||
Services (4.96%) |
|||||||||
1,600,000 | Nielsen Holdings N.V.1,2 | 40,612,243 | 47,504,000 | ||||||
1,600,000 | Verisk Analytics, Inc., Cl A1 | 42,492,692 | 64,208,000 | ||||||
83,104,935 | 111,712,000 | ||||||||
Trading Companies & | |||||||||
Distributors (4.20%) |
|||||||||
500,000 | Air Lease Corp.1 | 13,543,231 | 11,855,000 | ||||||
1,900,000 | Fastenal Co. | 35,676,521 | 82,859,000 | ||||||
49,219,752 | 94,714,000 | ||||||||
Total Industrials | 243,417,350 | 409,289,550 | |||||||
Information Technology (14.73%) | |||||||||
Application Software (5.03%) | |||||||||
800,000 | ANSYS, Inc.1 | 26,291,690 | 45,824,000 | ||||||
775,000 | FactSet Research Systems, Inc. | 44,330,007 | 67,642,000 | ||||||
70,621,697 | 113,466,000 | ||||||||
Electronic Equipment & | |||||||||
Instruments (0.75%) |
|||||||||
675,000 | FLIR Systems, Inc. | 14,833,316 | 16,922,250 | ||||||
Internet Software & |
|||||||||
250,000 | LinkedIn Corp., Cl A1 | 16,334,647 | 15,752,500 | ||||||
IT Consulting & Other | |||||||||
Services (6.75%) |
|||||||||
625,000 | Equinix, Inc.1,4 | 50,330,272 | 63,375,000 | ||||||
2,550,000 | Gartner, Inc.1 | 59,203,674 | 88,663,500 | ||||||
109,533,946 | 152,038,500 | ||||||||
Systems Software (1.50%) | |||||||||
725,000 | MICROS Systems, Inc.1 | 35,883,646 | 33,770,500 | ||||||
Total Information Technology | 247,207,252 | 331,949,750 |
See Notes to Schedules of Investments. |
Baron Asset Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Materials (1.56%) | |||||||||
Industrial Gases (1.56%) | |||||||||
450,000 | Airgas, Inc. | $ | 30,271,297 | $ | 35,136,000 | ||||
Telecommunication Services (2.86%) | |||||||||
Wireless Telecommunication | |||||||||
Services (2.86%) |
|||||||||
1,500,000 | SBA Communications
|
48,885,000 | 64,440,000 | ||||||
TOTAL COMMON STOCKS | 1,269,982,822 | 2,181,390,069 | |||||||
Private Equity Investments (1.14%) | |||||||||
Consumer Discretionary (0.23%) | |||||||||
Hotels, Resorts & |
|||||||||
5,200,000 | Kerzner International | ||||||||
Holdings Ltd., Cl A1,2,3,4,6 | 52,000,000 | 5,200,000 | |||||||
Financials (0.91%) | |||||||||
Asset Management & | |||||||||
Custody Banks (0.91%) |
|||||||||
7,056,223 | Windy City Investments | ||||||||
Holdings, L.L.C.1,3,4,6 | 34,581,905 | 20,533,608 | |||||||
TOTAL PRIVATE EQUITY INVESTMENTS | 86,581,905 | 25,733,608 | |||||||
Principal Amount |
|||||||||
Short Term Investments (2.77%) | |||||||||
$62,342,551 | Repurchase
Agreement with Fixed
Income Clearing Corp., dated
12/30/2011, 0.01% due 1/3/2012; Proceeds
at |
62,342,551 | 62,342,551 |
Cost | Value | ||||||||
TOTAL INVESTMENTS (100.73%) | $ | 1,418,907,278 | $ | 2,269,466,228 | |||||
LIABILITIES LESS CASH AND OTHER | |||||||||
ASSETS (-0.73%) |
(16,448,153 | ) | |||||||
NET ASSETS | $ | 2,253,018,075 | |||||||
RETAIL SHARES (Equivalent to $45.70 per share based on 42,629,495 shares outstanding) |
$ | 1,948,301,483 | |||||||
INSTITUTIONAL SHARES (Equivalent to $46.06 per share based on 6,615,207 shares outstanding) |
$ | 304,716,592 |
% | Represents percentage of net assets. | |
1 | Non-income producing securities. | |
2 | Foreign corporation. | |
3 | At December 31, 2011, the market value of restricted and fair valued securities amounted to $25,733,608 or 1.14% of net assets. None of these securities are deemed liquid. See Note 5 regarding Restricted Securities. | |
4 | The Adviser
has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. |
|
5 | Level 2 security. See Note 3 regarding Fair Value Measurements. | |
6 | Level 3 security. See Note 3 regarding Fair Value Measurements. | |
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Growth Fund |
SCHEDULE OF INVESTMENTS |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (98.93%) | |||||||||
Consumer Discretionary (23.08%) | |||||||||
Apparel Retail (0.44%) | |||||||||
1,464,900 | Cia. Hering SA (Brazil)2 | $ | 21,638,953 | $ | 25,492,912 | ||||
Apparel, Accessories & Luxury | |||||||||
Goods (1.66%) |
|||||||||
1,350,000 | Under Armour, Inc., Cl A1 | 43,660,051 | 96,916,500 | ||||||
Automotive Retail (0.25%) | |||||||||
750,000 | Penske Automotive Group, Inc. | 13,032,059 | 14,437,500 | ||||||
Casinos & Gaming (1.84%) | |||||||||
242,179 | Ameristar Casinos, Inc. | 4,307,810 | 4,187,275 | ||||||
2,700,000 | Penn National Gaming, Inc.1 | 75,975,994 | 102,789,000 | ||||||
80,283,804 | 106,976,275 | ||||||||
Distributors (2.17%) | |||||||||
4,200,000 | LKQ Corp.1 | 55,029,388 | 126,336,000 | ||||||
Education Services (4.36%) | |||||||||
3,000,000 | Anhanguera Educacional Participações | ||||||||
SA (Brazil)2 |
39,070,322 | 32,328,106 | |||||||
3,625,000 | DeVry, Inc.4 | 60,704,874 | 139,417,500 | ||||||
848,000 | Strayer Education, Inc.4 | 69,759,903 | 82,417,120 | ||||||
169,535,099 | 254,162,726 | ||||||||
Home Improvement Retail (0.24%) |
|||||||||
800,000 | Lumber Liquidators Holdings, Inc.1 | 19,781,375 | 14,128,000 | ||||||
Hotels, Resorts & |
|||||||||
3,007,500 | Choice Hotels International, Inc.4 | 74,341,448 | 114,435,375 | ||||||
Internet Retail (0.65%) | |||||||||
930,000 | Blue Nile, Inc.1,4 | 29,814,489 | 38,018,400 | ||||||
Leisure Facilities (1.57%) | |||||||||
2,005,750 | Vail Resorts, Inc.4 | 56,368,635 | 84,963,570 | ||||||
640,500 | Whistler Blackcomb Holdings, | ||||||||
Inc. (Canada)2 |
7,665,517 | 6,727,215 | |||||||
64,034,152 | 91,690,785 | ||||||||
Publishing (2.13%) | |||||||||
2,083,210 | Morningstar, Inc. | 59,000,479 | 123,846,834 | ||||||
Restaurants (2.63%) | |||||||||
730,000 | Panera Bread Co., Cl A1 | 27,870,915 | 103,258,500 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Consumer Discretionary (continued) | |||||||||
Restaurants (continued) | |||||||||
800,000 | Peets Coffee & Tea, Inc.1,4 | $ | 18,562,773 | $ | 50,144,000 | ||||
46,433,688 | 153,402,500 | ||||||||
Specialty Stores (3.17%) | |||||||||
5,000,000 | Dicks Sporting Goods, Inc. | 86,074,246 | 184,400,000 | ||||||
Total Consumer Discretionary | 762,659,231 | 1,344,243,807 | |||||||
Consumer Staples (4.08%) | |||||||||
Food Distributors (0.82%) | |||||||||
1,200,000 | United Natural Foods, Inc.1 | 48,128,790 | 48,012,000 | ||||||
Household Products (1.22%) | |||||||||
1,550,000 | Church & Dwight Co., Inc. | 28,258,254 | 70,928,000 | ||||||
Packaged Foods & Meats (2.04%) |
|||||||||
3,700,000 | Dole Food Co., Inc.1 | 45,209,106 | 32,005,000 | ||||||
1,325,000 | TreeHouse Foods, Inc.1 | 52,766,413 | 86,628,500 | ||||||
97,975,519 | 118,633,500 | ||||||||
Total Consumer Staples | 174,362,563 | 237,573,500 | |||||||
Energy (10.63%) | |||||||||
Oil & Gas Drilling (0.92%) | |||||||||
925,000 | Helmerich & Payne, Inc. | 20,821,012 | 53,983,000 | ||||||
Oil &
Gas Equipment & |
|||||||||
1,000,000 | CARBO Ceramics, Inc. | 72,295,029 | 123,330,000 | ||||||
1,388,272 | Core Laboratories N.V.2 | 43,036,239 | 158,193,595 | ||||||
1,000,000 | SEACOR Holdings, Inc.1 | 69,798,678 | 88,960,000 | ||||||
185,129,946 | 370,483,595 | ||||||||
Oil & Gas Exploration & | |||||||||
Production (2.62%) |
|||||||||
300,000 | Concho Resources, Inc.1 | 8,411,944 | 28,125,000 | ||||||
1,350,000 | Denbury Resources, Inc.1 | 7,578,593 | 20,385,000 | ||||||
247,191 | Oasis Petroleum, Inc.1 | 3,460,674 | 7,190,786 | ||||||
1,325,000 | SM Energy Co. | 46,140,940 | 96,857,500 | ||||||
65,592,151 | 152,558,286 | ||||||||
Oil & Gas Storage & | |||||||||
Transportation (0.73%) |
|||||||||
1,044,432 | Targa Resources Corp. | 29,322,280 | 42,497,938 | ||||||
Total Energy | 300,865,389 | 619,522,819 |
See Notes to Schedules of Investments. |
Baron Growth Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Financials (12.13%) | |||||||||
Asset Management & Custody | |||||||||
Banks (1.73%) |
|||||||||
1,100,000 | Cohen & Steers, Inc. | $ | 23,940,844 | $ | 31,790,000 | ||||
1,450,000 | Eaton Vance Corp. | 25,648,439 | 34,278,000 | ||||||
1,199,681 | Financial Engines, Inc.1 | 18,866,956 | 26,788,877 | ||||||
625,000 | Manning & Napier, Inc.1 | 7,523,184 | 7,806,250 | ||||||
75,979,423 | 100,663,127 | ||||||||
Consumer Finance (0.36%) | |||||||||
670,000 | Green Dot Corp., Cl A1 | 29,366,190 | 20,917,400 | ||||||
Diversified REITs (0.25%) | |||||||||
712,000 | American Assets Trust, Inc. | 14,309,605 | 14,603,120 | ||||||
Investment
Banking & |
|||||||||
1,000,000 | Jefferies Group, Inc. | 9,859,745 | 13,750,000 | ||||||
Life & Health Insurance (0.92%) | |||||||||
2,300,000 | Primerica, Inc. | 50,679,918 | 53,452,000 | ||||||
Office REITs (1.92%) | |||||||||
135,000 | Alexanders, Inc.5 | 28,435,048 | 49,954,050 | ||||||
3,400,000 | Douglas Emmett, Inc. | 47,518,561 | 62,016,000 | ||||||
75,953,609 | 111,970,050 | ||||||||
Reinsurance (2.68%) | |||||||||
4,200,000 | Arch Capital Group Ltd.1,2 | 41,487,457 | 156,366,000 | ||||||
Residential REITs (0.45%) | |||||||||
625,000 | American Campus Communities, Inc. | 17,129,104 | 26,225,000 | ||||||
Specialized Finance (2.35%) | |||||||||
4,160,000 | MSCI, Inc., Cl A1 | 94,189,249 | 136,988,800 | ||||||
Specialized REITs (1.23%) | |||||||||
775,000 | Alexandria Real Estate Equities, Inc.5 |
29,669,521 | 53,451,750 | ||||||
750,000 | LaSalle Hotel Properties | 16,636,141 | 18,157,500 | ||||||
46,305,662 | 71,609,250 | ||||||||
Total Financials | 455,259,962 | 706,544,747 | |||||||
Health Care (13.16%) | |||||||||
Health Care Equipment (2.67%) | |||||||||
1,000,000 | Edwards Lifesciences Corp.1 | 13,570,043 | 70,700,000 | ||||||
1,100,000 | IDEXX Laboratories, Inc.1 | 36,739,717 | 84,656,000 | ||||||
50,309,760 | 155,356,000 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Health Care (continued) | |||||||||
Health Care Facilities (1.60%) | |||||||||
4,474,900 | Community Health Systems, Inc.1 | $ | 89,697,944 | $ | 78,087,005 | ||||
775,000 | VCA Antech, Inc.1 | 19,983,364 | 15,306,250 | ||||||
109,681,308 | 93,393,255 | ||||||||
Health Care Services (0.38%) | |||||||||
300,000 | Chemed Corp. | 10,526,594 | 15,363,000 | ||||||
150,000 | IPC The Hospitalist Co., Inc.1 | 3,121,417 | 6,858,000 | ||||||
13,648,011 | 22,221,000 | ||||||||
Health Care Supplies (1.01%) | |||||||||
900,000 | Gen-Probe, Inc.1,5 | 36,622,986 | 53,208,000 | ||||||
175,000 | Neogen Corp.1 | 3,887,774 | 5,362,000 | ||||||
40,510,760 | 58,570,000 | ||||||||
Health Care Technology (0.53%) | |||||||||
900,000 | Allscripts Healthcare Solutions, Inc.1 | 15,083,448 | 17,046,000 | ||||||
277,085 | Athenahealth, Inc.1 | 14,853,375 | 13,610,415 | ||||||
29,936,823 | 30,656,415 | ||||||||
Life Sciences Tools & |
|||||||||
975,000 | Mettler-Toledo International, Inc.1 | 57,071,013 | 144,017,250 | ||||||
880,943 | Techne Corp. | 46,631,249 | 60,133,169 | ||||||
103,702,262 | 204,150,419 | ||||||||
Managed Health Care (2.43%) | |||||||||
2,400,000 | AMERIGROUP Corp.1,4 | 41,022,714 | 141,792,000 | ||||||
Pharmaceuticals (1.04%) | |||||||||
2,582,389 | CFR Pharmaceuticals SA 144A, | ||||||||
ADR (Chile)1,2,6 |
59,436,184 | 60,686,142 | |||||||
Total Health Care | 448,247,822 | 766,825,231 | |||||||
Industrials (14.73%) | |||||||||
Construction & Engineering (1.06%) |
|||||||||
3,000,000 | AECOM Technology Corp.1 | 65,871,334 | 61,710,000 | ||||||
Diversified Support Services (2.74%) |
|||||||||
2,000,000 | CoPart, Inc.1 | 49,463,498 | 95,780,000 | ||||||
2,875,000 | Ritchie Bros. Auctioneers, Inc.2 | 66,115,306 | 63,480,000 | ||||||
115,578,804 | 159,260,000 |
See Notes to Schedules of Investments. |
Baron Growth Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Industrials (continued) | |||||||||
Electrical Components & | |||||||||
Equipment (1.57%) |
|||||||||
3,268,578 | Generac Holdings, Inc.1 | $ | 43,594,408 | $ | 91,618,241 | ||||
Environmental & Facilities | |||||||||
Services (1.02%) |
|||||||||
2,750,000 | Tetra Tech, Inc.1 | 68,216,481 | 59,372,500 | ||||||
Industrial Machinery (3.02%) | |||||||||
2,100,000 | Colfax Corp.1 | 48,078,540 | 59,808,000 | ||||||
850,000 | The Middleby Corp.1 | 74,456,719 | 79,934,000 | ||||||
400,000 | Valmont Industries, Inc. | 32,589,034 | 36,316,000 | ||||||
155,124,293 | 176,058,000 | ||||||||
Railroads (2.08%) | |||||||||
2,000,000 | Genesee & Wyoming, Inc., Cl A1 | 32,221,169 | 121,160,000 | ||||||
Research
& Consulting |
|||||||||
999,653 | CoStar Group, Inc.1 | 44,116,616 | 66,706,845 | ||||||
400,000 | IHS, Inc., Cl A1 | 16,387,387 | 34,464,000 | ||||||
600,000 | Mistras Group, Inc.1 | 7,563,468 | 15,294,000 | ||||||
68,067,471 | 116,464,845 | ||||||||
Trading
Companies & |
|||||||||
620,903 | Air Lease Corp.1 | 15,147,968 | 14,721,610 | ||||||
485,000 | MSC Industrial Direct | ||||||||
Co., Inc., Cl A |
17,282,737 | 34,701,750 | |||||||
32,430,705 | 49,423,360 | ||||||||
Trucking (0.39%) | |||||||||
475,000 | Landstar System, Inc. | 11,073,375 | 22,762,000 | ||||||
Total Industrials | 592,178,040 | 857,828,946 | |||||||
Information Technology (17.07%) | |||||||||
Application Software (8.76%) | |||||||||
1,929,709 | Advent Software, Inc.1 | 39,982,550 | 47,007,711 | ||||||
2,250,000 | ANSYS, Inc.1 | 54,764,730 | 128,880,000 | ||||||
1,000,000 | Concur Technologies, Inc.1 | 22,319,863 | 50,790,000 | ||||||
1,625,000 | FactSet Research Systems, Inc. | 81,918,803 | 141,830,000 | ||||||
1,600,000 | Pegasystems, Inc. | 49,240,202 | 47,040,000 | ||||||
946,302 | RealPage, Inc.1 | 24,359,122 | 23,913,052 | ||||||
2,768,756 | SS&C Technologies, Inc.1 | 46,304,576 | 50,003,733 | ||||||
698,804 | Synchronoss Technologies, Inc.1 | 21,565,282 | 21,110,869 | ||||||
340,455,128 | 510,575,365 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Information Technology (continued) | |||||||||
Electronic Equipment & | |||||||||
Instruments (0.42%) |
|||||||||
600,000 | FEI Company1 | $ | 22,250,136 | $ | 24,468,000 | ||||
Internet
Software & |
|||||||||
293,366 | LivePerson, Inc.1 | 3,458,480 | 3,681,743 | ||||||
1,275,000 | WebMD Health Corp., Cl A1 | 36,243,536 | 47,876,250 | ||||||
205,565 | Zillow, Inc.1 | 4,933,529 | 4,621,101 | ||||||
44,635,545 | 56,179,094 | ||||||||
IT Consulting
& Other |
|||||||||
2,623,823 | Booz Allen Hamilton Holding Corp.1 |
44,015,663 | 45,260,947 | ||||||
900,000 | Equinix, Inc.1,5 | 28,473,656 | 91,260,000 | ||||||
2,950,000 | Gartner, Inc.1 | 47,976,938 | 102,571,500 | ||||||
1,525,000 | MAXIMUS, Inc. | 58,567,376 | 63,058,750 | ||||||
179,033,633 | 302,151,197 | ||||||||
Semiconductor Equipment (0.39%) | |||||||||
450,288 | Cymer, Inc.1 | 19,584,332 | 22,406,331 | ||||||
Systems Software (1.35%) | |||||||||
4,418,000 | TOTVS SA (Brazil)2 | 60,197,679 | 78,779,080 | ||||||
Total Information Technology | 666,156,453 | 994,559,067 | |||||||
Materials (0.54%) | |||||||||
Fertilizers & Agricultural | |||||||||
Chemicals (0.54%) |
|||||||||
706,599 | Agrinos AS (Mexico)1,2 | 5,040,205 | 4,725,743 | ||||||
1,180,000 | Intrepid Potash, Inc.1 | 36,863,310 | 26,703,400 | ||||||
Total Materials | 41,903,515 | 31,429,143 | |||||||
Telecommunication Services (0.59%) | |||||||||
Wireless
Telecommunication |
|||||||||
800,000 | SBA Communications Corp., Cl A1 | 2,972,866 | 34,368,000 | ||||||
Utilities (2.92%) | |||||||||
Electric Utilities (2.92%) | |||||||||
2,245,000 | ITC Holdings Corp. | 69,683,649 | 170,350,600 | ||||||
TOTAL COMMON STOCKS | 3,514,289,490 | 5,763,245,860 |
See Notes to Schedules of Investments. |
Baron Growth Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Private Equity Investments (0.25%) | |||||||||
Consumer Discretionary (0.13%) | |||||||||
Hotels,
Resorts & |
|||||||||
7,400,000 | Kerzner International | ||||||||
Holdings Ltd., Cl A1,2,3,5,7 |
$ | 74,000,000 | $ | 7,400,000 | |||||
Financials (0.12%) | |||||||||
Asset Management
& Custody |
|||||||||
2,375,173 | Windy City
Investments |
8,630,998 | 6,911,755 | ||||||
TOTAL PRIVATE EQUITY INVESTMENTS | 82,630,998 | 14,311,755 | |||||||
Preferred Stocks (0.37%) | |||||||||
Utilities (0.37%) | |||||||||
Independent Power Producers & Energy Traders (0.37%) |
|||||||||
4,811,674 | Better Place, Inc., Series C1,3,5,7 |
21,845,000 | 21,845,000 | ||||||
Principal Amount |
Cost | Value | |||||||
Short Term Investments (0.73%) | |||||||||
$42,325,073 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2011, 0.01% due 1/3/2012; Proceeds at maturity $42,325,120; (Fully collateralized by U.S. Treasury Note, 2.75% due 2/15/2019; Market value $44,443,100)6 |
$ | 42,325,073 | $ | 42,325,073 | ||||
TOTAL INVESTMENTS (100.28%) | $ | 3,661,090,561 | 5,841,727,688 | ||||||
LIABILITIES LESS CASH |
(16,219,071 | ) | |||||||
NET ASSETS | $ | 5,825,508,617 | |||||||
RETAIL SHARES (Equivalent to $51.01 per share based on 85,330,352 shares outstanding) |
$ | 4,352,520,022 | |||||||
INSTITUTIONAL SHARES (Equivalent to $51.35 per share based on 28,682,644 shares outstanding) |
$ | 1,472,988,595 |
% | Represents percentage of net assets. | ||
1 | Non-income producing securities. | ||
2 | Foreign corporation. | ||
3 | At December 31, 2011, the market value of restricted and fair valued securities amounted to $36,156,755 or 0.62% of net assets. None of these securities are deemed liquid. See Note 5 regarding Restricted Securities. | ||
4 | See Note 6 regarding Affiliated companies. | ||
5 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. | ||
6 | Level 2 security. See Note 3 regarding Fair Value Measurements. | ||
7 | Level 3 security. See Note 3 regarding Fair Value Measurements. | ||
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. This security has been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted. At December 31, 2011, the market value of Rule 144A securities amounted to $60,686,142 or 1.04% of net assets. | ||
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Small Cap Fund |
SCHEDULE OF INVESTMENTS |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (94.35%) | |||||||||
Consumer Discretionary (22.08%) | |||||||||
Advertising (2.14%) | |||||||||
1,250,000 | Arbitron, Inc. | $ | 47,248,927 | $ | 43,012,500 | ||||
2,900,000 | National CineMedia, Inc.4 | 58,234,328 | 35,960,000 | ||||||
105,483,255 | 78,972,500 | ||||||||
Apparel, Accessories & Luxury | |||||||||
Goods (4.33%) |
|||||||||
900,000 | Fossil, Inc.1 | 24,044,725 | 71,424,000 | ||||||
3,900,000 | Iconix Brand Group, Inc.1,4 | 62,609,371 | 63,531,000 | ||||||
2,000,000 | Quiksilver, Inc.1 | 10,419,500 | 7,220,000 | ||||||
350,000 | The Warnaco Group, Inc.1 | 18,767,763 | 17,514,000 | ||||||
115,841,359 | 159,689,000 | ||||||||
Auto Parts & Equipment (0.81%) | |||||||||
1,000,000 | Tenneco, Inc.1 | 40,417,524 | 29,780,000 | ||||||
Broadcasting (2.64%) | |||||||||
1,250,000 | Liberty Media Corp., Cl A1 | 18,535,651 | 97,562,500 | ||||||
Casinos & Gaming (4.25%) | |||||||||
3,100,000 | Penn National Gaming, Inc.1 | 81,039,972 | 118,017,000 | ||||||
350,000 | Wynn Resorts Ltd. | 3,263,528 | 38,671,500 | ||||||
84,303,500 | 156,688,500 | ||||||||
Education Services (0.82%) | |||||||||
310,811 | Strayer Education, Inc. | 27,776,615 | 30,207,721 | ||||||
Footwear (0.96%) | |||||||||
2,400,000 | Crocs, Inc.1 | 43,917,396 | 35,448,000 | ||||||
Home Improvement Retail (0.68%) | |||||||||
1,425,000 | Lumber Liquidators Holdings, Inc.1,4 |
30,543,459 | 25,165,500 | ||||||
Homefurnishing Retail (0.41%) | |||||||||
656,997 | Mattress Firm Holding Corp.1 | 13,856,535 | 15,235,760 | ||||||
Hotels, Resorts & Cruise Lines (0.95%) | |||||||||
3,060,000 | Great Wolf Resorts, Inc.1,4 | 55,012,502 | 8,874,000 | ||||||
17,500,000 | Mandarin Oriental Intl. Ltd. (Singapore)2,6 |
35,306,748 | 26,250,000 | ||||||
90,319,250 | 35,124,000 | ||||||||
Internet Retail (0.55%) | |||||||||
250,000 | Shutterfly, Inc.1 | 9,307,576 | 5,690,000 | ||||||
2,325,000 | Vitacost.com, Inc.1,4 | 23,626,535 | 14,461,500 | ||||||
32,934,111 | 20,151,500 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Consumer Discretionary (continued) | |||||||||
Movies & Entertainment (1.43%) | |||||||||
4,000,000 | Function (x), Inc.3,5,7 | $ | 10,000,000 | $ | 9,960,000 | ||||
1,500,000 | The Madison Square Garden Co., Cl A1 | 38,878,075 | 42,960,000 | ||||||
48,878,075 | 52,920,000 | ||||||||
Restaurants (2.11%) | |||||||||
1,750,000 | Bravo Brio Restaurant Group,Inc.1,4 |
26,998,566 | 30,012,500 | ||||||
1,636,487 | The Cheesecake Factory, Inc.1 | 39,033,959 | 48,030,894 | ||||||
66,032,525 | 78,043,394 | ||||||||
Total Consumer Discretionary | 718,839,255 | 814,988,375 | |||||||
Consumer Staples (1.38%) | |||||||||
Food Distributors (1.38%) | |||||||||
1,500,000 | The Chefs Warehouse, Inc.1,4 | 23,473,704 | 26,790,000 | ||||||
600,000 | United Natural Foods, Inc.1 | 22,478,087 | 24,006,000 | ||||||
Total Consumer Staples | 45,951,791 | 50,796,000 | |||||||
Energy (8.38%) | |||||||||
Oil & Gas Equipment & | |||||||||
Services (4.49%) |
|||||||||
600,000 | C&J Energy Services, Inc.1 | 17,489,532 | 12,558,000 | ||||||
550,000 | CARBO Ceramics, Inc. | 39,573,203 | 67,831,500 | ||||||
600,000 | Core Laboratories N.V.2 | 23,095,109 | 68,370,000 | ||||||
600,000 | Superior Energy Services, Inc.1 | 16,159,821 | 17,064,000 | ||||||
96,317,665 | 165,823,500 | ||||||||
Oil & Gas Exploration & | |||||||||
Production (1.50%) |
|||||||||
900,000 | Georesources, Inc.1 | 15,304,693 | 26,379,000 | ||||||
1,000,000 | Oasis Petroleum, Inc.1 | 14,212,944 | 29,090,000 | ||||||
29,517,637 | 55,469,000 | ||||||||
Oil &
Gas Storage & |
|||||||||
260,000 | Golar LNG Ltd. | 8,067,189 | 11,557,000 | ||||||
1,500,000 | Golar LNG Partners L.P. | 36,895,962 | 45,975,000 | ||||||
750,000 | Targa Resources Corp. | 17,965,719 | 30,517,500 | ||||||
62,928,870 | 88,049,500 | ||||||||
Total Energy | 188,764,172 | 309,342,000 |
See Notes to Schedules of Investments. |
Baron Small Cap Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Financials (6.24%) | |||||||||
Asset Management & Custody | |||||||||
Banks (1.00%) |
|||||||||
1,650,000 | Financial Engines, Inc.1 | $ | 25,939,078 | $ | 36,844,500 | ||||
Consumer Finance (0.51%) | |||||||||
600,000 | Green Dot Corp., Cl A1 | 29,736,370 | 18,732,000 | ||||||
Office REITs (1.78%) | |||||||||
750,000 | Corporate Office Properties Trust | 25,642,499 | 15,945,000 | ||||||
750,000 | SL Green Realty Corp. | 17,178,705 | 49,980,000 | ||||||
42,821,204 | 65,925,000 | ||||||||
Real Estate Services (0.62%) | |||||||||
1,500,000 | CBRE Group, Inc. (formerly, CB | ||||||||
Richard Ellis Group, Inc., Cl A)1 | 7,261,912 | 22,830,000 | |||||||
Specialized Finance (1.00%) | |||||||||
1,126,513 | MSCI, Inc., Cl A1 | 25,427,990 | 37,096,073 | ||||||
Specialized REITs (1.33%) | |||||||||
2,000,000 | Chesapeake Lodging Trust4 | 35,285,655 | 30,920,000 | ||||||
750,000 | LaSalle Hotel Properties | 16,301,829 | 18,157,500 | ||||||
51,587,484 | 49,077,500 | ||||||||
Total Financials | 182,774,038 | 230,505,073 | |||||||
Health Care (10.84%) | |||||||||
Health Care Equipment (4.52%) | |||||||||
700,000 | IDEXX Laboratories, Inc.1 | 22,713,021 | 53,872,000 | ||||||
822,100 | Insulet Corp.1 | 14,648,431 | 15,480,143 | ||||||
150,000 | Intuitive Surgical, Inc.1 | 2,175,000 | 69,451,500 | ||||||
1,500,000 | Masimo Corp. | 33,862,646 | 28,027,500 | ||||||
73,399,098 | 166,831,143 | ||||||||
Health Care Facilities (2.71%) | |||||||||
3,550,000 | Brookdale Senior Living, Inc.1 | 68,396,819 | 61,734,500 | ||||||
1,750,000 | Emeritus Corp.1 | 50,131,389 | 30,642,500 | ||||||
750,000 | Vanguard Health Systems, Inc.1 | 13,438,440 | 7,665,000 | ||||||
131,966,648 | 100,042,000 | ||||||||
Health Care Supplies (0.56%) | |||||||||
350,000 | Gen-Probe, Inc.1,5 | 13,000,731 | 20,692,000 | ||||||
Life Sciences Tools & Services (2.61%) | |||||||||
600,000 | Covance, Inc.1 | 21,774,270 | 27,432,000 | ||||||
800,000 | Luminex Corp.1 | 12,962,765 | 16,984,000 | ||||||
350,000 | Mettler-Toledo International, Inc.1 | 20,860,001 | 51,698,500 | ||||||
55,597,036 | 96,114,500 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Health Care (continued) | |||||||||
Pharmaceuticals (0.44%) | |||||||||
392,600 | Questcor Pharmaceuticals, Inc.1 | $ | 13,780,020 | $ | 16,324,308 | ||||
Total Health Care | 287,743,533 | 400,003,951 | |||||||
Industrials (20.17%) | |||||||||
Aerospace & Defense (4.00%) | |||||||||
2,500,000 | The KEYW Holding Corp.1,4 | 28,648,105 | 18,500,000 | ||||||
1,350,000 | TransDigm Group, Inc.1 | 35,096,585 | 129,168,000 | ||||||
63,744,690 | 147,668,000 | ||||||||
Construction
& Farm Machinery & |
|||||||||
1,750,000 | Accuride Corp.1 | 25,842,449 | 12,460,000 | ||||||
450,000 | Wabtec Corp. | 13,589,577 | 31,477,500 | ||||||
39,432,026 | 43,937,500 | ||||||||
Diversified Support Services (1.05%) | |||||||||
1,750,000 | Ritchie Bros. Auctioneers, Inc.2 | 32,711,666 | 38,640,000 | ||||||
Electrical
Components & |
|||||||||
500,000 | Acuity Brands, Inc. | 25,910,503 | 26,500,000 | ||||||
1,300,000 | Polypore International, Inc.1 | 49,649,875 | 57,187,000 | ||||||
75,560,378 | 83,687,000 | ||||||||
Environmental
& Facilities |
|||||||||
1,338,798 | Clean Harbors, Inc.1 | 34,734,077 | 85,321,597 | ||||||
299,900 | Tetra Tech, Inc.1 | 7,182,972 | 6,474,841 | ||||||
2,500,000 | Waste Connections, Inc. | 44,418,371 | 82,850,000 | ||||||
86,335,420 | 174,646,438 | ||||||||
Industrial Machinery (2.71%) | |||||||||
1,000,000 | Graco, Inc. | 23,209,297 | 40,890,000 | ||||||
750,000 | Nordson Corp. | 22,985,459 | 30,885,000 | ||||||
725,000 | Tennant Co. | 26,702,222 | 28,180,750 | ||||||
72,896,978 | 99,955,750 | ||||||||
Railroads (1.48%) | |||||||||
900,000 | Genesee & Wyoming, Inc., Cl A1 | 23,192,198 | 54,522,000 |
See Notes to Schedules of Investments. |
Baron Small Cap Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Industrials (continued) | |||||||||
Research
& Consulting |
|||||||||
525,000 | Acacia Research Corp.1 | $ | 17,788,752 | $ | 19,167,750 | ||||
1,500,000 | Mistras Group, Inc.1,4 | 17,805,295 | 38,235,000 | ||||||
35,594,047 | 57,402,750 | ||||||||
Trading
Companies & |
|||||||||
1,750,000 | Air Lease Corp.1 | 42,316,017 | 41,492,500 | ||||||
Trucking (0.07%) | |||||||||
200,000 | Zipcar, Inc.1 | 4,598,921 | 2,684,000 | ||||||
Total Industrials | 476,382,341 | 744,635,938 | |||||||
Information Technology (18.22%) | |||||||||
Application Software (5.02%) | |||||||||
1,750,000 | Advent Software, Inc.1 | 31,149,679 | 42,630,000 | ||||||
2,500,000 | RealPage, Inc.1 | 51,500,744 | 63,175,000 | ||||||
1,000,000 | Synchronoss Technologies, Inc.1 | 32,137,762 | 30,210,000 | ||||||
754,700 | The Ultimate Software Group, Inc.1 | 20,596,031 | 49,146,064 | ||||||
135,384,216 | 185,161,064 | ||||||||
Data Processing & Outsourced | |||||||||
Services (1.54%) |
|||||||||
1,000,000 | FleetCor Technologies, Inc.1 | 25,103,188 | 29,870,000 | ||||||
500,000 | Wright Express Corp.1 | 21,221,859 | 27,140,000 | ||||||
46,325,047 | 57,010,000 | ||||||||
Electronic Components (1.00%) |
|||||||||
1,000,000 | Rogers Corp.1,4 | 43,765,303 | 36,860,000 | ||||||
Electronic
Equipment & |
|||||||||
1,250,000 | Cognex Corp. | 41,565,529 | 44,737,500 | ||||||
350,000 | Coherent, Inc.1 | 15,598,797 | 18,294,500 | ||||||
800,000 | FEI Company1 | 31,208,275 | 32,624,000 | ||||||
1,500,000 | FLIR Systems, Inc. | 10,094,186 | 37,605,000 | ||||||
1,500,000 | National Instruments Corp. | 29,401,075 | 38,925,000 | ||||||
127,867,862 | 172,186,000 | ||||||||
Electronic
Manufacturing |
|||||||||
1,750,000 | Mercury Computer Systems, Inc.1,4 | 32,185,131 | 23,257,500 | ||||||
Internet
Software & |
|||||||||
1,500,000 | Velti plc1,2 | 23,472,366 | 10,200,000 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Information Technology (continued) | |||||||||
IT Consulting
& Other |
|||||||||
875,000 | Equinix, Inc.1,5 | $ | 55,025,037 | $ | 88,725,000 | ||||
2,250,000 | Gartner, Inc.1 | 41,942,703 | 78,232,500 | ||||||
96,967,740 | 166,957,500 | ||||||||
Technology Distributors (0.57%) | |||||||||
350,000 | Anixter International, Inc.1 | 16,167,504 | 20,874,000 | ||||||
Total Information Technology | 522,135,169 | 672,506,064 | |||||||
Materials (2.16%) | |||||||||
Diversified
Metals & |
|||||||||
4,000,000 | Globe Specialty Metals, Inc.4 | 46,608,066 | 53,560,000 | ||||||
Specialty Chemicals (0.71%) | |||||||||
1,182,900 | Ecosynthetix, Inc. (Canada)1,2 | 11,155,714 | 5,805,644 | ||||||
1,000,000 | Kraton Performance |
26,911,977 | 20,300,000 | ||||||
38,067,691 | 26,105,644 | ||||||||
Total Materials | 84,675,757 | 79,665,644 | |||||||
Telecommunication Services (4.42%) | |||||||||
Wireless Telecommunication | |||||||||
Services (4.42%) |
|||||||||
750,000 | American Tower Corp., Cl A | 2,533,557 | 45,007,500 | ||||||
2,750,000 | SBA Communications Corp., Cl A1 | 26,849,041 | 118,140,000 | ||||||
Total Telecommunication Services | 29,382,598 | 163,147,500 | |||||||
Utilities (0.46%) | |||||||||
Electric Utilities (0.46%) | |||||||||
225,000 | ITC Holdings Corp. | 9,427,959 | 17,073,000 | ||||||
TOTAL COMMON STOCKS | 2,546,076,613 | 3,482,663,545 | |||||||
Private Equity Investments (0.10%) | |||||||||
Consumer Discretionary (0.10%) | |||||||||
Hotels,
Resorts & Cruise |
|||||||||
3,500,000 | Kerzner International | ||||||||
Holdings Ltd., Cl A1,2,3,5,7 |
35,000,000 | 3,500,000 |
See Notes to Schedules of Investments. |
Baron Small Cap Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Warrants (0.00%) | |||||||||
Consumer Discretionary (0.00%) | |||||||||
Movies & Entertainment (0.00%) |
|||||||||
4,000,000 | Function (x), Inc. Warrants, |
||||||||
Exp 8/22/20141,3,5,7 |
$ | 0 | $ | 40,000 | |||||
Principal Amount |
|||||||||
Short Term Investments (5.58%) | |||||||||
$206,089,353 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2011, 0.01% due 1/3/2012; Proceeds at maturity $206,089,582; (Fully collateralized by U.S. Treasury Note, 1.50% due 6/30/2016; Market value $650,000 and U.S. Treasury Note, 1.50% due 7/31/2016; Market value $77,906,250 and U.S. Treasury Note, 2.75% due 11/30/2016; Market value $32,775,000 and U.S. Treasury Note, 2.375% due 5/31/2018; Market value $49,277,500 and U.S. Treasury Note, 1.50% due 8/31/2018; Market value $50,937,500 and U.S. Treasury Note, 2.75% due 2/15/2019; Market value $4,850,950)6 |
206,089,353 | 206,089,353 | ||||||
TOTAL INVESTMENTS (100.03%) | $ | 2,787,165,966 | 3,692,292,898 | ||||||
LIABILITIES LESS CASH AND OTHER ASSETS (-0.03%) |
(1,068,044 | ) | |||||||
NET ASSETS | $ | 3,691,224,854 | |||||||
RETAIL SHARES (Equivalent to $22.93 per share based on 133,736,969 shares outstanding) |
$ | 3,065,959,853 | |||||||
INSTITUTIONAL SHARES (Equivalent to $23.08 per share based on 27,096,126 shares outstanding) |
$ | 625,265,001 |
% | Represents percentage of net assets. | ||
1 | Non-income producing securities. | ||
2 | Foreign corporation. | ||
3 | At December 31, 2011, the market value of restricted and fair valued securities amounted to $13,500,000 or 0.37% of net assets. None of these securities are deemed liquid. See Note 5 regarding Restricted Securities. | ||
4 | See Note 6 regarding Affiliated companies. | ||
5 | The Adviser
has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. |
||
6 | Level 2 security. See Note 3 regarding Fair Value Measurements. | ||
7 | Level 3 security. See Note 3 regarding Fair Value Measurements. | ||
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Opportunity Fund |
SCHEDULE OF INVESTMENTS |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (95.00%) | |||||||||
Consumer Discretionary (14.13%) | |||||||||
Apparel, Accessories & Luxury | |||||||||
Goods (0.71%) |
|||||||||
46,000 | lululemon athletica, Inc.1 | $ | 2,027,029 | $ | 2,146,360 | ||||
Auto Parts & Equipment (1.52%) | |||||||||
155,500 | Gentex Corp. | 4,427,406 | 4,601,245 | ||||||
Automotive Retail (1.55%) | |||||||||
154,000 | CarMax, Inc.1 | 4,045,117 | 4,693,920 | ||||||
Broadcasting (4.87%) | |||||||||
210,000 | Discovery Communications, Inc., | ||||||||
Series C1 |
7,786,047 | 7,917,000 | |||||||
87,500 | Liberty Media Corp., Cl A1 | 5,202,107 | 6,829,375 | ||||||
12,988,154 | 14,746,375 | ||||||||
Footwear (0.98%) | |||||||||
201,000 | Crocs, Inc.1 | 4,663,235 | 2,968,770 | ||||||
Internet Retail (4.50%) | |||||||||
21,200 | Amazon.com, Inc.1 | 1,799,373 | 3,669,720 | ||||||
61,000 | Blue Nile, Inc.1 | 2,167,463 | 2,493,680 | ||||||
100,000 | Groupon, Inc.1 | 2,000,000 | 2,063,000 | ||||||
11,500 | priceline.com, Inc.1 | 2,397,607 | 5,378,665 | ||||||
8,364,443 | 13,605,065 | ||||||||
Total Consumer Discretionary | 36,515,384 | 42,761,735 | |||||||
Energy (10.06%) | |||||||||
Oil & Gas Equipment & | |||||||||
Services (6.22%) |
|||||||||
72,000 | CARBO Ceramics, Inc. | 5,708,950 | 8,879,760 | ||||||
59,100 | Oil States International, Inc.1 | 4,044,890 | 4,513,467 | ||||||
323,250 | RigNet, Inc.1 | 4,028,963 | 5,411,205 | ||||||
13,782,803 | 18,804,432 | ||||||||
Oil &
Gas Exploration & |
|||||||||
192,500 | Oasis Petroleum, Inc.1 | 3,016,673 | 5,599,825 | ||||||
Oil &
Gas Storage & |
|||||||||
135,500 | Golar LNG Ltd. | 4,793,541 | 6,022,975 | ||||||
Total Energy | 21,593,017 | 30,427,232 | |||||||
Financials (5.92%) | |||||||||
Asset Management
& Custody |
|||||||||
130,000 | Financial Engines, Inc.1 | 1,812,981 | 2,902,900 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Financials (continued) | |||||||||
Consumer Finance (1.16%) | |||||||||
112,500 | Green Dot Corp., Cl A1 | $ | 4,992,780 | $ | 3,512,250 | ||||
Diversified Real Estate | |||||||||
Activities (1.01%) |
|||||||||
111,500 | Brookfield Asset Management, | ||||||||
Inc., Cl A2 |
3,164,682 | 3,064,020 | |||||||
Specialized Finance (2.79%) | |||||||||
256,000 | MSCI, Inc., Cl A1 | 7,152,843 | 8,430,080 | ||||||
Total Financials | 17,123,286 | 17,909,250 | |||||||
Health Care (10.40%) | |||||||||
Health Care Equipment (4.60%) | |||||||||
46,000 | Edwards Lifesciences Corp.1 | 4,015,533 | 3,252,200 | ||||||
13,500 | Intuitive Surgical, Inc.1 | 3,532,053 | 6,250,635 | ||||||
235,500 | Masimo Corp. | 6,173,492 | 4,400,318 | ||||||
13,721,078 | 13,903,153 | ||||||||
Health Care Supplies (1.28%) | |||||||||
65,600 | Gen-Probe, Inc.1,4 | 3,959,926 | 3,878,272 | ||||||
Health Care Technology (1.98%) | |||||||||
317,000 | Allscripts Healthcare | ||||||||
Solutions, Inc.1 |
5,403,458 | 6,003,980 | |||||||
Life Sciences Tools & | |||||||||
Services (1.25%) |
|||||||||
178,040 | Luminex Corp.1 | 3,309,875 | 3,779,789 | ||||||
Pharmaceuticals (1.29%) | |||||||||
94,000 | Questcor Pharmaceuticals, Inc.1 | 3,355,954 | 3,908,520 | ||||||
Total Health Care | 29,750,291 | 31,473,714 | |||||||
Industrials (7.15%) | |||||||||
Electrical Components & | |||||||||
Equipment (3.20%) |
|||||||||
219,800 | Polypore International, Inc.1 | 8,937,589 | 9,669,002 | ||||||
Environmental
& Facilities |
|||||||||
195,000 | Tetra Tech, Inc.1 | 4,439,925 | 4,210,050 | ||||||
Research & Consulting Services (2.56%) |
|||||||||
116,000 | CoStar Group, Inc.1 | 4,702,117 | 7,740,680 | ||||||
Total Industrials | 18,079,631 | 21,619,732 |
See Notes to Schedules of Investments. |
Baron Opportunity Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Information Technology (39.70%) | |||||||||
Application Software (10.83%) | |||||||||
131,010 | ANSYS, Inc.1 | $ | 4,189,227 | $ | 7,504,253 | ||||
31,000 | FactSet Research Systems, Inc. | 1,760,005 | 2,705,680 | ||||||
59,500 | Informatica Corp.1 | 2,184,475 | 2,197,335 | ||||||
106,500 | Pegasystems, Inc. | 2,882,426 | 3,131,100 | ||||||
256,610 | RealPage, Inc.1 | 5,326,650 | 6,484,534 | ||||||
36,500 | salesforce.com, Inc.1 | 4,317,283 | 3,703,290 | ||||||
232,500 | Synchronoss Technologies, Inc.1 | 6,903,715 | 7,023,825 | ||||||
27,563,781 | 32,750,017 | ||||||||
Communications Equipment (3.38%) | |||||||||
83,500 | QUALCOMM, Inc. | 3,424,642 | 4,567,450 | ||||||
153,500 | Riverbed Technology, Inc.1 | 3,864,240 | 3,607,250 | ||||||
112,000 | Ubiquiti Networks, Inc.1 | 1,837,748 | 2,041,760 | ||||||
9,126,630 | 10,216,460 | ||||||||
Computer Hardware (2.48%) | |||||||||
18,500 | Apple, Inc.1 | 755,597 | 7,492,500 | ||||||
Internet Software & Services (9.60%) | |||||||||
392,272 | Bankrate, Inc.1 | 5,932,083 | 8,433,848 | ||||||
7,500 | Google, Inc., Cl A1 | 4,462,236 | 4,844,250 | ||||||
32,000 | LinkedIn Corp., Cl A1 | 2,053,755 | 2,016,320 | ||||||
355,000 | LivePerson, Inc.1 | 3,881,182 | 4,455,250 | ||||||
88,000 | Rackspace Hosting, Inc.1 | 3,425,119 | 3,784,880 | ||||||
540,400 | Velti plc1,2 | 6,503,214 | 3,674,720 | ||||||
82,000 | Zillow, Inc.1 | 1,640,000 | 1,843,360 | ||||||
27,897,589 | 29,052,628 | ||||||||
IT Consulting & Other Services (9.35%) | |||||||||
185,197 | Booz Allen Hamilton Holding Corp.1 |
2,925,846 | 3,194,648 | ||||||
116,000 | Equinix, Inc.1,4 | 5,809,404 | 11,762,400 | ||||||
288,144 | Gartner, Inc.1 | 5,808,336 | 10,018,767 | ||||||
211,500 | ServiceSource International, Inc.1 | 2,786,787 | 3,318,435 | ||||||
17,330,373 | 28,294,250 | ||||||||
Semiconductors (1.35%) | |||||||||
126,000 | Mellanox Technologies Ltd.1,2 | 3,733,868 | 4,093,740 | ||||||
Systems Software (2.71%) | |||||||||
129,000 | MICROS Systems, Inc.1 | 6,280,319 | 6,008,820 | ||||||
53,000 | Red Hat, Inc.1 | 2,125,199 | 2,188,370 | ||||||
8,405,518 | 8,197,190 | ||||||||
Total Information Technology | 94,813,356 | 120,096,785 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Materials (2.18%) | |||||||||
Diversified
Metals & |
|||||||||
130,149 | Molycorp, Inc.1 | $ | 5,799,873 | $ | 3,120,973 | ||||
Fertilizers
& Agricultural |
|||||||||
282,644 | Agrinos AS (Mexico)1,2 | 2,016,113 | 1,890,327 | ||||||
Specialty Chemicals (0.53%) | |||||||||
325,070 | Ecosynthetix, Inc., (Canada)1,2 | 3,046,731 | 1,595,435 | ||||||
Total Materials | 10,862,717 | 6,606,735 | |||||||
Telecommunication Services (5.46%) | |||||||||
Wireless
Telecommunication |
|||||||||
252,500 | NII Holdings, Inc.1 | 11,266,022 | 5,378,250 | ||||||
259,000 | SBA Communications Corp., Cl A1 | 5,486,141 | 11,126,640 | ||||||
Total Telecommunication Services | 16,752,163 | 16,504,890 | |||||||
TOTAL COMMON STOCKS | 245,489,845 | 287,400,073 | ` | ||||||
Preferred Stocks (0.83%) | |||||||||
Utilities (0.83%) | |||||||||
Independent Power Producers | |||||||||
& Energy Traders (0.83%) |
|||||||||
550,661 | Better Place, Inc., Series C1,3,4,6 | 2,500,001 | 2,500,001 | ||||||
Principal Amount |
|||||||||
Short Term Investments (3.40%) | |||||||||
$10,286,676 | Repurchase
Agreement with |
10,286,676 | 10,286,676 |
See Notes to Schedules of Investments. |
Baron Opportunity Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Cost | Value | ||||||
TOTAL INVESTMENTS (99.23%) | $ | 258,276,522 | $ | 300,186,750 | |||
CASH AND OTHER ASSETS LESS LIABILITIES (0.77%) | 2,322,218 | ||||||
NET ASSETS | $ | 302,508,968 | |||||
RETAIL SHARES (Equivalent to $13.56 per share based on 19,307,160 shares outstanding) |
$ | 261,825,095 | |||||
INSTITUTIONAL SHARES (Equivalent to $13.65 per share based on 2,979,482 shares outstanding) |
$ | 40,683,873 |
% | Represents percentage of net assets. | ||
1 | Non-income producing securities. | ||
2 | Foreign corporation. | ||
3 | At December 31, 2011, the market value of restricted and fair valued securities amounted to $2,500,001 or 0.83% of net assets. This security is not deemed liquid. See Note 5 regarding Restricted Securities. | ||
4 | The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. | ||
5 | Level 2 security. See Note 3 regarding Fair Value Measurements. | ||
6 | Level 3 security. See Note 3 regarding Fair Value Measurements. | ||
All securities are Level 1, unless otherwise noted. |
See Notes to Schedules of Investments. |
Baron Fifth Avenue Growth Fund |
SCHEDULE OF INVESTMENTS |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (96.84%) | |||||||||
Consumer Discretionary (21.93%) | |||||||||
Advertising (1.85%) | |||||||||
14,994 | Omnicom Group, Inc. | $ | 647,352 | $ | 668,433 | ||||
Apparel,
Accessories & Luxury |
|||||||||
6,530 | Michael Kors Holdings Ltd.1,2 |
130,600 | 177,942 | ||||||
Broadcasting (2.04%) | |||||||||
9,423 | Liberty Media Corp., Cl A1 | 417,678 | 735,465 | ||||||
Casinos & Gaming (1.59%) | |||||||||
5,174 | Wynn Resorts Ltd. | 622,843 | 571,675 | ||||||
Education Services (2.45%) | |||||||||
36,795 | New Oriental Education | ||||||||
& Technology Group, ADR1,2 |
891,451 | 884,920 | |||||||
Hotels,
Resorts & Cruise |
|||||||||
18,100 | Hyatt Hotels Corp., Cl A1 | 505,443 | 681,284 | ||||||
11,448 | Starwood Hotels & | ||||||||
Resorts Worldwide, Inc. |
539,982 | 549,161 | |||||||
1,045,425 | 1,230,445 | ||||||||
Internet Retail (7.23%) | |||||||||
9,915 | Amazon.com, Inc.1 | 1,491,779 | 1,716,286 | ||||||
1,900 | priceline.com, Inc.1 | 968,958 | 888,649 | ||||||
2,460,737 | 2,604,935 | ||||||||
Restaurants (2.87%) | |||||||||
17,503 | YUM! Brands, Inc. | 875,066 | 1,032,852 | ||||||
Total Consumer Discretionary | 7,091,152 | 7,906,667 | |||||||
Consumer Staples (5.75%) | |||||||||
Hypermarkets & Super | |||||||||
Centers (1.62%) |
|||||||||
7,000 | Costco Wholesale Corp. | 361,906 | 583,240 | ||||||
Packaged Foods & | |||||||||
Meats (2.32%) |
|||||||||
12,154 | Mead Johnson Nutrition | ||||||||
Co., Cl A | 860,700 | 835,344 | |||||||
Personal Products (1.81%) | |||||||||
5,821 | The Estée Lauder | ||||||||
Companies, Inc., Cl A |
643,427 | 653,815 | |||||||
Total Consumer Staples | 1,866,033 | 2,072,399 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Energy (2.58%) | |||||||||
Integrated Oil & Gas (2.58%) | |||||||||
9,922 | Occidental Petroleum Corp. | $ | 796,892 | $ | 929,692 | ||||
Financials (9.42%) | |||||||||
Asset Management & Custody | |||||||||
Banks (2.13%) |
|||||||||
53,082 | Cetip SA Balcão | ||||||||
Organizado de Ativos e |
|||||||||
Derivativos (Brazil)2 |
702,104 | 766,953 | |||||||
Diversified Real Estate | |||||||||
Activities (3.01%) |
|||||||||
39,454 | Brookfield Asset | ||||||||
Management, Inc., Cl A2 |
1,118,099 | 1,084,196 | |||||||
Specialized Finance (4.28%) | |||||||||
119,531 | BM&FBOVESPA SA (Brazil)2 |
618,168 | 628,015 | ||||||
3,757 | The CME Group, Inc. | 908,620 | 915,468 | ||||||
1,526,788 | 1,543,483 | ||||||||
Total Financials | 3,346,991 | 3,394,632 | |||||||
Health Care (4.10%) | |||||||||
Health Care Equipment (2.70%) | |||||||||
2,098 | Intuitive Surgical, Inc.1 | 544,222 | 971,395 | ||||||
Life Sciences
Tools & |
|||||||||
16,605 | Illumina, Inc.1 | 492,416 | 506,121 | ||||||
Total Health Care | 1,036,638 | 1,477,516 | |||||||
Industrials (12.05%) | |||||||||
Aerospace & Defense (1.55%) | |||||||||
3,385 | Precision Castparts Corp. | 532,088 | 557,814 | ||||||
Air Freight
& |
|||||||||
18,088 | Expeditors International | ||||||||
of Washington, Inc. |
765,835 | 740,885 | |||||||
Marine (1.56%) | |||||||||
5,000 | Kuehne & Nagel | ||||||||
International AG (China)1,2 |
578,090 | 561,588 | |||||||
Research
& Consulting |
|||||||||
6,061 | IHS, Inc., Cl A1 | 529,587 | 522,216 | ||||||
21,688 | Verisk Analytics, Inc., ClA1 | 793,220 | 870,339 | ||||||
1,322,807 | 1,392,555 |
See Notes to Schedules of Investments.
Baron Fifth Avenue Growth Fund |
SCHEDULE OF INVESTMENTS (CONTINUED) |
DECEMBER 31, 2011 (UNAUDITED) |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Industrials (continued) | |||||||||
Trading Companies & | |||||||||
Distributors (3.02%) |
|||||||||
25,000 | Fastenal Co. | $ | 461,814 | $ | 1,090,250 | ||||
Total Industrials | 3,660,634 | 4,343,092 | |||||||
Information Technology (34.65%) | |||||||||
Application Software (5.20%) | |||||||||
10,000 | Citrix Systems, Inc.1 | 511,681 | 607,200 | ||||||
6,977 | FactSet Research Systems, Inc. | 638,549 | 608,953 | ||||||
6,500 | salesforce.com, Inc.1 | 772,498 | 659,490 | ||||||
1,922,728 | 1,875,643 | ||||||||
Communications Equipment (2.72%) | |||||||||
17,929 | QUALCOMM, Inc. | 1,024,671 | 980,716 | ||||||
Computer Hardware (5.18%) | |||||||||
4,606 | Apple, Inc.1 | 586,755 | 1,865,430 | ||||||
Data Processing & Outsourced | |||||||||
Services (6.46%) |
|||||||||
2,875 | MasterCard, Inc., Cl A | 800,781 | 1,071,858 | ||||||
12,380 | Visa, Inc., Cl A | 1,006,949 | 1,256,941 | ||||||
1,807,730 | 2,328,799 | ||||||||
Internet Software & | |||||||||
Services (8.73%) |
|||||||||
8,717 | Baidu, Inc., ADR1,2 | 1,098,091 | 1,015,269 | ||||||
2,999 | Google, Inc., Cl A1 | 1,163,033 | 1,937,054 | ||||||
3,100 | LinkedIn Corp., Cl A1 | 177,188 | 195,331 | ||||||
2,438,312 | 3,147,654 | ||||||||
IT Consulting & Other | |||||||||
Services (4.65%) |
|||||||||
11,514 | Cognizant Technology | ||||||||
Solutions Corp., Cl A1 |
763,694 | 740,465 | |||||||
9,234 | Equinix, Inc.1,4 | 668,629 | 936,328 | ||||||
1,432,323 | 1,676,793 | ||||||||
Systems Software (1.71%) | |||||||||
14,935 | Red Hat, Inc.1 | 725,139 | 616,666 | ||||||
Total Information Technology | 9,937,658 | 12,491,701 | |||||||
Materials (6.36%) | |||||||||
Diversified Chemicals (1.84%) | |||||||||
9,500 | BASF SE (Germany)2 | 634,348 | 662,598 |
Shares | Cost | Value | |||||||
Common Stocks (continued) | |||||||||
Materials (continued) | |||||||||
Diversified
Metals & |
|||||||||
23,393 | Molycorp, Inc.1 | $ | 1,063,383 | $ | 560,964 | ||||
Fertilizers & Agricultural | |||||||||
Chemicals (2.96%) |
|||||||||
15,259 | Monsanto Co. | 1,074,890 | 1,069,198 | ||||||
Total Materials | 2,772,621 | 2,292,760 | |||||||
TOTAL COMMON STOCKS | 30,508,619 | 34,908,459 | |||||||
Preferred Stocks (1.05%) | |||||||||
Utilities (1.05%) | |||||||||
Independent Power Producers | |||||||||
& Energy Traders (1.05%) |
|||||||||
83,700 | Better Place, Inc., | ||||||||
Series C1,3,4,6 |
379,998 | 379,998 | |||||||
Principal Amount |
|||||||||
Short Term Investments (2.68%) | |||||||||
$966,020 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2011, 0.01% due 1/3/2012; Proceeds at maturity $966,021; (Fully collateralized by U.S. Treasury Note, 2.75% due 2/15/2019; Market value $1,016,600)5 |
966,020 | 966,020 | ||||||
TOTAL INVESTMENTS (100.57%) | $ | 31,854,637 | 36,254,477 | ||||||
LIABILITIES LESS CASH AND OTHER ASSETS (-0.57%) |
(206,305) | ||||||||
NET ASSETS | $ | 36,048,172 | |||||||
RETAIL SHARES (Equivalent to $9.83 per share based on 2,505,888 shares outstanding) |
$ | 24,632,986 | |||||||
INSTITUTIONAL SHARES (Equivalent to $9.86 per share based on 1,157,297 shares outstanding) |
$ | 11,415,186 | |||||||
|
|||||||||
% Represents percentage of net assets. | |||||||||
1 Non-income producing securities. | |||||||||
2 Foreign corporation. | |||||||||
3 At December 31, 2011, the market value of restricted and fair valued securities amounted to $379,998 or 1.05% of net assets. None of these securities are deemed liquid. See Note 5 regarding Restricted Securities. |
|||||||||
4 The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI. |
|||||||||
5 Level 2 security. See Note 3 regarding Fair Value Measurements. | |||||||||
6 Level 3 security. See Note 3 regarding Fair Value Measurements. | |||||||||
ADR American Depositary Receipt. | |||||||||
All securities are Level 1, unless otherwise noted. | |||||||||
See Notes to Schedules of Investments.
Baron Investment Funds Trust |
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) | December 31, 2011 |
1. | Organization |
Baron Investment
Funds Trust (the Trust) is registered under the Investment Company Act
of 1940, as amended (the 1940 Act), as an open-end management investment
company established as a Massachusetts business trust on February 19, 1987. The
Trust currently offers five series (individually, a Fund and collectively,
the Funds): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund,
Baron Opportunity Fund and Baron Fifth Avenue Growth Fund. |
|
The investment objectives of the Funds are as follows: | |
Baron Asset
Fund seeks capital appreciation through long-term investments primarily in securities
of medium-sized companies with undervalued assets or favorable growth prospects.
|
|
2. | Significant Accounting Policies |
a) Security
Valuation. The Funds share prices or net asset values are calculated as
of the close of the regular trading session (usually 4 p.m. E.T.) on the New York
Stock Exchange (NYSE) on any day on which the NYSE is open. Portfolio
securities traded on any national stock exchange are valued based on the last sale
price. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing
Price. Where market quotations are not readily available, or, if in BAMCO, Inc.s (the Adviser) judgment, they do not accurately reflect the fair value of
a security, or an event occurs after the market close but before the Funds are priced
that materially affects the value of a security, the securities will be valued by
the Adviser using policies and procedures approved by the Board of Trustees (the
Board). The Adviser has a Fair Valuation Committee (the Committee) comprised of senior executives and the Committee reports to the Board every
quarter. Factors the Committee considers when valuing a security include whether
a current price is stale, there is recent news, the security is thinly traded, transactions
are infrequent or quotations are genuine. There can be no guarantee, however, that
a fair valuation used by the Funds on any given day will more accurately reflect
the market value of an investment than the closing price of such investment in its
market. Debt instruments having a remaining maturity greater than sixty days will
be valued on the basis of prices obtained from a pricing service approved by the
Board or at the mean of the bid and ask prices from the dealer maintaining an active
market in that security. Money market instruments held by the Funds with a remaining
maturity of sixty days or less are valued at amortized cost, which approximates
fair value. |
Baron Investment Funds Trust |
b) Foreign Currency Translations. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the time the net asset value is determined. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions include gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions. | |
c) Securities Lending. The Funds may lend securities to certain brokers. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds earn interest on such collateral and earn income in the form of negotiated lenders fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities. At December 31, 2011, the Funds did not have any securities on loan. | |
d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short-term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds policy that their custodian or a third party custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 105% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. | |
3. | Fair Value Measurements |
Fair value is defined by accounting principles generally accepted in the United States of America (GAAP) as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. |
| Level 1 quoted prices in active markets for identical assets or liabilities; |
||
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); |
||
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, non-U.S. securities, whose markets close hours before the Funds value their holdings, may require revised valuations due to significant movement in the U.S. markets. Since these values are not obtained from quoted prices in an active market such securities are reflected as Level 2. |
The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. |
The following is a summary of the inputs used as of December 31, 2011 in valuing the Funds investments carried at fair value: |
Baron Asset Fund |
|||||||||||||||
Other | |||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Common Stocks | $ | 2,181,390,069 | $ | | $ | | $ | 2,181,390,069 | |||||||
Private Equity Investments | | | 25,733,608 | 25,733,608 | |||||||||||
Short Term Investments | | 62,342,551 | | 62,342,551 | |||||||||||
Total Investments | $ | 2,181,390,069 | $ | 62,342,551 | $ | 25,733,608 | $ | 2,269,466,228 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2011. There have been no significant transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the period ended December 31, 2011 from the previous year end. |
See Schedule of Investments for additional detailed categorizations. |
Baron Investment Funds Trust |
Baron Growth Fund |
|||||||||||||||
Other | |||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
Description |
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Common Stocks | $ | 5,702,559,718 | $ | 60,686,142 | $ | | $ | 5,763,245,860 | |||||||
Private Equity Investments | | | 14,311,755 | 14,311,755 | |||||||||||
Preferred Stocks | | | 21,845,000 | 21,845,000 | |||||||||||
Short Term Investments | | 42,325,073 | | 42,325,073 | |||||||||||
Total Investments | $ | 5,702,559,718 | $ | 103,011,215 | $ | 36,156,755 | $ | 5,841,727,688 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2011. There have been no significant transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the period ended December 31, 2011 from the previous year end. |
Baron Small Cap Fund |
|||||||||||||||
Other | |||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
Description |
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Common Stocks | $ | 3,472,703,545 | $ | | $ | 9,960,000 | $ | 3,482,663,545 | |||||||
Private Equity Investments | | | 3,500,000 | 3,500,000 | |||||||||||
Warrants | | | 40,000 | 40,000 | |||||||||||
Short Term Investments | | 206,089,353 | | 206,089,353 | |||||||||||
Total Investments | $ | 3,472,703,545 | $ | 206,089,353 | $ | 13,500,000 | $ | 3,692,292,898 |
The fair value
of Level 2 investments at September 30, 2011 was $230,021,063. $26,250,000 was transferred
out of Level 2 into Level 1 at December 31, 2011 as a result of no longer adjusting
closing prices for certain securities (as described in Note 2a), due to significant
market movements between the time at which the Fund valued its securities and the
earlier closing of foreign markets. It is the Funds policy to recognize transfers
in and transfers out at the fair value as of the end of the period. |
Baron Opportunity Fund |
|||||||||||||||
Other | |||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
Description |
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Common Stocks | $ | 287,400,073 | $ | | $ | | $ | 287,400,073 | |||||||
Preferred Stocks | | | 2,500,001 | 2,500,001 | |||||||||||
Short Term Investments | | 10,286,676 | | 10,286,676 | |||||||||||
Total Investments | $ | 287,400,073 | $ | 10,286,676 | $ | 2,500,001 | $ | 300,186,750 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2011. There have been no significant transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the period ended December 31, 2011 from the previous year end. |
Baron Fifth Avenue Growth Fund |
|||||||||||||||
Other | |||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
Description |
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Common Stocks | $ | 34,908,459 | $ | | $ | | $ | 34,908,459 | |||||||
Preferred Stocks | | | 379,998 | 379,998 | |||||||||||
Short Term Investments | | 966,020 | | 966,020 | |||||||||||
Total Investments | $ | 34,908,459 | $ | 966,020 | $ | 379,998 | $ | 36,254,477 |
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2011. There have been no significant transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the period ended December 31, 2011 from the previous year end. |
See Schedule of Investments for additional detailed categorizations. |
Baron Investment Funds Trust |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: |
Baron Asset Fund |
||||||||||||||||||||||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Net | Net Change in | (Depreciation) | ||||||||||||||||||||||||||||||
Balance as of | Accrued | Realized | Unrealized | Transfers | Transfers | Balance as of | from Investments | |||||||||||||||||||||||||
September 30, | Premiums/ | Gain | Appreciation | Into | Out of | December | still held at | |||||||||||||||||||||||||
Investments in Securities |
2011 | Discounts | (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | 31, 2011 | December 31, 2011 | ||||||||||||||||||||||
Private Equity Investments | ||||||||||||||||||||||||||||||||
Consumer Discretionary |
$ | 2,964,000 | $ | | $ | | $ | 2,236,000 | $ | | $ | | $ | | $ | | $ | 5,200,000 | $ | 2,236,000 | ||||||||||||
Financials |
21,090,138 | | | (556,530 | ) | | | | | 20,533,608 | (556,530 | ) | ||||||||||||||||||||
Total | $ | 24,054,138 | $ | | $ | | $ | 1,679,470 | $ | | $ | | $ | | $ | | $ | 25,733,608 | $ | 1,679,470 |
Baron Growth Fund |
||||||||||||||||||||||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Net | Net Change in | (Depreciation) | ||||||||||||||||||||||||||||||
Balance as of | Accrued | Realized | Unrealized | Transfers | Transfers | Balance as of | from Investments | |||||||||||||||||||||||||
September 30, | Premiums/ | Gain | Appreciation | Into | Out of | December | still held at | |||||||||||||||||||||||||
Investments in Securities |
2011 | Discounts | (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | 31, 2011 | December 31, 2011 | ||||||||||||||||||||||
Private Equity Investments | ||||||||||||||||||||||||||||||||
Consumer Discretionary |
$ | 4,218,000 | $ | | $ | | $ | 3,182,000 | $ | | $ | | $ | | $ | | $ | 7,400,000 | $ | 3,182,000 | ||||||||||||
Financials |
7,099,087 | | | (187,332 | ) | | | | | 6,911,755 | (187,332 | ) | ||||||||||||||||||||
Preferred Stocks | ||||||||||||||||||||||||||||||||
Utilities |
| | | | 21,845,000 | | | | 21,845,000 | | ||||||||||||||||||||||
Total | $ | 11,317,087 | $ | | $ | | $ | 2,994,668 | $ | 21,845,000 | $ | | $ | | $ | | $ | 36,156,755 | $ | 2,994,668 |
Baron Small Cap Fund |
||||||||||||||||||||||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Net | Net Change in | (Depreciation) | ||||||||||||||||||||||||||||||
Balance as of | Accrued | Realized | Unrealized | Transfers | Transfers | Balance as of | from Investments | |||||||||||||||||||||||||
September 30, | Premiums/ | Gain | Appreciation | Into | Out of | December | still held at | |||||||||||||||||||||||||
Investments in Securities |
2011 | Discounts | (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | 31, 2011 | December 31, 2011 | ||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||||||||
Consumer Discretionary |
$ | 9,960,000 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 9,960,000 | $ | | ||||||||||||
Private Equity Investments | ||||||||||||||||||||||||||||||||
Consumer Discretionary |
1,995,000 | | | 1,505,000 | | | | | 3,500,000 | 1,505,000 | ||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||
Consumer Discretionary |
40,000 | | | | | | | | 40,000 | | ||||||||||||||||||||||
Total | $ | 11,995,000 | $ | | $ | | $ | 1,505,000 | $ | | $ | | $ | | $ | | $ | 13,500,000 | $ | 1,505,000 |
Baron Opportunity Fund |
||||||||||||||||||||||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Net | Net Change in | (Depreciation) | ||||||||||||||||||||||||||||||
Balance as of | Accrued | Realized | Unrealized | Transfers | Transfers | Balance as of | from Investments | |||||||||||||||||||||||||
September 30, | Premiums/ | Gain | Appreciation | Into | Out of | December | still held at | |||||||||||||||||||||||||
Investments in Securities |
2011 | Discounts | (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | 31, 2011 | December 31, 2011 | ||||||||||||||||||||||
Preferred Stocks | ||||||||||||||||||||||||||||||||
Utilities |
$ | | $ | | $ | | $ | | $ | 2,500,001 | $ | | $ | | $ | | $ | 2,500,001 | $ | |
Baron Fifth Avenue Growth Fund |
||||||||||||||||||||||||||||||||
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Net | Net Change in | (Depreciation) | ||||||||||||||||||||||||||||||
Balance as of | Accrued | Realized | Unrealized | Transfers | Transfers | Balance as of | from Investments | |||||||||||||||||||||||||
September 30, | Premiums/ | Gain | Appreciation | Into | Out of | December | still held at | |||||||||||||||||||||||||
Investments in Securities |
2011 | Discounts | (Loss) | (Depreciation) | Purchases | Sales | Level 3 | Level 3 | 31, 2011 | December 31, 2011 | ||||||||||||||||||||||
Preferred Stocks | ||||||||||||||||||||||||||||||||
Utilities |
$ | | $ | | $ | | $ | | $ | 379,998 | $ | | $ | | $ | | $ | 379,998 | $ | |
Baron Investment Funds Trust |
4. Cost of Investments for Income Tax Purposes |
As of December 31, 2011, the components of net assets on a tax basis were substantially as follows: |
Baron Fifth | |||||||||||||||||||||||
Baron | Baron | Avenue | |||||||||||||||||||||
Baron Asset | Baron Growth | Small Cap | Opportunity | Growth | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
Cost of investments | $ | 1,418,907,278 | $ | 3,661,090,561 | $ | 2,787,165,966 | $ | 258,276,522 | $ | 31,854,637 | |||||||||||||
Unrealized appreciation | 935,998,026 | 2,331,861,570 | 1,197,824,772 | 62,186,087 | 5,555,123 | ||||||||||||||||||
Unrealized depreciation | (85,439,076 | ) | (151,224,443 | ) | (292,697,840 | ) | (20,275,859 | ) | (1,155,283 | ) | |||||||||||||
Net unrealized appreciation | $ | 850,558,950 | $ | 2,180,637,127 | $ | 905,126,932 | $ | 41,910,228 | $ | 4,399,840 | |||||||||||||
5. Restricted Securities |
At December
31, 2011, investments in securities included securities that are restricted and/or
illiquid. Restricted securities are often purchased in private placement transactions,
are not registered under the Securities Act of 1933, may have contractual restrictions
on resale and are valued pursuant to the policies and procedures for fair value
pricing approved by the Board. A security may be considered illiquid if it lacks
a readily available market or if its valuation has not changed for a certain period
of time. The Funds may receive more or less than this valuation in an actual sale
and that difference could be material. At December 31, 2011, the Funds held investments
in restricted and/or illiquid securities that were valued pursuant to policies and
procedures for fair value pricing as follows: |
Baron Asset Fund |
|||||||
Name of Issuer |
Acquisition Date(s) | Value | |||||
Private Equity Investments | |||||||
Kerzner International Holdings Ltd., Cl A |
9/27/2006 | $ | 5,200,000 | ||||
Windy City Investments Holdings, L.L.C. |
11/13/2007, 1/27/2011 | 20,533,608 | |||||
Total Restricted Securities: | $ | 25,733,608 | |||||
(Cost $86,581,905) (1.14% of Net Assets) |
|||||||
Baron Growth Fund |
|||||||
Name of Issuer |
Acquisition Date(s) | Value | |||||
Private Equity Investments | |||||||
Kerzner International Holdings Ltd., Cl A |
9/27/2006 | $ | 7,400,000 | ||||
Windy City Investments Holdings, L.L.C. |
11/13/2007, 1/27/2011 | 6,911,755 | |||||
Preferred Stocks | |||||||
Better Place, Inc., Series C |
12/1/2011 | 21,845,000 | |||||
Total Restricted Securities: | $ | 36,156,755 | |||||
(Cost $104,475,998) (0.62% of Net Assets) |
|||||||
Baron Small Cap Fund |
|||||||
Name of Issuer |
Acquisition Date | Value | |||||
Common Stock | |||||||
Function (x), Inc. |
8/25/2011 | $ | 9,960,000 | ||||
Private Equity Investments | |||||||
Kerzner International Holdings Ltd., Cl A |
9/27/2006 | 3,500,000 | |||||
Warrants | |||||||
Function (x), Inc. Warrants, Exp 8/22/2014 |
8/25/2011 | 40,000 | |||||
Total Restricted Securities: | $ | 13,500,000 | |||||
(Cost $45,000,000) (0.37% of Net Assets) |
See Schedule of Investments for cost of individual securities. |
Baron Investment Funds Trust |
Baron Opportunity Fund |
|||||||
Name of Issuer |
Acquisition Date | Value | |||||
Preferred Stocks | |||||||
Better Place, Inc., Series C |
12/1/2011 | $ | 2,500,001 | ||||
(Cost $2,500,001) (0.83% of Net Assets) |
|||||||
Baron Fifth Avenue Growth Fund |
|||||||
Name of Issuer |
Acquisition Date | Value | |||||
Preferred Stocks | |||||||
Better Place, Inc., Series C |
12/1/2011 | $ | 379,998 | ||||
(Cost $379,998) (1.05% of Net Assets) |
6. Transactions in "Affiliated" Companies1 |
Baron Growth Fund | |||||||||||||||||||||
Value at | Shares Held at | Value at | |||||||||||||||||||
September 30, | Purchase | Sales | Realized | December 31, | December 31, | ||||||||||||||||
Name of Issuer |
2011 | Cost | Proceeds | Gains/(Losses) | 2011 | 2011 | |||||||||||||||
Affiliated Company as of |
|||||||||||||||||||||
AMERIGROUP Corp. | $ | 91,673,500 | $ | 1,998,735 | $ | | $ | | 2,400,000 | $ | 141,792,000 | ||||||||||
Blue Nile, Inc. | 35,280,000 | | 2,347,664 | (723,936 | ) | 930,000 | 38,018,400 | ||||||||||||||
Choice Hotels International, Inc. | 89,382,900 | | | | 3,007,500 | 114,435,375 | |||||||||||||||
DeVry, Inc. | 133,980,000 | | | | 3,625,000 | 139,417,500 | |||||||||||||||
Peets Coffee & Tea, Inc. | 44,512,000 | | | | 800,000 | 50,144,000 | |||||||||||||||
Strayer Education, Inc. | 51,752,250 | 14,656,080 | | | 848,000 | 82,417,120 | |||||||||||||||
Vail Resorts, Inc. | 72,018,292 | 4,459,000 | | | 2,005,750 | 84,963,570 | |||||||||||||||
$ | 518,598,942 | $ | 21,113,815 | $ | 2,347,664 | $ | (723,936 | ) | $ | 651,187,965 | |||||||||||
Baron Small Cap Fund | |||||||||||||||||||||
Value at | Shares Held at | Value at | |||||||||||||||||||
September 30, | Purchase | Sales | Realized | December 31, | December 31, | ||||||||||||||||
Name of Issuer |
2011 | Cost | Proceeds | Gains/(Losses) | 2011 | 2011 | |||||||||||||||
Affiliated Company as of |
|||||||||||||||||||||
Bravo Brio Restaurant Group, Inc. | $ | 27,101,585 | $ | 1,961,155 | $ | | $ | | 1,750,000 | $ | 30,012,500 | ||||||||||
The Chefs Warehouse, Inc. | 14,700,000 | 3,420,356 | | | 1,500,000 | 26,790,000 | |||||||||||||||
Chesapeake Lodging Trust | 24,140,000 | | | | 2,000,000 | 30,920,000 | |||||||||||||||
Globe Specialty Metals, Inc. | 58,080,000 | | | | 4,000,000 | 53,560,000 | |||||||||||||||
Great Wolf Resorts, Inc. | 7,833,600 | | | | 3,060,000 | 8,874,000 | |||||||||||||||
Iconix Brand Group, Inc. | 61,620,000 | | | | 3,900,000 | 63,531,000 | |||||||||||||||
The KEYW Holding Corp. | 16,957,350 | 902,341 | | | 2,500,000 | 18,500,000 | |||||||||||||||
Lumber Liquidators Holdings, Inc. | 21,517,500 | | | | 1,425,000 | 25,165,500 | |||||||||||||||
Mercury Computer Systems, Inc. | 20,125,000 | | | | 1,750,000 | 23,257,500 | |||||||||||||||
Mistras Group, Inc. | 28,974,000 | | 3,407,568 | 1,517,253 | 1,500,000 | 38,235,000 | |||||||||||||||
National CineMedia, Inc. | 38,814,250 | 2,795,480 | | | 2,900,000 | 35,960,000 | |||||||||||||||
Rogers Corp. | 39,130,000 | | | | 1,000,000 | 36,860,000 | |||||||||||||||
Vitacost.com, Inc. | 11,067,000 | | | | 2,325,000 | 14,461,500 | |||||||||||||||
$ | 370,060,285 | $ | 9,079,332 | $ | 3,407,568 | $ | 1,517,253 | $ | 406,127,000 |
1 | An Affiliated Company, as defined in the 1940 Act, is a company in which a Fund held 5% or more of the companys outstanding voting securities at any time during the three month period ended December 31, 2011. |
7. New Accounting Pronouncement |
In May 2011,
the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2011-04, Fair Value Measurement (Topic 820) Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International
Financial Reporting Standards. Specifically, the ASU requires reporting entities
to disclose i) the amounts of any transfers between Level 1 and Level 2, and the
reasons for the transfers; ii) for Level 3 fair value measurements, a) quantitative
information about significant unobservable inputs used, b) a description of the
valuation processes used by the reporting entity, and c) a narrative description
of the sensitivity of the fair value measurement to changes in unobservable inputs
if a change in those inputs might result in a significantly higher or lower fair
value measurement. The effective date of the ASU is for interim and annual periods
beginning after December 15, 2011. The Adviser is currently evaluating the impact
this disclosure may have on the Funds financial statements. |
For additional
information regarding the Funds other significant accounting policies, please
refer to the Funds most recent Annual or Semi-Annual shareholder report filed
on the U.S. Securities and Exchange Commissions website, www.sec.gov. |
Item 2. | Controls and Procedures. | |
(a) | The Registrants principal executive officer and principal financial officer have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the 1940 Act)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. | |
(b) | There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a- 3(d) under the 1940 Act) that occurred during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. | |
Item 3. | Exhibits | |
1. | The certifications of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are exhibits to this report. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Baron Investment Funds Trust
By: | /s/ RONALD BARON | |
Ronald Baron | ||
Chief Executive Officer |
Date: February 23, 2012
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf
of the Registrant and in the capacities and on the dates indicated.
By: | /s/ RONALD BARON | |
Ronald Baron | ||
Chief Executive Officer | ||
By: | /s/ PEGGY WONG | |
Peggy Wong | ||
Treasurer and Chief Financial Officer |
Date: February 23, 2012
I, Ronald Baron, certify that: | |||||
1. | I have reviewed this report on Form N-Q of Baron Investment Funds Trust; | ||||
2. | Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | ||||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is being prepared; | ||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | ||||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | ||||
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing equivalent functions): | ||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 23, 2012 | |
/s/ Ronald Baron | |
Ronald Baron | |
Chief Executive Officer |
I, Peggy Wong, certify that: | |||||
1. | I have reviewed this report on Form N-Q of Baron Investment Funds Trust; | ||||
2. | Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | ||||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is being prepared; | ||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | ||||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and | ||||
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing equivalent functions): | ||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 23, 2012 | |
/s/ Peggy Wong | |
Peggy Wong | |
Treasurer and Chief Financial Officer |