Baron Funds Reports Q1 Portfolio

Baron Funds was founded by Ron Baron in 1980s. Now the first has more than $29 billion under management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. As of 03/31/2011, Baron Funds owns 269 stocks with a total value of $18.5 billion. These are the details of the buys and sells.

Ron Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices.

Ron Baron writes great shareholder letters. This is the latest letter from him about his view on investing.

This is the portfolio chart of Ron Baron. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.

• New Purchases: NLSN, MIDD, UNFI, MMS, ROG, MRCY, TEN, ACW, CROX, GNTX, SNCR, TREX, PRGO, ALV, ROC, RUE, ROP, AAT, ARG, POT, APA, DHR, KSU, TYC, CRM, LPSN, WFMI,
• Added Positions: FAST, RP, MCP, GDOT, OFC, PPO, PLCM, PNG, SSNC, TRGP, CHSP, GEOI, BKD, MSG, SWK, NYT, BBRG, ARB, NTSP, FLT, KEYW, VIA.B, HAL, TTGT,
• Reduced Positions: WLL, TMO, ECL, LAMR, CBG, MHK, HMSY, MSM, WAB, LIFE, NATI, IBKR, KMX, BBBB, CVD, BRO, RBCN, BAH, DNB, COST, RSG, ATVI, JPM, WFC, TGT, RVBD, MCK, MCD, BSFT,
• Sold Out: ATLS, NCR, EFX, EXPE, ORN, SWN, GSIC, FFIV, ENOC, EDMC, LEDS, DANG, CHBT, RRC,

For the details of Ron Baron's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Ron+Baron

This is the sector weightings of his portfolio:



These are the top 5 holdings of Ron Baron

1. FactSet Research Systems Inc. (FDS) - 4,318,893 shares, 2.45% of the total portfolio. Shares reduced by 0.65%
2. DICK'S SPORTING GOODSINC. (DKS) - 10,569,463 shares, 2.29% of the total portfolio. Shares added by 0.32%
3. MSCI INC. (MSCI) - 10,922,417 shares, 2.18% of the total portfolio. Shares added by 0.91%
4. GARTNER INC. (IT) - 9,466,730 shares, 2.14% of the total portfolio.
5. METTLERTOLEDO INTL (MTD) - 2,248,141 shares, 2.09% of the total portfolio. Shares added by 0.78%

Added: Fastenal Company (FAST, Financial)

Ron Baron added to his holdings in Fastenal Company by 96.3%. His purchase prices were between $28.88 and $32.245, with an estimated average price of $30.55. The impact to his portfolio due to this purchase was 0.63%. His holdings were 3,661,607 shares as of 03/31/2011.

Added: Realpage Inc. (RP, Financial)

Ron Baron added to his holdings in Realpage Inc. by 96.2%. His purchase prices were between $23.26 and $30.93, with an estimated average price of $26.79. The impact to his portfolio due to this purchase was 0.23%. His holdings were 3,140,853 shares as of 03/31/2011.

Added: Molycorp Inc. (MCP, Financial)

Ron Baron added to his holdings in Molycorp Inc. by 15.59%. His purchase prices were between $42.56 and $61.8, with an estimated average price of $49.86. The impact to his portfolio due to this purchase was 0.23%. His holdings were 5,290,291 shares as of 03/31/2011.

Added: Green Dot Corp. (GDOT, Financial)

Ron Baron added to his holdings in Green Dot Corp. by 167.23%. His purchase prices were between $41.25 and $64.29, with an estimated average price of $53.56. The impact to his portfolio due to this purchase was 0.18%. His holdings were 1,203,877 shares as of 03/31/2011.

Added: Corporate Office Properties Trust (OFC, Financial)

Ron Baron added to his holdings in Corporate Office Properties Trust by 168.58%. His purchase prices were between $33.98 and $36.74, with an estimated average price of $35.24. The impact to his portfolio due to this purchase was 0.17%. His holdings were 1,354,200 shares as of 03/31/2011.

Added: Polypore International Inc. (PPO)

Ron Baron added to his holdings in Polypore International Inc. by 46.87%. His purchase prices were between $40.66 and $59.39, with an estimated average price of $50.85. The impact to his portfolio due to this purchase was 0.15%. His holdings were 1,479,561 shares as of 03/31/2011.

Added: Polycom Inc. (PLCM)

Ron Baron added to his holdings in Polycom Inc. by 64.6%. His purchase prices were between $38.18 and $51.59, with an estimated average price of $45.71. The impact to his portfolio due to this purchase was 0.13%. His holdings were 1,182,766 shares as of 03/31/2011.

Added: Chesapeake Lodging Trust (CHSP)

Ron Baron added to his holdings in Chesapeake Lodging Trust by 157.3%. His purchase prices were between $16.73 and $19.2, with an estimated average price of $18.25. The impact to his portfolio due to this purchase was 0.12%. His holdings were 2,000,000 shares as of 03/31/2011.

Added: Ss&c Technologies Holdings Inc. (SSNC)

Ron Baron added to his holdings in Ss&c Technologies Holdings Inc. by 55.27%. His purchase prices were between $17.6 and $20.51, with an estimated average price of $19.32. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,100,488 shares as of 03/31/2011.

Added: Targa Resources Corp. (TRGP)

Ron Baron added to his holdings in Targa Resources Corp. by 42.61%. His purchase prices were between $26.81 and $36.25, with an estimated average price of $31.36. The impact to his portfolio due to this purchase was 0.12%. His holdings were 1,973,041 shares as of 03/31/2011.

Added: Paa Natural Gas Storage L.p. (PNG)

Ron Baron added to his holdings in Paa Natural Gas Storage L.p. by 491.87%. His purchase prices were between $23 and $25.35, with an estimated average price of $24.24. The impact to his portfolio due to this purchase was 0.12%. His holdings were 1,225,145 shares as of 03/31/2011.

Added: Brookdale Senior Living Inc. (BKD)

Ron Baron added to his holdings in Brookdale Senior Living Inc. by 19.64%. His purchase prices were between $21.24 and $28.05, with an estimated average price of $24.26. The impact to his portfolio due to this purchase was 0.11%. His holdings were 4,259,488 shares as of 03/31/2011.

Added: Georesources Inc. (GEOI)

Ron Baron added to his holdings in Georesources Inc. by 108.49%. His purchase prices were between $22.21 and $32.49, with an estimated average price of $27.67. The impact to his portfolio due to this purchase was 0.11%. His holdings were 1,216,197 shares as of 03/31/2011.

Added: The Madison Square Garden Company (MSG)

Ron Baron added to his holdings in The Madison Square Garden Company by 100%. His purchase prices were between $24.17 and $29.71, with an estimated average price of $26.57. The impact to his portfolio due to this purchase was 0.08%. His holdings were 1,000,000 shares as of 03/31/2011.

Added: Stanley Works (SWK)

Ron Baron added to his holdings in Stanley Works by 55.05%. His purchase prices were between $65.5 and $77.22, with an estimated average price of $72.38. The impact to his portfolio due to this purchase was 0.05%. His holdings were 315,985 shares as of 03/31/2011.

Added: Arbitron Inc. (ARB)

Ron Baron added to his holdings in Arbitron Inc. by 33.33%. His purchase prices were between $35.58 and $44.44, with an estimated average price of $40.77. The impact to his portfolio due to this purchase was 0.05%. His holdings were 1,000,000 shares as of 03/31/2011.

Added: New York Times Co. (NYT)

Ron Baron added to his holdings in New York Times Co. by 29.48%. His purchase prices were between $8.86 and $10.9, with an estimated average price of $10.07. The impact to his portfolio due to this purchase was 0.05%. His holdings were 4,718,300 shares as of 03/31/2011.

Added: Bravo Brio Restaurant Group Inc. (BBRG)

Ron Baron added to his holdings in Bravo Brio Restaurant Group Inc. by 40%. His purchase prices were between $15.31 and $19.44, with an estimated average price of $17.3. The impact to his portfolio due to this purchase was 0.05%. His holdings were 1,750,000 shares as of 03/31/2011.

Added: Fleetcor Technologies Inc. (FLT)

Ron Baron added to his holdings in Fleetcor Technologies Inc. by 21.41%. His purchase prices were between $29.98 and $34.4, with an estimated average price of $31.16. The impact to his portfolio due to this purchase was 0.04%. His holdings were 1,156,400 shares as of 03/31/2011.

Added: Netspend Holdings Inc. (NTSP)

Ron Baron added to his holdings in Netspend Holdings Inc. by 46.84%. His purchase prices were between $9.22 and $15.61, with an estimated average price of $12.86. The impact to his portfolio due to this purchase was 0.04%. His holdings were 2,258,907 shares as of 03/31/2011.

Added: The Keyw Holding Corp. (KEYW)

Ron Baron added to his holdings in The Keyw Holding Corp. by 33.33%. His purchase prices were between $11.78 and $15.38, with an estimated average price of $13.26. The impact to his portfolio due to this purchase was 0.03%. His holdings were 2,000,000 shares as of 03/31/2011.

Added: Viacom Inc. (VIA.B)

Ron Baron added to his holdings in Viacom Inc. by 28%. His purchase prices were between $39.61 and $47, with an estimated average price of $43.67. The impact to his portfolio due to this purchase was 0.02%. His holdings were 288,791 shares as of 03/31/2011.

Added: Halliburton Company (HAL)

Ron Baron added to his holdings in Halliburton Company by 24.04%. His purchase prices were between $38.17 and $49.5, with an estimated average price of $44.1. The impact to his portfolio due to this purchase was 0.01%. His holdings were 231,810 shares as of 03/31/2011.

Added: Techtarget Inc. (TTGT)

Ron Baron added to his holdings in Techtarget Inc. by 20.09%. His purchase prices were between $6.85 and $8.88, with an estimated average price of $7.57. The impact to his portfolio due to this purchase was 0.01%. His holdings were 570,241 shares as of 03/31/2011.

New Purchase: Nielsen Holdings N.v. (NLSN, Financial)

Ron Baron initiated holdings in Nielsen Holdings N.v.. His purchase prices were between $25 and $27.94, with an estimated average price of $26.4. The impact to his portfolio due to this purchase was 0.47%. His holdings were 3,145,077 shares as of 03/31/2011.

New Purchase: Middleby Corp. (MIDD, Financial)

Ron Baron initiated holdings in Middleby Corp.. His purchase prices were between $81.7 and $92.5, with an estimated average price of $86.96. The impact to his portfolio due to this purchase was 0.45%. His holdings were 881,659 shares as of 03/31/2011.

New Purchase: United Natural Foods Inc. (UNFI, Financial)

Ron Baron initiated holdings in United Natural Foods Inc.. His purchase prices were between $36.09 and $44.76, with an estimated average price of $40.21. The impact to his portfolio due to this purchase was 0.34%. His holdings were 1,386,862 shares as of 03/31/2011.

New Purchase: Maximus Inc. (MMS, Financial)

Ron Baron initiated holdings in Maximus Inc.. His purchase prices were between $63.68 and $80.18, with an estimated average price of $71.1. The impact to his portfolio due to this purchase was 0.26%. His holdings were 585,653 shares as of 03/31/2011.

New Purchase: Rogers Corp. (ROG, Financial)

Ron Baron initiated holdings in Rogers Corp.. His purchase prices were between $38.25 and $47.28, with an estimated average price of $43.81. The impact to his portfolio due to this purchase was 0.17%. His holdings were 701,000 shares as of 03/31/2011.

New Purchase: Mercury Computer Systems (MRCY)

Ron Baron initiated holdings in Mercury Computer Systems. His purchase prices were between $17.84 and $21.1, with an estimated average price of $18.9. The impact to his portfolio due to this purchase was 0.14%. His holdings were 1,200,000 shares as of 03/31/2011.

New Purchase: Tenneco Inc. (TEN)

Ron Baron initiated holdings in Tenneco Inc.. His purchase prices were between $38.5 and $46.58, with an estimated average price of $41.85. The impact to his portfolio due to this purchase was 0.14%. His holdings were 617,200 shares as of 03/31/2011.

New Purchase: Accuride Corp (ACW)

Ron Baron initiated holdings in Accuride Corp. His purchase prices were between $13.06 and $16.07, with an estimated average price of $14.67. The impact to his portfolio due to this purchase was 0.13%. His holdings were 1,750,000 shares as of 03/31/2011.

New Purchase: Crocs Inc. (CROX)

Ron Baron initiated holdings in Crocs Inc.. His purchase prices were between $15.45 and $19.32, with an estimated average price of $17.3. The impact to his portfolio due to this purchase was 0.12%. His holdings were 1,250,000 shares as of 03/31/2011.

New Purchase: Gentex Corp. (GNTX)

Ron Baron initiated holdings in Gentex Corp.. His purchase prices were between $27.09 and $33.5, with an estimated average price of $30.33. The impact to his portfolio due to this purchase was 0.1%. His holdings were 605,500 shares as of 03/31/2011.

New Purchase: Synchronoss Technologies Inc. (SNCR)

Ron Baron initiated holdings in Synchronoss Technologies Inc.. His purchase prices were between $26.71 and $35.2, with an estimated average price of $31.46. The impact to his portfolio due to this purchase was 0.1%. His holdings were 529,161 shares as of 03/31/2011.

New Purchase: Perrigo Company (PRGO)

Ron Baron initiated holdings in Perrigo Company. His purchase prices were between $63.17 and $78.54, with an estimated average price of $72.6. The impact to his portfolio due to this purchase was 0.1%. His holdings were 236,080 shares as of 03/31/2011.

New Purchase: Trex Company Inc. (TREX)

Ron Baron initiated holdings in Trex Company Inc.. His purchase prices were between $23.17 and $32.64, with an estimated average price of $27.22. The impact to his portfolio due to this purchase was 0.1%. His holdings were 574,850 shares as of 03/31/2011.

New Purchase: Autoliv Inc. (ALV)

Ron Baron initiated holdings in Autoliv Inc.. His purchase prices were between $68.69 and $83.53, with an estimated average price of $76.15. The impact to his portfolio due to this purchase was 0.09%. His holdings were 220,892 shares as of 03/31/2011.

New Purchase: Rockwood Holdings Inc. (ROC)

Ron Baron initiated holdings in Rockwood Holdings Inc.. His purchase prices were between $38.42 and $49.47, with an estimated average price of $44.03. The impact to his portfolio due to this purchase was 0.09%. His holdings were 354,859 shares as of 03/31/2011.

New Purchase: Rue21 Inc. (RUE)

Ron Baron initiated holdings in Rue21 Inc.. His purchase prices were between $27.33 and $35.51, with an estimated average price of $31.32. The impact to his portfolio due to this purchase was 0.08%. His holdings were 500,000 shares as of 03/31/2011.

New Purchase: Roper Industries Inc. (ROP)

Ron Baron initiated holdings in Roper Industries Inc.. His purchase prices were between $73.92 and $87.49, with an estimated average price of $81.01. The impact to his portfolio due to this purchase was 0.08%. His holdings were 175,840 shares as of 03/31/2011.

New Purchase: Airgas Inc. (ARG)

Ron Baron initiated holdings in Airgas Inc.. His purchase prices were between $60.87 and $66.78, with an estimated average price of $63.33. The impact to his portfolio due to this purchase was 0.07%. His holdings were 193,359 shares as of 03/31/2011.

New Purchase: American Assets Trust Inc. (AAT)

Ron Baron initiated holdings in American Assets Trust Inc.. His purchase prices were between $20.7 and $21.56, with an estimated average price of $21.25. The impact to his portfolio due to this purchase was 0.07%. His holdings were 639,900 shares as of 03/31/2011.

New Purchase: Potash Corp. Of Saskatchewan Inc. (POT)

Ron Baron initiated holdings in Potash Corp. Of Saskatchewan Inc.. His purchase prices were between $51.61 and $63.3133, with an estimated average price of $57.54. The impact to his portfolio due to this purchase was 0.06%. His holdings were 185,200 shares as of 03/31/2011.

New Purchase: Apache Corp. (APA)

Ron Baron initiated holdings in Apache Corp.. His purchase prices were between $113.77 and $130.43, with an estimated average price of $121.61. The impact to his portfolio due to this purchase was 0.05%. His holdings were 68,815 shares as of 03/31/2011.

New Purchase: Danaher Corp. (DHR)

Ron Baron initiated holdings in Danaher Corp.. His purchase prices were between $46.05 and $51.96, with an estimated average price of $49.27. The impact to his portfolio due to this purchase was 0.05%. His holdings were 160,450 shares as of 03/31/2011.

New Purchase: Kansas City Southern Ind. (KSU)

Ron Baron initiated holdings in Kansas City Southern Ind.. His purchase prices were between $47.29 and $56.51, with an estimated average price of $51.97. The impact to his portfolio due to this purchase was 0.03%. His holdings were 111,280 shares as of 03/31/2011.

New Purchase: Tyco International Ltd. Switzerland (TYC)

Ron Baron initiated holdings in Tyco International Ltd. Switzerland. His purchase prices were between $41.44 and $47.33, with an estimated average price of $44.78. The impact to his portfolio due to this purchase was 0.03%. His holdings were 126,095 shares as of 03/31/2011.

New Purchase: Whole Foods Market Inc. (WFMI)

Ron Baron initiated holdings in Whole Foods Market Inc.. His purchase prices were between $48.1 and $65.93, with an estimated average price of $56. The impact to his portfolio due to this purchase was 0.01%. His holdings were 39,023 shares as of 03/31/2011.

New Purchase: Salesforce.com Inc. (CRM)

Ron Baron initiated holdings in Salesforce.com Inc.. His purchase prices were between $120.01 and $146.47, with an estimated average price of $133.17. The impact to his portfolio due to this purchase was 0.01%. His holdings were 15,000 shares as of 03/31/2011.

New Purchase: Liveperson Inc. (LPSN)

Ron Baron initiated holdings in Liveperson Inc.. His purchase prices were between $9.78 and $12.67, with an estimated average price of $11.1. The impact to his portfolio due to this purchase was 0.01%. His holdings were 140,000 shares as of 03/31/2011.

Reduced: Whiting Petroleum Corp. (WLL)

Ron Baron reduced to his holdings in Whiting Petroleum Corp. by 50.07%. His sale prices were between $56.36 and $123.91, with an estimated average price of $64.1. The impact to his portfolio due to this sale was -0.3%. Ron Baron still held 752,400 shares as of 03/31/2011.

Reduced: Thermo Fisher Scientific Inc. (TMO)

Ron Baron reduced to his holdings in Thermo Fisher Scientific Inc. by 73.9%. His sale prices were between $52.58 and $57.85, with an estimated average price of $55.9. The impact to his portfolio due to this sale was -0.2%. Ron Baron still held 227,949 shares as of 03/31/2011.

Reduced: Ecolab Inc. (ECL)

Ron Baron reduced to his holdings in Ecolab Inc. by 56%. His sale prices were between $47.12 and $50.62, with an estimated average price of $49.24. The impact to his portfolio due to this sale was -0.19%. Ron Baron still held 533,822 shares as of 03/31/2011.

Reduced: Lamar Advertising Company (LAMR)

Ron Baron reduced to his holdings in Lamar Advertising Company by 25.66%. His sale prices were between $34.93 and $41.54, with an estimated average price of $38.3. The impact to his portfolio due to this sale was -0.18%. Ron Baron still held 2,583,850 shares as of 03/31/2011.

Reduced: Cb Richard Ellis Group Inc. (CBG)

Ron Baron reduced to his holdings in Cb Richard Ellis Group Inc. by 28.13%. His sale prices were between $20.43 and $27.83, with an estimated average price of $24.11. The impact to his portfolio due to this sale was -0.18%. Ron Baron still held 3,111,470 shares as of 03/31/2011.

Reduced: Mohawk Industries Inc. (MHK)

Ron Baron reduced to his holdings in Mohawk Industries Inc. by 94.21%. His sale prices were between $55.25 and $60.45, with an estimated average price of $57.81. The impact to his portfolio due to this sale was -0.16%. Ron Baron still held 22,535 shares as of 03/31/2011.

Reduced: Hms Holdings Corp (HMSY)

Ron Baron reduced to his holdings in Hms Holdings Corp by 88.05%. His sale prices were between $63.49 and $82.46, with an estimated average price of $71.85. The impact to his portfolio due to this sale was -0.15%. Ron Baron still held 44,500 shares as of 03/31/2011.

Reduced: Msc Industrial Direct Co. (MSM)

Ron Baron reduced to his holdings in Msc Industrial Direct Co. by 35.49%. His sale prices were between $58.57 and $67.16, with an estimated average price of $62.55. The impact to his portfolio due to this sale was -0.14%. Ron Baron still held 698,380 shares as of 03/31/2011.

Reduced: Wabtec Inc. (WAB)

Ron Baron reduced to his holdings in Wabtec Inc. by 43.75%. His sale prices were between $51.45 and $67.22, with an estimated average price of $56.05. The impact to his portfolio due to this sale was -0.13%. Ron Baron still held 450,000 shares as of 03/31/2011.

Reduced: National Instruments Corp. (NATI)

Ron Baron reduced to his holdings in National Instruments Corp. by 33.33%. His sale prices were between $25.0933 and $46.37, with an estimated average price of $29.84. The impact to his portfolio due to this sale was -0.13%. Ron Baron still held 1,500,000 shares as of 03/31/2011.

Reduced: Life Technologies Corp. (LIFE)

Ron Baron reduced to his holdings in Life Technologies Corp. by 49.5%. His sale prices were between $49.34 and $56.73, with an estimated average price of $53.41. The impact to his portfolio due to this sale was -0.13%. Ron Baron still held 462,481 shares as of 03/31/2011.

Reduced: Interactive Brokers Group Inc. (IBKR)

Ron Baron reduced to his holdings in Interactive Brokers Group Inc. by 50.91%. His sale prices were between $15.3975 and $18.2, with an estimated average price of $16.37. The impact to his portfolio due to this sale was -0.12%. Ron Baron still held 1,412,908 shares as of 03/31/2011.

Reduced: Blackboard Inc. (BBBB)

Ron Baron reduced to his holdings in Blackboard Inc. by 69.18%. His sale prices were between $33.91 and $42.33, with an estimated average price of $37.98. The impact to his portfolio due to this sale was -0.09%. Ron Baron still held 221,407 shares as of 03/31/2011.

Reduced: Carmax Inc. (KMX)

Ron Baron reduced to his holdings in Carmax Inc. by 32.3%. His sale prices were between $31.42 and $36.83, with an estimated average price of $33.53. The impact to his portfolio due to this sale was -0.09%. Ron Baron still held 1,022,846 shares as of 03/31/2011.

Reduced: Covance Inc. (CVD)

Ron Baron reduced to his holdings in Covance Inc. by 29.41%. His sale prices were between $50.31 and $58.8, with an estimated average price of $55.18. The impact to his portfolio due to this sale was -0.07%. Ron Baron still held 600,000 shares as of 03/31/2011.

Reduced: Brown & Brown Inc. (BRO)

Ron Baron reduced to his holdings in Brown & Brown Inc. by 35.35%. His sale prices were between $23.87 and $26.51, with an estimated average price of $25.03. The impact to his portfolio due to this sale was -0.05%. Ron Baron still held 716,414 shares as of 03/31/2011.

Reduced: Booz Allen Hamilton Holding Corp. (BAH)

Ron Baron reduced to his holdings in Booz Allen Hamilton Holding Corp. by 48.22%. His sale prices were between $18 and $19.43, with an estimated average price of $18.58. The impact to his portfolio due to this sale was -0.04%. Ron Baron still held 434,316 shares as of 03/31/2011.

Reduced: Rubicon Technology Inc. (RBCN)

Ron Baron reduced to his holdings in Rubicon Technology Inc. by 25%. His sale prices were between $17.83 and $27.4, with an estimated average price of $22.58. The impact to his portfolio due to this sale was -0.04%. Ron Baron still held 750,000 shares as of 03/31/2011.

Reduced: Dun & Bradstreet Corp (DNB)

Ron Baron reduced to his holdings in Dun & Bradstreet Corp by 59.75%. His sale prices were between $76.98 and $86.45, with an estimated average price of $82.22. The impact to his portfolio due to this sale was -0.03%. Ron Baron still held 50,770 shares as of 03/31/2011.

Reduced: Republic Services Inc. (RSG)

Ron Baron reduced to his holdings in Republic Services Inc. by 47.31%. His sale prices were between $28.56 and $31.29, with an estimated average price of $29.87. The impact to his portfolio due to this sale was -0.03%. Ron Baron still held 160,240 shares as of 03/31/2011.

Reduced: Costco Wholesale Corp. (COST)

Ron Baron reduced to his holdings in Costco Wholesale Corp. by 61.5%. His sale prices were between $69.76 and $75.43, with an estimated average price of $72.58. The impact to his portfolio due to this sale was -0.03%. Ron Baron still held 44,169 shares as of 03/31/2011.

Reduced: Activision Blizzard Inc. (ATVI)

Ron Baron reduced to his holdings in Activision Blizzard Inc. by 62.91%. His sale prices were between $10.45 and $12.53, with an estimated average price of $11.32. The impact to his portfolio due to this sale was -0.03%. Ron Baron still held 355,000 shares as of 03/31/2011.

Reduced: Jp Morgan Chase (JPM)

Ron Baron reduced to his holdings in Jp Morgan Chase by 27.85%. His sale prices were between $42.42 and $48, with an estimated average price of $45.34. The impact to his portfolio due to this sale was -0.02%. Ron Baron still held 179,490 shares as of 03/31/2011.

Reduced: Target Corp. (TGT)

Ron Baron reduced to his holdings in Target Corp. by 54.47%. His sale prices were between $49.16 and $60.77, with an estimated average price of $53.44. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 46,685 shares as of 03/31/2011.

Reduced: Wells Fargo & Co. (WFC)

Ron Baron reduced to his holdings in Wells Fargo & Co. by 24.96%. His sale prices were between $30.99 and $34.1, with an estimated average price of $32.23. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 250,764 shares as of 03/31/2011.

Reduced: Broadsoft Inc. (BSFT)

Ron Baron reduced to his holdings in Broadsoft Inc. by 56.15%. His sale prices were between $23.88 and $52.57, with an estimated average price of $35.74. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 57,000 shares as of 03/31/2011.

Reduced: Mckesson Corp. (MCK)

Ron Baron reduced to his holdings in Mckesson Corp. by 22.04%. His sale prices were between $70.38 and $80.64, with an estimated average price of $76.99. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 78,655 shares as of 03/31/2011.

Reduced: Mcdonalds Corp. (MCD)

Ron Baron reduced to his holdings in Mcdonalds Corp. by 29.33%. His sale prices were between $72.67 and $76.76, with an estimated average price of $74.92. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 40,665 shares as of 03/31/2011.

Reduced: Riverbed Technology Inc. (RVBD)

Ron Baron reduced to his holdings in Riverbed Technology Inc. by 42.11%. His sale prices were between $32.39 and $44.48, with an estimated average price of $38.74. The impact to his portfolio due to this sale was -0.01%. Ron Baron still held 60,500 shares as of 03/31/2011.

Sold Out: Atlas Energy L.p. (ATLS)

Ron Baron sold out his holdings in Atlas Energy L.p.. His sale prices were between $43.84 and $46.46, with an estimated average price of $44.65.

Sold Out: Ncr Corp. (NCR)

Ron Baron sold out his holdings in Ncr Corp.. His sale prices were between $15.37 and $19.81, with an estimated average price of $17.98.

Sold Out: Equifax Inc. (EFX)

Ron Baron sold out his holdings in Equifax Inc.. His sale prices were between $34.78 and $38.43, with an estimated average price of $36.28.

Sold Out: Expedia Inc. (EXPE)

Ron Baron sold out his holdings in Expedia Inc.. His sale prices were between $19.6925 and $27.3, with an estimated average price of $23.36.

Sold Out: Orion Marine Group Inc. (ORN)

Ron Baron sold out his holdings in Orion Marine Group Inc.. His sale prices were between $10.46 and $12.79, with an estimated average price of $11.61.

Sold Out: Southwestern Energy Company (SWN)

Ron Baron sold out his holdings in Southwestern Energy Company. His sale prices were between $36.12 and $43.49, with an estimated average price of $38.89.

Sold Out: F5 Networks Inc. (FFIV)

Ron Baron sold out his holdings in F5 Networks Inc.. His sale prices were between $91.67 and $144.17, with an estimated average price of $117.19.

Sold Out: Gsi Commerce Inc. (GSIC)

Ron Baron sold out his holdings in Gsi Commerce Inc.. His sale prices were between $18.4 and $29.3, with an estimated average price of $21.85.

Sold Out: Ecommerce China Dangdang Inc. (DANG)

Ron Baron sold out his holdings in Ecommerce China Dangdang Inc.. His sale prices were between $18.91 and $34.39, with an estimated average price of $26.

Sold Out: Range Resources Corp (RRC)

Ron Baron sold out his holdings in Range Resources Corp. His sale prices were between $44.74 and $57.55, with an estimated average price of $49.62.

Sold Out: Semileds Corp. (LEDS)

Ron Baron sold out his holdings in Semileds Corp.. His sale prices were between $15.14 and $29.05, with an estimated average price of $18.6.

Sold Out: Education Management Corp. (EDMC)

Ron Baron sold out his holdings in Education Management Corp.. His sale prices were between $13.68 and $20.86, with an estimated average price of $18.36.

Sold Out: Chinabiotics Inc. (CHBT)

Ron Baron sold out his holdings in Chinabiotics Inc.. His sale prices were between $7.7 and $17.67, with an estimated average price of $12.48.

Sold Out: Enernoc Inc. (ENOC)

Ron Baron sold out his holdings in Enernoc Inc.. His sale prices were between $17.97 and $26.1, with an estimated average price of $21.85.