Baron Partners Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (105.00%)
Communication Services (4.50%)
		Alternative Carriers (4.16%)
	4,000,000	Iridium Communications, Inc.	$	130,869,959	$	247,720,000
		Movies & Entertainment (0.34%)
	150,000	Spotify Technology SA 1,2		25,917,941		20,043,000
	Total Communication Services			156,787,900		267,763,000
Consumer Discretionary (55.94%)
		Automobile Manufacturers (42.35%)
	12,150,000	Tesla, Inc. 1,5		183,531,738		2,520,639,000
		Casinos & Gaming (0.97%)
	1,300,000	Red Rock Resorts, Inc., Cl A		41,610,336		57,941,000
		Hotels, Resorts & Cruise Lines (7.97%)
	3,325,000	Hyatt Hotels Corp., Cl A 1		115,871,182		371,701,750
	759,736	Marriott Vacations Worldwide Corp.		89,753,636		102,457,997
				205,624,818		474,159,747
		Leisure Facilities (4.34%)
	1,105,000	Vail Resorts, Inc.		75,979,950		258,216,400
		Restaurants (0.31%)
	1,200,000	Krispy Kreme, Inc.		19,468,869		18,660,000
	Total Consumer Discretionary			526,215,711		3,329,616,147
Financials (20.93%)
		Asset Management & Custody Banks (0.37%)
	350,000	Cohen & Steers, Inc.		29,299,130		22,386,000
		Financial Exchanges & Data (7.21%)
	730,000	FactSet Research Systems, Inc.		59,424,553		303,015,700
	225,000	MSCI, Inc.		76,652,233		125,930,250
				136,076,786		428,945,950
		Investment Banking & Brokerage (4.40%)
	5,000,000	The Charles Schwab Corp.		152,255,121		261,900,000
		Property & Casualty Insurance (7.47%)
	6,550,000	Arch Capital Group Ltd. 1		30,153,582		444,548,500
		Transaction & Payment Processing Services (1.48%)
	55,246	Adyen N.V., 144A (Netherlands) 1,2,6		50,139,123		88,030,514
	Total Financials			397,923,742		1,245,810,964
Health Care (7.56%)
		Health Care Equipment (6.72%)
	800,000	IDEXX Laboratories, Inc. 1		35,048,047		400,064,000
		Health Care Supplies (0.84%)
	8,130,376	Figs, Inc., Cl A 1		89,182,431		50,327,027
	Total Health Care			124,230,478		450,391,027
Industrials (9.13%)
		Aerospace & Defense (0.63%)
	125,625	HEICO Corp.		9,632,520		21,486,900
	116,875	HEICO Corp., Cl A		7,586,429		15,883,313
				17,218,949		37,370,213
		Research & Consulting Services (8.50%)
	7,350,000	CoStar Group, Inc. 1		98,974,400		506,047,500
	Total Industrials			116,193,349		543,417,713

Shares			Cost		Value
Common Stocks (continued)
Information Technology (5.09%)
		Application Software (1.26%)
	915,053	Guidewire Software, Inc. 1	$	74,374,020	$	75,080,099
		IT Consulting & Other Services (3.83%)
	700,000	Gartner, Inc. 1		83,980,674		228,039,000
	Total Information Technology			158,354,694		303,119,099
Real Estate (1.85%)
		Office REITs (0.26%)
	1,250,000	Douglas Emmett, Inc.		23,880,147		15,412,500
		Other Specialized REITs (1.59%)
	1,819,296	Gaming and Leisure Properties, Inc.		57,529,251		94,712,550
	Total Real Estate			81,409,398		110,125,050
	Total Common Stocks			1,561,115,272		6,250,243,000
Private Common Stocks (4.47%)
Communication Services (1.33%)
		Interactive Media & Services (0.90%)
	600,000	X Holdings I, Inc., Cl A 1,3,4,7		60,000,000		53,712,000
		Movies & Entertainment (0.43%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,7		50,000,041		25,492,077
	Total Communication Services			110,000,041		79,204,077
Industrials (3.14%)
		Aerospace & Defense (3.14%)
	2,216,310	Space Exploration Technologies Corp., Cl A 1,3,4,7		29,920,185		164,251,931
	302,210	Space Exploration Technologies Corp., Cl C 1,3,4,7		4,079,835		22,396,946
	Total Industrials			34,000,020		186,648,877
	Total Private Common Stocks			144,000,061		265,852,954
Private Convertible Preferred Stocks (0.13%)
Industrials (0.13%)
		Electrical Components & Equipment (0.13%)
	21,213,656	Northvolt AB, Series E2 (Sweden) 1,2,3,4,7		7,843,621		7,888,213
Private Preferred Stocks (6.90%)
Industrials (6.90%)
		Aerospace & Defense (6.90%)
	311,111	Space Exploration Technologies Corp., Cl H 1,3,4,7		41,999,985		230,566,049
	131,657	Space Exploration Technologies Corp., Cl I 1,3,4,7		22,250,032		97,571,716
	111,111	Space Exploration Technologies Corp., Cl N 1,3,4,7		29,999,970		82,344,964
	Total Private Preferred Stocks			94,249,987		410,482,729

See Notes to Schedules of Investments.

Baron Partners Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (0.01%)
	$499,734	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $499,915; (Fully Collateralized by $559,900 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $509,808) 6	$	499,734	$	499,734
	Total Investments (116.51%)		$	1,807,708,675		6,934,966,630
	Liabilities Less Cash and Other Assets (-16.51%)					(982,743,514	)
	Net Assets				$	5,952,223,116
	Retail Shares (Equivalent to $137.57 per share based on 19,083,882 shares outstanding)				$	2,625,326,454
	Institutional Shares (Equivalent to $142.97 per share based on 20,164,954 shares outstanding)				$	2,882,935,707
	R6 Shares (Equivalent to $142.95 per share based on 3,105,790 shares outstanding)				$	443,960,955

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At March 31, 2023, the market value of restricted and fair valued securities amounted to $684,223,896 or 11.50% of net assets. These securities are not deemed liquid. See Note 3 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 (unaudited).

⁵  Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

⁶  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁷  Level 3 security. See Note 4 regarding Fair Value Measurements.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $88,030,514 or 1.48% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Focused Growth Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (89.28%)
Communication Services (7.18%)
		Alternative Carriers (4.36%)
	637,064	Iridium Communications, Inc.	$	12,123,685	$	39,453,373
		Movies & Entertainment (2.82%)
	400,000	Manchester United PLC, Cl A 2		8,839,195		8,860,000
	125,000	Spotify Technology SA 1,2		15,017,316		16,702,500
				23,856,511		25,562,500
	Total Communication Services			35,980,196		65,015,873
Consumer Discretionary (37.98%)
		Automobile Manufacturers (14.08%)
	615,000	Tesla, Inc. 1,5		8,168,271		127,587,900
		Casinos & Gaming (6.45%)
	400,000	MGM Resorts International		17,305,098		17,768,000
	470,000	Penn Entertainment, Inc. 1		8,830,397		13,940,200
	600,000	Red Rock Resorts, Inc., Cl A		16,360,387		26,742,000
				42,495,882		58,450,200
		Hotels, Resorts & Cruise Lines (10.48%)
	155,000	Choice Hotels International, Inc.		5,375,923		18,164,450
	500,000	Hyatt Hotels Corp., Cl A 1		24,424,809		55,895,000
	155,000	Marriott Vacations Worldwide Corp.		20,439,023		20,903,300
				50,239,755		94,962,750
		Leisure Facilities (4.76%)
	184,500	Vail Resorts, Inc.		25,813,302		43,113,960
		Restaurants (2.21%)
	1,288,154	Krispy Kreme, Inc.		18,378,057		20,030,795
	Total Consumer Discretionary			145,095,267		344,145,605
Financials (18.65%)
		Financial Exchanges & Data (9.21%)
	100,000	FactSet Research Systems, Inc.		16,005,186		41,509,000
	75,000	MSCI, Inc.		36,079,366		41,976,750
				52,084,552		83,485,750
		Investment Banking & Brokerage (2.70%)
	200,000	Interactive Brokers Group, Inc., Cl A		15,472,772		16,512,000
	250,000	Jefferies Financial Group, Inc.		7,732,070		7,935,000
				23,204,842		24,447,000
		Property & Casualty Insurance (6.74%)
	900,000	Arch Capital Group Ltd. 1		25,104,585		61,083,000
	Total Financials			100,393,979		169,015,750
Health Care (4.37%)
		Health Care Equipment (1.55%)
	28,000	IDEXX Laboratories, Inc. 1		12,242,434		14,002,240
		Health Care Supplies (2.82%)
	4,135,416	Figs, Inc., Cl A 1		39,200,866		25,598,225
	Total Health Care			51,443,300		39,600,465

Shares			Cost		Value
Common Stocks (continued)
Industrials (7.79%)
		Research & Consulting Services (7.79%)
	580,000	CoStar Group, Inc. 1	$	10,184,660	$	39,933,000
	160,000	Verisk Analytics, Inc.		28,339,398		30,697,600
	Total Industrials			38,524,058		70,630,600
Information Technology (8.72%)
		Application Software (7.61%)
	90,000	ANSYS, Inc. 1		22,563,649		29,952,000
	475,000	Guidewire Software, Inc. 1		44,328,221		38,973,750
				66,891,870		68,925,750
		Internet Services & Infrastructure (1.11%)
	210,000	Shopify, Inc., Cl A 1,2		7,036,432		10,067,400
	Total Information Technology			73,928,302		78,993,150
Real Estate (4.59%)
		Office REITs (3.77%)
	130,000	Alexandria Real Estate Equities, Inc.		18,736,842		16,326,700
	1,450,000	Douglas Emmett, Inc.		21,593,180		17,878,500
				40,330,022		34,205,200
		Single-Family Residential REITs (0.82%)
	235,000	American Homes 4 Rent, Cl A		5,062,679		7,390,750
	Total Real Estate			45,392,701		41,595,950
	Total Common Stocks			490,757,803		808,997,393
Private Common Stocks (6.32%)
Industrials (6.32%)
		Aerospace & Defense (6.32%)
	629,570	Space Exploration Technologies Corp., Cl A 1,3,4,7		26,390,845		46,657,773
	143,170	Space Exploration Technologies Corp., Cl C 1,3,4,7		6,808,820		10,610,406
	Total Private Common Stocks			33,199,665		57,268,179
Private Preferred Stocks (3.30%)
Industrials (3.30%)
		Aerospace & Defense (3.30%)
	29,630	Space Exploration Technologies Corp. 1,3,4,7		4,000,050		21,958,954
	1,479	Space Exploration Technologies Corp., Cl I 1,3,4,7		249,951		1,096,095
	9,259	Space Exploration Technologies Corp., Series N 1,3,4,7		2,499,930		6,861,895
	Total Private Preferred Stocks			6,749,931		29,916,944

See Notes to Schedules of Investments.

Baron Focused Growth Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (1.48%)
	$13,375,578	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $13,380,427; (Fully Collateralized by $14,983,700 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $13,643,181) 6	$	13,375,578	$	13,375,578
	Total Investments (100.38%)		$	544,082,977		909,558,094
	Liabilities Less Cash and Other Assets (-0.38%)					(3,464,703	)
	Net Assets				$	906,093,391
	Retail Shares (Equivalent to $32.72 per share based on 6,679,820 shares outstanding)				$	218,590,366
	Institutional Shares (Equivalent to $34.13 per share based on 11,629,714 shares outstanding)				$	396,908,330
	R6 Shares (Equivalent to $34.16 per share based on 8,507,558 shares outstanding)				$	290,594,695

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

³ At March 31, 2023, the market value of restricted and fair valued securities amounted to $87,185,123 or 9.62% of net assets. These securities are not deemed liquid. See Note 3 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 (unaudited).

⁵ Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

⁶ Level 2 security. See Note 4 regarding Fair Value Measurements.

⁷ Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (91.20%)
Australia (0.63%)
	175,746	Newcrest Mining Ltd. 3	$	3,412,014	$	3,137,135
Brazil (2.34%)
	225,742	Afya Ltd., Cl A 1		3,607,509		2,519,281
	706,310	B3 S.A. - Brasil, Bolsa, Balcao		1,820,358		1,442,316
	164,081	StoneCo Ltd., Cl A 1		1,565,238		1,565,333
	752,643	Suzano SA		7,359,682		6,177,421
	Total Brazil			14,352,787		11,704,351
Canada (3.13%)
	105,758	Agnico Eagle Mines Ltd.		5,102,671		5,390,485
	5,360	Constellation Software, Inc.		1,302,936		10,077,157
	16,082	Lumine Group, Inc. 1		167,636		175,040
	Total Canada			6,573,243		15,642,682
China (10.20%)
	65,350	Alibaba Group Holding Limited, ADR 1		6,239,337		6,677,463
	10,589	Baidu, Inc., ADR 1		1,053,565		1,598,092
	45,539	China Tourism Group Duty Free Corporation Ltd., Cl A 3		1,259,779		1,216,076
	911,536	Estun Automation Co. Ltd., Cl A 3		3,509,056		3,720,688
	385,754	Full Truck Alliance Co. Ltd., ADR 1		2,700,429		2,935,588
	369,613	Galaxy Entertainment Group Ltd. 1,3		2,307,895		2,472,402
	267,328	Glodon Co. Ltd., Cl A 1,3		2,689,143		2,890,524
	47,707	JD.com, Inc., ADR		2,513,922		2,093,860
	18,506	JD.com, Inc., Cl A 3		603,389		404,100
	282,555	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3		2,396,532		2,723,800
	51,788	Kanzhun Ltd., ADR 1		993,472		985,526
	1,227,095	Kingdee International Software Group Co. Ltd. 1,3		817,670		1,982,218
	863,889	Kingsoft Corp. Ltd. 3		3,255,745		4,246,808
	4,177	Meituan Inc., Cl B, 144A 1,3		79,022		75,780
	323,244	Midea Group Co., Ltd., Cl A 3		2,108,937		2,529,306
	65,570	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3		2,095,737		2,975,050
	41,773	Tencent Holdings Limited 3		633,697		2,041,417
	29,893	Tencent Holdings Limited, ADR		1,870,476		1,461,469
	84,690	Wuliangye Yibin Co. Ltd., Cl A 3		2,727,850		2,419,626
	48,221	Yum China Holdings, Inc.		2,343,943		3,056,729
	75,469	Zai Lab Limited, ADR 1		1,902,863		2,510,099
	Total China			44,102,459		51,016,621
Denmark (1.05%)
	138,945	Genmab A/S, ADR 1		5,457,242		5,246,563
France (8.07%)
	121,044	BNP Paribas S.A. 3		4,425,280		7,228,448
	88,938	Eurofins Scientific SE 3		2,011,102		5,955,260
	7,407	LVMH Moët Hennessy Louis Vuitton SE 3		2,053,760		6,798,947
	42,700	Pernod Ricard SA 3		8,253,650		9,668,598
	418,139	Vivendi SE 3		8,416,052		4,228,032
	242,654	Waga Energy SA 1,3		6,991,693		6,469,004
	Total France			32,151,537		40,348,289
Germany (2.50%)
	118,236	Befesa SA, 144A 3		5,206,699		5,372,738
	65,317	Symrise AG 3		5,758,112		7,108,051
	Total Germany			10,964,811		12,480,789

Shares			Cost		Value
Common Stocks (continued)
Hong Kong (1.10%)
	292,510	AIA Group Ltd. 3	$	2,439,137	$	3,067,656
	225,454	Techtronic Industries Co. Ltd. 3		1,854,310		2,442,818
	Total Hong Kong			4,293,447		5,510,474
India (4.72%)
	46,954	Bajaj Finance Limited 3		1,646,645		3,221,733
	537,348	Bharti Airtel Ltd. PP 3		2,772,162		2,396,272
	2,775,632	Edelweiss Financial Services Ltd. 3		2,338,220		1,781,240
	161,750	Godrej Properties Ltd. 1,3		1,944,203		2,036,726
	188,193	HDFC Bank Ltd. 3		2,954,888		3,701,537
	2,458,395	JM Financial Limited 3		2,893,665		1,786,424
	231,007	Max Financial Services Ltd. 1,3		1,504,024		1,788,150
	688,913	Nippon Life India Asset Management Ltd., 144A 3		2,429,190		1,764,143
	181,018	Reliance Industries Limited 3		3,502,373		5,147,169
	Total India			21,985,370		23,623,394
Ireland (0.99%)
	486,773	Bank of Ireland Group PLC 3		3,582,772		4,925,314
Israel (1.08%)
	557,482	Taboola.com Ltd. 1		4,210,309		1,516,351
	38,998	Wix.com Ltd. 1		2,392,492		3,892,000
	Total Israel			6,602,801		5,408,351
Italy (1.85%)
	177,130	Stevanato Group SpA		3,706,451		4,587,667
	164,971	Tenaris SA 3		2,076,245		2,337,505
	82,598	Tenaris SA, ADR		2,178,131		2,347,435
	Total Italy			7,960,827		9,272,607
Japan (10.23%)
	137,747	Japan Airport Terminal Co. Ltd. 1,3		5,802,383		6,880,844
	22,724	Keyence Corporation 3		8,191,936		11,137,222
	544,010	Mitsubishi UFJ Financial Group, Inc., ADR		4,020,535		3,476,224
	210,600	MonotaRO Co, Ltd. 3		1,740,824		2,652,638
	105,520	Okamoto Industries, Inc. 3		4,831,807		3,169,437
	91,200	Recruit Holdings Co, Ltd. 3		1,550,835		2,508,823
	539,870	Renesas Electronics Corp. 1,3		6,631,232		7,817,751
	272,300	SMS Co. Ltd.3		7,612,593		6,622,466
	30,693	Tokyo Electron Limited 3		2,338,995		3,749,642
	1,101,744	Z Holdings Corporation 3		5,279,772		3,123,940
	Total Japan			48,000,912		51,138,987
Korea, Republic of (2.78%)
	188,803	Coupang, Inc., Cl A 1		2,586,659		3,020,848
	52,842	Hyundai Heavy Industries Co. Ltd. 1,3		4,885,166		4,084,646
	113,443	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		10,589,116		6,783,761
	Total Korea, Republic of			18,060,941		13,889,255
Mexico (0.93%)
	982,287	Grupo Mexico S.A.B. de C.V., Series B		2,636,647		4,646,512
Netherlands (6.29%)
	190,455	AMG Advanced Metallurgical Group NV 3		5,037,611		8,121,422
	29,524	argenx SE, ADR 1		1,290,467		11,000,052
	56,691	Koninklijke DSM NV 3		8,276,192		6,709,057
	221,130	Universal Music Group NV 3		6,534,986		5,600,060
	Total Netherlands			21,139,256		31,430,591

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Norway (0.77%)
	1,269,288	Aker Carbon Capture ASA 1,3	$	2,445,773	$	1,789,222
	277,292	Norsk Hydro ASA 3		1,730,891		2,069,547
	Total Norway			4,176,664		3,858,769
Peru (0.88%)
	33,255	Credicorp, Ltd.		4,742,171		4,402,629
Poland (2.18%)
	55,785	Dino Polska SA, 144A 1,3		4,025,149		5,066,970
	639,195	InPost SA 1,3		8,324,865		5,845,677
	Total Poland			12,350,014		10,912,647
Russia (0.00%)
	487,800	Sberbank of Russia PJSC 1,2,4		1,650,983		364
Spain (4.12%)
	52,997	Cellnex Telecom S.A., 144A 3		2,551,939		2,060,928
	1,515,207	eDreams ODIGEO SA 1,3		11,635,862		9,275,617
	276,031	Industria de Diseno Textil, S.A. 3		8,603,470		9,273,314
	Total Spain			22,791,271		20,609,859
Sweden (1.11%)
	279,514	Epiroc AB, Cl A 3		4,149,952		5,548,357
Switzerland (6.24%)
	360,168	Clariant AG 3		7,368,151		5,974,950
	31,051	Compagnie Financiere Richemont SA, Cl A 3		3,679,974		4,979,216
	19,291,346	Meyer Burger Technology AG 1,3		8,176,050		13,556,105
	54,668	Nestle S.A. 3		5,615,401		6,665,697
	Total Switzerland			24,839,576		31,175,968
Taiwan (2.08%)
	111,534	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		10,999,933		10,374,893
United Kingdom (12.21%)
	158,887	AstraZeneca PLC, ADR		7,322,282		11,028,347
	855,972	B&M European Value Retail S.A. 3		3,563,157		5,099,688
	497,416	Ceres Power Holdings PLC 1,3		4,517,890		2,414,431
	85,286	Dechra Pharmaceuticals PLC 3		2,771,384		2,792,217
	46,289	Endava plc, ADR 1		1,598,693		3,109,695
	170,217	Experian plc 3		3,928,940		5,604,855
	198,540	Future PLC 3		2,670,216		2,853,605
	751,616	Glencore PLC 3		3,059,951		4,324,960
	34,980	Linde Public Limited Company		6,288,750		12,294,995
	5,933,386	Lloyds Banking Group 3		2,467,667		3,488,516
	1,369,337	S4 Capital PLC 1,3		3,246,091		2,746,558
	563,159	WANdisco plc 1,2,4		5,713,222		1,365,110
	389,494	Watches of Switzerland Group PLC, 144A 1,3		3,446,482		3,928,482
	Total United Kingdom			50,594,725		61,051,459
United States (3.72%)
	50,934	Agilent Technologies, Inc.		2,577,583		7,046,210
	170,560	Arch Capital Group Ltd. 1		3,653,747		11,575,907
	Total United States			6,231,330		18,622,117
	Total Common Stocks			393,803,685		455,978,977

Shares			Cost		Value
Warrants (0.00%)
Israel (0.00%)
	56,745	Taboola.com Ltd. Exp 6/29/2026 1	$	104,541	$	23,266
Principal Amount
Short Term Investments (8.32%)
	$41,580,463	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $41,595,536; (Fully Collateralized by $46,579,300 U.S. Treasury Note, 0.25% due 10/31/2025 Market value –$42,412,075) 3		41,580,463		41,580,463
	Total Investments (99.52%)		$	435,488,689		497,582,706
	Cash and Other Assets Less Liabilities (0.48%)					2,419,678
	Net Assets				$	500,002,384
	Retail Shares (Equivalent to $24.67 per share based on 2,881,118 shares outstanding)				$	71,075,778
	Institutional Shares (Equivalent to $25.20 per share based on 12,416,367 shares outstanding)				$	312,851,421
	R6 Shares (Equivalent to $25.18 per share based on 4,609,369 shares outstanding)				$	116,075,185

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2023, the market value of restricted and fair valued securities amounted to $1,365,474 or 0.27% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

³  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁴  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $18,269,041 or 3.65% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Summary of Investments by Sector as of March 31, 2023	Percentage of Net Assets
Information Technology		14.0%
Materials		13.8%
Industrials		13.6%
Consumer Discretionary		12.7%
Financials		11.0%
Health Care		10.6%
Communication Services		7.0%
Consumer Staples		4.8%
Energy		3.3%
Real Estate		0.4%
Cash and Cash Equivalents *		8.8%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Schedules of Investments.

Baron Real Estate Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.11%)
Communication Services (0.65%)
		Integrated Telecommunication Services (0.65%)
	240,250	Cellnex Telecom S.A., 144A (Spain) 1,2,3	$	9,470,451	$	9,342,753
Consumer Discretionary (40.78%)
		Casinos & Gaming (15.90%)
	482,250	Boyd Gaming Corporation		14,467,995		30,921,870
	818,100	Caesars Entertainment, Inc. 1		39,310,312		39,931,461
	760,205	Las Vegas Sands Corp. 1		36,152,380		43,673,777
	1,061,656	MGM Resorts International		39,370,834		47,158,760
	451,840	Red Rock Resorts, Inc., Cl A		3,157,474		20,138,509
	411,811	Wynn Resorts Ltd. 1		40,373,729		46,085,769
				172,832,724		227,910,146
		Distributors (1.80%)
	75,050	Pool Corp.		25,505,891		25,700,122
		Home Improvement Retail (5.35%)
	372,550	Floor & Decor Holdings, Inc., Cl A 1		27,007,512		36,591,861
	200,500	Lowe’s Companies, Inc.		33,518,986		40,093,985
				60,526,498		76,685,846
		Homebuilding (13.35%)
	418,997	D.R. Horton, Inc.		28,230,852		40,931,817
	510,699	Lennar Corp., Cl A		38,141,974		53,679,572
	1,612,000	Toll Brothers, Inc.		79,200,643		96,768,360
				145,573,469		191,379,749
		Hotels, Resorts & Cruise Lines (3.47%)
	154,800	Hilton Worldwide Holdings, Inc.		21,206,801		21,806,676
	62,350	Hyatt Hotels Corp., Cl A 1		5,994,709		6,970,106
	155,536	Marriott Vacations Worldwide Corp.		11,063,068		20,975,585
				38,264,578		49,752,367
		Leisure Facilities (0.91%)
	55,600	Vail Resorts, Inc.		14,517,796		12,992,608
	Total Consumer Discretionary			457,220,956		584,420,838
Financials (10.56%)
		Asset Management & Custody Banks (10.56%)
	490,800	Blackstone, Inc.		45,949,779		43,111,872
	539,906	Brookfield Asset Management Ltd., Cl A 2		14,447,415		17,665,724
	2,781,225	Brookfield Corp. 2		83,795,054		90,640,123
	Total Financials			144,192,248		151,417,719
Industrials (7.27%)
		Building Products (1.41%)
	319,636	Fortune Brands Innovations, Inc.		19,047,172		18,772,222
	29,500	Trex Co., Inc. 1		1,261,324		1,435,765
				20,308,496		20,207,987

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (3.98%)
	827,463	CoStar Group, Inc. 1	$	45,077,349	$	56,970,828
		Trading Companies & Distributors (1.88%)
	197,235	SiteOne Landscape Supply, Inc. 1		23,094,274		26,995,554
	Total Industrials			88,480,119		104,174,369
Materials (0.61%)
		Construction Materials (0.61%)
	50,600	Vulcan Materials Co.		5,195,148		8,680,936
Real Estate (33.35%)
		Data Center REITs (3.44%)
	68,390	Equinix, Inc.		30,050,086		49,311,926
		Health Care REITs (1.77%)
	353,700	Welltower, Inc.		26,212,346		25,356,753
		Industrial REITs (13.42%)
	166,900	EastGroup Properties, Inc.		27,583,317		27,591,908
	747,950	Prologis, Inc.		79,763,824		93,321,721
	858,109	Rexford Industrial Realty, Inc.		45,379,938		51,186,202
	312,172	Terreno Realty Corp.		18,318,299		20,166,311
				171,045,378		192,266,142
		Office REITs (0.15%)
	17,148	Alexandria Real Estate Equities, Inc.		1,350,142		2,153,617
		Other Specialized REITs (0.11%)
	29,848	Gaming and Leisure Properties, Inc.		702,594		1,553,887
		Real Estate Services (4.91%)
	492,900	CBRE Group, Inc., Cl A 1		31,160,653		35,888,049
	237,257	Jones Lang LaSalle, Inc. 1		32,462,893		34,518,521
				63,623,546		70,406,570
		Self Storage REITs (5.58%)
	217,450	Extra Space Storage, Inc.		34,593,736		35,429,128
	147,604	Public Storage		47,579,272		44,597,073
				82,173,008		80,026,201
		Single-Family Residential REITs (1.21%)
	557,200	Invitation Homes, Inc.		14,922,511		17,401,356
		Telecom Tower REITs (2.76%)
	193,300	American Tower Corp.		29,679,061		39,498,922
	Total Real Estate			419,758,672		477,975,374
Special Purpose Acquisition Company (0.89%)
	1,250,000	Fifth Wall Acquisition Corp. III, Cl A 1,2		12,500,000		12,775,000
	Total Common Stocks			1,136,817,594		1,348,786,989

See Notes to Schedules of Investments.

Baron Real Estate Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (7.07%)
$101,358,030	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $101,394,772; (Fully Collateralized by $113,543,400 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $103,385,219) 3	$	101,358,030	$	101,358,030
Total Investments (101.18%)		$	1,238,175,624		1,450,145,019
Liabilities Less Cash and Other Assets (-1.18%)					(16,891,553	)
Net Assets				$	1,433,253,466
Retail Shares (Equivalent to $29.81 per share based on 11,424,251 shares outstanding)				$	340,550,039
Institutional Shares (Equivalent to $30.76 per share based on 34,617,098 shares outstanding)				$	1,064,858,246
R6 Shares (Equivalent to $30.76 per share based on 905,251 shares outstanding)				$	27,845,181

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

³ Level 2 security. See Note 4 regarding Fair Value Measurements.

^144A Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $9,342,753 or 0.65% of net assets.

   All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (89.48%)
Brazil (4.51%)
	19,523,896	Aeris Indústria E Comércio De Equipamentos Para Geracão De Energia SA 1	$	20,530,702	$	4,545,413
	1,903,796	Afya Ltd., Cl A 1		44,840,355		21,246,363
	12,105,223	B3 S.A. - Brasil, Bolsa, Balcao		29,506,117		24,719,403
	2,063,647	Inter & Co., Inc. BDR 1		8,276,549		3,546,324
	3,753,530	Localiza Rent a Car SA		22,413,547		39,546,311
	2,579,621	StoneCo Ltd., Cl A 1		26,910,593		24,609,584
	10,273,846	Suzano SA		96,375,600		84,324,003
	1,482,956	XP, Inc., Cl A 1		32,962,222		17,602,688
	Total Brazil			281,815,685		220,140,089
China (30.56%)
	1,837,254	Alibaba Group Holding Limited, ADR 1		161,185,917		187,730,614
	264,620	Baidu, Inc., ADR 1		29,680,457		39,936,450
	14,701,725	China Mengniu Dairy Co. Ltd. 3		31,619,318		60,268,905
	865,074	China Tourism Group Duty Free Corporation Ltd., Cl A 3		12,370,353		23,100,982
	19,074,817	Estun Automation Co. Ltd., Cl A 3		71,773,526		77,859,173
	8,309,534	Full Truck Alliance Co. Ltd., ADR 1		64,756,272		63,235,554
	9,650,531	Galaxy Entertainment Group Ltd. 1,3		66,589,520		64,553,984
	5,726,445	Glodon Co. Ltd., Cl A 3		35,892,189		61,918,036
	1,518,877	Hangzhou Tigermed Consulting Co. Ltd., Cl A 3		18,437,300		21,164,634
	1,150,404	JD.com, Inc., ADR		63,738,702		50,491,231
	200,061	JD.com, Inc., Cl A 3		7,298,261		4,368,571
	6,874,905	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3		57,781,428		66,273,355
	879,569	Kanzhun Ltd., ADR 1		16,878,322		16,738,198
	22,207,666	Kingdee International Software Group Co. Ltd. 1,3		9,948,397		35,873,699
	16,696,323	Kingsoft Corp. Ltd. 3		60,954,337		82,077,774
	7,260,274	Lufax Holding Ltd., ADR		31,294,952		14,810,959
	276,562	Meituan Inc., Cl B, 144A 1,3		5,232,102		5,017,447
	6,232,277	Midea Group Co., Ltd., Cl A 3		33,526,952		49,127,558
	9,682,804	NARI Technology Co. Ltd., Cl A 3		37,058,483		38,176,748
	2,049,679	Shanghai Henlius Biotech, Inc., Cl H, 144A 1,3		12,312,939		2,954,968
	1,176,777	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3		35,972,057		53,392,871
	3,641,454	Shenzhou International Group Holdings Ltd. 3		15,657,974		38,199,426
	2,908,146	Tencent Holdings Limited 3		61,044,152		142,119,042
	315,378	Tencent Holdings Limited, ADR		16,011,687		15,418,830
	10,977,720	Venustech Group, Inc., Cl A 3		54,758,142		53,160,509
	1,886,046	Wuliangye Yibin Co. Ltd., Cl A 3		54,792,052		53,885,055
	847,322	Yum China Holdings, Inc.		42,937,446		53,711,742
	550,529	Yum China Holdings, Inc., (Hong Kong) 3		29,260,696		34,478,121
	5,446,371	Yunnan Baiyao Group Co. Ltd., Cl A 3		54,381,334		43,349,443
	1,135,634	Zai Lab Limited, ADR 1		24,925,473		37,771,187
	Total China			1,218,070,740		1,491,165,066

Shares			Cost		Value
Common Stocks (continued)
France (0.76%)
	164,014	Pernod Ricard SA 3	$	34,902,192	$	37,137,832
Hong Kong (3.27%)
	4,473,029	AIA Group Ltd. 3		41,547,330		46,910,244
	19,106,298	Budweiser Brewing Co. APAC Ltd., 144A 3		59,315,525		58,146,713
	344,820	Hong Kong Exchanges & Clearing Ltd. 3		14,304,280		15,284,041
	3,609,474	Techtronic Industries Co. Ltd. 3		14,160,590		39,109,029
	Total Hong Kong			129,327,725		159,450,027
India (17.39%)
	3,795,889	Aarti Industries Ltd. 3		38,153,414		23,998,163
	1,023,320	Aarti Pharmalabs Ltd. 1		5,978,189		3,434,829
	1,215,681	Bajaj Finance Limited 3		37,689,897		83,413,548
	6,309,018	Bharti Airtel Ltd. 3		45,898,019		57,535,114
	877,087	Bharti Airtel Ltd. PP 3		1,566,815		3,911,318
	689,318	Divi’s Laboratories Ltd. 3		6,557,264		23,735,642
	35,628,987	Edelweiss Financial Services Ltd. 3		49,279,250		22,864,620
	4,351,089	Godrej Consumer Products Ltd. 1,3		53,761,977		51,356,267
	1,984,539	Godrej Properties Ltd. 1,3		38,450,193		24,988,946
	5,049,761	HDFC Bank Ltd. 3		84,485,143		99,322,917
	1,062,707	Hindustan Unilever Ltd. 3		33,652,383		33,187,570
	43,464,202	JM Financial Limited 3		61,649,851		31,583,816
	3,986,299	Jubilant FoodWorks Ltd. 3		32,813,492		21,410,927
	5,053,057	Max Financial Services Ltd. 1,3		36,649,139		39,114,075
	2,971,482	Muthoot Finance Ltd. 3		44,548,839		35,533,110
	10,371,017	Nippon Life India Asset Management Ltd., 144A 3		35,610,795		26,557,720
	2,819,465	Reliance Industries Limited 3		52,300,246		80,170,274
	4,070,839	SBI Life Insurance Company Limited, 144A 3		42,499,651		54,613,704
	3,809,752	Tata Communications Ltd. 3		23,023,202		57,943,576
	603,801	Tata Consultancy Services Ltd. 3		25,528,900		23,667,683
	2,512,411	Tata Consumer Products Ltd. 3		8,772,574		21,711,208
	919,048	Titan Co. Ltd. 3		12,822,104		28,227,854
	Total India			771,691,337		848,282,881
Indonesia (2.09%)
	245,266,971	Bank Rakyat Indonesia (Persero) Tbk PT 3		71,907,718		77,713,513
	38,406,371	PT Bank Negara Indonesia (Persero) Tbk 3		23,149,233		24,032,406
	Total Indonesia			95,056,951		101,745,919
Italy (0.94%)
	1,605,828	Tenaris SA 3		20,187,119		22,753,276
	804,027	Tenaris SA, ADR		20,541,409		22,850,447
	Total Italy			40,728,528		45,603,723
Japan (1.31%)
	130,467	Keyence Corporation 3		48,359,834		63,942,964

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Korea, Republic of (9.40%)
	3,352,191	Coupang, Inc., Cl A 1	$	44,811,785	$	53,635,056
	567,031	Hyundai Heavy Industries Co. Ltd. 1,3		29,713,415		43,831,059
	923,409	Korea Aerospace Industries Ltd. 3		30,289,331		33,721,426
	1,371,746	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		136,290,606		82,028,838
	25,683	LG Chem Ltd. 3		14,639,627		14,104,938
	4,343,585	Samsung Electronics Co., Ltd. 3		150,315,319		214,794,434
	29,152	Samsung SDI Co. Ltd. 3		17,271,994		16,559,463
	Total Korea, Republic of			423,332,077		458,675,214
Mexico (2.69%)
	10,536,946	Grupo Mexico S.A.B. de C.V., Series B		26,506,506		49,842,912
	20,380,218	Wal-Mart de Mexico, S.A.B de C.V.		47,750,710		81,430,394
	Total Mexico			74,257,216		131,273,306
Norway (0.45%)
	2,950,296	Norsk Hydro ASA 3		18,510,069		22,019,302
Peru (1.24%)
	458,041	Credicorp, Ltd.		57,988,607		60,640,048
Philippines (1.97%)
	62,435,865	Ayala Land, Inc. 3		45,778,416		30,600,189
	27,652,201	BDO Unibank, Inc. 3		48,718,104		65,582,108
	Total Philippines			94,496,520		96,182,297
Poland (1.10%)
	5,852,652	InPost SA 1,3		88,481,393		53,524,685
Russia (0.02%)
	2,384,838	Fix Price Group Ltd., GDR 1,2,4		20,761,023		95,394
	4,746,202	Fix Price Group Ltd., GDR, 144A 1,2,4		46,272,864		189,848
	1,873,612	Ozon Holdings PLC, ADR 1,2,4		76,824,628		374,722
	17,949,100	Sberbank of Russia PJSC 1,2,4		64,430,586		13,384
	809,897	Yandex N.V., Cl A 1,2,4		16,974,482		299,662
	Total Russia			225,263,583		973,010
South Africa (1.76%)
	1,275,729	Gold Fields Ltd. 3		13,380,242		17,089,161
	3,141,105	Gold Fields Ltd., ADR		31,898,626		41,839,519
	146,391	Naspers Ltd., Cl N 3		21,456,370		27,125,409
	Total South Africa			66,735,238		86,054,089
Spain (0.13%)
	1,791,760	Codere Online Luxembourg, S.A. Forward Shares 1		17,917,600		5,285,692
	358,352	Codere Online Luxembourg, S.A. Founders Share 1		3,116		1,057,138
	26,518	Codere Online Luxembourg, S.A. Private Shares 1		265,181		78,228
	Total Spain			18,185,897		6,421,058

Shares			Cost		Value
Common Stocks (continued)
Taiwan (8.70%)
	8,380,054	Delta Electronics, Inc. 3	$	36,125,676	$	83,143,847
	620,875	MediaTek, Inc. 3		11,108,050		16,096,877
	3,494,883	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		155,249,622		325,094,017
	Total Taiwan			202,483,348		424,334,741
United Arab Emirates (0.23%)
	3,772,092	Network International Holdings plc, 144A 1		22,252,784		11,391,156
United Kingdom (0.96%)
	8,160,600	Glencore PLC 3		24,827,837		46,957,849
	Total Common Stocks			3,936,767,561		4,365,915,256
Private Common Stocks (1.22%)
India (1.22%)
	27,027	Pine Labs PTE. Ltd., Series 1 1,2,4		10,077,362		14,995,120
	6,833	Pine Labs PTE. Ltd., Series A 1,2,4		2,547,771		3,791,085
	7,600	Pine Labs PTE. Ltd., Series B 1,2,4		2,833,757		4,216,632
	6,174	Pine Labs PTE. Ltd., Series B2  1,2,4		2,302,055		3,425,459
	9,573	Pine Labs PTE. Ltd., Series C 1,2,4		3,569,416		5,311,292
	1,932	Pine Labs PTE. Ltd., Series C1 1,2,4		720,371		1,071,912
	2,459	Pine Labs PTE. Ltd., Series D 1,2,4		916,870		1,364,302
	45,680	Pine Labs PTE. Ltd., Series J 1,2,4		17,032,398		25,344,178
	Total Private Common Stocks			40,000,000		59,519,980
Private Convertible Preferred Stocks (2.38%)
India (2.38%)
	11,578	Bundl Technologies Private Ltd., Series K 1,2,4		76,776,872		45,758,616
	15,334	Think & Learn Private Limited, Series F 1,2,4		49,776,072		70,451,633
	Total Private Convertible Preferred Stocks			126,552,944		116,210,249
Rights (0.00%)
Brazil (0.00%)
	16,794	Localiza Rent a Car SA, Cl A, Exp 5/11/2023 1		0		43,505
Warrants (0.00%)
Spain (0.00%)
		Casinos & Gaming (0.00%)
	13,259	Codere Online Luxembourg S.A. Private Shares, Exp 11/30/2026 1		0		2,165

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (6.60%)
$322,096,792	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $322,213,552; (Fully Collateralized by $360,819,600 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $328,538,810) 3	$	322,096,792	$	322,096,792
Total Investments (99.68%)		$	4,425,417,297		4,863,787,947
Cash and Other Assets Less Liabilities (0.32%)					15,822,541
Net Assets				$	4,879,610,488
Retail Shares (Equivalent to $13.29 per share based on 20,860,890 shares outstanding)				$	277,331,091
Institutional Shares (Equivalent to $13.39 per share based on 342,864,167 shares outstanding)				$	4,592,390,550
R6 Shares (Equivalent to $13.40 per share based on 737,952 shares outstanding)				$	9,888,847

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2023, the market value of restricted and fair valued securities amounted to $176,703,239 or 3.62% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

³  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁴  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^GDR  Global Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $158,871,556 or 3.26% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of March 31, 2023	Percentage of Net Assets
Information Technology		18.3%
Financials		17.2%
Consumer Discretionary		16.1%
Industrials		11.1%
Communication Services		8.5%
Consumer Staples		8.1%
Materials		6.2%
Health Care		3.8%
Energy		2.6%
Real Estate		1.1%
Cash and Cash Equivalents*		6.9%
		100.0%**

* Includes short term investments.

** Individual weight may not sum to 100% due to rounding.

See Notes to Schedules of Investments.

Baron Global Advantage Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (87.97%)
Argentina (9.50%)
	73,496	Globant S.A. 1	$	5,218,034	$	12,054,079
	48,856	MercadoLibre, Inc. 1		34,222,253		64,395,139
	Total Argentina			39,440,287		76,449,218
Brazil (1.57%)
	1,130,157	Afya Ltd., Cl A 1		23,679,303		12,612,552
Canada (4.33%)
	727,369	Shopify, Inc., Cl A 1		27,502,905		34,870,070
China (2.16%)
	959,865	Meituan Inc., Cl B, 144A 1,3		12,096,383		17,414,076
India (4.18%)
	422,391	Bajaj Finance Limited 3		25,863,235		28,982,218
	7,379,067	Zomato Ltd. 1,3		12,454,605		4,614,292
	Total India			38,317,840		33,596,510
Israel (3.95%)
	294,257	Fiverr International Ltd. 1		6,621,757		10,275,455
	3,375,264	Innovid Corp. 1		32,939,278		4,759,122
	2,753,705	Taboola.com Ltd. 1		26,501,176		7,490,078
	92,553	Wix.com Ltd. 1		7,477,921		9,236,789
	Total Israel			73,540,132		31,761,444
Korea, Republic of (3.54%)
	1,778,267	Coupang, Inc., Cl A 1		36,953,125		28,452,272
	Netherlands (9.24%)
	16,186	Adyen N.V., 144A 1,3		16,437,273		25,791,223
	64,152	argenx SE, ADR 1		4,836,569		23,901,752
	36,212	ASML Holding N.V. 3		7,770,132		24,676,594
	Total Netherlands			29,043,974		74,369,569
Poland (2.03%)
	1,782,866	InPost SA 1,3		28,082,950		16,304,974
	Spain (0.63%)
	996,069	Codere Online Luxembourg S.A. 1		9,115,057		2,938,404
	584,567	Codere Online Luxembourg, S.A. Forward Shares 1		5,845,670		1,724,473
	116,913	Codere Online Luxembourg, S.A. Founders Share 1		1,017		344,893
	8,652	Codere Online Luxembourg, S.A. Private Shares 1		86,516		25,523
	Total Spain			15,048,260		5,033,293
United Kingdom (5.54%)
	662,883	Endava plc, ADR 1		27,376,109		44,532,480
United States (41.30%)
	141,583	Bill.Com Holdings, Inc. 1		6,149,064		11,488,045
	204,952	Block, Inc. 1		16,736,676		14,069,955
	371,841	Cloudflare, Inc., Cl A 1		9,123,087		22,927,716
	276,634	Crowdstrike Holdings, Inc., Cl A 1		29,482,752		37,970,783
	358,515	Datadog, Inc., Cl A 1		28,000,451		26,049,700
	52,185	EPAM Systems, Inc. 1		7,072,220		15,603,315

Shares			Cost		Value
Common Stocks (continued)
United States (continued)
	87,246	Illumina, Inc. 1	$	26,550,697	$	20,289,057
	1,620,760	MaxCyte, Inc. 1		19,775,690		8,022,762
	146,664	NVIDIA Corp.		31,174,401		40,738,859
	660,574	Rivian Automotive, Inc., Cl A 1		14,000,003		10,225,686
	404,429	Schrödinger, Inc. 1		13,135,223		10,648,615
	241,005	Snowflake, Inc., Cl A 1		38,654,482		37,184,661
	120,215	Tesla, Inc. 1		34,613,214		24,939,804
	125,611	Veeva Systems, Inc., Cl A 1		17,220,895		23,086,046
	695,589	ZoomInfo Technologies, Inc. 1		20,561,485		17,188,004
	101,370	Zscaler, Inc. 1		5,407,322		11,843,057
	Total United States			317,657,662		332,276,065
	Total Common Stocks			668,738,930		707,672,523
Private Common Stocks (3.02%)
United States (3.02%)
	252,130	Space Exploration Technologies Corp., Cl A 1,2,4		11,571,518		18,685,490
	75,250	Space Exploration Technologies Corp., Cl C 1,2,4		3,428,124		5,576,818
	Total Private Common Stocks			14,999,642		24,262,308
Private Convertible Preferred Stocks (7.33%)
India (5.25%)
	9,201	Think & Learn Private Limited, Series F 1,2,4		29,867,591		42,273,736
United States (2.08%)
	219,321	Farmers Business Network, Inc., Series F 1,2,4		7,250,006		7,689,394
	80,440	Farmers Business Network, Inc., Series G 1,2,4		5,000,000		5,132,877
	69,926	Resident Home, Inc., Series B1 1,2,4		4,999,968		3,894,878
	Total United States			17,249,974		16,717,149
	Total Private Convertible Preferred Stocks			47,117,565		58,990,885
Private Preferred Stocks (1.57%)
United States (1.57%)
	461,004	GM Cruise Holdings, Cl G 1,2,4		12,147,455		12,580,799
Warrants (0.02%)
Israel (0.01%)
	68,986	Innovid Corp., Exp 12/31/2027 1		117,942		6,898
	228,748	Taboola.com Ltd., Exp 6/29/2026 1		417,100		93,787
	Total Israel			535,042		100,685
Spain (0.01%)
	502,360	Codere Online Luxembourg S.A. Private Shares, Exp 11/30/2026 1		845,632		82,036
	Total Warrants			1,380,674		182,721

See Notes to Schedules of Investments.

Baron Global Advantage Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (0.33%)
	$2,692,990	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $2,693,966; (Fully Collateralized by $3,016,800 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $2,746,901) 3	$	2,692,990	$	2,692,990
	Total Investments (100.24%)		$	747,077,256		806,382,226
	Liabilities Less Cash and Other Assets (-0.24%)					(1,894,171	)
	Net Assets				$	804,488,055
	Retail Shares (Equivalent to $26.80 per share based on 8,432,243 shares outstanding)				$	226,000,518
	Institutional Shares (Equivalent to $27.44 per share based on 20,708,846 shares outstanding)				$	568,350,190
	R6 Shares (Equivalent to $27.46 per share based on 369,156 shares outstanding)				$	10,137,347

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2023, the market value of restricted and fair valued securities amounted to $95,833,992 or 11.91% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

³  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁴  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $43,205,299 or 5.37% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of March 31, 2023	Percentage of Net Assets
Information Technology		40.9%
Consumer Discretionary		26.6%
Health Care		10.7%
Financials		8.6%
Industrials		7.9%
Communication Services		3.7%
Materials		1.6%
Cash and Cash Equivalents*		0.1%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Schedules of Investments.

Baron Real Estate Income Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.91%)
Communication Services (0.62%)
		Integrated Telecommunication Services (0.62%)
	13,026	Cellnex Telecom S.A., 144A (Spain) 1,2,4	$	515,640	$	506,550
Consumer Discretionary (2.69%)
		Homebuilding (2.69%)
	36,865	Toll Brothers, Inc.		2,127,389		2,213,006
Financials (6.62%)
		Asset Management & Custody Banks (6.62%)
	122,162	Brookfield Corp. 2		4,057,427		3,981,260
	44,381	Brookfield Asset Management Ltd., Cl A 2		1,372,332		1,452,146
	Total Financials			5,429,759		5,433,406
Real Estate (82.82%)
		Data Center REITs (8.90%)
	16,844	Digital Realty Trust, Inc.		1,792,095		1,655,934
	7,846	Equinix, Inc.		4,936,217		5,657,280
				6,728,312		7,313,214
		Health Care REITs (9.31%)
	63,009	Ventas, Inc.		3,082,217		2,731,440
	68,583	Welltower, Inc.		4,903,736		4,916,715
				7,985,953		7,648,155
		Hotel & Resort REITs (0.66%)
	54,817	Sunstone Hotel Investors, Inc.		600,246		541,592
		Industrial REITs (25.35%)
	22,806	EastGroup Properties, Inc.		3,404,564		3,770,288
	33,066	First Industrial Realty Trust, Inc.		1,776,360		1,759,111
	77,088	Prologis, Inc.		8,393,673		9,618,270
	65,348	Rexford Industrial Realty, Inc.		3,551,872		3,898,008
	27,455	Terreno Realty Corp.		1,565,319		1,773,593
				18,691,788		20,819,270
		Multi-Family Residential REITs (9.12%)
	21,475	AvalonBay Communities, Inc.		3,849,702		3,609,089
	64,700	Equity Residential		4,139,621		3,882,000
				7,989,323		7,491,089
		Office REITs (0.49%)
	3,227	Alexandria Real Estate Equities, Inc.		442,934		405,279
		Other Specialized REITs (3.88%)
	7,873	Gaming and Leisure Properties, Inc.		317,520		409,868
	85,029	VICI Properties, Inc.		2,805,120		2,773,646
				3,122,640		3,183,514
		Self Storage REITs (14.92%)
	75,103	CubeSmart		3,283,583		3,471,260
	24,543	Extra Space Storage, Inc.		3,935,545		3,998,791
	15,841	Public Storage		4,405,248		4,786,200
				11,624,376		12,256,251

Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)
		Single-Family Residential REITs (5.69%)
	39,975	American Homes 4 Rent, Cl A	$	1,237,910	$	1,257,214
	6,078	Equity LifeStyle Properties, Inc.		372,518		408,016
	57,852	Invitation Homes, Inc.		1,713,053		1,806,718
	8,536	Sun Communities, Inc.		1,097,090		1,202,552
				4,420,571		4,674,500
		Telecom Tower REITs (4.50%)
	18,086	American Tower Corp.		3,558,647		3,695,693
	Total Real Estate			65,164,790		68,028,557
Utilities (4.16%)
		Multi-Utilities (1.56%)
	27,870	Brookfield Infrastructure Corp., Cl A 2,3		1,068,712		1,283,692
		Renewable Electricity (2.60%)
	60,969	Brookfield Renewable Corp., Cl A 2		1,872,702		2,130,867
	Total Utilities			2,941,414		3,414,559
	Total Common Stocks			76,178,992		79,596,078
Principal Amount
Short Term Investments (3.41%)
	$2,800,302	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $2,801,317; (Fully Collateralized by $3,137,000 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $2,856,348) 4		2,800,302		2,800,302
	Total Investments (100.32%)		$	78,979,294		82,396,380
	Liabilities Less Cash and Other Assets (-0.32%)					(259,342	)
	Net Assets				$	82,137,038
	Retail Shares (Equivalent to $13.22 per share based on 1,054,955 shares outstanding)				$	13,941,455
	Institutional Shares (Equivalent to $13.37 per share based on 5,050,426 shares outstanding)				$	67,520,341
	R6 Shares (Equivalent to $13.36 per share based on 50,554 shares outstanding)				$	675,242

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  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 (unaudited).

⁴  Level 2 security. See Note 4 regarding Fair Value Measurements.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $506,550 or 0.62% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Health Care Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.17%)
Health Care (92.17%)
		Biotechnology (18.19%)
	15,000	AbbVie, Inc.	$	2,044,403	$	2,390,550
	11,178	argenx SE, ADR 1,2		2,365,060		4,164,699
	35,306	Ascendis Pharma A/S, ADR 1,2		3,868,666		3,785,509
	48,100	Cytokinetics, Incorporated 1		1,867,920		1,692,639
	30,000	Genmab A/S, ADR 1,2		1,058,118		1,132,800
	42,500	Inhibrx, Inc. 1		1,141,513		801,975
	40,000	Legend Biotech Corp., ADR 1,2		1,947,441		1,928,800
	13,500	Moderna, Inc. 1		1,907,130		2,073,330
	42,750	Prometheus Biosciences, Inc. 1		4,770,977		4,587,930
	226,000	Rocket Pharmaceuticals, Inc. 1		4,211,043		3,871,380
	23,000	Vertex Pharmaceuticals, Incorporated 1		5,946,486		7,246,610
	73,000	Xenon Pharmaceuticals, Inc. 1,2		2,515,719		2,612,670
				33,644,476		36,288,892
		Health Care Distributors (1.75%)
	9,800	McKesson Corp.		2,206,216		3,489,290
		Health Care Equipment (14.46%)
	24,362	Abbott Laboratories		2,641,070		2,466,896
	49,624	DexCom, Inc. 1		5,014,673		5,765,316
	6,395	IDEXX Laboratories, Inc. 1		2,645,380		3,198,012
	18,936	Inspire Medical Systems, Inc. 1		3,082,025		4,432,350
	9,565	Insulet Corp. 1		2,270,026		3,050,852
	30,233	Intuitive Surgical, Inc. 1		7,267,519		7,723,624
	1,387,480	Opsens, Inc. (Canada) 1,2		2,019,084		1,683,661
	2,500	Shockwave Medical, Inc. 1		114,375		542,075
				25,054,152		28,862,786
		Health Care Facilities (2.42%)
	18,300	HCA Healthcare, Inc.		4,144,546		4,825,344
		Health Care Services (1.99%)
	77,000	Option Care Health, Inc. 1		2,366,239		2,446,290
	6,000	The Cigna Group (formerly, Cigna Corp.)		1,763,630		1,533,180
				4,129,869		3,979,470
		Health Care Supplies (3.69%)
	120,000	Neogen Corp. 1		2,264,548		2,222,400
	13,750	The Cooper Companies, Inc.		4,704,834		5,133,700
				6,969,382		7,356,100
		Health Care Technology (0.20%)
	15,000	Schrödinger, Inc. 1		312,233		394,950
		Life Sciences Tools & Services (19.63%)
	46,000	Bio-Techne Corporation		3,664,624		3,412,740
	8,200	Danaher Corp.		2,190,367		2,066,728
	35,000	Exact Sciences Corp. 1,3		2,342,587		2,373,350
	18,200	ICON plc 1,2		3,689,560		3,887,338
	12,737	Illumina, Inc. 1		2,648,837		2,961,989
	3,610	Mettler-Toledo International, Inc. 1		4,090,788		5,524,058
	16,200	Repligen Corp. 1		2,953,716		2,727,432
	75,665	Stevanato Group SpA 2		1,771,695		1,959,724
	17,749	Thermo Fisher Scientific, Inc.		8,573,805		10,229,991
	11,650	West Pharmaceutical Services, Inc.		3,438,733		4,036,376
				35,364,712		39,179,726

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Managed Health Care (14.49%)
	12,500	Elevance Health, Inc.	$	5,697,964	$	5,747,625
	11,150	Humana, Inc.		4,911,341		5,412,879
	37,572	UnitedHealth Group, Incorporated		13,933,453		17,756,151
				24,542,758		28,916,655
		Pharmaceuticals (15.35%)
	61,500	AstraZeneca PLC, ADR 2		3,622,369		4,268,715
	45,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,4		1,967,101		1,473,275
	34,592	Eli Lilly & Co.		8,224,141		11,879,585
	75,300	Merck & Co., Inc.		6,807,238		8,011,167
	30,000	Zoetis, Inc.		4,610,388		4,993,200
				25,231,237		30,625,942
	Total Common Stocks			161,599,581		183,919,155
Principal Amount
Short Term Investments (8.19%)
	$16,342,388	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $16,348,312; (Fully Collateralized by $18,307,100 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $16,669,252) 4		16,342,388		16,342,388
	Total Investments (100.36%)		$	177,941,969		200,261,543
	Liabilities Less Cash and Other Assets (-0.36%)					(709,053	)
	Net Assets				$	199,552,490
	Retail Shares (Equivalent to $17.02 per share based on 2,931,975 shares outstanding)				$	49,911,993
	Institutional Shares (Equivalent to $17.24 per share based on 8,364,438 shares outstanding)				$	144,190,642
	R6 Shares (Equivalent to $17.23 per share based on 316,254 shares outstanding)				$	5,449,855

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  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 (unaudited).

⁴  Level 2 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron FinTech Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.99%)
Consumer Discretionary (3.54%)
		Broadline Retail (3.54%)
	1,200	MercadoLibre, Inc. 1	$	1,841,556	$	1,581,672
Financials (65.09%)
		Asset Management & Custody Banks (2.10%)
	1,400	BlackRock, Inc.		1,234,392		936,768
		Diversified Financial Services (1.27%)
	9,000	Apollo Global Management, Inc.		634,021		568,440
		Financial Exchanges & Data (20.53%)
	5,000	CME Group, Inc.		1,058,873		957,600
	3,100	FactSet Research Systems, Inc.		1,306,275		1,286,779
	1,600	MarketAxess Holdings, Inc.		690,718		626,064
	3,700	Moody’s Corp.		1,322,778		1,132,274
	3,300	MSCI, Inc.		1,495,793		1,846,977
	6,000	S&P Global, Inc.		2,367,167		2,068,620
	16,000	Tradeweb Markets, Inc., Cl A		1,359,703		1,264,320
				9,601,307		9,182,634
		Insurance Brokers (0.85%)
	15,000	BRP Group, Inc., Cl A 1		449,157		381,900
		Investment Banking & Brokerage (8.39%)
	10,000	Houlihan Lokey, Inc.		751,325		874,900
	7,000	Interactive Brokers Group, Inc., Cl A		558,923		577,920
	8,000	LPL Financial Holdings, Inc.		1,345,493		1,619,200
	13,000	The Charles Schwab Corp.		972,540		680,940
				3,628,281		3,752,960
		Property & Casualty Insurance (5.26%)
	2,600	Kinsale Capital Group, Inc.		458,703		780,390
	11,000	The Progressive Corp.		1,328,173		1,573,660
				1,786,876		2,354,050
		Transaction & Payment Processing Services (26.69%)
	600	Adyen N.V., 144A (Netherlands) 1,2,3		1,306,284		956,057
	12,000	Block, Inc. 1		2,404,198		823,800
	11,000	Fiserv, Inc. 1		1,149,631		1,243,330
	8,000	Global Payments, Inc.		1,050,768		841,920
	4,200	Jack Henry & Associates, Inc.		706,988		633,024
	6,900	MasterCard, Incorporated, Cl A		2,396,095		2,507,529
	175,000	Network International Holdings plc, 144A (United Kingdom) 1,2		662,160		528,474
	15,000	Paymentus Holdings, Inc., Cl A 1		346,901		132,900
	15,000	Repay Holdings Corporation 1		290,606		98,550
	12,400	Visa, Inc., Cl A		2,671,206		2,795,704
	3,300	WEX, Inc. 1		656,987		606,837
	115,000	Wise PLC, Cl A (United Kingdom) 1,2,3		1,400,081		772,017
				15,041,905		11,940,142
	Total Financials			32,375,939		29,116,894
Industrials (6.78%)
		Research & Consulting Services (6.78%)
	10,000	CoStar Group, Inc. 1		863,804		688,500
	3,700	Equifax, Inc.		799,376		750,508
	9,000	TransUnion		936,137		559,260
	5,400	Verisk Analytics, Inc.		1,011,064		1,036,044
	Total Industrials			3,610,381		3,034,312

Shares			Cost		Value
Common Stocks (continued)
Information Technology (23.58%)
		Application Software (12.89%)
	10,000	Alkami Technology, Inc. 1	$	273,107	$	126,600
	4,000	Bill.Com Holdings, Inc. 1		482,722		324,560
	20,000	Clearwater Analytics Holdings, Inc., Cl A 1		484,321		319,200
	16,000	Expensify, Inc., Cl A 1		455,818		130,400
	2,200	Fair Isaac Corp. 1		1,008,137		1,545,918
	12,200	Guidewire Software, Inc. 1		1,382,023		1,001,010
	4,700	Intuit, Inc.		1,795,987		2,095,401
	9,000	nCino, Inc. 1		650,126		223,020
				6,532,241		5,766,109
		Internet Services & Infrastructure (1.29%)
	12,000	Shopify, Inc., Cl A 1,2		1,697,734		575,280
		IT Consulting & Other Services (9.40%)
	6,200	Accenture plc, Cl A 2		1,784,552		1,772,022
	35,000	CI&T, Inc., Cl A 1,2		517,710		192,850
	18,000	Endava plc, ADR 1,2		1,318,397		1,209,240
	6,300	Globant S.A. 1,2		1,572,878		1,033,263
				5,193,537		4,207,375
	Total Information Technology			13,423,512		10,548,764
	Total Common Stocks			51,251,388		44,281,642
Principal Amount
Short Term Investments (1.00%)
	$447,705	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $447,867; (Fully Collateralized by $501,600 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $456,724) 3		447,705		447,705
	Total Investments (99.99%)		$	51,699,093		44,729,347
	Cash and Other Assets Less Liabilities (0.01%)					3,718
	Net Assets				$	44,733,065
	Retail Shares (Equivalent to $11.62 per share based on 575,200 shares outstanding)				$	6,686,201
	Institutional Shares (Equivalent to $11.71 per share based on 2,521,898 shares outstanding)				$	29,541,560
	R6 Shares (Equivalent to $11.72 per share based on 725,960 shares outstanding)				$	8,505,304

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

³ Level 2 security. See Note 4 regarding Fair Value Measurements.

^ADR American Depositary Receipt.

^144A Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $1,484,531 or 3.32% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron New Asia Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (89.28%)
China (33.32%)
	1,557	Alibaba Group Holding Limited, ADR 1	$	191,356	$	159,094
	183	Baidu, Inc., ADR 1		29,105		27,618
	689	Baidu, Inc., Cl A 1,2		11,357		12,982
	14,442	China Mengniu Dairy Co. Ltd. 2		56,426		59,204
	861	China Tourism Group Duty Free Corporation Ltd., Cl A 2		31,550		22,992
	17,458	Estun Automation Co. Ltd., Cl A 2		69,137		71,260
	7,053	Full Truck Alliance Co. Ltd., ADR 1		51,867		53,673
	8,937	Galaxy Entertainment Group Ltd. 1,2		59,000		59,781
	5,660	Glodon Co. Ltd., Cl A 2		44,223		61,200
	1,547	Hangzhou Tigermed Consulting Co. Ltd., Cl A 2		32,191		21,556
	1,004	JD.com, Inc., ADR		65,822		44,066
	167	JD.com, Inc., Cl A 2		3,908		3,647
	6,601	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 2		58,312		63,633
	740	Kanzhun Ltd., ADR 1		14,201		14,082
	22,515	Kingdee International Software Group Co. Ltd. 1,2		51,247		36,370
	16,190	Kingsoft Corp. Ltd. 2		71,799		79,589
	6,010	Lufax Holding Ltd., ADR		32,204		12,260
	5,194	Midea Group Co., Ltd., Cl A 2		56,108		40,642
	9,936	NARI Technology Co. Ltd., Cl A 2		43,713		39,175
	1,136	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 2		57,856		51,543
	3,336	Tencent Holdings Limited, ADR		187,008		163,097
	9,456	Venustech Group, Inc., Cl A 2		39,717		45,791
	1,832	Wuliangye Yibin Co. Ltd., Cl A 2		54,293		52,341
	1,592	Yum China Holdings, Inc. 2		93,074		99,703
	5,094	Yunnan Baiyao Group Co. Ltd., Cl A 2		49,907		40,545
	998	Zai Lab Limited, ADR 1		72,108		33,193
	Total China			1,527,489		1,369,037
France (0.75%)
	136	Pernod Ricard SA 2		30,480		30,795
Hong Kong (4.80%)
	6,864	AIA Group Ltd. 2		75,289		71,985
	19,827	Budweiser Brewing Co. APAC Ltd., 144A 2		55,454		60,340
	735	Hong Kong Exchanges & Clearing Ltd. 2		41,763		32,579
	2,965	Techtronic Industries Co. Ltd. 2		48,621		32,126
	Total Hong Kong			221,127		197,030
India (23.46%)
	3,704	360 ONE WAM Ltd. 2		20,342		19,454
	3,447	Aarti Industries Ltd. 2		39,147		21,792
	5,981	Aarti Pharmalabs Ltd. 1		25,781		20,076
	1,011	Amber Enterprises India Ltd. 1,2		36,760		22,499
	402	Apollo Hospitals Enterprise Ltd. 2		26,281		21,142
	1,262	Bajaj Finance Limited 2		111,323		86,592
	6,677	Bharti Airtel Ltd. 2		61,307		60,891
	610	Bharti Airtel Ltd. PP 2		1,353		2,720
	621	Divi’s Laboratories Ltd. 2		42,040		21,383

Shares			Cost		Value
Common Stocks (continued)
India (continued)
	552	Dixon Technologies India Ltd. 2	$	33,083	$	19,299
	5,215	Godrej Consumer Products Ltd. 1,2		65,597		61,553
	1,518	Godrej Properties Ltd. 1,2		37,002		19,114
	5,621	HDFC Bank Ltd. 2		112,545		110,559
	1,585	Hindustan Unilever Ltd. 2		50,397		49,498
	23,863	JM Financial Limited 2		22,613		17,340
	3,551	Jubilant FoodWorks Ltd. 2		37,275		19,073
	2,394	Max Financial Services Ltd. 1,2		36,282		18,531
	2,249	Neogen Chemicals Ltd. 2		34,982		35,295
	526	PI Industries Ltd. 2		23,063		19,436
	2,874	Reliance Industries Limited 2		90,551		81,721
	4,488	SBI Life Insurance Company Limited, 144A 2		72,504		60,210
	3,309	Tata Communications Ltd. 2		58,511		50,328
	493	Tata Consultancy Services Ltd. 2		20,845		19,325
	2,150	Tata Consumer Products Ltd. 2		23,813		18,579
	1,508	Titan Co. Ltd. 2		44,780		46,317
	427	Tube Investments of India Ltd. 2		14,748		13,267
	44,631	Zomato Ltd. 1,2		53,928		27,909
	Total India			1,196,853		963,903
Indonesia (2.57%)
	226,900	Bank Rakyat Indonesia (Persero) Tbk PT 2		66,794		71,894
	53,800	PT Bank Negara Indonesia (Persero) Tbk 2		32,117		33,665
	Total Indonesia			98,911		105,559
Japan (3.90%)
	440	Hoya Corp. 2		61,199		48,626
	166	Keyence Corporation 2		94,244		81,358
	249	Tokyo Electron Limited 2		36,124		30,419
	Total Japan			191,567		160,403
Korea, Republic of (10.16%)
	3,374	Coupang, Inc., Cl A 1		47,753		53,984
	543	Hyundai Heavy Industries Co. Ltd. 1,2		45,856		41,973
	872	Korea Aerospace Industries Ltd. 2		29,592		31,844
	1,061	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,2		85,082		63,447
	21	LG Chem Ltd. 2		11,971		11,533
	4,062	Samsung Electronics Co., Ltd. 2		225,446		200,870
	24	Samsung SDI Co. Ltd. 2		14,230		13,633
	Total Korea, Republic of			459,930		417,284
Taiwan (10.32%)
	556	Airtac International Group 2		19,790		21,745
	6,437	Delta Electronics, Inc. 2		54,849		63,866
	761	MediaTek, Inc. 2		23,590		19,730
	1,771	Silergy Corp. 2		45,236		28,117
	3,122	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		328,699		290,408
	Total Taiwan			472,164		423,866
	Total Common Stocks			4,198,521		3,667,877

See Notes to Schedules of Investments.

Baron New Asia Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (11.57%)
$475,095	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $475,267; (Fully Collateralized by $532,300 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $484,678) 2	$	475,095	$	475,095
Total Investments (100.85%)		$	4,673,616		4,142,972
Liabilities Less Cash and Other Assets (-0.85%)					(34,803	)
Net Assets				$	4,108,169
Retail Shares (Equivalent to $7.61 per share based on 136,658 shares outstanding)				$	1,040,560
Institutional Shares (Equivalent to $7.64 per share based on 179,936 shares outstanding)				$	1,375,589
R6 Shares (Equivalent to $7.65 per share based on 221,149 shares outstanding)				$	1,692,020

^%  Represents percentage of net assets.

¹  Non-income producing securities.

²  Level 2 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $120,550 or 2.93% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of March 31, 2023	Percentage of Net Assets
Information Technology		21.7%
Consumer Discretionary		15.4%
Financials		13.0%
Industrials		10.2%
Communication Services		10.0%
Consumer Staples		8.1%
Health Care		6.3%
Materials		2.1%
Energy		2.0%
Real Estate		0.5%
Cash and Cash Equivalents*		10.7%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Schedules of Investments.

Baron Technology Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.64%)
Communication Services (5.18%)
		Advertising (1.53%)
	8,754	S4 Capital PLC (United Kingdom) 1,2,5	$	72,306	$	17,558
	766	The Trade Desk, Inc., Cl A 1		60,063		46,657
				132,369		64,215
		Interactive Media & Services (3.65%)
	553	Meta Platforms, Inc., Cl A 1		70,897		117,203
	1,468	ZoomInfo Technologies, Inc. 1		86,048		36,274
				156,945		153,477
	Total Communication Services			289,314		217,692
Consumer Discretionary (16.45%)
		Automobile Manufacturers (5.32%)
	1,079	Tesla, Inc. 1		276,225		223,849
		Automotive Parts & Equipment (0.52%)
	500	Mobileye Global, Inc., Cl A 1		19,692		21,635
		Broadline Retail (8.56%)
	3,484	Amazon.com, Inc. 1		516,116		359,862
		Hotels, Resorts & Cruise Lines (1.58%)
	10,835	eDreams ODIGEO SA (Spain) 1,2,5		82,839		66,329
		Restaurants (0.47%)
	1,100	Meituan Inc., Cl B, 144A (Hong Kong) 1,2,5		19,761		19,957
	Total Consumer Discretionary			914,633		691,632
Financials (4.47%)
		Transaction & Payment Processing Services (4.47%)
	257	MasterCard, Incorporated, Cl A		95,521		93,396
	419	Visa, Inc., Cl A		92,823		94,468
	Total Financials			188,344		187,864
Industrials (2.13%)
		Research & Consulting Services (2.13%)
	1,301	CoStar Group, Inc. 1		99,150		89,574
Information Technology (70.41%)
		Application Software (15.75%)
	207	Atlassian Corp. Ltd., Cl A 1,2		62,227		35,432
	1,720	Ceridian HCM Holding, Inc. 1		148,433		125,938
	946	Gitlab, Inc., Cl A 1,4		39,565		32,438
	217	HubSpot, Inc. 1		110,218		93,039
	209	Intuit, Inc.		118,879		93,179
	324	ServiceNow, Inc. 1,4		178,279		150,569
	637	Workday, Inc., Cl A 1		135,936		131,566
				793,537		662,161

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (1.68%)
	2,075	PAR Technology Corp. 1	$	93,818	$	70,467
		Internet Services & Infrastructure (1.59%)
	1,396	Shopify, Inc., Cl A 1,2		123,741		66,924
		IT Consulting & Other Services (4.76%)
	1,785	Endava plc, ADR 1,2		210,931		119,916
	246	Gartner, Inc. 1		79,625		80,140
				290,556		200,056
		Semiconductor Materials & Equipment (4.99%)
	196	ASML Holding N.V. 2		128,731		133,419
	144	Lam Research Corp.		93,712		76,337
				222,443		209,756
		Semiconductors (22.09%)
	1,480	Advanced Micro Devices, Inc. 1		163,878		145,055
	128	Broadcom, Inc.		83,031		82,117
	9,232	indie Semiconductor, Inc., Cl A 1		67,263		97,397
	1,892	Marvell Technology, Inc.		96,349		81,924
	149	Monolithic Power Systems, Inc.		63,826		74,580
	936	NVIDIA Corp.		223,641		259,993
	238	SiTime Corp. 1		30,497		33,851
	4,439	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) 2, 5		96,403		77,792
	820	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		72,880		76,276
				897,768		928,985
		Systems Software (16.91%)
	1,022	Cloudflare, Inc., Cl A 1,4		55,801		63,017
	475	Crowdstrike Holdings, Inc., Cl A 1		86,183		65,199
	981	Datadog, Inc., Cl A 1,4		99,982		71,279
	1,503	Microsoft Corporation		480,138		433,315
	468	Snowflake, Inc., Cl A 1,4		111,284		72,208
	2,508	WANdisco PLC 1,2,3,6		40,876		6,079
				874,264		711,097
		Technology Hardware, Storage & Peripherals (2.64%)
	674	Apple, Inc.		98,264		111,143
	Total Information Technology			3,394,391		2,960,589
	Total Common Stocks			4,885,832		4,147,351

See Notes to Schedules of Investments.

Baron Technology Fund

SCHEDULE OF INVESTMENTS

MARCH 31, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (3.07%)
	$129,085	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2023, 4.35% due 4/3/2023; Proceeds at maturity $129,131; (Fully Collateralized by $144,700 U.S. Treasury Note, 0.25% due 10/31/2025 Market value – $131,754) 5	$	129,085	$	129,085
	Total Investments (101.71%)		$	5,014,917		4,276,436
	Liabilities Less Cash and Other Assets (-1.71%)					(71,865	)
	Net Assets				$	4,204,571
	Retail Shares (Equivalent to $6.79 per share based on 262,067 shares outstanding)				$	1,779,194
	Institutional Shares (Equivalent to $6.82 per share based on 85,040 shares outstanding)				$	580,247
	R6 Shares (Equivalent to $6.81 per share based on 271,044 shares outstanding)				$	1,845,130

^%  Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At March 31, 2023, the market value of restricted and fair valued securities amounted to $6,079 or 0.14% of net assets. This security is not deemed liquid. See Note 3 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 (unaudited).

⁵  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁶  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2023, the market value of Rule 144A securities amounted to $19,957 or 0.47% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Select Funds March 31, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Baron Select Funds (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 Delaware statutory trust on April 30, 2003, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The Trust currently offers 12 series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.

The investment goals of the Funds are as follows:

Baron Partners Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. growth companies. The Fund may employ “leverage” by borrowing money and using it to purchase additional securities. Borrowing for investments increases both investment opportunity and investment risk.

Baron Focused Growth Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. small- and mid-sized growth companies.

Baron International Growth Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in non-U.S. growth companies.

Baron Real Estate Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in U.S. and non-U.S. real estate and real estate-related companies.

Baron Emerging Markets Fund is a diversified fund that seeks capital appreciation through investments primarily in growth companies in developing countries.

Baron Global Advantage Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities of established and emerging markets companies located throughout the world.

Baron Real Estate Income Fund is a non-diversified fund that seeks both capital appreciation and current income through investments primarily in real estate income-producing securities and other real estate securities.

Baron Health Care Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities engaged in research, development, production, sale, delivery or distribution of products and services related to the health care industry.

Baron FinTech Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities that develop, use, or rely on innovative technologies or services, in a significant way, for banking, lending, capital markets, financial data analytics, insurance, payments, asset management, or wealth management.

Baron New Asia Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities located in Asia, but including all other developed, developing, and frontier countries in the Asian region.

Baron Technology Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of U.S and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, Qualified Plans), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the Adviser), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund’s investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.

Baron Partners Fund was organized originally as a limited partnership in January 1992 under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a series of the Trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

Baron Select Funds March 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES

Baron Focused Growth Fund was organized originally as a limited partnership in May 1996 under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

a) Security Valuation. The Funds’ share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in the Adviser’s 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 security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider 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.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity 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. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

b) Single Issuer. Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer’s securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, Inc. (Tesla), 42% and 14%, respectively, of these Fund’s net assets as of March 31, 2023, the NAVs of the Funds will be materially impacted by the price of Tesla stock.

c) Non-Diversified Portfolio. Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.

Baron Select Funds March 31, 2023

d) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, which represent about 42% and 14%, respectively, of these Funds’ net assets as of March 31, 2023, these Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

e) 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 NAV Calculation Time. 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 includes 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. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

f) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. 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 collateral is marked-to-market daily and settled on the next business day. 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.

There were no securities on loan at March 31, 2023.

g) 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 take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% 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. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds’ investments in repurchase agreements at March 31, 2023, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Schedule of Investments.

h) Master Limited Partnerships. The Funds may invest in master limited partnerships (MLPs). MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.

i) Special Purpose Acquisition Company. The Funds may acquire an interest in a special purpose acquisition company (SPAC) in an initial public offering (IPO), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund’s performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC’s acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e., PIPE transaction, defined below), the Fund will no longer be obligated to fulfill its commitment.

j) Private Investment in Public Equity. The Funds may acquire equity securities of an issuer that are issued through a private investment in public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company’s securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund’s investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may

Baron Select Funds March 31, 2023

be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

As of March 31, 2023, none of the Funds had commitment to purchase when-issued securities through PIPE transactions with SPACs.

k) Use of Derivatives. The Funds began complying with Rule 18f-4 under the 1940 Act, which governs the use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount will not be subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance.

3. RESTRICTED SECURITIES

At March 31, 2023, 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. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At March 31, 2023, 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 Partners Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	186,648,877
StubHub Holdings, Inc.		12/22/2021		25,492,077
X Holdings I, Inc.		5/4/2022		53,712,000
Private Convertible Preferred Stocks
Northvolt AB		5/19/2021		7,888,213
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-8/4/2020		410,482,729
Total Restricted Securities:			$	684,223,896
(Cost $246,093,669)† (11.50% of Net Assets)
	Baron Focused Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	57,268,179
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-12/3/2021		29,916,944
Total Restricted Securities:			$	87,185,123
(Cost $39,949,596)† (9.62% of Net Assets)
	Baron International Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
WANdisco plc		6/13/2018–3/1/2023	$	1,365,110
Sberbank of Russia PJSC		1/24/2017-10/29/2021		364
Total Restricted Securities:			$	1,365,474
(Cost $7,364,205)† (0.27% of Net Assets)

† See Schedules of Investments for cost of individual securities.

Baron Select Funds March 31, 2023

	Baron Emerging Markets Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Fix Price Group Ltd.		3/5/2021	$	285,242
Ozon Holdings PLC		11/24/2020		374,722
Sberbank of Russia PJSC		2/11/2016		13,384
Yandex N.V.		5/24/2011		299,662
Private Common Stocks
Pine Labs PTE. Ltd.		5/17/2021		59,519,980
Private Convertible Preferred Stocks
Bundl Technologies Private Ltd.		1/3/2022		45,758,616
Think & Learn Private Limited		3/31/2021		70,451,633
Total Restricted Securities:			$	176,703,239
(Cost $391,816,527)† (3.62% of Net Assets)
	Baron Global Advantage Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	24,262,308
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/16/2021		12,822,271
Resident Home, Inc.		12/3/2020		3,894,878
Think & Learn Private Limited		3/31/2021		42,273,736
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		12,580,799
Total Restricted Securities:			$	95,833,992
(Cost $74,264,662)† (11.91% of Net Assets)
	Baron Technology Fund
	Acquisition Date(s)		Value
Common Stocks
WANdisco plc		1/27/2023-3/1/2023	$	6,079
Total Restricted Securities:
(Cost $40,876)† (0.14% of Net Assets)

† See Schedules of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

Fair value is defined by 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 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 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 Fund’s 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 or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, 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 that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. 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.

Baron Select Funds March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Funds’ investments carried at fair value:

	Baron Partners Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,162,212,486	$	88,030,514	$	—	$	6,250,243,000
Private Common Stocks†		—		—		265,852,954		265,852,954
Private Convertible Preferred Stocks		—		—		7,888,213		7,888,213
Private Preferred Stocks		—		—		410,482,729		410,482,729
Short Term Investments		—		499,734		—		499,734
Total Investments	$	6,162,212,486	$	88,530,248	$	684,223,896	$	6,934,966,630
	Baron Focused Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	808,997,393	$	—	$	—	$	808,997,393
Private Common Stocks		—		—		57,268,179		57,268,179
Private Preferred Stocks		—		—		29,916,944		29,916,944
Short Term Investments		—		13,375,578		—		13,375,578
Total Investments	$	808,997,393	$	13,375,578	$	87,185,123	$	909,558,094
	Baron International Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	148,232,187	$	306,381,316	$	1,365,474	$	455,978,977
Warrants		23,266		—		—		23,266
Short Term Investments		—		41,580,463		—		41,580,463
Total Investments	$	148,255,453	$	347,961,779	$	1,365,474	$	497,582,706
	Baron Real Estate Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,339,444,236	$	9,342,753	$	—	$	1,348,786,989
Short Term Investments		—		101,358,030		—		101,358,030
Total Investments	$	1,339,444,236	$	110,700,783	$	—	$	1,450,145,019
	Baron Emerging Markets Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,356,564,290	$	3,008,377,956	$	973,010	$	4,365,915,256
Private Common Stocks		—		—		59,519,980		59,519,980
Private Convertible Preferred Stocks†		—		—		116,210,249		116,210,249
Rights		43,505		—		—		43,505
Warrants		2,165		—		—		2,165
Short Term Investments		—		322,096,792		—		322,096,792
Total Investments	$	1,356,609,960	$	3,330,474,748	$	176,703,239	$	4,863,787,947

† See Schedules of Investments for additional detailed categorizations.

Baron Select Funds March 31, 2023

	Baron Global Advantage Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	589,889,146	$	117,783,377	$	—	$	707,672,523
Private Common Stocks		—		—		24,262,308		24,262,308
Private Convertible Preferred Stocks†		—		—		58,990,885		58,990,885
Private Preferred Stocks		—		—		12,580,799		12,580,799
Warrants†		182,721		—		—		182,721
Short Term Investments		—		2,692,990		—		2,692,990
Total Investments	$	590,071,867	$	120,476,367	$	95,833,992	$	806,382,226
	Baron Real Estate Income Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	79,089,528	$	506,550	$	—	$	79,596,078
Short Term Investments		—		2,800,302		—		2,800,302
Total Investments	$	79,089,528	$	3,306,852	$	—	$	82,396,380
	Baron Health Care Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	182,445,880	$	1,473,275	$	—	$	183,919,155
Short Term Investments		—		16,342,388		—		16,342,388
Total Investments	$	182,445,880	$	17,815,663	$	—	$	200,261,543
	Baron FinTech Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	42,553,568	$	1,728,074	$	—	$	44,281,642
Short Term Investments		—		447,705		—		447,705
Total Investments	$	42,553,568	$	2,175,779	$	—	$	44,729,347
	Baron New Asia Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	871,551	$	2,796,326	$	—	$	3,667,877
Short Term Investments		—		475,095		—		475,095
Total Investments	$	871,551	$	3,271,421	$	—	$	4,142,972
	Baron Technology Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,959,636	$	181,636	$	6,079	$	4,147,351
Short Term Investments		—		129,085		—		129,085
Total Investments	$	3,959,636	$	310,721	$	6,079	$	4,276,436

† See Schedules of Investments for additional detailed categorizations.

Baron Select Funds March 31, 2023

The following is a reconciliation of investments in which unobservable inputs (Level 3) were used in determining fair value:

	Baron Partners Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Private Common Stocks
Communication Services*	$	64,260,385	$	—	$	—	$	14,943,692	$	—	$	—	$	—	$	—	$	79,204,077	$	14,943,692
Industrials		185,269,761		—		—		1,379,116		—		—		—		—		186,648,877		1,379,116
Private Convertible Preferred Stocks
Industrials		7,651,108		—		—		237,105		—		—		—		—		7,888,213		237,105
Private Preferred Stocks
Industrials		407,449,715		—		—		3,033,014		—		—		—		—		410,482,729		3,033,014
Total	$	664,630,969	$	—	$	—	$	19,592,927	$	—	$	—	$	—	$	—	$	684,223,896	$	19,592,927
	Baron Focused Growth Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Private Common Stocks
Industrials	$	56,845,034	$	—	$	—	$	423,145	$	—	$	—	$	—	$	—	$	57,268,179	$	423,145
Private Preferred Stocks
Industrials		29,695,891		—		—		221,053		—		—		—		—		29,916,944		221,053
Total	$	86,540,925	$	—	$	—	$	644,198	$	—	$	—	$	—	$	—	$	87,185,123	$	644,198
	Baron International Growth Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Common Stocks
Russia	$	383	$	—	$	—	$	(6,134)	$	6,115	$	—	$	—	$	—	$	364	$	(6,134)
United Kingdom1		—		—		—		(7,376,352)		—		—		8,741,462		—		1,365,110		(5,455,047)
Total	$	383	$	—	$	—	$	(7,382,486)	$	6,115	$	—	$	8,741,462	$	—	$	1,365,474	$	(5,461,181)

1 WANdisco PLC transferred into Level 3 on March 9, 2023 due to trading halt on the exchange.

* GICS Sectors reclassification on March 17, 2023.

Baron Select Funds March 31, 2023

	Baron Emerging Markets Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Common Stocks
India1	$	4,695,422	$	—	$	—	$	69,475	$	—	$	—	$	—	$	(4,764,897)	$	—	$	—
Russia		973,717		—		—		(225,087)		224,380		—		—		—		973,010		(225,087)
Spain2		895,880						68,087		—		—		—		(963,967)		—		—
Private Common Stocks
India		62,888,509		—		—		(3,368,529)		—		—		—		—		59,519,980		(3,368,529)
Private Convertible Preferred Stocks
India		124,493,494		—		—		(8,283,245)		—		—		—		—		116,210,249		(8,283,245)
Total	$	193,947,022	$	—	$	—	$	(11,739,299)	$	224,380	$	—	$	—	$	(5,728,864)	$	176,703,239	$	(11,876,861)
	Baron Global Advantage Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Common Stocks
Spain2	$	292,283	$	—	$	—	$	22,213	$	—	$	—	$	—	$	(314,496)	$	—	$	—
Private Common Stocks
United States		24,083,038		—		—		179,270		—		—		—		—		24,262,308		179,270
Private Convertible Preferred Stocks
India		44,144,184		—		—		(1,870,448)		—		—		—		—		42,273,736		(1,870,448)
United States		14,339,262		—		—		2,377,887		—		—		—		—		16,717,149		2,377,887
Private Preferred Stocks
United States		11,087,146		—		—		1,493,653		—		—		—		—		12,580,799		1,493,653
Total	$	93,945,913	$	—	$	—	$	2,202,575	$	—	$	—	$	—	$	(314,496)	$	95,833,992	$	2,180,362

¹  Aarti Pharmalabs Ltd. commenced trading on an exchange as of January 30, 2023.

²  Codere Online Luxembourg, S.A. Founders shares restriction on resale was lifted on January 5, 2023.

Baron Select Funds MARCH 31, 2023

	Baron New Asia Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Common Stocks
India1	$	5,070	$	—	$	—	$	75	$	—	$	—	$	—	$	(5,145)	$	—	$	—
	Baron Technology Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2023
Common Stocks
Information Technology2	$	—	$	—	$	—	$	(32,851)	$	—	$	—	$	38,930	$	—	$	6,079	$	(34,797)

¹  Aarti Pharmalabs Ltd. commenced trading on an exchange as of January 30, 2023.

²  WANdisco PLC transferred into Level 3 on March 9, 2023 due to trading halt on the exchange.

Baron Select Funds March 31, 2023

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of March 31, 2023 were as follows:

Baron Partners Fund
Sector	Company	Fair Value as of March 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2023	Range used on March 31, 2023
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	25,492,077	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	1.85%	1.16% -2.34%
					Discount for lack of marketability	13.53%	11.10% -14.34%
					Estimated volatility of the returns of equity1	55.25%	37.55% -69.23%
					Scenario Probabilities: Scenario A / Scenario B / Scenario C27	90% /9% /1%	1% - 90%
Private Common Stocks: Communication Services	X Holdings, Inc.	$	53,712,000	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	2.84%	0.23% -3.53%
					Discount for lack of marketability	30.51%	30.51%
					Estimated volatility of the returns of equity3	70.57%	32.68% -87.71%
Private Common Stocks and Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	597,131,606	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	1.19%	(0.10)%-3.30%
Private Convertible Preferred Stocks: Industrials	Northvolt AB	$	7,888,213	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Discount for lack of marketability	4.28%	4.28%
					Estimated volatility of the returns of equity3	37.40%	22.42% -67.12%
					Change in the composite equity index of comparable companies	3.08%	0.12% - 8.55%
					Discount for lack of marketability	15.59%	15.59%
					Estimated volatility of the returns of equity4	54.76%	27.50% -82.30%
Baron Focused Growth Fund
Sector	Company	Fair Value as of March 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2023	Range used on March 31, 2023
Private Common Stocks and Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	87,185,123	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	1.195%	(0.10)% -3.30%%
					Discount for lack of marketability	4.28%	4.28%
					Estimated volatility of the returns of equity3	37.40%	22.42% -67.12%

See Footnotes on page 34.

Baron Select Funds March 31, 2023

Baron Emerging Markets Fund
Sector	Company	Fair Value as of March 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2023	Range used on March 31, 2023
Private Common Stocks: Information Technology	Pine Labs PTE. Ltd.	$	59,519,980	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable companies	1.53%	(0.14)% -1.65%
					Discount for lack of marketability	4.65%	4.65%
					Estimated volatility of the returns of equity2	18.10%	15.19% -44.31%
					Scenario Probabilities: Scenario A /Scenario B6	100% /0%	0% - 100%
Private Convertible Preferred Stocks: Consumer Discretionary	Bundl Technologies Private Ltd.	$	45,758,616	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable companies	0.30%	(0.70)% -2.31%
					Discount for lack of marketability	3.35%	3.35%
					Estimated volatility of the returns of equity2	35.93%	12.42% -49.08%
					Scenario Probabilities: Scenario A /Scenario B6	100% /0%	0% - 100%
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	70,451,633	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable companies	1.37%	(4.61)% -2.73%
					Discount for lack of marketability	5.85%	5.85%
					Estimated volatility of the returns of equity2	22.69%	15.19% -124.15%

See Footnotes on page 34.

Baron Select Funds March 31, 2023

Baron Global Advantage Fund
Sector	Company	Fair Value as of March 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2023	Range used on March 31, 2023
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	24,262,308	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	1.19%	(0.10)% - 3.30%
					Discount for lack of marketability	4.28%	4.28%
					Estimated volatility of the returns of equity3	37.40%	22.42% -67.12%
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	12,822,271	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods.	Change in the composite equity index of comparable companies	2.12%	(1.16)% -10.87%
					Discount for lack of marketability	19.47%	19.47%
					Estimated volatility of the returns of equity3	62.88%	27.67% -171.70%
					Scenario Probabilities: Scenario A / Scenario B6	90% /10%	10% - 90%
Private Convertible Preferred Stocks: Consumer Discretionary	Resident Home, Inc.	$	3,894,878	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	2.83%	1.80% -5.73%
					Discount for lack of marketability	22.43%	22.43%
					Estimated volatility of the returns of equity1	72.05%	42.14% -90.27%
					Scenario Probabilities: Scenario A / Scenario B6	75% /25%	25% -75%
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited.	$	42,273,736	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable companies	(0.44)%	(8.88)% -5.32%
					Discount for lack of marketability	6.63%	6.63%
					Estimated volatility of the returns of equity2	23.47%	16.16% -121.55%
Private Preferred Stocks: Industrials	GM Cruise Holdings	$	12,580,799	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	1.15%	(0.53)% -2.88%
					Discount for lack of marketability	12.08%	12.08%
					Estimated volatility of the returns of equity2	39.33%	27.90% -90.67%
					Scenario Probabilities: Scenario A / Scenario B6	70% /30%	30% -70%

¹⁾  The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies. Some companies have a higher weight in the calculation than others.

²⁾  The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others.

³⁾  The volatility was calculated as a weighted-average of the volatilities of several groups of comparable companies with different industry focus. Each group’s volatility was calculated as the simple average volatilities of comparable companies in the group.

⁴⁾  The volatility was calculated as a simple-average of the volatilities of the individual comparable companies.

⁵⁾  The volatility was calculated using the daily returns of the publicly traded stock of the company.

⁶⁾  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

⁷⁾  Scenario A represents a Direct Listing/ IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event.

A significant change in the EV/EBITDA multiple ratio may result in a directionally similar significant change in the fair value measurement, while a significant change in the discount for lack of marketability and equity index of comparable companies may not result in a materially higher or lower fair value measurement.

Baron Select Funds March 31, 2023

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of March 31, 2023, the components of net assets on a tax basis were as follows:

	Baron Partners Fund		Baron Focused Growth Fund		Baron International Growth Fund		Baron Real Estate Fund		Baron Emerging Markets Fund		Baron Global Advantage Fund
Cost of investments	$	1,807,708,675	$	544,082,977	$	435,488,689	$	1,238,175,624	$	4,425,417,297	$	747,077,256
Gross tax unrealized appreciation	$	5,218,973,910	$	390,557,050	$	106,217,756	$	220,572,931	$	1,087,568,405	$	201,754,388
Gross tax unrealized depreciation		(91,715,955)		(25,081,933)		(44,123,739)		(8,603,536)		(649,197,755)		(142,449,418)
Net tax unrealized appreciation (depreciation)	$	5,127,257,955	$	365,475,117	$	62,094,017	$	211,969,395	$	438,370,650	$	59,304,970
	Baron Real Estate Income Fund		Baron Health Care Fund		Baron FinTech Fund		Baron New Asia Fund		Baron Technology Fund
Cost of investments	$	78,979,294	$	177,941,969	$	51,699,093	$	4,673,616	$	5,014,917
Gross tax unrealized appreciation	$	4,632,547	$	25,336,728	$	2,526,443	$	86,422	$	159,376
Gross tax unrealized depreciation		(1,215,461)		(3,017,154)		(9,496,189)		(617,066)		(897,857)
Net tax unrealized appreciation (depreciation)	$	3,417,086	$	22,319,574	$	(6,969,746)	$	(530,644)	$	(738,481)

6. RUSSIA/UKRAINE RISK

Certain Funds invested in securities and instruments that are economically tied to Russia. Due to the uncertainty of the geopolitical tension in Russia/Ukraine, investments in Russia are subject to political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain transactions may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

7. RECENT ACCOUNTING PRONOUNCEMENT

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 (ASU 2022-03), “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (Topic 820). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. The Adviser is currently evaluating the implications, if any, of the additional requirements and their impact on the Funds’ financial statements.