Baron Partners Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (102.32%)
Consumer Discretionary (50.37%)
		Automobile Manufacturers (34.07%)
	11,725,000	Tesla, Inc. 1,5,6	$	175,518,427	$	2,061,137,750
		Casinos & Gaming (1.79%)
	1,810,000	Red Rock Resorts, Inc., Cl A 6		63,666,953		108,274,200
		Footwear (1.35%)
	1,725,000	Birkenstock Holding PLC 1,2		78,199,680		81,506,250
		Hotels, Resorts & Cruise Lines (8.74%)
	3,315,000	Hyatt Hotels Corp., Cl A 6		114,968,632		529,140,300
		Leisure Facilities (4.42%)
	1,200,000	Vail Resorts, Inc. 6		97,413,753		267,396,000
	Total Consumer Discretionary			529,767,445		3,047,454,500
Communication Services (1.90%)
		Alternative Carriers (0.90%)
	2,075,000	Iridium Communications, Inc. 6		53,835,021		54,282,000
		Movies & Entertainment (1.00%)
	230,000	Spotify Technology SA 1,2,6		37,473,451		60,697,000
	Total Communication Services			91,308,472		114,979,000
Financials (22.91%)
		Financial Exchanges & Data (7.72%)
	720,000	FactSet Research Systems, Inc. 6		54,960,987		327,160,800
	250,000	MSCI, Inc. 6		88,967,758		140,112,500
				143,928,745		467,273,300
		Investment Banking & Brokerage (5.32%)
	4,450,000	The Charles Schwab Corp. 6		116,522,853		321,913,000
		Property & Casualty Insurance (9.87%)
	6,460,000	Arch Capital Group Ltd. 1,2,6		29,483,256		597,162,400
	Total Financials			289,934,854		1,386,348,700
Health Care (6.25%)
		Health Care Equipment (6.25%)
	700,000	IDEXX Laboratories, Inc. 1,6		30,611,907		377,951,000
Industrials (0.69%)
		Aerospace & Defense (0.69%)
	125,625	HEICO Corp. 6		9,632,520		23,994,375
	116,875	HEICO Corp., Cl A 6		7,586,429		17,991,737
	Total Industrials			17,218,949		41,986,112

Shares			Cost		Value
Common Stocks (continued)
Information Technology (7.14%)
		Application Software (1.77%)
	915,000	Guidewire Software, Inc. 1,6	$	74,266,878	$	106,789,650
		IT Consulting & Other Services (5.37%)
	682,000	Gartner, Inc. 1,6		81,737,694		325,088,940
	Total Information Technology			156,004,572		431,878,590
Real Estate (13.06%)
		Other Specialized REITs (1.37%)
	1,800,000	Gaming and Leisure Properties, Inc. 6		56,598,100		82,926,000
		Real Estate Services (11.69%)
	7,320,000	CoStar Group, Inc. 1		98,483,892		707,112,000
	Total Real Estate			155,081,992		790,038,000
	Total Common Stocks			1,269,928,191		6,190,635,902
Private Common Stocks (5.09%)
Communication Services (1.05%)
		Interactive Media & Services (0.27%)
	600,000	X Holdings I, Inc., Cl A 1,3,4,7		60,000,000		16,392,000
		Movies & Entertainment (0.78%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,7		50,000,041		47,334,242
	Total Communication Services			110,000,041		63,726,242
Industrials (4.04%)
		Aerospace & Defense (4.04%)
	2,216,310	Space Exploration Technologies Corp., Cl A 1,3,4,7		29,920,185		214,982,070
	302,210	Space Exploration Technologies Corp., Cl C 1,3,4,7		4,079,835		29,314,370
	Total Industrials			34,000,020		244,296,440
	Total Private Common Stocks			144,000,061		308,022,682
Private Convertible Preferred Stocks (0.12%)
Industrials (0.12%)
		Electrical Components & Equipment (0.12%)
	21,213,656	Northvolt AB, Series E2 (Sweden) 1,3,4,7		7,843,621		6,924,604

See Notes to Portfolios of Investments.

Baron Partners Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Shares			Cost		Value
Private Preferred Stocks (8.88%)
Industrials (8.88%)
		Aerospace & Defense (8.88%)
	311,111	Space Exploration Technologies Corp., Cl H 1,3,4,7	$	41,999,985	$	301,777,670
	131,657	Space Exploration Technologies Corp., Cl I 1,3,4,7		22,250,032		127,707,290
	111,111	Space Exploration Technologies Corp., Series N 1,3,4,7		29,999,970		107,777,670
	Total Private Preferred Stocks			94,249,987		537,262,630
	Total Investments (116.41%)		$	1,516,021,860		7,042,845,818
	Liabilities Less Cash and Other Assets (-16.41%)					(992,821,473	)
	Net Assets				$	6,050,024,345

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At March 31, 2024, the market value of restricted and fair valued securities amounted to $852,209,916 or 14.09% 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  All or a portion of this security is pledged with the custodian in connection with the Fund’s loans payable outstanding. At March 31, 2024, the total market value of pledged securities amounted to $2,026,592,124 or 33.50% of net assets.

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

  All securities are Level 1, unless otherwise noted.

 

See Notes to Portfolios of Investments.

Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (88.98%)
Communication Services (6.35%)
		Alternative Carriers (1.37%)
	730,000	Iridium Communications, Inc.	$	16,852,106	$	19,096,800
		Movies & Entertainment (4.98%)
	262,000	Spotify Technology SA 1,2		35,016,218		69,141,800
	Total Communication Services			51,868,324		88,238,600
Consumer Discretionary (39.92%)
		Apparel, Accessories & Luxury Goods (2.51%)
	7,000,000	Figs, Inc., Cl A 1		57,045,951		34,860,000
		Automobile Manufacturers (7.78%)
	615,000	Tesla, Inc. 1		8,168,271		108,110,850
		Casinos & Gaming (7.04%)
	275,000	Las Vegas Sands Corp.		12,100,000		14,217,500
	537,900	MGM Resorts International 1		22,984,708		25,394,259
	972,100	Red Rock Resorts, Inc., Cl A		33,702,803		58,151,022
				68,787,511		97,762,781
		Footwear (5.63%)
	540,000	Birkenstock Holding PLC 1,2		24,754,411		25,515,000
	1,490,000	On Holding AG, Cl A 1,2		41,827,837		52,716,200
				66,582,248		78,231,200
		Hotels, Resorts & Cruise Lines (9.16%)
	375,000	Choice Hotels International, Inc.		30,286,830		47,381,250
	500,000	Hyatt Hotels Corp., Cl A		24,424,810		79,810,000
				54,711,640		127,191,250
		Leisure Facilities (4.41%)
	275,000	Vail Resorts, Inc.		46,581,947		61,278,250
		Restaurants (3.39%)
	3,095,000	Krispy Kreme, Inc.		43,700,684		47,152,325
	Total Consumer Discretionary			345,578,252		554,586,656
Financials (18.16%)
		Financial Exchanges & Data (7.72%)
	125,000	FactSet Research Systems, Inc.		25,848,439		56,798,750
	90,000	MSCI, Inc.		43,089,524		50,440,500
				68,937,963		107,239,250
		Investment Banking & Brokerage (4.45%)
	455,000	Interactive Brokers Group, Inc., Cl A		36,870,706		50,828,050
	250,000	Jefferies Financial Group, Inc.		7,732,070		11,025,000
				44,602,776		61,853,050
		Property & Casualty Insurance (5.99%)
	900,000	Arch Capital Group Ltd. 1,2		25,104,585		83,196,000
	Total Financials			138,645,324		252,288,300
Health Care (4.83%)
		Biotechnology (1.43%)
	215,000	BioNTech SE, ADR 1,2		22,380,502		19,833,750
		Health Care Equipment (1.32%)
	34,000	IDEXX Laboratories, Inc. 1		15,205,826		18,357,620

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (2.08%)
	210,000	Illumina, Inc. 1	$	23,711,090	$	28,837,200
	Total Health Care			61,297,418		67,028,570
Industrials (2.72%)
		Research & Consulting Services (2.72%)
	160,000	Verisk Analytics, Inc.		28,339,398		37,716,800
Information Technology (8.74%)
		Application Software (6.80%)
	95,000	ANSYS, Inc.1		24,133,643		32,980,200
	526,300	Guidewire Software, Inc. 1		48,175,978		61,424,473
				72,309,621		94,404,673
		Internet Services & Infrastructure (1.94%)
	350,000	Shopify, Inc., Cl A 1,2		15,502,933		27,009,500
	Total Information Technology			87,812,554		121,414,173
Real Estate (8.26%)
		Office REITs (2.98%)
	165,000	Alexandria Real Estate Equities, Inc.		23,085,133		21,270,150
	1,450,000	Douglas Emmett, Inc.		21,593,180		20,111,500
				44,678,313		41,381,650
		Real Estate Services (4.66%)
	670,000	CoStar Group, Inc. 1		17,611,255		64,722,000
		Single-Family Residential REITs (0.62%)
	235,000	American Homes 4 Rent, Cl A		5,062,679		8,643,300
	Total Real Estate			67,352,247		114,746,950
	Total Common Stocks			780,893,517		1,236,020,049
Private Common Stocks (5.40%)
Industrials (5.40%)
		Aerospace & Defense (5.40%)
	629,570	Space Exploration Technologies Corp., Cl A 1,3,4,6		26,390,845		61,068,290
	143,170	Space Exploration Technologies Corp., Cl C 1,3,4,6		6,808,820		13,887,490
	Total Private Common Stocks			33,199,665		74,955,780
Private Preferred Stocks (3.68%)
Industrials (3.68%)
		Aerospace & Defense (3.68%)
	29,630	Space Exploration Technologies Corp., Cl H 1,3,4,6		4,000,050		28,741,100
	1,479	Space Exploration Technologies Corp., Cl I 1,3,4,6		249,951		1,434,630
	12,346	Space Exploration Technologies Corp., Series K 1,3,4,6		10,000,260		11,975,620
	9,259	Space Exploration Technologies Corp., Series N 1,3,4,6		2,499,930		8,981,230
	Total Private Preferred Stocks			16,750,191		51,132,580

See Notes to Portfolios of Investments.

Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Principal Amount		Cost		Value
Short-Term Investments (1.61%)
$22,444,541	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $22,456,636; (Fully Collateralized by $24,036,700 U.S. Treasury Note, 3.50% due 2/15/2033 Market value – $22,893,440) 5	$	22,444,541	$	22,444,541
Total Investments (99.67%)		$	853,287,914		1,384,552,950
Cash and Other Assets Less Liabilities (0.33%)					4,580,451
Net Assets				$	1,389,133,401

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At March 31, 2024, the market value of restricted and fair valued securities amounted to $126,088,360 or 9.08% 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  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.

  All securities are Level 1, unless otherwise noted.

 

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (96.26%)
Brazil (5.24%)
	154,499	Afya Ltd., Cl A 1	$	2,253,892	$	2,870,591
	379,763	B3 S.A. - Brasil, Bolsa, Balcao		904,669		907,875
	272,702	Localiza Rent a Car SA		3,332,266		2,973,112
	242,594	NU Holdings Ltd., Cl A 1		2,024,123		2,894,147
	487,541	Suzano SA		4,270,040		6,219,419
	137,298	XP, Inc., Cl A		2,178,756		3,523,067
	Total Brazil			14,963,746		19,388,211
Canada (3.40%)
	59,111	Agnico Eagle Mines Ltd.		2,833,086		3,525,971
	3,324	Constellation Software, Inc.		82,703		9,079,621
	Total Canada			2,915,789		12,605,592
China (6.79%)
	25,658	Alibaba Group Holding Limited, ADR		2,176,194		1,856,613
	30,053	Baidu, Inc., ADR 1		3,379,506		3,163,980
	439,401	Full Truck Alliance Co. Ltd., ADR 1		2,960,131		3,194,445
	315,119	Fuyao Glass Industry Group Co. Ltd., Cl A 3		1,912,802		1,872,689
	1,733,827	Kingdee International Software Group Co. Ltd. 1,3		1,413,983		1,962,115
	169,045	Kingsoft Corp. Ltd. 3		533,070		521,729
	17,697	PDD Holdings, Inc., ADR 1		2,274,491		2,057,276
	36,012	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3		1,493,425		1,395,510
	70,242	Tencent Holdings Limited 3		1,802,140		2,735,921
	58,843	Tencent Holdings Limited, ADR		2,505,149		2,296,642
	170,306	Tencent Music Entertainment Group, ADR 1		1,541,698		1,905,724
	24,170	Yum China Holdings, Inc.		1,169,463		961,725
	75,362	Zai Lab Limited, ADR 1		1,740,262		1,207,299
	Total China			24,902,314		25,131,668
Denmark (2.39%)
	72,231	Genmab A/S, ADR 1		2,771,184		2,160,429
	52,177	Novo Nordisk AS, ADR		5,157,145		6,699,527
	Total Denmark			7,928,329		8,859,956
France (6.13%)
	90,708	BNP Paribas S.A. 3		3,224,501		6,457,945
	91,913	Eurofins Scientific SE 3		2,051,069		5,854,895
	4,323	LVMH Moët Hennessy Louis Vuitton SE 3		966,601		3,889,818
	12,801	Pernod Ricard SA 3		2,413,759		2,072,277
	257,362	Waga Energy SA 1		6,936,563		4,414,714
	Total France			15,592,493		22,689,649
Germany (2.70%)
	87,722	Befesa SA, 144A 3		3,691,669		3,015,353
	58,317	Symrise AG 3		4,716,219		6,981,177
	Total Germany			8,407,888		9,996,530
Hong Kong (0.89%)
	241,981	Techtronic Industries Co. Ltd. 3		1,905,444		3,288,004

Shares			Cost		Value
Common Stocks (continued)
India (8.95%)
	564,694	Bharti Airtel Ltd. PP 3	$	2,973,239	$	5,573,460
	180,864	Godrej Consumer Products Ltd. 3		2,242,363		2,723,186
	69,815	Godrej Properties Ltd. 1,3		790,862		1,930,226
	43,482	InterGlobe Aviation Ltd., 144A 1,3		1,719,618		1,852,890
	554,671	Jio Financial Services Ltd. 1,3		1,367,711		2,358,124
	1,955,053	JM Financial Limited 3		2,166,178		1,758,994
	35,971	Kaynes Technology India Ltd. 1,3		1,180,835		1,246,373
	166,064	Max Healthcare Institute Ltd. 3		1,112,583		1,637,784
	366,287	Nippon Life India Asset Management Ltd., 144A 3		1,180,808		2,070,189
	165,687	Reliance Industries Limited 3		2,899,836		5,924,664
	89,759	Tata Communications Ltd. 3		1,719,192		2,169,135
	81,654	Trent Ltd. 3		1,517,231		3,875,768
	Total India			20,870,456		33,120,793
Ireland (1.25%)
	453,184	Bank of Ireland Group PLC 3		3,319,157		4,624,775
Israel (3.67%)
	13,324	CyberArk Software Ltd. 1		2,335,277		3,539,254
	113,183	Oddity Tech Ltd. 1		3,716,855		4,917,802
	295,696	Taboola.com Ltd. 1		1,656,256		1,312,890
	27,811	Wix.com Ltd. 1		1,852,058		3,823,456
	Total Israel			9,560,446		13,593,402
Italy (0.97%)
	112,049	Stevanato Group SpA		2,339,751		3,596,773
Japan (11.59%)
	85,975	Japan Airport Terminal Co. Ltd. 3		3,574,517		3,397,397
	209,378	Japan Exchange Group, Inc. 3		3,900,520		5,671,098
	10,173	Keyence Corporation 3		2,615,702		4,722,925
	1,044,950	LY Corp. 3		3,232,716		2,646,816
	460,144	Mitsubishi UFJ Financial Group, Inc., ADR		3,315,427		4,707,273
	87,400	Recruit Holdings Co, Ltd. 3		1,464,907		3,837,452
	228,500	SMS Co. Ltd. 3		6,276,618		3,929,723
	96,885	Sumitomo Mitsui Financial Group, Inc. 3		4,131,608		5,665,128
	31,966	Tokyo Electron Limited 3		2,831,122		8,325,514
	Total Japan			31,343,137		42,903,326
Korea, Republic of (4.68%)
	195,447	Coupang, Inc., Cl A 1		2,659,075		3,477,002
	22,920	HD Hyundai Heavy Industries Co. Ltd. 1,3		2,112,520		2,020,316
	58,767	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		4,398,017		5,250,777
	88,570	Samsung Electronics Co., Ltd. 3		4,835,521		5,322,835
	9,397	SK Hynix, Inc. 3		1,195,865		1,244,870
	Total Korea, Republic of			15,200,998		17,315,800
Mexico (1.03%)
	639,494	Grupo Mexico S.A.B. de C.V., Series B 3		1,674,273		3,814,268

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (continued)
Netherlands (6.88%)
	199,433	AMG Critical Materials NV 3	$	5,449,457	$	4,529,239
	16,785	argenx SE, ADR 1		470,484		6,608,590
	56,061	DSM-Firmenich AG 3		7,186,365		6,375,932
	64,530	Prosus NV 3		2,264,191		2,019,813
	197,203	Universal Music Group NV 3		4,203,328		5,926,016
	Total Netherlands			19,573,825		25,459,590
Norway (0.22%)
	1,513,152	Aker Carbon Capture ASA 1,3		2,449,521		810,324
Peru (0.93%)
	20,347	Credicorp, Ltd.		2,881,751		3,447,392
Poland (3.31%)
	46,894	Dino Polska SA, 144A 1,3		3,372,637		4,549,293
	500,458	InPost SA 1,3		5,155,037		7,707,861
	Total Poland			8,527,674		12,257,154
Russia (0.00%) ^
	487,800	Sberbank of Russia PJSC 1,2,4		1,650,983		305
Spain (5.21%)
	1,349,545	eDreams ODIGEO SA 1,3		9,837,357		9,819,402
	187,755	Industria de Diseno Textil, S.A. 3		5,637,509		9,454,641
	Total Spain			15,474,866		19,274,043
Sweden (1.43%)
	181,738	Epiroc AB, Cl A 3		2,666,497		3,411,685
	59,864	EQT AB 3		1,985,912		1,895,263
	Total Sweden			4,652,409		5,306,948
Switzerland (1.93%)
	14,834	Compagnie Financiere Richemont SA, Cl A 3		1,736,432		2,258,334
	45,954	Nestle S.A. 3		4,547,312		4,882,611
	Total Switzerland			6,283,744		7,140,945
Taiwan (2.31%)
	287,355	Taiwan Semiconductor Manufacturing Co., Ltd. 3		5,689,361		6,883,934
	12,330	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		866,234		1,677,496
	Total Taiwan			6,555,595		8,561,430
United Kingdom (9.93%)
	119,448	AstraZeneca PLC, ADR		4,949,429		8,092,602
	850,800	B&M European Value Retail S.A.1,3		3,537,032		5,865,274
	364,628	Ceres Power Holdings PLC 1		1,869,769		655,346
	45,614	Endava plc, ADR 1		1,513,043		1,735,157
	143,080	Experian plc 3		2,808,574		6,234,417
	28,027	Linde Public Limited Company 3		4,530,965		12,969,650
	268,205	Watches of Switzerland Group PLC, 144A 1,3		2,342,437		1,213,135
	Total United Kingdom			21,551,249		36,765,581

Shares			Cost		Value
Common Stocks (continued)
United States (4.43%)
	42,818	Agilent Technologies, Inc.	$	1,694,717	$	6,230,447
	110,209	Arch Capital Group Ltd. 1		1,968,394		10,187,720
	Total United States			3,663,111		16,418,167
	Total Common Stocks			254,188,949		356,370,626
Warrants (0.01%)
Canada (0.00%)
	5,029	Constellation Software, Inc. Exp. 3/31/2040 1,2,4		0		0
Israel (0.01%)
	56,745	Taboola.com Ltd. Exp. 6/29/2026 1		104,540		27,663
	Total Warrants			104,540		27,663
Principal Amount
Short-Term Investments (2.17%)
	$8,046,522	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $8,050,859; (Fully Collateralized by $7,758,700 U.S. Treasury Note, 4.875% due 10/31/2030 Market value – $8,207,510) 3		8,046,522		8,046,522
	Total Investments (98.44%)		$	262,340,011		364,444,811
	Cash and Other Assets Less Liabilities (1.56%)					5,777,942
	Net Assets				$	370,222,753

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2024, the market value of restricted and fair valued securities amounted to $305 or 0.00% 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.

^{^}  Rounds to less than 0.01%.

^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, 2024, the market value of Rule 144A securities amounted to $12,700,860 or 3.43% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Summary of Investments by Sector as of March 31, 2024	Percentage of Net Assets
Financials		15.2%
Industrials		13.9%
Consumer Discretionary		13.9%
Information Technology		13.4%
Materials		12.0%
Health Care		11.7%
Communication Services		7.6%
Consumer Staples		5.2%
Energy		2.8%
Real Estate		0.5%
Cash and Cash Equivalents*		3.7%
		100.0%**

* Includes short term investments, other assets and liabilities-net.

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

 

See Notes to Portfolios of Investments.

Baron Real Estate Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (97.76%)
Consumer Discretionary (50.74%)
		Casinos & Gaming (15.40%)
	527,650	Boyd Gaming Corporation	$	17,198,965	$	35,521,398
	798,800	Caesars Entertainment, Inc. 1		34,529,987		34,939,512
	995,400	Las Vegas Sands Corp.		47,754,737		51,462,180
	1,402,156	MGM Resorts International 1		53,188,204		66,195,785
	560,340	Red Rock Resorts, Inc., Cl A		8,242,128		33,519,539
	675,250	Wynn Resorts Ltd.		65,458,618		69,030,807
				226,372,639		290,669,221
		Distributors (1.89%)
	88,450	Pool Corp.		29,904,781		35,689,575
		Home Improvement Retail (4.76%)
	296,850	Floor & Decor Holdings, Inc., Cl A 1		21,504,691		38,477,697
	201,800	Lowe’s Companies, Inc.		40,308,469		51,404,514
				61,813,160		89,882,211
		Homebuilding (24.54%)
	624,650	D.R. Horton, Inc.		52,857,478		102,786,157
	144,450	Installed Building Products, Inc.		16,286,537		37,373,549
	614,599	Lennar Corp., Cl A		50,103,579		105,698,736
	1,680,500	Toll Brothers, Inc.		83,930,228		217,406,285
				203,177,822		463,264,727
		Hotels, Resorts & Cruise Lines (4.15%)
	198,950	Hilton Worldwide Holdings, Inc.		29,924,137		42,438,025
	225,700	Hyatt Hotels Corp., Cl A		25,385,925		36,026,234
				55,310,062		78,464,259
	Total Consumer Discretionary			576,578,464		957,969,993
Financials (8.16%)
		Asset Management & Custody Banks (8.16%)
	680,700	Blackstone, Inc.		64,336,407		89,423,559
	604,906	Brookfield Asset Management Ltd., Cl A 2		19,590,273		25,418,150
	935,425	Brookfield Corp., Cl A 2		28,522,003		39,166,245
	Total Financials			112,448,683		154,007,954
Industrials (4.47%)
		Building Products (1.97%)
	287,136	Fortune Brands Innovations, Inc.		16,897,382		24,311,805
	856,448	Janus International Group, Inc. 1		9,921,588		12,958,058
				26,818,970		37,269,863
		Trading Companies & Distributors (2.50%)
	270,585	SiteOne Landscape Supply, Inc. 1		33,136,183		47,230,612
	Total Industrials			59,955,153		84,500,475
Materials (1.80%)
		Construction Materials (1.80%)
	124,250	Vulcan Materials Co.		23,595,011		33,910,310
Real Estate (32.59%)
		Data Center REITs (6.89%)
	344,626	Digital Realty Trust, Inc.		38,161,963		49,639,929
	97,340	Equinix, Inc.		51,234,730		80,337,622
				89,396,693		129,977,551

Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)
		Health Care REITs (2.36%)
	477,750	Welltower, Inc.	$	36,453,129	$	44,640,960
		Industrial REITs (8.17%)
	120,650	EastGroup Properties, Inc.		19,847,828		21,689,250
	712,400	Prologis, Inc.		74,451,301		92,768,728
	611,159	Rexford Industrial Realty, Inc.		31,212,424		30,741,298
	136,422	Terreno Realty Corp.		7,928,794		9,058,421
				133,440,347		154,257,697
		Multi-Family Residential REITs (1.33%)
	397,375	Equity Residential		23,712,527		25,078,336
		Real Estate Services (9.56%)
	500,850	CBRE Group, Inc., Cl A 1		35,482,369		48,702,654
	906,263	CoStar Group, Inc. 1		52,244,974		87,545,006
	226,492	Jones Lang LaSalle, Inc. 1		32,708,408		44,186,324
				120,435,751		180,433,984
		Single-Family Residential REITs (1.64%)
	868,200	Invitation Homes, Inc.		25,315,753		30,916,602
		Telecom Tower REITs (2.64%)
	252,600	American Tower Corp.		40,151,996		49,911,234
	Total Real Estate			468,906,196		615,216,364
	Total Common Stocks			1,241,483,507		1,845,605,096
Principal Amount
Short-Term Investments (2.01%)
	$37,990,093	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $38,010,565; (Fully Collateralized by $13,093,400 U.S. Treasury Note, 3.50% due 2/15/2033 Market value – $12,470,637 and Fully Collateralized by $24,842,300 U.S. Treasury Note, 4.875% due 10/31/2030 Market value – $26,279,327) 3		37,990,093		37,990,093
	Total Investments (99.77%)		$	1,279,473,600		1,883,595,189
	Cash and Other Assets Less Liabilities (0.23%)					4,274,712
	Net Assets				$	1,887,869,901

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (92.90%)
Brazil (9.05%)
	1,619,572	Afya Ltd., Cl A 1	$	37,031,685	$	30,091,648
	9,588,414	B3 S.A. - Brasil, Bolsa, Balcao		22,052,788		22,922,416
	2,271,819	Banco BTG Pactual SA		16,946,324		16,501,648
	2,505,228	Inter & Co., Inc. BDR 1		10,197,404		14,255,933
	5,529,546	Localiza Rent a Car SA		43,808,872		60,285,436
	5,654,623	NU Holdings Ltd., Cl A 1		45,358,355		67,459,652
	8,387,545	Suzano SA		74,754,468		106,997,474
	2,456,483	XP, Inc., Cl A		45,282,512		63,033,354
	Total Brazil			295,432,408		381,547,561
China (22.23%)
	1,153,292	Alibaba Group Holding Limited, ADR		96,467,529		83,452,209
	558,658	Baidu, Inc., ADR 1		65,400,216		58,815,514
	16,672,536	China Mengniu Dairy Co. Ltd. 3		32,976,023		35,884,785
	4,943,658	Estun Automation Co. Ltd., Cl A 3		15,261,894		12,798,930
	8,239,650	Full Truck Alliance Co. Ltd., ADR 1		61,380,191		59,902,256
	5,306,987	Fuyao Glass Industry Group Co. Ltd., Cl A 3		31,895,016		31,538,361
	5,029,694	Galaxy Entertainment Group Ltd. 1,3		32,217,879		25,284,624
	3,683,531	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3		29,220,250		25,689,235
	1,458,735	Kanzhun Ltd., ADR 1		23,645,736		25,571,625
	34,551,293	Kingdee International Software Group Co. Ltd.1,3		27,097,573		39,100,552
	6,906,354	Kingsoft Corp. Ltd. 3		23,497,721		21,315,285
	215,023	Kweichow Moutai Co. Ltd., Cl A 3		54,190,224		50,685,380
	1,151,837	Lufax Holding Ltd., ADR		7,467,777		4,860,752
	2,320,457	Midea Group Co., Ltd., Cl A 3		12,050,231		20,744,507
	13,831,028	NARI Technology Co. Ltd., Cl A 3		43,585,748		46,169,466
	432,708	PDD Holdings, Inc., ADR 1		48,220,146		50,302,305
	825,909	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3		26,708,224		32,005,011
	4,930,701	Shenzhou International Group Holdings Ltd. 3		27,558,137		46,809,183
	3,434,859	Tencent Holdings Limited 3		82,254,612		133,787,525
	692,887	Tencent Holdings Limited, ADR		30,669,423		27,043,380
	2,714,704	Tencent Music Entertainment Group, ADR 1		26,160,581		30,377,538
	5,443,565	Venustech Group, Inc., Cl A 3		25,598,599		15,696,928
	555,944	Yum China Holdings, Inc.		27,195,075		22,121,012
	456,354	Yum China Holdings, Inc., (Hong Kong) 3		23,971,618		17,990,292
	1,212,563	Zai Lab Limited, ADR 1		25,820,909		19,425,259
	Total China			900,511,332		937,371,914
France (0.20%)
	52,006	Pernod Ricard SA 3		9,220,573		8,418,941
Hong Kong (1.84%)
	19,580,841	Budweiser Brewing Co. APAC Ltd., 144A 3		53,876,519		28,880,381
	3,580,518	Techtronic Industries Co. Ltd. 3		18,548,182		48,651,576
	Total Hong Kong			72,424,701		77,531,957

Shares			Cost		Value
Common Stocks (continued)
India (24.39%)
	3,203,564	Aarti Industries Ltd. 3	$	32,155,167	$	25,603,070
	914,132	Aarti Pharmalabs Ltd. 1,3		5,328,187		4,766,048
	642,035	Bajaj Finance Limited 3		18,669,587		56,061,728
	5,465,909	Bharti Airtel Ltd. 3		39,331,079		80,648,035
	1,952,679	Bharti Airtel Ltd. PP 3		9,168,746		19,272,700
	347,546	Cholamandalam Investment & Finance Co. Ltd. 3		4,932,922		4,839,642
	22,805	Divi’s Laboratories Ltd. 3		206,835		943,889
	15,164,186	Edelweiss Financial Services Ltd. 3		7,693,544		11,576,271
	3,876,775	Godrej Consumer Products Ltd. 3		45,851,894		58,370,823
	1,457,520	Godrej Properties Ltd. 1,3		27,514,661		40,297,112
	1,969,777	HDFC Bank Ltd. 3		28,466,966		34,348,203
	14,517,648	Indus Towers Ltd. 1,3		41,268,951		50,779,533
	704,890	InterGlobe Aviation Ltd., 144A 1,3		26,814,449		30,037,349
	10,964,871	Jio Financial Services Ltd. 1,3		27,164,699		46,615,964
	38,145,306	JM Financial Limited 3		49,460,302		34,319,966
	474,048	Kaynes Technology India Ltd. 1,3		16,107,421		16,425,470
	1,503,074	Mahindra & Mahindra Ltd. 3		28,184,321		34,723,043
	1,068,971	Max Financial Services Ltd. 1,3		6,729,829		12,889,450
	2,495,237	Max Healthcare Institute Ltd. 3		17,023,793		24,608,936
	7,424,118	Nippon Life India Asset Management Ltd., 144A 3		23,790,992		41,959,800
	345,880	Nuvama Wealth Management Ltd. 1,3		14,999,032		19,504,653
	2,518,627	Reliance Industries Limited 3		42,316,535		90,061,495
	3,172,092	SBI Life Insurance Company Limited, 144A 3		32,829,053		57,277,724
	2,752,635	Tata Communications Ltd. 3		15,493,616		66,520,761
	522,338	Tata Consultancy Services Ltd. 3		22,004,327		24,378,532
	3,259,442	Tata Consumer Products Ltd. 3		15,963,741		42,920,130
	946,083	Titan Co. Ltd. 3		13,837,877		43,247,425
	1,163,298	Trent Ltd. 3		23,047,628		55,216,813
	Total India			636,356,154		1,028,214,565
Indonesia (1.82%)
	200,820,571	Bank Rakyat Indonesia (Persero) Tbk PT 3		58,701,851		76,788,742
Japan (0.70%)
	63,704	Keyence Corporation 3		21,634,647		29,575,272
Korea, Republic of (12.55%)
	3,673,361	Coupang, Inc., Cl A 1		50,718,011		65,349,092
	397,056	HD Hyundai Heavy Industries Co. Ltd. 1,3		21,937,881		34,999,066
	901,425	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		83,437,961		80,541,484
	807,776	KB Financial Group, Inc. 3		40,112,745		42,212,361
	747,264	Korea Aerospace Industries Ltd. 3		24,245,932		27,969,383
	3,415,778	Samsung Electronics Co., Ltd. 3		104,312,521		205,279,700
	59,464	Samsung SDI Co. Ltd. 3		26,042,745		21,089,136
	390,707	SK Hynix, Inc. 3		35,583,132		51,759,028
	Total Korea, Republic of			386,390,928		529,199,250

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (continued)
Mexico (2.80%)
	9,102,356	Grupo Mexico S.A.B. de C.V., Series B 3	$	23,232,192	$	54,291,084
	15,809,480	Wal-Mart de Mexico, S.A.B de C.V. 3		36,160,009		63,837,125
	Total Mexico			59,392,201		118,128,209
Peru (1.24%)
	307,435	Credicorp, Ltd.		38,079,072		52,088,712
Philippines (2.16%)
	56,532,165	Ayala Land, Inc. 3		39,693,024		32,492,245
	21,282,791	BDO Unibank, Inc.		36,674,039		58,493,128
	Total Philippines			76,367,063		90,985,373
Poland (2.32%)
	185,862	Dino Polska SA, 144A 1,3		16,285,905		18,030,892
	5,194,895	InPost SA 1,3		69,307,300		80,009,772
	Total Poland			85,593,205		98,040,664
Russia (0.00%)^
	17,949,100	Sberbank of Russia PJSC 1,2,4		64,430,586		11,226
South Africa (1.47%)
	748,357	Gold Fields Ltd. 3		8,410,824		12,005,423
	1,784,978	Gold Fields Ltd., ADR		17,833,074		28,363,300
	121,658	Naspers Ltd., Cl N		17,395,373		21,566,675
	Total South Africa			43,639,271		61,935,398
Spain (0.36%)
	1,791,760	Codere Online Luxembourg, S.A. Forward Shares 1		17,917,600		12,470,650
	358,352	Codere Online Luxembourg, S.A. Founders Shares 1		3,116		2,494,130
	26,518	Codere Online Luxembourg, S.A. Private Shares, Cl A 1		265,181		184,565
	Total Spain			18,185,897		15,149,345
Taiwan (9.77%)
	5,675,060	Delta Electronics, Inc. 3		20,862,776		60,739,457
	202,466	eMemory Technology, Inc. 3		17,994,013		15,201,737
	10,074,419	Taiwan Semiconductor Manufacturing Co., Ltd. 3		183,949,521		241,344,792
	696,161	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,457,049		94,712,704
	Total Taiwan			236,263,359		411,998,690
	Total Common Stocks			3,002,623,248		3,916,985,819
Private Common Stocks (0.99%)
India (0.99%)
	27,027	Pine Labs PTE. Ltd., Series 1 1,2,4		10,077,362		10,433,773
	6,833	Pine Labs PTE. Ltd., Series A 1,2,4		2,547,771		2,637,880
	7,600	Pine Labs PTE. Ltd., Series B 1,2,4		2,833,757		2,933,980
	6,174	Pine Labs PTE. Ltd., Series B2 1,2,4		2,302,055		2,383,473
	9,573	Pine Labs PTE. Ltd., Series C 1,2,4		3,569,416		3,695,657
	1,932	Pine Labs PTE. Ltd., Series C1 1,2,4		720,371		745,848
	2,459	Pine Labs PTE. Ltd., Series D 1,2,4		916,870		949,297
	45,680	Pine Labs PTE. Ltd., Series J 1,2,4		17,032,398		17,634,764
	Total Private Common Stocks			40,000,000		41,414,672

Shares			Cost		Value
Private Convertible Preferred Stocks (2.59%)
India (2.59%)
	11,578	Bundl Technologies Private Ltd., Series K 1,2,4	$	76,776,872	$	109,157,076
	15,334	Think & Learn Private Limited, Series F 1,2,4		49,776,072		75,485
	Total Private Convertible Preferred Stocks			126,552,944		109,232,561
Warrants (0.00%)^
Spain (0.00%)^
	13,259	Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 1		0		6,339
Principal Amount
Short-Term Investments (2.67%)
	$112,764,167	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $112,824,934; (Fully Collateralized by $125,615,300 U.S. Treasury Note, 0.75% due 8/31/2026 Market value – $115,019,495) 3		112,764,167		112,764,167
	Total Investments (99.15%)		$	3,281,940,359		4,180,403,558
	Cash and Other Assets Less Liabilities (0.85%)					35,943,848
	Net Assets				$	4,216,347,406

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2024, the market value of restricted and fair valued securities amounted to $150,658,459 or 3.57% 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.

^{^}  Rounds to less than 0.01%.

^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, 2024, the market value of Rule 144A securities amounted to $176,186,146 or 4.18% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Summary of Investments by Sector as of March 31, 2024	Percentage of Net Assets
Information Technology		19.3%
Financials		18.5%
Consumer Discretionary		16.0%
Communication Services		12.2%
Industrials		12.0%
Consumer Staples		7.3%
Materials		5.4%
Energy		2.1%
Health Care		1.9%
Real Estate		1.7%
Cash and Cash Equivalents*		3.5%
		100.0%**

* Includes short term investments, other assets and liabilities-net.

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

 

See Notes to Portfolios of Investments.

Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (94.11%)
Argentina (10.89%)
	66,449	Globant S.A. 1	$	4,475,572	$	13,416,053
	37,062	MercadoLibre, Inc. 1		21,212,467		56,036,262
	Total Argentina			25,688,039		69,452,315
Brazil (1.74%)
	598,218	Afya Ltd., Cl A 1		11,070,880		11,114,890
Canada (7.98%)
	659,342	Shopify, Inc., Cl A 1		24,698,739		50,881,422
India (5.82%)
	252,006	Bajaj Finance Limited 3		14,454,904		22,004,863
	6,907,712	Zomato Ltd. 1,3		11,551,154		15,141,170
	Total India			26,006,058		37,146,033
Israel (4.12%)
	331,500	Fiverr International Ltd. 1		7,554,652		6,984,705
	140,534	Wix.com Ltd. 1		11,760,229		19,320,614
	Total Israel			19,314,881		26,305,319
Korea, Republic of (5.01%)
	1,796,774	Coupang, Inc., Cl A 1		35,426,777		31,964,610
Netherlands (9.84%)
	8,934	Adyen N.V., 144A 1,3		6,863,044		15,090,745
	60,227	argenx SE, ADR 1		4,315,719		23,712,574
	24,705	ASML Holding N.V. 3		4,659,631		23,950,534
	Total Netherlands			15,838,394		62,753,853
Poland (2.61%)
	1,079,814	InPost SA 1,3		14,250,545		16,630,879
Spain (1.34%)
	850,000	Codere Online Luxembourg S.A. 1		7,778,375		5,916,000
	271,380	Codere Online Luxembourg, S.A. Forward Shares 1		2,713,800		1,888,805
	104,612	Codere Online Luxembourg, S.A. Founders Shares 1		910		728,099
	Total Spain			10,493,085		8,532,904
United Kingdom (3.35%)
	562,450	Endava plc, ADR 1		22,183,544		21,395,598
United States (41.41%)
	77,682	Astera Labs, Inc. 1		2,796,552		5,763,228
	140,021	Bill.Com Holdings, Inc. 1		5,764,069		9,622,243
	180,421	Block, Inc. 1		14,648,531		15,260,008
	358,787	Cloudflare, Inc., Cl A 1		8,282,008		34,741,345
	88,144	Crowdstrike Holdings, Inc., Cl A 1		4,910,447		28,258,085
	177,426	Datadog, Inc., Cl A 1		8,157,291		21,929,854
	928	Illumina, Inc. 1		259,532		127,433
	427,728	indie Semiconductor, Inc., Cl A 1		2,857,732		3,028,314
	78,087	NVIDIA Corp.		15,094,404		70,556,290
	634,936	Rivian Automotive, Inc., Cl A 1		13,602,871		6,952,549
	166,462	Snowflake, Inc., Cl A 1		21,519,122		26,900,259
	101,367	Tesla, Inc. 1		27,919,942		17,819,305

Shares			Cost		Value
Common Stocks (continued)
United States (continued)
	91,425	Viking Therapeutics, Inc. 1	$	7,113,884	$	7,496,850
	81,551	Zscaler, Inc. 1		3,999,953		15,709,169
	Total United States			136,926,338		264,164,932
	Total Common Stocks			341,897,280		600,342,755
Private Common Stocks (5.06%)
United States (5.06%)
	299,761	Farmers Business Network, Inc. 1,2,4		12,250,006		557,556
	252,130	Space Exploration Technologies Corp., Cl A 1,2,4		11,571,518		24,456,610
	75,250	Space Exploration Technologies Corp., Cl C 1,2,4		3,428,124		7,299,250
	Total Private Common Stocks			27,249,648		32,313,416
Private Convertible Preferred Stocks (0.01%)
India (0.01%)
	9,201	Think & Learn Private Limited, Series F 1,2,4		29,867,591		45,294
Private Preferred Stocks (0.44%)
United States (0.44%)
	461,004	GM Cruise Holdings LLC, Cl G 1,2,4		12,147,455		2,798,294
Warrants (0.06%)
Israel (0.02%)
	68,986	Innovid Corp., Exp. 12/31/2027 1		117,942		3,105
	228,748	Taboola.com Ltd., Exp. 6/29/2026 1		417,100		111,515
	Total Israel			535,042		114,620
Spain (0.04%)
	502,360	Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 1		845,632		240,178
	Total Warrants			1,380,674		354,798
	Total Investments (99.68%)		$	412,542,648		635,854,557
	Cash and Other Assets Less Liabilities (0.32%)					2,057,798
	Net Assets				$	637,912,355

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At March 31, 2024, the market value of restricted and fair valued securities amounted to $35,157,004 or 5.51% 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, 2024, the market value of Rule 144A securities amounted to $15,090,745 or 2.37% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Summary of Investments by Sector as of March 31, 2024	Percentage of Net Assets
Information Technology		54.2%
Consumer Discretionary		23.2%
Industrials		9.1%
Financials		8.2%
Health Care		4.9%
Materials		0.1%
Communication Services		0.0%^
Cash and Cash Equivalents*		0.3%
		100.0%**

^ Rounds to less than 0.1%.

* Includes short term investments, other assets and liabilities-net.

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

 

See Notes to Portfolios of Investments.

Baron Real Estate Income Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (97.41%)
Consumer Discretionary (15.25%)
		Casinos & Gaming (4.38%)
	64,325	Wynn Resorts Ltd.	$	6,328,999	$	6,575,945
		Home Improvement Retail (1.25%)
	7,379	Lowe’s Companies, Inc.		1,687,481		1,879,653
		Homebuilding (7.70%)
	14,978	Lennar Corp., Cl A		2,259,675		2,575,916
	53,565	Toll Brothers, Inc.		3,340,722		6,929,704
	53,250	Tri Pointe Homes, Inc. 1		1,867,257		2,058,645
				7,467,654		11,564,265
		Hotels, Resorts & Cruise Lines (1.92%)
	7,538	Hilton Worldwide Holdings, Inc.		1,454,075		1,607,931
	11,783	Marriott Vacations Worldwide Corp.		965,998		1,269,382
				2,420,073		2,877,313
	Total Consumer Discretionary			17,904,207		22,897,176
Financials (4.71%)
		Asset Management & Custody Banks (4.71%)
	18,320	Blackstone, Inc.		2,282,015		2,406,699
	45,800	Brookfield Corp., Cl A 2		1,479,123		1,917,646
	65,261	Brookfield Asset Management Ltd., Cl A 2		2,213,786		2,742,267
	Total Financials			5,974,924		7,066,612
Information Technology (1.23%)
		Internet Services & Infrastructure (1.23%)
	277,337	GDS Holdings Ltd., ADR 1,2		1,873,466		1,844,291
Real Estate (75.32%)
		Data Center REITs (11.59%)
	46,894	Digital Realty Trust, Inc.		4,973,376		6,754,612
	12,896	Equinix, Inc.		8,893,395		10,643,455
				13,866,771		17,398,067
		Health Care REITs (7.48%)
	120,170	Welltower, Inc.		9,183,042		11,228,685
		Hotel & Resort REITs (4.11%)
	271,078	DiamondRock Hospitality Co.		2,199,956		2,605,060
	203,907	Park Hotels & Resorts, Inc.		3,370,149		3,566,333
				5,570,105		6,171,393
		Industrial REITs (15.72%)
	12,106	EastGroup Properties, Inc.		1,774,395		2,176,296
	55,213	First Industrial Realty Trust, Inc.		2,822,184		2,900,891
	112,602	Prologis, Inc.		12,768,602		14,663,032
	64,373	Rexford Industrial Realty, Inc.		3,284,256		3,237,962
	9,360	Terreno Realty Corp.		522,942		621,504
				21,172,379		23,599,685
		Multi-Family Residential REITs (8.79%)
	32,452	AvalonBay Communities, Inc.		5,791,691		6,021,793
	113,791	Equity Residential		6,900,439		7,181,350
				12,692,130		13,203,143

Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)
		Office REITs (0.71%)
	6,530	Alexandria Real Estate Equities, Inc.	$	667,511	$	841,782
	3,456	Boston Properties, Inc.		238,715		225,712
				906,226		1,067,494
		Retail REITs (7.09%)
	162,312	Macerich Co.		2,707,551		2,796,636
	39,606	Simon Property Group, Inc.		5,279,459		6,197,943
	56,125	Tanger, Inc.		1,174,431		1,657,371
				9,161,441		10,651,950
		Self Storage REITs (2.72%)
	13,985	Extra Space Storage, Inc.		1,512,827		2,055,795
	7,006	Public Storage		1,747,986		2,032,160
				3,260,813		4,087,955
		Single-Family Residential REITs (11.34%)
	178,386	American Homes 4 Rent, Cl A		6,148,332		6,561,037
	193,970	Invitation Homes, Inc.		6,496,773		6,907,272
	27,613	Sun Communities, Inc.		3,030,084		3,550,479
				15,675,189		17,018,788
		Telecom Tower REITs (5.77%)
	43,845	American Tower Corp.		7,802,832		8,663,334
	Total Real Estate			99,290,928		113,090,494
Utilities (0.90%)
		Multi-Utilities (0.90%)
	37,563	Brookfield Infrastructure Corp., Cl A 2,3		1,034,872		1,353,770
	Total Common Stocks			126,078,397		146,252,343
Principal Amount
Short-Term Investments (3.02%)
	$4,528,513	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $4,530,953; (Fully Collateralized by $5,044,700 U.S. Treasury Note, 0.75% due 8/31/2026 Market value – $4,619,173) 4		4,528,513		4,528,513
	Total Investments (100.43%)		$	130,606,910		150,780,856
	Liabilities Less Cash and Other Assets (-0.43%)					(642,699	)
	Net Assets				$	150,138,157

% 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 Portfolios of Investments.

Baron Health Care Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (94.53%)
Health Care (94.53%)
		Biotechnology (18.91%)
	100,000	Arcellx, Inc. 1	$	4,994,117	$	6,955,000
	20,055	argenx SE, ADR 1,2		6,699,349		7,896,054
	30,000	Beam Therapeutics, Inc. 1		857,519		991,200
	60,000	Immunovant, Inc. 1		2,128,685		1,938,600
	70,000	Legend Biotech Corp., ADR 1,2		4,042,636		3,926,300
	261,254	Rocket Pharmaceuticals, Inc. 1		4,842,850		7,038,183
	23,000	Vertex Pharmaceuticals, Incorporated 1		5,946,486		9,614,230
	35,000	Viking Therapeutics, Inc. 1		1,080,070		2,870,000
	100,100	Xenon Pharmaceuticals, Inc. 1,2		3,651,406		4,309,305
				34,243,118		45,538,872
		Health Care Distributors (2.41%)
	10,800	McKesson Corp.		2,651,423		5,797,980
		Health Care Equipment (20.33%)
	154,000	Boston Scientific Corp. 1		8,187,278		10,547,460
	35,000	DexCom, Inc. 1		3,975,409		4,854,500
	6,995	IDEXX Laboratories, Inc. 1		2,933,296		3,776,810
	10,000	Inspire Medical Systems, Inc. 1		1,273,951		2,147,900
	30,233	Intuitive Surgical, Inc. 1		7,267,519		12,065,688
	45,000	iRhythm Technologies, Inc. 1		5,076,701		5,220,000
	12,000	Shockwave Medical, Inc. 1		2,503,752		3,907,560
	18,000	Stryker Corp.		5,216,224		6,441,660
				36,434,130		48,961,578
		Health Care Facilities (3.65%)
	18,300	HCA Healthcare, Inc.		4,144,546		6,103,599
	90,000	Surgery Partners, Inc. 1		2,828,730		2,684,700
				6,973,276		8,788,299
		Health Care Services (0.41%)
	20,000	RadNet, Inc. 1		913,194		973,200
		Health Care Supplies (3.27%)
	66,000	The Cooper Companies, Inc.		5,739,552		6,696,360
	75,000	Neogen Corp. 1		1,362,878		1,183,500
				7,102,430		7,879,860
		Health Care Technology (1.45%)
	35,000	Schrödinger, Inc. 1		938,461		945,000
	11,000	Veeva Systems, Inc., Cl A 1		2,141,143		2,548,590
				3,079,604		3,493,590
		Life Sciences Tools & Services (17.83%)
	40,000	Bio-Techne Corporation		3,091,287		2,815,600
	18,100	Danaher Corp.		4,174,368		4,519,932
	10,000	Exact Sciences Corp. 1,3		638,780		690,600
	20,200	ICON plc 1,2		4,159,401		6,786,190

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (continued)
	2,650	Mettler-Toledo International, Inc. 1	$	2,726,860	$	3,527,919
	41,000	Natera, Inc. 1,3		2,772,310		3,749,860
	18,300	Repligen Corp. 1		3,252,347		3,365,736
	60,000	Stevanato Group SpA 2		1,399,138		1,926,000
	18,849	Thermo Fisher Scientific, Inc.		9,196,029		10,955,227
	11,650	West Pharmaceutical Services, Inc.		3,438,732		4,610,021
				34,849,252		42,947,085
		Managed Health Care (9.66%)
	9,000	Elevance Health, Inc.		4,137,488		4,666,860
	37,572	UnitedHealth Group, Incorporated		13,933,454		18,586,869
				18,070,942		23,253,729
		Pharmaceuticals (16.61%)
	45,000	AstraZeneca PLC, ADR 2		2,626,938		3,048,750
	26,000	Eli Lilly & Co.		5,735,328		20,226,960
	90,000	Merck & Co., Inc.		8,514,795		11,875,500
	28,700	Zoetis, Inc.		4,389,841		4,856,327
				21,266,902		40,007,537
	Total Common Stocks			165,584,271		227,641,730
Principal Amount
Short-Term Investments (5.01%)
	$12,063,175	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $12,069,676; (Fully Collateralized by $13,438,000 U.S. Treasury Note, 0.75% due 8/31/2026 Market value – $12,304,488) 4		12,063,175		12,063,175
	Total Investments (99.54%)		$	177,647,446		239,704,905
	Cash and Other Assets Less Liabilities (0.46%)					1,112,408
	Net Assets				$	240,817,313

% 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 Portfolios of Investments.

Baron FinTech Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (100.05%)
Consumer Discretionary (3.33%)
		Broadline Retail (3.33%)
	1,352	MercadoLibre, Inc. 1	$	1,992,630	$	2,044,170
Financials (69.31%)
		Asset Management & Custody Banks (2.31%)
	1,700	BlackRock, Inc.		1,335,106		1,417,290
		Diversified Banks (2.70%)
	139,085	NU Holdings Ltd., Cl A 1,2		1,133,995		1,659,284
		Diversified Financial Services (4.14%)
	22,600	Apollo Global Management, Inc.		1,654,296		2,541,370
		Financial Exchanges & Data (20.18%)
	5,464	CME Group, Inc.		1,136,935		1,176,345
	3,675	FactSet Research Systems, Inc.		1,538,060		1,669,883
	3,973	Moody’s Corp.		1,406,039		1,561,508
	5,166	Morningstar, Inc.		1,133,088		1,593,039
	3,080	MSCI, Inc.		1,320,776		1,726,186
	6,457	S&P Global, Inc.		2,537,796		2,747,131
	18,379	Tradeweb Markets, Inc., Cl A		1,504,323		1,914,541
				10,577,017		12,388,633
		Insurance Brokers (0.47%)
	9,934	BRP Group, Inc., Cl A 1		284,828		287,490
		Investment Banking & Brokerage (8.38%)
	10,530	Houlihan Lokey, Inc.		795,760		1,349,840
	9,934	Interactive Brokers Group, Inc., Cl A		791,486		1,109,727
	6,854	LPL Financial Holdings, Inc.		1,155,054		1,810,827
	12,020	The Charles Schwab Corp.		892,280		869,527
				3,634,580		5,139,921
		Property & Casualty Insurance (8.40%)
	17,900	Arch Capital Group Ltd. 1,2		1,467,472		1,654,676
	1,788	Kinsale Capital Group, Inc.		303,680		938,235
	12,400	The Progressive Corp.		1,501,618		2,564,568
				3,272,770		5,157,479
		Transaction & Payment Processing Services (22.73%)
	13,908	Block, Inc. 1		2,510,342		1,176,339
	13,213	Fiserv, Inc. 1		1,413,544		2,111,702
	8,900	Global Payments, Inc.		1,110,963		1,189,574
	5,960	Jack Henry & Associates, Inc.		993,006		1,035,431
	6,300	MasterCard, Incorporated, Cl A		2,171,411		3,033,891
	12,915	Repay Holdings Corporation 1		258,465		142,065
	10,600	Visa, Inc., Cl A		2,241,606		2,958,248
	3,576	WEX, Inc. 1		730,811		849,407
	124,183	Wise PLC, Cl A (United Kingdom) 1,2,3		1,434,591		1,451,619
				12,864,739		13,948,276
	Total Financials			34,757,331		42,539,743

Shares			Cost		Value
Common Stocks (continued)
Industrials (4.82%)
		Research & Consulting Services (4.82%)
	2,583	Equifax, Inc.	$	545,242	$	691,004
	9,934	TransUnion		960,745		792,733
	6,258	Verisk Analytics, Inc.		1,196,749		1,475,199
	Total Industrials			2,702,736		2,958,936
Information Technology (21.02%)
		Application Software (13.97%)
	11,921	Alkami Technology, Inc. 1		302,180		292,899
	4,470	Bill.Com Holdings, Inc. 1		530,116		307,178
	19,869	Clearwater Analytics Holdings, Inc., Cl A 1		480,932		351,483
	2,087	Fair Isaac Corp. 1		980,262		2,607,936
	13,412	Guidewire Software, Inc. 1		1,501,822		1,565,315
	13,908	Intapp, Inc. 1		610,006		477,044
	4,570	Intuit, Inc.		1,714,638		2,970,500
				6,119,956		8,572,355
		Internet Services & Infrastructure (1.50%)
	11,921	Shopify, Inc., Cl A 1,2		1,685,376		919,943
		IT Consulting & Other Services (5.55%)
	4,100	Accenture plc, Cl A 2		1,102,035		1,421,101
	25,830	CI&T, Inc., Cl A 1,2		377,141		106,678
	18,875	Endava plc, ADR 1,2		1,351,424		718,005
	5,762	Globant S.A. 1,2		1,428,435		1,163,348
				4,259,035		3,409,132
	Total Information Technology			12,064,367		12,901,430
Real Estate (1.57%)
		Real Estate Services (1.57%)
	10,000	CoStar Group, Inc. 1		863,825		966,000
	Total Common Stocks			52,380,889		61,410,279
Principal Amount
Short-Term Investments (0.38%)
	$233,833	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $233,959; (Fully Collateralized by $260,500 U.S. Treasury Note, 0.75% due 8/31/2026 Market value – $238,527) 3		233,833		233,833
	Total Investments (100.43%)		$	52,614,722		61,644,112
	Liabilities Less Cash and Other Assets (-0.43%)					(263,005	)
	Net Assets				$	61,381,107

% 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.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron New Asia Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (97.23%)
China (20.29%)
	1,188	Alibaba Group Holding Limited, ADR	$	110,111	$	85,964
	457	Baidu, Inc., ADR 1		65,203		48,113
	838	Baidu, Inc., Cl A 1,2		13,648		11,032
	14,326	China Mengniu Dairy Co. Ltd. 2		47,859		30,834
	5,843	Estun Automation Co. Ltd., Cl A 2		20,127		15,127
	8,157	Full Truck Alliance Co. Ltd., ADR 1		58,402		59,301
	4,713	Galaxy Entertainment Group Ltd. 1,2		30,166		23,693
	4,090	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 2		34,282		28,524
	1,717	Kanzhun Ltd., ADR 1		28,199		30,099
	37,535	Kingdee International Software Group Co. Ltd. 1,2		63,636		42,477
	7,434	Kingsoft Corp. Ltd. 2		30,946		22,944
	234	Kweichow Moutai Co. Ltd., Cl A 2		59,819		55,159
	1,256	Lufax Holding Ltd., ADR 1		7,764		5,300
	2,546	Midea Group Co., Ltd., Cl A 2		20,187		22,761
	15,098	NARI Technology Co. Ltd., Cl A 2		52,122		50,399
	476	PDD Holdings, Inc., ADR 1		54,740		55,335
	655	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 2		31,493		25,382
	3,881	Shenzhou International Group Holdings Ltd. 2		39,268		36,844
	4,630	Tencent Holdings Limited, ADR		234,911		180,709
	2,547	Tencent Music Entertainment Group, ADR 1		24,719		28,501
	5,891	Venustech Group, Inc., Cl A 2		23,583		16,987
	1,157	Yum China Holdings, Inc., (Hong Kong) 2		66,548		45,611
	1,327	Zai Lab Limited, ADR 1		76,251		21,258
	Total China			1,193,984		942,354
Hong Kong (2.64%)
	3,228	AIA Group Ltd. 2		34,420		21,713
	21,121	Budweiser Brewing Co. APAC Ltd., 144A 2		53,178		31,152
	592	Hong Kong Exchanges & Clearing Ltd. 2		33,138		17,250
	3,860	Techtronic Industries Co. Ltd. 2		56,923		52,449
	Total Hong Kong			177,659		122,564
India (48.58%)
	4,263	360 ONE WAM Ltd. 2		24,507		34,640
	4,131	Aarti Pharmalabs Ltd. 1,2		15,956		21,538
	776	Amber Enterprises India Ltd. 1,2		19,775		34,102
	4,738	Aster DM Healthcare Ltd., 144A 1,2		25,001		23,276
	1,032	Bajaj Finance Limited 2		84,276		90,113
	7,301	Bharti Airtel Ltd. 2		68,273		107,724
	20,597	Bharti Airtel Ltd. PP 2		159,191		203,290
	2,074	Cholamandalam Investment & Finance Co. Ltd. 2		28,983		28,881
	21	Divi’s Laboratories Ltd. 2		881		869
	417	Dixon Technologies India Ltd. 2		23,075		37,567
	7,776	Godrej Consumer Products Ltd. 2		97,408		117,080
	1,748	Godrej Properties Ltd. 1,2		29,927		48,328
	3,351	HDFC Bank Ltd. 2		64,962		58,434

Shares			Cost		Value
Common Stocks (continued)
India (continued)
	34,603	Indus Towers Ltd. 1,2	$	104,146	$	121,034
	1,182	InterGlobe Aviation Ltd., 144A 1,2		44,992		50,368
	42,258	Jio Financial Services Ltd. 1,2		118,812		179,655
	38,890	JM Financial Limited 2		39,459		34,990
	1,348	Kaynes Technology India Ltd. 1,2		41,552		46,707
	5,594	Kirloskar Oil Engines Ltd. 2		50,801		57,724
	1,539	Mahindra & Mahindra Ltd. 2		28,943		35,553
	3,988	Max Healthcare Institute Ltd. 2		27,502		39,331
	1,431	Neogen Chemicals Ltd. 2		19,330		20,556
	6,436	Power Grid Corp. of India Ltd. 2		22,201		21,364
	3,660	Reliance Industries Limited 2		110,265		130,875
	3,738	SBI Life Insurance Company Limited, 144A 2		59,681		67,496
	2,535	Tata Communications Ltd. 2		42,806		61,261
	685	Tata Consultancy Services Ltd. 2		30,079		31,970
	4,298	Tata Consumer Products Ltd. 2		43,687		56,596
	460	Thermax Ltd.		23,381		23,123
	1,851	Titan Co. Ltd. 2		56,096		84,613
	3,790	Trent Ltd. 2		79,385		179,895
	988	Tube Investments of India Ltd. 2		38,070		44,371
	74,281	Zomato Ltd. 1,2		71,540		162,818
	Total India			1,694,943		2,256,142
Indonesia (1.87%)
	226,900	Bank Rakyat Indonesia (Persero) Tbk PT 2		66,794		86,761
Japan (3.37%)
	440	Hoya Corp. 2		61,199		55,031
	79	Keyence Corporation 2		42,141		36,677
	249	Tokyo Electron Limited 2		36,124		64,852
	Total Japan			139,464		156,560
Korea, Republic of (10.40%)
	3,791	Coupang, Inc., Cl A 1		55,685		67,442
	428	HD Hyundai Heavy Industries Co. Ltd. 1,2		33,995		37,727
	356	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,2		24,414		31,808
	872	Korea Aerospace Industries Ltd. 2		29,593		32,638
	3,861	Samsung Electronics Co., Ltd. 2		213,144		232,037
	58	Samsung SDI Co. Ltd. 2		25,811		20,570
	461	SK Hynix, Inc. 2		42,637		61,071
	Total Korea, Republic of			425,279		483,293
Taiwan (10.08%)
	6,553	Delta Electronics, Inc. 2		56,106		70,136
	222	eMemory Technology, Inc. 2		18,713		16,668
	11,084	Taiwan Semiconductor Manufacturing Co., Ltd. 2		207,778		265,530
	851	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		65,045		115,779
	Total Taiwan			347,642		468,113
	Total Common Stocks			4,045,765		4,515,787

See Notes to Portfolios of Investments.

Baron New Asia Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

MARCH 31, 2024

Principal Amount			Cost		Value
Short-Term Investments (4.41%)
	$204,703	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $204,814; (Fully Collateralized by $219,300 U.S. Treasury Note, 3.50% due 2/15/2033 Market value – $208,869) 2	$	204,703	$	204,703
	Total Investments (101.64%)		$	4,250,468		4,720,490
	Liabilities Less Cash and Other Assets (-1.64%)					(76,085	)
	Net Assets				$	4,644,405

% 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, 2024, the market value of Rule 144A securities amounted to $172,292 or 3.71% of net assets.

  All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of March 31, 2024	Percentage of Net Assets
Information Technology		22.0%
Consumer Discretionary		19.7%
Communication Services		17.5%
Financials		13.5%
Industrials		9.5%
Consumer Staples		6.3%
Health Care		4.0%
Energy		2.8%
Real Estate		1.0%
Utilities		0.5%
Materials		0.4%
Cash and Cash Equivalents*		2.8%
		100.0%**

* Includes short term investments, other assets and liabilities - net.

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

See Notes to Portfolios of Investments.

Baron Technology Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MARCH 31, 2024

Shares			Cost		Value
Common Stocks (97.49%)
Communication Services (11.59%)
		Advertising (1.99%)
	5,738	The Trade Desk, Inc., Cl A 1	$	409,757	$	501,616
		Interactive Home Entertainment (0.84%)
	1,419	Take-Two Interactive Software, Inc. 1		215,313		210,708
		Interactive Media & Services (4.80%)
	2,277	Meta Platforms, Inc., Cl A		832,413		1,105,666
	2,130	Reddit, Inc., Cl A 1		72,420		105,051
				904,833		1,210,717
		Movies & Entertainment (3.96%)
	3,787	Spotify Technology SA 1,2		948,512		999,389
	Total Communication Services			2,478,415		2,922,430
Consumer Discretionary (12.03%)
		Automobile Manufacturers (1.39%)
	1,999	Tesla, Inc. 1		493,907		351,404
		Broadline Retail (9.88%)
	13,821	Amazon.com, Inc. 1		2,196,543		2,493,032
		Hotels, Resorts & Cruise Lines (0.76%)
	26,165	eDreams ODIGEO SA (Spain) 1,2,4		208,230		190,379
	Total Consumer Discretionary			2,898,680		3,034,815
Financials (1.61%)
		Transaction & Payment Processing Services (1.61%)
	428	MasterCard, Incorporated, Cl A		180,407		206,112
	718	Visa, Inc., Cl A		181,520		200,380
	Total Financials			361,927		406,492
Industrials (1.07%)
		Human Resource & Employment Services (1.07%)
	4,086	Dayforce, Inc. (formerly, Ceridian HCM Holding, Inc.) 1		310,824		270,534
Information Technology (66.89%)
		Application Software (9.95%)
	5,279	Gitlab, Inc., Cl A 1,3		278,995		307,871
	2,598	Guidewire Software, Inc. 1		292,897		303,213
	327	HubSpot, Inc. 1		167,545		204,885
	8,180	Intapp, Inc. 1		334,720		280,574
	780	Intuit, Inc.		459,850		507,000
	528	ServiceNow, Inc. 1,3		344,724		402,547
	1,842	Workday, Inc., Cl A 1		484,835		502,406
				2,363,566		2,508,496
		Electronic Equipment & Instruments (2.23%)
	12,427	PAR Technology Corp. 1		555,191		563,689
		Internet Services & Infrastructure (0.75%)
	2,460	Shopify, Inc., Cl A 1,2		202,634		189,838
		IT Consulting & Other Services (2.89%)
	1,528	Gartner, Inc. 1		650,893		728,352
		Semiconductor Materials & Equipment (6.04%)
	520	ASML Holding N.V. 2		419,455		504,644
	1,595	BE Semiconductor Industries NV (Netherlands)2,4		232,933		244,320
	797	Lam Research Corp.		638,879		774,341
				1,291,267		1,523,305

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Semiconductors (28.68%)
	6,087	Advanced Micro Devices, Inc. 1	$	912,623	$	1,098,642
	2,942	Astera Labs, Inc. 1		105,912		218,267
	883	Broadcom, Inc.		1,031,665		1,170,337
	72,018	indie Semiconductor, Inc., Cl A 1		503,223		509,887
	3,699	Marvell Technology, Inc.		183,207		262,185
	4,200	Micron Technology, Inc.		369,782		495,138
	228	Monolithic Power Systems, Inc.		116,873		154,452
	2,700	NVIDIA Corp.		1,312,012		2,439,612
	7,884	Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)2,4		161,540		188,871
	5,113	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		625,362		695,624
				5,322,199		7,233,015
		Systems Software (14.98%)
	2,502	Cloudflare, Inc., Cl A 1,3		189,734		242,269
	520	Crowdstrike Holdings, Inc., Cl A 1		78,029		166,707
	2,266	Datadog, Inc., Cl A 1,3		253,706		280,078
	7,015	Dynatrace, Inc. 1,3		343,427		325,776
	5,786	Microsoft Corporation		2,169,702		2,434,286
	2,042	Snowflake, Inc., Cl A 1,3		388,827		329,987
				3,423,425		3,779,103
		Technology Hardware, Storage & Peripherals (1.37%)
	2,017	Apple, Inc.		357,759		345,875
	Total Information Technology			14,166,934		16,871,673
Real Estate (4.30%)
		Real Estate Services (4.30%)
	11,232	CoStar Group, Inc. 1		964,220		1,085,011
	Total Common Stocks			21,181,000		24,590,955
Principal Amount
Short-Term Investments (3.53%)
	$889,427	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $889,907; (Fully Collateralized by $990,800 U.S. Treasury Note, 0.75% due 8/31/2026 Market value – $907,225) 4		889,427		889,427
	Total Investments (101.02%)		$	22,070,427		25,480,382
	Liabilities Less Cash and Other Assets (-1.02%)					(256,079	)
	Net Assets				$	25,224,303

% 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 Portfolios of Investments.

Baron Select Funds March 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (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. 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.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses, and eligibility requirements. 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 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 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.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

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). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies.

a) Net Asset Value. 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. The NAV per share of a class is determined by dividing the value of the total assets of the Fund represented by such class, less all liabilities, by the total number of Fund shares of such class outstanding.

b) Security Valuation. 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 BAMCO, Inc.’s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

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.

c) 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 investment in Tesla, Inc. (“Tesla”), 34% of the Fund’s net assets as of March 31, 2024, the NAV of the Fund will be materially impacted by the price of Tesla stock.

d) 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, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)

e) 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 investment in Tesla, which represents about 34% of the Fund’s net assets as of March 31, 2024, the Fund will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

f) Foreign Currency Translations. The accounting records of the Funds are maintained in U.S. dollars. 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 the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. 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.

g) 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, 2024.

h) 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, 2024, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

i) 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.

j) 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.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)

k) 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 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 the market price of an issuer’s common stock and classified as Level 2 in the fair value hierarchy.

l) Russia and 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 U.S. 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.

3. RESTRICTED SECURITIES

At March 31, 2024, 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, 2024, 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
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017		244,296,440
StubHub Holdings, Inc.		12/22/2021		47,334,242
X Holdings I, Inc.		5/4/2022		16,392,000
Private Convertible Preferred Stocks
Northvolt AB		5/19/2021		6,924,604
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-8/4/2020		537,262,630
Total Restricted Securities:			$	852,209,916
(Cost $246,093,669)† (14.09% of Net Assets)
	Baron Focused Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	74,955,780
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-11/29/2023		51,132,580
Total Restricted Securities:			$	126,088,360
(Cost $49,949,856)† (9.08% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (CONTINUED)

	Baron International Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		1/24/2017-10/29/2021	$	305
Warrants
Constellation Software, Inc. Exp 3/31/2040		8/23/2023		0
Total Restricted Securities:			$	305
(Cost $1,650,983)† (0.00%^ of Net Assets)
	Baron Emerging Markets Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		2/11/2016	$	11,226
Private Common Stocks
Pine Labs PTE. Ltd.		5/17/2021		41,414,672
Private Convertible Preferred Stocks
Bundl Technologies Private Ltd.		1/3/2022		109,157,076
Think & Learn Private Limited		3/31/2021		75,485
Total Restricted Securities:			$	150,658,459
(Cost $230,983,530)† (3.57% of Net Assets)
	Baron Global Advantage Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021	$	557,556
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		31,755,860
Private Convertible Preferred Stocks
Think & Learn Private Limited		3/31/2021		45,294
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		2,798,294
Total Restricted Securities:			$	35,157,004
(Cost $69,264,694)† (5.51% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

^ Rounds to less than 0.01%

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, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The following is a summary of the inputs used as of March 31, 2024 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†	$	6,190,635,902	$	—	$	—	$	6,190,635,902
Private Common Stocks†		—		—		308,022,682		308,022,682
Private Convertible Preferred Stocks		—		—		6,924,604		6,924,604
Private Preferred Stocks		—		—		537,262,630		537,262,630
Total Investments	$	6,190,635,902	$	—	$	852,209,916	$	7,042,845,818
	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†	$	1,236,020,049	$	—	$	—	$	1,236,020,049
Private Common Stocks		—		—		74,955,780		74,955,780
Private Preferred Stocks		—		—		51,132,580		51,132,580
Short-Term Investments		—		22,444,541		—		22,444,541
Total Investments	$	1,236,020,049	$	22,444,541	$	126,088,360	$	1,384,552,950
	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†	$	125,921,377	$	230,448,944	$	305	$	356,370,626
Warrants†		27,663		—		—		27,663
Short-Term Investments		—		8,046,522		—		8,046,522
Total Investments	$	125,949,040	$	238,495,466	$	305	$	364,444,811
	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†	$	1,845,605,096	$	—	$	—	$	1,845,605,096
Short-Term Investments		—		37,990,093		—		37,990,093
Total Investments	$	1,845,605,096	$	37,990,093	$	—	$	1,883,595,189
	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†	$	1,099,142,367	$	2,817,832,226	$	11,226	$	3,916,985,819
Private Common Stocks		—		—		41,414,672		41,414,672
Private Convertible Preferred Stocks†		—		—		109,232,561		109,232,561
Warrants		6,339		—		—		6,339
Short-Term Investments		—		112,764,167		—		112,764,167
Total Investments	$	1,099,148,706	$	2,930,596,393	$	150,658,459	$	4,180,403,558

† See Portfolio of Investments for additional detailed categorizations.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	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†	$	507,524,564	$	92,818,191	$	—	$	600,342,755
Private Common Stocks†		—		—		32,313,416		32,313,416
Private Convertible Preferred Stocks		—		—		45,294		45,294
Private Preferred Stocks		—		—		2,798,294		2,798,294
Warrants†		354,798		—		—		354,798
Total Investments	$	507,879,362	$	92,818,191	$	35,157,004	$	635,854,557
	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†	$	146,252,343	$	—	$	—	$	146,252,343
Short-Term Investments		—		4,528,513		—		4,528,513
Total Investments	$	146,252,343	$	4,528,513	$	—	$	150,780,856
	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†	$	227,641,730	$	—	$	—	$	227,641,730
Short-Term Investments		—		12,063,175		—		12,063,175
Total Investments	$	227,641,730	$	12,063,175	$	—	$	239,704,905
	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†	$	59,958,660	$	1,451,619	$	—	$	61,410,279
Short-Term Investments		—		233,833		—		233,833
Total Investments	$	59,958,660	$	1,685,452	$	—	$	61,644,112
	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†	$	720,924	$	3,794,863	$	—	$	4,515,787
Short-Term Investments		—		204,703		—		204,703
Total Investments	$	720,924	$	3,999,566	$	—	$	4,720,490

† See Portfolio of Investments for additional detailed categorizations.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	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†	$	23,967,385	$	623,570	$	—	$	24,590,955
Short-Term Investments		—		889,427		—		889,427
Total Investments	$	23,967,385	$	1,512,997	$	—	$	25,480,382

† See Portfolios of Investments for additional detailed categorizations.

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, 2023		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, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2024
Private Common Stocks
Communication Services	$	60,040,760	$	—	$	—	$	3,685,482	$	—	$	—	$	—	$	—	$	63,726,242	$	3,685,482
Industrials		244,296,440		—		—		—		—		—		—		—		244,296,440		—
Private Convertible Preferred Stocks
Industrials		7,361,160		—		—		(436,556)		—		—		—		—		6,924,604		(436,556)
Private Preferred Stocks
Industrials		537,262,630		—		—		—		—		—		—		—		537,262,630		—
Total	$	848,960,990	$	—	$	—	$	3,248,926	$	—	$	—	$	—	$	—	$	852,209,916	$	3,248,926
	Baron Focused Growth Fund
Investments in Securities	Balance as of December 31, 2023		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, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2024
Private Common Stocks
Industrials	$	74,955,780	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	74,955,780	$	—
Private Preferred Stocks
Industrials		51,132,580		—		—		—		—		—		—		—		51,132,580		—
Total	$	126,088,360	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	126,088,360	$	—

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	Baron International Growth Fund
Investments in Securities	Balance as of December 31, 2023		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, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2024
Common Stocks
Russia	$	316	$	—	$	—	$	(11)	$	—	$	—	$	—	$	—	$	305	$	(11)
Warrants
Canada1		—		—		—		—		—		—		—		—		—		—
Total	$	316	$	—	$	—	$	(11)	$	—	$	—	$	—	$	—	$	305	$	(11)
	Baron Emerging Markets Fund
Investments in Securities	Balance as of December 31, 2023		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, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2024
Common Stocks
Russia	$	11,644		—	$	—	$	(418)	$	—	$	—	$	—	$	—	$	11,226	$	(418)
Private Common Stocks
India		74,029,330		—		—		(32,614,658)		—		—		—		—		41,414,672		(32,614,658)
Private Convertible Preferred Stocks
India		96,887,511		—		—		12,345,050		—		—		—		—		109,232,561		12,345,050
Total	$	170,928,485	$	—	$	—	$	(20,270,026)	$	—	$	—	$	—	$	—	$	150,658,459	$	(20,270,026)
	Baron Global Advantage Fund
Investments in Securities	Balance as of December 31, 2023		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, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2024
Private Common Stocks
United States	$	32,313,416	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	32,313,416	$	—
Private Convertible Preferred Stocks
India		5,784,290		—		—		(5,738,996)		—		—		—		—		45,294		(5,738,996)
United States		3,601,189		—		2,674,305		1,398,779		—		(7,674,273)		—		—		—		—
Private Preferred Stocks
United States		2,798,294		—		—		—		—		—		—		—		2,798,294		—
Total	$	44,497,189	$	—	$	2,675,305	$	(4,340,217)	$	—	$	(7,674,273)	$	—	$	—	$	35,157,004	$	(5,738,996)

1 Constellation Software, Inc. warrants shares were received in a spin-off on August 23, 2023, but were not listed on an exchange.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of March 31, 2024 were as follows:

Baron Partners Fund
Sector	Company	Fair Value as of March 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2024	Range used on March 31, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	X Holdings I, Inc	$	16,392,000	Recent valuation for employee grants	Enterprise Value Estimate	$19 billion	$19 billion	Increase
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	47,334,242	Combination of valuation using multiples, current value via comparable companies, option- pricing, and scenario analysis methods	Enterprise Value / EBITDA Multiple	17.9x	10.3x – 21.5x	Increase
					Change in the composite equity index of comparable companies	(0.62)%	(1.24)% – 1.11%	Increase
					Discount for lack of marketability	7.13%	4.26% – 7.28%	Decrease
					Estimated volatility of the returns of equity1	36.42%	26.31% – 45.41%	Decrease
					Scenario Probabilities: Scenario A /Scenario B / Scenario C2	95% / 4% / 1%	1% – 95%	n/a
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	244,296,440	Observed Transaction	Observed Transaction Price	$97.00	$97.00	Increase
Private Convertible Preferred Stocks: Industrials	Northvolt AB	$	6,924,604	Combination of observed transaction, current value via comparable companies, and option-pricing methods	Observed Transaction Price	$0.37	$0.37	Increase
					Change in the composite equity index of comparable companies	0.35%	(2.25)% – 2.68%	Increase
					Discount for lack of marketability	16.69%	16.69%	Decrease
					Estimated volatility of the returns of equity1	54.09%	28.91% – 90.30%	Decrease
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	537,262,630	Observed Transaction	Observed Transaction Price	$970.00	$970.00	Increase
Baron Focused Growth Fund
Sector	Company	Fair Value as of March 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2024	Range used on March 31, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	74,955,780	Observed Transaction	Observed Transaction Price	$97.00	$97.00	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	51,132,580	Observed Transaction	Observed Transaction Price	$970.00	$970.00	Increase

See Footnotes on page 31.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Baron Emerging Markets Fund
Sector	Company	Fair Value as of March 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2024	Range used on March 31, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Financials	Pine Labs PTE. Ltd.	$	41,414,672	Combination of valuation using multiples, current value via comparable companies, scenario analysis, and option- pricing methods	Projected Company Sales (2024)	$247 million	$247 million	Increase
					Projected Company Sales (2025)	$309 million	$309 million	Increase
					Price / Sales Multiple	13.65x	9.79x – 17.50x	Increase
					Equity Valuation Scenario Weights3	50%	50%	n/a
					Change in the composite equity index of comparable companies	0.49%	(4.26)% –2.87%	Increase
					Discount for lack of marketability	12.07%	12.07%	Decrease
					Estimated volatility of the returns of equity4	42.38%	22.29% – 81.37%	Decrease
					Scenario Probabilities:  Scenario A / Scenario B5	100% / 0%	0% – 100%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Bundl Technologies Private Ltd.	$	109,157,076	Combination of observed transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Observed Transaction Price	INR 492,430	INR 492,430	Increase
					Change in the composite equity index of comparable companies	1.10%	(1.43)% –1.59%	Increase
					Discount for lack of marketability	2.69%	2.69%	Decrease
					Estimated volatility of the returns of equity4	28.84%	11.66% –38.31%	Decrease
					Scenario Probabilities: Scenario A / Scenario B5	100% / 0%	0% – 100%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	75,485	Recent Transaction	Rights Offering Price	INR 410.57	INR 410.57	Increase

See Footnotes on page 31.

Baron Select Funds MARCH 31, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Baron Global Advantage Fund
Sector	Company	Fair Value as of March 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on March 31, 2024	Range used on March 31, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Consumer Discretionary	Farmers Business  Network, Inc.	$	557,556	Scenario analysis	Public Markets Event Scenario Probabilities6	9.1%	8% – 10%	n/a
					Liquidity Scenario  Probabilities: Scenario A /  Scenario B5	50.00%	50% – 50%	n/a
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	31,755,860	Observed Transaction	Observed Transaction  Price	$97.00	$97.00	Increase
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	45,294	Recent Transaction	Rights Offering Price	INR 410.57	INR 410.57	Increase
Private Preferred Stocks: Industrials	GM Cruise Holdings	$	2,798,294	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities:  Scenario A /Scenario B /  Scenario C7	50% / 50% / 0%	0% – 50%	n/a

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

³⁾  The company’s equity value was estimated in two different scenarios, each of which was given a 50% weight in the final equity value calculation.

⁴⁾  The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an index. Some companies have a higher weight in the calculation than others.

⁵⁾  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

⁶⁾  The probabilities are associated with a range of potential IPO valuations.

⁷⁾  Scenario A represents a worst case scenario. Scenario B represents a negative scenario that is better than the worst case. Scenario C represents a positive scenario.

* Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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.