BARON INVESTMENT FUNDS TRUST

N-CSRS 1 d788126dncsrs.htm BARON INVESTMENT FUNDS TRUST BARON INVESTMENT FUNDS TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-5032

BARON INVESTMENT FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Address of Principal Executive Offices) (Zip Code)

Patrick M. Patalino, General Counsel

c/o Baron Investment Funds Trust

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Name and Address of Agent for Service)

(Registrant’s Telephone Number, including Area Code): 212-583-2000

Date of fiscal year end: September 30

Date of reporting period: March 31, 2024

Item 1. Reports to Stockholders.

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Baron Discovery Fund

Baron Durable Advantage Fund

March 31, 2024

Baron Funds^®

Baron Investment Funds Trust

Semi-Annual Financial Report


Baron Asset Fund
Ticker Symbols:
Retail Shares: BARAX Institutional Shares: BARIX R6 Shares: BARUX
Performance			2
Top Ten Holdings			3
Sector Breakdown			3
Management’s Discussion of Fund Performance			3
Baron Growth Fund
Ticker Symbols:
Retail Shares: BGRFX Institutional Shares: BGRIX R6 Shares: BGRUX
Performance			4
Top Ten Holdings			5
Sector Breakdown			5
Management’s Discussion of Fund Performance			5
Baron Small Cap Fund
Ticker Symbols:
Retail Shares: BSCFX Institutional Shares: BSFIX R6 Shares: BSCUX
Performance			6
Top Ten Holdings			7
Sector Breakdown			7
Management’s Discussion of Fund Performance			7
Baron Opportunity Fund
Ticker Symbols:
Retail Shares: BIOPX Institutional Shares: BIOIX R6 Shares: BIOUX
Performance			8
Top Ten Holdings			9
Sector Breakdown			9
Management’s Discussion of Fund Performance			9
Baron Fifth Avenue Growth Fund
Ticker Symbols:
Retail Shares: BFTHX Institutional Shares: BFTIX R6 Shares: BFTUX
Performance			10
Top Ten Holdings			11
Sector Breakdown			11
Management’s Discussion of Fund Performance			11
Baron Discovery Fund
Ticker Symbols:
Retail Shares: BDFFX Institutional Shares: BDFIX R6 Shares: BDFUX
Performance			12
Top Ten Holdings			13
Sector Breakdown			13
Management’s Discussion of Fund Performance			13
Baron Durable Advantage Fund
Ticker Symbols:
Retail Shares: BDAFX Institutional Shares: BDAIX R6 Shares: BDAUX
Performance			14
Top Ten Holdings			15
Sector Breakdown			15
Management’s Discussion of Fund Performance			15
Financial Statements
Portfolios of Investments			16
Statements of Assets and Liabilities			29
Statements of Operations			31
Statements of Changes in Net Assets			33
Notes to Financial Statements			36
Financial Highlights			49
Fund Expenses			56

DEAR BARON INVESTMENT FUNDS TRUST SHAREHOLDER:

In this report, you will find unaudited financial statements for Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund (the Funds) for the six months ended March 31, 2024. The U.S. Securities and Exchange Commission (the SEC) requires mutual funds to furnish these statements semi-annually to their shareholders. We hope you find these statements informative and useful.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

LOGO

Ronald Baron

Chief Executive Officer

May 21, 2024

Linda S. Martinson

Chairman, President and

Chief Operating Officer

May 21, 2024

Peggy Wong

Chief Financial Officer

May 21, 2024

This Semi-Annual Financial Report is for the Baron Investment Funds Trust, which currently has seven series: Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund. If you are interested in Baron Select Funds, which contains the 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 series, please visit the Funds’ website at baronfunds.com or contact us at 1-800-99BARON.

The Funds’ Proxy Voting Policy is available without charge and can be found on the Funds’ website at baronfunds.com, by clicking on the “Regulatory Documents” link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the SEC’s website at sec.gov. The Funds’ most current proxy voting record, Form N-PX, is also available on the Funds’ website and on the SEC’s website.

The Funds file their complete schedules of Portfolios of Investments with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at sec.gov. Portfolios of Investments current to the most recent quarter are also available on the Funds’ website.

Some of the comments contained in this report are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “estimate,” “may,” “expect,” “should,” “could,” “believe,” “plan” and other similar terms. We cannot promise future returns and our opinions are a reflection of our best judgment at the time this report is compiled.

The views expressed in this report reflect those of BAMCO, Inc. (BAMCO or the Adviser) only through the end of the period stated in this report. The views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time without notice based on market and other conditions.

Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. For more complete information about Baron Funds, including charges and

expenses, call, write or go to baronfunds.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds’ current prospectus or summary prospectus.

LOGO


Baron Asset Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON ASSET FUND (RETAIL SHARES)

IN RELATION TO THE RUSSELL MIDCAP GROWTH INDEX AND THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (June 12, 1987)
Baron Asset Fund — Retail Shares^{1, 2}		19.05%		17.77%		1.83%		9.70%		10.77%		11.35%
Baron Asset Fund — Institutional Shares^{1, 2, 3}		19.20%		18.08%		2.10%		9.98%		11.06%		11.47%
Baron Asset Fund — R6 Shares^{1, 2, 3}		19.20%		18.08%		2.09%		9.98%		11.06%		11.46%
Russell Midcap Growth Index¹		25.42%		26.28%		4.62%		11.82%		11.35%		10.40%	⁴
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		10.43%

*	Not Annualized.

The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell Midcap® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.

⁴	For the period June 30, 1987 to March 31, 2024.


March 31, 2024 (Unaudited)		Baron Asset Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
Gartner, Inc.		9.8%
IDEXX Laboratories, Inc.		6.5%
CoStar Group, Inc.		4.8%
Mettler-Toledo International Inc.		4.6%
Verisk Analytics, Inc.		4.5%
Arch Capital Group Ltd.		4.1%
FactSet Research Systems Inc.		3.4%
Guidewire Software, Inc.		3.3%
Fair Isaac Corporation		3.3%
Roper Technologies, Inc.		2.9%

Total		47.2%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Asset Fund¹ gained 19.05%, while the Russell Midcap Growth Index gained 25.42% and the S&P 500 Index gained 23.48%.

Baron Asset Fund invests primarily in medium-sized growth companies for the long term, using a value-oriented purchase discipline. The Fund purchases companies that we believe have durable competitive advantages, strong financial characteristics, and exceptional management; and operate in industries with favorable growth characteristics.

Following a three-month dip from late July through October, the markets went on a bull run that continued through to the end of the period. Improving inflation data coupled with dovish comments from the U.S. Federal Reserve (the Fed) spurred an “everything rally.” In a significant shift from its earlier stance, the Fed suggested it was planning three interest rates cuts over 2024. The rally was further propelled by robust economic data and relatively strong corporate earnings, which added fuel to investor hopes for a soft landing. Investors appeared unfazed even when concerns about persistent inflation re-emerged, the Fed pushed back its plans for rate cuts, consumer and government debt reached record highs, and geopolitical strife continued unabated.

Information Technology, Health Care, and Financials contributed the most. No sector detracted.

Gartner, Inc. was the top contributor. Shares of this provider of syndicated research rose on solid financial results, with strength in its core subscription research and conferences businesses more than offsetting a decline in lead generation services. We believe Gartner will emerge as a key decision support resource for every company evaluating how AI could impact its business. We expect Gartner’s sustained revenue growth and focus on cost control to drive margin expansion and enhanced free-cash-flow generation. Its balance sheet is in excellent shape and can support aggressive repurchases and bolt-on acquisitions.

The top detractor was TransUnion. Shares of this consumer credit bureau underperformed primarily as a result of trading activity after the company reported third quarter financial results below consensus expectations and reduced full-year guidance. Management said it believed the new financial guidance was highly achievable and aired plans to cut costs to improve margins. We continued to own the stock, which subsequently recovered following improved fourth quarter earnings growth as cyclical headwinds abated and the company continued to integrate recent acquisitions.

As long-term investors who have lived through multiple market cycles, we have learned not to try to predict the unpredictable. Instead, we focus on fundamentals: industry-leading companies benefiting from secular growth drivers, strong competitive positions, and exceptional management teams. We believe our companies will revert to historic growth rates and earnings will increase. Stocks should also revert to trading at appropriate multiples. We believe higher earnings and multiples will result in strong returns for the portfolio.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. and Standard & Poor’s Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided “as is” with no warranties.

¹	Performance information reflects results of Retail Shares.


Baron Growth Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON GROWTH FUND (RETAIL SHARES)

IN RELATION TO THE RUSSELL 2000 GROWTH INDEX AND THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (December 31, 1994)
Baron Growth Fund — Retail Shares^{1, 2}		13.50%		12.17%		3.61%		11.40%		10.53%		12.82%
Baron Growth Fund — Institutional Shares^{1, 2, 3}		13.65%		12.46%		3.87%		11.69%		10.81%		12.97%
Baron Growth Fund — R6 Shares^{1, 2, 3}		13.65%		12.46%		3.87%		11.69%		10.81%		12.97%
Russell 2000 Growth Index¹		21.30%		20.35%		(2.68)%		7.38%		7.89%		7.88%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		10.75%

*	Not Annualized.

The Russell 2000^® Growth Index measures the performance of small-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell 2000^® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2024 (Unaudited)		Baron Growth Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
MSCI Inc.		10.4%
Arch Capital Group Ltd.		10.4%
Gartner, Inc.		8.8%
FactSet Research Systems Inc.		6.8%
Kinsale Capital Group, Inc.		6.5%
CoStar Group, Inc.		6.2%
Vail Resorts, Inc.		5.5%
Primerica, Inc.		4.7%
Choice Hotels International, Inc.		4.7%
ANSYS, Inc.		4.3%

Total		68.2%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Growth Fund¹ increased 13.50%, while the Russell 2000 Growth Index increased 21.30% and the S&P 500 Index increased 23.48%.

Baron Growth Fund invests primarily in small-sized U.S. growth companies for the long term. Through independent research, we utilize an investment approach that we believe allows us to look at a business’s fundamental characteristics and beyond the current market environment. We invest based on the potential

profitability of a business at what we believe are attractive valuations.

Financials, Information Technology, and Real Estate contributed the most. Communication Services detracted.

Gartner, Inc., a provider of syndicated research, contributed the most to performance. Gartner’s core subscription research businesses compounded at attractive rates, and we believe growth is poised to accelerate. We believe Gartner will emerge as a critical decision support resource for every company evaluating the opportunities and risks of AI for its business. We expect this development to provide a tailwind to Gartner’s volume growth and pricing realization over time. Gartner’s sustained revenue growth and focus on cost control should drive continued margin expansion and enhanced free-cash-flow generation. The company’s balance sheet is in excellent shape and can support aggressive repurchases and bolt-on acquisitions, in our view.

Iridium Communications Inc. detracted the most. Shares of this satellite-based mobile voice and data communications services vendor fell after Qualcomm unexpectedly terminated an agreement with Iridium to enable direct-to-device (D2D) workloads on Iridium’s network. The decision shook investors’ confidence in Iridium’s D2D opportunity. In addition, SpaceX generated limited headwinds to Iridium’s maritime segment, enhancing competitive risk. We remain investors. Iridium remains a unique satellite asset and operator, with L-band spectrum, global coverage, years of operational experience, relatively new satellite hardware, and hundreds of partners across verticals and geographies. In addition, management has committed to return $3 billion to shareholders between 2023 and 2030, representing a material portion of the current enterprise value.

We believe no one can accurately and consistently predict short-term market movements. Instead, we remain focused on identifying and researching well-managed unique businesses with significant barriers to entry and compelling growth prospects, investing in them at attractive prices, and holding them for the long term.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Small Cap Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON SMALL CAP FUND(RETAIL SHARES)

IN RELATION TO THE RUSSELL 2000 GROWTH INDEX AND THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024


	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (September 30, 1997)
Baron Small Cap Fund — Retail Shares^{1, 2}		25.78%		29.61%		3.16%		11.56%		10.35%		10.38%
Baron Small Cap Fund — Institutional Shares^{1, 2, 3}		25.94%		29.97%		3.42%		11.84%		10.64%		10.54%
Baron Small Cap Fund — R6 Shares^{1, 2, 3}		25.95%		29.95%		3.42%		11.84%		10.64%		10.54%
Russell 2000 Growth Index¹		21.30%		20.35%		(2.68)%		7.38%		7.89%		6.36%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		8.66%

*	Not Annualized.

The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell 2000® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2024 (Unaudited)		Baron Small Cap Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
Vertiv Holdings Co		8.1%
Gartner, Inc.		5.1%
Kinsale Capital Group, Inc.		5.1%
ICON Plc		4.8%
ASGN Incorporated		3.8%
Red Rock Resorts, Inc.		3.7%
Installed Building Products, Inc.		3.3%
SiteOne Landscape Supply, Inc.		3.3%
Chart Industries, Inc.		3.0%
Guidewire Software, Inc.		2.9%

Total		43.1%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Small Cap Fund¹ increased 25.78%, while the Russell 2000 Growth Index increased 21.30% and the S&P 500 Index increased 23.48%.

Baron Small Cap Fund invests primarily in small-cap growth companies for the long term. The Fund invests in what we believe are well-run small-cap growth businesses that can be purchased at prices that represent a significant discount to our assessment of future value.

Industrials, Consumer Discretionary, and Information Technology contributed the most. No sector detracted.

Vertiv Holdings Co contributed the most. As one of the leading vendors of thermal management to the data center industry, Vertiv should benefit from the growth in AI, as the corresponding expected increase in the energy density of data centers will require more complex cooling systems. In addition, under its new CEO, Vertiv reported strong margins and free cash flow and is proving itself to be a strong operator with skilled execution. These developments led to multiple expansion as investors gained confidence in the duration of the growth trajectory as well as Vertiv’s ability to capture the opportunity. Longer term, we see upside in earnings power, as Vertiv closes the margin gap with peers and benefits from industry growth.

Fox Factory Holding Corp. was the top detractor. Shares of this leading provider of suspension systems and engineered products for the mountain bike, power sport, and off-road truck categories, declined during the period following an earnings update that indicated uncertain volumes in its bike and aftermarket truck segments. The company’s challenges are mostly attributable to temporary issues such as vehicle production delays associated with the 2023 United Auto Workers strike (now resolved). We believe Fox Factory is protecting its brand positioning and leading innovation within its categories. As near-term demand headwinds dissipate, Fox Factory should return to strong growth rates in the large automotive aftermarket.

Longer term, we believe strongly that our companies will revert to their historic growth rates and earnings will be higher. Stocks will revert to trading at appropriate multiples, which, for the most part, are higher than present, irrespective of where interest rates settle out. We believe the combination of higher earnings and higher multiples will boost stock prices and produce solid returns for the portfolio.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Opportunity Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON OPPORTUNITY FUND^† (RETAIL SHARES)

IN RELATION TO THE RUSSELL 3000 GROWTH INDEX AND THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (February 29, 2000)
Baron Opportunity Fund — Retail Shares^1, 2		32.57%		46.26%		2.98%		19.16%		15.51%		9.51%
Baron Opportunity Fund — Institutional Shares^{1, 2, 3}		32.75%		46.63%		3.25%		19.47%		15.81%		9.69%
Baron Opportunity Fund — R6 Shares^{1, 2, 3}		32.75%		46.62%		3.24%		19.47%		15.82%		9.69%
Russell 3000 Growth Index¹		26.90%		37.95%		11.54%		17.82%		15.43%		7.15%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		7.77%

*	Not Annualized.

†	The Fund’s 3-, 5-, and 10-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell 3000® Growth Index measures the performance of the broad segment of the U.S. equity universe comprised of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell 3000® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.


March 31, 2024 (Unaudited)		Baron Opportunity Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
Microsoft Corporation		13.8%
NVIDIA Corporation		11.6%
Amazon.com, Inc.		6.7%
Meta Platforms, Inc.		4.6%
CoStar Group, Inc.		3.3%
Advanced Micro Devices, Inc.		3.0%
Gartner, Inc.		3.0%
Tesla, Inc.		3.0%
Visa Inc.		2.6%
Space Exploration Technologies Corp.		2.4%

Total		54.0%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Opportunity Fund¹ increased 32.57%, while the Russell 3000 Growth Index increased 26.90% and the S&P 500 Index increased 23.48%.

Baron Opportunity Fund invests primarily in U.S. growth companies that we believe are driving or benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. The Fund invests in high-growth businesses of any market capitalization, selected for their capital appreciation potential.

Following a three-month dip from late July through October, the markets went on a bull run through to the end of the period, led by the “Magnificent Seven” mega-cap technology stocks. In a significant shift from its earlier stance, the U.S. Federal Reserve (the Fed) suggested it was planning three interest rate cuts over 2024 in light of improving inflation data. The rally was further propelled by robust economic data and relatively strong corporate earnings, which added fuel to investor hopes for a soft landing. Investors appeared unfazed even when concerns about persistent inflation re-emerged, the Fed pushed back its plans for rate cuts, consumer and government debt reached record highs, and geopolitical strife continued unabated.

Information Technology, Communication Services, and Health Care contributed the most. Consumer Discretionary detracted slightly.

NVIDIA Corporation contributed the most. Shares of this fabless semiconductor company continued to climb on investor excitement around the growth opportunities presented by generative AI. The technology holds the promise of enabling significant productivity gains across domains such as content creation, coding, and even biologic discovery. We believe NVIDIA’s end-to-end AI platform and leading share in gaming, data centers, and autonomous machines, along with the size of these markets, will enable the company to benefit from durable growth for years to come.

The top detractor was Tesla, Inc. Despite starting delivery of its highly anticipated Cybertruck, shares of this electric vehicle (EV) manufacturer declined as the core automotive segment was pressured by a complex macroeconomic environment, higher interest rates, factory shutdowns, and Tesla’s reductions in the sticker price of its cars. We retain confidence in Tesla’s long-prospects, either through the launch of a lower-priced mass-market car and/or the commercialization of autonomous driving, but, given weak current trends in EV purchases and heightened uncertainty around the leading EV vendors, we trimmed our position.

We believe no one can accurately and consistently predict short-term market movements. Instead, we focus on identifying the secular growth trends and the companies with durable competitive advantages, profitable business models, and long-term-oriented managers driving or riding these trends. We establish and monitor price targets for holdings and target companies using projections of revenues, earnings, and free cash flow and appropriate multiples, and invest at prices where we believe we can produce substantial returns.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Fifth Avenue Growth Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON FIFTH AVENUE GROWTH FUND^†

(RETAIL SHARES) IN RELATION TO THE RUSSELL 1000 GROWTH INDEX AND THE S&P 500 INDEX

LOGO

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024


	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (April 30, 2004)
Baron Fifth Avenue Growth Fund — Retail Shares^1, 2		32.29%		47.92%		(0.50)%		10.48%		12.04%		9.52%
Baron Fifth Avenue Growth Fund — Institutional Shares^{1, 2, 3}		32.45%		48.30%		(0.24)%		10.76%		12.32%		9.72%
Baron Fifth Avenue Growth Fund — R6 Shares^{1, 2, 3}		32.42%		48.27%		(0.26)%		10.75%		12.32%		9.72%
Russell 1000 Growth Index¹		27.19%		39.00%		12.50%		18.52%		15.98%		11.97%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		10.29%

*	Not Annualized.

^†	The Fund’s 3- and 5-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell 1000® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2024 (Unaudited)		Baron Fifth Avenue Growth Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
NVIDIA Corporation		14.7%
Amazon.com, Inc.		8.5%
Meta Platforms, Inc.		7.2%
ServiceNow, Inc.		6.8%
Shopify Inc.		5.2%
Intuitive Surgical, Inc.		4.9%
CrowdStrike Holdings, Inc.		4.6%
The Trade Desk		3.6%
Cloudflare, Inc.		3.6%
Snowflake Inc.		3.6%

Total		62.6%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Fifth Avenue Growth Fund¹ increased 32.29%, while the Russell 1000 Growth Index increased 27.19% and the S&P 500 Index increased 23.48%.

Baron Fifth Avenue Growth Fund focuses on identifying and investing in what we believe are unique companies with durable competitive advantages and the ability to redeploy capital at high rates of return. The portfolio is constructed on a bottom-up basis, with the quality of ideas and conviction level the most important determinants of the size of each investment. We expect our highest conviction businesses to have meaningful weight in the portfolio.

Following a three-month dip from late July through October, the markets went on a bull run that continued through to the end of the period, led by the “Magnificent Seven” mega-cap technology stocks. In a significant shift from its earlier stance, the U.S. Federal Reserve (the Fed) suggested it was planning three interest rates cuts over 2024 in light of improving inflation data. The rally was further propelled by robust economic data and relatively strong corporate earnings, which added fuel to investor hopes for a soft landing. Investors appeared unfazed even when concerns about persistent inflation re-emerged, the Fed pushed back its plans for rate cuts, consumer and government debt reached record highs, and geopolitical strife continued unabated.

Information Technology, Communication Services, and Financials contributed the most. Industrials detracted slightly.

NVIDIA Corporation contributed the most. Shares of this fabless semiconductor company continued to climb on excitement around the growth opportunities presented by generative AI. The technology holds the promise of enabling significant productivity gains across domains such as content creation, coding, and even biologic discovery. We believe NVIDIA’s end-to-end AI platform and leading share in gaming, data centers, and autonomous machines, along with the size of these markets, will enable the company to benefit from durable growth for years to come.

The top detractor was Tesla, Inc. Shares of this electric vehicle manufacturer declined as the core automotive segment was pressured by a complex macroeconomic environment, higher interest rates, factory shutdowns, and Tesla’s reductions in the sticker price of its cars. Nonetheless, Tesla continued to generate sufficient gross profit to support a robust product development plan that can propel the automotive segment higher over time. The company started delivery of its highly anticipated Cybertruck, while the refreshed Model 3 also seemed to be generating strong demand. We retain conviction in this pioneering and innovative company.

As long-term investors who have lived through multiple market cycles, we have learned not to try to predict the unpredictable. Instead of focusing on short-term market gyrations, our goal remains to maximize long-term returns without taking significant risks of a permanent loss of capital. We are optimistic about the prospects of our investments and continue searching for new ideas while remaining patient and investing only when we believe companies are trading significantly below their intrinsic values.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Discovery Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON DISCOVERY FUND^† (RETAIL SHARES)

IN RELATION TO THE RUSSELL 2000 GROWTH INDEX AND THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (September 30, 2013)
Baron Discovery Fund — Retail Shares^{1, 2}		17.42%		14.96%		(6.96)%		8.68%		10.28%		12.30%
Baron Discovery Fund — Institutional Shares^1, 2		17.58%		15.27%		(6.72)%		8.96%		10.55%		12.59%
Baron Discovery Fund — R6 Shares^{1, 2, 3}		17.54%		15.22%		(6.73)%		8.96%		10.56%		12.59%
Russell 2000 Growth Index¹		21.30%		20.35%		(2.68)%		7.38%		7.89%		8.36%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		12.96%		13.57%

*	Not Annualized.

^†	The Fund’s 5- and 10-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the Russell 2000® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

³	Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.


March 31, 2024 (Unaudited)		Baron Discovery Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
DraftKings Inc.		3.6%
Kinsale Capital Group, Inc.		3.4%
Axon Enterprise, Inc.		2.9%
CyberArk Software Ltd.		2.8%
Advanced Energy Industries, Inc.		2.6%
GitLab Inc.		2.6%
SiteOne Landscape Supply, Inc.		2.5%
Masimo Corporation		2.5%
Floor & Decor Holdings, Inc.		2.5%
Axonics, Inc.		2.5%

Total		28.0%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Discovery Fund¹ increased 17.42%, while the Russell 2000 Growth Index increased 21.30% and the S&P 500 Index increased 23.48%.

Baron Discovery Fund invests primarily in small-sized U.S. companies which at time of purchase have market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at June 30, or companies with market capitalizations up to $2.5 billion, whichever is larger.

Following a three-month dip from late July through October, the markets went on a bull run that continued through to the end of the period. Improving inflation data coupled with dovish comments from the U.S. Federal Reserve (the Fed) spurred an “everything rally.” In a significant shift from its earlier stance, the Fed suggested it was planning three interest rate cuts over 2024. The rally was further propelled by robust economic data and relatively strong corporate earnings, which added fuel to investor hopes for a soft landing. Investors appeared unfazed even when concerns about persistent inflation re-emerged, the Fed pushed back its plans for rate cuts, consumer and government debt reached record highs, and geopolitical strife continued unabated.

Information Technology, Consumer Discretionary, and Industrials contributed the most. Consumer Staples detracted slightly.

DraftKings Inc., a leading online sportsbook, contributed the most during the period on two straight quarters of solid financial results, including strong market share gains and an improved outlook for future profitability. Market share capture has been driven by investment in innovative product offerings that are resulting in strong customer retention. The company also announced the acquisition of JackPocket, a digital lottery courier service. We believe the acquisition will help DraftKings achieve a first-mover advantage in many states that offer the JackPocket service but have not yet legalized online sports betting. DraftKings is well positioned to generate margin expansion and positive free cash flow as it grows revenue alongside the rapidly expanding U.S. sports betting market, in our view.

The Beauty Health Company was the top detractor. Shares of the maker of the HydraFacial skin care machine declined during the period held after reporting disappointing results that showed execution issues associated with the roll out of Syndeo, the latest generation of the HydraFacial machine. While the features and functionality of this new device far surpassed the prior version, it also had several defects that caused potential buyers to delay purchases. The company also incurred costs associated with repairing and replacing existing Syndeos. Lastly, the company announced that the CEO was leaving. Due to the uncertainty surrounding the defects with Syndeo and management turnover, we exited the position.

No one can accurately and consistently predict short-term market movements, in our experience. Instead, we stay focused on identifying and investing in our competitively advantaged, emerging growth businesses for the long term. By staying true to our time-tested investment process, we believe our shareholders will be rewarded when the inevitable economic recovery begins.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Durable Advantage Fund (Unaudited)		March 31, 2024

COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON DURABLE ADVANTAGE FUND

(RETAIL SHARES) IN RELATION TO THE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED MARCH 31, 2024
	Six Months*		One Year		Three Years		Five Years		Since Inception (December 29, 2017)
Baron Durable Advantage Fund — Retail Shares^{1, 2}		26.19%		38.68%		15.61%		18.56%		15.70%
Baron Durable Advantage Fund — Institutional Shares^{1, 2}		26.32%		39.01%		15.89%		18.84%		15.97%
Baron Durable Advantage Fund — R6 Shares^{1, 2}		26.37%		39.07%		15.91%		18.85%		15.98%
S&P 500 Index¹		23.48%		29.88%		11.49%		15.05%		13.37%

*	Not Annualized.

The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The Fund includes reinvestment of dividends, net of foreign withholding taxes, while the S&P 500 Index includes reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The index is unmanaged. Index performance is not Fund performance; one cannot invest directly in an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2024 (Unaudited)		Baron Durable Advantage Fund

TOP TEN HOLDINGS AS OF MARCH 31, 2024


	Percent of Net Assets*
Microsoft Corporation		9.2%
Meta Platforms, Inc.		7.7%
Amazon.com, Inc.		7.5%
NVIDIA Corporation		4.4%
Visa Inc.		4.4%
Alphabet Inc.		4.3%
S&P Global Inc.		3.8%
Intuit Inc.		3.6%
Mastercard Incorporated		3.4%
Moody’s Corporation		3.4%

Total		51.8%

SECTOR BREAKDOWN AS OF MARCH 31, 2024^†*

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

For the six-month period ended March 31, 2024, Baron Durable Advantage Fund¹ increased 26.19% while the S&P 500 Index increased 23.48%.

Baron Durable Advantage Fund invests mainly in large-sized U.S. companies with competitive advantages and market capitalizations no smaller than the top 90^th percentile by market capitalization of the S&P 500 Index at June 30, or companies with market capitalizations above $10 billion, whichever is smaller. The Fund emphasizes businesses with excess free cash flow that can be returned to shareholders.

Following a three-month dip from late July through October, the markets went on a bull run that continued through to the end of the period, led by the “Magnificent Seven” mega-cap technology stocks. In a significant shift from its earlier stance, the U.S. Federal Reserve (the Fed) suggested it was planning three interest rate cuts over 2024 in light of improving inflation data. The rally was further propelled by robust economic data and relatively strong corporate earnings, which added fuel to investor hopes for a soft landing. Investors appeared unfazed even when concerns about persistent inflation re-emerged, the Fed pushed back its plans for rate cuts, consumer and government debt reached record highs, and geopolitical strife continued unabated.

Information Technology, Financials, and Communication Services contributed the most. No sector detracted.

Meta Platforms, Inc. was the top contributor. Shares of the world’s largest social network increased on decisive cost discipline actions, improving adoption of new advertising products, and its work in generative AI. Meta is the mega-cap technology company most focused on cost cutting, while user engagement remains healthy and newer advertising formats are reportedly picking up steam. Longer term, we believe Meta will utilize its leadership in mobile advertising, massive user base, innovative culture, and technological scale to perform, with further monetization opportunities ahead.

The Estee Lauder Companies Inc. was the top detractor. Shares of this prestige beauty products company were challenged after management cut the company’s outlook for the fiscal year. This downward revision was mainly driven by a worsening outlook in China, business disruptions in Israel and other parts of the Middle East, and increasing FX headwinds. Lauder’s disproportionate exposure to the Chinese consumer and the travel retail channel in Asia relative to peers continued to place pressure on both growth and margins. We exited our position.

As long-term investors who have lived through multiple market cycles, we have learned not to try to predict the unpredictable. Instead of focusing on short-term market gyrations, we believe that investing in great businesses at attractive valuations will enable us to earn excess risk-adjusted returns over the long term. We look for companies with strong and durable competitive advantages, track records of successful capital allocation, high returns on invested capital, and high free-cash-flow generation, a portion of which is regularly returned to shareholders as dividends or share repurchases.

*	Individual weights may not sum to 100% (or displayed total) due to rounding.

^†

¹	Performance information reflects results of Retail Shares.


Baron Asset Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (96.38%)
Communication Services (1.55%)
		Advertising (1.00%)
	524,000	The Trade Desk, Inc., Cl A¹	$	10,100,895	$	45,808,080

		Movies & Entertainment (0.55%)
	95,000	Spotify Technology SA^1,2		23,132,410		25,070,500

	Total Communication Services			33,233,305		70,878,580


Consumer Discretionary (7.76%)
		Footwear (1.17%)
	351,069	Birkenstock Holding PLC^1,2		16,149,174		16,588,010
	1,037,000	On Holding AG, Cl A^1,2		30,424,600		36,689,060

				46,573,774		53,277,070

		Home Improvement Retail (0.60%)
	211,000	Floor & Decor Holdings, Inc., Cl A¹		18,452,772		27,349,820

		Hotels, Resorts & Cruise Lines (3.28%)
	503,442	Choice Hotels International, Inc.		2,156,126		63,609,897
	31,000	Hilton Worldwide Holdings, Inc.		6,489,341		6,612,610
	500,233	Hyatt Hotels Corp., Cl A		13,700,166		79,847,191

				22,345,633		150,069,698

		Leisure Facilities (2.71%)
	555,538	Vail Resorts, Inc.		10,743,565		123,790,533

	Total Consumer Discretionary			98,115,744		354,487,121


Financials (13.65%)
		Asset Management & Custody Banks (0.41%)
	154,514	T. Rowe Price Group, Inc.		3,727,484		18,838,347

		Financial Exchanges & Data (5.75%)
	342,725	FactSet Research Systems, Inc.		18,325,485		155,730,813
	156,000	Morningstar, Inc.		32,512,227		48,105,720
	47,000	MSCI, Inc.		15,780,557		26,341,150
	311,189	Tradeweb Markets, Inc., Cl A		11,725,465		32,416,558

				78,343,734		262,594,241

		Insurance Brokers (0.51%)
	84,421	Willis Towers Watson PLC²		10,305,610		23,215,775

		Investment Banking & Brokerage (2.87%)
	1,613,936	The Charles Schwab Corp.		1,420,851		116,752,130
	54,000	LPL Financial Holdings, Inc.		12,105,109		14,266,800

				13,525,960		131,018,930

		Property & Casualty Insurance (4.11%)
	2,031,444	Arch Capital Group Ltd.^1,2		7,307,976		187,786,683

	Total Financials			113,210,764		623,453,976


Health Care (22.91%)
		Biotechnology (0.33%)
	38,366	argenx SE, ADR^1,2		12,332,714		15,105,462

		Health Care Equipment (7.53%)
	343,000	DexCom, Inc.¹		21,683,691		47,574,100
	548,630	IDEXX Laboratories, Inc.¹		9,741,988		296,221,796

				31,425,679		343,795,896

		Health Care Supplies (1.72%)
	773,672	Cooper Cos., Inc.		30,234,022		78,496,761


Shares			Cost		Value
Common Stocks (continued)

Health Care (continued)

		Health Care Technology (1.89%)
	372,386	Veeva Systems, Inc., Cl A¹	$	20,675,207	$	86,278,112

		Life Sciences Tools & Services (11.44%)
	1,404,944	Bio-Techne Corporation		33,796,494		98,894,008
	184,000	ICON plc^1,2		39,500,431		61,814,800
	157,117	Mettler-Toledo International, Inc.¹		9,187,095		209,168,291
	179,000	Repligen Corp.¹		30,336,045		32,921,680
	302,404	West Pharmaceutical Services, Inc.		13,012,900		119,664,287

				125,832,965		522,463,066

	Total Health Care			220,500,587		1,046,139,297


Industrials (14.79%)
		Aerospace & Defense (0.38%)
	55,000	Axon Enterprise, Inc.¹		10,716,158		17,208,400

		Construction & Engineering (1.62%)
	285,000	Quanta Services, Inc.		47,697,751		74,043,000

		Data Processing & Outsourced Services (1.00%)
	710,076	SS&C Technologies Holdings, Inc.		19,218,215		45,707,592

		Environmental & Facilities Services (1.53%)
	1,514,418	Rollins, Inc.		21,152,732		70,072,121

		Human Resource & Employment Services (2.19%)
	1,508,093	Dayforce, Inc. (formerly, Ceridian HCM Holding, Inc.)¹		57,095,886		99,850,838

		Industrial Machinery & Supplies & Components (1.54%)
	287,760	IDEX Corp.		20,579,527		70,219,195

		Research & Consulting Services (6.53%)
	180,000	Booz Allen Hamilton Holding Corp.		19,582,209		26,719,200
	827,500	TransUnion		34,946,379		66,034,500
	871,206	Verisk Analytics, Inc.		21,340,017		205,369,390

				75,868,605		298,123,090

	Total Industrials			252,328,874		675,224,236


Information Technology (28.61%)
		Application Software (13.33%)
	306,250	ANSYS, Inc.¹		8,130,637		106,317,750
	161,026	Aspen Technology, Inc.¹		29,330,886		34,343,625
	121,000	Fair Isaac Corp.¹		49,234,200		151,202,810
	1,310,809	Guidewire Software, Inc.¹		66,916,460		152,984,519
	370,000	Procore Technologies, Inc.¹		27,028,150		30,402,900
	238,192	Roper Technologies, Inc.		19,882,431		133,587,601

				200,522,764		608,839,205

		Electronic Components (2.09%)
	829,000	Amphenol Corp., Cl A		39,080,301		95,625,150

		Internet Services & Infrastructure (1.45%)
	348,103	Verisign, Inc.¹		15,787,379		65,969,000

		IT Consulting & Other Services (9.75%)
	934,323	Gartner, Inc.¹		19,158,422		445,363,744

		Technology Distributors (1.99%)
	355,363	CDW Corp.		22,129,555		90,894,748

	Total Information Technology			296,678,421		1,306,691,847


16		See Notes to Financial Statements.


March 31, 2024		Baron Asset Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024

Shares

Cost

Value

Common Stocks (continued)

Real Estate (7.11%)

Data Center REITs (1.00%)

55,416

Equinix, Inc.

3,568,755

45,736,487

Real Estate Services (5.86%)

516,323

CBRE Group, Inc., Cl A¹

5,774,214

50,207,249

2,248,930

CoStar Group, Inc.¹

47,365,826

217,246,638

53,140,040

267,453,887

Telecom Tower REITs (0.25%)

53,856

SBA Communications Corp.

1,210,360

11,670,595

Total Real Estate

57,919,155

324,860,969

Total Common Stocks

1,071,986,850

4,401,736,026

Private Common Stocks (1.38%)

Communication Services (1.04%)

Movies & Entertainment (1.04%)

197,613

StubHub Holdings, Inc., Cl A^1,3,4,6

50,000,041

47,334,242

Industrials (0.34%)

Aerospace & Defense (0.34%)

92,406

Space Exploration
Technologies Corp., Cl A^1,3,4,6

7,115,262

8,963,382

69,932

Space Exploration
Technologies Corp., Cl C^1,3,4,6

5,384,764

6,783,404

Total Industrials

12,500,026

15,746,786

Total Private Common Stocks

62,500,067

63,081,028

Private Preferred Stocks (2.05%)

Industrials (2.05%)

Aerospace & Defense (2.05%)

96,298

Space Exploration
Technologies Corp., Series N^1,3,4,6

26,000,460

93,409,060

Principal Amount

Cost

Value

Short-Term Investments (0.17%)

$7,841,272

Repurchase Agreement with Fixed Income Clearing Corp.,
dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $7,845,497;
(Fully Collateralized by $8,734,900 U.S. Treasury Note, 0.75% due 8/31/2026 Market value - $7,998,100)⁵

7,841,272

Total Investments (99.98%)

1,168,328,649

4,566,067,386

Cash and Other Assets Less Liabilities (0.02%)

1,065,032

Net Assets

4,567,132,418

%	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 $156,490,088 or 3.43% of net assets. These securities are not deemed liquid. See Note 6 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 7 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		17


Baron Growth Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (99.76%)
Communication Services (2.40%)
		Alternative Carriers (2.40%)
	7,375,000	Iridium Communications, Inc.⁴	$	44,987,505	$	192,930,000


Consumer Discretionary (14.70%)
		Apparel, Accessories & Luxury Goods (0.67%)
	10,884,539	Figs, Inc., Cl A¹		79,473,620		54,205,004

		Casinos & Gaming (1.83%)
	440,000	Boyd Gaming Corporation		11,056,072		29,620,800
	1,968,677	Red Rock Resorts, Inc., Cl A		43,528,673		117,766,258

				54,584,745		147,387,058

		Education Services (1.09%)
	775,000	Bright Horizons Family Solutions, Inc.¹		24,595,304		87,854,000

		Hotels, Resorts & Cruise Lines (4.71%)
	3,000,000	Choice Hotels International, Inc.⁴		75,582,685		379,050,000

		Leisure Facilities (5.54%)
	2,000,000	Vail Resorts, Inc.⁴		56,102,209		445,660,000

		Restaurants (0.86%)
	4,540,000	Krispy Kreme, Inc.		65,918,556		69,166,900

	Total Consumer Discretionary			356,257,119		1,183,322,962


Financials (46.26%)
		Asset Management & Custody Banks (2.63%)
	1,600,000	The Carlyle Group, Inc.		32,614,747		75,056,000
	1,775,000	Cohen & Steers, Inc.		37,640,938		136,479,750

				70,255,685		211,535,750
		Commercial & Residential Mortgage Finance (0.39%)
	520,000	Essent Group Ltd.²		14,300,210		30,945,200

		Financial Exchanges & Data (20.69%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		545,268,000
	925,000	Morningstar, Inc.		18,840,637		285,242,250
	1,490,000	MSCI, Inc.		27,417,980		835,070,500

				106,213,192		1,665,580,750

		Investment Banking & Brokerage (0.96%)
	450,000	Houlihan Lokey, Inc.		19,625,873		57,685,500
	350,000	Moelis & Co., Cl A		4,682,331		19,869,500

				24,308,204		77,555,000

		Life & Health Insurance (4.71%)
	1,500,000	Primerica, Inc.		31,190,715		379,440,000

		Property & Casualty Insurance (16.88%)
	9,025,000	Arch Capital Group Ltd.^1,2		28,122,057		834,271,000
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		524,740,000

				63,129,820		1,359,011,000

	Total Financials			309,397,826		3,724,067,700


Shares			Cost		Value
Common Stocks (continued)
Health Care (8.89%)
		Health Care Equipment (3.35%)
	500,000	IDEXX Laboratories, Inc.¹	$	6,993,471	$	269,965,000

		Health Care Supplies (0.26%)
	1,342,434	Neogen Corp.¹		17,026,471		21,183,609

		Life Sciences Tools & Services (5.28%)
	2,700,000	Bio-Techne Corporation		35,319,438		190,053,000
	65,000	Mettler-Toledo International, Inc.¹		2,972,255		86,533,850
	375,000	West Pharmaceutical Services, Inc.		12,660,506		148,391,250

				50,952,199		424,978,100

	Total Health Care			74,972,141		716,126,709


Industrials (1.24%)
		Building Products (1.24%)
	1,000,000	Trex Co., Inc.¹		8,972,042		99,750,000


Information Technology (15.26%)
		Application Software (6.44%)
	725,000	Altair Engineering, Inc., Cl A¹		11,330,019		62,458,750
	990,000	ANSYS, Inc.¹		22,569,533		343,688,400
	305,000	Clearwater Analytics Holdings, Inc., Cl A¹		4,682,009		5,395,450
	915,000	Guidewire Software, Inc.¹		27,661,456		106,789,650

				66,243,017		518,332,250

		IT Consulting & Other Services (8.82%)
	1,490,000	Gartner, Inc.¹		20,640,403		710,238,300

	Total Information Technology			86,883,420		1,228,570,550


Real Estate (11.01%)
		Office REITs (1.81%)
	700,000	Alexandria Real Estate Equities, Inc.		24,195,006		90,237,000
	4,000,000	Douglas Emmett, Inc.		35,524,931		55,480,000

				59,719,937		145,717,000

		Other Specialized REITs (3.03%)
	5,300,000	Gaming and Leisure Properties, Inc.		110,905,424		244,171,000

		Real Estate Services (6.17%)
	5,140,000	CoStar Group, Inc.¹		21,461,380		496,524,000

	Total Real Estate			192,086,741		886,412,000

	Total Common Stocks			1,073,556,794		8,031,179,921


Private Common Stocks (0.01%)
Materials (0.01%)
		Fertilizers & Agricultural Chemicals (0.01%)

	422,278	Farmers Business Network, Inc.^1,2,3,5,6		16,300,002		785,437


18		See Notes to Financial Statements.


March 31, 2024		Baron Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024

Shares

Cost

Value

Private Convertible Preferred Stocks (0.15%)

Industrials (0.15%)

Electrical Components &
Equipment (0.15%)

59,407,006

Northvolt AB (Sweden)^1,2,3,5,6

9,374,989

11,993,680

Total Investments (99.92%)

1,099,231,785

8,043,959,038

Cash and Other Assets Less Liabilities (0.08%)

6,670,897

Net Assets

8,050,629,935

%	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 $12,779,117 or 0.16% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities.

⁴	See Note 4 regarding “Affiliated” companies.

⁵	The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		19


Baron Small Cap Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (98.51%)
Communication Services (3.99%)
		Advertising (1.34%)
	750,000	The Trade Desk, Inc., Cl A¹	$	2,662,500	$	65,565,000

		Movies & Entertainment (2.65%)
	1,200,000	Liberty Media Corp.-Liberty Formula One, Cl C¹		20,511,579		78,720,000
	207,610	Liberty Media Corporation-Liberty Live, Cl C¹		680,178		9,097,470
	225,000	Madison Square Garden Sports Corp.¹		8,416,557		41,517,000

				29,608,314		129,334,470

	Total Communication Services			32,270,814		194,899,470


Consumer Discretionary (17.13%)
		Automotive Parts & Equipment (1.42%)
	900,000	Fox Factory Holding Corp.¹		67,818,000		46,863,000
	5,000,000	Holley, Inc.¹		40,431,893		22,300,000

				108,249,893		69,163,000

		Casinos & Gaming (4.49%)
	875,000	DraftKings, Inc., Cl A¹		11,187,787		39,733,750
	3,000,000	Red Rock Resorts, Inc., Cl A		86,392,310		179,460,000

				97,580,097		219,193,750

		Education Services (1.45%)
	625,000	Bright Horizons Family Solutions, Inc.¹		19,174,147		70,850,000

		Home Improvement Retail (2.26%)
	850,000	Floor & Decor Holdings, Inc., Cl A¹		30,054,925		110,177,000

		Homebuilding (3.31%)
	625,000	Installed Building Products, Inc.		28,122,724		161,706,250

		Leisure Facilities (1.70%)
	1,325,000	Planet Fitness, Inc., Cl A¹		58,847,372		82,984,750

		Restaurants (1.63%)
	2,200,000	The Cheesecake Factory, Inc.		60,116,924		79,530,000

		Specialized Consumer Services (0.87%)
	3,265,000	European Wax Center, Inc., Cl A¹		57,512,147		42,379,700

	Total Consumer Discretionary			459,658,229		835,984,450


Consumer Staples (2.07%)
		Packaged Foods & Meats (1.23%)
	3,250,000	UTZ Brands, Inc.		51,593,468		59,930,000

		Personal Care Products (0.84%)
	950,000	Oddity Tech Ltd.^1,2		35,054,635		41,277,500

	Total Consumer Staples			86,648,103		101,207,500


Financials (10.77%)
		Insurance Brokers (1.93%)
	3,250,000	BRP Group, Inc., Cl A¹		54,388,028		94,055,000

		Investment Banking & Brokerage (1.64%)
	625,000	Houlihan Lokey, Inc.		28,909,333		80,118,750

		Property & Casualty Insurance (5.11%)
	475,000	Kinsale Capital Group, Inc.		69,271,272		249,251,500


Shares			Cost		Value
Common Stocks (continued)

Financials (continued)

		Transaction & Payment Processing Services (2.09%)
	3,900,000	Repay Holdings Corporation ¹	$	33,541,410	$	42,900,000
	250,000	WEX, Inc.¹		10,329,020		59,382,500

				43,870,430		102,282,500

	Total Financials			196,439,063		525,707,750


Health Care (11.43%)
		Health Care Equipment (2.77%)
	550,000	DexCom, Inc.¹		1,823,402		76,285,000
	30,000	IDEXX Laboratories, Inc.¹		414,061		16,197,900
	200,000	Inspire Medical Systems, Inc.¹		10,019,389		42,958,000

				12,256,852		135,440,900

		Health Care Supplies (1.62%)
	5,000,000	Neogen Corp.¹		90,021,499		78,900,000

		Life Sciences Tools & Services (5.70%)
	700,000	ICON plc^1,2		38,492,341		235,165,000
	32,500	Mettler-Toledo International, Inc.¹		1,571,421		43,266,925

				40,063,762		278,431,925

		Managed Health Care (1.34%)
	800,000	HealthEquity, Inc.¹		13,208,486		65,304,000

	Total Health Care			155,550,599		558,076,825


Industrials (32.88%)
		Aerospace & Defense (3.76%)
	2,250,000	Kratos Defense & Security Solutions, Inc.¹		34,436,698		41,355,000
	650,000	Mercury Systems, Inc.¹		14,295,325		19,175,000
	100,000	TransDigm Group, Inc.¹		0		123,160,000

				48,732,023		183,690,000

		Building Products (3.09%)
	6,000,000	Janus International Group, Inc.¹		59,406,533		90,780,000
	600,000	Trex Co., Inc.¹		21,427,914		59,850,000

				80,834,447		150,630,000

		Diversified Support Services (0.65%)
	2,000,000	Driven Brands Holdings, Inc.¹		45,741,820		31,580,000

		Electrical Components & Equipment (8.23%)
	500,000	Shoals Technologies Group, Inc., Cl A¹		5,807,786		5,590,000
	4,850,000	Vertiv Holdings Co.		48,986,646		396,099,500

				54,794,432		401,689,500

		Environmental & Facilities Services (1.23%)
	350,000	Waste Connections, Inc.²		15,283,333		60,203,500

		Human Resource & Employment Services (6.29%)
	1,750,000	ASGN, Inc.¹		55,248,585		183,330,000
	950,000	Dayforce, Inc. (formerly, Cerdian HCM holding, Inc.) ¹		29,430,555		62,899,500
	3,750,000	First Advantage Corp.¹		60,629,977		60,825,000

				145,309,117		307,054,500


20		See Notes to Financial Statements.


March 31, 2024		Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (continued)

Industrials (continued)

		Industrial Machinery & Supplies & Components (5.87%)
	875,000	Chart Industries, Inc.¹	$	134,646,826	$	144,130,000
	650,000	John Bean Technologies Corp.		58,463,810		68,178,500
	275,000	RBC Bearings, Incorporated¹		32,617,037		74,346,250

				225,727,673		286,654,750

		Research & Consulting Services (0.45%)
	265,000	Exponent, Inc.		20,189,458		21,912,850

		Trading Companies & Distributors (3.31%)
	925,000	SiteOne Landscape Supply, Inc.¹		40,106,104		161,458,750

	Total Industrials			676,718,407		1,604,873,850


Information Technology (17.94%)
		Application Software (9.41%)
	500,000	Altair Engineering, Inc., Cl A¹		7,667,854		43,075,000
	350,000	Aspen Technology, Inc.¹		32,534,028		74,648,000
	2,300,000	Clearwater Analytics Holdings, Inc., Cl A¹		41,014,451		40,687,000
	1,225,000	Guidewire Software, Inc.¹		31,269,358		142,969,750
	1,900,000	Intapp, Inc.¹		75,158,999		65,170,000
	925,000	nCino, Inc.¹		30,666,230		34,576,500
	975,000	Sprout Social, Inc., Cl A¹		54,910,448		58,217,250

				273,221,368		459,343,500

		Electronic Equipment & Instruments (1.30%)
	1,500,000	Cognex Corp.		25,832,808		63,630,000

		IT Consulting & Other Services (6.50%)
	800,000	Endava plc, ADR^1,2		27,430,574		30,432,000
	525,000	Gartner, Inc.¹		6,820,144		250,251,750
	3,000,000	Grid Dynamics Holdings, Inc.¹		36,322,597		36,870,000

				70,573,315		317,553,750

		Semiconductors (0.73%)
	5,000,000	indie Semiconductor, Inc., Cl A¹		35,279,146		35,400,000

	Total Information Technology			404,906,637		875,927,250


Materials (1.51%)
		Specialty Chemicals (1.51%)
	1,700,000	Avient Corp.		53,733,696		73,780,000


Real Estate (0.79%)
		Industrial REITs (0.43%)
	850,000	Americold Realty Trust, Inc.		12,961,599		21,182,000

		Telecom Tower REITs (0.36%)
	80,000	SBA Communications Corp.		322,222		17,336,000

	Total Real Estate			13,283,821		38,518,000

	Total Common Stocks			2,079,209,369		4,808,975,095

Principal Amount

Cost

Value

Short-Term Investments (6.32%)

$308,630,336

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $308,796,654; (Fully Collateralized by $17,399,000 U.S. Treasury Note, 4.875% due 10/31/2030 Market value - $18,405,462 and Fully Collateralized by $50,000,000 U.S. Treasury Note, 2.25% due 8/15/2027 Market value - $46,881,761 and Fully Collateralized by $263,349,200 U.S. Treasury Note, 0.75% due 8/31/2026 Market value - $241,135,371 and Fully Collateralized by $7,961,100 U.S. Treasury Bond, 4.75% due 2/15/2041 Market value - $8,380,397)³

308,630,336

Total Investments (104.83%)

2,387,839,705

5,117,605,431

Liabilities Less Cash and Other Assets (-4.83%)

(235,845,695

)

Net Assets

4,881,759,736

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	Level 2 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		21


Baron Opportunity Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (95.91%)
Communication Services (9.46%)
		Advertising (1.91%)
	285,510	The Trade Desk, Inc., Cl A¹	$	8,852,747	$	24,959,284

		Interactive Home Entertainment (0.92%)
	80,700	Take-Two Interactive Software, Inc.¹		8,525,083		11,983,143

		Interactive Media & Services (5.08%)
	125,000	Meta Platforms, Inc., Cl A		25,296,610		60,697,500
	117,997	Reddit, Inc., Cl A¹		4,011,898		5,819,612

				29,308,508		66,517,112

		Movies & Entertainment (1.55%)
	76,700	Spotify Technology SA^1,2		18,560,766		20,241,130

	Total Communication Services			65,247,104		123,700,669


Consumer Discretionary (11.48%)
		Automobile Manufacturers (3.74%)
	900,183	Rivian Automotive, Inc., Cl A¹		14,097,732		9,857,004
	222,400	Tesla, Inc.¹		11,164,677		39,095,696

				25,262,409		48,952,700

		Automotive Parts & Equipment (1.05%)
	425,200	Mobileye Global, Inc., Cl A¹		13,388,153		13,670,180

		Broadline Retail (6.69%)
	485,500	Amazon.com, Inc.¹		29,742,116		87,574,490

	Total Consumer Discretionary			68,392,678		150,197,370


Financials (4.85%)
		Transaction & Payment Processing Services (4.85%)
	62,300	MasterCard, Incorporated, Cl A		13,361,059		30,001,811
	119,900	Visa, Inc., Cl A		18,936,666		33,461,692

	Total Financials			32,297,725		63,463,503


Health Care (10.00%)
		Biotechnology (6.94%)
	141,000	Arcellx, Inc.¹		9,894,704		9,806,550
	64,739	argenx SE, ADR^1,2		9,490,491		25,489,039
	195,500	Legend Biotech Corp., ADR^1,2		11,458,559		10,965,595
	690,270	Rocket Pharmaceuticals, Inc.¹		12,666,542		18,595,874
	316,600	Viking Therapeutics, Inc.¹		4,645,174		25,961,200

				48,155,470		90,818,258

		Health Care Equipment (3.06%)
	52,005	Intuitive Surgical, Inc.¹		7,280,110		20,754,675
	58,900	Shockwave Medical, Inc.¹		6,096,143		19,179,607

				13,376,253		39,934,282

	Total Health Care			61,531,723		130,752,540


Industrials (1.29%)
		Human Resource & Employment Services (1.29%)
	255,570	Dayforce, Inc. (formerly, Cerdian HCM Holding, Inc.)¹		13,070,250		16,921,290


Shares			Cost		Value
Common Stocks (continued)
Information Technology (54.60%)
		Application Software (7.42%)
	226,500	Gitlab, Inc., Cl A^1,4	$	9,190,621	$	13,209,480
	175,100	Guidewire Software, Inc.¹		5,058,280		20,435,921
	23,700	HubSpot, Inc.¹		8,267,320		14,849,472
	33,500	ServiceNow, Inc.^1,4		6,318,061		25,540,400
	84,200	Workday, Inc., Cl A¹		14,068,302		22,965,550

				42,902,584		97,000,823

		Internet Services & Infrastructure (1.30%)
	220,500	Shopify, Inc., Cl A^1,2		8,065,470		17,015,985

		IT Consulting & Other Services (3.01%)
	82,687	Gartner, Inc.¹		3,622,097		39,414,412

		Semiconductor Materials & Equipment (2.35%)
	21,300	ASML Holding N.V.²		10,043,235		20,671,011
	10,400	Lam Research Corp.		7,886,287		10,104,328

				17,929,522		30,775,339

		Semiconductors (22.37%)
	218,400	Advanced Micro Devices, Inc.¹		18,467,008		39,419,016
	156,010	Astera Labs, Inc.¹		5,616,360		11,574,382
	18,900	Broadcom, Inc.		24,920,439		25,050,249
	3,047,600	indie Semiconductor, Inc., Cl A¹		20,711,288		21,577,008
	188,400	Marvell Technology, Inc.		7,574,280		13,353,792
	21,700	Monolithic Power Systems, Inc.		8,272,571		14,700,014
	167,400	NVIDIA Corp.		12,920,458		151,255,944
	115,000	Taiwan Semiconductor Manufacturing Co., Ltd., ADR²		13,356,263		15,645,750

				111,838,667		292,576,155

		Systems Software (18.15%)
	110,800	Cloudflare, Inc., Cl A^1,4		4,372,897		10,728,764
	57,423	Crowdstrike Holdings, Inc., Cl A¹		3,453,213		18,409,240
	130,000	Datadog, Inc., Cl A^1,4		10,938,166		16,068,000
	428,400	Microsoft Corporation		63,017,174		180,236,448
	74,508	Snowflake, Inc., Cl A^1,4		9,803,991		12,040,493

				91,585,441		237,482,945

	Total Information Technology			275,943,781		714,265,659


Real Estate (4.23%)
		Data Center REITs (0.91%)
	14,425	Equinix, Inc.		2,625,844		11,905,385
		Real Estate Services (3.32%)
	450,130	CoStar Group, Inc.¹		22,656,056		43,482,558

	Total Real Estate			25,281,900		55,387,943

	Total Common Stocks			541,765,161		1,254,688,974


Private Common Stocks (1.15%)
Communication Services (0.10%)
		Interactive Media & Services (0.10%)
	50,000	X Holdings I, Inc., Cl A^1,3,4,6		5,000,000		1,366,000


22		See Notes to Financial Statements.


March 31, 2024		Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024


Shares			Cost		Value
Private Common Stocks (continued)
Industrials (1.02%)
		Aerospace & Defense (1.02%)
	105,020	Space Exploration Technologies Corp., Cl A^1,3,4,6	$	4,607,169	$	10,186,940
	31,890	Space Exploration Technologies Corp., Cl C^1,3,4,6		1,392,972		3,093,330

				6,000,141		13,280,270

		Passenger Ground Transportation (0.00%)^
	3,571	GM Cruise Holdings LLC, Cl B^1,3,4,6		103,563		21,676

	Total Industrials			6,103,704		13,301,946


Materials (0.03%)
		Fertilizers & Agricultural Chemicals (0.03%)
	182,067	Farmers Business Network, Inc.^1,3,4,6		2,394,652		338,645

	Total Private Common Stocks			13,498,356		15,006,591


Private Convertible Preferred Stocks (0.21%)
Materials (0.21%)
		Fertilizers & Agricultural Chemicals (0.21%)
	37,254	Farmers Business Network, Inc. Series F^1,3,4,6		4,855,355		684,729
	615,761	Farmers Business Network, Inc., Units^1,3,4,6		615,761		2,081,272

	Total Private Convertible Preferred Stocks			5,471,116		2,766,001


Private Preferred Stocks (1.50%)
Industrials (1.50%)
		Aerospace & Defense (1.37%)
	18,519	Space Exploration Technologies Corp., Series N^1,3,4,6		5,000,130		17,963,430

		Passenger Ground Transportation (0.13%)
	266,956	GM Cruise Holdings LLC, Cl G^1,3,4,6		7,034,290		1,620,423

	Total Private Preferred Stocks			12,034,420		19,583,853

Principal Amount

Cost

Value

Short-Term Investments (1.01%)

$13,197,327

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $13,204,438; (Fully Collateralized by $14,701,400 U.S. Treasury Note, 0.75% due 8/31/2026 Market value - $13,461,319)⁵

13,197,327

Total Investments (99.78%)

585,966,380

1,305,242,746

Cash and Other Assets Less Liabilities (0.22%)

2,916,374

Net Assets

1,308,159,120

%	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 $37,356,445 or 2.86% of net assets. These securities are not deemed liquid. See Note 6 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 7 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

^	Rounds to less than 0.01%.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		23


Baron Fifth Avenue Growth Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (98.70%)
Communication Services (12.35%)
		Advertising (3.61%)
	252,622	The Trade Desk, Inc., Cl A¹	$	14,551,081	$	22,084,215

		Interactive Media & Services (8.74%)
	62,225	Alphabet, Inc., Cl A¹		8,422,082		9,391,620
	90,909	Meta Platforms Inc., Cl A		6,630,519		44,143,592

				15,052,601		53,535,212

	Total Communication Services			29,603,682		75,619,427


Consumer Discretionary (18.64%)
		Automobile Manufacturers (3.54%)
	471,580	Rivian Automotive, Inc., Cl A¹		12,257,318		5,163,801
	93,883	Tesla, Inc.¹		24,345,419		16,503,693

				36,602,737		21,667,494

		Automotive Parts & Equipment (1.23%)
	234,652	Mobileye Global, Inc., Cl A¹		5,848,393		7,544,062

		Broadline Retail (13.87%)
	287,686	Amazon.com, Inc.¹		2,726,880		51,892,801
	680,704	Coupang, Inc., Cl A¹		12,159,012		12,109,724
	13,817	MercadoLibre, Inc.¹		9,299,061		20,890,751

				24,184,953		84,893,276

	Total Consumer Discretionary			66,636,083		114,104,832


Financials (6.52%)
		Transaction & Payment Processing Services (6.52%)
	5,491	Adyen N.V., 144A (Netherlands)^1,2,5		4,111,141		9,275,048
	155,798	Block, Inc.¹		9,308,980		13,177,395
	36,284	MasterCard Incorporated, Cl A		1,493,353		17,473,286

	Total Financials			14,913,474		39,925,729


Health Care (9.64%)
		Biotechnology (2.11%)
	32,834	argenx SE, ADR^1,2		10,908,181		12,927,403

		Health Care Equipment (4.88%)
	74,792	Intuitive Surgical, Inc.¹		8,845,700		29,848,739

		Health Care Technology (1.66%)
	43,814	Veeva Systems, Inc., Cl A¹		2,802,912		10,151,266

		Life Sciences Tools & Services (0.99%)
	44,160	Illumina, Inc.¹		4,995,828		6,064,051

	Total Health Care			27,552,621		58,991,459


Shares			Cost		Value
Common Stocks (continued)
Information Technology (51.55%)
		Application Software (8.91%)
	34,349	Atlassian Corp., Cl A^1,2	$	8,918,542	$	6,701,833
	108,633	Gitlab, Inc., Cl A^1,4		6,989,883		6,335,477
	54,458	ServiceNow, Inc.^1,4		20,815,805		41,518,779

				36,724,230		54,556,089

		Internet Services & Infrastructure (5.18%)
	411,171	Shopify, Inc., Cl A^1,2		15,469,462		31,730,066

		IT Consulting & Other Services (1.25%)
	201,215	Endava plc, ADR^1,2		18,269,296		7,654,219

		Semiconductor Materials & Equipment (3.10%)
	19,541	ASML Holding N.V.²		1,203,894		18,963,954

		Semiconductors (14.74%)
	99,836	NVIDIA Corp.		14,369,276		90,207,816

		Systems Software (18.37%)
	228,022	Cloudflare, Inc., Cl A^1,4		17,270,235		22,079,370
	87,980	Crowdstrike Holdings, Inc., Cl A¹		4,891,583		28,205,508
	151,618	Datadog, Inc., Cl A^1,4		9,184,124		18,739,985
	51,526	Microsoft Corporation		19,723,855		21,678,019
	134,832	Snowflake, Inc., Cl A^1,4		23,497,594		21,788,851

				74,567,391		112,491,733

	Total Information Technology			160,603,549		315,603,877

	Total Common Stocks			299,309,409		604,245,324


Private Common Stocks (0.85%)
Industrials (0.85%)
		Aerospace & Defense (0.85%)
	41,330	Space Exploration Technologies Corp., Cl A^1,3,4,6		1,932,253		4,009,010
	12,240	Space Exploration Technologies Corp., Cl C^1,3,4,6		567,691		1,187,280

	Total Private Common Stocks			2,499,944		5,196,290


Private Preferred Stocks (0.13%)
Industrials (0.13%)
		Passenger Ground Transportation (0.13%)
	133,288	GM Cruise Holdings LLC, Cl G^1,3,4,6		3,512,139		809,058


24		See Notes to Financial Statements.


March 31, 2024		Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024

Principal Amount

Cost

Value

Short-Term Investments (0.30%)

$1,815,543

Repurchase Agreement with
Fixed Income Clearing Corp.,
dated 3/28/2024, 4.85%
due 4/1/2024; Proceeds at
maturity $1,816,522;
(Fully Collateralized by
$2,022,500 U.S. Treasury Note,
0.75% due 8/31/2026
Market value - $1,851,900)⁵

1,815,543

Total Investments (99.98%)

307,137,035

612,066,215

Cash and Other Assets Less Liabilities (0.02%)

134,171

Net Assets

612,200,386

%	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 $6,005,348 or 0.98% of net assets. These securities are not deemed liquid. See Note 6 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 7 regarding Fair Value Measurements.

⁶	Level 3 secruity. See Note 7 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 $9,275,048 or 1.52% of net assets.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		25


Baron Discovery Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (96.73%)
Communication Services (2.71%)
		Interactive Media & Services (0.44%)
	138,143	Reddit, Inc., Cl A¹	$	4,696,862	$	6,813,213

		Movies & Entertainment (2.27%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A¹		5,408,362		10,866,900
	550,000	Liberty Media Corporation-Liberty Live, Cl C¹		18,822,683		24,101,000

				24,231,045		34,967,900

	Total Communication Services			28,927,907		41,781,113


Consumer Discretionary (14.76%)
		Casinos & Gaming (7.51%)
	535,000	Boyd Gaming Corporation		33,074,142		36,016,200
	1,235,000	DraftKings, Inc., Cl A¹		23,984,451		56,081,350
	395,000	Red Rock Resorts, Inc., Cl A		14,152,337		23,628,900

				71,210,930		115,726,450

		Footwear (1.15%)
	500,000	On Holding AG, Cl A^1,2		12,219,945		17,690,000

		Home Improvement Retail (2.52%)
	300,000	Floor & Decor Holdings, Inc., Cl A¹		9,074,455		38,886,000

		Homefurnishing Retail (1.58%)
	70,000	RH¹		18,069,077		24,378,200

		Restaurants (2.00%)
	200,000	Texas Roadhouse, Inc.		17,901,519		30,894,000

	Total Consumer Discretionary			128,475,926		227,574,650


Financials (3.59%)
		Asset Management & Custody Banks (0.18%)
	25,000	Hamilton Lane, Inc., Cl A		2,946,204		2,819,000

		Property & Casualty Insurance (3.41%)
	100,000	Kinsale Capital Group, Inc.		4,813,070		52,474,000

	Total Financials			7,759,274		55,293,000


Health Care (18.45%)
		Health Care Equipment (8.27%)
	562,982	Axonics, Inc.¹		24,201,598		38,828,869
	596,078	Inari Medical, Inc.¹		30,435,721		28,599,822
	265,000	Masimo Corp.¹		35,939,618		38,915,250
	1,150,864	Silk Road Medical, Inc.¹		26,876,762		21,083,829

				117,453,699		127,427,770

		Health Care Supplies (1.09%)
	329,000	Establishment Labs Holdings, Inc.^1,2		20,105,991		16,746,100

		Health Care Technology (2.22%)
	700,591	Certara, Inc.¹		14,628,630		12,526,567
	2,684,590	Definitive Healthcare Corp.¹		48,189,355		21,664,641

				62,817,985		34,191,208

		Life Sciences Tools & Services (6.62%)
	240,000	10X Genomics, Inc., Cl A¹		10,693,794		9,007,200
	943,727	CareDx, Inc.^1,3		10,152,398		9,994,069
	1,629,676	Maravai LifeSciences Holdings, Inc., Cl A¹		15,496,854		14,129,291
	122,500	Repligen Corp.¹		19,531,284		22,530,200
	847,712	Stevanato Group SpA²		23,956,215		27,211,555
	868,790	Veracyte, Inc.^1,3		22,690,855		19,252,386

				102,521,400		102,124,701


Shares			Cost		Value
Common Stocks (continued)

Health Care (continued)

		Pharmaceuticals (0.25%)
	775,832	Revance Therapeutics, Inc.¹	$	11,448,086	$	3,817,093

	Total Health Care			314,347,161		284,306,872


Industrials (21.66%)
		Aerospace & Defense (7.00%)
	144,095	Axon Enterprise, Inc.¹		15,830,703		45,084,444
	1,942,158	Kratos Defense & Security Solutions, Inc.¹		26,482,410		35,696,864
	920,380	Mercury Systems, Inc.¹		33,144,240		27,151,210

				75,457,353		107,932,518

		Building Products (2.44%)
	200,000	AAON, Inc.		14,505,982		17,620,000
	200,000	Trex Co., Inc.¹		7,842,211		19,950,000

				22,348,193		37,570,000

		Diversified Support Services (0.18%)
	146,576	ACV Auctions, Inc., Cl A¹		2,937,630		2,751,231

		Environmental & Facilities Services (2.21%)
	869,583	Montrose Environmental Group, Inc.¹		19,287,297		34,061,566

		Human Resource & Employment Services (3.91%)
	326,131	ASGN, Inc.¹		31,749,731		34,165,484
	395,000	Dayforce, Inc. (formerly, Cerdian HCM Holding, Inc.)¹		21,822,194		26,152,950

				53,571,925		60,318,434

		Industrial Machinery & Supplies & Components (3.37%)
	225,000	Chart Industries, Inc.¹		30,390,512		37,062,000
	55,000	RBC Bearings, Inc.¹		11,183,890		14,869,250

				41,574,402		51,931,250

		Trading Companies & Distributors (2.55%)
	225,000	SiteOne Landscape Supply, Inc.¹		16,625,881		39,273,750

	Total Industrials			231,802,681		333,838,749


Information Technology (33.44%)
		Application Software (10.21%)
	600,000	Alkami Technology, Inc.¹		13,160,838		14,742,000
	1,750,000	Clearwater Analytics Holdings, Inc., Cl A¹		31,185,997		30,957,500
	677,889	Gitlab, Inc., Cl A^1,3		25,647,628		39,534,487
	235,357	Guidewire Software, Inc.¹		18,259,547		27,468,515
	500,000	Intapp, Inc.¹		18,215,211		17,150,000
	1,750,000	SmartRent, Inc.^1,3		4,499,473		4,690,000
	595,000	Smartsheet, Inc., Cl A¹		22,340,547		22,907,500

				133,309,241		157,450,002

		Electronic Equipment & Instruments (5.51%)
	395,321	Advanced Energy Industries, Inc.		27,937,769		40,314,835
	74,131	Novanta, Inc.^1,2		8,196,882		12,955,875
	700,000	PAR Technology Corp.¹		22,991,689		31,752,000

				59,126,340		85,022,710

		IT Consulting & Other Services (0.62%)
	250,000	Endava plc, ADR^1,2		6,125,604		9,510,000


26		See Notes to Financial Statements.


March 31, 2024		Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (continued)

Information Technology (continued)

		Semiconductor Materials & Equipment (1.55%)
	135,000	Nova Ltd.^1,2	$	3,115,172	$	23,946,300

		Semiconductors (4.77%)
	613,200	Allegro MicroSystems, Inc.¹		16,833,405		16,531,872
	181,168	Astera Labs, Inc.¹		6,522,048		13,440,854
	4,057,493	indie Semiconductor, Inc., Cl A¹		34,900,206		28,727,051
	1,064,620	Navitas Semiconductor Corp.¹		6,604,000		5,078,237
	104,000	SiTime Corp.¹		10,725,454		9,695,920

				75,585,113		73,473,934

		Systems Software (10.78%)
	1,444,900	Couchbase, Inc.^1,3		31,053,248		38,015,319
	160,200	CyberArk Software Ltd.^1,2		20,574,697		42,553,926
	430,775	Dynatrace, Inc.^1,3		10,425,483		20,005,191
	1,575,000	SentinelOne, Inc., Cl A¹		24,893,625		36,713,250
	611,000	Varonis Systems, Inc.¹		13,653,727		28,820,870

				100,600,780		166,108,556

	Total Information Technology			377,862,250		515,511,502


Real Estate (2.12%)
		Industrial REITs (2.12%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		32,695,000

	Total Common Stocks			1,120,832,335		1,491,000,886

Principal Amount

Cost

Value

Short-Term Investments (3.36%)

$51,733,058

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $51,760,936; (Fully Collateralized by $57,628,800 U.S. Treasury Note, 0.75% due 8/31/2026 Market value - $52,767,740)⁴

51,733,058

Total Investments (100.09%)

1,172,565,393

1,542,733,944

Liabilities Less Cash and Other Assets (-0.09%)

(1,372,226

)

Net Assets

1,541,361,718

%	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 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		27


Baron Durable Advantage Fund		March 31, 2024

PORTFOLIO OF INVESTMENTS (Unaudited)

MARCH 31, 2024


Shares			Cost		Value
Common Stocks (96.74%)
Communication Services (11.95%)
		Interactive Media & Services (11.95%)
	92,722	Alphabet, Inc., Cl C¹	$	11,681,886	$	14,117,852
	52,146	Meta Platforms, Inc., Cl A		15,017,997		25,321,054

	Total Communication Services			26,699,883		39,438,906


Consumer Discretionary (7.54%)
		Broadline Retail (7.54%)
	137,898	Amazon.com, Inc.¹		18,914,907		24,874,041


Consumer Staples (1.71%)
		Consumer Staples Merchandise Retail (1.71%)
	7,715	Costco Wholesale Corp.		4,325,406		5,652,240


Financials (32.53%)
		Asset Management & Custody Banks (5.74%)
	77,140	Blackstone, Inc.		8,668,626		10,133,882
	210,389	Brookfield Corp.²		7,962,155		8,808,987

				16,630,781		18,942,869

		Diversified Financial Services (2.74%)
	80,507	Apollo Global Management, Inc.		8,103,707		9,053,012

		Financial Exchanges & Data (11.50%)
	31,966	CME Group, Inc.		6,454,069		6,881,960
	28,297	Moody’s Corp.		9,881,413		11,121,570
	12,942	MSCI, Inc.		6,625,800		7,253,344
	29,817	S&P Global, Inc.		11,654,186		12,685,643

				34,615,468		37,942,517

		Investment Banking & Brokerage (2.22%)
	27,727	LPL Financial Holdings, Inc.		6,406,994		7,325,474

		Property & Casualty Insurance (2.47%)
	88,182	Arch Capital Group Ltd.^1,2		5,523,458		8,151,544

		Transaction & Payment Processing Services (7.86%)
	23,590	MasterCard, Incorporated, Cl A		9,517,135		11,360,236
	52,234	Visa, Inc., Cl A		13,055,271		14,577,465

				22,572,406		25,937,701

	Total Financials			93,852,814		107,353,117


Health Care (10.65%)
		Life Sciences Tools & Services (7.69%)
	33,651	Agilent Technologies, Inc.		4,304,806		4,896,557
	31,990	Danaher Corp.		7,089,542		7,988,543
	2,582	Mettler-Toledo International, Inc.¹		2,958,314		3,437,390
	15,561	Thermo Fisher Scientific, Inc.		7,947,528		9,044,209

				22,300,190		25,366,699

		Managed Health Care (2.96%)
	19,745	UnitedHealth Group, Incorporated		9,406,206		9,767,852

	Total Health Care			31,706,396		35,134,551


Industrials (2.30%)
		Aerospace & Defense (2.30%)
	49,341	HEICO Corp., Cl A		6,635,824		7,595,554


Shares			Cost		Value
Common Stocks (continued)
Information Technology (28.67%)
		Application Software (6.39%)
	18,505	Adobe, Inc.¹	$	9,890,550	$	9,337,623
	18,069	Intuit, Inc.		9,709,189		11,744,850

				19,599,739		21,082,473

		Electronic Manufacturing Services (0.29%)
	6,675	TE Connectivity Ltd.²		831,184		969,477

		IT Consulting & Other Services (2.56%)
	24,323	Accenture plc, Cl A²		7,822,054		8,430,595

		Semiconductors (10.22%)
	3,105	Broadcom, Inc.		4,169,756		4,115,398
	8,503	Monolithic Power Systems, Inc.		3,697,232		5,760,102
	16,174	NVIDIA Corp.		5,530,494		14,614,180
	51,068	Taiwan Semiconductor Manufacturing Co., Ltd., ADR²		5,099,498		6,947,801
	13,085	Texas Instruments, Inc.		2,220,244		2,279,538

				20,717,224		33,717,019

		Systems Software (9.21%)
	72,220	Microsoft Corporation		24,330,167		30,384,398

	Total Information Technology			73,300,368		94,583,962


Real Estate (1.39%)
		Real Estate Services (1.39%)
	47,570	CoStar Group, Inc.¹		4,222,569		4,595,262

	Total Common Stocks			259,658,167		319,227,633



Principal Amount
Short-Term Investments (3.58%)
	$11,812,584	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/28/2024, 4.85% due 4/1/2024; Proceeds at maturity $11,818,950; (Fully Collateralized by $12,650,600 U.S. Treasury Note, 3.50% due 2/15/2033 Market value - $12,048,898)³		11,812,584		11,812,584

	Total Investments (100.32%)		$	271,470,751		331,040,217

	Liabilities Less Cash and Other Assets (-0.32%)					(1,065,603	)

	Net Assets				$	329,974,614

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	Level 2 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


28		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2024


	Baron Asset Fund		Baron Growth Fund		Baron Small Cap Fund		Baron Opportunity Fund
Assets:
Investments in securities, at value*
Unaffiliated investments	$	4,566,067,386	$	7,026,319,038	$	5,117,605,431	$	1,305,242,746
“Affiliated” investments		—		1,017,640,000		—		—

Total investments, at value		4,566,067,386		8,043,959,038		5,117,605,431		1,305,242,746
Cash		—		—		—		—
Dividends and interest receivable		1,833,961		11,719,792		2,831,067		131,578
Receivable for capital shares sold		1,172,499		3,375,020		3,229,305		7,833,053
Prepaid expenses		59,059		107,563		62,784		15,832
Receivable for securities sold		—		—		16,415,293		567,837

		4,569,132,905		8,059,161,413		5,140,143,880		1,313,791,046

Liabilities:
Payable for capital shares redeemed		1,435,609		4,296,458		248,352,346		1,205,394
Trustee fees payable (Note 4)		53,393		88,050		49,384		11,880
Distribution fees payable (Note 4)		429		787		336		6
Investment advisory fees payable (Note 4)		—		—		—		245
Due to custodian bank		—		1,835,865		—		—
Payable for securities purchased		—		1,245,197		9,401,517		4,272,077
Other accrued expenses and other payables		511,056		1,065,121		580,561		142,324

		2,000,487		8,531,478		258,384,144		5,631,926

Net Assets	$	4,567,132,418	$	8,050,629,935	$	4,881,759,736	$	1,308,159,120

Net Assets consist of:
Paid-in capital	$	775,447,626	$	887,739,647	$	1,847,538,202	$	654,005,767
Distributable earnings/(losses)		3,791,684,792		7,162,890,288		3,034,221,534		654,153,353

Net Assets	$	4,567,132,418	$	8,050,629,935	$	4,881,759,736	$	1,308,159,120

Retail Shares:
Net Assets	$	2,255,176,785	$	2,368,749,618	$	1,412,151,537	$	618,340,177
Shares Outstanding ($0.01 par value; indefinite shares authorized)		21,716,682		23,480,798		41,764,725		15,206,735

Net Asset Value Per Share	$	103.85	$	100.88	$	33.81	$	40.66

Institutional Shares:
Net Assets	$	2,153,022,847	$	5,433,219,282	$	3,163,784,349	$	651,808,209
Shares Outstanding ($0.01 par value; indefinite shares authorized)		19,532,785		50,939,413		86,545,416		15,043,675

Net Asset Value Per Share	$	110.23	$	106.66	$	36.56	$	43.33

R6 Shares:
Net Assets	$	158,932,786	$	248,661,035	$	305,823,850	$	38,010,734
Shares Outstanding ($0.01 par value; indefinite shares authorized)		1,442,353		2,331,194		8,369,811		876,339

Net Asset Value Per Share	$	110.19	$	106.67	$	36.54	$	43.37


*Investments in securities, at cost:
Unaffiliated investments	$	1,168,328,649	$	922,559,386	$	2,387,839,705	$	585,966,380
“Affiliated” investments		—		176,672,399		—		—

Total investments, at cost	$	1,168,328,649	$	1,099,231,785	$	2,387,839,705	$	585,966,380


See Notes to Financial Statements.		29


Baron Investment Funds Trust		March 31, 2024

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2024


	Baron Fifth Avenue Growth Fund		Baron Discovery Fund		Baron Durable Advantage Fund
Assets:
Investments in securities, at value* Unaffiliated investments	$	612,066,215	$	1,542,733,944	$	331,040,217
“Affiliated” investments		—		—		—

Total investments, at value		612,066,215		1,542,733,944		331,040,217
Cash		—		—		14,306
Dividends and interest receivable		978		534,124		54,034
Receivable for capital shares sold		451,053		2,273,151		4,329,276
Prepaid expenses		7,600		19,177		3,293
Receivable for securities sold		—		8,875,645		—

		612,525,846		1,554,436,041		335,441,126

Liabilities:
Payable for capital shares redeemed		231,282		950,223		49,727
Trustee fees payable (Note 4)		5,520		15,140		1,079
Distribution fees payable (Note 4)		—		741		238
Investment advisory fees payable (Note 4)		745		66		844
Due to custodian bank		—		—		—
Payable for securities purchased		—		11,892,334		5,346,149
Other accrued expenses and other payables		87,913		215,819		68,475

		325,460		13,074,323		5,466,512

Net Assets	$	612,200,386	$	1,541,361,718	$	329,974,614

Net Assets consist of:
Paid-in capital	$	320,359,716	$	1,372,967,485	$	272,670,733
Distributable earnings/(losses)		291,840,670		168,394,233		57,303,881

Net Assets	$	612,200,386	$	1,541,361,718	$	329,974,614

Retail Shares:
Net Assets	$	127,298,380	$	144,451,570	$	87,466,317
Shares Outstanding ($0.01 par value; indefinite shares authorized)		2,696,887		5,067,360		3,545,501

Net Asset Value Per Share	$	47.20	$	28.51	$	24.67

Institutional Shares:
Net Assets	$	453,565,229	$	1,339,414,209	$	234,954,936
Shares Outstanding ($0.01 par value; indefinite shares authorized)		9,289,889		45,724,953		9,393,196

Net Asset Value Per Share	$	48.82	$	29.29	$	25.01

R6 Shares:
Net Assets	$	31,336,777	$	57,495,939	$	7,553,361
Shares Outstanding ($0.01 par value; indefinite shares authorized)		641,977		1,962,660		301,952

Net Asset Value Per Share	$	48.81	$	29.29	$	25.02


*Investments in securities, at cost:
Unaffiliated investments	$	307,137,035	$	1,172,565,393	$	271,470,751
“Affiliated” investments		—		—		—

Total investments, at cost	$	307,137,035	$	1,172,565,393	$	271,470,751


30		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

STATEMENTS OF OPERATIONS (Unaudited)

FOR THE SIX MONTHS ENDED MARCH 31, 2024


	Baron Asset Fund			Baron Growth Fund			Baron Small Cap Fund			Baron Opportunity Fund
Investment income (loss):
Income:
Dividends — Unaffiliated investments¹	$	11,090,788		$	30,741,864		$	14,959,441		$	1,275,132
Dividends — “Affiliated” investments		—			15,521,911			—			—
Interest		1,139,723			23,488			4,122,461			288,438

Total income		12,230,511			46,287,263			19,081,902			1,563,570

Expenses:
Investment advisory fees (Note 4)		22,519,699			38,313,470			22,539,584			5,664,444
Distribution fees — Retail Shares (Note 4)		2,632,120			2,831,557			1,581,579			690,384
Shareholder servicing agent fees and expenses — Retail Shares		104,990			87,350			58,100			34,490
Shareholder servicing agent fees and expenses — Institutional Shares		35,170			63,290			45,230			13,810
Shareholder servicing agent fees and expenses — R6 Shares		4,234			6,491			6,887			912
Reports to shareholders		389,200			486,900			502,400			71,760
Trustee fees and expenses (Note 4)		114,432			190,385			107,247			27,523
Registration and filing fees		76,340			164,400			76,800			58,940
Custodian and fund accounting fees		67,070			134,070			67,372			19,163
Professional fees		54,900			79,830			47,980			30,524
Administration fees		41,907			55,632			41,907			24,888
Insurance expense		34,366			57,628			33,678			6,884
Line of credit fees		33,200			54,720			31,560			6,928
Miscellaneous expenses		2,650			2,625			3,700			2,600

Total operating expenses		26,110,278			42,528,348			25,144,024			6,653,250
Interest expense on borrowings		—			1,471,684			—			—

Total gross expenses		26,110,278			44,000,032			25,144,024			6,653,250
Management fees waived/expenses reimbursed — Retail Shares (Note 4)		—			—			—			—
Management fees waived/expenses reimbursed — Institutional Shares (Note 4)		—			—			—			—
Management fees waived/expenses reimbursed — R6 Shares (Note 4)		—			—			—			—

Total net expenses		26,110,278			44,000,032			25,144,024			6,653,250

Net investment income (loss)		(13,879,767	)		2,287,231			(6,062,122	)		(5,089,680	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold — Unaffiliated investments		431,532,867			221,968,398			328,562,660			52,597,484
Net realized gain (loss) on investments sold — “Affiliated” investments		—			12,879,292			—			—
Net realized gain (loss) on foreign currency transactions		—			862			(301,732	)		—
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		373,285,034			896,369,809			738,561,809			273,861,648
Investments — “Affiliated” investments		—			(146,110,718	)		—			—
Foreign currency translations		—			255			—			—

Net gain (loss) on investments		804,817,901			985,107,898			1,066,822,737			326,459,132

Net increase (decrease) in net assets resulting from operations	$	790,938,134		$	987,395,129		$	1,060,760,615		$	321,369,452

¹ Net of foreign taxes withheld on dividends of	$	—		$	—		$	32,149		$	23,226


See Notes to Financial Statements.		31


Baron Investment Funds Trust		March 31, 2024

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

FOR THE SIX MONTHS ENDED MARCH 31, 2024


	Baron Fifth Avenue Growth Fund			Baron Discovery Fund			Baron Durable Advantage Fund
Investment income (loss):
Income:
Dividends — Unaffiliated investments¹	$	200,172		$	1,629,614		$	838,149
Dividends — “Affiliated” investments		—			—			—
Interest		92,150			1,665,200			222,534

Total income		292,322			3,294,814			1,060,683

Expenses:
Investment advisory fees (Note 4)		1,861,796			6,852,317			654,304
Distribution fees — Retail Shares (Note 4)		140,637			169,736			58,141
Shareholder servicing agent fees and expenses — Retail Shares		14,920			14,320			9,783
Shareholder servicing agent fees and expenses — Institutional Shares		10,248			24,860			8,318
Shareholder servicing agent fees and expenses — R6 Shares		791			1,385			167
Reports to shareholders		22,200			138,160			7,578
Trustee fees and expenses (Note 4)		13,100			33,269			3,231
Registration and filing fees		45,000			58,330			72,450
Custodian and fund accounting fees		13,151			31,319			9,605
Professional fees		27,961			33,050			27,633
Administration fees		23,058			26,352			21,777
Insurance expense		3,208			10,084			941
Line of credit fees		7,736			9,488			1,036
Miscellaneous expenses		2,600			2,705			7,904

Total operating expenses		2,186,406			7,405,375			882,868
Interest expense on borrowings		3,126			—			—

Total gross expenses		2,189,532			7,405,375			882,868
Management fees waived/expenses reimbursed — Retail Shares (Note 4)		(20,042	)		—			(33,849	)
Management fees waived/expenses reimbursed — Institutional Shares (Note 4)		(28,883	)		—			(82,949	)
Management fees waived/expenses reimbursed — R6 Shares (Note 4)		(2,063	)		—			(3,294	)

Total net expenses		2,138,544			7,405,375			762,776

Net investment income (loss)		(1,846,222	)		(4,110,561	)		297,907

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold — Unaffiliated investments		11,808,583			15,410,163			(222,624	)
Net realized gain (loss) on investments sold — “Affiliated” investments		—			—			—
Net realized gain (loss) on foreign currency transactions		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		136,899,004			211,674,314			44,116,809
Investments — “Affiliated” investments		—			—			—
Foreign currency translations		—			362			—

Net gain (loss) on investments		148,707,587			227,084,839			43,894,185

Net increase (decrease) in net assets resulting from operations	$	146,861,365		$	222,974,278		$	44,192,092

¹ Net of foreign taxes withheld on dividends of	$	9,043		$	—		$	13,392


32		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	Baron Asset Fund						Baron Growth Fund						Baron Small Cap Fund
	For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(13,879,767	)	$	(29,539,836	)	$	2,287,231		$	(5,149,746	)	$	(6,062,122	)	$	(16,221,077	)
Net realized gain (loss)		431,532,867			164,608,153			234,848,552			128,427,884			328,260,928			145,663,681
Change in net unrealized appreciation (depreciation)		373,285,034			531,421,964			750,259,346			1,082,225,416			738,561,809			543,818,302
Voluntary payment from Adviser (Note 4)		—			—			—			—			—			573

Increase (decrease) in net assets resulting from operations		790,938,134			666,490,281			987,395,129			1,205,503,554			1,060,760,615			673,261,479

Distributions to shareholders from (Note 8):
Distributable earnings — Retail Shares		(73,946,360	)		—			(41,022,811	)		(126,706,440	)		(38,755,055	)		(64,811,896	)
Distributable earnings — Institutional Shares		(79,328,878	)		—			(88,661,863	)		(245,475,751	)		(84,340,786	)		(138,254,528	)
Distributable earnings — R6 Shares		(5,142,028	)		—			(3,999,572	)		(10,133,722	)		(6,775,236	)		(9,940,890	)

Decrease in net assets from distributions to shareholders		(158,417,266	)		—			(133,684,246	)		(382,315,913	)		(129,871,077	)		(213,007,314	)

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		18,118,322			39,850,074			45,490,315			101,360,061			43,008,867			59,410,546
Proceeds from the sale of shares — Institutional Shares		144,015,329			293,424,532			375,369,630			809,157,921			227,658,767			400,433,013
Proceeds from the sale of shares — R6 Shares		3,661,164			14,142,351			17,041,686			50,608,437			58,181,372			39,179,571
Net asset value of shares issued in reinvestment of distributions — Retail Shares		70,866,434			—			39,805,050			123,111,654			37,787,177			63,171,722
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		76,786,353			—			85,850,571			235,524,160			81,972,697			131,512,581
Net asset value of shares issues in reinvestment of distribution — R6 Shares		5,140,882			—			3,998,659			10,130,977			6,591,551			9,940,890
Cost of shares redeemed — Retail Shares		(115,472,921	)		(183,821,498	)		(176,186,480	)		(286,604,257	)		(114,412,369	)		(196,237,866	)
Cost of shares redeemed — Institutional Shares		(620,614,629	)		(363,251,623	)		(614,599,486	)		(654,049,077	)		(585,820,809	)		(635,169,274	)
Cost of shares redeemed — R6 Shares		(18,276,666	)		(22,677,575	)		(24,441,038	)		(26,066,283	)		(19,242,599	)		(49,885,052	)

Increase (decrease) in net assets derived from capital share transactions		(435,775,732	)		(222,333,739	)		(247,671,093	)		363,173,593			(264,275,346	)		(177,643,869	)

Net increase (decrease) in net assets		196,745,136			444,156,542			606,039,790			1,186,361,234			666,614,192			282,610,296

Net Assets:
Beginning of period		4,370,387,282			3,926,230,740			7,444,590,145			6,258,228,911			4,215,145,544			3,932,535,248

End of period	$	4,567,132,418		$	4,370,387,282		$	8,050,629,935		$	7,444,590,145		$	4,881,759,736		$	4,215,145,544

Capital share transactions — Retail Shares
Shares sold		187,428			445,882			483,798			1,105,820			1,431,972			2,195,891
Shares issued in reinvestment of distributions		763,318			—			439,398			1,390,112			1,344,261			2,463,796
Shares redeemed		(1,205,729	)		(2,040,562	)		(1,868,236	)		(3,147,012	)		(3,799,001	)		(7,319,463	)

Net increase (decrease)		(254,983	)		(1,594,680	)		(945,040	)		(651,080	)		(1,022,768	)		(2,659,776	)

Capital share transactions — Institutional Shares
Shares sold		1,420,891			3,096,411			3,775,499			8,421,699			7,078,080			13,690,326
Shares issued in reinvestment of distributions		779,874			—			897,080			2,526,145			2,699,134			4,770,133
Shares redeemed		(6,044,606	)		(3,814,904	)		(6,153,308	)		(6,823,837	)		(17,573,916	)		(21,850,800	)

Net increase (decrease)		(3,843,841	)		(718,493	)		(1,480,729	)		4,124,007			(7,796,702	)		(3,390,341	)

Capital share transactions — R6 Shares
Shares sold		36,170			146,661			170,641			520,741			1,844,949			1,339,970
Shares issued in reinvestment of distributions		52,229			—			41,779			108,649			217,185			360,700
Shares redeemed		(179,322	)		(235,063	)		(244,168	)		(271,219	)		(593,350	)		(1,699,152	)

Net increase (decrease)		(90,923	)		(88,402	)		(31,748	)		358,171			1,468,784			1,518


See Notes to Financial Statements.		33


Baron Investment Funds Trust		March 31, 2024

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron Opportunity Fund						Baron Fifth Avenue Fund
	For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(5,089,680	)	$	(7,510,621	)	$	(1,846,222	)	$	(2,819,229	)
Net realized gain (loss)		52,597,484			9,015,148			11,808,583			19,766,722
Change in net unrealized appreciation (depreciation)		273,861,648			182,982,360			136,899,004			68,310,438
Voluntary payment from Adviser (Note 4)		—			—			—			—

Increase (decrease) in net assets resulting from operations		321,369,452			184,486,887			146,861,365			85,257,931

Distributions to shareholders from (Note 8):
Distributable earnings — Retail Shares		—			—			—			—
Distributable earnings — Institutional Shares		—			—			—			—
Distributable earnings — R6 Shares		—			—			—			—

Decrease in net assets from distributions to shareholders		—			—			—			—

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		23,606,235			34,372,223			15,144,846			18,368,310
Proceeds from the sale of shares — Institutional Shares		96,915,555			151,526,377			38,295,020			83,292,712
Proceeds from the sale of shares — R6 Shares		500,752			1,139,270			1,927			153,765
Net asset value of shares issued in reinvestment of distributions — Retail Shares		—			—			—			—
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		—			—			—			—
Net asset value of shares issues in reinvestment of distribution — R6 Shares		—			—			—			—
Cost of shares redeemed — Retail Shares		(59,353,373	)		(83,435,636	)		(21,412,989	)		(17,879,353	)
Cost of shares redeemed — Institutional Shares		(73,619,087	)		(134,518,791	)		(26,096,441	)		(93,902,515	)
Cost of shares redeemed — R6 Shares		(626,340	)		(1,431,012	)		(2,025,158	)		(929,118	)

Increase (decrease) in net assets derived from capital share transactions		(12,576,258	)		(32,347,569	)		3,907,205			(10,896,199	)

Net increase (decrease) in net assets		308,793,194			152,139,318			150,768,570			74,361,732

Net Assets:
Beginning of period		999,365,926			847,226,608			461,431,816			387,070,084

End of period	$	1,308,159,120		$	999,365,926		$	612,200,386		$	461,431,816

Capital share transactions — Retail Shares
Shares sold		671,393			1,179,931			351,571			529,126
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(1,685,301	)		(3,106,653	)		(542,013	)		(570,302	)

Net increase (decrease)		(1,013,908	)		(1,926,722	)		(190,442	)		(41,176	)

Capital share transactions — Institutional Shares
Shares sold		2,588,038			4,946,786			869,958			2,539,955
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(2,043,067	)		(4,753,258	)		(611,932	)		(3,029,356	)

Net increase (decrease)		544,971			193,528			258,026			(489,401	)

Capital share transactions — R6 Shares
Shares sold		12,987			39,617			44			4,591
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		(16,641	)		(49,642	)		(48,862	)		(26,052	)

Net increase (decrease)		(3,654	)		(10,025	)		(48,818	)		(21,461	)


34		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron Discovery Fund						Baron Durable Advantage Fund
	For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024			For the Year Ended September 30, 2023
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(4,110,561	)	$	(8,484,525	)	$	297,907		$	118,085
Net realized gain (loss)		15,410,163			(123,872,849	)		(222,624	)		171,587
Change in net unrealized appreciation (depreciation)		211,674,676			237,834,363			44,116,809			15,779,529
Voluntary payment from Adviser (Note 4)		—			—			—			—

Increase (decrease) in net assets resulting from operations		222,974,278			105,476,989			44,192,092			16,069,201

Distributions to shareholders from (Note 8):
Distributable earnings — Retail Shares		—			—			(651	)		—
Distributable earnings — Institutional Shares		—			—			(118,011	)		—
Distributable earnings — R6 Shares		—			—			(5,854	)		—

Decrease in net assets from distributions to shareholders		—			—			(124,516	)		—

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		11,354,242			22,756,802			68,147,460			10,429,207
Proceeds from the sale of shares — Institutional Shares		188,197,123			372,347,004			136,077,295			48,718,221
Proceeds from the sale of shares — R6 Shares		6,710,021			8,945,361			1,270,513			268,603
Net asset value of shares issued in reinvestment of distributions — Retail Shares		—			—			649			—
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		—			—			118,005			—
Net asset value of shares issues in reinvestment of distribution — R6 Shares		—			—			2,446			—
Cost of shares redeemed — Retail Shares		(20,312,508	)		(50,897,545	)		(7,039,765	)		(3,911,919	)
Cost of shares redeemed — Institutional Shares		(140,463,783	)		(318,040,395	)		(12,856,758	)		(6,088,641	)
Cost of shares redeemed — R6 Shares		(3,807,853	)		(7,718,677	)		(22,360	)		(7,004	)

Increase (decrease) in net assets derived from capital share transactions		41,677,242			27,392,550			185,697,485			49,408,467

Net increase (decrease) in net assets		264,651,520			132,869,539			229,765,061			65,477,668

Net Assets:
Beginning of period		1,276,710,198			1,143,840,659			100,209,553			34,731,885

End of period	$	1,541,361,718		$	1,276,710,198		$	329,974,614		$	100,209,553

Capital share transactions — Retail Shares
Shares sold		429,188			946,591			3,010,187			561,883
Shares issued in reinvestment of distributions		—			—			31			—
Shares redeemed		(780,955	)		(2,121,746	)		(315,573	)		(228,857	)

Net increase (decrease)		(351,767	)		(1,175,155	)		2,694,645			333,026

Capital share transactions — Institutional Shares
Shares sold		6,978,044			15,011,069			5,966,304			2,722,811
Shares issued in reinvestment of distributions		—			—			5,458			—
Shares redeemed		(5,354,953	)		(12,828,286	)		(546,665	)		(350,159	)

Net increase (decrease)		1,623,091			2,182,783			5,425,097			2,372,652

Capital share transactions — R6 Shares
Shares sold		241,820			358,747			53,610			14,112
Shares issued in reinvestment of distributions		—			—			113			—
Shares redeemed		(142,833	)		(307,703	)		(1,020	)		(428	)

Net increase (decrease)		98,987			51,044			52,703			13,684


See Notes to Financial Statements.		35


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. ORGANIZATION

Baron Investment Funds Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987. The Trust currently offers seven series (individually, a Fund and collectively, the Funds): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund.

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.

Each Fund is diversified. The investment goals of the Funds are as follows:

Baron Asset Fund seeks capital appreciation through long-term investments primarily in securities of medium-sized companies with undervalued assets or favorable growth prospects.

Baron Growth Fund seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies.

Baron Small Cap Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Opportunity Fund seeks capital appreciation through investments primarily in growth companies that benefit from technology advances.

Baron Fifth Avenue Growth Fund seeks capital appreciation through investments primarily in securities of large-sized growth companies.

Baron Discovery Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Durable Advantage Fund seeks capital appreciation through long-term investments primarily in securities of large-sized companies.

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,


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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) Securities Transactions and Investment Income. Fund securities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments and the amounts may subsequently be reclassified upon receipt of information from the issuer.

d) Expense Allocation. The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodian fees. Expenses of the Trust and Baron Select Funds (collectively, the Fund Complex), not directly chargeable to one or more specific Baron Funds are typically allocated among the funds in the Fund Complex in proportion to their respective net assets. The Funds accrue distribution and service (12b-1) fees to Retail Shares.

e) Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

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 on the Statements of Operations. 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.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

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, both of which are included in securities lending income in the Statements of Operations. 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


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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.

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) Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

The Funds may be subject to foreign taxes on income and gains on investments that are accrued based upon the Funds’ understanding of the tax rules and regulations that exist in the countries in which the Funds invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

m) Restricted Securities. The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board. Refer to Note 6 for additional information.

n) Distributions to Shareholders. Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Income dividends are normally declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Funds, if not distributed. The Funds intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

o) Commitments and Contingencies. In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

p) Cash and Cash Equivalents. The Funds consider all short-term liquid investments with a maturity of three months or less when purchased to be cash equivalents.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities, other than short term securities, for the six months ended March 31, 2024 were as follows:



Fund	Purchases		Sales
Baron Asset Fund	$	81,633,512	$	671,722,545
Baron Growth Fund		22,164,689		397,639,575
Baron Small Cap Fund		301,118,550		631,374,120
Baron Opportunity Fund		181,857,303		202,666,434
Baron Fifth Avenue Growth Fund		40,478,179		37,258,756
Baron Discovery Fund		218,684,147		174,365,857
Baron Durable Advantage Fund		178,337,897		597,778


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a) Investment Advisory Fees. The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee accrued daily as a percentage of each Fund’s average daily net assets and payable monthly, at an annual rate set forth below.



Fund	Annual Rate
Baron Asset Fund		1.00	%
Baron Growth Fund		1.00	%
Baron Small Cap Fund		1.00	%
Baron Opportunity Fund		1.00	%
Baron Fifth Avenue Growth Fund		0.70	%
Baron Discovery Fund		1.00	%
Baron Durable Advantage Fund		0.65	%

The Adviser has contractually agreed to waive its fee or reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses) pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term as follows:



	Annual Operating Expense Ratio Cap

Fund	Retail Shares			Institutional Shares			R6 Shares
Baron Opportunity Fund		1.50	%		1.25	%		1.24	%
Baron Fifth Avenue Growth Fund		1.00	%		0.75	%		0.75	%
Baron Discovery Fund		1.35	%		1.10	%		1.09	%
Baron Durable Advantage Fund		0.95	%		0.70	%		0.70	%

During the six months ended March 31, 2024, the Adviser waived its management fees and reimbursed other expenses, if applicable, as follows:



	Retail Shares				Institutional Shares				R6 Shares

Fund	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Baron Fifth Avenue Growth Fund	$	20,042	$	—	$	28,883	$	—	$	2,063	$	—
Baron Durable Advantage Fund		33,849		—		82,949		—		3,294		—

The aforementioned fee waivers and reimbursements, if applicable, are not subject to recoupment by the Adviser.

b) Distribution Fees. Baron Capital, Inc. (BCI), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds’ shares. The Funds are authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares’ average daily net assets of the respective Funds.

c) Trustee Fees. Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an interested person (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $215,000 with the lead Independent Trustee receiving an additional $25,000. An additional $60,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

d) Custody, Fund Accounting and Administration Fees. The Funds have entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

e) Cross Trades. The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Select Funds, and other entities advised or subadvised by the Adviser, pursuant to “Cross-Trading Procedures” adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. Pursuant to these procedures, for the six months ended March 31, 2024, the Funds engaged in the following cross trades:



	Purchases		Sales		Net Realized Gains (Losses)
Baron Small Cap Fund	$	1,867,674	$	—	$	—
Baron Discovery Fund		—		1,867,674		(158,466	)

f) Voluntary Payment. During the year ended September 30, 2023, the Adviser made a voluntary payment to Baron Small Cap Fund in the amount of $573 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund’s total return by less than 0.01%.


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

g) Ownership Concentration. As of March 31, 2024, the officers, Trustees, and portfolio managers owned, directly or indirectly, 11.42% of Baron Fifth Avenue Growth Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Fifth Avenue Growth Fund shareholders.

h) Transactions in “Affiliated” Companies¹

BARON GROWTH FUND



Name of Issuer	Value at September 30, 2023		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)			Realized Gains/ (Losses)		Dividend Income		Shares Held at March 31, 2024		Value at March 31, 2024		% of Net Assets at March 31, 2024
“Affiliated” Company as of March 31, 2024:
Choice Hotels International, Inc.	$	363,242,150	$	6,787,395	$	3,133,836	$	11,874,039		$	280,252	$	869,688		3,000,000	$	379,050,000		4.71	%
Iridium Communications, Inc.		355,959,250		—		15,763,533		(159,864,757	)		12,599,040		1,972,223		7,375,000		192,930,000		2.40	%
Vail Resorts, Inc.		443,780,000		—		—		1,880,000			—		12,680,000		2,000,000		445,660,000		5.54	%

	$	1,162,981,400	$	6,787,395	$	18,897,369	$	(146,110,718	)	$	12,879,292	$	15,521,911			$	1,017,640,000

¹	An “Affiliated” company (affiliated person as defined in the 1940 Act) is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the six months ended March 31, 2024.

5. LINE OF CREDIT

The Fund Complex (except Baron Partners Fund), participates in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund’s prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate (OBFR) plus 0.10% or the Federal Funds Effective Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets.

During the six months ended March 31, 2024, the following Funds had borrowings under the line of credit as follows:



Fund	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowing Outstanding		Outstanding Balance as of 3/31/2024
Baron Growth Fund	$	52.5 million	$	103.2 million		6.54	%		157	$	—
Baron Fifth Avenue Growth Fund	$	3.5 million	$	3.6 million		6.54	%		5	$	—

*	For the days borrowings were outstanding.

The Adviser believes that the fair value of the liabilities under the line of credit agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates over time. A Fund’s outstanding balance under the line of credit agreement, if any, would be categorized as Level 2 in the fair value hierarchy, which is further discussed in Note 7.

6. 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 SEC Rule 22e-4 (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.


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

6. RESTRICTED SECURITIES (Continued)

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 Asset Fund

Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		1/25/2023	$	15,746,786
StubHub Holdings, Inc.		12/22/2021		47,334,242

Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		93,409,060


Total Restricted Securities			$	156,490,088

(Cost $88,500,527)^†(3.43% of Net Assets)

	Baron Growth Fund

Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	785,437

Private Convertible Preferred Stocks
Northvolt AB		9/21/2020		11,993,680


Total Restricted Securities			$	12,779,117

(Cost $25,674,991)^†(0.16% of Net Assets)

	Baron Opportunity Fund

Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	338,645
GM Cruise Holdings LLC		5/19/2022		21,676
Space Exploration Technologies Corp.		3/25/2021		13,280,270
X Holdings I, Inc.		5/4/2022		1,366,000

Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020 - 9/28/2023		2,766,001

Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		1,620,423
Space Exploration Technologies Corp.		8/4/2020		17,963,430


Total Restricted Securities			$	37,356,445

(Cost $31,003,892)^†(2.86% of Net Assets)

	Baron Fifth Avenue Growth Fund

Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	5,196,290

Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		809,058


Total Restricted Securities			$	6,005,348

(Cost $6,012,083)^†(0.98% of Net Assets)
^† See Portfolios of Investments for cost of individual securities.


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. 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.

The following is a summary of the inputs used as of March 31, 2024 in valuing the Funds’ investments carried at fair value:



	Baron Asset Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	4,401,736,026		—		—	$	4,401,736,026
Private Common Stocks^†		—		—		63,081,028		63,081,028
Private Preferred Stocks		—		—		93,409,060		93,409,060
Short-Term Investments		—		7,841,272		—		7,841,272

Total Investments	$	4,401,736,026	$	7,841,272	$	156,490,088	$	4,566,067,386


	Baron 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^†	$	8,031,179,921	$	—	$	—	$	8,031,179,921
Private Common Stocks		—		—		785,437		785,437
Private Convertible Preferred Stocks		—		—		11,993,680		11,993,680

Total Investments	$	8,031,179,921	$	—	$	12,779,117	$	8,043,959,038


	Baron Small Cap Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	4,808,975,095	$	—	$	—	$	4,808,975,095
Short-Term Investments		—		308,630,336		—		308,630,336

Total Investments	$	4,808,975,095	$	308,630,336	$	—	$	5,117,605,431

†	See Portfolios of Investments for additional detailed categorizations.


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)



	Baron Opportunity Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	1,254,688,974	$	—	$	—	$	1,254,688,974
Private Common Stocks^†		—		—		15,006,591		15,006,591
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001
Private Preferred Stocks^†		—		—		19,583,853		19,583,853
Short-Term Investments		—		13,197,327		—		13,197,327

Total Investments	$	1,254,688,974	$	13,197,327	$	37,356,445	$	1,305,242,746


	Baron Fifth Avenue 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^†	$	594,970,276	$	9,275,048	$	—	$	604,245,324
Private Common Stocks		—		—		5,196,290		5,196,290
Private Preferred Stocks		—		—		809,058		809,058
Short-Term Investments		—		1,815,543		—		1,815,543

Total Investments	$	594,970,276	$	11,090,591	$	6,005,348	$	612,066,215


	Baron Discovery Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	1,491,000,886	$	—	$	—	$	1,491,000,886
Short-Term Investments		—		51,733,058		—		51,733,058

Total Investments	$	1,491,000,886	$	51,733,058	$	—	$	1,542,733,944


	Baron Durable 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^†	$	319,227,633	$	—	$	—	$	319,227,633
Short-Term Investments		—		11,812,584		—		11,812,584

Total Investments	$	319,227,633	$	11,812,584	$	—	$	331,040,217

†	See Portfolios of Investments for additional detailed categorizations.


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

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



	Baron Asset Fund

Investments in Securities	Balance as of September 30, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions		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	$	37,919,959	$	—	$	—	$	9,414,283		$	—	$	—	$	—	$	—	$	47,334,242	$	9,414,283
Industrials		12,157,493		—		—		3,589,293			—		—		—		—		15,746,786		3,589,293

Private Preferred Stocks
Industrials		72,114,683		—		—		21,294,377			—		—		—		—		93,409,060		21,294,377

Total	$	122,192,135	$	—	$	—	$	34,297,953		$	—	$	—	$	—	$	—	$	156,490,088	$	34,297,953


	Baron Growth Fund

Investments in Securities	Balance as of September 30, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions		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
Materials	$	785,437	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	785,437	$	—

Private Convertible Preferred Stocks
Industrials		13,867,853		—		—		(1,874,173	)		—		—		—				11,993,680		(1,874,173	)

Total	$	14,653,290	$	—	$	—		(1,874,173	)	$	—	$	—	$	—	$	—	$	12,779,117	$	(1,874,173	)


	Baron Opportunity Fund

Investments in Securities	Balance as of September 30, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions		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	$	3,707,500	$	—	$	—	$	(2,341,500	)	$	—	$	—	$	—	$	—	$	1,366,000	$	(2,341,500	)
Industrials		10,330,148		—		—		2,971,798			—		—		—		—		13,301,946		2,971,798
Materials		338,645		—		—		—			—		—		—		—		338,645		—

Private Convertible Preferred Stocks
Materials		2,766,001		—		—		—			—		—		—		—		2,766,001		—

Private Preferred Stocks
Industrials		19,936,233		—		—		(352,380	)		—		—		—		—		19,583,853		(352,380	)

Total	$	37,078,527	$	—	$	—	$	277,918		$	—	$	—	$	—	$	—	$	37,356,445	$	277,918


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)



	Baron Fifth Avenue Growth Fund

Investments in Securities	Balance as of September 30, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions		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	$	4,011,857	$	—	$	—	$	1,184,433		$	—	$	—	$	—	$	—	$	5,196,290	$	1,184,433

Private Preferred Stocks
Industrials		3,029,637		—		—		(2,220,579	)		—		—		—		—		809,058	$	(2,220,579	)

Total	$	7,041,494	$	—	$	—	$	(1,036,146	)	$	—	$	—	$	—	$	—	$	6,005,348	$	(1,036,146	)

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 Asset 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

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 Probabilites:
Scenario A /

Scenario B /

Scenario C²

95% /4% / 1%

1% – 95%

n/a

Private Common
Stocks:
Industrials

Space Exploration
Technologies Corp.

$15,746,786

Observed transaction

Observed Transaction
Price

$97.00

Increase

Private Preferred Stocks:
Industrials

Space Exploration
Technologies Corp.

$93,409,060

Observed transaction

Observed Transaction
Price

$970.00

Increase

See footnotes on page 46.


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

Baron Opportunity 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.

$1,366,000

Recent valuation for
employee grants

Enterprise Value Estimate

$19 billion

Increase

Private Common
Stocks:

Industrials

Space Exploration
Technologies
Corp.

$13,280,270

Observed transaction

Observed Transaction
Price

$97.00

Increase

Private Preferred
Stocks:

Industrials

Space Exploration
Technologies

Corp.

$17,963,430

Observed

transaction

Observed Transaction
Price

$970.00

Increase

Private Common
Stocks:

Industrials

GM Cruise
Holdings LLC

$21,676

Combination of
observed transaction
price and scenario
analysis methods

Observed Transaction
Price

$24.27

Increase

Scenario Probabilities:
Scenario A / Scenario B /
Scenario C³

50% /50% / 0%

0% – 50%

n/a

Private Preferred
Stocks:

Industrials

GM Cruise
Holdings LLC

$1,620,423

Combination of
observed transaction
price and scenario
analysis methods

Observed Transaction
Price

$24.27

Increase

Scenario Probabilities:
Scenario A / Scenario B /
Scenario C³

50% /50% / 0%

0% – 50%

n/a

Private Common
Stocks:

Materials

Farmers Business
Network, Inc.

$338,645

Scenario
analysis

Public Markets Event
Scenario Probabilities⁴

9.1%

8% – 10%

n/a

Liquidity Scenario
Probabilities:
Scenario A / Scenario B⁵

50%

50% – 50%

n/a

Private

Convertible
Preferred Stocks:

Materials

Farmers Business
Network, Inc.

$2,766,001

Scenario
analysis

Public Markets Event
Scenario Probabilities⁴

9.1%

8% – 10%

n/a

Liquidity Scenario
Probabilities:
Scenario A / Scenario B⁵

50%

50% – 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	Scenario A represents a worst case scenario. Scenario B represents a negative scenario that is beter than the worst case. Scenario C represents a positive scenario.

⁴	The probabilities are associated with a range of potential IPO valuations.

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

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.


March 31, 2024		Baron Investment Funds Trust

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) may differ for financial statement and tax purposes due to differing treatments of net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late year loss deferral, post-October loss deferral, and wash sale loss deferral. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

As of March 31, 2024, the Funds’ cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:



	Baron Asset Fund			Baron Growth Fund			Baron Small Cap Fund			Baron Opportunity Fund
Cost of investments	$	1,168,328,649		$	1,099,231,785		$	2,387,839,705		$	585,966,380

Gross tax unrealized appreciation		3,400,404,536			6,985,510,433			2,819,802,621			739,454,600
Gross tax unrealized depreciation		(2,665,799	)		(40,783,180	)		(90,036,895	)		(20,178,234	)

Net tax unrealized appreciation (depreciation)	$	3,397,738,737		$	6,944,727,253		$	2,729,765,726		$	719,276,366



	Baron Fifth Avenue Growth Fund			Baron Discovery Fund			Baron Durable Advantage Fund
Cost of investments	$	307,137,035		$	1,172,565,393		$	271,470,751

Gross tax unrealized appreciation		337,811,726			440,696,324			60,176,751
Gross tax unrealized depreciation		(32,882,546	)		(70,527,773	)		(607,285	)

Net tax unrealized appreciation (depreciation)	$	304,929,180		$	370,168,551		$	59,569,466

At September 30, 2023, the Funds had capital loss carryforwards with no expiration dates, as follows:



	Baron Asset Fund		Baron Growth Fund		Baron Small Cap Fund		Baron Opportunity Fund
Short Term	$	—	$	—	$	—	$	101,204,471

Long Term	$	—	$	—	$	—	$	—



	Baron Fifth Avenue Growth Fund		Baron Discovery Fund		Baron Durable Advantage Fund
Short Term	$	20,923,823	$	80,337,008	$	2,281,054

Long Term	$	—	$	123,883,788	$	26,766


Baron Investment Funds Trust		March 31, 2024

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

The estimated tax character of distributions paid during the six months ended March 31, 2024 and year ended September 30, 2023 was as follows:



	Six Months Ended March 31, 2024				Year Ended September 30, 2023

Fund	Ordinary¹		Long Term Capital Gain		Ordinary¹		Long Term Capital Gain
Baron Asset Fund	$	—	$	158,417,266	$	—	$	—
Baron Growth Fund		—		133,684,246		—		382,315,913
Baron Small Cap Fund		—		129,871,077		—		213,007,314
Baron Opportunity Fund		—		—		—		—
Baron Fifth Avenue Growth Fund		—		—		—		—
Baron Discovery Fund		—		—		—		—
Baron Durable Advantage Fund		124,516		—		—		—

¹	For tax purposes, short-term capital gains are considered ordinary income distributions.

The Funds follow the provisions of FASB Codification Section 740 (ASC Section 740) “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a “more likely than not” standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. At March 31, 2024, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds’ federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9.RECENT REGULATORY UPDATE

In October 2022, the SEC adopted the Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds rule and reform amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual tailored shareholder reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Certain information from the Funds’ current shareholder reports, including the Funds’ portfolios of investments, financial statements, and financial highlights, will move to Form N-CSR. This information will be available online, mailed upon request and filed on a semi-annual basis. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Funds until the 2024 annual shareholder reports.

10. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.


March 31, 2024		Baron Investment Funds Trust

FINANCIAL HIGHLIGHTS (Unaudited)

BARON ASSET FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:						Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Total expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		90.44		(0.36	)		17.18			16.82			0.00		(3.41	)		(3.41	)		103.85		19.05	³		1.30	⁴		(0.75	)⁴		2,255.2		1.84	³

Year Ended September 30,

2023		77.43		(0.72	)		13.73			13.01			0.00		0.00			0.00			90.44		16.80			1.30			(0.80	)		1,987.1		5.48

2022		120.59		(0.90	)		(33.27	)		(34.17	)		0.00		(8.99	)		(8.99	)		77.43		(30.79	)		1.29			(0.91	)		1,824.8		4.58

2021		99.64		(1.16	)		25.50			24.34			0.00		(3.39	)		(3.39	)		120.59		24.96			1.29	⁵		(1.02	)		2,871.7		9.54

2020		82.28		(0.72	)		19.58			18.86			0.00		(1.50	)		(1.50	)		99.64		23.22			1.31			(0.82	)		2,498.6		9.28

2019		81.43		(0.56	)		6.17			5.61			0.00		(4.76	)		(4.76	)		82.28		7.82			1.30			(0.73	)		2,242.0		11.83

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		95.68		(0.25	)		18.21			17.96			0.00		(3.41	)		(3.41	)		110.23		19.20	³		1.04	⁴		(0.50	)⁴		2,153.0		1.84	³

Year Ended September 30,

2023		81.71		(0.52	)		14.49			13.97			0.00		0.00			0.00			95.68		17.10			1.05			(0.54	)		2,236.6		5.48

2022		126.47		(0.68	)		(35.09	)		(35.77	)		0.00		(8.99	)		(8.99	)		81.71		(30.61	)		1.04			(0.65	)		1,968.9		4.58

2021		104.08		(0.91	)		26.69			25.78			0.00		(3.39	)		(3.39	)		126.47		25.29			1.03	⁵		(0.76	)		3,108.2		9.54

2020		85.67		(0.52	)		20.43			19.91			0.00		(1.50	)		(1.50	)		104.08		23.53			1.05			(0.57	)		2,505.4		9.28

2019		84.36		(0.38	)		6.45			6.07			0.00		(4.76	)		(4.76	)		85.67		8.11			1.05			(0.48	)		1,979.7		11.83

R6 SHARES

Six Months Ended March 31,

2024		95.65		(0.25	)		18.20			17.95			0.00		(3.41	)		(3.41	)		110.19		19.20	³		1.04	⁴		(0.50	)⁴		158.9		1.84	³

Year Ended September 30,

2023		81.70		(0.52	)		14.47			13.95			0.00		0.00			0.00			95.65		17.07			1.05			(0.55	)		146.7		5.48

2022		126.45		(0.67	)		(35.09	)		(35.76	)		0.00		(8.99	)		(8.99	)		81.70		(30.61	)		1.04			(0.65	)		132.5		4.58

2021		104.07		(0.91	)		26.68			25.77			0.00		(3.39	)		(3.39	)		126.45		25.28			1.04	⁵		(0.76	)		185.8		9.54

2020		85.65		(0.52	)		20.44			19.92			0.00		(1.50	)		(1.50	)		104.07		23.55			1.05			(0.57	)		147.3		9.28

2019		84.35		(0.38	)		6.44			6.06			0.00		(4.76	)		(4.76	)		85.65		8.09			1.05			(0.47	)		109.0		11.83

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distribution, if any.

³	Not Annualized.

⁴	Annualized.

⁵	Interest expense rounds to less than 0.01%.


See Notes to Financial Statements.		49


Baron Investment Funds Trust		March 31, 2024

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON GROWTH FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:						Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Total expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		90.55		(0.06	)		12.09			12.03			0.00		(1.70	)		(1.70	)		100.88		13.50	³		1.33	^4,5		(0.12	)⁴		2,368.7		0.29	³

Year Ended September 30,

2023		80.38		(0.22	)		15.52			15.30			0.00		(5.13	)		(5.13	)		90.55		19.17			1.30	⁶		(0.24	)		2,211.7		2.11

2022		117.64		(0.35	)		(27.94	)		(28.29	)		0.00		(8.97	)		(8.97	)		80.38		(26.31	)		1.30	⁶		(0.36	)		2,015.6		0.44

2021		90.65		(0.81	)		32.65			31.84			0.00		(4.85	)		(4.85	)		117.64		36.19	⁸		1.29	⁷		(0.75	)		3,041.4		1.37

2020		78.95		(0.35	)		15.10			14.75			0.00		(3.05	)		(3.05	)		90.65		19.08			1.30	⁷		(0.44	)		2,535.3		1.63

2019		80.68		(0.16	)		3.56			3.40			0.00		(5.13	)		(5.13	)		78.95		5.09			1.29	⁷		(0.21	)		2,507.0		1.93

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		95.52		0.07			12.77			12.84			0.00		(1.70	)		(1.70	)		106.66		13.65	³		1.07	^4,5		0.14	⁴		5,433.2		0.29	³

Year Ended September 30,

2023		84.34		0.01			16.30			16.31			0.00		(5.13	)		(5.13	)		95.52		19.48			1.05	⁶		0.01			5,007.2		2.11

2022		122.73		(0.10	)		(29.32	)		(29.42	)		0.00		(8.97	)		(8.97	)		84.34		(26.12	)		1.04	⁶		(0.10	)		4,073.5		0.44

2021		94.15		(0.56	)		33.99			33.43			0.00		(4.85	)		(4.85	)		122.73		36.55	⁸		1.03	⁷		(0.50	)		5,934.8		1.37

2020		81.69		(0.16	)		15.67			15.51			0.00		(3.05	)		(3.05	)		94.15		19.38			1.04	⁷		(0.20	)		4,608.4		1.63

2019		83.09		0.03			3.70			3.73			0.00		(5.13	)		(5.13	)		81.69		5.36			1.04	⁷		0.03			4,150.9		1.93

R6 SHARES

Six Months Ended March 31,

2024		95.53		0.07			12.77			12.84			0.00		(1.70	)		(1.70	)		106.67		13.65	³		1.08	^4,5		0.13	⁴		248.7		0.29	³

Year Ended September 30,

2023		84.35		0.01			16.30			16.31			0.00		(5.13	)		(5.13	)		95.53		19.48			1.05	⁶		0.01			225.7		2.11

2022		122.75		(0.11	)		(29.32	)		(29.43	)		0.00		(8.97	)		(8.97	)		84.35		(26.13	)		1.04	⁶		(0.10	)		169.1		0.44

2021		94.16		(0.56	)		34.00			33.44			0.00		(4.85	)		(4.85	)		122.75		36.56	⁸		1.03	⁷		(0.50	)		225.8		1.37

2020		81.70		(0.17	)		15.68			15.51			0.00		(3.05	)		(3.05	)		94.16		19.38			1.04	⁷		(0.20	)		167.8		1.63

2019		83.10		0.00	⁹		3.73			3.73			0.00		(5.13	)		(5.13	)		81.70		5.36			1.04	⁷		0.00	¹⁰		131.6		1.93

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

³	Not Annualized.

⁴	Annualized.

⁵	Includes interest expense of 0.04%.

⁶	Includes interest expense of 0.01%.

⁷	Includes interest expense of less than 0.01%.

⁸	The Adviser made a voluntary payment to the Fund in the amount of $739,525 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund’s total return by 0.01%.

⁹	Less than $0.01 per share.

¹⁰	Less than 0.01%.


50		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON SMALL CAP FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:						Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Total expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		27.76		(0.07	)		7.04			6.97			0.00		(0.92	)		(0.92	)		33.81		25.78	³		1.30	⁴		(0.45	)⁴		1,412.2		6.95	³

Year Ended September 30,

2023		24.98		(0.15	)		4.38			4.23			0.00		(1.45	)		(1.45	)		27.76		17.42	⁵		1.31			(0.56	)		1,187.8		10.47

2022		40.67		(0.23	)		(10.74	)		(10.97	)		0.00		(4.72	)		(4.72	)		24.98		(30.93	)		1.30			(0.72	)		1,135.1		16.83

2021		35.06		(0.16	)		9.89			9.73			0.00		(4.12	)		(4.12	)		40.67		29.77			1.29			(0.40	)		1,829.5		15.70

2020		29.44		(0.29	)		8.73			8.44			0.00		(2.82	)		(2.82	)		35.06		30.60			1.31			(0.98	)		1,511.3		16.93

2019		33.68		(0.27	)		(1.36	)		(1.63	)		0.00		(2.61	)		(2.61	)		29.44		(4.17	)		1.31			(0.95	)		1,451.9		13.44

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		29.90		(0.03	)		7.61			7.58			0.00		(0.92	)		(0.92	)		36.56		25.94	³		1.04	⁴		(0.20	)⁴		3,163.8		6.95	³

Year Ended September 30,

2023		26.74		(0.09	)		4.70			4.61			0.00		(1.45	)		(1.45	)		29.90		17.71	⁵		1.05			(0.31	)		2,821.0		10.47

2022		43.12		(0.15	)		(11.51	)		(11.66	)		0.00		(4.72	)		(4.72	)		26.74		(30.76	)		1.04			(0.44	)		2,613.0		16.83

2021		36.86		(0.06	)		10.44			10.38			0.00		(4.12	)		(4.12	)		43.12		30.11			1.03			(0.15	)		3,214.2		15.70

2020		30.74		(0.23	)		9.17			8.94			0.00		(2.82	)		(2.82	)		36.86		30.96			1.05			(0.74	)		2,724.6		16.93

2019		34.95		(0.21	)		(1.39	)		(1.60	)		0.00		(2.61	)		(2.61	)		30.74		(3.91	)		1.05			(0.69	)		2,267.3		13.44

R6 SHARES

Six Months Ended March 31.

2024		29.89		(0.03	)		7.60			7.57			0.00		(0.92	)		(0.92	)		36.54		25.95	³		1.05	⁴		(0.19	)⁴		305.8		6.95	³

Year Ended September 30,

2023		26.73		(0.09	)		4.70			4.61			0.00		(1.45	)		(1.45	)		29.89		17.71	⁵		1.06			(0.31	)		206.3		10.47

2022		43.10		(0.14	)		(11.51	)		(11.65	)		0.00		(4.72	)		(4.72	)		26.73		(30.75	)		1.04			(0.41	)		184.4		16.83

2021		36.85		(0.06	)		10.43			10.37			0.00		(4.12	)		(4.12	)		43.10		30.09			1.04			(0.16	)		272.8		15.70

2020		30.73		(0.23	)		9.17			8.94			0.00		(2.82	)		(2.82	)		36.85		30.97			1.05			(0.74	)		218.5		16.93

2019		34.94		(0.21	)		(1.39	)		(1.60	)		0.00		(2.61	)		(2.61	)		30.73		(3.91	)		1.05			(0.70	)		161.9		13.44

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

³	Not Annualized.

⁴	Annualized.

⁵	The Adviser made a voluntary payment to the Fund in the amount of $573 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund’s total return by less than 0.01%.


See Notes to Financial Statements.		51


Baron Investment Funds Trust		March 31, 2024

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON OPPORTUNITY FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:						Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Total expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		30.67		(0.18	)		10.17			9.99			0.00		0.00			0.00			40.66		32.57	³		1.31	⁴		(1.03	)⁴		618.4		16.28	³

Year Ended September 30,

2023		24.72		(0.27	)		6.22			5.95			0.00		0.00			0.00			30.67		24.07			1.32	⁵		(0.96	)		497.4		23.29

2022		43.49		(0.39	)		(14.78	)		(15.17	)		0.00		(3.60	)		(3.60	)		24.72		(38.38	)		1.31	⁵		(1.15	)		448.5		30.75

2021		35.11		(0.49	)		11.65			11.16			0.00		(2.78	)		(2.78	)		43.49		33.58			1.31	⁵		(1.19	)		866.5		38.74

2020		21.53		(0.30	)		15.56			15.26			0.00		(1.68	)		(1.68	)		35.11		75.25			1.34	⁵		(1.14	)		644.9		42.52

2019		22.02		(0.22	)		0.66			0.44			0.00		(0.93	)		(0.93	)		21.53		2.51			1.34	⁵		(1.07	)		302.6		37.10

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		32.64		(0.15	)		10.84			10.69			0.00		0.00			0.00			43.33		32.75	³		1.05	⁴		(0.77	)⁴		651.8		16.28	³

Year Ended September 30,

2023		26.24		(0.21	)		6.61			6.40			0.00		0.00			0.00			32.64		24.39			1.06	⁵		(0.70	)		473.2		23.29

2022		45.85		(0.32	)		(15.69	)		(16.01	)		0.00		(3.60	)		(3.60	)		26.24		(38.23	)		1.05	⁵		(0.90	)		375.3		30.75

2021		36.79		(0.41	)		12.25			11.84			0.00		(2.78	)		(2.78	)		45.85		33.91			1.05	⁵		(0.93	)		711.4		38.74

2020		22.42		(0.25	)		16.30			16.05			0.00		(1.68	)		(1.68	)		36.79		75.82			1.08	⁵		(0.88	)		409.5		42.52

2019		22.83		(0.18	)		0.70			0.52			0.00		(0.93	)		(0.93	)		22.42		2.78			1.09	⁵		(0.82	)		94.4		37.10

R6 SHARES

Six Months Ended March 31,

2024		32.67		(0.15	)		10.85			10.70			0.00		0.00			0.00			43.37		32.75	³		1.05	⁴		(0.77	)⁴		38.0		16.28	³

Year Ended September 30,

2023		26.27		(0.21	)		6.61			6.40			0.00		0.00			0.00			32.67		24.36			1.07	⁵		(0.70	)		28.8		23.29

2022		45.90		(0.32	)		(15.71	)		(16.03	)		0.00		(3.60	)		(3.60	)		26.27		(38.23	)		1.05	⁵		(0.89	)		23.4		30.75

2021		36.82		(0.41	)		12.27			11.86			0.00		(2.78	)		(2.78	)		45.90		33.94			1.05	⁵		(0.93	)		36.1		38.74

2020		22.45		(0.24	)		16.29			16.05			0.00		(1.68	)		(1.68	)		36.82		75.71			1.08	⁵		(0.87	)		25.7		42.52

2019		22.86		(0.18	)		0.70			0.52			0.00		(0.93	)		(0.93	)		22.45		2.78			1.08	⁵		(0.81	)		14.5		37.10

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

³	Not Annualized.

⁴	Annualized.

⁵	Includes interest expense of less than 0.01%.


52		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON FIFTH AVENUE GROWTH FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:														Ratios to Average Net Assets:									Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)			Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Gross expenses (%)			Net expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		35.68		(0.18	)		11.70			11.52			0.00			0.00			0.00			47.20		32.29	^3,4		1.04	^5,6		1.00	^5,6		(0.89	)⁵		127.3		7.10	³

Year Ended September 30,

2023		28.73		(0.28	)		7.23			6.95			0.00			0.00			0.00			35.68		24.19	⁴		1.06	⁷		1.01	⁷		(0.88	)		103.0		13.38

2022		55.33		(0.39	)		(24.49	)		(24.88	)		0.00			(1.72	)		(1.72	)		28.73		(46.49	)^4,8		1.03	⁶		1.00	⁶		(0.92	)		84.2		37.41

2021		46.62		(0.46	)		9.35			8.89			0.00			(0.18	)		(0.18	)		55.33		19.13	⁴		1.02			1.00			(0.88	)		187.8		15.87

2020		32.10		(0.26	)		15.77			15.51			0.00			(0.99	)		(0.99	)		46.62		49.56	⁴		1.05			1.00			(0.70	)		176.9		11.57

2019		31.02		0.07			1.01			1.08			0.00			0.00			0.00			32.10		3.48	⁴		1.06			1.00			0.23			115.5		21.24

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		36.86		(0.14	)		12.10			11.96			0.00			0.00			0.00			48.82		32.45	^3,4		0.77	^5,6		0.75	^5,6		(0.64	)⁵		453.6		7.10	³

Year Ended September 30,

2023		29.60		(0.21	)		7.47			7.26			0.00			0.00			0.00			36.86		24.53	⁴		0.78	⁷		0.76	⁷		(0.63	)		332.9		13.38

2022		56.82		(0.29	)		(25.21	)		(25.50	)		0.00			(1.72	)		(1.72	)		29.60		(46.35	)^4,8		0.76	⁶		0.75	⁶		(0.68	)		281.8		37.41

2021		47.75		(0.34	)		9.59			9.25			0.00			(0.18	)		(0.18	)		56.82		19.44	⁴		0.75			0.75			(0.63	)		609.8		15.87

2020		32.80		(0.17	)		16.15			15.98			(0.04	)		(0.99	)		(1.03	)		47.75		49.93	⁴		0.78			0.75			(0.45	)		350.5		11.57

2019		31.62		0.17			1.01			1.18			0.00			0.00			0.00			32.80		3.73	⁴		0.80			0.75			0.56			170.4		21.24

R6 SHARES

Six Months Ended March 31,

2024		36.86		(0.14	)		12.09			11.95			0.00			0.00			0.00			48.81		32.42	^3,4		0.77	^5,6		0.75	^5,6		(0.64	)⁵		31.3		7.10	³

Year Ended September 30,

2023		29.61		(0.21	)		7.46			7.25			0.00			0.00			0.00			36.86		24.49	⁴		0.78	⁷		0.76	⁷		(0.63	)		25.5		13.38

2022		56.84		(0.29	)		(25.22	)		(25.51	)		0.00			(1.72	)		(1.72	)		29.61		(46.36	)^4,8		0.76	⁶		0.75	⁶		(0.68	)		21.1		37.41

2021		47.76		(0.34	)		9.60			9.26			0.00			(0.18	)		(0.18	)		56.84		19.45	⁴		0.75			0.75			(0.63	)		39.6		15.87

2020		32.81		(0.17	)		16.15			15.98			(0.04	)		(0.99	)		(1.03	)		47.76		49.92	⁴		0.78			0.75			(0.45	)		33.1		11.57

2019		31.63		0.17			1.01			1.18			0.00			0.00			0.00			32.81		3.73	⁴		0.79			0.75			0.54			22.5		21.24

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

³	Not Annualized.

⁴	The total returns would have been lower had certain expenses not been reduced during the period shown.

⁵	Annualized.

⁶	Includes interest expense of less than 0.01%.

⁷	Includes interest expense of 0.01%.

⁸	The Adviser made a voluntary payment to the Fund in the amount of $2,806 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund’s total return by less than 0.01%.


See Notes to Financial Statements.		53


Baron Investment Funds Trust		March 31, 2024

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON DISCOVERY FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios to Average Net Assets:									Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)		Net realized gain ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Gross expenses (%)			Net expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		24.28		(0.11	)		4.34			4.23			0.00		0.00			0.00			28.51		17.42	³		1.32	⁴		1.32	⁴		(0.84	)⁴		144.5		13.34	³

Year Ended September 30,

2023		22.27		(0.22	)		2.23			2.01			0.00		0.00			0.00			24.28		9.03			1.33			1.33			(0.90	)		131.6		34.45

2022		36.93		(0.32	)		(13.05	)		(13.37	)		0.00		(1.29	)		(1.29	)		22.27		(37.47	)		1.32			1.32			(1.11	)		146.9		40.64

2021		28.17		(0.43	)		10.25			9.82			0.00		(1.06	)		(1.06	)		36.93		35.61			1.31			1.31			(1.20	)		270.3		36.52

2020		19.41		(0.24	)		9.03			8.79			0.00		(0.03	)		(0.03	)		28.17		45.33			1.35			1.35			(1.09	)		165.2		43.36

2019		23.77		(0.22	)		(2.64	)		(2.86	)		0.00		(1.50	)		(1.50	)		19.41		(11.93	)⁵		1.36			1.35			(1.10	)		122.7		55.94

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		24.91		(0.08	)		4.46			4.38			0.00		0.00			0.00			29.29		17.58	³		1.05	⁴		1.05	⁴		(0.57	)⁴		1,339.4		13.34	³

Year Ended September 30,

2023		22.80		(0.16	)		2.27			2.11			0.00		0.00			0.00			24.91		9.25			1.06			1.06			(0.64	)		1,098.7		34.45

2022		37.68		(0.25	)		(13.34	)		(13.59	)		0.00		(1.29	)		(1.29	)		22.80		(37.31	)		1.06			1.06			(0.84	)		955.6		40.64

2021		28.65		(0.35	)		10.44			10.09			0.00		(1.06	)		(1.06	)		37.68		35.97			1.05			1.05			(0.94	)		1,721.2		36.52

2020		19.68		(0.19	)		9.19			9.00			0.00		(0.03	)		(0.03	)		28.65		45.77			1.08			1.08			(0.82	)		759.2		43.36

2019		24.03		(0.18	)		(2.67	)		(2.85	)		0.00		(1.50	)		(1.50	)		19.68		(11.75	)		1.10			1.10			(0.88	)		409.4		55.94

R6 SHARES

Six Months Ended March 31,

2024		24.92		(0.08	)		4.45			4.37			0.00		0.00			0.00			29.29		17.54	³		1.06	⁴		1.06	⁴		(0.57	)⁴		57.5		13.34	³

Year Ended September 30,

2023		22.80		(0.16	)		2.28			2.12			0.00		0.00			0.00			24.92		9.30			1.06			1.06			(0.64	)		46.4		34.45

2022		37.68		(0.24	)		(13.35	)		(13.59	)		0.00		(1.29	)		(1.29	)		22.80		(37.30	)		1.06			1.06			(0.85	)		41.3		40.64

2021		28.65		(0.35	)		10.44			10.09			0.00		(1.06	)		(1.06	)		37.68		35.97			1.05			1.05			(0.94	)		38.1		36.52

2020		19.68		(0.19	)		9.19			9.00			0.00		(0.03	)		(0.03	)		28.65		45.77			1.08			1.08			(0.83	)		15.3		43.36

2019		24.03		(0.18	)		(2.67	)		(2.85	)		0.00		(1.50	)		(1.50	)		19.68		(11.75	)		1.09			1.09			(0.88	)		6.8		55.94

¹	Based on average shares outstanding.

²	Total returns reflect investment of all dividends and distributions, if any.

³	Not Annualized.

⁴	Annualized.

⁵	The total returns would have been lower had certain expenses not been reduced during the period shown.


54		See Notes to Financial Statements.


March 31, 2024		Baron Investment Funds Trust

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON DURABLE ADVANTAGE FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:														Ratios to Average Net Assets:									Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) ($)			Total from investment operations ($)			Net investment income ($)			Net realized gains ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)²			Gross expenses (%)			Net expenses (%)			Net investment income (loss) (%)			Net assets (in millions), end of period ($)		Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2024		19.55		0.01			5.11			5.12			0.00			0.00			0.00			24.67		26.19	^3,4		1.10	⁵		0.95	⁵		0.11	⁵		87.5		0.30	⁴

Year Ended September 30,

2023		14.66		(0.00	)⁶		4.89			4.89			0.00			0.00			0.00			19.55		33.36	³		1.40			0.95			(0.02	)		16.6		1.93

2022		18.47		(0.04	)		(3.71	)		(3.75	)		0.00			(0.06	)		(0.06	)		14.66		(20.39	)³		1.49	⁷		0.95			(0.23	)		7.6		42.09

2021		14.47		(0.05	)		4.06			4.01			(0.01	)		0.00			(0.01	)		18.47		27.70	³		1.91			0.95			(0.29	)		9.8		10.58

2020		11.77		(0.00	)⁶		2.72			2.72			(0.02	)		0.00			(0.02	)		14.47		23.10	³		2.80			0.95			(0.01	)		4.0		16.55

2019		10.74		0.03			1.03			1.06			(0.03	)		0.00			(0.03	)		11.77		9.97	³		6.22			0.95			0.25			1.9		13.23

INSTITUTIONAL SHARES

Six Months Ended March 31,

2024		19.82		0.04			5.17			5.21			(0.02	)		0.00			(0.02	)		25.01		26.32	^3,4		0.81	⁵		0.70	⁵		0.35	⁵		235.0		0.30	⁴

Year Ended September 30,

2023		14.82		0.04			4.96			5.00			0.00			0.00			0.00			19.82		33.74	³		1.00			0.70			0.22			78.7		1.93

2022		18.63		0.01			(3.76	)		(3.75	)		0.00			(0.06	)		(0.06	)		14.82		(20.21	)³		1.10	⁷		0.70			0.03			23.6		42.09

2021		14.56		(0.01	)		4.09			4.08			(0.01	)		0.00			(0.01	)		18.63		28.01	³		1.48			0.70			(0.05	)		27.1		10.58

2020		11.82		0.03			2.73			2.76			(0.02	)		0.00			(0.02	)		14.56		23.34	³		2.40			0.70			0.22			8.0		16.55

2019		10.76		0.06			1.03			1.09			(0.03	)		0.00			(0.03	)		11.82		10.23	³		4.91			0.70			0.52			4.7		13.23

R6 SHARES

Six Months Ended March 31,

2024		19.82		0.04			5.18			5.22			(0.02	)		0.00			(0.02	)		25.02		26.37	^3.4		0.81	⁵		0.70	⁵		0.35	⁵		7.5		0.30	⁴

Year Ended September 30,

2023		14.82		0.04			4.96			5.00			0.00			0.00			0.00			19.82		33.74	³		1.01			0.70			0.23			4.9		1.93

2022		18.63		0.00	⁶		(3.75	)		(3.75	)		0.00			(0.06	)		(0.06	)		14.82		(20.21	)³		1.07	⁷		0.70			0.02			3.5		42.09

2021		14.56		(0.01	)		4.09			4.08			(0.01	)		0.00			(0.01	)		18.63		28.01	³		1.47			0.70			(0.04	)		4.3		10.58

2020		11.82		0.03			2.73			2.76			(0.02	)		0.00			(0.02	)		14.56		23.34	³		1.93			0.70			0.23			2.5		16.55

2019		10.75		0.06			1.04			1.10			(0.03	)		0.00			(0.03	)		11.82		10.34	³		4.65			0.70			0.53			0.5		13.23

¹	Based on average shares outstanding.

²	Total returns reflect reinvestment of all dividends and distributions, if any.

³	The total returns would have been lower had certain expenses not been reduced during the period shown.

⁴	Not Annualized.

⁵	Annualized.

⁶	Less than $0.01 per share

⁷	Includes interest expense of less than 0.01%.


See Notes to Financial Statements.		55


Baron Investment Funds Trust		March 31, 2024

FUND EXPENSES (Unaudited)

As a shareholder of the Funds, you incur ongoing expenses. Ongoing expenses include advisory fees, distribution and service (12b-1) fees and other Fund expenses. The information on this page is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The information in the following table is based on an investment of $1,000 invested on October 1, 2023 and held for the six months ended March 31, 2024.

ACTUAL EXPENSES

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading titled “Expenses Paid During the Period”.

BASED ON ACTUAL TOTAL RETURN FOR THE SIX MONTHS ENDED MARCH 31, 2024^{^}



	Actual Total Return			Beginning Account Value October 1, 2023		Ending Account Value March 31, 2024			Annualized Expense Ratio			Expenses Paid During the Period¹
Baron Asset Fund — Retail Shares		19.05	%	$	1,000.00	$	1,190.50			1.30	%	$	7.12
Baron Asset Fund — Institutional Shares		19.20	%	$	1,000.00	$	1,192.00			1.04	%	$	5.70
Baron Asset Fund — R6 Shares		19.20	%	$	1,000.00	$	1,192.00			1.04	%	$	5.70
Baron Growth Fund — Retail Shares		13.50	%	$	1,000.00	$	1,135.00			1.33	%⁴	$	7.10
Baron Growth Fund — Institutional Shares		13.65	%	$	1,000.00	$	1,136.50			1.07	%⁴	$	5.72
Baron Growth Fund — R6 Shares		13.65	%	$	1,000.00	$	1,136.50			1.08	%⁴	$	5.77
Baron Small Cap Fund — Retail Shares		25.78	%	$	1,000.00	$	1,257.80			1.30	%	$	7.34
Baron Small Cap Fund — Institutional Shares		25.94	%	$	1,000.00	$	1,259.40			1.04	%	$	5.87
Baron Small Cap Fund — R6 Shares		25.95	%	$	1,000.00	$	1,259.50			1.05	%	$	5.93
Baron Opportunity Fund — Retail Shares		32.57	%	$	1,000.00	$	1,325.70			1.31	%	$	7.62
Baron Opportunity Fund — Institutional Shares		32.75	%	$	1,000.00	$	1,327.50			1.05	%	$	6.11
Baron Opportunity Fund — R6 Shares		32.75	%	$	1,000.00	$	1,327.50			1.05	%	$	6.11
Baron Fifth Avenue Growth Fund — Retail Shares		32.29	%	$	1,000.00	$	1,322.90	²		1.00	%³	$	5.81
Baron Fifth Avenue Growth Fund — Institutional Shares		32.45	%	$	1,000.00	$	1,324.50	²		0.75	%³	$	4.36
Baron Fifth Avenue Growth Fund — R6 Shares		32.42	%	$	1,000.00	$	1,324.20	²		0.75	%³	$	4.36
Baron Discovery Fund — Retail Shares		17.42	%	$	1,000.00	$	1,174.20			1.32	%	$	7.17
Baron Discovery Fund — Institutional Shares		17.58	%	$	1,000.00	$	1,175.80			1.05	%	$	5.71
Baron Discovery Fund — R6 Shares		17.54	%	$	1,000.00	$	1,175.40			1.06	%	$	5.76
Baron Durable Advantage Fund — Retail Shares		26.19	%	$	1,000.00	$	1,261.90	²		0.95	%³	$	5.37
Baron Durable Advantage Fund — Institutional Shares		26.32	%	$	1,000.00	$	1,263.20	²		0.70	%³	$	3.96
Baron Durable Advantage Fund — R6 Shares		26.37	%	$	1,000.00	$	1,263.70	²		0.70	%³	$	3.96

^{^}	Assumes reinvestment of all dividends and capital gain distributions, if any.

¹	Expenses are equal to each share class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366.

²	Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

³	Annualized expense ratios are adjusted to reflect fee waiver.

⁴	Annualized expense ratio for Baron Growth Fund for the six months ended March 31, 2024, includes 1.29%, 1.03%, and 1.04% for net operating expenses, and 0.04%, 0.04%, and 0.04% for interest expense for Retail, Institutional, and R6 Shares, respectively.


March 31, 2024		Baron Investment Funds Trust

FUND EXPENSES (Unaudited) (Continued)

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account values and expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.

BASED ON HYPOTHETICAL TOTAL RETURN FOR THE SIX MONTHS ENDED MARCH 31, 2024



	Hypothetical Annualized Total Return			Beginning Account Value October 1, 2023		Ending Account Value March 31, 2024			Annualized Expense Ratio			Expenses Paid During the Period¹
Baron Asset Fund- Retail Shares		5.00	%	$	1,000.00	$	1,018.50			1.30	%	$	6.56
Baron Asset Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,019.80			1.04	%	$	5.25
Baron Asset Fund- R6 Shares		5.00	%	$	1,000.00	$	1,019.80			1.04	%	$	5.25
Baron Growth Fund- Retail Shares		5.00	%	$	1,000.00	$	1,018.35			1.33	%⁴	$	6.71
Baron Growth Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,019.65			1.07	%⁴	$	5.40
Baron Growth Fund- R6 Shares		5.00	%	$	1,000.00	$	1,019.60			1.08	%⁴	$	5.45
Baron Small Cap Fund- Retail Shares		5.00	%	$	1,000.00	$	1,018.50			1.30	%	$	6.56
Baron Small Cap Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,019.80			1.04	%	$	5.25
Baron Small Cap Fund- R6 Shares		5.00	%	$	1,000.00	$	1,019.75			1.05	%	$	5.30
Baron Opportunity Fund- Retail Shares		5.00	%	$	1,000.00	$	1,018.45			1.31	%	$	6.61
Baron Opportunity Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,019.75			1.05	%	$	5.30
Baron Opportunity Fund- R6 Shares		5.00	%	$	1,000.00	$	1,019.75			1.05	%	$	5.30
Baron Fifth Avenue Growth Fund- Retail Shares		5.00	%	$	1,000.00	$	1,020.00	²		1.00	%³	$	5.05
Baron Fifth Avenue Growth Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,021.25	²		0.75	%³	$	3.79
Baron Fifth Avenue Growth Fund- R6 Shares		5.00	%	$	1,000.00	$	1,021.25	²		0.75	%³	$	3.79
Baron Discovery Fund- Retail Shares		5.00	%	$	1,000.00	$	1,018.40			1.32	%	$	6.66
Baron Discovery Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,019.75			1.05	%	$	5.30
Baron Discovery Fund- R6 Shares		5.00	%	$	1,000.00	$	1,019.70			1.06	%	$	5.35
Baron Durable Advantage Fund- Retail Shares		5.00	%	$	1,000.00	$	1,020.25	²		0.95	%³	$	4.80
Baron Durable Advantage Fund- Institutional Shares		5.00	%	$	1,000.00	$	1,021.50	²		0.70	%³	$	3.54
Baron Durable Advantage Fund- R6 Shares		5.00	%	$	1,000.00	$	1,021.50	²		0.70	%³	$	3.54

¹	Expenses are equal to each share class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 366.

²	Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

³	Annualized expense ratios are adjusted to reflect fee waiver.

⁴	Annualized expense ratio for Baron Growth Fund for the six months ended March 31, 2024, includes 1.29%, 1.03%, and 1.04% for net operating expenses, and 0.04%, 0.04%, and 0.04% for interest expense for Retail, Institutional, and R6 Shares, respectively.

Privacy Notice

The Funds collect nonpublic personal information about you from the following sources:

∎

Information we receive from you on applications or other forms;

∎

Information about your transactions with us, our Adviser or others; and

∎

Information we receive from third parties, such as credit reporting agencies.

“Nonpublic personal information” is private information about you that we obtain in connection with providing a financial product or service to you.

We may share your name and address with other Baron Funds and the Adviser and its affiliates for the purpose of sending you information about our products that we believe may be of interest to you and informing you of our upcoming Baron Investment Conference and for sending required information.

We do not disclose any nonpublic personal information about our customers to anyone, except as permitted or required by law. Examples of permitted disclosures under the law include sharing with companies that work for us to provide you services, such as the Transfer Agent or mailing house. All such companies that act on our behalf are contractually obligated to keep the information that we provide to them confidential and to use the information only to provide the services that we have asked them to perform for you and us.

We restrict access to nonpublic information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to guard your nonpublic personal information.

This privacy notice is also available at all times on the Baron Funds^® website, baronfunds.com or by calling 1-800-99BARON.

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LOGO

767 Fifth Avenue, 49^th Fl.

New York, NY 10153

1.800.99.BARON

212-583-2000

baronfunds.com

LOGO

MARCH 31

SEMITRUST 3/31/2024

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included herein under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.

(b) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BARON INVESTMENT FUNDS TRUST

By:		/s/ Ronald Baron
		Ronald Baron
		Chief Executive Officer

Date: May 28, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Ronald Baron
		Ronald Baron
		Chief Executive Officer

Date: May 28, 2024

By:		/s/ Christopher Snively
		Christopher Snively
		Funds Treasurer

Date: May 28, 2024