Item 1. Schedule of Investments

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.65%)
Communication Services (3.34%)
		Cable & Satellite (1.00%)
	425,000	Liberty Broadband Corporation, Cl C 1	$	32,000,689	$	44,293,500
		Interactive Media & Services (2.34%)
	1,305,000	ANGI Homeservices, Inc., Cl A 1		21,459,729		16,978,050
	203,000	IAC/InterActiveCorp. 1		42,463,650		44,158,590
	918,374	Zillow Group, Inc., CI C 1		27,002,314		42,603,370
				90,925,693		103,740,010
	Total Communication Services			122,926,382		148,033,510
Consumer Discretionary (8.12%)
		Hotels, Resorts & Cruise Lines (2.02%)
	556,442	Choice Hotels International, Inc.		5,979,508		48,416,019
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		41,356,328
				22,797,270		89,772,347
		Internet & Direct Marketing Retail (1.92%)
	25,759	Booking Holdings, Inc. 1		4,113,567		48,290,655
	275,627	Expedia Group, Inc.		33,767,566		36,666,659
				37,881,133		84,957,314
		Leisure Facilities (3.22%)
	639,538	Vail Resorts, Inc.		12,388,781		142,732,091
		Specialty Stores (0.96%)
	455,117	Tiffany & Co.		28,342,285		42,617,156
	Total Consumer Discretionary			101,409,469		360,078,908
Financials (12.50%)
		Asset Management & Custody Banks (0.76%)
	307,514	T. Rowe Price Group, Inc.		11,188,453		33,737,361
		Financial Exchanges & Data (5.02%)
	438,725	FactSet Research Systems, Inc.		30,500,158		125,721,036
	257,267	MarketAxess Holdings, Inc.		31,487,484		82,690,759
	326,189	Tradeweb Markets, Inc., Cl A		8,807,103		14,290,340
				70,794,745		222,702,135
		Insurance Brokers (1.67%)
	385,421	Willis Towers Watson plc 2		48,903,637		73,823,538
		Investment Banking & Brokerage (1.93%)
	2,125,936	The Charles Schwab Corp.		1,921,092		85,441,368
		Property & Casualty Insurance (2.00%)
	2,393,444	Arch Capital Group Ltd. 1,2		8,625,560		88,748,904
		Regional Banks (1.12%)
	506,421	First Republic Bank		18,557,405		49,452,011
	Total Financials			159,990,892		553,905,317

Shares			Cost		Value
Common Stocks (continued)
Health Care (24.26%)
		Biotechnology (0.94%)
	226,658	Sage Therapeutics, Inc. 1	$	35,684,955	$	41,498,813
		Health Care Equipment (8.16%)
	178,000	DexCom, Inc. 1		22,738,734		26,671,520
	976,630	IDEXX Laboratories, Inc. 1		18,197,737		268,895,538
	199,644	Teleflex, Inc.		40,334,965		66,112,111
				81,271,436		361,679,169
		Health Care Supplies (3.90%)
	93,360	Align Technology, Inc. 1		15,256,103		25,552,632
	215,418	The Cooper Companies, Inc.		36,713,299		72,572,170
	598,404	West Pharmaceutical Services, Inc.		26,107,582		74,890,261
				78,076,984		173,015,063
		Health Care Technology (1.77%)
	484,386	Veeva Systems, Inc., Cl A 1		30,296,950		78,523,814
		Life Sciences Tools & Services (9.49%)
	431,986	Bio-Techne Corporation		45,942,864		90,064,761
	302,552	Illumina, Inc. 1		13,002,071		111,384,519
	251,117	Mettler-Toledo International, Inc. 1		26,581,877		210,938,280
	37,000	Waters Corp. 1		7,297,913		7,963,880
				92,824,725		420,351,440
	Total Health Care			318,155,050		1,075,068,299
Industrials (16.49%)
		Aerospace & Defense (0.69%)
	588,082	BWX Technologies, Inc.		29,416,776		30,639,072
		Agricultural & Farm Machinery (0.92%)
	607,045	The Toro Co.		37,800,467		40,611,311
		Building Products (0.31%)
	292,158	AO Smith Corp.		14,488,843		13,778,171
		Environmental & Facilities Services (0.86%)
	1,060,612	Rollins, Inc.		23,392,874		38,044,153
		Industrial Conglomerates (2.17%)
	262,192	Roper Technologies, Inc.		27,831,603		96,030,442
		Industrial Machinery (1.79%)
	460,760	IDEX Corporation		36,231,831		79,315,226
		Research & Consulting Services (9.40%)
	219,493	CoStar Group, Inc. 1		44,044,864		121,612,291
	1,393,500	TransUnion		70,501,013		102,436,185
	1,316,206	Verisk Analytics, Inc.		43,847,924		192,771,531
				158,393,801		416,820,007
		Trading Companies & Distributors (0.35%)
	473,234	Fastenal Co.		3,895,070		15,422,696
	Total Industrials			331,451,265		730,661,078

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (27.07%)
		Application Software (10.71%)
	611,856	ANSYS, Inc. 1	$	26,567,864	$	125,320,346
	365,000	Aspen Technology, Inc. 1		32,529,711		45,362,200
	1,454,093	Ceridian HCM Holding, Inc. 1		52,759,552		72,995,469
	1,406,809	Guidewire Software, Inc. 1		76,200,081		142,622,297
	1,042,076	SS&C Technologies Holdings, Inc.		32,682,577		60,033,998
	89,000	The Trade Desk, Inc., Cl A 1		17,736,945		20,272,420
	91,451	Zoom Video Communications, Inc., Cl A 1		3,292,236		8,119,934
				241,768,966		474,726,664
		Data Processing & Outsourced Services (4.12%)
	213,448	FleetCor Technologies, Inc. 1		11,616,151		59,946,871
	290,986	MAXIMUS, Inc.		14,227,799		21,108,124
	829,350	Worldpay, Inc., Cl A 1		48,700,893		101,636,843
				74,544,843		182,691,838
		Electronic Components (0.54%)
	250,000	Amphenol Corp., Cl A		23,160,927		23,985,000
		Internet Services & Infrastructure (4.80%)
	699,103	Verisign, Inc. 1		42,196,952		146,224,383
	468,000	Wix.com Ltd. 1,2		41,821,919		66,502,800
				84,018,871		212,727,183
		IT Consulting & Other Services (5.59%)
	1,538,323	Gartner, Inc. 1		33,456,031		247,577,704
		Systems Software (0.29%)
	186,611	Crowdstrike Holdings, Inc., Cl A 1		6,344,774		12,743,665
		Technology Distributors (1.02%)
	407,363	CDW Corp.		27,215,415		45,217,293
	Total Information Technology			490,509,827		1,199,669,347
Real Estate (5.87%)
		Office REITs (0.42%)
	50,583	Alexander’s, Inc. 4		2,188,911		18,730,885
		Real Estate Services (1.44%)
	1,243,323	CBRE Group, Inc., Cl A 1		19,021,762		63,782,470
		Specialized REITs (4.01%)
	133,416	Equinix, Inc.		12,783,698		67,280,354
	489,856	SBA Communications Corp. 1		18,137,560		110,139,223
				30,921,258		177,419,577
	Total Real Estate			52,131,931		259,932,932
	Total Common Stocks			1,576,574,816		4,327,349,391

Shares			Cost		Value
Private Partnerships (0.00%)
Financials (0.00%)
		Asset Management & Custody Banks (0.00%)
	7,056,223	Windy City Investments Holdings, L.L.C. 1,3,4,6	$	0	$	190,518
Principal Amount
Short Term Investments (2.22%)
	$98,390,166	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $98,394,266; (Fully collateralized by $94,350,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $100,358,680) 5		98,390,166		98,390,166
	Total Investments (99.87%)		$	1,674,964,982		4,425,930,075
	Cash and Other Assets Less Liabilities (0.13%)					5,572,734
	Net Assets				$	4,431,502,809
	Retail Shares (Equivalent to $84.35 per share based on 27,901,929 shares outstanding)				$	2,353,421,578
	Institutional Shares (Equivalent to $87.76 per share based on 22,727,430 shares outstanding)				$	1,994,516,572
	R6 Shares (Equivalent to $87.74 per share based on 952,363 shares outstanding)				$	83,564,659

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2019, the market value of restricted and fair valued securities amounted to $190,518 or 0.00% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.52%)
Communication Services (4.27%)
		Alternative Carriers (2.97%)
	8,862,608	Iridium Communications, Inc. 1,4	$	55,774,685	$	206,144,262
		Movies & Entertainment (1.30%)
	5,000,000	Manchester United plc, Cl A 2		70,291,779		90,400,000
	Total Communication Services			126,066,464		296,544,262
Consumer Discretionary (19.75%)
		Apparel, Accessories & Luxury Goods (0.11%)
	300,000	Under Armour, Inc., Cl A 1		625,747		7,605,000
		Casinos & Gaming (2.72%)
	725,000	Boyd Gaming Corp.		18,479,841		19,531,500
	5,289,000	Penn National Gaming, Inc. 1		70,102,132		101,866,140
	3,131,887	Red Rock Resorts, Inc., Cl A		66,868,262		67,272,933
				155,450,235		188,670,573
		Education Services (3.64%)
	1,675,000	Bright Horizons Family Solutions, Inc. 1		53,610,279		252,707,250
		General Merchandise Stores (0.39%)
	310,000	Ollie’s Bargain Outlet Holdings, Inc. 1		14,541,755		27,004,100
		Hotels, Resorts & Cruise Lines (6.04%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		261,030,000
	1,550,000	Marriott Vacations Worldwide Corp.		84,292,546		149,420,000
	555,000	OneSpaWorld Holdings Ltd. 1,2,5		5,550,000		8,602,500
				162,624,673		419,052,500
		Leisure Facilities (6.75%)
	2,100,000	Vail Resorts, Inc. 4		65,291,780		468,678,000
		Specialty Stores (0.10%)
	200,000	Dick’s Sporting Goods, Inc.		2,878,901		6,926,000
	Total Consumer Discretionary			455,023,370		1,370,643,423
Consumer Staples (0.98%)
		Food Distributors (0.58%)
	1,000,000	Performance Food Group Co. 1		19,000,000		40,030,000
		Household Products (0.40%)
	385,000	Church & Dwight Co., Inc.		3,454,881		28,128,100
	Total Consumer Staples			22,454,881		68,158,100
Financials (28.17%)
		Asset Management & Custody Banks (2.98%)
	2,400,000	The Carlyle Group		51,015,847		54,264,000
	2,000,000	Cohen & Steers, Inc.		49,208,575		102,880,000
	1,000,000	Oaktree Capital Group, LLC		42,136,120		49,540,000
				142,360,542		206,684,000
		Financial Exchanges & Data (13.75%)
	1,250,000	FactSet Research Systems, Inc.		62,536,096		358,200,000
	1,150,000	Morningstar, Inc.		27,237,863		166,336,000
	1,800,000	MSCI, Inc.		34,264,435		429,822,000
				124,038,394		954,358,000

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Investment Banking & Brokerage (0.68%)
	450,000	Houlihan Lokey, Inc.	$	19,625,873	$	20,038,500
	775,000	Moelis & Co., Cl A		21,734,239		27,086,250
				41,360,112		47,124,750
		Life & Health Insurance (3.24%)
	1,875,000	Primerica, Inc.		40,103,890		224,906,250
		Property & Casualty Insurance (6.56%)
	9,860,000	Arch Capital Group Ltd. 1,2		31,152,752		365,608,800
	978,449	Kinsale Capital Group, Inc.		32,761,204		89,508,514
				63,913,956		455,117,314
		Thrifts & Mortgage Finance (0.96%)
	530,000	Essent Group Ltd. 1,2		14,737,154		24,904,700
	100,059	LendingTree, Inc. 1		24,206,736		42,027,782
				38,943,890		66,932,482
	Total Financials			450,720,784		1,955,122,796
Health Care (10.82%)
		Biotechnology (0.26%)
	190,000	Alector, Inc. 1		4,301,075		3,610,000
	678,051	Denali Therapeutics, Inc. 1		12,825,338		14,076,339
				17,126,413		17,686,339
		Health Care Distributors (0.13%)
	375,000	Covetrus, Inc. 1		10,121,789		9,172,500
		Health Care Equipment (4.36%)
	1,100,000	IDEXX Laboratories, Inc. 1		16,287,498		302,863,000
		Health Care Supplies (1.62%)
	558,717	Neogen Corp. 1		12,135,314		34,701,913
	620,000	West Pharmaceutical Services, Inc.		21,264,904		77,593,000
				33,400,218		112,294,913
		Life Sciences Tools & Services (4.30%)
	421,139	Adaptive Biotechnologies Corp. 1		13,759,979		20,341,014
	850,000	Bio-Techne Corporation		44,923,357		177,216,500
	120,000	Mettler-Toledo International, Inc. 1		5,494,764		100,800,000
				64,178,100		298,357,514
		Pharmaceuticals (0.15%)
	300,000	Dechra Pharmaceuticals plc (United Kingdom)2,6		8,518,489		10,470,703
	Total Health Care			149,632,507		750,844,969
Industrials (9.38%)
		Building Products (1.54%)
	1,490,000	Trex Company, Inc. 1		27,131,528		106,833,000
		Electrical Components & Equipment (0.18%)
	1,000,000	Bloom Energy Corp., Cl A 1,5		17,181,241		12,270,000
		Environmental & Facilities Services (0.10%)
	386,108	BrightView Holdings, Inc. 1		4,656,114		7,224,081
		Industrial Machinery (0.37%)
	90,507	Albany International Corp., Cl A		6,117,079		7,503,935
	4,126,905	Marel hf (Netherlands) 2		17,612,705		18,116,185
				23,729,784		25,620,120

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (6.79%)
	850,000	CoStar Group, Inc. 1	$	36,184,525	$	470,951,000
		Trading Companies & Distributors (0.40%)
	675,000	Air Lease Corp.		15,498,764		27,904,500
	Total Industrials			124,381,956		650,802,701
Information Technology (18.64%)
		Application Software (11.58%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		29,282,750
	1,500,000	ANSYS, Inc. 1		35,363,292		307,230,000
	2,200,000	Benefitfocus, Inc. 1,4		83,233,571		59,730,000
	1,190,000	Guidewire Software, Inc. 1		38,711,926		120,642,200
	1,000,000	Pegasystems, Inc.		13,997,009		71,210,000
	3,750,000	SS&C Technologies Holdings, Inc.		29,603,660		216,037,500
				212,239,477		804,132,450
		Data Processing & Outsourced Services (0.31%)
	300,000	MAXIMUS, Inc.		5,432,144		21,762,000
		Electronic Components (0.70%)
	275,000	Littelfuse, Inc.		30,870,720		48,650,250
		Internet Services & Infrastructure (0.90%)
	438,207	Wix.com Ltd. 1,2		28,664,771		62,269,215
		IT Consulting & Other Services (5.15%)
	2,220,000	Gartner, Inc. 1		33,681,340		357,286,800
	Total Information Technology			310,888,452		1,294,100,715
Real Estate (7.51%)
		Diversified REITs (0.31%)
	460,135	American Assets Trust, Inc.		8,503,418		21,681,561
		Office REITs (2.64%)
	91,000	Alexander’s, Inc. 5		11,506,781		33,697,300
	3,750,000	Douglas Emmett, Inc.		46,426,704		149,400,000
				57,933,485		183,097,300
		Specialized REITs (4.56%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,517,362		105,817,500
	5,400,000	Gaming and Leisure Properties, Inc.		118,252,553		210,492,000
				144,769,915		316,309,500
	Total Real Estate			211,206,818		521,088,361
	Total Common Stocks			1,850,375,232		6,907,305,327

Shares			Cost		Value
Private Preferred Stocks (0.08%)
		Health Care (0.08%)
	Health Care Technology (0.08%)
	3,354,353	Schrödinger, Inc., Series E 1,3,5,7	$	4,999,999	$	5,702,400
Private Partnerships (0.00%)
Financials (0.00%)
		Asset Management & Custody Banks (0.00%)
	2,375,173	Windy City Investments Holdings, L.L.C. 1,3,5,7		0		64,130
Warrants (0.01%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,3,5,6		0		553,031
Principal Amount
Short Term Investments (0.47%)
	$32,726,368	Repurchase Agreement with Fixed Income Clearing Corp., dated 06/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $32,727,732; (Fully collateralized by $31,385,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $33,383,754) 6	$	32,726,368	$	32,726,368
	Total Investments (100.08%)		$	1,888,101,599		6,946,351,256
	Liabilities Less Cash and Other Assets (-0.08%)					(5,416,240	)
	Net Assets				$	6,940,935,016
	Retail Shares (Equivalent to $79.56 per share based on 32,748,400 shares outstanding)				$	2,605,305,153
	Institutional Shares (Equivalent to $82.26 per share based on 51,110,934 shares outstanding)				$	4,204,508,828
	R6 Shares (Equivalent to $82.27 per share based on 1,593,742 shares outstanding)				$	131,121,035

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2019, the market value of restricted and fair valued securities amounted to $6,319,561 or 0.09% of net assets. $5,766,530 is deemed not liquid and $553,031 is deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.80%)
Communication Services (4.12%)
		Cable & Satellite (1.94%)
	100,000	Liberty Broadband Corporation, Cl A 1	$	404,823	$	10,284,000
	275,000	Liberty Broadband Corporation, Cl C 1		1,079,680		28,660,500
	1,100,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,399,373		41,778,000
				3,883,876		80,722,500
		Movies & Entertainment (2.18%)
	750,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		10,168,679		28,057,500
	225,000	The Madison Square Garden Company, Cl A 1		11,968,716		62,986,500
				22,137,395		91,044,000
	Total Communication Services			26,021,271		171,766,500
Consumer Discretionary (15.35%)
		Casinos & Gaming (1.55%)
	3,000,000	Red Rock Resorts, Inc., Cl A		66,072,490		64,440,000
		Education Services (2.99%)
	825,000	Bright Horizons Family Solutions, Inc. 1		25,784,147		124,467,750
		General Merchandise Stores (0.52%)
	250,000	Ollie’s Bargain Outlet Holdings, Inc. 1		15,211,851		21,777,500
		Home Improvement Retail (2.01%)
	2,000,000	Floor & Decor Holdings, Inc., Cl A 1		77,932,896		83,800,000
		Homebuilding (2.13%)
	1,500,000	Installed Building Products, Inc. 1		88,307,354		88,830,000
		Hotels, Resorts & Cruise Lines (0.93%)
	2,500,000	OneSpaWorld Holdings Ltd. 1,2,4		27,000,000		38,750,000
		Internet & Direct Marketing Retail (0.75%)
	600,000	The RealReal, Inc. 1		12,949,355		17,340,000
	402,335	Revolve Group, Inc. 1		7,242,030		13,880,558
				20,191,385		31,220,558
		Leisure Facilities (1.39%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,505		57,952,000
		Restaurants (1.82%)
	600,000	BJ’s Restaurants, Inc.		23,242,737		26,364,000
	800,000	The Cheesecake Factory, Inc.		21,568,144		34,976,000
	150,000	Wingstop Inc.		3,028,583		14,212,500
				47,839,464		75,552,500
		Specialty Stores (1.26%)
	3,000,000	Hudson Ltd., Cl A 1,2		54,314,533		41,370,000
	1,500,000	Party City Holdco, Inc. 1		17,834,140		10,995,000
				72,148,673		52,365,000
	Total Consumer Discretionary			468,904,765		639,155,308

Shares			Cost		Value
Common Stocks (continued)
Financials (1.30%)
		Investment Banking & Brokerage (1.30%)
	625,000	Houlihan Lokey, Inc.	$	28,909,333	$	27,831,250
	750,000	Moelis & Co., Cl A		17,797,030		26,212,500
	Total Financials			46,706,363		54,043,750
Health Care (18.24%)
		Biotechnology (0.56%)
	1,250,000	Abcam plc (United Kingdom) 2		11,616,424		23,398,816
		Health Care Distributors (0.38%)
	650,000	Covetrus, Inc. 1		20,651,602		15,899,000
		Health Care Equipment (5.58%)
	650,000	Cantel Medical Corp.		33,013,794		52,416,000
	300,000	DexCom, Inc. 1		3,984,388		44,952,000
	425,000	IDEXX Laboratories, Inc. 1		6,412,926		117,015,250
	300,000	Inspire Medical Systems, Inc. 1,4		15,398,159		18,195,000
				58,809,267		232,578,250
		Health Care Supplies (0.37%)
	250,000	Neogen Corp. 1		13,688,364		15,527,500
		Health Care Technology (1.99%)
	1,250,000	Teladoc Health, Inc. 1		39,661,531		83,012,500
		Life Sciences Tools & Services (7.18%)
	101,149	Adaptive Biotechnologies Corp. 1		2,022,980		4,885,497
	350,000	Guardant Health, Inc. 1,4		7,740,116		30,215,500
	725,000	ICON plc 1,2		20,589,905		111,628,250
	75,000	Mettler-Toledo International, Inc. 1		3,665,864		63,000,000
	900,000	PRA Health Sciences, Inc. 1		16,553,917		89,235,000
				50,572,782		298,964,247
		Managed Health Care (1.34%)
	850,000	HealthEquity, Inc. 1		14,124,522		55,590,000
		Pharmaceuticals (0.84%)
	1,000,000	Dechra Pharmaceuticals plc (United Kingdom) 2,5		28,027,985		34,902,345
	Total Health Care			237,152,477		759,872,658
Industrials (20.47%)
		Aerospace & Defense (4.01%)
	1,000,000	Mercury Systems, Inc. 1		25,872,953		70,350,000
	200,000	TransDigm Group, Inc. 1		0		96,760,000
				25,872,953		167,110,000
		Building Products (0.77%)
	450,000	Trex Company, Inc. 1		27,809,963		32,265,000
		Environmental & Facilities Services (2.87%)
	1,250,000	Waste Connections, Inc. 2		54,583,333		119,475,000
		Human Resource & Employment Services (2.55%)
	1,750,000	ASGN, Inc. 1		45,317,074		106,050,000
		Industrial Conglomerates (0.60%)
	700,000	Raven Industries, Inc.		25,196,407		25,116,000
		Industrial Machinery (4.64%)
	725,000	Helios Technologies, Inc.		34,755,037		33,647,250
	800,000	John Bean Technologies Corp.		70,245,737		96,904,000
	150,000	Nordson Corp.		4,103,822		21,196,500
	250,000	RBC Bearings, Incorporated 1		15,921,126		41,702,500
				125,025,722		193,450,250

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (1.48%)
	4,000,000	Clarivate Analytics plc (formerly Churchill Capital Corp.) 1,2	$	44,078,833	$	61,520,000
		Trading Companies & Distributors (3.55%)
	1,600,000	SiteOne Landscape Supply, Inc. 1		54,416,204		110,880,000
	1,675,000	Univar, Inc. 1		33,150,442		36,917,000
				87,566,646		147,797,000
	Total Industrials			435,450,931		852,783,250
Information Technology (28.40%)
		Application Software (14.99%)
	1,196,607	2U, Inc. 1		57,276,707		45,040,287
	1,050,000	Altair Engineering, Inc., Cl A 1		17,162,704		42,409,500
	800,000	Aspen Technology, Inc. 1		29,983,938		99,424,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		42,670,000
	6,000,000	Cision Ltd. 1,2		64,996,212		70,380,000
	1,650,000	Guidewire Software, Inc. 1		48,997,265		167,277,000
	300,000	Pagerduty, Inc. 1		9,800,372		14,115,000
	500,000	The Trade Desk, Inc., Cl A 1		18,899,334		113,890,000
	1,450,000	Yext, Inc. 1		19,421,005		29,130,500
				290,249,258		624,336,287
		Data Processing & Outsourced Services (2.25%)
	450,000	WEX, Inc. 1		18,982,530		93,645,000
		Electronic Equipment & Instruments (1.96%)
	1,700,000	Cognex Corp.		13,564,763		81,566,000
		Internet Services & Infrastructure (3.08%)
	2,250,000	GTT Communications, Inc. 1		68,332,495		39,600,000
	625,000	Wix.com Ltd. 1,2		34,804,819		88,812,500
				103,137,314		128,412,500
		IT Consulting & Other Services (5.70%)
	600,000	Endava plc, ADR 1,2		16,610,349		24,144,000
	1,025,000	Gartner, Inc. 1		15,469,264		164,963,500
	1,000,000	LiveRamp Holdings, Inc. 1		21,949,294		48,480,000
				54,028,907		237,587,500
		Systems Software (0.42%)
	200,000	Qualys, Inc. 1		6,977,105		17,416,000
	Total Information Technology			486,939,877		1,182,963,287
Materials (3.34%)
		Commodity Chemicals (0.51%)
	1,000,000	Orion Engineered Carbons SA 2		28,618,002		21,410,000
		Construction Materials (0.81%)
	1,750,000	Summit Materials, Inc., Cl A 1		32,596,422		33,687,500
		Metal & Glass Containers (1.01%)
	800,000	Berry Global Group, Inc. 1		12,652,147		42,072,000
		Specialty Chemicals (1.01%)
	400,000	Ingevity Corp. 1		35,677,603		42,068,000
	Total Materials			109,544,174		139,237,500

Shares			Cost		Value
Common Stocks (continued)
Real Estate (5.58%)
		Office REITs (0.20%)
	100,000	SL Green Realty Corp.	$	2,127,325	$	8,037,000
		Specialized REITs (5.38%)
	2,500,000	Americold Realty Trust 4		51,778,567		81,050,000
	500,000	Gaming and Leisure Properties, Inc.		6,410,964		19,490,000
	550,000	SBA Communications Corp. 1		2,216,000		123,662,000
				60,405,531		224,202,000
	Total Real Estate			62,532,856		232,239,000
	Total Common Stocks			1,873,252,714		4,032,061,253
Warrants (0.04%)
Consumer Discretionary (0.04%)
		Hotels, Resorts & Cruise Lines (0.04%)
	260,850	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,3,4,5		0		1,494,670
Principal Amount
Short Term Investments (3.59%)
Repurchase Agreement (3.59%)
	$149,589,167	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $149,595,400; (Fully collateralized by $ 143,450,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $152,585,613) 5	$	149,589,167	$	149,589,167
	Total Investments (100.43%)		$	2,022,841,881		4,183,145,090
	Liabilities Less Cash and Other Assets (-0.43%)					(17,897,682	)
	Net Assets				$	4,165,247,408
	Retail Shares (Equivalent to $30.90 per share based on 51,468,045 shares outstanding)				$	1,590,511,925
	Institutional Shares (Equivalent to $32.25 per share based on 74,561,841 shares outstanding)				$	2,404,544,768
	R6 Shares (Equivalent to $32.24 per share based on 5,278,829 shares outstanding)				$	170,190,715

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2019, the market value of restricted and fair value securities amounted to $1,494,670 or 0.04% of net assets. This security is deemed liquid. See note 3 regarding Restricted securities.

⁴  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.78%)
Communication Services (12.87%)
		Interactive Home Entertainment (3.62%)
	103,900	Electronic Arts, Inc. 1	$	11,177,507	$	10,520,914
	58,100	Take-Two Interactive Software, Inc. 1		6,420,497		6,596,093
				17,598,004		17,117,007
		Interactive Media & Services (5.77%)
	19,350	Alphabet, Inc., Cl C 1		15,931,280		20,915,609
	29,500	IAC/InterActiveCorp. 1		5,429,439		6,417,135
				21,360,719		27,332,744
		Internet Software & Services (0.67%)
	69,700	Zillow Group, Inc., Cl A 1		2,785,775		3,189,472
		Movies & Entertainment (2.81%)
	201,014	Manchester United plc, Cl A 2		3,180,403		3,634,333
	16,825	Netflix, Inc. 1		702,623		6,180,159
	23,800	Spotify Technology SA 1,2		3,537,780		3,480,036
				7,420,806		13,294,528
	Total Communication Services			49,165,304		60,933,751
Consumer Discretionary (15.19%)
		Automobile Manufacturers (2.38%)
	50,500	Tesla, Inc. 1		10,865,198		11,284,730
		Education Services (0.95%)
	102,236	Arco Platform Ltd., Cl A 1,2		1,789,130		4,475,892
		Internet & Direct Marketing Retail (11.86%)
	36,900	Alibaba Group Holding Limited, ADR 1,2		2,789,515		6,252,705
	14,975	Amazon.com, Inc. 1		4,786,247		28,357,109
	111,184	Fiverr International Ltd. 1,2		2,334,864		3,302,165
	6,729	MercadoLibre, Inc. 1		3,720,321		4,116,600
	78,988	The RealReal, Inc. 1		1,772,480		2,282,753
	44,954	Revolve Group, Inc. 1		809,172		1,550,913
	1,957,126	Trainline PLC, 144A (United Kingdom) 1,2		8,729,565		10,243,786
				24,942,164		56,106,031
	Total Consumer Discretionary			37,596,492		71,866,653
Energy (0.54%)
		Oil & Gas Exploration & Production (0.54%)
	24,815	Concho Resources, Inc.		2,557,949		2,560,412
Financials (2.70%)
		Financial Exchanges & Data (1.27%)
	13,800	MarketAxess Holdings, Inc.		1,550,243		4,435,596
	36,440	Tradeweb Markets, Inc., Cl A		983,880		1,596,437
				2,534,123		6,032,033
		Investment Banking & Brokerage (1.43%)
	168,200	The Charles Schwab Corp.		6,449,280		6,759,958
	Total Financials			8,983,403		12,791,991

Shares			Cost		Value
Common Stocks (continued)
Health Care (14.86%)
		Biotechnology (8.37%)
	81,300	Acceleron Pharma, Inc. 1	$	2,883,177	$	3,339,804
	83,602	argenx SE, ADR 1,2		2,889,758		11,836,371
	162,000	Arrowhead Pharmaceuticals, Inc. 1		2,493,521		4,293,000
	29,700	Neurocrine Biosciences, Inc. 1		2,480,850		2,507,571
	62,400	Sage Therapeutics, Inc. 1		4,836,073		11,424,816
	34,000	Vertex Pharmaceuticals, Inc. 1		5,313,164		6,234,920
				20,896,543		39,636,482
		Health Care Equipment (2.02%)
	25,000	Edwards Lifesciences Corp. 1		2,188,379		4,618,500
	9,435	Intuitive Surgical, Inc. 1		2,084,841		4,949,129
				4,273,220		9,567,629
		Health Care Technology (0.25%)
	7,200	Veeva Systems, Inc., Cl A 1		606,415		1,167,192
		Life Sciences Tools & Services (4.22%)
	11,545	Adaptive Biotechnologies Corp. 1		230,900		557,624
	119,100	CareDx, Inc. 1,3		3,468,603		4,286,409
	26,837	Guardant Health, Inc. 1,3		542,205		2,316,838
	19,415	Illumina, Inc. 1		1,838,580		7,147,632
	198,790	Veracyte, Inc. 1,3		4,806,430		5,667,503
				10,886,718		19,976,006
	Total Health Care			36,662,896		70,347,309
Industrials (3.46%)
		Research & Consulting Services (3.46%)
	21,433	CoStar Group, Inc. 1		365,540		11,875,168
	30,590	Verisk Analytics, Inc.		1,652,699		4,480,211
	Total Industrials			2,018,239		16,355,379
Information Technology (45.87%)
		Application Software (17.93%)
	70,082	2U, Inc. 1		3,560,557		2,637,886
	29,100	Adobe, Inc. 1		5,455,821		8,574,315
	22,775	ANSYS, Inc. 1		2,305,432		4,664,776
	130,714	Benefitfocus, Inc. 1		3,895,869		3,548,885
	93,170	Ceridian HCM Holding, Inc. 1		2,780,255		4,677,134
	4,900	Coupa Software, Inc. 1		437,312		620,389
	238,300	Guidewire Software, Inc. 1		9,108,269		24,158,854
	42,700	RingCentral, Inc., Cl A 1		3,277,189		4,907,084
	26,980	salesforce.com, Inc. 1		1,564,651		4,093,675
	31,000	Splunk, Inc. 1		1,733,741		3,898,250
	154,900	SS&C Technologies Holdings, Inc.		5,659,349		8,923,789
	28,000	The Trade Desk, Inc., Cl A 1		504,000		6,377,840
	331,900	Yext, Inc. 1		4,815,635		6,667,871
	12,207	Zoom Video Communications, Inc., Cl A 1		439,452		1,083,860
				45,537,532		84,834,608

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (5.95%)
	36,900	MasterCard Incorporated, Cl A	$	3,024,970	$	9,761,157
	68,500	Pagseguro Digital Ltd., Cl A 1,2		2,109,161		2,669,445
	32,300	PayPal Holdings, Inc. 1		2,989,160		3,697,058
	88,406	StoneCo Ltd., Cl A 1,2		3,226,908		2,615,049
	54,200	Visa, Inc., Cl A		4,409,505		9,406,410
				15,759,704		28,149,119
		Internet Services & Infrastructure (3.88%)
	121,000	GDS Holdings Ltd., ADR 1,2,3		4,299,832		4,545,970
	35,241	Twilio, Inc., Cl A 1		4,426,460		4,805,111
	63,543	Wix.com Ltd. 1,2		3,424,599		9,029,460
				12,150,891		18,380,541
		IT Consulting & Other Services (6.70%)
	169,076	Endava plc, ADR 1,2		4,712,959		6,803,618
	117,687	Gartner, Inc. 1		3,605,919		18,940,546
	122,883	LiveRamp Holdings, Inc. 1		3,389,639		5,957,368
				11,708,517		31,701,532
		Semiconductors (3.29%)
	80,200	Mellanox Technologies Ltd. 1,2		4,716,457		8,875,734
	40,800	NVIDIA Corp.		8,599,889		6,700,584
				13,316,346		15,576,318
		Systems Software (8.12%)
	19,723	Crowdstrike Holdings, Inc., Cl A 1		670,582		1,346,884
	208,100	Microsoft Corp.		18,829,508		27,877,076
	28,800	Proofpoint, Inc. 1		2,314,362		3,463,200
	20,900	ServiceNow, Inc. 1		1,110,572		5,738,513
				22,925,024		38,425,673
	Total Information Technology			121,398,014		217,067,791
Real Estate (3.29%)
		Specialized REITs (3.29%)
	22,800	Alexandria Real Estate Equities, Inc. 3		3,102,398		3,216,852
	19,825	Equinix, Inc.		4,330,078		9,997,549
	10,400	SBA Communications Corp. 1		34,784		2,338,336
	Total Real Estate			7,467,260		15,552,737
	Total Common Stocks			265,849,557		467,476,023

Principal Amount			Cost		Value
Short Term Investments (1.26%)
	$5,971,180	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $5,971,429; (Fully collateralized by $5,730,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $6,094,915) 4	$	5,971,180	$	5,971,180
	Total Investments (100.04%)		$	271,820,737		473,447,203
	Liabilities Less Cash and Other Assets (-0.04%)					(191,858	)
	Net Assets				$	473,255,345
	Retail Shares (Equivalent to $22.56 per share based on 16,002,802 shares outstanding)				$	361,062,145
	Institutional Shares (Equivalent to $23.49 per share based on 4,129,054 shares outstanding)				$	96,979,758
	R6 Shares (Equivalent to $23.51 per share based on 647,058 shares outstanding)				$	15,213,442

% 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.

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the market value of Rule 144A securities amounted to $10,243,786 or 2.16% of net assets. This security has been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.65%)
Communication Services (10.09%)
		Interactive Media & Services (10.09%)
	1,948	Alphabet, Inc., Cl A 1	$	280,365	$	2,109,294
	10,283	Alphabet, Inc., Cl C 1		4,420,382		11,114,998
	64,665	Facebook, Inc., Cl A 1		2,342,792		12,480,345
	25,696	IAC/InterActiveCorp. 1		5,221,002		5,589,651
	Total Communication Services			12,264,541		31,294,288
Consumer Discretionary (24.40%)
		Automobile Manufacturers (0.70%)
	9,741	Tesla, Inc. 1		2,746,853		2,176,724
		Internet & Direct Marketing Retail (23.70%)
	92,830	Alibaba Group Holding Limited, ADR 1,2		7,959,441		15,730,044
	20,785	Amazon.com, Inc. 1		4,735,474		39,359,100
	2,416	Booking Holdings, Inc. 1		1,282,530		4,529,299
	120,389	Ctrip.com International Ltd., ADR 1,2		4,281,276		4,443,558
	2,590	MercadoLibre, Inc. 1		1,243,200		1,584,484
	32,250	Naspers Limited, Cl N (South Africa) 2,3		5,273,421		7,806,114
				24,775,342		73,452,599
	Total Consumer Discretionary			27,522,195		75,629,323
Financials (8.65%)
		Diversified Banks (1.04%)
	150,000	Kotak Mahindra Bank Ltd. (India) 2,3		2,937,439		3,209,856
		Financial Exchanges & Data (5.42%)
	54,208	CME Group, Inc.		5,248,888		10,522,315
	27,643	S&P Global, Inc.		5,226,365		6,296,799
				10,475,253		16,819,114
		Investment Banking & Brokerage (2.19%)
	168,693	The Charles Schwab Corp.		6,277,649		6,779,771
	Total Financials			19,690,341		26,808,741
Health Care (19.32%)
		Biotechnology (4.94%)
	45,621	Sage Therapeutics, Inc. 1		7,050,220		8,352,749
	37,971	Vertex Pharmaceuticals, Inc. 1		5,909,494		6,963,122
				12,959,714		15,315,871
		Health Care Equipment (3.80%)
	22,459	Intuitive Surgical, Inc. 1		7,394,243		11,780,868
		Health Care Technology (5.26%)
	100,453	Veeva Systems, Inc., Cl A 1		7,493,347		16,284,436
		Life Sciences Tools & Services (5.32%)
	44,814	Illumina, Inc. 1		5,436,613		16,498,274
	Total Health Care			33,283,917		59,879,449

Shares			Cost		Value
Common Stocks (continued)
Industrials (0.29%)
		Trucking (0.29%)
	13,707	Lyft, Inc., Cl A 1	$	871,416	$	900,687
	Information Technology (33.72%)
		Application Software (3.58%)
	33,776	RingCentral, Inc., Cl A 1		2,776,769		3,881,538
	48,867	Splunk, Inc. 1		5,744,683		6,145,025
	12,094	Zoom Video Communications, Inc., Cl A 1		435,384		1,073,827
				8,956,836		11,100,390
		Data Processing & Outsourced Services (18.87%)
	4,046	Adyen NV, 144A (Netherlands) 1,2,3		3,003,513		3,121,025
	66,851	MasterCard Incorporated, Cl A		3,750,511		17,684,095
	197,125	Pagseguro Digital Ltd., Cl A 1,2		4,879,574		7,681,961
	114,585	StoneCo Ltd., Cl A 1,2		4,316,950		3,389,424
	85,434	Visa, Inc., Cl A		2,870,564		14,827,071
	96,219	Worldpay, Inc., Cl A 1		7,601,671		11,791,639
				26,422,783		58,495,215
		Internet Services & Infrastructure (3.55%)
	34,717	Twilio, Inc. 1		4,552,016		4,733,663
	44,145	Wix.com Ltd. 1,2		3,671,496		6,273,005
				8,223,512		11,006,668
		IT Consulting & Other Services (2.82%)
	50,484	EPAM Systems, Inc. 1		4,622,163		8,738,780
		Semiconductor Equipment (2.62%)
	39,157	ASML Holding N.V. 2		4,042,938		8,141,915
		Systems Software (2.28%)
	13,015	Crowdstrike Holdings, Inc., Cl A 1		442,510		888,794
	32,908	Red Hat, Inc. 1		1,631,353		6,178,806
				2,073,863		7,067,600
	Total Information Technology			54,342,095		104,550,568
Real Estate (3.18%)
		Specialized REITs (3.18%)
	19,555	Equinix, Inc.		3,178,515		9,861,391
	Total Common Stocks			151,153,020		308,924,447

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (0.37%)
	$1,159,609	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $1,159,657; (Fully collateralized by $1,115,000 U.S. Treasury Note, 0.750% due 7/15/2028; Market value – $1,186,009) 3	$	1,159,609	$	1,159,609
	Total Investments (100.02%)		$	152,312,629		310,084,056
	Liabilities Less Cash and Other Assets (-0.02%)					(68,919	)
	Net Assets				$	310,015,137
	Retail Shares (Equivalent to $32.55 per share based on 3,718,707 shares outstanding)				$	121,057,111
	Institutional Shares (Equivalent to $33.24 per share based on 5,010,920 shares outstanding)				$	166,577,134
	R6 Shares (Equivalent to $33.25 per share based on 673,029 shares outstanding)				$	22,380,892

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the market value of Rule 144A securities amounted to $3,121,025 or 1.01% of net assets. This security has been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.76%)
Communication Services (1.85%)
		Cable & Satellite (0.66%)
	60,000	GCI Liberty, Inc., Cl A 1	$	3,151,005	$	3,687,600
		Movies & Entertainment (1.19%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		6,634,100
	Total Communication Services			8,785,816		10,321,700
Consumer Discretionary (9.58%)
		Casinos & Gaming (3.91%)
	400,000	Boyd Gaming Corp.		8,966,554		10,776,000
	390,000	Red Rock Resorts, Inc., Cl A		8,985,551		8,377,200
	135,606	Studio City International Holdings Ltd., ADR 1,2		1,695,075		2,687,711
				19,647,180		21,840,911
		Home Improvement Retail (2.06%)
	275,000	Floor & Decor Holdings, Inc., Cl A 1		8,662,555		11,522,500
		Internet & Direct Marketing Retail (2.76%)
	175,000	Fiverr International Ltd. 1,2		3,909,951		5,197,500
	335,000	JUST EAT plc (United Kingdom) 1,2,4		2,365,362		2,656,787
	199,000	The RealReal, Inc. 1		5,058,169		5,751,100
	52,711	Revolve Group, Inc. 1		948,798		1,818,529
				12,282,280		15,423,916
		Restaurants (0.85%)
	50,000	Wingstop, Inc.		1,072,182		4,737,500
	Total Consumer Discretionary			41,664,197		53,524,827
Consumer Staples (1.25%)
		Agricultural Products (1.16%)
	325,000	Limoneira Co.		7,733,157		6,480,500
		Packaged Foods & Meats (0.09%)
	1,050,000	Barfresh Food Group, Inc. 1		597,200		509,250
	Total Consumer Staples			8,330,357		6,989,750
Financials (2.95%)
		Property & Casualty Insurance (2.95%)
	180,000	Kinsale Capital Group, Inc.		7,879,077		16,466,400
Health Care (29.62%)
		Biotechnology (4.51%)
	195,000	Emergent BioSolutions, Inc. 1		9,809,487		9,420,450
	188,500	Esperion Therapeutics, Inc. 1		8,975,676		8,769,020
	168,000	Myovant Sciences Ltd. 1,2		3,913,534		1,520,400
	30,000	Sage Therapeutics, Inc. 1		2,915,767		5,492,700
				25,614,464		25,202,570
		Health Care Equipment (7.58%)
	250,084	AxoGen, Inc. 1		4,706,102		4,951,663
	37,000	Inspire Medical Systems, Inc. 1,3		2,043,349		2,244,050
	190,000	Intersect ENT, Inc. 1,3		5,702,879		4,324,400
	509,431	RA Medical Systems, Inc. 1		7,695,327		1,844,140
	260,000	Silk Road Medical, Inc. 1,3		8,569,181		12,599,600
	1,860,000	ViewRay, Inc. 1		13,781,322		16,386,600
				42,498,160		42,350,453

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (3.47%)
	1,830,000	Cerus Corp. 1	$	9,255,879	$	10,284,600
	1,476,000	Sientra, Inc. 1		13,646,646		9,092,160
				22,902,525		19,376,760
		Health Care Technology (1.62%)
	136,000	Teladoc Health, Inc. 1		4,130,522		9,031,760
		Life Sciences Tools & Services (8.50%)
	260,000	Accelerate Diagnostics, Inc. 1		4,117,791		5,948,800
	372,699	CareDx, Inc. 1,3		5,524,499		13,413,437
	545,000	Myriad Genetics, Inc. 1,3		14,102,701		15,140,100
	454,190	Veracyte, Inc. 1,3		11,192,449		12,948,957
				34,937,440		47,451,294
		Pharmaceuticals (3.94%)
	174,300	Aerie Pharmaceuticals, Inc. 1		7,434,307		5,150,565
	635,200	Revance Therapeutics, Inc. 1		10,341,615		8,238,544
	3,331,500	TherapeuticsMD, Inc. 1		15,031,589		8,661,900
				32,807,511		22,051,009
	Total Health Care			162,890,622		165,463,846
Industrials (18.75%)
		Aerospace & Defense (5.01%)
	155,000	Cubic Corp.		9,013,533		9,994,400
	255,600	Mercury Systems, Inc. 1		8,113,149		17,981,460
				17,126,682		27,975,860
		Building Products (1.80%)
	140,000	Trex Company, Inc. 1		9,529,319		10,038,000
		Electrical Components & Equipment (1.14%)
	519,474	Bloom Energy Corp., Cl A 1,3		6,617,226		6,373,946
		Heavy Electrical Equipment (2.26%)
	512,000	TPI Composites, Inc. 1		11,656,600		12,656,640
		Industrial Conglomerates (0.41%)
	63,253	Raven Industries, Inc.		2,260,402		2,269,518
		Industrial Machinery (5.65%)
	86,600	ESCO Technologies, Inc.		4,658,024		7,154,892
	200,000	Helios Technologies, Inc.		9,106,146		9,282,000
	293,000	Kornit Digital Ltd. 1,2		4,908,173		9,276,380
	240,000	Luxfer Holdings plc 2		5,563,295		5,884,800
				24,235,638		31,598,072
		Trading Companies & Distributors (2.48%)
	200,000	SiteOne Landscape Supply, Inc. 1		10,275,246		13,860,000
	Total Industrials			81,701,113		104,772,036
Information Technology (22.80%)
		Application Software (8.57%)
	108,331	2U, Inc. 1		5,858,908		4,077,579
	60,880	Anaplan, Inc. 1		1,034,960		3,072,614
	50,700	Envestnet, Inc. 1		1,772,888		3,466,359
	723,300	RIB Software SE (Germany) 2,4		11,484,857		14,855,940
	50,000	The Trade Desk, Inc., Cl A 1		1,330,566		11,389,000
	550,000	Yext, Inc. 1		7,762,280		11,049,500
				29,244,459		47,910,992

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (2.70%)
	10,300	Coherent, Inc. 1	$	948,068	$	1,404,611
	62,731	Novanta, Inc. 1,2		1,983,811		5,915,533
	275,000	PAR Technology Corp. 1		5,614,156		7,755,000
				8,546,035		15,075,144
		IT Consulting & Other Services (3.21%)
	325,000	Endava plc, ADR 1,2		7,762,120		13,078,000
	100,000	LiveRamp Holdings, Inc. 1		2,597,256		4,848,000
				10,359,376		17,926,000
		Semiconductor Equipment (2.71%)
	360,000	Ichor Holdings Ltd. 1,2		7,124,786		8,510,400
	260,000	Nova Measuring Instruments Ltd. 1,2		6,318,760		6,653,400
				13,443,546		15,163,800
		Semiconductors (0.68%)
	580,000	Everspin Technologies, Inc. 1		5,093,299		3,781,600
		Systems Software (4.93%)
	330,000	Blue Prism Group plc (United Kingdom) 1,2,4		8,142,526		5,789,773
	319,000	ForeScout Technologies, Inc. 1		8,902,279		10,801,340
	90,000	Qualys, Inc. 1		3,114,726		7,837,200
	50,000	Varonis Systems, Inc. 1		2,979,594		3,097,000
				23,139,125		27,525,313
	Total Information Technology			89,825,840		127,382,849
Real Estate (5.84%)
		Diversified REITs (0.77%)
	185,000	Alexander & Baldwin, Inc.		5,454,828		4,273,500
		Industrial REITs (2.17%)
	300,000	Rexford Industrial Realty, Inc.		10,096,521		12,111,000
		Specialized REITs (2.90%)
	500,000	Americold Realty Trust 3		10,584,667		16,210,000
	Total Real Estate			26,136,016		32,594,500

Shares			Cost		Value
Common Stocks (continued)
Unclassified (1.12%)
		Unclassified (1.12%)
	600,000	Thunder Bridge Acquisition Ltd., Cl A 1,2	$	6,220,500	$	6,258,000
	Total Common Stocks			433,433,538		523,773,908
Principal Amount
Short Term Investments (7.28%)
Repurchase Agreement (7.28%)
	$40,697,047	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $40,698,743; (Fully collateralized by $39,030,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $41,515,626) 4		40,697,047		40,697,047
	Total Investments (101.04%)		$	474,130,585		564,470,955
	Liabilities Less Cash and Other Assets (-1.04%)					(5,808,856	)
	Net Assets				$	558,662,099
	Retail Shares (Equivalent to $20.41 per share based on 7,049,287 shares outstanding)				$	143,855,360
	Institutional Shares (Equivalent to $20.68 per share based on 19,765,367 shares outstanding)				$	408,800,918
	R6 Shares (Equivalent to $20.68 per share based on 290,371 shares outstanding)				$	6,005,821

% 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.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.85%)
Communication Services (8.15%)
		Cable & Satellite (2.33%)
	283	Charter Communications, Inc., Cl A 1	$	89,042	$	111,836
		Interactive Home Entertainment (2.50%)
	1,182	Electronic Arts, Inc. 1		138,753		119,689
		Interactive Media & Services (3.32%)
	147	Alphabet, Inc., Cl C 1		159,798		158,894
	Total Communication Services			387,593		390,419
Consumer Discretionary (7.42%)
		Apparel, Accessories & Luxury Goods (3.39%)
	381	LVMH Moët Hennessy Louis Vuitton SE (France) 2,4		122,482		161,973
		Home Improvement Retail (2.27%)
	523	Home Depot, Inc.		99,533		108,768
		Internet & Direct Marketing Retail (1.76%)
	45	Booking Holdings, Inc. 1		87,686		84,362
	Total Consumer Discretionary			309,701		355,103
Consumer Staples (7.78%)
		Distillers & Vintners (4.36%)
	1,060	Constellation Brands, Inc., Cl A		214,633		208,757
		Hypermarkets & Super Centers (1.68%)
	304	Costco Wholesale Corp.		59,480		80,335
		Personal Products (1.74%)
	456	The Estée Lauder Companies, Inc., Cl A		64,597		83,498
	Total Consumer Staples			338,710		372,590
Financials (15.07%)
		Asset Management & Custody Banks (3.04%)
	310	BlackRock, Inc.		163,146		145,483
		Financial Exchanges & Data (12.03%)
	808	CME Group, Inc.		125,886		156,841
	1,062	Moody’s Corp.		167,697		207,419
	929	S&P Global, Inc.		167,338		211,617
				460,921		575,877
	Total Financials			624,067		721,360
Health Care (18.59%)
		Health Care Equipment (4.35%)
	1,458	Danaher Corp.		145,391		208,377
		Life Sciences Tools & Services (7.54%)
	1,378	Agilent Technologies, Inc.		94,787		102,895
	769	IQVIA Holdings, Inc. 1		105,826		123,732
	160	Mettler-Toledo International, Inc. 1		100,327		134,400
				300,940		361,027

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Managed Health Care (4.72%)
	925	UnitedHealth Group, Inc.	$	212,452	$	225,709
		Pharmaceuticals (1.98%)
	2,295	AstraZeneca PLC, ADR 2		89,150		94,738
	Total Health Care			747,933		889,851
Industrials (8.01%)
		Building Products (0.93%)
	947	AO Smith Corp.		57,920		44,661
		Industrial Machinery (1.09%)
	344	Illinois Tool Works, Inc.		57,196		51,879
		Research & Consulting Services (4.68%)
	3,516	IHS Markit Ltd. 1,2		191,299		224,039
		Trading Companies & Distributors (1.31%)
	1,924	Fastenal Co.		51,877		62,703
	Total Industrials			358,292		383,282
Information Technology (25.91%)
		Application Software (2.32%)
	377	Adobe, Inc. 1		104,775		111,083
		Data Processing & Outsourced Services (4.82%)
	872	MasterCard Incorporated, Cl A		138,842		230,670
		Electronic Manufacturing Services (2.98%)
	1,489	TE Connectivity Ltd. 2		140,781		142,616
		IT Consulting & Other Services (3.65%)
	946	Accenture plc, Cl A 2		151,721		174,793
		Semiconductor Equipment (1.96%)
	452	ASML Holding N.V. 2		83,279		93,984
		Semiconductors (1.45%)
	603	Texas Instruments, Inc.		64,041		69,200
		Systems Software (5.11%)
	1,826	Microsoft Corp.		164,456		244,611
		Technology Hardware, Storage & Peripherals (3.62%)
	876	Apple, Inc.		151,825		173,378
	Total Information Technology			999,720		1,240,335
Materials (1.55%)
		Specialty Chemicals (1.55%)
	162	The Sherwin-Williams Co.		65,853		74,243
Real Estate (3.37%)
		Specialized REITs (3.37%)
	336	Alexandria Real Estate Equities, Inc. 3		47,543		47,406
	226	Equinix, Inc.		100,520		113,970
	Total Real Estate			148,063		161,376
	Total Common Stocks			3,979,932		4,588,559

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2019 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (6.61%)
$316,535	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2019, 0.50% due 7/1/2019; Proceeds at maturity – $316,548; (Fully collateralized by $305,000 U.S. Treasury Note, 0.75% due 7/15/2028; Market value – $324,424) 4	$	316,535	$	316,535
Total Investments (102.46%)		$	4,296,467		4,905,094
Liabilities Less Cash and Other Assets (-2.46%)					(117,803	)
Net Assets				$	4,787,291
Retail Shares (Equivalent to $11.42 per share based on 92,057 shares outstanding)				$	1,051,602
Institutional Shares (Equivalent to $11.46 per share based on 287,357 shares outstanding)				$	3,293,541
R6 Shares (Equivalent to $11.46 per share based on 38,583 shares outstanding)				$	442,148

% 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.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Funds June 30, 2019

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, and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Trust currently offers 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. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are for investments in the amount of $5 million or more per Fund. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the “Adviser”), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. 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.

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

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

a) Security Valuation. The Funds’ share prices or net asset values (“NAV”) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the “NAV Calculation Time”)) on the New York Stock Exchange (the “Exchange”) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in the Adviser’s judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the “Board”). Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the “Committee”) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market. U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value. 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 intrinsic value, which is calculated as the price of the 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 model prices derived by applying daily fair value 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 model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an evaluated price, securities are valued based on their most recent closing prices and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

b) Foreign Currency Translations. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the time the net asset value is determined. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

c) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders’ fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.

The Funds did not participate in securities lending activities during the six months ended June 30, 2019.

d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian 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 June 30, 2019, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Schedule of Investments.

e) 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.

Baron Funds June 30, 2019

3. RESTRICTED SECURITIES

At June 30, 2019, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At June 30, 2019, 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 Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011	$	190,518
(Cost $0) (0.00% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Preferred Stocks
Schrödinger, Inc. Series E		11/9/2018	$	5,702,400
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011		64,130
Total Restricted Securities			$	5,766,530
(Cost $4,999,999)† (0.08% of Net Assets)

† See Schedules of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical assets or liabilities;

• Level 2 – prices determined using other inputs that are observable either directly or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

• Level 3 – prices determined using unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Baron Funds June 30, 2019

The following is a summary of the inputs used as of June 30, 2019 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†	$	4,327,349,391	$	—	$	—	$	4,327,349,391
Private Partnerships		—		—		190,518		190,518
Short Term Investments		—		98,390,166		—		98,390,166
Total Investments	$	4,327,349,391	$	98,390,166	$	190,518	$	4,425,930,075
	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†	$	6,896,834,624	$	10,470,703	$	—	$	6,907,305,327
Private Preferred Stocks		—		—		5,702,400		5,702,400
Private Partnerships		—		—		64,130		64,130
Warrants		—		553,031		—		553,031
Short Term Investments		—		32,726,368		—		32,726,368
Total Investments	$	6,896,834,624	$	43,750,102	$	5,766,530	$	6,946,351,256
	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†	$	3,997,158,908	$	34,902,345	$	—	$	4,032,061,253
Warrants				1,494,670				1,494,670
Short Term Investments		—		149,589,167		—		149,589,167
Total Investments	$	3,997,158,908	$	185,986,182	$	—	$	4,183,145,090
	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†	$	467,476,023	$	—	$	—	$	467,476,023
Short Term Investments		—		5,971,180		—		5,971,180
Total Investments	$	467,476,023	$	5,971,180	$	—	$	473,447,203
	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†	$	294,787,452	$	14,136,995	$	—	$	308,924,447
Short Term Investments		—		1,159,609		—		1,159,609
Total Investments	$	294,787,452	$	15,296,604	$	—	$	310,084,056

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2019

	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†	$	500,471,408	$	23,302,500	$	—	$	523,773,908
Short Term Investments		—		40,697,047		—		40,697,047
Total Investments	$	500,471,408	$	63,999,547	$	—	$	564,470,955
	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†	$	4,426,586	$	161,973	$	—	$	4,588,559
Short Term Investments		—		316,535		—		316,535
Total Investments	$	4,426,586	$	478,508	$	—	$	4,905,094

† See Schedules of Investments for additional detailed categorizations.

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

	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2018		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 June 30, 2019		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2019
Private Equity Investments
Financials	$	183,462	$	—	$	—	$	7,056	$	—	$	—	$	—	$	—	$	190,518	$	7,056
Total	$	183,462	$	—	$	—	$	7,056	$	—	$	—	$	—	$	—	$	190,518	$	7,056
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2018		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 June 30, 2019		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2019
Private Equity Investments
Financials	$	61,755	$	—	$	—	$	2,375	$	—	$	—	$	—	$	—	$	64,130	$	2,375
Preferred Stocks
Health Care		—		—		—		702,401		4,999,999		—		—		—		5,702,400		702,401
Total	$	61,755	$	—	$	—	$	704,776	$	4,999,999	$	—	$	—	$	—	$	5,766,530	$	704,776

Baron Funds June 30, 2019

5. COST OF INVESTMENTS

As of June 30, 2019, the cost of investments was as follows:

	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
Cost of investments	$	1,674,964,982	$	1,888,101,599	$	2,022,841,881	$	271,820,737	$	152,312,629	$	474,130,585	$	4,296,467
Gross tax unrealized appreciation	$	2,756,157,444	$	5,088,304,833	$	2,236,915,168	$	206,121,621	$	159,269,082	$	124,689,199	$	674,173
Gross tax unrealized depreciation		(5,192,351)		(30,055,176)		(76,611,959)		(4,495,155)		(1,497,655)		(34,348,829)		(65,546)
Net unrealized appreciation	$	2,750,965,093	$	5,058,249,657	$	2,160,303,209	$	201,626,466	$	157,771,427	$	90,340,370	$	608,627

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2018		Purchase Cost/ transfers in		Sales Proceeds/ transfers out		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at June 30, 2019		Value at June 30, 2019		% of Net Assets at June 30, 2019
“Affiliated” Company as of June 30, 2019:
Benefitfocus, Inc.	$	88,990,000	$	—	$	—	$	(29,260,000)	$	—	$	—		2,200,000	$	59,730,000		0.86%
Choice Hotels International, Inc.		249,900,000		—		—		11,130,000		—		1,935,000		3,000,000		261,030,000		3.76%
Iridium Communications, Inc.†		168,489,833		34,464,372		20		3,190,062		15		—		8,862,608		206,144,262		2.97%
Vail Resorts, Inc.		576,282,000		—		—		(107,604,000)		—		13,566,000		2,100,000		468,678,000		6.75%
	$	1,083,661,833	$	34,464,372	$	20	$	(122,543,938)	$	15	$	15,501,000			$	995,582,262
No longer an “Affiliated” Company as of June 30, 2019:
Iridium Communications, Inc., Series B 6.75%†	$	31,258,957	$	—	$	34,464,372	$	3,205,415	$	—	$	693,124		—	$	—		0.00%

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 nine months ended June 30, 2019.

^†  On May 14, 2019, Iridium Communications, Inc., Series B 6.75% was converted to Iridium Communications, Inc.