[862435.TX]1                                     

Item 1. Schedule of Investments

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.31%)
Communication Services (3.36%)
		Cable & Satellite (1.16%)
	425,000	Liberty Broadband Corporation, Cl C 1	$	32,000,689	$	53,443,750
		Interactive Media & Services (2.20%)
	220,000	IAC/InterActiveCorp. 1		48,083,119		54,804,200
	1,003,374	Zillow Group, Inc., Cl C 1		30,421,066		46,095,002
				78,504,185		100,899,202
	Total Communication Services			110,504,874		154,342,952
Consumer Discretionary (7.79%)
		Hotels, Resorts & Cruise Lines (2.31%)
	556,442	Choice Hotels International, Inc.		5,979,508		57,552,796
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		48,733,432
				22,797,270		106,286,228
		Internet & Direct Marketing Retail (0.88%)
	19,759	Booking Holdings, Inc. 1		3,141,065		40,579,651
		Leisure Facilities (3.27%)
	626,538	Vail Resorts, Inc.		12,134,164		150,262,609
		Specialty Stores (1.33%)
	455,117	Tiffany & Co.		28,342,285		60,826,387
	Total Consumer Discretionary			66,414,784		357,954,875
Financials (12.40%)
		Asset Management & Custody Banks (0.82%)
	307,514	T. Rowe Price Group, Inc.		11,188,453		37,467,506
		Financial Exchanges & Data (4.73%)
	390,725	FactSet Research Systems, Inc.		21,032,965		104,831,518
	257,267	MarketAxess Holdings, Inc.		31,487,484		97,532,492
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		15,118,860
				64,499,162		217,482,870
		Insurance Brokers (1.71%)
	390,421	Willis Towers Watson plc 2		49,888,995		78,841,617
		Investment Banking & Brokerage (2.01%)
	1,945,936	The Charles Schwab Corp.		1,717,426		92,548,716
		Property & Casualty Insurance (2.23%)
	2,393,444	Arch Capital Group Ltd. 1,2		8,625,560		102,654,813
		Regional Banks (0.90%)
	350,421	First Republic Bank		9,109,161		41,156,946
	Total Financials			145,028,757		570,152,468
Health Care (22.43%)
		Biotechnology (0.72%)
	97,000	argenx SE, ADR 1,2		12,713,407		15,570,440
	244,658	Sage Therapeutics, Inc. 1		38,535,486		17,661,861
				51,248,893		33,232,301
		Health Care Equipment (8.05%)
	188,000	DexCom, Inc. 1		28,214,251		41,123,120
	971,630	IDEXX Laboratories, Inc. 1		18,098,000		253,721,742
	199,644	Teleflex, Inc.		40,334,965		75,153,987
				86,647,216		369,998,849

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (3.46%)
	215,418	The Cooper Companies, Inc.	$	36,713,299	$	69,211,649
	598,404	West Pharmaceutical Services, Inc.		26,107,582		89,958,073
				62,820,881		159,169,722
		Health Care Technology (1.41%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		64,617,235
		Life Sciences Tools & Services (8.79%)
	100,682	10X Genomics, Inc., Cl A 1		3,926,598		7,677,003
	441,986	Bio-Techne Corporation		48,051,890		97,020,347
	302,552	Illumina, Inc. 1		13,002,071		100,368,600
	251,117	Mettler-Toledo International, Inc. 1		26,581,877		199,206,094
				91,562,436		404,272,044
	Total Health Care			319,395,022		1,031,290,151
Industrials (17.21%)
		Aerospace & Defense (0.79%)
	588,082	BWX Technologies, Inc.		29,416,776		36,508,131
		Agricultural & Farm Machinery (1.05%)
	607,045	The Toro Co.		37,800,467		48,363,275
		Environmental & Facilities Services (0.79%)
	1,095,612	Rollins, Inc.		24,597,482		36,330,494
		Industrial Conglomerates (2.18%)
	282,192	Roper Technologies, Inc.		34,625,205		99,960,872
		Industrial Machinery (1.72%)
	460,760	IDEX Corporation		36,231,831		79,250,720
		Research & Consulting Services (10.68%)
	2,215,474	Clarivate Analytics Plc 1,2		35,644,531		37,219,963
	219,493	CoStar Group, Inc. 1		44,044,864		131,322,662
	1,468,500	TransUnion		79,691,638		125,718,285
	1,316,206	Verisk Analytics, Inc.		46,585,700		196,562,204
				205,966,733		490,823,114
	Total Industrials			368,638,494		791,236,606
Information Technology (28.20%)
		Application Software (12.42%)
	611,856	ANSYS, Inc. 1		29,041,017		157,497,853
	425,000	Aspen Technology, Inc. 1		44,285,411		51,395,250
	1,631,093	Ceridian HCM Holding, Inc. 1		63,716,511		110,718,593
	1,411,809	Guidewire Software, Inc. 1		76,708,781		154,974,274
	54,000	RingCentral, Inc., Cl A 1		9,109,261		9,108,180
	1,042,076	SS&C Technologies Holdings, Inc.		32,682,577		63,983,466
	90,000	The Trade Desk, Inc., Cl A 1		17,937,948		23,380,200
				273,481,506		571,057,816
		Data Processing & Outsourced Services (3.93%)
	770,217	Fidelity National Information Services, Inc.		48,700,872		107,129,482
	217,448	FleetCor Technologies, Inc. 1		12,816,767		62,564,139
	150,986	MAXIMUS, Inc.		7,101,676		11,231,849
				68,619,315		180,925,470

See Notes to Schedules of Investments.

[862435.TX]2                                     

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Components (1.06%)
	450,000	Amphenol Corp., Cl A	$	42,881,684	$	48,703,500
		Internet Services & Infrastructure (4.21%)
	699,103	Verisign, Inc. 1		42,196,951		134,703,166
	480,000	Wix.com Ltd. 1,2		43,353,666		58,742,400
				85,550,617		193,445,566
		IT Consulting & Other Services (5.31%)
	1,584,323	Gartner, Inc. 1		39,586,888		244,144,174
		Technology Distributors (1.27%)
	407,363	CDW Corp.		27,215,415		58,187,731
	Total Information Technology			537,335,425		1,296,464,257
Real Estate (6.92%)
		Office REITs (0.30%)
	41,583	Alexander’s, Inc. 4		1,760,107		13,736,944
		Real Estate Services (1.66%)
	1,243,323	CBRE Group, Inc., Cl A 1		19,021,762		76,203,267
		Specialized REITs (4.96%)
	200,000	Alexandria Real Estate Equities, Inc. 4		30,325,125		32,316,000
	133,416	Equinix, Inc.		12,783,698		77,874,919
	489,856	SBA Communications Corp.		18,137,560		118,050,397
				61,246,383		228,241,316
	Total Real Estate			82,028,252		318,181,527
	Total Common Stocks			1,629,345,608		4,519,622,836
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		179,934

Principal Amount			Cost		Value
Short Term Investments (1.61%)
	$73,811,375	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $73,814,040; (Fully collateralized by $75,180,000 U.S. Treasury Note, 1.625% due 12/15/2022; Market value – $75,291,342)5	$	73,811,375	$	73,811,375
	Total Investments (99.92%)		$	1,703,156,983		4,593,614,145
	Cash and Other Assets Less Liabilities (0.08%)					3,624,481
	Net Assets				$	4,597,238,626
	Retail Shares (Equivalent to $86.27 per share based on 27,092,874 shares outstanding)				$	2,337,326,323
	Institutional Shares (Equivalent to $89.94 per share based on 23,835,070 shares outstanding)				$	2,143,762,373
	R6 Shares (Equivalent to $89.93 per share based on 1,291,624 shares outstanding)				$	116,149,930

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2019, the market value of restricted and fair valued securities amounted to $179,934 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.

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

[862435.TX]3                                     

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.94%)
Communication Services (4.37%)
		Alternative Carriers (3.01%)
	8,862,608	Iridium Communications, Inc. 1,4	$	55,774,685	$	218,374,661
		Movies & Entertainment (1.36%)
	4,965,000	Manchester United plc, Cl A 2		69,761,861		98,952,450
	Total Communication Services			125,536,546		317,327,111
Consumer Discretionary (21.05%)
		Casinos & Gaming (3.32%)
	725,000	Boyd Gaming Corporation		18,479,841		21,706,500
	5,640,000	Penn National Gaming, Inc. 1		76,554,318		144,158,400
	3,156,887	Red Rock Resorts, Inc., Cl A		66,164,237		75,607,444
				161,198,396		241,472,344
		Education Services (3.45%)
	1,670,000	Bright Horizons Family Solutions, Inc. 1		53,440,575		250,984,300
		General Merchandise Stores (0.28%)
	310,000	Ollie’s Bargain Outlet Holdings, Inc. 1		14,541,755		20,246,100
		Hotels, Resorts & Cruise Lines (7.15%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		310,290,000
	1,550,000	Marriott Vacations Worldwide Corp.		84,292,546		199,578,000
	555,000	OneSpaWorld Holdings Ltd. 1,2,5		5,550,000		9,346,200
				162,624,673		519,214,200
		Leisure Facilities (6.85%)
	2,075,000	Vail Resorts, Inc. 4		61,441,780		497,647,250
	Total Consumer Discretionary			453,247,179		1,529,564,194
Consumer Staples (0.71%)
		Food Distributors (0.71%)
	1,000,000	Performance Food Group Co. 1		19,000,000		51,480,000
Financials (28.30%)
		Asset Management & Custody Banks (2.79%)
	2,400,000	The Carlyle Group		50,219,527		76,992,000
	2,000,000	Cohen & Steers, Inc.		48,597,830		125,520,000
				98,817,357		202,512,000
		Financial Exchanges & Data (13.41%)
	1,250,000	FactSet Research Systems, Inc.		62,536,096		335,375,000
	1,150,000	Morningstar, Inc.		27,237,863		174,006,500
	1,800,000	MSCI, Inc.		34,264,435		464,724,000
				124,038,394		974,105,500
		Insurance Brokers (0.20%)
	916,195	BRP Group, Inc., Cl A 1		12,850,358		14,704,930
		Investment Banking & Brokerage (0.64%)
	450,000	Houlihan Lokey, Inc.		19,625,873		21,991,500
	775,000	Moelis & Co., Cl A		19,151,133		24,738,000
				38,777,006		46,729,500

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Life & Health Insurance (3.34%)
	1,860,000	Primerica, Inc.	$	39,743,386	$	242,841,600
		Property & Casualty Insurance (7.12%)
	9,680,000	Arch Capital Group Ltd. 1,2		30,492,518		415,175,200
	1,003,449	Kinsale Capital Group, Inc.		35,154,566		102,010,625
				65,647,084		517,185,825
		Thrifts & Mortgage Finance (0.80%)
	530,000	Essent Group Ltd. 2		14,737,154		27,554,700
	100,059	LendingTree, Inc. 1		24,206,736		30,361,903
				38,943,890		57,916,603
	Total Financials			418,817,475		2,055,995,958
Health Care (9.90%)
		Biotechnology (0.24%)
	330,000	Alector, Inc. 1		7,092,149		5,685,900
	678,051	Denali Therapeutics, Inc. 1		12,825,338		11,811,648
				19,917,487		17,497,548
		Health Care Equipment (3.85%)
	1,070,000	IDEXX Laboratories, Inc. 1		15,804,683		279,409,100
		Health Care Supplies (1.70%)
	573,717	Neogen Corp. 1		13,141,410		37,440,771
	575,000	West Pharmaceutical Services, Inc.		19,667,127		86,439,750
				32,808,537		123,880,521
		Life Sciences Tools & Services (3.95%)
	432,655	Adaptive Biotechnologies Corporation 1		14,268,834		12,945,038
	850,000	Bio-Techne Corporation		44,923,357		186,583,500
	110,000	Mettler-Toledo International, Inc. 1		5,036,126		87,260,800
				64,228,317		286,789,338
		Pharmaceuticals (0.16%)
	300,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,6		8,518,489		11,535,001
	Total Health Care			141,277,513		719,111,508
Industrials (9.44%)
		Building Products (1.84%)
	1,490,000	Trex Company, Inc. 1		27,131,528		133,921,200
		Environmental & Facilities Services (0.09%)
	396,108	BrightView Holdings, Inc. 1		4,825,022		6,682,342
		Industrial Machinery (0.40%)
	90,507	Albany International Corp., Cl A		6,117,079		6,871,292
	4,275,000	Marel hf (Netherlands) 1,2		18,281,670		21,818,466
				24,398,749		28,689,758
		Research & Consulting Services (6.67%)
	810,000	CoStar Group, Inc. 1		34,402,791		484,623,000
		Trading Companies & Distributors (0.44%)
	675,000	Air Lease Corp.		15,498,764		32,076,000
	Total Industrials			106,256,854		685,992,300

See Notes to Schedules of Investments.

[862435.TX]4                                     

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (18.14%)
		Application Software (12.18%)
	725,000	Altair Engineering, Inc., Cl A 1	$	11,330,019	$	26,034,750
	1,500,000	ANSYS, Inc. 1		35,363,291		386,115,000
	2,175,000	Benefitfocus, Inc. 1,4		81,595,571		47,719,500
	1,190,000	Guidewire Software, Inc. 1		38,711,926		130,626,300
	1,000,000	Pegasystems, Inc.		13,997,009		79,650,000
	3,500,000	SS&C Technologies Holdings, Inc.		27,486,344		214,900,000
				208,484,160		885,045,550
		Electronic Components (0.69%)
	260,000	Littelfuse, Inc.		29,087,084		49,738,000
		Internet Services & Infrastructure (0.62%)
	370,000	Wix.com Ltd. 1,2		23,375,103		45,280,600
		IT Consulting & Other Services (4.65%)
	2,190,000	Gartner, Inc. 1		33,131,519		337,479,000
	Total Information Technology			294,077,866		1,317,543,150
Real Estate (8.03%)
		Diversified REITs (0.29%)
	460,135	American Assets Trust, Inc.		8,484,044		21,120,196
		Office REITs (2.68%)
	90,000	Alexander’s, Inc. 5		11,140,498		29,731,500
	3,750,000	Douglas Emmett, Inc.		43,603,704		164,625,000
				54,744,202		194,356,500
		Real Estate Development (0.19%)
	675,000	Forestar Group, Inc. 1		11,930,668		14,073,750
		Specialized REITs (4.87%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,438,288		121,185,000
	5,400,000	Gaming and Leisure Properties, Inc.		117,127,090		232,470,000
				143,565,378		353,655,000
	Total Real Estate			218,724,292		583,205,446
	Total Common Stocks			1,776,937,725		7,260,219,667
Private Preferred Stocks (0.09%)
Health Care (0.09%)
		Health Care Technology (0.09%)
	3,354,353	Schrödinger, Inc., Series E 1,3,5,7		4,999,999		6,708,706

Shares			Cost		Value
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	$	60,567
Warrants (0.01%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/20/2031 1,2,5,6		0		655,337
	Total Investments (100.04%)		$	1,781,937,724		7,267,644,277
	Liabilities Less Cash and Other Assets (-0.04%)					(2,594,374	)
	Net Assets				$	7,265,049,903
	Retail Shares (Equivalent to $82.66 per share based on 31,864,246 shares outstanding)				$	2,633,958,609
	Institutional Shares (Equivalent to $85.69 per share based on 52,150,330 shares outstanding)				$	4,468,931,700
	R6 Shares (Equivalent to $85.70 per share based on 1,892,100 shares outstanding)				$	162,159,594

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2019, the market value of restricted and fair valued securities amounted to $6,769,273 or 0.09% of net assets. These securities are not 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.

[862435.TX]5                                     

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.37%)
Communication Services (4.80%)
		Cable & Satellite (2.33%)
	100,000	Liberty Broadband Corporation, Cl A 1	$	404,823	$	12,456,000
	275,000	Liberty Broadband Corporation, Cl C 1		1,079,680		34,581,250
	1,000,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,168,308		48,140,000
				3,652,811		95,177,250
		Movies & Entertainment (2.47%)
	750,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		10,168,679		34,473,750
	225,000	The Madison Square Garden Company, Cl A 1		11,968,716		66,192,750
				22,137,395		100,666,500
	Total Communication Services			25,790,206		195,843,750
Consumer Discretionary (16.31%)
		Casinos & Gaming (1.76%)
	3,000,000	Red Rock Resorts, Inc., Cl A		65,067,490		71,850,000
		Education Services (3.04%)
	825,000	Bright Horizons Family Solutions, Inc. 1		25,784,147		123,989,250
		General Merchandise Stores (0.96%)
	600,000	Ollie’s Bargain Outlet Holdings, Inc. 1		35,610,652		39,186,000
		Home Improvement Retail (2.49%)
	2,000,000	Floor & Decor Holdings, Inc., Cl A 1		78,500,578		101,620,000
		Homebuilding (2.53%)
	1,500,000	Installed Building Products, Inc. 1		88,307,354		103,305,000
		Hotels, Resorts & Cruise Lines (1.03%)
	2,500,000	OneSpaWorld Holdings Ltd. 1,2,4		27,000,000		42,100,000
		Internet & Direct Marketing Retail (0.50%)
	600,000	The RealReal, Inc. 1		12,949,355		11,310,000
	500,000	Revolve Group, Inc. 1		9,535,208		9,180,000
				22,484,563		20,490,000
		Leisure Facilities (1.46%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,505		59,744,000
		Restaurants (1.41%)
	600,000	BJ’s Restaurants, Inc.		23,242,737		22,776,000
	800,000	The Cheesecake Factory, Inc.		21,568,144		31,088,000
	40,000	Wingstop Inc.		574,326		3,449,200
				45,385,207		57,313,200
		Specialty Stores (1.13%)
	3,000,000	Hudson Ltd., Cl A 1,2		54,314,533		46,020,000
	Total Consumer Discretionary			470,871,029		665,617,450
Financials (2.17%)
		Insurance Brokers (0.34%)
	855,000	BRP Group, Inc., Cl A 1		12,902,782		13,722,750
		Investment Banking & Brokerage (1.33%)
	625,000	Houlihan Lokey, Inc.		28,909,333		30,543,750
	750,000	Moelis & Co., Cl A		15,297,250		23,940,000
				44,206,583		54,483,750

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Property & Casualty Insurance (0.50%)
	200,000	Kinsale Capital Group, Inc.	$	17,719,714	$	20,332,000
	Total Financials			74,829,079		88,538,500
Health Care (19.45%)
		Biotechnology (0.33%)
	750,000	Abcam plc (United Kingdom)2		6,867,448		13,431,442
		Health Care Equipment (6.50%)
	550,000	Cantel Medical Corp.		24,728,891		38,995,000
	300,000	DexCom, Inc. 1		3,984,388		65,622,000
	375,000	IDEXX Laboratories, Inc. 1		5,618,604		97,923,750
	300,000	Inspire Medical Systems, Inc. 1,4		15,398,159		22,263,000
	1,000,000	Silk Road Medical, Inc. 1,4		38,341,580		40,380,000
				88,071,622		265,183,750
		Health Care Supplies (0.28%)
	175,000	Neogen Corp. 1		9,472,399		11,420,500
		Health Care Technology (2.05%)
	1,000,000	Teladoc Health, Inc. 1		31,427,124		83,720,000
		Life Sciences Tools & Services (7.53%)
	250,000	Adaptive Biotechnologies Corporation 1		7,637,982		7,480,000
	250,000	Guardant Health, Inc. 1,4		4,953,266		19,535,000
	700,000	ICON plc 1,2		19,870,562		120,561,000
	75,000	Mettler-Toledo International, Inc. 1		3,665,865		59,496,000
	900,000	PRA Health Sciences, Inc. 1		16,553,917		100,035,000
				52,681,592		307,107,000
		Managed Health Care (1.82%)
	1,000,000	HealthEquity, Inc. 1		23,274,522		74,070,000
		Pharmaceuticals (0.94%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,5		28,027,985		38,450,002
	Total Health Care			239,822,692		793,382,694
Industrials (20.68%)
		Aerospace & Defense (4.03%)
	1,000,000	Mercury Systems, Inc. 1		25,872,953		69,110,000
	170,000	TransDigm Group, Inc.		0		95,200,000
				25,872,953		164,310,000
		Building Products (1.59%)
	625,000	Advanced Drainage Systems, Inc.		19,142,606		24,275,000
	450,000	Trex Company, Inc. 1		35,044,299		40,446,000
				54,186,905		64,721,000
		Environmental & Facilities Services (2.67%)
	1,200,000	Waste Connections, Inc. 2		52,400,000		108,948,000
		Human Resource & Employment Services (3.04%)
	1,750,000	ASGN, Inc. 1		45,317,074		124,197,500
		Industrial Conglomerates (0.64%)
	760,000	Raven Industries, Inc.		26,972,733		26,189,600
		Industrial Machinery (3.70%)
	725,000	Helios Technologies, Inc.		34,755,037		33,516,750
	725,000	John Bean Technologies Corp.		62,999,777		81,678,500
	225,000	RBC Bearings, Incorporated 1		14,315,839		35,626,500
				112,070,653		150,821,750

See Notes to Schedules of Investments.

[862435.TX]6                                     

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (1.65%)
	4,000,000	Clarivate Analytics plc 1,2	$	44,078,833	$	67,200,000
		Trading Companies & Distributors (3.36%)
	1,300,000	SiteOne Landscape Supply, Inc. 1		41,357,820		117,845,000
	800,000	Univar Solutions, Inc. 1		15,184,380		19,392,000
				56,542,200		137,237,000
	Total Industrials			417,441,351		843,624,850
Information Technology (23.87%)
		Application Software (11.17%)
	1,050,000	Altair Engineering, Inc., Cl A 1		17,162,704		37,705,500
	800,000	Aspen Technology, Inc. 1		29,983,938		96,744,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		57,698,000
	1,500,000	Guidewire Software, Inc. 1		40,880,643		164,655,000
	325,000	The Trade Desk, Inc., Cl A 1		11,537,500		84,428,500
	1,000,000	Yext, Inc. 1		13,112,639		14,420,000
				136,389,145		455,651,000
		Data Processing & Outsourced Services (3.57%)
	3,500,000	Repay Holdings Corporation 1,3		35,000,000		51,275,000
	450,000	WEX, Inc. 1		18,982,529		94,257,000
				53,982,529		145,532,000
		Electronic Equipment & Instruments (1.99%)
	1,450,000	Cognex Corp.		11,489,969		81,258,000
		Internet Services & Infrastructure (1.50%)
	500,000	Wix.com Ltd. 1,2		27,175,966		61,190,000
		IT Consulting & Other Services (5.64%)
	600,000	Endava plc, ADR 1,2		16,610,349		27,960,000
	1,000,000	Gartner, Inc. 1		14,988,362		154,100,000
	1,000,000	LiveRamp Holdings, Inc. 1		21,949,295		48,070,000
				53,548,006		230,130,000
	Total Information Technology			282,585,615		973,761,000
Materials (3.60%)
		Construction Materials (0.94%)
	1,600,000	Summit Materials, Inc., Cl A 1		29,176,146		38,240,000
		Metal & Glass Containers (0.93%)
	800,000	Berry Global Group, Inc. 1		12,652,147		37,992,000
		Specialty Chemicals (1.73%)
	450,000	Ingevity Corp. 1		39,582,818		39,321,000
	400,000	PolyOne Corp.		14,428,598		14,716,000
	100,000	Quaker Chemical Corp.		15,148,385		16,452,000
				69,159,801		70,489,000
	Total Materials			110,988,094		146,721,000
Real Estate (5.42%)
		Specialized REITs (5.42%)
	2,500,000	Americold Realty Trust 4		54,430,446		87,650,000
	300,000	Gaming and Leisure Properties, Inc.		3,018,340		12,915,000
	500,000	SBA Communications Corp.		2,014,480		120,495,000
	Total Real Estate			59,463,266		221,060,000

Shares			Cost		Value
Common Stocks (continued)
Unclassified (1.07%)
	2,000,000	ChaSerg Technology Acquisition Corp., Cl A 1,3	$	20,642,600	$	21,620,000
	2,000,000	GS Acquisition Holdings Corp., Cl A 1		21,913,674		22,060,000
				42,556,274		43,680,000
	Total Common Stocks			1,724,347,606		3,972,229,244
Warrants (0.14%)
Consumer Discretionary (0.04%)
		Hotels, Resorts & Cruise Lines (0.04%)
	260,850	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,4,5		0		1,771,171
	Total Consumer Discretionary
Information Technology (0.10%)
		Data Processing & Outsourced Services (0.10%)
	3,500,000	Repay Holdings Corporation Warrants Exp 7/11/2024 1,3		0		3,920,000
	Total Information Technology
	Total Warrants			0		5,691,171
Principal Amount
Short Term Investments (2.44%)
	$99,551,863	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $99,555,458; (Fully collateralized by $101,395,000 U.S. Treasury Note, 1.625% due 12/15/2022; Market value – $101,545,166)5		99,551,863		99,551,863
	Total Investments (99.95%)		$	1,823,899,469		4,077,472,278
	Cash and Other Assets Less Liabilities (0.05%)					2,004,380
	Net Assets				$	4,079,476,658
	Retail Shares (Equivalent to $29.36 per share based on 51,214,121 shares outstanding)				$	1,503,632,550
	Institutional Shares (Equivalent to $30.81 per share based on 77,819,775 shares outstanding)				$	2,397,281,261
	R6 Shares (Equivalent to $30.80 per share based on 5,798,208 shares outstanding)				$	178,562,847

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  See Note 6 regarding “Affiliated” companies.

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.

[862435.TX]7                                     

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.76%)
Communication Services (11.62%)
		Interactive Home Entertainment (2.88%)
	62,700	Electronic Arts, Inc. 1	$	6,067,100	$	6,740,877
	47,900	Take-Two Interactive Software, Inc. 1		5,171,753		5,864,397
				11,238,853		12,605,274
		Interactive Media & Services (6.31%)
	15,450	Alphabet, Inc., Cl C 1		11,495,851		20,656,959
	28,100	IAC/InterActive Corp. 1		6,392,182		6,999,991
				17,888,033		27,656,950
		Movies & Entertainment (1.85%)
	122,614	Manchester United plc, Cl A 2		1,867,993		2,443,697
	17,525	Netflix, Inc. 1		902,756		5,670,564
				2,770,749		8,114,261
		Publishing (0.58%)
	133,200	Future PLC (United Kingdom)2		2,465,881		2,558,332
	Total Communication Services			34,363,516		50,934,817
Consumer Discretionary (17.42%)
		Automobile Manufacturers (4.31%)
	45,200	Tesla, Inc. 1		9,891,462		18,908,516
		Education Services (0.78%)
	77,236	Arco Platform Limited, Cl A 1,2		1,351,630		3,413,831
		Internet & Direct Marketing Retail (12.33%)
	45,800	Alibaba Group Holding Limited, ADR 1,2		4,374,113		9,714,180
	14,975	Amazon.com, Inc. 1		4,786,248		27,671,404
	9,629	MercadoLibre, Inc. 1		5,582,412		5,507,211
	1,644,126	Trainline Plc, 144A (United Kingdom)1,2,4		7,333,459		11,135,355
				22,076,232		54,028,150
	Total Consumer Discretionary			33,319,324		76,350,497
Financials (1.26%)
		Financial Exchanges & Data (0.92%)
	10,600	MarketAxess Holdings, Inc.		1,129,414		4,018,566
		Investment Banking & Brokerage (0.34%)
	39,213	XP, Inc., Cl A 1,2		1,058,751		1,510,485
	Total Financials			2,188,165		5,529,051
Health Care (12.34%)
		Biotechnology (7.59%)
	112,300	Acceleron Pharma, Inc. 1		4,172,486		5,954,146
	67,702	argenx SE, ADR 1,2		1,879,141		10,867,525
	76,100	Arrowhead Pharmaceuticals, Inc. 1		1,145,615		4,827,023
	29,700	Neurocrine Biosciences, Inc. 1		2,480,850		3,192,453
	35,100	Sage Therapeutics, Inc. 1		1,049,677		2,533,869
	27,000	Vertex Pharmaceuticals Incorporated 1		4,105,735		5,911,650
				14,833,504		33,286,666
		Health Care Equipment (2.37%)
	21,200	Edwards Lifesciences Corp. 1		1,839,412		4,945,748
	9,235	Intuitive Surgical, Inc. 1		2,019,681		5,459,270
				3,859,093		10,405,018
		Health Care Technology (0.23%)
	7,200	Veeva Systems, Inc., Cl A 1		1,099,411		1,012,752

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (2.15%)
	10,419	10X Genomics, Inc., Cl A 1	$	406,341	$	794,449
	11,545	Adaptive Biotechnologies Corporation 1		230,900		345,427
	26,837	Guardant Health, Inc. 1,3		1,713,167		2,097,043
	18,615	Illumina, Inc. 1		1,622,197		6,175,340
				3,972,605		9,412,259
	Total Health Care			23,764,613		54,116,695
Industrials (3.23%)
		Research & Consulting Services (3.23%)
	17,333	CoStar Group, Inc. 1		292,416		10,370,334
	25,390	Verisk Analytics, Inc.		1,183,699		3,791,743
	Total Industrials			1,476,115		14,162,077
Information Technology (48.57%)
		Application Software (19.70%)
	28,800	Adobe, Inc. 1		5,517,170		9,498,528
	16,975	ANSYS, Inc. 1		1,416,670		4,369,535
	106,170	Ceridian HCM Holding, Inc. 1		3,413,613		7,206,820
	4,900	Coupa Software, Inc. 1		437,312		716,625
	157,100	Guidewire Software, Inc. 1		3,949,773		17,244,867
	176,000	Medallia, Inc. 1		4,788,445		5,475,360
	42,700	RingCentral, Inc., Cl A 1		3,277,189		7,202,209
	26,980	salesforce.com, Inc. 1		1,564,651		4,388,027
	20,900	ServiceNow, Inc. 1,3		1,110,572		5,900,488
	31,000	Splunk, Inc. 1		1,733,740		4,642,870
	118,700	SS&C Technologies Holdings, Inc.		3,985,285		7,288,180
	20,800	The Trade Desk, Inc., Cl A 1		374,400		5,403,424
	321,900	Yext, Inc. 1		4,617,809		4,641,798
	35,207	Zoom Video Communications, Inc., Cl A 1		2,393,605		2,395,484
				38,580,234		86,374,215
		Data Processing & Outsourced Services (5.45%)
	33,100	MasterCard Incorporated, Cl A		2,713,455		9,883,329
	42,400	PagSeguro Digital Ltd., Cl A 1,2		1,269,619		1,448,384
	26,800	PayPal Holdings, Inc. 1		2,420,220		2,898,956
	51,300	Visa, Inc., Cl A		4,019,238		9,639,270
				10,422,532		23,869,939
		Internet Services & Infrastructure (4.16%)
	133,677	GDS Holdings Limited, ADR 1,2		4,891,627		6,895,060
	36,241	Twilio, Inc., Cl A 1		4,532,896		3,561,765
	63,543	Wix.com Ltd. 1,2		3,424,599		7,776,392
				12,849,122		18,233,217
		IT Consulting & Other Services (5.93%)
	136,176	Endava plc, ADR 1,2		3,724,792		6,345,801
	91,187	Gartner, Inc. 1		1,218,835		14,051,917
	116,100	LiveRamp Holdings, Inc. 1		3,079,397		5,580,927
				8,023,024		25,978,645
		Semiconductors (3.74%)
	80,200	Mellanox Technologies Ltd. 1,2		4,716,457		9,397,836
	29,800	NVIDIA Corp.		6,014,158		7,011,940
				10,730,615		16,409,776

See Notes to Schedules of Investments.

[862435.TX]8                                     

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (9.59%)
	27,223	Crowdstrike Holdings, Inc., Cl A 1	$	1,187,579	$	1,357,611
	142,820	Datadog, Inc., Cl A 1,3		4,555,536		5,395,740
	202,900	Microsoft Corp.		18,301,106		31,997,330
	28,800	Proofpoint, Inc. 1		2,314,362		3,305,664
				26,358,583		42,056,345
	Total Information Technology			106,964,110		212,922,137
Real Estate (3.32%)
		Specialized REITs (3.32%)
	28,100	Alexandria Real Estate Equities, Inc. 3		3,889,445		4,540,398
	13,725	Equinix, Inc.		1,835,229		8,011,282
	8,300	SBA Communications Corp.		27,760		2,000,217
	Total Real Estate			5,752,434		14,551,897
	Total Common Stocks			207,828,277		428,567,171
Principal Amount
Short Term Investments (2.17%)
	$9,526,384	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $9,526,728; (Fully collateralized by $9,595,000 U.S. Treasury Note, 2.00% due 11/30/2022; Market value – $9,718,133)4		9,526,384		9,526,384
	Total Investments (99.93%)		$	217,354,661		438,093,555
	Cash and Other Assets Less Liabilities (0.07%)					305,353
	Net Assets				$	438,398,908
	Retail Shares (Equivalent to $22.87 per share based on 13,475,023 shares outstanding)				$	308,113,468
	Institutional Shares (Equivalent to $23.91 per share based on 4,756,757 shares outstanding)				$	113,713,315
	R6 Shares (Equivalent to $23.93 per share based on 692,413 shares outstanding)				$	16,572,125

% 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 December 31, 2019, the market value of Rule 144A securities amounted to $11,135,355 or 2.54% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

[862435.TX]9                                     

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.52%)
Communication Services (11.07%)
		Interactive Media & Services (11.07%)
	1,948	Alphabet, Inc., Cl A 1	$	280,365	$	2,609,132
	10,283	Alphabet, Inc., Cl C 1		4,420,382		13,748,577
	64,665	Facebook, Inc., Cl A 1		2,342,792		13,272,491
	27,768	IAC/InterActive Corp. 1		5,715,646		6,917,286
	Total Communication Services			12,759,185		36,547,486
Consumer Discretionary (19.06%)
		Internet & Direct Marketing Retail (19.06%)
	92,830	Alibaba Group Holding Limited, ADR 1,2		7,959,441		19,689,243
	17,716	Amazon.com, Inc. 1		3,748,327		32,736,333
	2,233	Booking Holdings, Inc. 1		1,170,069		4,585,979
	10,320	MercadoLibre, Inc. 1		5,390,091		5,902,421
	Total Consumer Discretionary			18,267,928		62,913,976
Financials (7.13%)
		Diversified Banks (1.07%)
	150,000	Kotak Mahindra Bank Ltd. (India)2,4		2,937,439		3,540,331
		Financial Exchanges & Data (5.71%)
	54,208	CME Group, Inc.		5,248,889		10,880,630
	29,186	S&P Global, Inc.		5,614,347		7,969,237
				10,863,236		18,849,867
		Investment Banking & Brokerage (0.35%)
	29,906	XP, Inc., Cl A 1,2		807,462		1,151,979
	Total Financials			14,608,137		23,542,177
Health Care (16.83%)
		Biotechnology (3.52%)
	45,621	Sage Therapeutics, Inc. 1		7,050,220		3,293,380
	37,971	Vertex Pharmaceuticals Incorporated 1		5,909,494		8,313,750
				12,959,714		11,607,130
		Health Care Equipment (4.36%)
	24,371	Intuitive Surgical, Inc. 1		8,390,754		14,406,917
		Health Care Technology (4.28%)
	100,453	Veeva Systems, Inc., Cl A 1		7,493,347		14,129,719
		Life Sciences Tools & Services (4.67%)
	7,194	10X Genomics, Inc., Cl A 1		280,566		548,543
	44,814	Illumina, Inc. 1		5,436,613		14,866,596
				5,717,179		15,415,139
	Total Health Care			34,560,994		55,558,905
Information Technology (39.97%)
		Application Software (7.28%)
	34,774	RingCentral, Inc., Cl A 1		2,908,042		5,865,331
	17,996	ServiceNow, Inc. 1,3		4,695,422		5,080,631
	148,779	Slack Technologies, Inc., Cl A 1		3,293,765		3,344,552
	65,163	Splunk, Inc. 1		7,689,974		9,759,462
				18,587,203		24,049,976
		Data Processing & Outsourced Services (19.56%)
	5,852	Adyen N.V., 144A (Netherlands)1,2,4		4,406,864		4,813,829
	89,358	Fidelity National Information Services, Inc.		7,601,621		12,428,804
	66,851	MasterCard Incorporated, Cl A		3,750,511		19,961,040
	197,125	PagSeguro Digital Ltd., Cl A 1,2		4,879,574		6,733,790
	114,585	StoneCo Ltd., Cl A 1,2		4,316,950		4,570,796
	85,434	Visa, Inc., Cl A		2,870,564		16,053,049
				27,826,084		64,561,308

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Internet Services & Infrastructure (3.73%)
	65,037	Twilio Inc., Cl A 1	$	7,743,738	$	6,391,837
	48,522	Wix.com Ltd. 1,2		4,233,004		5,938,122
				11,976,742		12,329,959
		IT Consulting & Other Services (3.29%)
	51,126	EPAM Systems, Inc. 1		4,736,195		10,846,892
		Semiconductor Equipment (3.51%)
	39,157	ASML Holding N.V. 2		4,042,937		11,588,122
		Systems Software (2.60%)
	66,160	Crowdstrike Holdings, Inc., Cl A 1		3,070,016		3,299,399
	140,287	Datadog, Inc., Cl A 1,3		3,787,749		5,300,043
				6,857,765		8,599,442
	Total Information Technology			74,026,926		131,975,699
Real Estate (3.46%)
		Specialized REITs (3.46%)
	19,555	Equinix, Inc.		3,178,515		11,414,254
	Total Common Stocks			157,401,685		321,952,497
Principal Amount
Short Term Investments (1.47%)
	$4,867,043	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $4,867,218; (Fully collateralized by $4,905,000 U.S. Treasury Note, 2.00% due 11/30/2022; Market value – $4,967,946)4		4,867,043		4,867,043
	Total Investments (98.99%)		$	162,268,728		326,819,540
	Cash and Other Assets Less Liabilities (1.01%)					3,336,993
	Net Assets				$	330,156,533
	Retail Shares (Equivalent to $33.50 per share based on 3,614,850 shares outstanding)				$	121,097,095
	Institutional Shares (Equivalent to $34.27 per share based on 5,393,256 shares outstanding)				$	184,849,309
	R6 Shares (Equivalent to $34.29 per share based on 706,117 shares outstanding)				$	24,210,129

% 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 December 31, 2019, the market value of Rule 144A securities amounted to $4,813,829 or 1.46% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

[862435.TX]10                                     

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.41%)
Communication Services (4.02%)
		Advertising (1.07%)
	2,500,000	S4 Capital PLC (United Kingdom) 1,2	$	6,015,204	$	6,374,636
		Movies & Entertainment (1.35%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		8,099,300
		Publishing (1.60%)
	500,000	Future PLC (United Kingdom) 2		7,504,007		9,603,349
	Total Communication Services			19,154,022		24,077,285
Consumer Discretionary (7.39%)
		Casinos & Gaming (2.85%)
	250,000	Boyd Gaming Corporation		5,229,373		7,485,000
	400,000	Red Rock Resorts, Inc., Cl A		8,231,421		9,580,000
				13,460,794		17,065,000
		General Merchandise Stores (1.09%)
	100,000	Ollie’s Bargain Outlet Holdings, Inc. 1		5,855,691		6,531,000
		Home Improvement Retail (2.76%)
	325,000	Floor & Decor Holdings, Inc., Cl A 1		10,815,199		16,513,250
		Internet & Direct Marketing Retail (0.55%)
	175,000	The RealReal, Inc. 1		3,324,385		3,298,750
		Restaurants (0.14%)
	10,000	Wingstop, Inc.		874,199		862,300
	Total Consumer Discretionary			34,330,268		44,270,300
Consumer Staples (0.99%)
		Agricultural Products (0.93%)
	290,000	Limoneira Co.		6,798,165		5,576,700
		Packaged Foods & Meats (0.06%)
	1,050,000	Barfresh Food Group, Inc. 1		597,200		367,500
	Total Consumer Staples			7,395,365		5,944,200
Financials (4.01%)
		Insurance Brokers (0.87%)
	325,000	BRP Group, Inc., Cl A 1		5,241,196		5,216,250
		Property & Casualty Insurance (3.14%)
	185,000	Kinsale Capital Group, Inc.		8,344,077		18,807,100
	Total Financials			13,585,273		24,023,350
Health Care (28.31%)
		Biotechnology (4.71%)
	290,000	Emergent BioSolutions, Inc. 1		13,932,817		15,645,500
	188,500	Esperion Therapeutics, Inc. 1		8,975,676		11,240,255
	18,000	Sage Therapeutics, Inc. 1		1,395,612		1,299,420
				24,304,105		28,185,175
		Health Care Equipment (8.60%)
	425,084	AxoGen, Inc. 1		7,186,804		7,604,753
	100,000	Inogen, Inc. 1		4,705,574		6,833,000
	50,000	Inspire Medical Systems, Inc. 1,3		2,923,748		3,710,500
	90,000	Intersect ENT, Inc. 1,3		2,460,952		2,241,000
	350,208	Silk Road Medical, Inc. 1,3		12,015,855		14,141,399
	127,000	Tactile Systems Technology, Inc. 1		6,313,652		8,573,770
	1,985,000	ViewRay, Inc. 1		9,544,839		8,376,700
				45,151,424		51,481,122

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (3.18%)
	1,529,967	Cerus Corp. 1	$	7,100,381	$	6,456,461
	1,406,463	Sientra, Inc. 1		12,161,281		12,573,779
				19,261,662		19,030,240
		Health Care Technology (1.55%)
	111,000	Teladoc Health, Inc. 1		2,877,298		9,292,920
		Life Sciences Tools & Services (4.82%)
	12,312	10X Genomics, Inc., Cl A 1		480,168		938,790
	260,000	Accelerate Diagnostics, Inc. 1		4,117,791		4,394,000
	417,036	CareDx, Inc. 1,3		7,733,493		8,995,466
	519,190	Veracyte, Inc. 1,3		12,884,315		14,495,785
				25,215,767		28,824,041
		Managed Health Care (1.66%)
	362,873	Progyny, Inc. 1		4,750,389		9,960,864
		Pharmaceuticals (3.79%)
	827,732	Revance Therapeutics, Inc. 1		12,763,108		13,434,090
	3,831,500	TherapeuticsMD, Inc. 1		16,199,093		9,272,230
				28,962,201		22,706,320
	Total Health Care			150,522,846		169,480,682
Industrials (17.65%)
		Aerospace & Defense (3.62%)
	90,000	Cubic Corp.		5,100,716		5,721,300
	230,600	Mercury Systems, Inc. 1		7,155,936		15,936,766
				12,256,652		21,658,066
		Building Products (3.25%)
	200,000	Advanced Drainage Systems, Inc.		6,127,823		7,768,000
	130,000	Trex Company, Inc. 1		8,824,723		11,684,400
				14,952,546		19,452,400
		Heavy Electrical Equipment (2.19%)
	707,000	TPI Composites, Inc. 1		15,134,505		13,086,570
		Industrial Conglomerates (0.95%)
	165,000	Raven Industries, Inc.		5,579,803		5,685,900
		Industrial Machinery (4.99%)
	86,600	ESCO Technologies, Inc.		4,658,024		8,010,500
	190,500	Helios Technologies, Inc.		8,389,728		8,806,815
	252,500	Kornit Digital Ltd. 1,2		4,180,629		8,643,075
	240,000	Luxfer Holdings plc 2		5,563,295		4,442,400
				22,791,676		29,902,790
		Trading Companies & Distributors (2.65%)
	175,000	SiteOne Landscape Supply, Inc. 1		9,355,344		15,863,750
	Total Industrials			80,070,526		105,649,476
Information Technology (26.93%)
		Application Software (7.38%)
	92,670	Bill.Com Holdings, Inc. 1		2,038,740		3,526,094
	30,700	Envestnet, Inc. 1		1,031,189		2,137,641
	350,000	Medallia, Inc. 1		10,195,760		10,888,500
	563,300	RIB Software SE (Germany) 2,4		7,606,421		14,203,250
	10,000	The Trade Desk, Inc., Cl A 1		2,106,329		2,597,800
	750,000	Yext, Inc. 1		11,258,375		10,815,000
				34,236,814		44,168,285

See Notes to Schedules of Investments.

[862435.TX]11                                     

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (1.22%)
	500,000	Repay Holdings Corporation, Cl A 1	$	6,875,000	$	7,325,000
		Electronic Equipment & Instruments (1.95%)
	10,431	Novanta, Inc. 1,2		272,590		922,518
	350,000	PAR Technology Corp. 1		7,405,074		10,759,000
				7,677,664		11,681,518
		IT Consulting & Other Services (3.30%)
	300,000	Endava plc, ADR 1,2		7,136,331		13,980,000
	120,000	LiveRamp Holdings, Inc. 1		3,526,876		5,768,400
				10,663,207		19,748,400
		Semiconductor Equipment (3.73%)
	40,000	Advanced Energy Industries, Inc. 1		2,781,533		2,848,000
	290,000	Ichor Holdings Ltd. 1,2		5,341,006		9,648,300
	260,000	Nova Measuring Instruments Ltd. 1,2		6,318,760		9,835,800
				14,441,299		22,332,100
		Semiconductors (0.51%)
	580,000	Everspin Technologies, Inc. 1		5,093,299		3,050,800
		Systems Software (8.84%)
	330,000	Blue Prism Group plc (United Kingdom) 1,2,4		8,142,526		4,973,114
	226,275	Dynatrace, Inc. 1,3		4,185,529		5,724,757
	319,000	ForeScout Technologies, Inc. 1		8,902,279		10,463,200
	475,000	Ping Identity Holding Corp. 1		7,825,618		11,542,500
	120,000	Qualys, Inc. 1		5,661,480		10,004,400
	132,000	Varonis Systems, Inc. 1		8,436,568		10,257,720
				43,154,000		52,965,691
	Total Information Technology			122,141,283		161,271,794
Real Estate (5.11%)
		Industrial REITs (2.10%)
	275,000	Rexford Industrial Realty, Inc.		9,183,921		12,559,250
		Office REITs (0.96%)
	275,000	Alexander & Baldwin, Inc. 1		7,146,982		5,764,000
		Specialized REITs (2.05%)
	350,000	Americold Realty Trust 3		6,110,735		12,271,000
	Total Real Estate			22,441,638		30,594,250
	Total Common Stocks			449,641,221		565,311,337

Principal Amount			Cost		Value
Short Term Investments (5.59%)
	$33,497,565	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $33,498,775; (Fully collateralized by $34,080,000 U.S. Treasury Note, 1.625% due 11/15/2022; Market value – $34,168,881) 4	$	33,497,565	$	33,497,565
	Total Investments (100.00%)		$	483,138,786		598,808,902
	Liabilities Less Cash and Other Assets (0.00%)					(6,738	)
	Net Assets				$	598,802,164
	Retail Shares (Equivalent to $21.33 per share based on 5,954,507  shares outstanding)				$	127,026,210
	Institutional Shares (Equivalent to $21.65 per share based on 21,392,702 shares outstanding)				$	463,162,759
	R6 Shares (Equivalent to $21.65 per share based on 397,810 shares outstanding)				$	8,613,195

% 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.

[862435.TX]12                                     

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.63%)
Communication Services (7.98%)
		Cable & Satellite (1.86%)
	343	Charter Communications, Inc., Cl A 1	$	113,836	$	166,382
		Interactive Media & Services (3.42%)
	228	Alphabet, Inc., Cl C 1		267,060		304,841
		Movies & Entertainment (2.70%)
	1,667	The Walt Disney Company		237,699		241,098
	Total Communication Services			618,595		712,321
Consumer Discretionary (1.99%)
		Apparel, Accessories & Luxury Goods (1.99%)
	381	LVMH Moët Hennessy Louis Vuitton SE (France) 2,4		122,482		177,528
Consumer Staples (5.97%)
		Distillers & Vintners (3.08%)
	1,448	Constellation Brands, Inc., Cl A		293,040		274,758
		Hypermarkets & Super Centers (1.46%)
	443	Costco Wholesale Corp.		99,940		130,207
		Personal Products (1.43%)
	621	The Estée Lauder Companies, Inc., Cl A		96,893		128,261
	Total Consumer Staples			489,873		533,226
Financials (12.72%)
		Asset Management & Custody Banks (1.85%)
	328	BlackRock, Inc.		160,532		164,886
		Financial Exchanges & Data (10.87%)
	808	CME Group, Inc.		125,886		162,182
	1,655	Moody’s Corp.		296,413		392,913
	1,521	S&P Global, Inc.		319,606		415,309
				741,905		970,404
	Total Financials			902,437		1,135,290
Health Care (22.13%)
		Health Care Equipment (5.00%)
	2,194	Danaher Corp.		265,443		336,735
	3,708	Envista Holdings Corp. 1		93,035		109,905
				358,478		446,640
		Life Sciences Tools & Services (8.83%)
	1,550	Agilent Technologies, Inc.		107,517		132,230
	1,529	IQVIA Holdings, Inc. 1		220,086		236,246
	189	Mettler-Toledo International, Inc. 1		121,918		149,930
	831	Thermo Fisher Scientific, Inc.		241,873		269,967
				691,394		788,373
		Managed Health Care (3.58%)
	1,086	UnitedHealth Group, Incorporated		249,999		319,263

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Pharmaceuticals (4.72%)
	5,303	AstraZeneca PLC, ADR 2	$	223,155	$	264,407
	1,727	Merck & Co., Inc.		156,209		157,071
				379,364		421,478
	Total Health Care			1,679,235		1,975,754
Industrials (5.60%)
		Aerospace & Defense (1.21%)
	1,205	HEICO Corp., Cl A		108,653		107,883
		Research & Consulting Services (4.39%)
	5,202	IHS Markit Ltd. 1,2		304,760		391,971
	Total Industrials			413,413		499,854
Information Technology (32.87%)
		Application Software (6.80%)
	1,195	Adobe, Inc. 1		347,355		394,123
	3,468	SS&C Technologies Holdings, Inc.		180,948		212,935
				528,303		607,058
		Data Processing & Outsourced Services (7.56%)
	1,765	Fidelity National Information Services, Inc.		236,095		245,494
	1,438	MasterCard Incorporated, Cl A		295,635		429,372
				531,730		674,866
		Electronic Manufacturing Services (1.92%)
	1,786	TE Connectivity Ltd. 2		168,944		171,170
		IT Consulting & Other Services (4.60%)
	1,950	Accenture plc, Cl A 2		351,511		410,612
		Semiconductor Equipment (1.55%)
	468	ASML Holding N.V. 2		86,675		138,500
		Semiconductors (1.64%)
	1,139	Texas Instruments, Inc.		130,354		146,123
		Systems Software (4.64%)
	2,626	Microsoft Corp.		274,484		414,120
		Technology Hardware, Storage & Peripherals (4.16%)
	1,266	Apple, Inc.		237,463		371,761
	Total Information Technology			2,309,464		2,934,210
Materials (1.45%)
		Specialty Chemicals (1.45%)
	221	The Sherwin-Williams Co.		97,730		128,962
Real Estate (4.92%)
		Specialized REITs (4.92%)
	1,501	Alexandria Real Estate Equities, Inc. 3		225,486		242,532
	337	Equinix, Inc.		164,667		196,707
	Total Real Estate			390,153		439,239
	Total Common Stocks			7,023,382		8,536,384

See Notes to Schedules of Investments.

[862435.TX]13                                     

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (10.30%)
	$919,020	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2019, 0.65% due 1/2/2020; Proceeds at maturity – $919,053; (Fully collateralized by $335,000 U.S. Treasury Note, 2.00% due 11/30/2022; Market value – $339,299) and $600,000 U.S. Treasury Note, 1.625% due 12/15/2022; Market value – $600,889)4	$	919,020	$	919,020
	Total Investments (105.93%)		$	7,942,402		9,455,404
	Liabilities Less Cash and Other Assets (-5.93%)					(529,276	)
	Net Assets				$	8,926,128
	Retail Shares (Equivalent to $12.99 per share based on 247,928 shares outstanding)				$	3,219,349
	Institutional Shares (Equivalent to $13.04 per share based on 395,597 shares outstanding)				$	5,160,420
	R6 Shares (Equivalent to $13.04 per share based on 41,893 shares outstanding)				$	546,359

% 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.

[862435.TX]14                                     

Baron Funds December 31, 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 daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

b) 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 NAV 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.

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 December 31, 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.

[862435.TX]15                                     

Baron Funds December 31, 2019

3. RESTRICTED SECURITIES

At December 31, 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 December 31, 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	$	179,934
(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	$	6,708,706
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011		60,567
Total Restricted Securities			$	6,769,273
(Cost $4,999,999) † (0.09% 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.

[862435.TX]16                                     

Baron Funds December 31, 2019

The following is a summary of the inputs used as of December 31, 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†	$	4,519,622,836	$	—	$	—	$	4,519,622,836
Private Partnerships		—		—		179,934		179,934
Short Term Investments		—		73,811,375		—		73,811,375
Total Investments	$	4,519,622,836	$	73,811,375	$	179,934	$	4,593,614,145
	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†	$	7,248,684,666	$	11,535,001	$	—	$	7,260,219,667
Private Preferred Stocks		—		—		6,708,706		6,708,706
Private Partnerships		—		—		60,567		60,567
Warrants		—		655,337		—		655,337
Total Investments	$	7,248,684,666	$	12,190,338	$	6,769,273	$	7,267,644,277
	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†	$	3,933,779,242	$	38,450,002	$	—	$	3,972,229,244
Warrants†		3,920,000		1,771,171		—		5,691,171
Short Term Investments		—		99,551,863		—		99,551,863
Total Investments	$	3,937,699,242	$	139,773,036	$	—	$	4,077,472,278
	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†	$	417,431,816	$	11,135,355	$	—	$	428,567,171
Short Term Investments		—		9,526,384		—		9,526,384
Total Investments	$	417,431,816	$	20,661,739	$	—	$	438,093,555

[862435.TX]17                                     

Baron Funds December 31, 2019

	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†	$	313,598,337	$	8,354,160	$	—	$	321,952,497
Short Term Investments		—		4,867,043		—		4,867,043
Total Investments	$	313,598,337	$	13,221,203	$	—	$	326,819,540
	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†	$	546,134,973	$	19,176,364	$	—	$	565,311,337
Short Term Investments		—		33,497,565		—		33,497,565
Total Investments	$	546,134,973	$	52,673,929	$	—	$	598,808,902
	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†	$	8,358,856	$	177,528	$	—	$	8,536,384
Short Term Investments		—		919,020		—		919,020
Total Investments	$	8,358,856	$	1,096,548	$	—	$	9,455,404

† 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, 2019		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 December 31, 2019		Change in  Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2019
Private Equity Investments
Financials	$	179,228	$	—	$	—	$	706	$	—	$	—	$	—	$	—	$	179,934	$	706
	Baron Growth Fund
Investments in Securities	Balance as of September 31, 2019		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 December 31, 2019		Change in  Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2019
Private Preferred Stocks
Health Care	$	5,870,118	$	—	$	—	$	838,588	$	—	$	—	$	—	$	—	$	6,708,706	$	838,588
Private Partnerships
Financials		60,329		—		—		238		—		—		—		—		60,567		238
Total	$	5,930,447	$	—	$	—	$	838,826	$	—	$	—	$	—	$	—	$	6,769,273	$	838,826

[862435.TX]18                                     

Baron Funds December 31, 2019

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of December 31, 2019, the components of net assets on a tax basis were 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	$	1,703,156,983	$	1,781,937,724	$	1,823,899,469	$	217,354,661	$	162,268,728	$	483,138,786	$	7,942,402
Gross tax unrealized appreciation	$	2,911,331,868	$	5,523,326,359	$	2,266,769,863	$	221,871,885	$	169,659,554	$	136,445,927	$	1,532,053
Gross tax unrealized depreciation		(20,874,706)		(37,619,806)		(13,197,054)		(1,132,991)		(5,108,742)		(20,775,811)		(19,051)
Net unrealized appreciation	$	2,890,457,162	$	5,485,706,553	$	2,253,572,809	$	220,738,894	$	164,550,812	$	115,670,116	$	1,513,002

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2019		Purchase Cost		Sales Proceeds/ Return  of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December  31, 2019		Value at December 31, 2019		% of Net Assets at December 31, 2019
“Affiliated” Company as of December 31, 2019:
Benefitfocus, Inc.	$	52,382,000	$	—	$	527,717	$	(3,024,500)	$	(1,110,283)	$	—		2,175,000	$	47,719,500		0.66%
Choice Hotels International, Inc.		266,880,000		—		—		43,410,000		—		1,320,000		3,000,000		310,290,000		4.27%
Iridium Communications, Inc.		188,596,298		—		—		29,778,363		—				8,862,608		218,374,661		3.01%
Vail Resorts, Inc.		477,876,000				5,925,187		23,621,250		2,075,187		7,356,800		2,075,000		497,647,250		6.85%
	$	985,734,298	$	—	$	6,452,904	$	93,785,113	$	964,904	$	8,676,800			$	1,074,031,411
BARON SMALL CAP FUND
Name of Issuer	Value at September 30, 2019		Purchase Cost		Sales Proceeds/ Return  of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December 31, 2019		Value at December 31, 2019		% of Net Assets at December 31, 2019
“Affiliated” Company as of December 31, 2019:
ChaSerg Technology Acquisition Corp.	$	—	$	20,642,600	$	—	$	977,400	$	—	$	—		2,000,000	$	21,620,000		0.53%
Repay Holdings Corporation		45,535,000		—		—		5,740,000		—		—		3,500,000		51,275,000		1.26%
Repay Holdings Corporation Warrants Exp 7/11/2024		3,010,000		—		—		910,000		—				3,500,000		3,920,000		0.10%
	$	48,545,000	$	20,642,600	$	—	$	7,627,400	$	—	$	—			$	76,815,000

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 three months ended December 31, 2019.