Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.45%)
Communication Services (6.00%)
		Cable & Satellite (1.14%)
	425,000	Liberty Broadband Corporation, Cl C 1	$	32,000,688	$	67,307,250
		Interactive Media & Services (4.86%)
	542,000	Pinterest, Inc., Cl A 1		21,216,031		35,717,800
	1,287,965	Zillow Group, Inc., Cl C 1		44,039,787		167,177,857
	1,755,709	ZoomInfo Technologies Inc., Cl A 1		44,675,584		84,677,845
				109,931,402		287,573,502
	Total Communication Services			141,932,090		354,880,752
Consumer Discretionary (8.07%)
		Education Services (0.58%)
	200,000	Bright Horizons Family Solutions, Inc. 1		22,917,264		34,598,000
		Hotels, Resorts & Cruise Lines (1.69%)
	556,442	Choice Hotels International, Inc.		5,979,508		59,389,055
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		40,335,050
				22,797,270		99,724,105
		Internet & Direct Marketing Retail (2.90%)
	9,428	Airbnb, Inc., Cl A 1,4		641,104		1,384,030
	19,759	Booking Holdings, Inc. 1		3,141,066		44,008,628
	186,454	DoorDash, Inc., Cl A 1		19,018,308		26,616,309
	1,025,000	Farfetch Limited, Cl A 1,2		29,811,176		65,405,250
	578,000	Stitch Fix, Inc., Cl A 1		37,155,623		33,940,160
				89,767,277		171,354,377
		Leisure Facilities (2.90%)
	613,538	Vail Resorts, Inc.		11,879,547		171,152,560
	Total Consumer Discretionary			147,361,358		476,829,042
Financials (10.65%)
		Asset Management & Custody Banks (0.74%)
	287,514	T. Rowe Price Group, Inc.		9,128,544		43,526,745
		Financial Exchanges & Data (5.17%)
	375,725	FactSet Research Systems, Inc.		20,179,925		124,928,562
	257,267	MarketAxess Holdings, Inc.		31,487,484		146,786,260
	30,000	MSCI, Inc.		7,783,774		13,395,900
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		20,370,503
				71,429,896		305,481,225
		Insurance Brokers (0.96%)
	269,421	Willis Towers Watson plc 2		33,140,160		56,761,616
		Investment Banking & Brokerage (1.64%)
	1,825,936	The Charles Schwab Corp.		1,609,714		96,847,645
		Property & Casualty Insurance (1.34%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		79,478,225
		Regional Banks (0.80%)
	320,421	First Republic Bank		8,284,701		47,079,458
	Total Financials			131,526,951		629,174,914

Shares			Cost		Value
Common Stocks (continued)
Health Care (24.90%)
		Biotechnology (0.26%)
	121,925	Acceleron Pharma, Inc. 1	$	11,278,062	$	15,599,084
		Health Care Equipment (9.62%)
	178,000	DexCom, Inc. 1		57,208,055		65,810,160
	849,630	IDEXX Laboratories, Inc. 1		15,671,864		424,704,548
	189,644	Teleflex, Inc.		37,305,542		78,051,781
				110,185,461		568,566,489
		Health Care Supplies (3.78%)
	215,418	The Cooper Companies, Inc.		36,713,299		78,265,668
	513,404	West Pharmaceutical Services, Inc.		22,313,258		145,452,487
				59,026,557		223,718,155
		Health Care Technology (2.38%)
	382,356	GoodRx Holdings, Inc., Cl A 1		15,017,303		15,424,241
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		125,067,839
				42,132,899		140,492,080
		Life Sciences Tools & Services (8.86%)
	100,682	10X Genomics, Inc., Cl A 1		3,926,598		14,256,571
	399,986	Bio-Techne Corporation		39,595,545		127,015,554
	336,000	Guardant Health, Inc. 1,4		29,804,184		43,303,680
	302,552	Illumina, Inc. 1		13,002,071		111,944,240
	199,117	Mettler-Toledo International, Inc. 1		12,014,431		226,929,663
				98,342,829		523,449,708
	Total Health Care			320,965,808		1,471,825,516
Industrials (16.12%)
		Agricultural & Farm Machinery (0.76%)
	475,045	The Toro Co.		29,117,085		45,053,268
		Environmental & Facilities Services (1.09%)
	1,643,418	Rollins, Inc.		24,597,483		64,208,341
		Industrial Conglomerates (1.99%)
	272,192	Roper Technologies, Inc.		31,306,147		117,339,250
		Industrial Machinery (1.32%)
	390,760	IDEX Corporation		28,326,833		77,839,392
		Research & Consulting Services (10.96%)
	2,230,474	Clarivate Analytics Plc 1,2		35,903,681		66,267,383
	215,493	CoStar Group, Inc. 1		42,162,593		199,175,870
	1,468,500	TransUnion		79,691,638		145,704,570
	1,141,206	Verisk Analytics, Inc.		28,928,852		236,902,953
				186,686,764		648,050,776
	Total Industrials			300,034,312		952,491,027

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (28.85%)
		Application Software (14.97%)
	586,856	ANSYS, Inc. 1	$	23,572,715	$	213,498,213
	395,300	Aspen Technology, Inc. 1		40,628,908		51,487,825
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		174,342,070
	88,000	Fair Isaac Corp. 1		33,912,009		44,971,520
	1,421,809	Guidewire Software, Inc. 1		77,473,157		183,029,472
	250,000	RingCentral, Inc., Cl A 1		55,551,746		94,742,500
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		56,095,779
	83,000	The Trade Desk, Inc., Cl A 1		16,471,978		66,483,000
				332,570,583		884,650,379
		Data Processing & Outsourced Services (2.33%)
	684,217	Fidelity National Information Services, Inc.		40,047,298		96,789,337
	149,448	FleetCor Technologies, Inc. 1		5,409,936		40,773,898
				45,457,234		137,563,235
		Electronic Components (0.99%)
	450,000	Amphenol Corp., Cl A		42,881,684		58,846,500
		Internet Services & Infrastructure (5.38%)
	680,000	GDS Holdings Limited, ADR 1,2		40,586,224		63,675,200
	597,103	Verisign, Inc. 1		27,690,138		129,213,089
	500,000	Wix.com Ltd. 1,2		46,031,912		124,980,000
				114,308,274		317,868,289
		IT Consulting & Other Services (4.29%)
	1,584,323	Gartner, Inc. 1		39,586,888		253,792,701
		Technology Distributors (0.89%)
	397,363	CDW Corp.		26,228,965		52,368,470
	Total Information Technology			601,033,628		1,705,089,574
Real Estate (4.86%)
		Real Estate Services (0.60%)
	567,323	CBRE Group, Inc., Cl A 1		6,349,180		35,582,499
		Specialized REITs (4.26%)
	205,000	Alexandria Real Estate Equities, Inc. 4		31,042,395		36,535,100
	127,416	Equinix, Inc.		10,066,062		90,997,959
	440,856	SBA Communications Corp.		11,715,567		124,378,703
				52,824,024		251,911,762
	Total Real Estate			59,173,204		287,494,261
	Total Common Stocks			1,702,027,351		5,877,785,086

Shares			Cost		Value
Private Preferred Stocks (0.45%)
Industrials (0.45%)
		Aerospace & Defense (0.45%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,6	$	26,000,460	$	26,358,689
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		184,167
Principal Amount
Short Term Investments (0.09%)
	$5,341,808	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity – $5,341,808; (Fully collateralized by $4,894,400 U.S. Treasury Note, 2.25% due 2/15/2027; Market value – $5,448,654)5		5,341,808		5,341,808
	Total Investments (99.99%)		$	1,733,369,619		5,909,669,750
	Cash and Other Assets Less Liabilities (0.01%)					436,408
	Net Assets				$	5,910,106,158
	Retail Shares (Equivalent to $111.11 per share based on 25,138,868 shares outstanding)				$	2,793,174,593
	Institutional Shares (Equivalent to $116.30 per share based on 25,313,569 shares outstanding)				$	2,943,940,595
	R6 Shares (Equivalent to $116.28 per share based on 1,487,734 shares outstanding)				$	172,990,970

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2020, the market value of restricted and fair valued securities amounted to $26,542,856 or 0.45% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.88%)
Communication Services (4.82%)
		Alternative Carriers (4.01%)
	8,835,000	Iridium Communications, Inc. 1,4	$	55,571,865	$	347,436,375
		Movies & Entertainment (0.81%)
	4,200,000	Manchester United plc, Cl A 2		58,275,334		70,308,000
	Total Communication Services			113,847,199		417,744,375
Consumer Discretionary (21.81%)
		Casinos & Gaming (6.94%)
	440,000	Boyd Gaming Corporation		11,056,072		18,884,800
	6,250,000	Penn National Gaming, Inc. 1		87,682,607		539,812,500
	1,695,000	Red Rock Resorts, Inc., Cl A		31,634,189		42,442,800
				130,372,868		601,140,100
		Education Services (2.74%)
	1,370,000	Bright Horizons Family Solutions, Inc. 1		43,400,248		236,996,300
		Hotels, Resorts & Cruise Lines (5.69%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		320,190,000
	1,260,000	Marriott Vacations Worldwide Corp.		67,382,523		172,897,200
				140,164,650		493,087,200
		Leisure Facilities (6.44%)
	2,000,000	Vail Resorts, Inc.		56,102,209		557,920,000
	Total Consumer Discretionary			370,039,975		1,889,143,600
Financials (28.76%)
		Asset Management & Custody Banks (2.40%)
	2,000,000	The Carlyle Group, Inc.		41,736,064		62,880,000
	1,955,000	Cohen & Steers, Inc.		45,702,409		145,256,500
				87,438,473		208,136,500
		Financial Exchanges & Data (16.48%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		399,000,000
	1,100,000	Morningstar, Inc.		23,159,632		254,727,000
	1,732,500	MSCI, Inc.		32,728,144		773,613,225
				115,842,351		1,427,340,225
		Investment Banking & Brokerage (0.76%)
	450,000	Houlihan Lokey, Inc.		19,625,874		30,253,500
	760,000	Moelis & Co., Cl A		16,518,301		35,537,600
				36,144,175		65,791,100
		Life & Health Insurance (2.71%)
	1,750,000	Primerica, Inc.		37,105,539		234,377,500

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Property & Casualty Insurance (6.15%)
	9,225,000	Arch Capital Group Ltd. 1,2	$	28,835,970	$	332,745,750
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		200,130,000
				63,843,733		532,875,750
		Thrifts & Mortgage Finance (0.26%)
	520,000	Essent Group Ltd. 2		14,300,211		22,464,000
	Total Financials			354,674,482		2,490,985,075
Health Care (13.82%)
		Biotechnology (0.66%)
	678,051	Denali Therapeutics, Inc. 1		12,825,338		56,793,552
		Health Care Equipment (4.92%)
	852,500	IDEXX Laboratories, Inc. 1		12,334,578		426,139,175
		Health Care Supplies (2.24%)
	573,717	Neogen Corp. 1		13,141,411		45,495,758
	525,000	West Pharmaceutical Services, Inc.		17,892,374		148,737,750
				31,033,785		194,233,508
		Health Care Technology (0.95%)
	329,169	American Well Corp., Cl A 1		5,925,042		8,337,850
	932,121	Schrödinger, Inc. 1		13,870,880		73,805,341
				19,795,922		82,143,191
		Life Sciences Tools & Services (4.73%)
	432,655	Adaptive Biotechnologies Corporation 1		14,268,834		25,582,890
	850,000	Bio-Techne Corporation		44,923,357		269,917,500
	100,000	Mettler-Toledo International, Inc. 1		4,577,488		113,968,000
				63,769,679		409,468,390
		Pharmaceuticals (0.32%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom)2,6		18,422,044		28,167,426
	Total Health Care			158,181,346		1,196,945,242
Industrials (9.62%)
		Building Products (2.27%)
	2,350,000	Trex Company, Inc. 1		21,287,801		196,742,000
		Environmental & Facilities Services (0.21%)
	1,220,102	BrightView Holdings, Inc. 1		15,117,285		18,447,942
		Industrial Machinery (0.55%)
	1,275,000	Desktop Metal, Inc 1,3,7		12,750,000		21,012,000
	4,275,000	Marel hf (Netherlands)2		18,281,670		26,217,222
				31,031,670		47,229,222
		Research & Consulting Services (6.59%)
	617,500	CoStar Group, Inc. 1		25,941,114		570,742,900
	Total Industrials			93,377,870		833,162,064

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (15.40%)
		Application Software (11.54%)
	725,000	Altair Engineering, Inc., Cl A 1	$	11,330,019	$	42,180,500
	1,335,000	ANSYS, Inc. 1		31,193,630		485,673,000
	1,025,000	Guidewire Software, Inc. 1		31,789,103		131,948,250
	1,000,000	Pegasystems, Inc.		13,997,009		133,260,000
	2,837,500	SS&C Technologies Holdings, Inc.		22,006,210		206,428,125
				110,315,971		999,489,875
		Electronic Components (0.32%)
	110,000	Littelfuse, Inc.		11,860,664		28,012,600
		Internet Services & Infrastructure (0.58%)
	200,000	Wix.com Ltd. 1,2		10,748,573		49,992,000
		IT Consulting & Other Services (2.96%)
	1,600,000	Gartner, Inc. 1		22,491,963		256,304,000
	Total Information Technology			155,417,171		1,333,798,475
Real Estate (5.59%)
		Office REITs (1.24%)
	3,700,000	Douglas Emmett, Inc.		40,811,196		107,966,000
		Specialized REITs (4.35%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,366,340		133,665,000
	360,000	American Assets Trust, Inc.		6,552,304		10,396,800
	5,482,137	Gaming and Leisure Properties, Inc.		118,398,478		232,442,609
				151,317,122		376,504,409
	Total Real Estate			192,128,318		484,470,409
Special Purpose Acquisition Company (0.06%)
	500,000	Yucaipa Acquisition Corp. 1,2		5,000,000		5,100,000
	Total Common Stocks			1,442,666,361		8,651,349,240
Private Convertible Preferred Stocks (0.39%)
Industrials (0.14%)
		Electrical Components & Equipment (0.14%)
	59,407,006	Northvolt AB Series E (Sweden) 2,3,5,7		9,374,989		11,800,014
Materials (0.25%)
		Fertilizers & Agricultural Chemicals (0.13%)
	341,838	Farmers Business Network, Inc., Series F 1,3,5,7		11,300,002		11,509,685
		Specialty Chemicals (0.12%)
	1,256,332	Zymergen, Inc., Series D 1,3,5,7		9,350,000		10,314,486
	Total Materials			20,650,002		21,824,171
	Total Private Convertible Preferred Stocks			30,024,991		33,624,185

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	$	61,992
Warrants (0.01%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,5,6		0		526,972
	Total Investments (100.28%)		$	1,472,691,352		8,685,562,389
	Liabilities Less Cash and Other Assets (-0.28%)					(23,871,277	)
	Net Assets				$	8,661,691,112
	Retail Shares (Equivalent to $104.54 per share based on 27,584,659 shares outstanding)				$	2,883,656,210
	Institutional Shares (Equivalent to $108.85 per share based on 51,203,195 shares outstanding)				$	5,573,597,794
	R6 Shares (Equivalent to $108.87 per share based on 1,877,876 shares outstanding)				$	204,437,108

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2020, the market value of restricted and fair valued securities amounted to $54,698,177 or 0.63% 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 (unaudited).

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

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.01%)
Communication Services (4.30%)
		Cable & Satellite (1.97%)
	100,000	Liberty Broadband Corporation, Cl A 1	$	404,823	$	15,758,000
	260,000	Liberty Broadband Corporation, Cl C 1		1,017,091		41,176,200
	1,000,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,168,308		43,510,000
				3,590,222		100,444,200
		Movies & Entertainment (2.33%)
	1,250,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		22,521,105		53,250,000
	225,000	Madison Square Garden Entertainment Corp. 1		3,552,159		23,634,000
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		41,422,500
				34,489,820		118,306,500
	Total Communication Services			38,080,042		218,750,700
Consumer Discretionary (16.65%)
		Auto Parts & Equipment (0.21%)
	100,000	Fox Factory Holding Corp. 1		8,360,558		10,571,000
		Casinos & Gaming (3.82%)
	1,000,000	DraftKings, Inc., Cl A 1		12,833,717		46,560,000
	1,200,000	Penn National Gaming, Inc. 1		21,405,754		103,644,000
	1,750,000	Red Rock Resorts, Inc., Cl A		33,900,258		43,820,000
				68,139,729		194,024,000
		Education Services (2.21%)
	650,000	Bright Horizons Family Solutions, Inc. 1		20,000,397		112,443,500
		General Merchandise Stores (1.17%)
	725,000	Ollie’s Bargain Outlet Holdings, Inc. 1		46,442,541		59,283,250
		Home Improvement Retail (2.74%)
	1,500,000	Floor & Decor Holdings, Inc., Cl A 1		54,941,906		139,275,000
		Homebuilding (3.36%)
	1,675,000	Installed Building Products, Inc. 1,3		96,796,123		170,732,750
		Hotels, Resorts & Cruise Lines (0.45%)
	2,250,000	OneSpaWorld Holdings Ltd. 2,4		24,000,000		22,815,000
		Internet & Direct Marketing Retail (0.38%)
	100,000	Fiverr International Ltd. 1,2		6,000,000		19,510,000
		Leisure Facilities (1.22%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,504		62,104,000
		Restaurants (1.09%)
	1,500,000	The Cheesecake Factory, Inc.		38,017,793		55,590,000
	Total Consumer Discretionary			391,115,551		846,348,500

Shares			Cost		Value
Common Stocks (continued)
Consumer Staples (1.78%)
		Packaged Foods & Meats (1.78%)
	4,100,000	UTZ Brands, Inc.	$	66,994,000	$	90,446,000
Financials (3.80%)
		Insurance Brokers (1.69%)
	2,873,272	BRP Group, Inc., Cl A 1		44,659,800		86,111,962
		Investment Banking & Brokerage (0.83%)
	625,000	Houlihan Lokey, Inc.		28,909,333		42,018,750
		Property & Casualty Insurance (1.28%)
	325,000	Kinsale Capital Group, Inc.		42,779,282		65,042,250
	Total Financials			116,348,415		193,172,962
Health Care (16.21%)
		Health Care Equipment (7.32%)
	1,000,000	Axonics Modulation Technologies, Inc. 1		35,459,918		49,920,000
	300,000	CryoPort, Inc. 1		13,683,573		13,164,000
	215,000	DexCom, Inc. 1		2,852,007		79,489,800
	200,000	IDEXX Laboratories, Inc. 1		2,867,537		99,974,000
	320,000	Inspire Medical Systems, Inc. 1,4		16,558,159		60,188,800
	1,100,000	Silk Road Medical, Inc. 1,4		45,930,627		69,278,000
				117,351,821		372,014,600
		Health Care Services (0.50%)
	3,250,000	SOC Telemed, Inc. 1		32,300,144		25,480,000
		Health Care Technology (0.39%)
	579,861	Certara, Inc. 1,4		13,336,803		19,552,913
		Life Sciences Tools & Services (5.70%)
	250,000	Guardant Health, Inc. 1,4		4,953,266		32,220,000
	600,000	ICON plc 1,2		16,994,341		116,988,000
	60,000	Mettler-Toledo International, Inc. 1		2,924,783		68,380,800
	575,000	PRA Health Sciences, Inc. 1		10,350,000		72,128,000
				35,222,390		289,716,800
		Managed Health Care (1.37%)
	1,000,000	HealthEquity, Inc. 1		23,274,522		69,710,000
		Pharmaceuticals (0.93%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom)2,5		28,027,985		47,096,733
	Total Health Care			249,513,665		823,571,046
Industrials (23.06%)
		Aerospace & Defense (4.83%)
	2,350,000	Kratos Defense & Security Solutions, Inc. 1		35,335,984		64,460,500
	1,175,000	Mercury Systems, Inc. 1		37,835,657		103,470,500
	125,000	TransDigm Group, Inc. 1		0		77,356,250
				73,171,641		245,287,250

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Building Products (2.14%)
	1,090,609	AZEK Co., Inc. 1	$	25,084,007	$	41,933,916
	800,000	Trex Company, Inc. 1		30,505,505		66,976,000
				55,589,512		108,909,916
		Electrical Components & Equipment (3.95%)
	1,624,688	Array Technologies, Inc. 1		35,743,136		70,089,040
	7,000,000	Vertiv Holdings Co.		69,871,612		130,690,000
				105,614,748		200,779,040
		Environmental & Facilities Services (1.51%)
	750,000	Waste Connections, Inc. 2		32,750,000		76,927,500
		Human Resource & Employment Services (2.63%)
	1,600,000	ASGN, Inc. 1		36,344,971		133,648,000
		Industrial Machinery (2.33%)
	725,000	John Bean Technologies Corp.		62,999,777		82,555,750
	200,000	RBC Bearings, Incorporated 1		12,713,721		35,808,000
				75,713,498		118,363,750
		Research & Consulting Services (2.34%)
	4,000,000	Clarivate Analytics Plc 1,2		44,078,833		118,840,000
		Trading Companies & Distributors (3.33%)
	197,959	Hydrofarm Holdings Group, Inc. 1,4		3,959,180		10,408,684
	1,000,000	SiteOne Landscape Supply, Inc. 1		26,904,431		158,630,000
				30,863,611		169,038,684
	Total Industrials			454,126,814		1,171,794,140
Information Technology (25.57%)
		Application Software (10.73%)
	900,000	Altair Engineering, Inc., Cl A 1		14,502,819		52,362,000
	800,000	Aspen Technology, Inc. 1		29,983,938		104,200,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		90,576,000
	1,225,000	Guidewire Software, Inc. 1		31,269,359		157,694,250
	175,000	The Trade Desk, Inc., Cl A 1		6,212,500		140,175,000
				105,680,337		545,007,250
		Data Processing & Outsourced Services (5.80%)
	750,000	Nuvei Corp., 144A (Canada)1,2		20,780,312		45,172,500
	3,500,000	Paya Holdings, Inc., (formerly, FinTech Acquisition Corp. III) Cl A  1		36,561,336		47,530,000
	3,500,000	Repay Holdings Corporation 1		33,000,000		95,375,000
	405,170	Shift4 Payments, Inc., Cl A 1		9,677,975		30,549,818
	375,000	WEX, Inc. 1		15,715,807		76,323,750
				115,735,430		294,951,068

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (1.90%)
	1,200,000	Cognex Corp.	$	9,420,068	$	96,342,000
		Internet Services & Infrastructure (1.72%)
	350,000	Wix.com Ltd. 1,2		18,259,509		87,486,000
		IT Consulting & Other Services (4.98%)
	800,000	Endava plc, ADR 1,2		25,722,265		61,400,000
	1,000,000	Gartner, Inc. 1		14,988,362		160,190,000
	2,500,000	Grid Dynamics Holdings, Inc. 1		24,881,764		31,500,000
				65,592,391		253,090,000
		Systems Software (0.44%)
	750,000	Jamf Holding Corp. 1,4		21,449,729		22,440,000
	Total Information Technology			336,137,464		1,299,316,318
Materials (2.42%)
		Construction Materials (0.10%)
	250,000	Summit Materials, Inc., Cl A 1		4,296,315		5,020,000
		Metal & Glass Containers (0.89%)
	800,000	Berry Global Group, Inc. 1		12,652,147		44,952,000
		Specialty Chemicals (1.43%)
	1,809,631	Avient Corp.		57,788,524		72,891,937
	Total Materials			74,736,986		122,863,937
Real Estate (4.22%)
		Specialized REITs (4.22%)
	2,800,000	Americold Realty Trust 4		63,378,545		104,524,000
	1,053	Gaming and Leisure Properties, Inc.		45,685		44,647
	390,000	SBA Communications Corp.		1,571,136		110,030,700
	Total Real Estate			64,995,366		214,599,347
	Total Common Stocks			1,792,048,303		4,980,862,950
Warrants (0.06%)
Consumer Discretionary (0.02%)
		Hotels, Resorts & Cruise Lines (0.02%)
	260,850	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,4,5		0		1,424,241
Consumer Staples (0.04%)
		Packaged Foods & Meats (0.04%)
	1,403,600	Whole Earth Brands, Inc., Exp 6/25/2025 1		0		1,936,968
	Total Warrants			0		3,361,209

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (1.98%)
	$100,518,496	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity - $100,518,496; (Fully collateralized by $6,872,700 U.S. Treasury Note, 2.25% due 2/15/2027; Market value - $7,650,982) and $95,351,000 U.S. Treasury Note, 0.50% due 6/30/2027; Market value - $94,877,964)5	$	100,518,496	$	100,518,496
	Total Investments (100.05%)		$	1,892,566,799		5,084,742,655
	Liabilities Less Cash and Other Assets (-0.05%)					(2,553,609	)
	Net Assets				$	5,082,189,046
	Retail Shares (Equivalent to $36.83 per share based on 45,899,345 shares outstanding)				$	1,690,412,678
	Institutional Shares (Equivalent to $38.97 per share based on 80,544,259 shares outstanding)				$	3,138,729,951
	R6 Shares (Equivalent to $38.96 per share based on 6,495,721 shares outstanding)				$	253,046,417

% 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 (unaudited).

⁵  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, 2020, the market value of Rule 144A securities amounted to $45,172,500 or 0.89% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.32%)
Communication Services (17.50%)
		Interactive Home Entertainment (1.84%)
	90,000	Electronic Arts, Inc.	$	9,606,565	$	12,924,000
	62,500	Take-Two Interactive Software, Inc. 1		7,289,993		12,986,875
				16,896,558		25,910,875
		Interactive Media & Services (14.72%)
	30,550	Alphabet, Inc., Cl C 1		34,987,576		53,519,934
	123,200	Facebook, Inc., Cl A 1		27,428,488		33,653,312
	453,000	Pinterest, Inc., Cl A 1		14,206,060		29,852,700
	573,000	Snap, Inc., Cl A 1		9,113,415		28,690,110
	200,803	Zillow Group, Inc., Cl C 1		12,806,582		26,064,230
	738,369	ZoomInfo Technologies Inc., Cl A 1		23,975,490		35,611,537
				122,517,611		207,391,823
		Movies & Entertainment (0.94%)
	24,425	Netflix, Inc. 1		3,966,732		13,207,330
	Total Communication Services			143,380,901		246,510,028
Consumer Discretionary (18.90%)
		Auto Parts & Equipment (1.16%)
	200,000	QuantumScape Corp., Cl A 1,4,6		2,000,000		16,394,000
		Automobile Manufacturers (3.73%)
	74,500	Tesla, Inc. 1		3,091,014		52,572,415
		Automotive Retail (1.04%)
	358,416	Vroom, Inc. 1		8,679,328		14,684,303
		Education Services (0.34%)
	133,236	Arco Platform Limited, Cl A 1,2		3,907,403		4,728,546
		Home Furnishings (1.23%)
	525,000	Purple Innovation, Inc. 1		11,061,987		17,293,500
		Homebuilding (0.68%)
	94,000	Installed Building Products, Inc. 1		5,732,792		9,581,420
		Internet & Direct Marketing Retail (10.72%)
	2,149	Airbnb, Inc., Cl A 1,3		146,132		315,473
	106,500	Alibaba Group Holding Limited, ADR 1,2		17,989,617		24,785,745
	23,775	Amazon.com, Inc. 1		28,080,356		77,433,511
	41,621	DoorDash, Inc., Cl A 1		4,245,342		5,941,398
	255,900	Farfetch Limited, Cl A 1,2		11,906,765		16,328,979
	8,529	MercadoLibre, Inc. 1		4,838,488		14,287,951
	202,000	Stitch Fix, Inc., Cl A 1		12,508,077		11,861,440
				79,714,777		150,954,497
	Total Consumer Discretionary			114,187,301		266,208,681

Shares			Cost		Value
Common Stocks (continued)
Financials (0.43%)
		Financial Exchanges & Data (0.43%)
	10,600	MarketAxess Holdings, Inc.	$	1,129,414	$	6,047,936
Health Care (15.10%)
		Biotechnology (6.36%)
	163,279	Acceleron Pharma, Inc. 1		9,747,942		20,889,915
	80,202	argenx SE, ADR 1,2		4,004,410		23,586,606
	335,600	Arrowhead Pharmaceuticals, Inc. 1		10,892,684		25,750,588
	152,917	PTC Therapeutics, Inc. 1		7,597,277		9,332,525
	42,800	Vertex Pharmaceuticals Incorporated 1		7,675,015		10,115,352
				39,917,328		89,674,986
		Health Care Equipment (2.64%)
	111,100	Edwards Lifesciences Corp. 1		5,883,467		10,135,653
	14,935	Intuitive Surgical, Inc. 1		5,315,217		12,218,323
	143,000	Shockwave Medical, Inc. 1		7,156,673		14,831,960
				18,355,357		37,185,936
		Health Care Technology (1.37%)
	154,495	Certara, Inc. 1,3		3,553,385		5,209,572
	116,374	Schrödinger, Inc. 1		2,485,556		9,214,493
	17,800	Veeva Systems, Inc., Cl A 1		2,595,016		4,846,050
				8,633,957		19,270,115
		Life Sciences Tools & Services (4.73%)
	50,419	10X Genomics, Inc., Cl A 1		3,006,785		7,139,330
	237,500	CareDx, Inc. 1,3		7,559,617		17,206,875
	64,837	Guardant Health, Inc. 1,3		4,970,280		8,356,193
	21,715	Illumina, Inc. 1		2,606,193		8,034,550
	834,685	Pacific Biosciences of California, Inc. 1		4,029,811		21,651,729
	75,000	Seer, Inc. 1		1,425,000		4,210,500
				23,597,686		66,599,177
	Total Health Care			90,504,328		212,730,214
Industrials (3.16%)
		Aerospace & Defense (1.25%)
	642,969	Kratos Defense & Security Solutions, Inc. 1		10,282,148		17,636,640
		Industrial Machinery (0.59%)
	500,000	Desktop Metal, Inc 1,4,6		5,000,000		8,240,000
		Research & Consulting Services (1.32%)
	20,233	CoStar Group, Inc. 1		2,448,383		18,700,957
	Total Industrials			17,730,531		44,577,597

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (33.85%)
		Application Software (10.52%)
	29,900	Adobe, Inc. 1	$	5,847,190	$	14,953,588
	175,170	Ceridian HCM Holding, Inc. 1		8,903,416		18,666,115
	224,100	Guidewire Software, Inc. 1		10,970,562		28,848,393
	92,700	RingCentral, Inc., Cl A 1		16,398,557		35,130,519
	24,300	ServiceNow, Inc. 1,3		2,036,994		13,375,449
	122,800	Splunk, Inc. 1		18,023,067		20,862,492
	13,141	The Trade Desk, Inc., Cl A 1		532,056		10,525,941
	17,207	Zoom Video Communications, Inc., Cl A 1		1,087,315		5,804,265
				63,799,157		148,166,762
		Data Processing & Outsourced Services (6.35%)
	3,000	Adyen N.V., 144A (Netherlands)1,2,5		2,422,754		6,970,622
	68,600	MasterCard Incorporated, Cl A		15,259,466		24,486,084
	110,000	PayPal Holdings, Inc. 1		15,209,450		25,762,000
	26,000	Square, Inc., Cl A 1		3,741,168		5,658,640
	121,300	Visa, Inc., Cl A		19,203,980		26,531,949
				55,836,818		89,409,295
		Electronic Equipment & Instruments (1.25%)
	280,000	PAR Technology Corp. 1		10,511,681		17,581,200
		Internet Services & Infrastructure (3.11%)
	188,677	GDS Holdings Limited, ADR 1,2		8,207,733		17,667,714
	383,270	GDS Holdings Limited, Cl A (Hong Kong)1,2		4,040,136		4,466,775
	525,000	NEXTDC Limited (Australia)1,2,5		2,455,361		4,954,101
	67,043	Wix.com Ltd. 1,2		3,803,923		16,758,068
				18,507,153		43,846,658
		IT Consulting & Other Services (2.64%)
	207,368	Endava plc, ADR 1,2		7,055,069		15,915,494
	133,187	Gartner, Inc. 1		6,902,159		21,335,226
				13,957,228		37,250,720
		Semiconductors (1.13%)
	30,600	NVIDIA Corp.		6,428,289		15,979,320
		Systems Software (8.85%)
	61,723	Crowdstrike Holdings, Inc., Cl A 1		3,067,061		13,074,166
	423,800	Microsoft Corp.		61,970,466		94,261,596
	61,708	Snowflake, Inc., Cl A 1,3		7,404,960		17,364,631
				72,442,487		124,700,393
	Total Information Technology			241,482,813		476,934,348

Shares			Cost		Value
Common Stocks (continued)
Real Estate (4.16%)
		Industrial REITs (0.79%)
	225,985	Rexford Industrial Realty, Inc.	$	9,155,929	$	11,098,123
		Real Estate Services (2.25%)
	1,497,230	Opendoor Technologies, Inc. 1,4,6		14,972,300		31,666,414
		Specialized REITs (1.12%)
	32,000	Alexandria Real Estate Equities, Inc. 3		4,492,589		5,703,040
	14,225	Equinix, Inc.		2,122,124		10,159,211
				6,614,713		15,862,251
	Total Real Estate			30,742,942		58,626,788
Special Purpose Acquisition Company (1.22%)
	397,909	Altimeter Growth Corp. 1,2		3,979,090		5,172,817
	397,990	Dragoneer Growth Opportunities Corp. 1,2		3,979,900		5,567,880
	533,410	ION Acquisition Corp. Limited 1,2		5,394,125		6,443,593
	Total Special Purpose Acquisition Company			13,353,115		17,184,290
	Total Common Stocks			652,511,345		1,328,819,882
Private Convertible Preferred Stocks (1.31%)
Consumer Discretionary (0.79%)
		Automobile Manufacturers (0.79%)
	484,183	Rivian Automotive, Inc., Series E 1,3,4,6		7,499,995		11,160,418
Materials (0.52%)
		Fertilizers & Agricultural Chemicals (0.52%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,6		7,250,006		7,384,538
	Total Private Convertible Preferred Stocks			14,750,001		18,544,956
Private Preferred Stocks (0.36%)
Industrials (0.36%)
		Aerospace & Defense (0.36%)
	18,519	Space Exploration Technologies Corp., Cl N 1,3,4,6		5,000,130		5,069,021

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (4.53%)
	$63,760,671	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity - $63,760,671; (Fully collateralized by $58,420,300 U.S. Treasury Note, 2.25% due 2/15/2027; Market value - $65,035,961) 5	$	63,760,671	$	63,760,671
	Total Investments (100.52%)		$	736,022,147		1,416,194,530
	Liabilities Less Cash and Other Assets (-0.52%)					(7,391,409	)
	Net Assets				$	1,408,803,121
	Retail Shares (Equivalent to $40.03 per share based on 20,586,794 shares outstanding)				$	824,033,992
	Institutional Shares (Equivalent to $42.12 per share based on 13,128,922 shares outstanding)				$	552,983,425
	R6 Shares (Equivalent to $42.17 per share based on 753,829 shares outstanding)				$	31,785,704

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁴  At December 31, 2020, the market value of restricted and fair valued securities amounted to $79,914,391 or 5.67% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^144A     Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of Rule 144A securities amounted to $6,970,622 or 0.49% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.50%)
Communication Services (10.14%)
		Interactive Media & Services (10.14%)
	8,229	Alphabet, Inc., Cl A 1	$	11,131,169	$	14,422,474
	10,283	Alphabet, Inc., Cl C 1		4,420,382		18,014,582
	92,593	Facebook, Inc., Cl A 1		9,924,329		25,292,704
	301,416	ZoomInfo Technologies Inc., Cl A 1		9,285,584		14,537,294
	Total Communication Services			34,761,464		72,267,054
Consumer Discretionary (15.16%)
		Internet & Direct Marketing Retail (15.16%)
	1,107	Airbnb, Inc., Cl A 1,3		75,276		162,508
	104,576	Alibaba Group Holding Limited, ADR 1,2		10,970,281		24,337,972
	18,666	Amazon.com, Inc. 1		6,762,197		60,793,855
	21,820	DoorDash, Inc., Cl A 1		2,225,640		3,114,805
	11,730	MercadoLibre, Inc. 1		7,042,090		19,650,331
	Total Consumer Discretionary			27,075,484		108,059,471
Financials (2.26%)
		Financial Exchanges & Data (2.26%)
	48,903	S&P Global, Inc.		12,237,858		16,075,883
Health Care (18.21%)
		Biotechnology (5.35%)
	102,245	Acceleron Pharma, Inc. 1		10,552,303		13,081,225
	24,064	argenx SE, ADR 1,2		7,340,011		7,076,982
	75,980	Vertex Pharmaceuticals Incorporated 1		14,561,581		17,957,113
				32,453,895		38,115,320
		Health Care Equipment (3.36%)
	29,324	Intuitive Surgical, Inc. 1		11,905,212		23,989,964
		Health Care Technology (3.83%)
	100,453	Veeva Systems, Inc., Cl A 1		7,493,347		27,348,329
		Life Sciences Tools & Services (4.57%)
	90,959	10X Genomics, Inc., Cl A 1		9,317,473		12,879,795
	53,181	Illumina, Inc. 1		8,362,363		19,676,970
				17,679,836		32,556,765
		Pharmaceuticals (1.10%)
	156,847	AstraZeneca PLC, ADR 2		8,309,413		7,840,782
	Total Health Care			77,841,703		129,851,160

Shares			Cost		Value
Common Stocks (continued)
Information Technology (49.39%)
		Application Software (15.35%)
	52,852	Adobe, Inc. 1	$	26,370,292	$	26,432,342
	70,867	RingCentral, Inc., Cl A 1		14,376,744		26,856,467
	51,314	ServiceNow, Inc. 1,3		19,497,072		28,244,765
	208,327	Slack Technologies, Inc., Cl A 1		4,742,654		8,799,733
	112,405	Splunk, Inc. 1		16,396,868		19,096,485
				81,383,630		109,429,792
		Data Processing & Outsourced Services (11.36%)
	6,218	Adyen N.V., 144A (Netherlands)1,2,4		4,711,862		14,447,776
	77,774	MasterCard Incorporated, Cl A		7,508,689		27,760,652
	75,361	PayPal Holdings, Inc. 1		15,850,110		17,649,546
	96,752	Visa, Inc., Cl A		5,289,718		21,162,565
				33,360,379		81,020,539
		Internet Services & Infrastructure (4.33%)
	1,149,809	GDS Holdings Limited, Cl A (Hong Kong)1,2		12,120,397		13,400,311
	70,014	Wix.com Ltd. 1,2		9,796,907		17,500,700
				21,917,304		30,901,011
		Internet Software & Services (1.21%)
	7,626	Shopify, Inc., Cl A 1,2		8,924,391		8,632,251
		IT Consulting & Other Services (3.20%)
	63,602	EPAM Systems, Inc. 1		9,148,341		22,791,777
		Semiconductor Equipment (2.68%)
	39,157	ASML Holding N.V. 2		4,042,938		19,097,652
		Systems Software (11.26%)
	89,272	Crowdstrike Holdings, Inc., Cl A 1		5,082,127		18,909,595
	126,269	Datadog, Inc., Cl A 1,3		3,409,263		12,429,920
	179,821	Dynatrace, Inc. 1,3		7,901,930		7,780,855
	47,896	Snowflake, Inc., Cl A 1,3		5,747,520		13,477,934
	81,789	Twilio, Inc., Cl A 1,3		11,034,337		27,685,577
				33,175,177		80,283,881
	Total Information Technology			191,952,160		352,156,903
Real Estate (2.34%)
		Specialized REITs (2.34%)
	23,396	Equinix, Inc.		6,062,440		16,708,955
	Total Common Stocks			349,931,109		695,119,426

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (4.56%)
	$32,548,605	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity - $32,548,605; (Fully collateralized by $31,261,300 U.S. Treasury Note, 1.75% due 7/31/2024; Market value - $33,199,589)4	$	32,548,605	$	32,548,605
	Total Investments (102.06%)		$	382,479,714		727,668,031
	Liabilities Less Cash and Other Assets (-2.06%)					(14,720,448	)
	Net Assets				$	712,947,583
	Retail Shares (Equivalent to $50.20 per share based on 3,895,557 shares outstanding)				$	195,564,685
	Institutional Shares (Equivalent to $51.45 per share based on 9,359,387 shares outstanding)				$	481,587,113
	R6 Shares (Equivalent to $51.47 per share based on 695,436 shares outstanding)				$	35,795,785

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

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

^ADR  American Depositary Receipt.

^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, 2020, the market value of Rule 144A securities amounted to $14,447,776 or 2.03% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.33%)
Communication Services (3.56%)
		Advertising (1.68%)
	3,250,000	S4 Capital PLC (United Kingdom)1,2	$	8,682,309	$	22,221,888
		Movies & Entertainment (0.53%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		7,028,150
		Publishing (1.35%)
	750,000	Future PLC (United Kingdom)2,4		13,234,352		17,777,957
	Total Communication Services			27,551,472		47,027,995
Consumer Discretionary (11.15%)
		Casinos & Gaming (3.85%)
	75,000	DraftKings, Inc., Cl A 1		935,795		3,492,000
	7,000,000	Melco International Development Ltd. (Hong Kong)2,4		13,991,865		13,632,829
	230,371	Penn National Gaming, Inc. 1		4,103,946		19,897,144
	550,000	Red Rock Resorts, Inc., Cl A		13,671,025		13,772,000
				32,702,631		50,793,973
		General Merchandise Stores (1.36%)
	220,000	Ollie’s Bargain Outlet Holdings, Inc. 1		14,815,546		17,989,400
		Home Furnishings (1.75%)
	700,000	Purple Innovation, Inc. 1		13,886,064		23,058,000
		Home Improvement Retail (2.46%)
	350,000	Floor & Decor Holdings, Inc., Cl A 1		11,227,099		32,497,500
		Internet & Direct Marketing Retail (0.52%)
	350,000	The RealReal, Inc. 1		5,622,022		6,839,000
		Restaurants (1.21%)
	395,000	The Cheesecake Factory, Inc.		9,904,250		14,638,700
	10,000	Wingstop, Inc.		874,199		1,325,500
				10,778,449		15,964,200
	Total Consumer Discretionary			89,031,811		147,142,073
Consumer Staples (4.25%)
		Packaged Foods & Meats (2.55%)
	1,050,000	Barfresh Food Group, Inc. 1		597,200		451,500
	75,000	Laird Superfood, Inc. 1		1,650,000		3,549,000
	1,000,000	UTZ Brands, Inc.		16,340,000		22,060,000
	300,000	Vital Farms, Inc. 1		6,600,000		7,593,000
				25,187,200		33,653,500
		Soft Drinks (1.70%)
	650,000	Fevertree Drinks PLC (United Kingdom)2		19,183,013		22,461,884
	Total Consumer Staples			44,370,213		56,115,384
Financials (4.24%)
		Insurance Brokers (1.59%)
	700,007	BRP Group, Inc., Cl A 1		13,850,743		20,979,210
		Property & Casualty Insurance (2.65%)
	175,000	Kinsale Capital Group, Inc.		7,660,884		35,022,750
	Total Financials			21,511,627		56,001,960

Shares			Cost		Value
Common Stocks (continued)
Health Care (26.35%)
		Biotechnology (3.15%)
	127,000	Applied Therapeutics, Inc. 1	$	6,307,786	$	2,795,270
	146,000	Biohaven Pharmaceutical Holding Co. Ltd. 1,2		6,453,537		12,513,660
	185,000	Emergent BioSolutions, Inc. 1		8,374,928		16,576,000
	373,500	Esperion Therapeutics, Inc. 1		16,262,479		9,711,000
				37,398,730		41,595,930
		Health Care Equipment (9.69%)
	465,000	Acutus Medical, Inc. 1		10,283,134		13,396,650
	505,084	AxoGen, Inc. 1		8,267,053		9,041,004
	280,982	Axonics Modulation Technologies, Inc. 1		9,200,554		14,026,621
	202,500	CryoPort, Inc. 1		5,127,704		8,885,700
	308,580	Eargo, Inc. 1		9,305,920		13,830,555
	89,823	Inari Medical, Inc. 1		2,337,837		7,840,650
	466,231	Inogen, Inc. 1		20,252,205		20,831,201
	50,000	Inspire Medical Systems, Inc. 1,3		2,923,748		9,404,500
	365,208	Silk Road Medical, Inc. 1,3		12,597,717		23,000,800
	1,985,000	ViewRay, Inc. 1		9,544,839		7,582,700
				89,840,711		127,840,381
		Health Care Supplies (1.60%)
	2,029,967	Cerus Corp. 1		10,431,841		14,047,372
	1,815,363	Sientra, Inc. 1		14,032,382		7,061,762
				24,464,223		21,109,134
		Health Care Technology (0.85%)
	258,963	Accolade, Inc. 1		6,153,987		11,264,890
		Life Sciences Tools & Services (7.22%)
	50,000	Berkeley Lights, Inc. 1		1,100,000		4,470,500
	499,729	CareDx, Inc. 1,3		10,068,530		36,205,366
	976,780	Pacific Biosciences of California, Inc. 1		4,861,955		25,337,673
	68,980	Seer, Inc. 1		1,310,620		3,872,537
	519,190	Veracyte, Inc. 1,3		12,884,315		25,409,159
				30,225,420		95,295,235
		Managed Health Care (1.89%)
	588,279	Progyny, Inc. 1		11,541,422		24,937,147
		Pharmaceuticals (1.95%)
	741,732	Revance Therapeutics, Inc. 1		12,687,471		21,020,685
	3,831,500	TherapeuticsMD, Inc. 1		16,199,094		4,636,115
				28,886,565		25,656,800
	Total Health Care			228,511,058		347,699,517
Industrials (18.01%)
		Aerospace & Defense (4.06%)
	964,870	Kratos Defense & Security Solutions, Inc. 1		16,120,727		26,466,384
	307,680	Mercury Systems, Inc. 1		12,727,809		27,094,301
				28,848,536		53,560,685

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Building Products (1.39%)
	220,000	Trex Company, Inc. 1	$	7,416,878	$	18,418,400
		Electrical Components & Equipment (1.15%)
	353,799	Array Technologies, Inc. 1		7,783,578		15,262,889
		Environmental & Facilities Services (1.29%)
	550,000	Montrose Environmental Group, Inc. 1		8,403,000		17,028,000
		Heavy Electrical Equipment (2.83%)
	707,000	TPI Composites, Inc. 1		15,134,505		37,315,460
		Industrial Conglomerates (1.49%)
	595,000	Raven Industries, Inc.		16,001,969		19,688,550
		Industrial Machinery (3.36%)
	86,600	ESCO Technologies, Inc.		4,658,024		8,938,852
	350,000	Helios Technologies, Inc.		14,644,212		18,651,500
	187,500	Kornit Digital Ltd. 1,2		2,923,081		16,711,875
				22,225,317		44,302,227
		Trading Companies & Distributors (2.44%)
	49,001	Hydrofarm Holdings Group, Inc. 1,3		980,020		2,576,472
	186,500	SiteOne Landscape Supply, Inc. 1		10,148,112		29,584,495
				11,128,132		32,160,967
	Total Industrials			116,941,915		237,737,178
Information Technology (21.55%)
		Application Software (2.88%)
	35,000	Bill.Com Holdings, Inc. 1		1,365,005		4,777,500
	135,000	Everbridge, Inc. 1		13,126,818		20,124,450
	395,000	Medallia, Inc. 1		11,697,793		13,121,900
				26,189,616		38,023,850
		Data Processing & Outsourced Services (1.89%)
	500,000	Repay Holdings Corporation, Cl A 1		7,499,309		13,625,000
	150,000	Shift4 Payments, Inc., Cl A 1		3,676,035		11,310,000
				11,175,344		24,935,000
		Electronic Equipment & Instruments (1.76%)
	10,431	Novanta, Inc. 1,2		272,591		1,233,153
	350,000	PAR Technology Corp. 1		6,472,283		21,976,500
				6,744,874		23,209,653

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (2.62%)
	450,000	Endava plc, ADR 1,2	$	13,125,641	$	34,537,500
		Semiconductor Equipment (4.44%)
	300,000	Advanced Energy Industries, Inc. 1		19,498,132		29,091,000
	465,000	Ichor Holdings Ltd. 1,2		10,273,078		14,017,425
	220,000	Nova Measuring Instruments Ltd. 1,2		5,201,368		15,532,000
				34,972,578		58,640,425
		Semiconductors (2.02%)
	1,000,000	Allegro MicroSystems, Inc. 1		14,000,000		26,660,000
		Systems Software (5.94%)
	333,775	Dynatrace, Inc. 1,3		6,243,606		14,442,444
	672,131	Ping Identity Holding Corp. 1		11,961,244		19,249,832
	150,000	Qualys, Inc. 1		8,111,437		18,280,500
	120,000	Sailpoint Technologies Holdings, Inc. 1		6,847,365		6,388,800
	122,000	Varonis Systems, Inc. 1		7,440,546		19,960,420
				40,604,198		78,321,996
	Total Information Technology			146,812,251		284,328,424
Real Estate (3.54%)
		Industrial REITs (1.30%)
	350,000	Rexford Industrial Realty, Inc.		12,654,993		17,188,500
		Specialized REITs (2.24%)
	485,000	American Assets Trust, Inc.		13,124,986		14,006,800
	415,000	Americold Realty Trust 3		8,047,276		15,491,950
				21,172,262		29,498,750
Total Real Estate			33,827,255		46,687,250
Special Purpose Acquisition Company (0.68%)
	450,000	Longview Acquisition Corp., Cl A 1		5,256,448		8,905,500
	Total Common Stocks			713,814,050		1,231,645,281

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (6.67%)
	$88,072,991	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity - $88,072,991; (Fully collateralized by $82,674,800 U.S. Treasury Note, 2.375% due 8/15/2024; Market value - $89,834,541)4	$	88,072,991	$	88,072,991
	Total Investments (100.00%)		$	801,887,041		1,319,718,272
	Cash and Other Assets Less Liabilities (0.00%)					15,584
	Net Assets				$	1,319,733,856
	Retail Shares (Equivalent to $34.17 per share based on 6,554,939 shares outstanding)				$	223,991,033
	Institutional Shares (Equivalent to $34.79 per share based on 30,785,720 shares outstanding)				$	1,071,109,420
	R6 Shares (Equivalent to $34.80 per share based on 707,939 shares outstanding)				$	24,633,403

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.97%)
Communication Services (13.08%)
		Cable & Satellite (2.21%)
	574	Charter Communications, Inc., Cl A 1	$	233,119	$	379,730
		Interactive Media & Services (10.87%)
	632	Alphabet, Inc., Cl C 1		931,362		1,107,188
	2,784	Facebook, Inc., Cl A 1		612,288		760,477
				1,543,650		1,867,665
	Total Communication Services			1,776,769		2,247,395
Consumer Staples (5.57%)
		Distillers & Vintners (2.98%)
	2,336	Constellation Brands, Inc., Cl A		473,063		511,701
		Hypermarkets & Super Centers (1.53%)
	699	Costco Wholesale Corp.		185,293		263,369
		Personal Products (1.06%)
	681	The Estée Lauder Companies, Inc., Cl A		109,587		181,275
	Total Consumer Staples			767,943		956,345
Financials (15.68%)
		Asset Management & Custody Banks (3.01%)
	716	BlackRock, Inc.		431,463		516,623
		Financial Exchanges & Data (12.67%)
	949	CME Group, Inc.		150,988		172,765
	2,744	Moody’s Corp.		587,886		796,419
	1,251	MSCI, Inc.		411,785		558,609
	1,977	S&P Global, Inc.		462,402		649,899
				1,613,061		2,177,692
	Total Financials			2,044,524		2,694,315
Health Care (21.43%)
		Health Care Equipment (4.54%)
	3,511	Danaher Corp.		499,102		779,934
		Life Sciences Tools & Services (9.93%)
	1,550	Agilent Technologies, Inc.		107,517		183,659
	2,983	IQVIA Holdings, Inc. 1		435,747		534,464
	189	Mettler-Toledo International, Inc. 1		121,918		215,400
	1,660	Thermo Fisher Scientific, Inc.		563,979		773,195
				1,229,161		1,706,718
		Managed Health Care (3.50%)
	1,714	UnitedHealth Group, Incorporated		455,552		601,065
		Pharmaceuticals (3.46%)
	11,910	AstraZeneca PLC, ADR 2		571,858		595,381
	Total Health Care			2,755,673		3,683,098

Shares			Cost		Value
Common Stocks (continued)
Industrials (5.05%)
		Aerospace & Defense (1.85%)
	2,725	HEICO Corp., Cl A	$	258,043	$	318,989
		Research & Consulting Services (3.20%)
	6,116	IHS Markit Ltd. 2		376,063		549,400
	Total Industrials			634,106		868,389
Information Technology (33.62%)
		Application Software (10.88%)
	1,640	Adobe, Inc. 1		526,018		820,197
	635	Fair Isaac Corp. 1		250,649		324,510
	786	Intuit, Inc.		273,555		298,562
	5,861	SS&C Technologies Holdings, Inc.		339,641		426,388
				1,389,863		1,869,657
		Data Processing & Outsourced Services (8.67%)
	3,763	Fidelity National Information Services, Inc.		522,722		532,314
	1,494	MasterCard Incorporated, Cl A		311,428		533,268
	1,938	Visa, Inc., Cl A		412,484		423,899
				1,246,634		1,489,481
		Electronic Manufacturing Services (1.38%)
	1,958	TE Connectivity Ltd. 2		186,028		237,055
		IT Consulting & Other Services (3.68%)
	2,424	Accenture plc, Cl A 2		450,158		633,173
		Semiconductors (1.60%)
	1,677	Texas Instruments, Inc.		202,213		275,246
		Systems Software (7.41%)
	5,725	Microsoft Corp.		920,981		1,273,355
	Total Information Technology			4,395,877		5,777,967
Materials (1.49%)
		Specialty Chemicals (1.49%)
	1,180	Ecolab, Inc.		241,378		255,305
Real Estate (3.05%)
		Specialized REITs (3.05%)
	1,501	Alexandria Real Estate Equities, Inc. 3		225,447		267,508
	359	Equinix, Inc.		178,765		256,391
	Total Real Estate			404,212		523,899
	Total Common Stocks			13,020,482		17,006,713

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (4.64%)
	$797,763	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021; Proceeds at maturity - $797,763; (Fully collateralized by $766,300 U.S. Treasury Note, 1.75% due 7/31/2024; Market value - $813,813)4		797,763		797,763
	Total Investments (103.61%)		$	13,818,245		17,804,476
	Liabilities Less Cash and Other Assets (-3.61%)					(619,735	)
	Net Assets				$	17,184,741
	Retail Shares (Equivalent to $15.57 per share based on 296,789 shares outstanding)				$	4,620,651
	Institutional Shares (Equivalent to $15.67 per share based on 631,915 shares outstanding)				$	9,904,656
	R6 Shares (Equivalent to $15.67 per share based on 169,680 shares outstanding)				$	2,659,434

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Funds December 31, 2020

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 an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

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

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

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 three months ended December 31, 2020.

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, 2020, 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 December 31, 2020

3. RESTRICTED SECURITIES

At December 31, 2020, 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, 2020, 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 Preferred Stocks
Space Exploration Technologies Corp., Cl N		8/4/2020	$	26,358,689
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011		184,167
Total Restricted Securities			$	26,542,856
(Cost $ 26,000,460)† (0.45 % of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Desktop Metal, Inc.		12/9/2020	$	21,012,000
Private Convertible Preferred Stocks
Farmers Business Network, Series F		7/31/2020		11,509,685
Northvolt AB, Series E		9/21/2020		11,800,014
Zymergen Inc., Series D		7/29/2020		10,314,486
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011		61,992
Total Restricted Securities			$	54,698,177
(Cost $42,774,991)† (0.63% of Net Assets)
	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Desktop Metal, Inc.		12/9/2020	$	8,240,000
Opendoor Technologies, Inc.		12/16/2020		31,666,414
QuantumScape Corp., Cl A		11/25/2020		16,394,000
Private Convertible Preferred Stocks
Farmers Business Network, Inc., Series F		7/31/2020		7,384,538
Rivian Automotive, Inc., Series E		7/10/2020		11,160,418
Private Preferred Stocks
Space Exploration Technologies Corp., Cl N		8/4/2020		5,069,021
Total Restricted Securities			$	79,914,391
(Cost $41,722,431)† (5.67% of Net Assets)

† See Schedules of Investments for cost of individual securities.    

Baron Funds December 31, 2020

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.

The following is a summary of the inputs used as of December 31, 2020 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†	$	5,877,785,086	$	—	$	—	$	5,877,785,086
Private Preferred Stocks		—		—		26,358,689		26,358,689
Private Partnerships		—		—		184,167		184,167
Short Term Investments		—		5,341,808		—		5,341,808
Total Investments	$	5,877,785,086	$	5,341,808	$	26,542,856	$	5,909,669,750
	Baron Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	8,602,169,814	$	28,167,426	$	21,012,000	$	8,651,349,240
Private Convertible Preferred Stocks†		—		—		33,624,185		33,624,185
Private Partnerships		—		—		61,992		61,992
Warrants		—		526,972		—		526,972
Total Investments	$	8,602,169,814	$	28,694,398	$	54,698,177	$	8,685,562,389

† See Schedules of Investments for additional detailed categorizations.

Baron Funds December 31, 2020

	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,933,766,217	$	47,096,733	$	—	$	4,980,862,950
Warrants†		1,936,968		1,424,241		—		3,361,209
Short Term Investments		—		100,518,496		—		100,518,496
Total Investments	$	4,935,703,185	$	149,039,470	$		$	5,084,742,655
	Baron Opportunity Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,260,594,745	$	11,924,723	$	56,300,414	$	1,328,819,882
Private Convertible Preferred Stocks†		—		—		18,544,956		18,544,956
Private Preferred Stocks		—		—		5,069,021		5,069,021
Short Term Investments		—		63,760,671		—		63,760,671
Total Investments	$	1,260,594,745	$	75,685,394	$	79,914,391	$	1,416,194,530
	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†	$	680,671,650	$	14,447,776	$	—	$	695,119,426
Short Term Investments		—		32,548,605		—		32,548,605
Total Investments	$	680,671,650	$	46,996,381	$	—	$	727,668,031
	Baron Discovery Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,200,234,495	$	31,410,786	$	—	$	1,231,645,281
Short Term Investments		—		88,072,991		—		88,072,991
Total Investments	$	1,200,234,495	$	119,483,777	$	—	$	1,319,718,272
	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†	$	17,006,713	$	—	$	—	$	17,006,713
Short Term Investments		—		797,763		—		797,763
Total Investments	$	17,006,713	$	797,763	$	—	$	17,804,476

† 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, 2020		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, 2020		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2020
Private Preferred Stocks
Industrials	$	23,258,856	$	—	$	—	$	3,099,833	$	—	$	—	$	—	$	—	$	26,358,689	$	3,099,833
Private Partnerships
Financials		182,756		—		—		1,411		—		—		—		—		184,167		1,411
Total	$	23,441,612	$	—	$		$	3,101,244	$	—	$	—	$	—	$	—	$	26,542,856	$	3,101,244

	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2020		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, 2020		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2020
Common Stocks
Industrial	$	—	$	—	$	—	$	8,262,000	$	12,750,000	$	—	$	—	$	—	$	21,012,000	$	8,262,000
Private Convertible Preferred Stocks
Industrials		8,377,635		—		—		3,422,379		—		—		—		—		11,800,014		3,422,379
Materials		18,350,623		—		—		3,473,548		—		—		—		—		21,824,171		3,473,548
Private Partnerships
Financials		61,517		—		—		475		—		—		—		—		61,992		475
Total	$	26,789,775	$	—	$		$	15,158,402	$	12,750,000	$	—	$	—	$	—	$	54,698,177	$	,15,158,402
	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2020		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, 2020		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2020
Common Stocks
Consumer Discretionary	$	—	$	—	$	—	$	14,394,000	$	2,000,000	$	—	$	—	$	—	$	16,394,000	$	14,394,000
Industrial		—		—		—		3,240,000		5,000,000		—		—		—		8,240,000		3,240,000
Real Estate		—		—		—		16,694,114		14,972,300		—		—		—		31,666,414		16,694,114
Private Convertible Preferred Stocks
Consumer Discretionary		7,892,183		—		—		3,268,235		—		—		—		—		11,160,418		3,268,235
Materials		6,542,346		—		—		842,192		—		—		—		—		7,384,538		842,192
Private Preferred Stocks
Industrials		4,472,894		—		—		596,127		—		—		—		—		5,069,021		596,127
Total	$	18,907,423	$	—	$		$	39,034,668	$	21,972,300	$	—	$	—	$	—	$	79,914,391	$	39,034,668

Baron Funds December 31, 2020

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2020 were as follows:

Baron Opportunity Fund
Sector	Company	Fair Value as of December 31, 2020		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2020	Range used on December 31, 2020
Common Stocks: Consumer Discretionary	QuantumScape Corp.	$	16,394,000	Discount for lack of marketability calculated using option pricing	Discount for lack of marketability	2.94%	2.94%
					Estimated volatility of the returns of equity1	81.26%	81.26%
Common Stocks: Real Estate	Opendoor Technologies, Inc.	$	14,972,300	Discount for lack of marketability calculated using option pricing	Discount for lack of marketability	6.94%	6.94%
					Estimated volatility of the returns of equity1	106.83%	106.83%
Private Convertible Preferred Stocks: Consumer Discretionary	Rivian Automotive LLC	$	11,160,418	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods.	Change in the composite equity index of comparable companies	0.02%	-4.62% – 1.57%
					Discount for lack of marketability	16.20%	16.20%
					Estimated volatility of the returns of equity2	62.25%	28.48% – 89.46%
					Scenario Probabilities: Scenario A / Scenario B	90% / 10%	10% – 90%
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	7,384,538	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods.	Change in the composite equity index of comparable companies	-0.59%	-4.31% – 3.08%
					Discount for lack of marketability	22.35%	22.35%
					Estimated volatility of the returns of equity3	60.04%	38.51% – 113.56%
					Scenario Probabilities: Scenario A / Scenario B	90% / 10%	10% – 90%
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	5,069,021	Combination of discounted cash flow analysis, current value via comparable companies, option- pricing, and arms-length transaction methods.	Change in the composite equity index of comparable companies	0.02%	-7.82% – 1.44%
					Discount for lack of marketability	5.70%	5.70%
					Estimated volatility of the returns of equity4	49.80%	40.33% – 69.59%

¹  The volatility was calculated using the daily returns of the publicly traded stock of the company.

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

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

⁴ The volatility was calculated as a weighted-average of the volatilities used for the two business segments of the company. Each business segment’s volatility was calculated as the simple average volatilities of comparable companies relevant to that business segment.

Baron Funds December 31, 2020

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of December 31, 2020, 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	$	1,733,369,619	$	1,472,691,352	$	1,892,566,799	$	736,022,147	$	382,479,714	$	801,887,041	$	13,818,245
Gross tax unrealized appreciation	$	4,179,515,594	$	7,212,871,037	$	3,200,701,611	$	680,819,020	$	346,333,193	$	549,354,264	$	3,986,231
Gross tax unrealized depreciation		(3,215,463)		—		(8,525,755)		(646,637)		(1,144,876)		(31,523,033)		—
Net unrealized appreciation	$	4,176,300,131	$	7,212,871,037	$	3,192,175,856	$	680,172,383	$	345,188,317	$	517,831,231	$	3,986,231

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2020		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December  31, 2020		Value at December 31, 2020		% of Net Assets at December 31, 2020
“Affiliated” Company as of December 31, 2020:
Choice Hotels International, Inc.	$	257,880,000	$	—	$	—	$	62,310,000	$	—	$	—		3,000,000	$	320,190,000		3.70%
Iridium Communications, Inc.		226,383,000		—		515,056		121,163,571		404,860		—		8,835,000		347,436,375		4.01%
	$	484,263,000	$	—	$	515,056	$	183,473,571	$	404,860	$	—			$	667,626,375
No longer an “Affiliated” Company as of December 31, 2020:
Vail Resorts, Inc.	$	436,498,800		—	$	10,141,130	$	123,691,038	$	7,871,292		—		2,000,000	$	557,920,000		6.44%

BARON SMALL CAP FUND

Name of Issuer	Value at September 30, 2020		Purchase Cost		Sales Proceeds/ Return of Capital		Change in  Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December  31, 2020		Value at December 31, 2020		% of Net Assets at December 31, 2020
“Affiliated” Company as of December 31, 2020:
Installed Building Products, Inc.	$	170,431,250	$	—	$	—	$	301,500		—		—		1,675,000	$	170,732,750		3.36%
No longer an “Affiliated” Company as of December 31, 2020:
Paya Holdings, Inc. (formerly, FinTech Acquisition Corp. III)2		25,775,000		10,583,653	$	—		11,171,347		—		—		3,500,000		47,530,000		0.94%
Repay Holdings Corporation		88,762,203		—		6,711,771		6,612,797		6,711,771		—		3,500,000		95,375,000		1.88%
UTZ Brands, Inc.		73,390,000		—		—		17,056,000		—		246,000		4,100,00		90,446,000		1.78%
Whole Earth Brands, Inc.		16,680,000		—		16,757,891		3,320,000		(3,242,109)		—		—		—		0.00%
Whole Earth Brands, Inc., Warrants Exp 6/25/2025		1,333,420		—		—		603,548		—		—		1,403,600		1,936,968		0.04%
	$	205,940,623	$	10,583,653	$	23,469,662	$	38,763,692	$	3,469,662	$	246,000			$	235,287,968

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, 2020.

²  No longer an “Affiliated” company due to merger with Paya Holdings, Inc. on October 19, 2020.

Baron Funds December 31, 2020

7. COVID-19 RISK

The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, have had negative impacts, and general uncertainty on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

8. SUBSEQUENT EVENT

On November 12, 2020, the President of the United States issued an Executive Order (the “Order”) to prohibit, beginning January 11, 2021, U.S. persons (which includes the Funds) from transacting in certain securities and derivatives of publicly traded securities of any of 31 companies designated as a “Communist Chinese military company” (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, “CCMC Securities”) by the U.S. Department of Defense (the “DOD”) or the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), unless such transactions are for purposes of divestment and occur through November 11, 2021. In the weeks following the issuance of the Order, the DOD designated an additional 13 companies as CCMCs, bringing the current total to 44 companies designated to date. Also subsequent to issuance of the Order, OFAC extended the effective date of the trading ban from January 11, 2021 to January 28, 2021. In addition, U.S. persons also are prohibited from transacting in newly designated CCMC Securities 60 days after such designation. As clarified by an amendment to the Order dated January 13, 2021, and subsequent guidance from OFAC, U.S. persons may divest their holdings in the 31 CCMCs initially designated at any time through November 11, 2021 (and have 365 days from date of designation to divest their holdings in other CCMCs).

OFAC subsequently published, on several occasions, guidance regarding compliance with the Order, including several “Frequently Asked Questions” (FAQs)-style publications addressing the scope of, and interpretive matters regarding, compliance with the Order, as well as the Order’s application to U.S. funds that hold CCMC Securities (i.e., including mutual funds that hold CCMC Securities regardless of the size of the position relative to a fund’s total assets). Certain interpretive issues related to compliance with the Order remain open, including to what extent a U.S. person could be held liable for failing to identify an unlisted entity whose name “close matches the name” of an entity designated as a Communist Chinese military company.

A Fund’s holdings in CCMC Securities may adversely impact the Fund’s performance. The extent of any impact will depend on future developments, including a Fund’s ability to sell the CCMC Securities, valuation of the CCMC Securities, modifications to the Order, the issuance of additional or different interpretive guidance regarding compliance with the Order, and the duration of the Order, all of which are highly uncertain. Fund management will continue to monitor developments relating to the Order.