Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.57%)
Communication Services (6.53%)
		Cable & Satellite (0.92%)
	330,000	Liberty Broadband Corporation, Cl C 1	$	23,532,283	$	57,307,800
		Interactive Media & Services (5.61%)
	542,000	Pinterest, Inc., Cl A 1		21,216,031		42,790,900
	1,453,144	Tripadvisor, Inc. 1		51,198,572		58,561,703
	1,287,965	Zillow Group, Inc., Cl C 1		44,039,787		157,415,082
	1,755,709	ZoomInfo Technologies Inc., Cl A 1		44,675,584		91,595,339
				161,129,974		350,363,024
	Total Communication Services			184,662,257		407,670,824
Consumer Discretionary (6.97%)
		Education Services (0.35%)
	150,000	Bright Horizons Family Solutions, Inc. 1		16,921,054		22,066,500
		Hotels, Resorts & Cruise Lines (1.72%)
	546,442	Choice Hotels International, Inc.		5,198,084		64,950,096
	543,233	Hyatt Hotels Corp., Cl A 1		16,817,762		42,176,610
				22,015,846		107,126,706
		Internet & Direct Marketing Retail (1.84%)
	1,025,000	Farfetch Limited, Cl A 1,2		29,811,176		51,619,000
	1,050,000	Stitch Fix, Inc., Cl A 1		62,079,746		63,315,000
				91,890,922		114,934,000
		Leisure Facilities (3.06%)
	603,538	Vail Resorts, Inc. 1,5		11,683,688		191,031,848
	Total Consumer Discretionary			142,511,510		435,159,054
Financials (10.09%)
		Asset Management & Custody Banks (0.75%)
	237,514	T. Rowe Price Group, Inc. 1		5,729,987		47,020,647
		Financial Exchanges & Data (4.60%)
	370,725	FactSet Research Systems, Inc.		19,898,420		124,419,017
	257,267	MarketAxess Holdings, Inc.		31,487,484		119,266,409
	30,000	MSCI, Inc.		7,783,774		15,992,400
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		27,582,542
				71,148,391		287,260,368
		Insurance Brokers (0.58%)
	158,421	Willis Towers Watson plc 2		19,439,430		36,439,998
		Investment Banking & Brokerage (2.13%)
	1,825,936	The Charles Schwab Corp.		1,609,715		132,946,400
		Property & Casualty Insurance (1.38%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		85,802,109
		Regional Banks (0.65%)
	216,421	First Republic Bank		5,518,736		40,507,519
	Total Financials			111,380,195		629,977,041

Shares			Cost		Value
Common Stocks (continued)
Health Care (26.41%)
		Biotechnology (0.51%)
	136,925	Acceleron Pharma, Inc. 1	$	13,026,017	$	17,182,718
	48,366	argenx SE, ADR 1,2		15,852,353		14,561,552
				28,878,370		31,744,270
		Health Care Equipment (9.57%)
	173,000	DexCom, Inc. 1		55,276,881		73,871,000
	708,630	IDEXX Laboratories, Inc. 1		12,876,509		447,535,276
	189,644	Teleflex, Inc.		37,305,542		76,197,063
				105,458,932		597,603,339
		Health Care Supplies (3.95%)
	215,418	The Cooper Companies, Inc.		36,713,299		85,363,691
	449,404	West Pharmaceutical Services, Inc.		19,479,340		161,380,976
				56,192,639		246,744,667
		Health Care Technolgy (2.29%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		142,846,077
		Life Sciences Tools & Services (10.09%)
	100,682	10X Genomics, Inc., Cl A 1		3,926,598		19,715,549
	399,986	Bio-Techne Corporation		39,595,545		180,097,696
	351,000	Guardant Health, Inc. 1,4		32,239,895		43,590,690
	247,552	Illumina, Inc. 1		10,591,861		117,144,082
	194,117	Mettler-Toledo International, Inc. 1		11,674,111		268,918,045
				98,028,010		629,466,062
	Total Health Care			315,673,547		1,648,404,415
Industrials (13.20%)
		Environmental & Facilities Services (0.90%)
	1,643,418	Rollins, Inc.		24,597,482		56,204,896
		Industrial Conglomerates (1.98%)
	262,192	Roper Technologies, Inc.		27,877,853		123,282,678
		Industrial Machinery (1.20%)
	340,760	IDEX Corporation		24,525,881		74,984,238
		Research & Consulting Services (9.12%)
	2,230,474	Clarivate Plc 1,2		35,903,681		61,404,949
	2,154,930	CoStar Group, Inc. 1		42,162,593		178,471,303
	1,468,500	TransUnion		79,691,638		161,255,985
	961,206	Verisk Analytics, Inc.		23,863,743		167,941,912
				181,621,655		569,074,149
	Total Industrials			258,622,871		823,545,961

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (30.62%)
		Application Software (14.86%)
	576,856	ANSYS, Inc. 1	$	21,397,893	$	200,203,643
	395,300	Aspen Technology, Inc. 1		40,628,908		54,369,562
	390,000	Avalara, Inc. 1		55,839,446		63,102,000
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		156,934,041
	125,000	Fair Isaac Corp. 1		51,657,237		62,835,000
	1,421,809	Guidewire Software, Inc. 1		77,473,157		160,266,310
	35,000	HubSpot, Inc. 1		18,056,213		20,395,200
	322,000	RingCentral, Inc., Cl A 1		77,597,681		93,566,760
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		55,563,737
	780,000	The Trade Desk, Inc., Cl A 1		15,425,650		60,340,800
				443,036,255		927,577,053
		Data Processing & Outsourced Services (1.43%)
	629,217	Fidelity National Information Services, Inc.		36,278,576		89,141,172
		Electronic Components (0.99%)
	900,000	Amphenol Corp., Cl A		42,881,684		61,569,000
		Internet Services & Infrastructure (5.34%)
	680,000	GDS Holdings Limited, ADR 1,2		40,586,224		53,373,200
	592,103	Verisign, Inc. 1		27,318,889		134,815,932
	500,000	Wix.com Ltd. 1,2		46,031,911		145,140,000
				113,937,024		333,329,132
		IT Consulting & Other Services (6.89%)
	132,000	EPAM Systems, Inc. 1		47,054,412		67,446,720
	1,497,323	Gartner, Inc. 1		32,461,274		362,651,631
				79,515,686		430,098,351
		Technology Distributors (1.11%)
	397,363	CDW Corp.		26,228,965		69,399,448
	Total Information Technology			741,878,190		1,911,114,156
Materials (0.53%)
		Specialty Chemicals (0.53%)
	1,853,529	Diversey Holdings Ltd. 1,2		27,802,935		33,196,704
Real Estate (4.22%)
		Real Estate Services (0.75%)
	542,323	CBRE Group, Inc., Cl A 1		6,067,334		46,493,351
		Specialized REITs (3.47%)
	205,000	Alexandria Real Estate Equities, Inc. 4		31,042,395		37,297,700
	80,416	Equinix, Inc.		5,298,108		64,541,882
	360,856	SBA Communications Corp.		9,303,270		115,004,807
				45,643,773		216,844,389
	Total Real Estate			51,711,107		263,337,740
	Total Common Stocks			1,834,242,612		6,152,405,895

Shares			Cost		Value
Private Preferred Stocks (0.61%)
Industrials (0.61%)
		Aerospace & Defense (0.61%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,8	$	26,000,460	$	38,352,605
Principal Amount
Short Term Investments (0.82%)
	$51,045,138	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $51,045,138; (Fully collateralized by $47,122,600 U.S. Treasury Note, 2.625% due 2/15/2029; Market value – $52,066,060) 7		51,045,138		51,045,138
	Total Investments (100.00%)		$	1,911,288,210		6,241,803,638
	Liabilities Less Cash and Other Assets (0.00%) 6					(175,676	)
	Net Assets				$	6,241,627,962
	Retail Shares (Equivalent to $120.84 per share based on 24,141,184 shares outstanding)				$	2,917,243,914
	Institutional Shares (Equivalent to $126.65 per share based on 24,777,612 shares outstanding)				$	3,138,012,121
	R6 Shares (Equivalent to $126.62 per share based on 1,471,852 shares outstanding)				$	186,371,927

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2021, the market value of restricted and fair valued securities amounted to $38,352,605 or 0.61 % 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 (unaudited).

⁵  All or a portion of these securities are segregated for an unfunded commitment. Total value of securities segregated is $21,206,840.

⁶  Includes unrealized depreciation of $205,192 on an unfunded commitment with a special purpose acquisition company to purchase a when-issued private investment in a public entity.

⁷  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁸  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

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.39%)
Communication Services (4.24%)
		Alternative Carriers (3.53%)
	7,950,000	Iridium Communications, Inc. 1,4	$	49,070,299	$	317,920,500
		Movies & Entertainment (0.71%)
	4,179,925	Manchester United plc, Cl A 2		57,977,822		63,493,061
	Total Communication Services			107,048,121		381,413,561
Consumer Discretionary (21.53%)
		Casinos & Gaming (6.12%)
	440,000	Boyd Gaming Corporation 1		11,056,072		27,055,600
	5,900,000	Penn National Gaming, Inc. 1		77,439,857		451,291,000
	1,695,000	Red Rock Resorts, Inc., Cl A 1		31,634,189		72,037,500
				120,130,118		550,384,100
		Education Services (2.20%)
	1,345,000	Bright Horizons Family Solutions, Inc. 1		42,571,904		197,862,950
		Hotels, Resorts & Cruise Lines (6.18%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		356,580,000
	1,255,000	Marriott Vacations Worldwide Corp. 1		67,098,661		199,921,500
				139,880,788		556,501,500
		Leisure Facilities (7.03%)
	2,000,000	Vail Resorts, Inc. 1,6		56,102,209		633,040,000
	Total Consumer Discretionary			358,685,019		1,937,788,550
Financials (29.74%)
		Asset Management & Custody Banks (2.73%)
	1,925,000	The Carlyle Group, Inc.		40,151,787		89,474,000
	1,900,000	Cohen & Steers, Inc.		43,941,528		155,971,000
				84,093,315		245,445,000
		Financial Exchanges & Data (17.27%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		402,732,000
	985,000	Morningstar, Inc.		20,175,455		253,253,350
	1,685,000	MSCI, Inc.		31,666,491		898,239,800
				111,796,521		1,554,225,150
		Investment Banking & Brokerage (0.89%)
	450,000	Houlihan Lokey, Inc.		19,625,874		36,805,500
	760,000	Moelis & Co., Cl A		16,518,301		43,236,400
				36,144,175		80,041,900
		Life & Health Insurance (2.79%)
	1,640,000	Primerica, Inc.		34,474,886		251,149,600
		Property & Casualty Insurance (5.80%)
	9,165,000	Arch Capital Group Ltd. 1,2		28,618,247		356,885,100
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		164,770,000
				63,626,010		521,655,100
		Thrifts & Mortgage Finance (0.26%)
	520,000	Essent Group Ltd. 2		14,300,210		23,374,000
	Total Financials			344,435,117		2,675,890,750

Shares			Cost		Value
Common Stocks (continued)
Health Care (15.41%)
		Biotechnology (0.59%)
	678,051	Denali Therapeutics, Inc. 1	$	12,825,338	$	53,186,321
		Health Care Equipment (5.20%)
	740,000	IDEXX Laboratories, Inc. 1		10,565,702		467,347,000
		Health Care Supplies (2.68%)
	1,147,434	Neogen Corp. 1		13,141,411		52,827,861
	525,000	West Pharmaceutical Services, Inc.		17,892,374		188,527,500
				31,033,785		241,355,361
		Health Care Technology (0.80%)
	950,000	Schrödinger, Inc. 1		15,170,276		71,829,500
		Life Sciences Tools & Services (5.74%)
	400,000	Adaptive Biotechnologies Corporation 1		12,792,857		16,344,000
	850,000	Bio-Techne Corporation		44,923,357		382,721,000
	85,000	Mettler-Toledo International, Inc. 1		3,889,531		117,753,900
				61,605,745		516,818,900
		Pharmaceuticals (0.40%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom) 2		18,422,044		36,153,819
	Total Health Care			149,622,890		1,386,690,901
Industrials (8.09%)
		Building Products (2.26%)
	1,995,000	Trex Company, Inc. 1		18,026,985		203,908,950
		Diversified Support Services (0.14%)
	485,453	ACV Auctions, Inc., Cl A 1		12,136,325		12,442,161
		Environmental & Facilities Services (0.22%)
	1,220,102	BrightView Holdings, Inc. 1		15,117,285		19,668,044
		Industrial Machinery (0.46%)
	1,000,000	Desktop Metal, Inc. 1		10,000,000		11,500,000
	4,275,000	Marel hf (Netherlands) 2		18,281,670		29,704,819
				28,281,670		41,204,819
		Research & Consulting Services (5.01%)
	5,440,000	CoStar Group, Inc. 1		22,751,587		450,540,800
	Total Industrials			96,313,852		727,764,774

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (14.51%)
		Application Software (9.89%)
	725,000	Altair Engineering, Inc., Cl A 1	$	11,330,019	$	50,003,250
	1,210,000	ANSYS, Inc. 1		28,048,125		419,942,600
	1,025,000	Guidewire Software, Inc. 1		31,789,104		115,538,000
	1,000,000	Pegasystems, Inc.		13,997,009		139,190,000
	2,300,000	SS&C Technologies Holdings, Inc.		17,679,331		165,738,000
				102,843,588		890,411,850
		Electronic Components (0.17%)
	60,000	Littelfuse, Inc.		6,452,400		15,287,400
		Internet Services & Infrastructure (0.21%)
	65,000	Wix.com Ltd. 1,2		3,017,698		18,868,200
		IT Consulting & Other Services (4.24%)
	1,575,000	Gartner, Inc. 1		22,061,707		381,465,000
	Total Information Technology			134,375,393		1,306,032,450
Materials (0.11%)
		Commodity Chemicals (0.11%)
	249,756	Zymergen, Inc. 1		7,742,436		9,992,737
Real Estate (5.76%)
		Diversified REITs (0.08%)
	200,000	American Assets Trust, Inc.		3,506,055		7,458,000
		Office REITs (1.38%)
	3,700,000	Douglas Emmett, Inc.		40,811,196		124,394,000
		Specialized REITs (4.30%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,366,340		136,455,000
	5,400,000	Gaming and Leisure Properties, Inc.		114,990,451		250,182,000
				141,356,791		386,637,000
	Total Real Estate			185,674,042		518,489,000
	Total Common Stocks			1,383,896,870		8,944,062,723
Private Convertible Preferred Stocks (0.52%)
Industrials (0.18%)
		Electrical Components & Equipment (0.18%)
	59,407,006	Northvolt AB, Series E (Sweden) 2,3,5,8		9,374,988		16,197,320
Materials (0.34%)
		Commodity Chemicals (0.18%)
	418,777	Zymergen, Inc., Series D 1,3,8		9,350,000		15,687,386
		Fertilizers & Agricultural Chemicals (0.16%)
	341,838	Farmers Business Network, Inc., Series F 1,3,5,8		11,300,002		14,606,738
	Total Materials			20,650,002		30,294,124
	Total Private Convertible Preferred Stocks			30,024,990		46,491,444

Shares			Cost		Value
Warrants (0.00%)
Consumer Discretionary (0.00%)
		Hotels, Resorts & Cruise Lines (0.00%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,5	$	0	$	299,197
	Total Investments (99.91%)		$	1,413,921,860		8,990,853,364
	Cash and Other Assets Less Liabilities (0.09%) 7					8,098,955
	Net Assets				$	8,998,952,319
	Retail Shares (Equivalent to $113.60 per share based on 26,300,266 shares outstanding)				$	2,987,665,143
	Institutional Shares (Equivalent to $118.44 per share based on 48,920,662 shares outstanding)				$	5,794,017,304
	R6 Shares (Equivalent to $118.45 per share based on 1,834,253 shares outstanding)				$	217,269,872

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2021, the market value of restricted and fair valued securities amounted to $46,491,444 or 0.52% 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  All or a portion of these securities are segregated for unfunded commitments. Total value of securities segregated is $61,088,360.

⁷  Includes net unrealized appreciation of $1,154,327 on unfunded commitments with special purpose acquisition companies to purchase when-issued private investments in public entities.

⁸  Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.23%)
Communication Services (3.80%)
		Cable & Satellite (1.62%)
	80,000	Liberty Broadband Corporation, Cl A 1	$	319,985	$	13,453,600
	260,000	Liberty Broadband Corporation, Cl C 1		1,017,091		45,151,600
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		1,322,731		28,993,750
				2,659,807		87,598,950
		Movies & Entertainment (2.18%)
	1,250,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		22,521,105		60,262,500
	225,000	Madison Square Garden Entertainment Corp. 1		3,552,159		18,893,250
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		38,828,250
				34,489,820		117,984,000
	Total Communication Services			37,149,627		205,582,950
Consumer Discretionary (14.59%)
		Casinos & Gaming (3.79%)
	925,000	DraftKings, Inc., Cl A 1		11,844,047		48,257,250
	1,025,000	Penn National Gaming, Inc. 1		18,170,393		78,402,250
	1,850,000	Red Rock Resorts, Inc., Cl A 1		38,035,830		78,625,000
				68,050,270		205,284,500
		Education Services (1.70%)
	625,000	Bright Horizons Family Solutions, Inc. 1		19,174,147		91,943,750
		General Merchandise Stores (0.94%)
	600,000	Ollie’s Bargain Outlet Holdings, Inc. 1		36,339,481		50,478,000
		Home Improvement Retail (2.49%)
	1,275,000	Floor & Decor Holdings, Inc., Cl A 1		45,156,042		134,767,500
		Homebuilding (3.56%)
	1,575,000	Installed Building Products, Inc. 4		88,774,702		192,717,000
		Leisure Facilities (1.11%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,505		60,200,000
		Restaurants (1.00%)
	1,000,000	The Cheesecake Factory, Inc. 1		22,120,507		54,180,000
	Total Consumer Discretionary			308,031,654		789,570,750

Shares			Cost		Value
Common Stocks (continued)
Consumer Staples (1.21%)
		Packaged Foods & Meats (1.21%)
	3,000,000	UTZ Brands, Inc.	$	49,020,000	$	65,370,000
Financials (3.87%)
		Insurance Brokers (1.48%)
	3,000,000	BRP Group, Inc., Cl A 1		48,364,954		79,950,000
		Investment Banking & Brokerage (0.94%)
	625,000	Houlihan Lokey, Inc.		28,909,333		51,118,750
		Property & Casualty Insurance (1.45%)
	475,000	Kinsale Capital Group, Inc.		67,820,848		78,265,750
	Total Financials			145,095,135		209,334,500
Health Care (16.33%)
		Health Care Equipment (6.38%)
	1,000,000	Axonics, Inc. 1		35,459,918		63,410,000
	300,000	CryoPort, Inc. 1		13,683,573		18,930,000
	200,000	DexCom, Inc. 1		2,652,860		85,400,000
	100,000	IDEXX Laboratories, Inc. 1		1,383,489		63,155,000
	320,000	Inspire Medical Systems, Inc. 1,5		16,558,159		61,843,200
	1,100,000	Silk Road Medical, Inc. 1,5		45,930,627		52,646,000
				115,668,626		345,384,200
		Health Care Services (0.54%)
	500,000	Innovage Holding Corp. 1		11,059,903		10,655,000
	3,250,000	SOC Telemed, Inc. 1		32,300,144		18,492,500
				43,360,047		29,147,500
		Health Care Supplies (0.46%)
	500,000	Figs, Inc., Cl A 1		12,760,012		25,050,000
		Health Care Technology (0.39%)
	741,845	Certara, Inc. 1		17,505,744		21,016,469
		Life Sciences Tools & Services (6.07%)
	250,000	Guardant Health, Inc. 1,5		4,953,266		31,047,500
	600,000	ICON plc 1,2		16,994,341		124,026,000
	2,250,000	MaxCyte, Inc. (United Kingdom) 1,5		26,123,920		27,949,576
	37,500	Mettler-Toledo International, Inc. 1		1,817,455		51,950,250
	315,373	Olink Holding AB, ADR 1,2		7,482,198		10,855,138
	500,000	PRA Health Sciences, Inc. 1		9,000,000		82,605,000
				66,371,180		328,433,464
		Managed Health Care (1.37%)
	925,000	HealthEquity, Inc. 1		18,699,522		74,444,000
		Pharmaceuticals (1.12%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom) 2		28,027,985		60,450,209
	Total Health Care			302,393,116		883,925,842

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (24.81%)
		Aerospace & Defense (4.29%)
	2,350,000	Kratos Defense & Security Solutions, Inc. 1	$	35,335,984	$	66,951,500
	1,275,000	Mercury Systems, Inc. 1		43,874,314		84,507,000
	125,000	TransDigm Group, Inc. 1		0		80,911,250
				79,210,298		232,369,750
		Building Products (2.99%)
	1,090,609	The AZEK Co., Inc. 1		25,084,007		46,307,258
	3,000,000	Janus International Group, Inc. Cl A 3,9		30,000,000		41,280,000
	725,000	Trex Company, Inc. 1		27,101,408		74,102,250
				82,185,415		161,689,508
		Diversified Support Services (1.06%)
	1,850,000	Driven Brands Holdings, Inc. 1		45,803,401		57,202,000
		Electrical Components & Equipment (4.82%)
	1,750,000	Array Technologies, Inc. 1		37,616,575		27,300,000
	1,200,000	Shoals Technologies Group, Inc., Cl A 1		32,825,720		42,600,000
	7,000,000	Vertiv Holdings Co.		69,871,612		191,100,000
				140,313,907		261,000,000
		Environmental & Facilities Services (1.32%)
	600,000	Waste Connections, Inc. 2		26,200,000		71,658,000
		Human Resource & Employment Services (3.42%)
	1,550,000	ASGN, Inc. 1		34,021,695		150,241,500
	1,750,000	First Advantage Corp. 1		26,390,061		34,842,500
				60,411,756		185,084,000
		Industrial Machinery (1.83%)
	500,000	John Bean Technologies Corp.		42,775,112		71,310,000
	140,000	RBC Bearings, Incorporated 1		8,868,639		27,918,800
				51,643,751		99,228,800
		Research & Consulting Services (2.03%)
	4,000,000	Clarivate Plc 1,2		44,078,833		110,120,000
		Trading Companies & Distributors (3.05%)
	500,000	Hydrofarm Holdings Group, Inc. 1,5		23,336,421		29,555,000
	800,000	SiteOne Landscape Supply, Inc. 1,6		19,405,950		135,408,000
				42,742,371		164,963,000
	Total Industrials			572,589,732		1,343,315,058

Shares			Cost		Value
Common Stocks (continued)
Information Technology (26.03%)
		Application Software (9.86%)
	750,000	Altair Engineering, Inc., Cl A 1	$	11,935,619	$	51,727,500
	800,000	Aspen Technology, Inc. 1		29,983,938		110,032,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		81,532,000
	3,000,000	E2open Parent Holdings, Inc., Cl A 3,9		30,000,000		33,060,000
	2,500,000	E2open Parent Holdings, Inc. 1		26,380,601		28,550,000
	1,225,000	Guidewire Software, Inc. 1		31,269,358		138,082,000
	1,175,000	The Trade Desk, Inc., Cl A 1		4,171,250		90,898,000
				157,452,487		533,881,500
		Data Processing & Outsourced Services (5.46%)
	750,000	Nuvei Corp. (Canada) 1,2		20,780,312		61,875,000
	3,500,000	Paya Holdings, Inc., Cl A 1		36,561,336		38,570,000
	3,500,000	Repay Holdings Corporation 1		33,000,000		84,140,000
	405,170	Shift4 Payments, Inc., Cl A 1		9,677,975		37,972,532
	375,000	WEX, Inc. 1		15,715,807		72,712,500
				115,735,430		295,270,032
		Electronic Equipment & Instruments (1.86%)
	1,200,000	Cognex Corp.		9,420,069		100,860,000
		Internet Services & Infrastructure (1.61%)
	300,000	Wix.com Ltd. 1,2		15,501,799		87,084,000
		IT Consulting & Other Services (6.82%)
	786,473	Endava plc, ADR 1,2		25,308,704		89,170,309
	1,000,000	Gartner, Inc. 1		14,988,362		242,200,000
	2,500,000	Grid Dynamics Holdings, Inc. 1		24,881,763		37,575,000
				65,178,829		368,945,309
		Systems Software (0.42%)
	682,429	Jamf Holding Corp. 1,5		19,287,457		22,909,142
	Total Information Technology			382,576,071		1,408,949,983
Materials (2.75%)
		Commodity Chemicals (0.15%)
	1,000,000	Origin Materials, Inc. 1,3,9		10,000,000		7,980,000
		Metal & Glass Containers (0.96%)
	800,000	Berry Global Group, Inc. 1		12,652,147		52,176,000
		Specialty Chemicals (1.64%)
	1,809,631	Avient Corp.		57,788,524		88,961,460
	Total Materials			80,440,671		149,117,460

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Real Estate (3.84%)
		Specialized REITs (3.84%)
	2,800,000	Americold Realty Trust 5	$	63,378,545	$	105,980,000
	320,000	SBA Communications Corp.		1,289,008		101,984,000
	Total Real Estate			64,667,553		207,964,000
	Special Purpose Acquisition Company (1.00%)
	1,500,000	Empower Ltd., Cl A 1,2		15,125,768		15,015,000
	1,250,000	Fifth Wall Acquisition Corp. I, Cl A 1		13,300,697		15,387,500
	1,903,162	Landcadia Holdings III, Inc., Cl A 1		21,262,512		23,599,209
	Total Special Purpose Acquisition Company			49,688,977		54,001,709
	Total Common Stocks			1,991,652,536		5,317,132,252
Warrants (0.07%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	260,850	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,5		0		808,635
Consumer Staples (0.06%)
		Packaged Foods & Meats (0.06%)
	1,403,600	Whole Earth Brands, Inc., Exp 6/25/2025 1		0		3,115,992
	Total Warrants			0		3,924,627

Principal Amount			Cost		Value
Short Term Investments (1.56%)
	$84,671,422	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $84,671,422; (Fully collateralized by $87,962,600 U.S. Treasury Bond, 1.875% due 2/15/2041 Market value – $86,364,883)8	$	84,671,422	$	84,671,422
	Total Investments (99.86%)		$	2,076,323,958		5,405,728,301
	Cash and Other Assets Less Liabilities (0.14%) 7					7,586,000
	Net Assets				$	5,413,314,301
	Retail Shares (Equivalent to $40.17 per share based on 45,591,407 shares outstanding)				$	1,831,323,086
	Institutional Shares (Equivalent to $42.56 per share based on 77,856,478 shares outstanding)				$	3,313,343,802
	R6 Shares (Equivalent to $42.54 per share based on 6,314,793 shares outstanding)				$	268,647,413

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2021, the market value of restricted and fair valued securities amounted to $82,320,000 or 1.52% 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  All or a portion of these securities are segregated for unfunded commitments. Total value of securities segregated is $89,369,280.

⁷  Includes net unrealized appreciation of $9,193 on unfunded commitments with special purpose acquisition companies to purchase when-issued private investments in public entities.

⁸  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁹  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 Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.97%)
Communication Services (20.06%)
		Interactive Home Entertainment (1.53%)
	114,000	Electronic Arts, Inc.	$	13,119,491	$	16,396,620
	47,500	Take-Two Interactive Software, Inc. 1		5,288,027		8,408,450
				18,407,518		24,805,070
		Interactive Media & Services (16.63%)
	39,550	Alphabet, Inc., Cl C 1,5		53,222,693		99,124,956
	431,500	Pinterest, Inc., Cl A 1		13,138,359		34,066,925
	428,000	Snap, Inc., Cl A 1		6,424,270		29,163,920
	444,001	Taboola.com Ltd. (formerly, ION Acquisition Corp. 1 Limited) 1,2,3,4,8		4,440,010		4,431,130
	949,406	Tripadvisor, Inc. 1		32,758,749		38,261,062
	199,303	Zillow Group, Inc., Cl C 1		12,604,492		24,358,812
	778,369	ZoomInfo Technologies Inc., Cl A 1		25,572,629		40,607,511
				148,161,202		270,014,316
		Movies & Entertainment (1.90%)
	650,000	Endeavor Group Holdings, Inc., Cl A 1		15,600,000		18,011,500
	24,425	Netflix, Inc. 1		3,966,732		12,901,529
				19,566,732		30,913,029
	Total Communication Services			186,135,452		325,732,415
Consumer Discretionary (13.17%)
		Automobile Manufacturers (2.84%)
	67,900	Tesla, Inc. 1		2,677,714		46,151,630
		Internet & Direct Marketing Retail (10.33%)
	105,500	Alibaba Group Holding Limited, ADR 1,2		17,661,028		23,925,290
	24,275	Amazon.com, Inc. 1		29,742,116		83,509,884
	293,900	Farfetch Limited, Cl A 1,2		13,864,220		14,800,804
	8,529	MercadoLibre, Inc. 1		4,838,488		13,286,391
	533,000	Stitch Fix, Inc., Cl A 1		28,973,389		32,139,900
				95,079,241		167,662,269
	Total Consumer Discretionary			97,756,955		213,813,899
Financials (1.56%)
		Consumer Finance (1.17%)
	990,099	SoFi Technologies, Inc. 1		9,900,990		18,980,198
		Financial Exchanges & Data (0.39%)
	13,600	MarketAxess Holdings, Inc.		2,665,441		6,304,824
	Total Financials			12,566,431		25,285,022
Health Care (14.91%)
		Biotechnology (6.65%)
	265,779	Acceleron Pharma, Inc. 1		22,137,670		33,352,607
	113,639	argenx SE, ADR 1,2		13,172,425		34,213,294
	487,600	Arrowhead Pharmaceuticals, Inc. 1		22,064,385		40,383,032
				57,374,480		107,948,933
		Health Care Equipment (4.05%)
	525,000	Butterfly Network, Inc. 1		5,250,000		7,602,000
	131,100	Edwards Lifesciences Corp. 1		7,561,453		13,578,027
	20,435	Intuitive Surgical, Inc. 1		9,530,452		18,792,843
	136,000	Shockwave Medical, Inc. 1		6,757,535		25,803,280
				29,099,440		65,776,150

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (0.20%)
	65,779	Figs, Inc., Cl A 1	$	1,447,138	$	3,295,528
		Health Care Technology (0.54%)
	116,374	Schrödinger, Inc. 1		2,485,556		8,799,038
		Life Sciences Tools & Services (3.47%)
	50,419	10X Genomics, Inc., Cl A 1		3,006,785		9,873,049
	227,500	CareDx, Inc. 1,4		7,236,973		20,820,800
	98,637	Guardant Health, Inc. 1,4		10,366,504		12,249,729
	28,215	Illumina, Inc. 1		5,301,531		13,351,620
				25,911,793		56,295,198
	Total Health Care			116,318,407		242,114,847
Industrials (2.74%)
		Aerospace & Defense (1.13%)
	642,969	Kratos Defense & Security Solutions, Inc. 1		10,282,149		18,318,187
		Research & Consulting Services (1.61%)
	315,330	CoStar Group, Inc. 1		12,772,623		26,115,630
	Total Industrials			23,054,772		44,433,817
Information Technology (39.84%)
		Application Software (13.05%)
	34,900	Adobe, Inc. 1		8,174,023		20,438,836
	49,000	Atlassian Corp. PLC 1,2		11,935,490		12,586,140
	57,000	Avalara, Inc. 1		7,910,726		9,222,600
	333,070	Ceridian HCM Holding, Inc. 1		23,544,543		31,948,074
	232,100	Guidewire Software, Inc. 1		11,878,404		26,162,312
	21,000	HubSpot, Inc. 1		10,883,860		12,237,120
	145,100	RingCentral, Inc., Cl A 1		30,943,581		42,163,158
	39,500	ServiceNow, Inc. 1,4		9,588,431		21,707,225
	333,283	SimilarWeb Ltd. 1,2		7,167,469		6,565,675
	149,410	The Trade Desk, Inc., Cl A 1		1,424,601		11,558,358
	72,700	Workday, Inc., Cl A 1		17,226,487		17,356,398
				140,677,615		211,945,896
		Data Processing & Outsourced Services (6.88%)
	3,000	Adyen N.V., 144A (Netherlands) 1,2,7		2,422,754		7,356,988
	72,300	MasterCard Incorporated, Cl A		16,486,273		26,396,007
	112,200	PayPal Holdings, Inc. 1		15,729,601		32,704,056
	42,500	Square, Inc., Cl A 1		7,600,761		10,361,500
	149,300	Visa, Inc., Cl A		25,109,011		34,909,326
				67,348,400		111,727,877
		Electronic Equipment & Instruments (1.18%)
	275,000	PAR Technology Corp. 1		10,889,761		19,233,500
		Internet Services & Infrastructure (2.27%)
	220,677	GDS Holdings Limited, ADR 1,2		11,246,223		17,320,938
	67,043	Wix.com Ltd. 1,2		3,803,923		19,461,242
				15,050,146		36,782,180

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (3.42%)
	202,368	Endava plc, ADR 1,2	$	6,819,469	$	22,944,484
	134,587	Gartner, Inc. 1		7,154,309		32,596,971
				13,973,778		55,541,455
		Semiconductors (3.36%)
	390,000	indie Semiconductor, Inc., Cl A 1		4,158,481		3,853,200
	1,000,000	indie Semiconductor Inc., Cl A 1,3,8		10,000,000		9,490,000
	51,600	NVIDIA Corp.		18,021,141		41,285,160
				32,179,622		54,628,360
		Systems Software (9.68%)
	61,723	Crowdstrike Holdings, Inc., Cl A 1		3,067,061		15,511,607
	493,900	Microsoft Corporation		78,400,719		133,797,510
	32,508	Snowflake, Inc., Cl A 1,4		3,900,960		7,860,435
				85,368,740		157,169,552
	Total Information Technology			365,488,062		647,028,820
Materials (0.49%)
		Commodity Chemicals (0.49%)
	199,805	Zymergen, Inc. 1		6,193,955		7,994,198
Real Estate (1.87%)
		Real Estate Services (1.17%)
	1,073,230	Opendoor Technologies, Inc. 1		10,732,300		19,028,368
		Specialized REITs (0.70%)
	14,225	Equinix, Inc.		2,122,124		11,416,985
	Total Real Estate			12,854,424		30,445,353
Special Purpose Acquisition Company (0.33%)
	500,000	The Original Bark Co. 1,3,8		5,000,000		5,305,000
	Total Common Stocks			825,368,458		1,542,153,371
Private Common Stocks (0.29%)
Industrials (0.29%)
	9,099	Space Exploration Technologies Corp., Cl A 1,3,4,8		3,821,489		3,623,859
	2,806	Space Exploration Technologies Corp., Cl C 1,3,4,8		1,178,492		1,117,545
	Total Private Common Stocks			4,999,981		4,741,404
Private Convertible Preferred Stocks (1.93%)
Consumer Discretionary (1.35%)
		Automobile Manufacturers (1.35%)
	484,183	Rivian Automotive, Inc., Series E 1,3,4,8		7,499,995		17,498,374
	122,117	Rivian Automotive, Inc., Series F 1,3,4,8		4,500,011		4,464,597
	Total Consumer Discretionary			12,000,006		21,962,971
Materials (0.58%)
		Fertilizers & Agricultural Chemicals (0.58%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,8		7,250,007		9,371,587
	Total Private Convertible Preferred Stocks			19,250,013		31,334,558

Shares			Cost		Value
Private Preferred Stocks (0.89%)
Industrials (0.89%)
		Aerospace & Defense (0.45%)
	18,519	Space Exploration Technologies Corp., Cl N 1,3,4,8	$	5,000,130	$	7,375,562
		Trucking (0.44%)
	266,956	GM Cruise Holdings, Cl G 1,3,4,8		7,034,291		7,103,699
	Total Private Preferred Stocks			12,034,421		14,479,261
Warrants (0.02%)
Communication Services (0.02%)
		Interactive Media & Services (0.02%)
	106,682	Taboola.com Ltd. Exp 10/15/2027 1,2		192,759		330,714
Short Term Investments (1.01%)
	$16,392,013	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $16,392,013; (Fully collateralized by $13,042,100 U.S. Treasury Bond, 5.25% due 11/15/2028 Market value – $16,719,868)7		16,392,013		16,392,013
	Total Investments (99.11%)		$	878,237,645		1,609,431,321
	Cash and Other Assets Less Liabilities (0.89%) 6					14,481,280
	Net Assets				$	1,623,912,601
	Retail Shares (Equivalent to $44.42 per share based on 20,558,851 shares outstanding)				$	913,240,460
	Institutional Shares (Equivalent to $46.80 per share based on 14,416,157 shares outstanding)				$	674,639,606
	R6 Shares (Equivalent to $46.85 per share based on 769,084 shares outstanding)				$	36,032,535

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2021, the market value of restricted and fair valued securities amounted to $69,781,353 or 4.30% 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  All or a portion of these securities are segregated for unfunded commitments. Total value of securities segregated is $25,063,200.

⁶  Includes net unrealized depreciation of $609,369 on unfunded commitments with special purpose acquisition companies to purchase when-issued private investments in public entities.

⁷  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁸  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 June 30, 2021, the market value of Rule 144A securities amounted to 7,356,988 or 0.45% 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

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.55%)
Communication Services (13.10%)
		Interactive Media & Services (13.10%)
	11,490	Alphabet, Inc., Cl A 1	$	17,696,238	$	28,056,167
	10,283	Alphabet, Inc., Cl C 1		4,420,382		25,772,489
	116,389	Facebook, Inc., Cl A 1		16,229,480		40,469,619
	301,416	ZoomInfo Technologies Inc., Cl A 1		9,285,584		15,724,873
	Total Communication Services			47,631,684		110,023,148
Consumer Discretionary (12.98%)
		Internet & Direct Marketing Retail (12.98%)
	1,107	Airbnb, Inc., Cl A 1,3		75,276		169,526
	104,576	Alibaba Group Holding Limited, ADR 1,2		10,970,281		23,715,745
	19,267	Amazon.com, Inc. 1		8,804,069		66,281,563
	12,138	MercadoLibre, Inc. 1		7,661,536		18,908,455
	Total Consumer Discretionary			27,511,162		109,075,289
Financials (2.21%)
		Financial Exchanges & Data (2.21%)
	45,219	S&P Global, Inc.		10,911,824		18,560,138
Health Care (16.58%)
		Biotechnology (4.32%)
	112,455	Acceleron Pharma, Inc. 1		11,815,692		14,111,978
	42,879	argenx SE, ADR 1,2		12,945,859		12,909,581
	151,572	BridgeBio Pharma, Inc. 1		9,373,273		9,239,829
				34,134,824		36,261,388
		Health Care Equipment (3.43%)
	31,366	Intuitive Surgical, Inc. 1		13,622,943		28,845,428
		Health Care Technology (3.72%)
	100,453	Veeva Systems, Inc., Cl A 1		7,493,348		31,235,860
		Life Sciences Tools & Services (5.11%)
	90,959	10X Genomics, Inc., Cl A 1		9,317,473		17,811,592
	53,181	Illumina, Inc. 1		8,362,363		25,165,781
				17,679,836		42,977,373
	Total Health Care			72,930,951		139,320,049
Information Technology (51.62%)
		Application Software (13.04%)
	54,742	Adobe, Inc. 1		27,393,137		32,059,105
	82,883	RingCentral, Inc., Cl A 1		17,980,960		24,084,142
	60,004	ServiceNow, Inc. 1,3		23,859,149		32,975,198
	90,465	Splunk, Inc. 1		12,002,179		13,079,430
	18,932	Zoom Video Communications, Inc., Cl A 1		6,959,486		7,327,252
				88,194,911		109,525,127

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (13.31%)
	6,218	Adyen N.V., 144A (Netherlands) 1,2,5	$	4,711,862	$	15,248,584
	77,774	MasterCard Incorporated, Cl A		7,508,689		28,394,510
	85,461	PayPal Holdings, Inc. 1		18,388,284		24,910,172
	80,839	Square, Inc., Cl A 1		17,963,675		19,708,548
	100,918	Visa, Inc., Cl A		6,191,852		23,596,647
				54,764,362		111,858,461
		Internet Services & Infrastructure (4.91%)
	14,315	Shopify, Inc., Cl A 1,2		17,403,397		20,913,929
	70,014	Wix.com Ltd. 1,2		9,796,907		20,323,664
				27,200,304		41,237,593
		IT Consulting & Other Services (3.87%)
	63,602	EPAM Systems, Inc. 1		9,148,341		32,498,078
		Semiconductor Equipment (3.22%)
	39,157	ASML Holding N.V. 2		4,042,938		27,051,222
		Semiconductors (2.14%)
	22,540	NVIDIA Corp.		12,544,356		18,034,254
		Systems Software (11.13%)
	93,792	Crowdstrike Holdings, Inc., Cl A 1		5,972,732		23,570,868
	83,835	Datadog, Inc., Cl A 1,3		2,263,545		8,725,547
	256,769	Dynatrace, Inc. 1,3		11,122,881		15,000,445
	49,773	Snowflake, Inc., Cl A 1,3		6,209,275		12,035,111
	81,789	Twilio, Inc., Cl A 1,3		11,034,337		32,237,952
	28,607	UiPath, Inc., Cl A 1		1,601,992		1,943,273
				38,204,762		93,513,196
	Total Information Technology			234,099,974		433,717,931
Real Estate (2.06%)
		Specialized REITs (2.06%)
	21,508	Equinix, Inc.		4,587,574		17,262,321
	Total Common Stocks		$	397,673,169	$	827,958,876
Private Common Stocks (0.17%)
Industrials (0.17%)
	2,730	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,146,573		1,087,277
	841	Space Exploration Technologies Corp., Cl C 1,3,4,6		353,211		334,945
	Total Private Common Stocks			1,499,784		1,422,222
Private Convertible Preferred Stocks (0.35%)
Consumer Discretionary (0.35%)
		Automobile Manufacturers (0.35%)
	81,411	Rivian Automotive, Inc., Series F 1,3,4,6		2,999,996		2,976,386

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Private Preferred Stocks (0.42%)
Industrials (0.42%)
		Trucking (0.42%)
	133,288	GM Cruise Holdings, Cl G 1,3,4,6	$	3,512,139	$	3,546,794
Principal Amount
Short Term Investments (0.64%)
	$5,358,665	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $5,358,665; (Fully collateralized by $4,263,600 U.S. Treasury Bond, 5.25% due 11/15/2028 Market value – $5,465,901)5		5,358,665		5,358,665
	Total Investments (100.13%)		$	411,043,753		841,262,943
	Liabilities Less Cash and Other Assets (-0.13%)					(1,120,840	)
	Net Assets				$	840,142,103
	Retail Shares (Equivalent to $56.16 per share based on 3,390,314 shares outstanding)				$	190,402,969
	Institutional Shares (Equivalent to $57.64 per share based on 10,577,657 shares outstanding)				$	609,687,638
	R6 Shares (Equivalent to $57.66 per share based on 694,634 shares outstanding)				$	40,051,496

% 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 June 30, 2021, the market value of restricted and fair valued securities amounted to $7,945,402 or 0.94% of net assets. None of these securities are 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 June 30, 2021, the market value of Rule 144A securities amounted to $15,248,584 or 1.82% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.17%)
Communication Services (5.80%)
		Advertising (1.69%)
	3,875,000	S4 Capital PLC (United Kingdom) 1,2	$	12,841,181	$	33,662,605
		Interactive Media & Services (1.66%)
	825,000	Tripadvisor, Inc. 1		28,690,867		33,247,500
		Movies & Entertainment (0.39%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		7,886,550
		Publishing (2.06%)
	950,000	Future PLC (United Kingdom) 2		18,404,637		41,158,707
	Total Communication Services			65,571,496		115,955,362
Consumer Discretionary (8.07%)
		Casinos & Gaming (3.42%)
	7,750,000	Melco International Development Ltd. (Hong Kong) 1,2,7		15,367,374		14,212,371
	150,371	Penn National Gaming, Inc. 1		2,663,946		11,501,878
	1,000,000	Red Rock Resorts, Inc., Cl A 1		27,022,123		42,500,000
				45,053,443		68,214,249
		General Merchandise Stores (0.63%)
	150,000	Ollie’s Bargain Outlet Holdings, Inc. 1		10,471,280		12,619,500
		Home Improvement Retail (1.85%)
	350,000	Floor & Decor Holdings, Inc., Cl A 1		11,227,099		36,995,000
		Internet & Direct Marketing Retail (0.93%)
	350,000	MYT Netherlands Parent BV, ADR 1,2,3		9,100,000		10,650,500
	400,000	The RealReal, Inc. 1		7,688,189		7,904,000
				16,788,189		18,554,500
		Restaurants (0.62%)
	200,000	The Cheesecake Factory, Inc. 1		4,145,091		10,836,000
	10,000	Wingstop, Inc.		874,199		1,576,300
				5,019,290		12,412,300
		Specialty Stores (0.62%)
	550,000	Petco Health & Wellness Co., Inc. 1		11,449,581		12,325,500
	Total Consumer Discretionary			100,008,882		161,121,049
Consumer Staples (4.63%)
		Packaged Foods & Meats (0.97%)
	100,000	Laird Superfood, Inc. 1		2,547,796		2,987,000
	750,000	UTZ Brands, Inc.		12,255,000		16,342,500
				14,802,796		19,329,500
		Personal Products (2.10%)
	2,500,000	The Beauty Health Co. 1		27,055,430		42,000,000
		Soft Drinks (1.56%)
	875,000	Fevertree Drinks PLC (United Kingdom) 2		26,629,565		31,143,270
	Total Consumer Staples			68,487,791		92,472,770

Shares			Cost		Value
Common Stocks (continued)
Financials (2.90%)
		Insurance Brokers (1.00%)
	750,007	BRP Group, Inc., Cl A 1	$	15,155,098	$	19,987,687
		Property & Casualty Insurance (1.90%)
	230,000	Kinsale Capital Group, Inc.		16,845,760		37,897,100
	Total Financials			32,000,858		57,884,787
Health Care (23.49%)
		Biotechnology (1.65%)
	237,800	Applied Therapeutics, Inc. 1		9,274,716		4,941,484
	146,000	Biohaven Pharmaceutical Holding Co. Ltd. 1,2		6,453,537		14,173,680
	380,143	Recursion Pharmaceuticals, Inc., Cl A 1		6,842,574		13,875,220
				22,570,827		32,990,384
		Health Care Equipment (10.85%)
	935,000	Acutus Medical, Inc. 1		18,263,968		15,876,300
	580,084	AxoGen, Inc. 1		9,919,925		12,535,615
	637,982	Axonics, Inc. 1		28,878,670		40,454,439
	527,500	Butterfly Network, Inc. 1		5,275,000		7,638,200
	202,500	CryoPort, Inc. 1		5,127,704		12,777,750
	308,580	Eargo, Inc. 1		9,305,920		12,315,428
	89,823	Inari Medical, Inc. 1		2,337,837		8,378,689
	707,985	Inogen, Inc. 1		32,258,659		46,139,382
	50,000	Inspire Medical Systems, Inc. 1,3		2,923,748		9,663,000
	540,208	Silk Road Medical, Inc. 1,3		21,944,575		25,854,355
	3,800,000	ViewRay, Inc. 1		19,150,429		25,080,000
				155,386,435		216,713,158
		Health Care Services (0.88%)
	323,963	Accolade, Inc. 1		9,020,518		17,594,431
		Health Care Supplies (1.72%)
	2,629,967	Cerus Corp. 1		14,027,651		15,543,105
	2,365,363	Sientra, Inc. 1		17,781,625		18,828,289
				31,809,276		34,371,394
		Life Sciences Tools & Services (4.45%)
	50,000	Berkeley Lights, Inc. 1		1,100,000		2,240,500
	499,729	CareDx, Inc. 1,3		10,068,530		45,735,198
	150,000	Olink Holding AB, ADR 1,2		5,649,156		5,163,000
	68,980	Seer, Inc. 1		1,310,620		2,261,165
	834,090	Veracyte, Inc. 1,3		24,356,550		33,346,918
				42,484,856		88,746,781
		Managed Health Care (2.03%)
	688,279	Progyny, Inc. 1		16,465,247		40,608,461
		Pharmaceuticals (1.91%)
	1,133,932	Revance Therapeutics, Inc. 1		23,485,800		33,609,744
	3,831,500	TherapeuticsMD, Inc. 1		16,199,093		4,559,485
				39,684,893		38,169,229
	Total Health Care			317,422,052		469,193,838

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (16.86%)
		Aerospace & Defense (4.07%)
	1,102,370	Kratos Defense & Security Solutions, Inc. 1	$	19,500,520	$	31,406,521
	752,680	Mercury Systems, Inc. 1		41,981,485		49,887,631
				61,482,005		81,294,152
		Building Products (1.13%)
	220,000	Trex Company, Inc. 1		7,416,878		22,486,200
		Diversified Support Services (1.27%)
	989,712	ACV Auctions, Inc., Cl A 1		28,429,380		25,366,318
		Electrical Components & Equipment (0.40%)
	222,521	Shoals Technologies Group, Inc., Cl A 1		5,563,025		7,899,495
		Environmental & Facilities Services (1.61%)
	599,642	Montrose Environmental Group, Inc. 1		10,554,326		32,176,790
		Heavy Electrical Equipment (1.70%)
	702,000	TPI Composites, Inc. 1		15,929,051		33,990,840
		Industrial Conglomerates (1.30%)
	450,000	Raven Industries, Inc. 1		11,048,864		26,032,500
		Industrial Machinery (3.16%)
	86,600	ESCO Technologies, Inc.		4,658,023		8,123,946
	300,000	Helios Technologies, Inc.		12,051,607		23,415,000
	253,105	Kornit Digital Ltd. 1,2		8,856,307		31,468,545
				25,565,937		63,007,491
		Trading Companies & Distributors (2.22%)
	250,000	Hydrofarm Holdings Group, Inc. 1,3		13,723,547		14,777,500
	175,000	SiteOne Landscape Supply, Inc. 1,5		9,431,317		29,620,500
				23,154,864		44,398,000
	Total Industrials			189,144,330		336,651,786
Information Technology (25.40%)
		Application Software (5.65%)
	650,000	Alkami Technology, Inc. 1		20,362,670		23,185,500
	875,000	DoubleVerify Holdings, Inc. 1		28,327,791		37,047,500
	215,500	Everbridge, Inc. 1		24,899,739		29,325,240
	250,000	Medallia, Inc. 1		6,635,670		8,437,500
	500,000	Viant Technology, Inc., Cl A 1		13,515,462		14,890,000
				93,741,332		112,885,740
		Data Processing & Outsourced Services (1.47%)
	300,000	Paymentus Holdings, Inc., Cl A 1		6,775,612		10,650,000
	200,000	Shift4 Payments, Inc., Cl A 1		7,218,579		18,744,000
				13,994,191		29,394,000
		Electronic Equipment & Instruments (3.96%)
	410,000	Advanced Energy Industries, Inc.		29,968,519		46,211,100
	10,431	Novanta, Inc. 1,2		272,590		1,405,682
	450,000	PAR Technology Corp. 1		13,275,366		31,473,000
				43,516,475		79,089,782

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (2.56%)
	450,000	Endava plc, ADR 1,2	$	13,125,641	$	51,021,000
		Semiconductor Equipment (2.89%)
	585,800	Ichor Holdings Ltd. 1,2		16,144,595		31,516,040
	255,000	Nova Measuring Instruments Ltd. 1,2		8,116,967		26,236,950
				24,261,562		57,752,990
		Semiconductors (2.36%)
	875,000	Allegro MicroSystems, Inc. 1		12,250,000		24,237,500
	1,000,000	indie Semiconductor Inc., Cl A 1,4,8		10,000,000		9,490,000
	1,349,074	indie Semiconductor, Inc., Cl A 1		13,729,587		13,328,851
				35,979,587		47,056,351
		Systems Software (6.51%)
	333,775	Dynatrace, Inc. 1,3		6,243,606		19,499,135
	1,527,131	Ping Identity Holding Corp. 1		32,570,696		34,971,300
	70,000	Qualys, Inc. 1		1,963,529		7,048,300
	640,000	Sailpoint Technologies Holdings, Inc. 1		34,106,314		32,684,800
	621,000	Varonis Systems, Inc. 1		19,427,813		35,782,020
				94,311,958		129,985,555
	Total Information Technology			318,930,746		507,185,418
Materials (0.62%)
		Commodity Chemicals (0.62%)
	308,808	Zymergen, Inc. 1		9,654,124		12,355,408
Real Estate (3.83%)
		Diversified REITs (0.47%)
	250,000	American Assets Trust, Inc.		6,544,637		9,322,500
		Industrial REITs (1.00%)
	350,000	Rexford Industrial Realty, Inc.		12,654,993		19,932,500
		Office REITs (1.58%)
	1,000,000	JBG SMITH Properties		33,666,311		31,510,000
		Specialized REITs (0.78%)
	415,000	Americold Realty Trust 3		8,047,275		15,707,750
	Total Real Estate			60,913,216		76,472,750
Special Purpose Acquisition Company (0.57%)
	325,000	Fifth Wall Acquisition Corp. I, Cl A 1		4,026,685		4,000,750
	731,239	Jaws Spitfire Acquisition Corp., Cl A 1,2		7,552,364		7,319,702
	Total Special Purpose Acquisition Company			11,579,049		11,320,452
	Total Common Stocks			1,173,712,544		1,840,613,620

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (8.18%)
	$163,351,094	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $163,351,094; (Fully collateralized by $166,514,100 U.S. Treasury Bond, 1.25% due 6/30/2028 Market value – $166,618,171)7	$	163,351,094	$	163,351,094
	Total Investments (100.35%)		$	1,337,063,638		2,003,964,714
	Liabilities Less Cash and Other Assets (-0.35%) 6					(7,003,920	)
	Net Assets				$	1,996,960,794
	Retail Shares (Equivalent to $38.90 per share based on 7,623,857 shares outstanding)				$	296,540,457
	Institutional Shares (Equivalent to $39.66 per share based on 41,989,482 shares outstanding)				$	1,665,094,600
	R6 Shares (Equivalent to $39.66 per share based on 890,732 shares outstanding)				$	35,325,737

% 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 June 30, 2021, the market value of restricted and fair valued securities amounted to $9,490,000 or 0.48% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

⁵  All or a portion of these securities are segregated for unfunded commitments. Total value of securities segregated is $17,941,560.

⁶  Includes net unrealized depreciation of $438,180 on unfunded commitments with special purpose acquisition companies to purchase when-issued private investments in public entities.

⁷  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁸  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 Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.10%)
Communication Services (16.14%)
		Cable & Satellite (1.27%)
	507	Charter Communications, Inc., Cl A 1	$	198,094	$	365,775
		Interactive Media & Services (14.87%)
	944	Alphabet, Inc., Cl C 1		1,570,193		2,365,966
	5,533	Facebook, Inc., Cl A 1		1,398,693		1,923,880
				2,968,886		4,289,846
	Total Communication Services			3,166,980		4,655,621
Consumer Discretionary (1.24%)
		Internet & Direct Marketing Retail (1.24%)
	1,575	Alibaba Group Holding Limited, ADR 1,2		357,240		357,178
Consumer Staples (5.39%)
		Distillers & Vintners (2.44%)
	3,016	Constellation Brands, Inc., Cl A		631,016		705,412
		Hypermarkets & Super Centers (1.94%)
	1,414	Costco Wholesale Corp.		433,158		559,478
		Personal Products (1.01%)
	912	The Estée Lauder Companies, Inc., Cl A		177,856		290,089
	Total Consumer Staples			1,242,030		1,554,979
Financials (16.05%)
		Asset Management & Custody Banks (2.56%)
	845	BlackRock, Inc.		544,860		739,350
		Financial Exchanges & Data (11.73%)
	3,194	CME Group, Inc.		596,649		679,300
	2,958	Moody’s Corp.		656,268		1,071,890
	1,541	MSCI, Inc.		537,985		821,476
	1,977	S&P Global, Inc.		462,402		811,460
				2,253,304		3,384,126
		Property & Casualty Insurance (1.76%)
	12,992	Arch Capital Group Ltd. 1,2		486,490		505,908
	Total Financials			3,284,654		4,629,384
Health Care (16.06%)
		Health Care Equipment (4.46%)
	4,791	Danaher Corp.		822,476		1,285,713
		Life Sciences Tools & Services (8.95%)
	3,339	Agilent Technologies, Inc.		359,967		493,538
	3,379	Iqvia Holdings, Inc. 1		532,502		818,799
	312	Mettler-Toledo International, Inc. 1		275,478		432,226
	1,660	Thermo Fisher Scientific, Inc.		563,979		837,420
				1,731,926		2,581,983
		Managed Health Care (2.65%)
	1,913	UnitedHealth Group, Incorporated		536,810		766,042
	Total Health Care			3,091,212		4,633,738

Shares			Cost		Value
Common Stocks (continued)
Industrials (4.10%)
		Aerospace & Defense (1.71%)
	3,973	HEICO Corp., Cl A	$	418,959	$	493,367
		Research & Consulting Services (2.39%)
	6,116	IHS Markit Ltd. 2		376,063		689,029
	Total Industrials			795,022		1,182,396
Information Technology (35.18%)
		Application Software (10.45%)
	2,130	Adobe, Inc. 1		776,559		1,247,413
	946	Fair Isaac Corp. 1		401,748		475,535
	1,714	Intuit, Inc.		684,284		840,152
	6,263	SS&C Technologies Holdings, Inc.		367,681		451,312
				2,230,272		3,014,412
		Data Processing & Outsourced Services (10.20%)
	3,763	Fidelity National Information Services, Inc.		522,722		533,104
	3,041	MasterCard Incorporated, Cl A		879,545		1,110,239
	5,550	Visa, Inc., Cl A		1,206,242		1,297,701
				2,608,509		2,941,044
		Electronic Manufacturing Services (1.11%)
	2,369	TE Connectivity Ltd. 2		242,531		320,312
		IT Consulting & Other Services (2.61%)
	2,558	Accenture plc, Cl A 2		487,657		754,073
		Semiconductors (3.20%)
	1,180	Monolithic Power Systems, Inc.		392,662		440,671
	2,510	Texas Instruments, Inc.		355,374		482,673
				748,036		923,344
		Systems Software (7.61%)
	8,101	Microsoft Corporation		1,476,572		2,194,561
	Total Information Technology			7,793,577		10,147,746
Materials (0.99%)
		Specialty Chemicals (0.99%)
	1,388	Ecolab, Inc.		285,843		285,886
Real Estate (1.95%)
		Specialized REITs (1.95%)
	1,501	Alexandria Real Estate Equities, Inc. 3		225,447		273,092
	359	Equinix, Inc.		178,765		288,133
	Total Real Estate			404,212		561,225
	Total Common Stocks			20,420,770		28,008,153

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2021 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (5.09%)
	$1,467,968	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2021, 0.00% due 7/1/2021; Proceeds at maturity – $1,467,968; (Fully collateralized by $1,496,400 U.S. Treasury Note, 1.25% due 6/30/2028 Market value – $1,497,335)4	$	1,467,968	$	1,467,968
	Total Investments (102.19%)		$	21,888,738		29,476,121
	Liabilities Less Cash and Other Assets (-2.19%)					(630,690	)
	Net Assets				$	28,845,431
	Retail Shares (Equivalent to $18.12 per share based on 387,564 shares outstanding)				$	7,022,368
	Institutional Shares (Equivalent to $18.26 per share based on 984,322 shares outstanding)				$	17,978,539
	R6 Shares (Equivalent to $18.26 per share based on 210,498 shares outstanding)				$	3,844,524

% 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 June 30, 2021

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.

There were no securities on loan at June 30, 2021.

d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds’ investments in repurchase agreements at June 30, 2021, 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.

f) Special purpose acquisition company. The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering (“IPO”), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund’s performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC’s acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e., PIPE transaction), the Fund will no longer be obligated to fulfill its commitment.

Baron Funds June 30, 2021

g) Private investment in public equity. The Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company’s securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund’s investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

As of June 30, 2021, certain Funds had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of the target companies. Unrealized appreciation (depreciation) on these commitments is separately presented as unrealized appreciation (depreciation) on unfunded commitments as a footnote on each Fund’s Schedule of Investments.

3. RESTRICTED SECURITIES

At June 30, 2021, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At June 30, 2021, 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.		8/4/2020	$	38,352,605
(Cost $26,000,460) (0.61% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020	$	14,606,738
Northvolt AB		9/21/2020		16,197,320
Zymergen, Inc.		7/29/2020		15,687,386
Total Restricted Securities			$	46,491,444
(Cost $30,024,990)† (0.52% of Net Assets)
	Baron Small Cap Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
E2open Parent Holdings Inc.		4/21/2021	$	33,060,000
Janus International Group, Inc.		4/30/2021		41,280,000
Origin Materials, Inc.		4/30/2021		7,980,000
Total Restricted Securities			$	82,320,000
(Cost $70,000,000)† (1.52% of Net Assets)

† See Schedules of Investments for cost of individual securities.

Baron Funds June 30, 2021

	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
indie Semiconductor Inc.		4/30/2021	$	9,490,000
The Original Bark Co.		4/30/2021		5,305,000
Taboola.com Ltd.		4/30/2021		4,431,130
Private Common Stocks
Space Exploration Technologies Corp.		3/25/21		4,741,404
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		9,371,587
Rivian Automotive, Inc.		7/10/2020 - 1/19/2021		21,962,971
Private Preferred Stocks
GM Cruise Holdings		1/19/2021		7,103,699
Space Exploration Technologies Corp.		8/4/2020		7,375,562
Total Restricted Securities			$	69,781,353
(Cost $55,724,425)† (4.30% of Net Assets)
	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-4/8/2021	$	1,422,222
Private Convertible Preferred Stocks
Rivian Automotive, Inc.		1/19/2021		2,976,386
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,546,794
Total Restricted Securities			$	7,945,402
(Cost $8,011,919)† (0.94% of Net Assets)
	Baron Discovery Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
indie Semiconductor Inc.		2/12/2021	$	9,490,000
(Cost $10,000,000 ) (0.48% 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.

Baron Funds June 30, 2021

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 June 30, 2021 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†	$	6,152,405,895	$	—	$	—	$	6,152,405,895
Private Preferred Stocks		—		—		38,352,605		38,352,605
Short Term Investments		—		51,045,138		—		51,045,138
Total Investments	$	6,152,405,895	$	51,045,138	$	38,352,605	$	6,241,803,638
Unrealized appreciation (depreciation) on unfunded commitments		—		—	$	(205,192)	$	(205,192)
	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†	$	8,944,062,723	$	—	$	—	$	8,944,062,723
Private Convertible Preferred Stocks†		—		—		46,491,444		46,491,444
Warrants		299,197		—		—		299,197
Total Investments	$	8,944,361,920	$	—	$	46,491,444	$	8,990,853,364
Unrealized appreciation (depreciation) on unfunded commitments		—		—	$	1,154,327	$	1,154,327
	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†	$	5,234,812,252	$	—	$	82,320,000	$	5,317,132,252
Warrants†		3,924,627		—		—		3,924,627
Short Term Investments		—		84,671,422		—		84,671,422
Total Investments	$	5,238,736,879	$	84,671,422	$	82,320,000	$	5,405,728,301
Unrealized appreciation (depreciation) on unfunded commitments		—		—	$	9,193	$	9,193

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2021

	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†	$	1,515,570,253	$	7,356,988	$	19,226,130	$	1,542,153,371
Private Common Stocks		—		—		4,741,404		4,741,404
Private Convertible Preferred Stocks†		—		—		31,334,558		31,334,558
Private Preferred Stocks†		—		—		14,479,261		14,479,261
Warrants		330,714		—		—		330,714
Short Term Investments		—		16,392,013		—		16,392,013
Total Investments	$	1,515,900,967	$	23,749,001	$	69,781,353	$	1,609,431,321
Unrealized appreciation (depreciation) on unfunded commitments		—		—	$	(609,369)	$	(609,369)
	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†	$	812,710,292	$	15,248,584	$	—	$	827,958,876
Private Common Stocks						1,422,222		1,422,222
Private Convertible Preferred Stocks				—		2,976,386		2,976,386
Private Preferred Stocks				—		3,546,794		3,546,794
Short Term Investments				5,358,665		—		5,358,665
Total Investments	$	812,710,292	$	20,607,249	$	7,945,402	$	841,262,943
	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†	$	1,816,911,249	$	14,212,371	$	9,490,000	$	1,840,613,620
Short Term Investments		—		163,351,094		—		163,351,094
Total Investments	$	1,816,911,249	$	177,563,465	$	9,490,000	$	2,003,964,714
Unrealized appreciation (depreciation) on unfunded commitments		—		—	$	(438,180)	$	(438,180)
	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†	$	28,008,153	$	—	$	—	$	28,008,153
Short Term Investments		—		1,467,968		—		1,467,968
Total Investments	$	28,008,153	$	1,467,968	$	—	$	29,476,121

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2021

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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2021
Private Preferred Stocks
Industrials	$	23,258,856	$	—	$	—	$	15,093,749	$	—	$	—	$	—	$	—	$	38,352,605	$	15,093,749
Private Partnerships
Financials		182,756		—		602,920		(182,756)		—		(602 920)		—		—		—		—
Total	$	23,441,612	$	—	$	602,920	$	14,910,993	$	—	$	(602,920)	$	—	$	—	$	38,352,605	$	15,093,749
Unfunded Commitments		—		—		—	$	(205,192)		—		—		—		—	$	(205,192)	$	(205,192)
	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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2021
Private Convertible Preferred Stocks
Industrials	$	8,377,635	$	—	$	—	$	7,819,685	$	—	$	—	$	—	$	—	$	16,197,320	$	7,819,685
Materials		18,350,623		—		—		11,943,501		—		—		—		—		30,294,124		11,943,501
Private Partnerships
Financials		61,517		—		202,947		(61,517)		—		(202,947)		—		—		—		—
Total	$	26,789,775	$	—	$	202,947	$	19,701,669	$	—	$	(202,947)	$	—	$	—	$	46,491,444	$	19,763,186
Unfunded Commitments		—		—		—	$	1,154,327		—		—		—		—	$	1,154,327	$	1,154,327
	Baron Small Cap 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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2021
Common Stocks
Industrials	$	—	$	—	$	—	$	11,280,000	$	30,000,000	$	—	$	—	$	—	$	41,280,000	$	11,280,000
Information Technology		—		—		—		3,060,000		30,000,000		—		—		—		33,060,000		3,060,000
Materials		—		—		—		(2,020,000)		10,000,000		—		—		—		7,980,000		(2,020,000)
Total	$	—	$	—	$	—	$	12,320,000	$	70,000,000	$	—	$	—	$	—	$	82,320,000	$	12,320,000
Unfunded Commitments		—		—		—	$	9,193		—		—		—		—	$	9,193	$	9,193

Baron Funds June 30, 2021

	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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2021
Common Stocks
Communication Service	$	—	$	—	$	—	$	(8,880)	$	4,440,010	$	—	$	—	$	—	$	4,431,130	$	(8,880)
Information Technology		—		—		—		(510,000)		10,000,000		—		—		—		9,490,000		(510,000)
Special Purpose Acquisition Company		—		—		—		305,000		5,000,000		—		—		—		5,305,000		305,000
Private Common Stocks
Industrials		—		—		—		(258,577)		4,999,981		—		—		—		4,741,404		(258,577)
Private Convertible Preferred Stocks
Consumer Discretionary		7,892,183		—		—		9,570,777		4,500,011		—		—		—		21,962,971		9,570,777
Materials		6,542,346		—		—		2,829,241		—		—		—		—		9,371,587		2,829,241
Private Preferred Stocks
Industrials		4,472,894		—		—		2,972,077		7,034,290		—		—		—		14,479,261		2,972,077
Total	$	18,907,423	$	—	$	—	$	14,899,638	$	35,974,292	$	—	$	—	$	—	$	69,781,353	$	14,899,638
Unfunded Commitments		—		—		—	$	(609,369)		—		—		—		—	$	(609,369)	$	(609,369)
	Baron Fifth Avenue 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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held  at June 30, 2021
Private Common Stocks
Industrials	$	—	$	—	$	—	$	(77,562)	$	1,499,784	$	—	$	—	$	—	$	1,422,222	$	(77,562)
Private Convertible Preferred Stocks
Consumer Discretionary		—		—		—		(23,609)		2,999,995		—		—		—		2,976,386		(23,609)
Private Preferred Stocks
Industrials		—		—		—		34,655		3,512,139		—		—		—		3,546,794		34,655
Total	$	—	$	—	$	—	$	(66,516)	$	8,011,918	$	—	$	—	$	—	$	7,945,402	$	(66,516)
	Baron Discovery 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 June 30, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2021
Common Stocks
Information Technology	$	—	$	—	$	—	$	(510,000)	$	10,000,000	$	—	$	—	$	—	$	9,490,000	$	(510,000)
Total	$	—	$	—	$	—	$	(510,000)	$	10,000,000	$	—	$	—	$	—	$	9,490,000	$	(510,000)
Unfunded Commitments		—		—		—	$	(438,180)		—		—		—		—	$	(438,180)	$	(438,180)

Baron Funds June 30, 2021

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of June 30, 2021 were as follows:

Baron Opportunity Fund
Sector	Company	Fair Value as of June 30, 2021		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2021	Range used on June 30, 2021
Private Convertible Preferred Stocks: Consumer Discretionary	Rivian Automotive LLC	$	21,962,971	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	0.47%	(2.67)% – 1.92%
					Discount for lack of marketability	9.36%	9.36%
					Estimated volatility of the returns of equity1	46.75%	22.94% – 125.02%
					Scenario Probabilities: Scenario A / Scenario B2	90% / 10%	10% – 90%

¹  The volatility was calculated as a weighted average of the volatilities of the individual comparable companies. Some companies have a higher weight in the calculation than others.

²  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of June 30, 2021, 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	$	1,911,288,210	$	1,413,921,860	$	2,076,323,958	$	878,237,645	$	411,043,753	$	1,337,063,638	$	21,888,738
Gross tax unrealized appreciation	$	4,331,806,229	$	7,576,931,504	$	3,356,064,233	$	732,913,622	$	430,490,084	$	694,712,961	$	7,587,445
Gross tax unrealized depreciation		(1,290,801)		—		(26,659,890)		(1,719,946)		(270,894)		(27,811,885)		(62)
Net unrealized appreciation	$	4,330,515,428	$	7,576,931,504	$	3,329,404,343	$	731,193,676	$	430,219,190	$	666,901,076	$	7,587,383
Net unrealized appreciation (depreciation) on unfunded commitments	$	(205,192)	$	1,154,327	$	9,193	$	(609,369)	$	—	$	(438,180)	$	—

Baron Funds June 30, 2021

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 June  30, 2021		Value at June 30, 2021		% of Net Assets at June 30, 2021
“Affiliated” Company as of June 30, 2021:
Choice Hotels International, Inc.	$	257,880,000	$	—	$	—	$	98,700,000	$	—	$	675,000		3,000,000	$	356,580,000		3.96%
Iridium Communications, Inc.		226,383,000		—		34,081,990		98,149,262		27,470,228		—		7,950,000		317,920,500		3.53%
	$	484,263,000	$	—	$	34,081,990	$	196,849,262	$	27,470,228	$	675,000			$	674,500,500
No longer an “Affiliated” Company as of June 30, 2021:
Vail Resorts, Inc.	$	436,498,800	$	—	$	10,141,130	$	198,811,038	$	7,871,292	$	—		2,000,000	$	633,040,000		7.03%

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 June  30, 2021		Value at June 30, 2021		% of Net Assets at June 30, 2021
“Affiliated” Company as of June 30, 2021:
Installed Building Products, Inc.	$	170,431,250	$	—	$	13,568,335	$	30,307,171	$	5,546,914	$	975,000		1,575,000	$	192,717,000		3.56%
No longer an “Affiliated” Company as of June 30, 2021:
Paya Holdings, Inc. (formerly, FinTech Acquisition Corp. III)2	$	25,775,000	$	10,583,654	$	—	$	2,211,346	$	—	$	—		3,500,000	$	38,570,000		0.71%
Repay Holdings Corporation		88,762,203		—		6,711,771		(4,622,203)		6,711,771		—		3,500,000		84,140,000		1.55%
UTZ Brands, Inc.		73,390,000		—		27,425,952		9,954,000		9,451,952		590,988		3,000,000		65,370,000		1.21%
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		—		—		1,782,572		—		—		1,403,600		3,115,992		0.06%
	$	205,940,623	$	10,583,654	$	50,895,614	$	12,645,715	$	12,921,614	$	590,988			$	191,195,992

¹  An “Affiliated” company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended June 30, 2021.

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

Baron Funds June 30, 2021

8. EXECUTIVE ORDER ON SECURITIES INVESTMENTS THAT FINANCE COMMUNIST CHINESE MILITARY COMPANIES

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.

As of June 30, 2021, none of the Funds owned any CCMC Securities.