Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.09%)
Communication Services (3.05%)
		Cable & Satellite (0.63%)
	250,000	Liberty Broadband Corporation, Cl C 1	$	17,552,615	$	40,275,000
		Interactive Media & Services (2.42%)
	1,431,000	Nextdoor Holdings, Inc. (formerly, Khosla Ventures Acquisition Co. II), Cl A 1		14,310,000		11,290,590
	1,127,141	Tripadvisor, Inc. 1		38,751,807		30,725,864
	1,735,709	ZoomInfo Technologies Inc., Cl A 1		43,840,818		111,432,518
				96,902,625		153,448,972
	Total Communication Services			114,455,240		193,723,972
Consumer Discretionary (7.00%)
		Automobile Manufacturers (0.69%)
	425,305	Rivian Automotive, Inc., Cl A 1		33,173,790		44,099,876
		Education Services (0.30%)
	150,000	Bright Horizons Family Solutions, Inc. 1		16,921,054		18,882,000
		Hotels, Resorts & Cruise Lines (2.16%)
	546,442	Choice Hotels International, Inc.		5,198,084		85,239,487
	543,233	Hyatt Hotels Corp., Cl A 1		16,817,762		52,096,045
				22,015,846		137,335,532
		Internet & Direct Marketing Retail (0.34%)
	650,000	Farfetch Limited, Cl A 1,2		18,090,635		21,729,500
		Leisure Facilities (3.12%)
	603,538	Vail Resorts, Inc.		11,683,688		197,900,110
		Specialty Stores (0.39%)
	530,000	Warby Parker, Inc., Cl A 1		29,247,329		24,676,800
	Total Consumer Discretionary			131,132,342		444,623,818
Financials (11.30%)
		Asset Management & Custody Banks (0.74%)
	237,514	T. Rowe Price Group, Inc.		5,729,987		46,704,753
		Financial Exchanges & Data (5.31%)
	370,725	FactSet Research Systems, Inc.		19,898,420		180,176,057
	257,267	MarketAxess Holdings, Inc.		31,487,484		105,806,199
	30,000	MSCI, Inc.		7,783,774		18,380,700
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		32,664,567
				71,148,391		337,027,523
		Insurance Brokers (0.59%)
	158,421	Willis Towers Watson plc 2		19,439,430		37,623,403
		Investment Banking & Brokerage (2.42%)
	1,825,936	The Charles Schwab Corp.		1,609,715		153,561,217
		Property & Casualty Insurance (1.54%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		97,943,086
		Regional Banks (0.70%)
	216,421	First Republic Bank		5,518,736		44,693,101
	Total Financials			111,380,195		717,553,083

Shares			Cost		Value
Common Stocks (continued)
Health Care (26.46%)
		Biotechnology (0.32%)
	58,366	argenx SE, ADR 1,2	$	18,854,200	$	20,439,190
		Health Care Equipment (9.28%)
	173,000	DexCom, Inc. 1		55,276,880		92,892,350
	673,630	IDEXX Laboratories, Inc. 1		12,186,829		443,558,410
	161,644	Teleflex, Inc.		29,645,959		53,096,821
				97,109,668		589,547,581
		Health Care Supplies (1.51%)
	215,418	The Cooper Companies, Inc.		36,713,299		90,247,217
	194,000	Figs, Inc., Cl A 1		5,886,215		5,346,640
				42,599,514		95,593,857
		Health Care Technolgy (1.85%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		117,363,935
		Life Sciences Tools & Services (13.50%)
	100,682	10X Genomics, Inc., Cl A 1		3,926,598		14,997,591
	399,986	Bio-Techne Corporation		39,595,546		206,928,757
	336,000	Guardant Health, Inc. 1,4		29,804,184		33,606,720
	217,552	Illumina, Inc. 1		9,280,300		82,765,483
	194,117	Mettler-Toledo International, Inc. 1		11,674,111		329,457,313
	404,404	West Pharmaceutical Services, Inc.		17,498,069		189,669,520
				111,778,808		857,425,384
	Total Health Care			297,457,786		1,680,369,947
Industrials (13.86%)
		Environmental & Facilities Services (0.89%)
	1,643,418	Rollins, Inc.		24,597,483		56,221,330
		Industrial Conglomerates (1.99%)
	257,192	Roper Technologies, Inc.		26,184,327		126,502,457
		Industrial Machinery (1.27%)
	340,760	IDEX Corporation		24,525,881		80,528,403
		Research & Consulting Services (9.71%)
	2,230,474	Clarivate Plc 1,2		35,903,681		52,460,749
	2,154,930	CoStar Group, Inc. 1		42,162,593		170,304,118
	1,468,500	TransUnion		79,691,638		174,134,730
	961,206	Verisk Analytics, Inc.		23,863,743		219,856,648
				181,621,655		616,756,245
	Total Industrials			256,929,346		880,008,435
Information Technology (31.10%)
		Application Software (15.05%)
	571,856	ANSYS, Inc. 1		20,310,482		229,382,879
	395,300	Aspen Technology, Inc. 1		40,628,908		60,164,660
	400,000	Avalara, Inc. 1		57,489,016		51,644,000
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		170,906,275
	924,656	Clearwater Analytics Holdings, Inc., Cl A 1		20,534,625		21,248,595

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Application Software (continued)
	125,000	Fair Isaac Corp. 1	$	51,657,237	$	54,208,750
	1,421,809	Guidewire Software, Inc. 1		77,473,157		161,417,976
	63,861	HubSpot, Inc. 1		38,242,458		42,093,978
	250,000	RingCentral, Inc., Cl A 1		55,432,330		46,837,500
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		63,212,810
	594,000	The Trade Desk, Inc., Cl A 1		11,554,017		54,434,160
				458,282,300		955,551,583
		Data Processing & Outsourced Services (1.01%)
	589,217	Fidelity National Information Services, Inc.		33,648,187		64,313,036
		Electronic Components (1.24%)
	900,000	Amphenol Corp., Cl A		42,881,684		78,714,000
		Internet Services & Infrastructure (3.40%)
	592,103	Verisign, Inc. 1		27,318,889		150,287,583
	415,000	Wix.com Ltd. 1,2		36,442,406		65,482,850
				63,761,295		215,770,433
		IT Consulting & Other Services (9.12%)
	130,000	EPAM Systems, Inc. 1		74,320,618		86,898,500
	1,472,323	Gartner, Inc. 1		31,855,813		492,227,025
				106,176,431		579,125,525
		Technology Distributors (1.28%)
	397,363	CDW Corp.		26,228,965		81,371,995
	Total Information Technology			730,978,862		1,974,846,572
Materials (0.39%)
		Specialty Chemicals (0.39%)
	1,853,529	Diversey Holdings Ltd. 1,2		27,802,935		24,670,471
Real Estate (4.93%)
		Real Estate Services (0.93%)
	542,323	CBRE Group, Inc., Cl A 1		6,067,334		58,847,469
		Specialized REITs (4.00%)
	205,000	Alexandria Real Estate Equities, Inc. 4		30,958,643		45,706,800
	80,416	Equinix, Inc.		5,298,108		68,019,069
	360,856	SBA Communications Corp.		9,303,270		140,380,201
				45,560,021		254,106,070
	Total Real Estate			51,627,355		312,953,539
	Total Common Stocks			1,721,764,061		6,228,749,837

Shares			Cost		Value
Private Common Stocks (0.73%)
Consumer Discretionary (0.73%)
		Internet & Direct Marketing Retail (0.73%)
	197,613	StubHub Holdings, Inc., Cl A 3,4,6	$	50,000,041	$	46,367,914
Private Preferred Stocks (0.84%)
Industrials (0.84%)
		Aerospace & Defense (0.84%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,6		26,000,460		53,494,502
Principal Amount
Short Term Investments (0.13%)
	$7,865,836	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $7,865,836; (Fully collateralized by $8,055,900 U.S. Treasury Note, 1.375% due 12/31/2028 Market value – $8,023,177)5		7,865,836		7,865,836
	Total Investments (99.79%)		$	1,805,630,398		6,336,478,089
	Cash and Other Assets Less Liabilities (0.21%)					13,572,684
	Net Assets				$	6,350,050,773
	Retail Shares (Equivalent to $117.45 per share based on 24,975,746 shares outstanding)				$	2,933,379,381
	Institutional Shares (Equivalent to $123.70 per share based on 26,033,146 shares outstanding)				$	3,220,351,775
	R6 Shares (Equivalent to $123.68 per share based on 1,587,364 shares outstanding)				$	196,319,617

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2021, the market value of restricted and fair valued securities amounted to $99,862,416 or 1.57 % of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.53%)
Communication Services (3.73%)
		Alternative Carriers (3.38%)
	7,900,000	Iridium Communications, Inc. 1,4	$	48,702,979	$	326,191,000
		Movies & Entertainment (0.35%)
	2,400,000	Manchester United plc, Cl A 2		32,182,962		34,176,000
	Total Communication Services			80,885,941		360,367,000
Consumer Discretionary (20.16%)
		Casinos & Gaming (4.37%)
	440,000	Boyd Gaming Corporation 1		11,056,072		28,850,800
	5,800,000	Penn National Gaming, Inc. 1		74,513,357		300,730,000
	1,695,000	Red Rock Resorts, Inc., Cl A 1		31,464,689		93,241,950
				117,034,118		422,822,750
		Education Services (1.71%)
	1,310,000	Bright Horizons Family Solutions, Inc. 1		41,415,154		164,902,800
		Health Care Supplies (0.06%)
	125,000	Warby Parker, Inc., Cl A 1		6,637,044		5,820,000
		Hotels, Resorts & Cruise Lines (7.04%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		467,970,000
	1,255,000	Marriott Vacations Worldwide Corp.		67,098,661		212,069,900
				139,880,788		680,039,900
		Leisure Facilities (6.79%)
	2,000,000	Vail Resorts, Inc.		56,102,209		655,800,000
		Restaurants (0.19%)
	665,166	Krispy Kreme, Inc.		11,123,467		12,584,941
	174,659	Sweetgreen, Inc., Cl A 1		6,559,530		5,589,088
				17,682,997		18,174,029
	Total Consumer Discretionary			378,752,310		1,947,559,479
Financials (33.01%)
		Asset Management & Custody Banks (2.91%)
	1,920,000	The Carlyle Group, Inc.		39,239,771		105,408,000
	1,900,000	Cohen & Steers, Inc.		41,176,154		175,769,000
				80,415,925		281,177,000
		Financial Exchanges & Data (19.81%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		583,212,000
	980,000	Morningstar, Inc.		20,062,517		335,150,200
	1,625,000	MSCI, Inc.		30,348,303		995,621,250
				110,365,395		1,913,983,450
		Investment Banking & Brokerage (0.80%)
	450,000	Houlihan Lokey, Inc.		19,625,873		46,584,000
	500,000	Moelis & Co., Cl A		9,070,381		31,255,000
				28,696,254		77,839,000
		Life & Health Insurance (2.57%)
	1,620,000	Primerica, Inc.		33,998,519		248,297,400
		Property & Casualty Insurance (6.68%)
	9,165,000	Arch Capital Group Ltd. 1,2		28,618,247		407,384,250
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		237,890,000
				63,626,010		645,274,250
		Thrifts & Mortgage Finance (0.24%)
	520,000	Essent Group Ltd. 2		14,300,210		23,675,600
	Total Financials			331,402,313		3,190,246,700

Shares			Cost		Value
Common Stocks (continued)
Health Care (14.43%)
		Biotechnology (0.28%)
	600,000	Denali Therapeutics, Inc. 1	$	11,149,573	$	26,760,000
		Health Care Equipment (4.56%)
	670,000	IDEXX Laboratories, Inc. 1		9,475,693		441,168,200
		Health Care Supplies (0.54%)
	1,147,434	Neogen Corp. 1		13,141,411		52,104,978
		Health Care Technology (0.24%)
	670,000	Schrödinger, Inc. 1		8,761,724		23,336,100
		Life Sciences Tools & Services (8.36%)
	830,000	Bio-Techne Corporation		43,822,926		429,392,200
	85,000	Mettler-Toledo International, Inc. 1		3,889,532		144,262,850
	500,000	West Pharmaceutical Services, Inc.		17,009,688		234,505,000
				64,722,146		808,160,050
		Pharmaceuticals (0.45%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom)2,6		18,422,044		43,225,747
	Total Health Care			125,672,591		1,394,755,075
Industrials (7.42%)
		Building Products (2.29%)
	1,640,000	Trex Company, Inc. 1		14,786,205		221,449,200
		Environmental & Facilities Services (0.18%)
	1,253,077	BrightView Holdings, Inc. 1		15,579,166		17,643,324
		Industrial Machinery (0.59%)
	4,275,000	Marel hf (Netherlands)2		18,281,670		28,910,490
	3,542,551	Velo3D, Inc. 1		34,973,689		27,667,323
				53,255,359		56,577,813
		Research & Consulting Services (4.36%)
	5,335,000	CoStar Group, Inc. 1		22,298,464		421,625,050
	Total Industrials			105,919,194		717,295,387
Information Technology (14.97%)
		Application Software (9.16%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		56,057,000
	1,120,000	ANSYS, Inc. 1		25,793,526		449,254,400
	1,025,000	Guidewire Software, Inc. 1		31,789,104		116,368,250
	1,000,000	Pegasystems, Inc.		13,997,009		111,820,000
	1,850,000	SS&C Technologies Holdings, Inc.		14,098,119		151,663,000
				97,007,777		885,162,650
		Electronic Components (0.20%)
	60,000	Littelfuse, Inc.		6,452,400		18,880,800
		Electronic Equipment & Instruments (0.16%)
	1,500,000	Mirion Technologies, Inc. 1		15,000,000		15,705,000
		IT Consulting & Other Services (5.45%)
	1,575,000	Gartner, Inc. 1		22,061,706		526,554,000
	Total Information Technology			140,521,883		1,446,302,450

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Real Estate (5.81%)
		Diversified REITs (0.08%)
	200,000	American Assets Trust, Inc.	$	3,437,271	$	7,506,000
		Office REITs (1.28%)
	3,700,000	Douglas Emmett, Inc.		39,249,426		123,950,000
		Specialized REITs (4.45%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,054,963		167,220,000
	5,400,000	Gaming and Leisure Properties, Inc.		114,745,147		262,764,000
				140,800,110		429,984,000
	Total Real Estate			183,486,807		561,440,000
	Total Common Stocks			1,346,641,039		9,617,966,091
Private Convertible Preferred Stocks (0.42%)
Industrials (0.17%)
		Electrical Components & Equipment (0.17%)
	59,407,006	Northvolt AB, Series E (Sweden)2,3,5,7		9,374,989		16,566,178
Materials (0.25%)
		Fertilizers & Agricultural Chemicals (0.25%)
	341,838	Farmers Business Network, Inc., Series F 1,3,5,7		11,300,002		19,211,296
	80,440	Farmers Business Network, Inc., Series G 1,3,5,7		5,000,000		4,582,667
	Total Materials			16,300,002		23,793,963
	Total Private Convertible Preferred Stocks			25,674,991		40,360,141
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		300,162

Principal Amount			Cost		Value
Short Term Investments (0.02%)
	$1,755,887	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $1,755,887; (Fully collateralized by $1,764,500 U.S. Treasury Note, 1.625% due 5/15/2031 Market value – $1,791,027)6	$	1,755,887	$	1,755,887
	Total Investments (99.97%)		$	1,374,071,917		9,660,382,281
	Cash and Other Assets Less Liabilities (0.03%)					3,321,607
	Net Assets				$	9,663,703,888
	Retail Shares (Equivalent to $116.15 per share based on 26,968,996 shares outstanding)				$	3,132,468,130
	Institutional Shares (Equivalent to $121.65 per share based on 51,693,254 shares outstanding)				$	6,288,594,795
	R6 Shares (Equivalent to $121.66 per share based on 1,994,345 shares outstanding)				$	242,640,963

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2021, the market value of restricted and fair valued securities amounted to $40,360,141 or 0.42% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 10 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.57%)
Communication Services (3.83%)
		Cable & Satellite (1.39%)
	75,000	Liberty Broadband Corporation, Cl A 1	$	298,828	$	12,067,500
	200,000	Liberty Broadband Corporation, Cl C 1		772,163		32,220,000
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		1,322,731		31,781,250
				2,393,722		76,068,750
		Movies & Entertainment (2.44%)
	1,250,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		22,521,105		79,050,000
	225,000	Madison Square Garden Entertainment Corp. 1		3,552,159		15,826,500
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		39,089,250
				34,489,820		133,965,750
	Total Communication Services			36,883,542		210,034,500
Consumer Discretionary (16.53%)
		Auto Parts & Equipment (1.00%)
	1,750,000	Holley, Inc. 1		17,725,069		22,732,500
	2,5000,000	Holley, Inc. 1,3,7		25,000,000		32,350,000
				42,725,069		55,082,500
		Casinos & Gaming (3.69%)
	925,000	DraftKings, Inc., Cl A 1		11,844,047		25,409,750
	1,025,000	Penn National Gaming, Inc. 1		18,170,393		53,146,250
	2,250,000	Red Rock Resorts, Inc., Cl A		56,514,491		123,772,500
				86,528,931		202,328,500
		Education Services (1.43%)
	625,000	Bright Horizons Family Solutions, Inc. 1		19,174,147		78,675,000
		Home Improvement Retail (2.96%)
	1,250,000	Floor & Decor Holdings, Inc., Cl A 1		44,151,665		162,512,500
		Homebuilding (3.50%)
	1,375,000	Installed Building Products, Inc.		73,961,325		192,115,000
		Hotels, Resorts & Cruise Lines (0.47%)
	2,000,000	Membership Collective Group, Inc., Cl A 1		27,900,478		25,560,000
		Leisure Facilities (1.32%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,504		72,464,000
		Restaurants (1.41%)
	1,225,000	The Cheesecake Factory, Inc. 1		31,861,597		47,958,750
	925,000	Sweetgreen, Inc., Cl A 1		34,565,263		29,600,000
				66,426,860		77,558,750
		Specialized Consumer Services (0.75%)
	1,350,000	European Wax Center, Inc., Cl A 1		26,254,833		40,972,500
	Total Consumer Discretionary			415,539,812		907,268,750

Shares			Cost		Value
Common Stocks (continued)
Consumer Staples (1.13%)
		Packaged Foods & Meats (0.91%)
	3,150,000	UTZ Brands, Inc.	$	51,390,273	$	50,242,500
		Personal Products (0.22%)
	500,000	The Beauty Health Co. 1		12,516,803		12,080,000
	Total Consumer Staples			63,907,076		62,322,500
Financials (5.28%)
		Insurance Brokers (1.97%)
	3,000,000	BRP Group, Inc., Cl A 1		48,364,954		108,330,000
		Investment Banking & Brokerage (1.18%)
	625,000	Houlihan Lokey, Inc.		28,909,333		64,700,000
		Property & Casualty Insurance (2.13%)
	490,000	Kinsale Capital Group, Inc.		70,510,514		116,566,100
	Total Financials			147,784,801		289,596,100
Health Care (13.70%)
		Health Care Equipment (5.46%)
	1,000,000	Axonics, Inc. 1		35,459,918		56,000,000
	300,000	CryoPort, Inc. 1		13,683,573		17,751,000
	185,000	DexCom, Inc. 1		2,453,785		99,335,750
	80,000	IDEXX Laboratories, Inc. 1		1,106,353		52,676,800
	320,000	Inspire Medical Systems, Inc. 1,5		16,558,159		73,619,200
				69,261,788		299,382,750
		Health Care Supplies (0.38%)
	750,000	Figs, Inc., Cl A 1		19,269,865		20,670,000
		Life Sciences Tools & Services (5.90%)
	250,000	Guardant Health, Inc. 1,5		4,953,266		25,005,000
	700,000	ICON plc 1,2		38,492,341		216,790,000
	2,652,592	MaxCyte, Inc. 1		31,357,616		27,029,913
	32,500	Mettler-Toledo International, Inc. 1		1,571,420		55,159,325
				76,374,643		323,984,238
		Managed Health Care (0.64%)
	800,000	HealthEquity, Inc. 1		13,208,487		35,392,000
		Pharmaceuticals (1.32%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom)2,6		28,027,985		72,274,673
	Total Health Care			206,142,768		751,703,661
Industrials (24.80%)
		Aerospace & Defense (3.28%)
	2,350,000	Kratos Defense & Security Solutions, Inc. 1		35,335,984		45,590,000
	1,000,000	Mercury Systems, Inc. 1		25,872,953		55,060,000
	125,000	TransDigm Group, Inc. 1		0		79,535,000
				61,208,937		180,185,000
		Building Products (3.45%)
	1,090,609	The AZEK Co., Inc. 1		25,084,007		50,429,760
	3,250,000	Janus International Group, Inc. 1		33,207,050		40,690,000
	725,000	Trex Company, Inc. 1		27,101,408		97,896,750
				85,392,465		189,016,510
		Diversified Support Services (1.13%)
	1,850,000	Driven Brands Holdings, Inc. 1		45,803,401		62,197,000

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Electrical Components & Equipment (3.40%)
	1,250,000	Shoals Technologies Group, Inc., Cl A 1	$	34,072,579	$	30,375,000
	6,250,000	Vertiv Holdings Co.		61,620,882		156,062,500
				95,693,461		186,437,500
		Environmental & Facilities Services (1.18%)
	475,000	Waste Connections, Inc. 2		20,741,667		64,728,250
		Human Resource & Employment Services (4.42%)
	1,550,000	ASGN, Inc. 1		34,021,695		191,270,000
	2,695,760	First Advantage Corp. 1		45,099,839		51,327,270
				79,121,534		242,597,270
		Industrial Machinery (2.23%)
	500,000	John Bean Technologies Corp.		42,775,112		76,780,000
	225,000	RBC Bearings, Incorporated 1		24,593,639		45,443,250
				67,368,751		122,223,250
		Research & Consulting Services (1.71%)
	4,000,000	Clarivate Plc 1,2		44,078,832		94,080,000
		Trading Companies & Distributors (4.00%)
	3,500,000	Hillman Solutions Corp. 1,5		40,451,651		37,625,000
	750,000	SiteOne Landscape Supply, Inc. 1		17,970,317		181,710,000
				58,421,968		219,335,000
	Total Industrials			557,831,016		1,360,799,780
Information Technology (26.25%)
		Application Software (11.09%)
	750,000	Altair Engineering, Inc., Cl A 1		11,935,619		57,990,000
	800,000	Aspen Technology, Inc. 1		29,983,938		121,760,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		88,791,000
	700,000	Clearwater Analytics Holdings, Inc., Cl A 1		15,104,407		16,086,000
	6,886,792	E2open Parent Holdings, Inc. 1		70,859,467		77,545,278
	1,225,000	Guidewire Software, Inc. 1		31,269,359		139,074,250
	4,000,000	SmartRent, Inc. 1,5		44,329,709		38,720,000
	750,000	The Trade Desk, Inc., Cl A 1		2,662,500		68,730,000
				229,856,720		608,696,528
		Data Processing & Outsourced Services (3.55%)
	750,000	Nuvei Corp., (Canada) 144A 1,2		20,780,312		48,735,000
	3,500,000	Paya Holdings, Inc., Cl A 1		36,561,335		22,190,000
	3,500,000	Repay Holdings Corporation 1		30,228,850		63,945,000
	250,000	Shift4 Payments, Inc., Cl A 1		5,750,000		14,482,500
	325,000	WEX, Inc. 1		13,547,002		45,626,750
				106,867,499		194,979,250
		Electronic Equipment & Instruments (1.70%)
	1,200,000	Cognex Corp.		9,420,069		93,312,000
		Internet Services & Infrastructure (0.86%)
	300,000	Wix.com Ltd. 1,2		15,501,799		47,337,000
		IT Consulting & Other Services (8.84%)
	750,000	Endava plc, ADR 1,2		23,557,249		125,940,000
	875,000	Gartner, Inc. 1		12,606,753		292,530,000
	1,750,000	Grid Dynamics Holdings, Inc. 1		17,114,054		66,447,500
				53,278,056		484,917,500

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (0.21%)
	300,000	Jamf Holding Corp. 1,5	$	8,290,141	$	11,403,000
	Total Information Technology			423,214,284		1,440,645,278
Materials (2.78%)
		Metal & Glass Containers (0.94%)
	700,000	Berry Global Group, Inc. 1		11,052,147		51,646,000
		Specialty Chemicals (1.84%)
	1,800,000	Avient Corp.		57,431,587		100,710,000
	Total Materials			68,483,734		152,356,000
Real Estate (3.27%)
		Specialized REITs (3.27%)
	2,500,000	Americold Realty Trust 5		51,727,682		81,975,000
	250,000	SBA Communications Corp.		1,006,881		97,255,000
	Total Real Estate			52,734,563		179,230,000
	Total Common Stocks			1,972,521,596		5,353,956,569
Principal Amount
Short Term Investments (2.12%)
	$116,509,485	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $116,509,485; (Fully collateralized by $119,638,900 U.S. Treasury Bond, 1.875% due 2/15/2041 Market value – $118,839,742)6		116,509,485		116,509,485
	Total Investments (99.69%)		$	2,089,031,081		5,470,466,054
	Cash and Other Assets Less Liabilities (0.31%)					16,783,908
	Net Assets				$	5,487,249,962
	Retail Shares (Equivalent to $37.84 per share based on 49,278,563 shares outstanding)				$	1,864,795,651
	Institutional Shares (Equivalent to $40.43 per share based on 82,331,487 shares outstanding)				$	3,328,631,203
	R6 Shares (Equivalent to $40.41 per share based on 7,270,281 shares outstanding)				$	293,823,108

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2021, the market value of restricted and fair valued securities amounted to $32,350,000 or 0.59% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the market value of Rule 144A securities amounted to $48,735,000 or 0.89% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.67%)
Communication Services (16.64%)
		Advertising (0.64%)
	1,600,000	Innovid Corp (formerly, ION Acquisition Corp. 2 Ltd.) 1	$	16,000,000	$	10,640,000
		Interactive Home Entertainment (1.67%)
	129,000	Electronic Arts, Inc.		15,273,979		17,015,100
	60,500	Take-Two Interactive Software, Inc. 1		7,766,320		10,752,060
				23,040,299		27,767,160
		Interactive Media & Services (12.09%)
	39,550	Alphabet, Inc., Cl C 1		53,222,693		114,441,484
	771,800	Nextdoor Holdings, Inc. (formerly, Khosla Ventures Acquisition Co. II, Cl A) 1		7,855,228		6,089,502
	473,000	Snap, Inc., Cl A 1		8,695,816		22,245,190
	311,272	Tripadvisor, Inc. 1		9,934,623		8,485,275
	778,369	ZoomInfo Technologies Inc., Cl A 1		25,572,629		49,971,290
				105,280,989		201,232,741
		Movies & Entertainment (2.24%)
	650,000	Endeavor Group Holdings, Inc., Cl A 1		15,600,000		22,678,500
	24,425	Netflix, Inc. 1		3,966,732		14,714,597
				19,566,732		37,393,097
	Total Communication Services			163,888,020		277,032,998
Consumer Discretionary (15.55%)
		Automobile Manufacturers (9.99%)
	506,829	Rivian Automotive, Inc., Cl A 1		39,532,662		52,553,099
	606,300	Rivian Automotive, Inc., Cl A 1,3,6		12,000,006		59,429,526
	51,400	Tesla, Inc. 1		1,934,130		54,318,492
				53,466,798		166,301,117
		Internet & Direct Marketing Retail (5.56%)
	24,275	Amazon.com, Inc. 1		29,742,115		80,941,103
	8,529	MercadoLibre, Inc. 1		4,838,488		11,500,504
				34,580,603		92,441,607
	Total Consumer Discretionary			88,047,401		258,742,724
Financials (0.75%)
		Consumer Finance (0.75%)
	790,099	SoFi Technologies, Inc. 1		7,900,990		12,491,465
Health Care (12.65%)
		Biotechnology (5.05%)
	108,639	argenx SE, ADR 1,2		11,575,600		38,044,291
	466,600	Arrowhead Pharmaceuticals, Inc. 1		20,192,188		30,935,580
	102,500	Mirati Therapeutics, Inc. 1		16,802,664		15,035,725
				48,570,452		84,015,596
		Health Care Equipment (3.54%)
	131,100	Edwards Lifesciences Corp. 1		7,561,453		16,984,005
	51,705	Intuitive Surgical, Inc. 1		7,296,036		18,577,607
	131,100	Shockwave Medical, Inc. 1		6,501,123		23,379,063
				21,358,612		58,940,675
		Health Care Supplies (0.93%)
	560,779	Figs, Inc., Cl A 1		17,645,068		15,455,069

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (3.13%)
	50,419	10X Genomics, Inc., Cl A 1	$	3,006,785	$	7,510,414
	282,500	CareDx, Inc. 1,4		10,217,675		12,848,100
	90,637	Guardant Health, Inc. 1,4		9,050,217		9,065,513
	23,715	Illumina, Inc. 1		3,409,443		9,022,135
	146,086	Natera, Inc. 1,4		16,716,415		13,642,971
				42,400,535		52,089,133
	Total Health Care			129,974,667		210,500,473
Industrials (2.63%)
		Aerospace & Defense (0.80%)
	682,969	Kratos Defense & Security Solutions, Inc. 1		11,162,207		13,249,599
		Industrial Machinery (0.33%)
	710,220	Velo3D, Inc. 1		6,824,624		5,546,818
		Research & Consulting Services (1.50%)
	315,330	CoStar Group, Inc. 1		12,772,623		24,920,530
	Total Industrials			30,759,454		43,716,947
Information Technology (44.73%)
		Application Software (13.99%)
	23,700	Adobe, Inc. 1		4,199,063		13,439,322
	49,000	Atlassian Corp. PLC, Cl A 1,2		11,935,490		18,683,210
	383,070	Ceridian HCM Holding, Inc. 1		28,971,891		40,015,492
	129,566	Gitlab, Inc., Cl A 1,4		9,976,582		11,272,242
	232,100	Guidewire Software, Inc. 1		11,878,404		26,350,313
	25,000	HubSpot, Inc. 1		13,504,652		16,478,750
	108,100	RingCentral, Inc., Cl A 1		20,153,567		20,252,535
	39,500	ServiceNow, Inc. 1,4		9,588,431		25,639,845
	1,085,783	SimilarWeb Ltd. 1,2		19,098,449		19,446,374
	152,410	The Trade Desk, Inc., Cl A 1		2,846,756		13,966,852
	100,400	Workday, Inc., Cl A 1		24,832,945		27,427,272
				156,986,230		232,972,207
		Data Processing & Outsourced Services (5.74%)
	3,000	Adyen N.V., (Netherlands), 144A 1,2,5		2,422,754		7,874,999
	59,000	Block, Inc. (formerly, Square, Inc.), Cl A 1		11,540,837		9,529,090
	69,800	MasterCard Incorporated, Cl A		15,595,187		25,080,536
	115,200	PayPal Holdings, Inc. 1		16,572,834		21,724,416
	144,300	Visa, Inc., Cl A		23,990,037		31,271,253
				70,121,649		95,480,294
		Electronic Equipment & Instruments (1.09%)
	345,133	PAR Technology Corp. 1		14,931,208		18,212,669
		Internet Services & Infrastructure (1.92%)
	199,677	GDS Holdings Limited, ADR 1,2		9,243,659		9,416,767
	8,700	Shopify, Inc., Cl A 1,2		12,256,456		11,983,293
	67,043	Wix.com Ltd. 1,2		3,803,923		10,578,715
				25,304,038		31,978,775
		IT Consulting & Other Services (4.42%)
	191,368	Endava plc, ADR 1,2		6,240,927		32,134,514
	124,087	Gartner, Inc. 1		5,794,586		41,484,766
				12,035,513		73,619,280

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Semiconductors (5.43%)
	1,770,000	indie Semiconductor, Inc., Cl A 1	$	17,169,776	$	21,222,300
	720,000	Navitas Semiconductor Corp. (formerly, Live Oak Acquisition Corp. II, Cl A) 1		8,324,990		12,247,200
	193,400	NVIDIA Corp.		16,952,127		56,880,874
				42,446,893		90,350,374
		Systems Software (12.14%)
	66,723	Crowdstrike Holdings, Inc., Cl A 1		4,099,048		13,661,535
	123,356	HashiCorp, Inc. CL A 1,4		9,868,480		11,230,330
	493,900	Microsoft Corporation		78,400,719		166,108,448
	32,508	Snowflake, Inc., Cl A 1,4		3,900,960		11,012,085
				96,269,207		202,012,398
	Total Information Technology			418,094,738		744,625,997
Real Estate (0.72%)
		Specialized REITs (0.72%)
	14,225	Equinix, Inc.		2,122,124		12,032,074
	Total Common Stocks			840,787,394		1,559,142,678
Private Common Stocks (0.46%)
Industrials (0.46%)
	10,502	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		5,833,966
	3,189	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		1,771,522
	Total Private Common Stocks			6,000,141		7,605,488
Private Convertible Preferred Stocks (0.74%)
Materials (0.74%)
		Fertilizers & Agricultural Chemicals (0.74%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,6		7,250,007		12,325,840
Private Preferred Stocks (1.04%)
Industrials (1.04%)
		Aerospace & Defense (0.62%)
	18,519	Space Exploration Technologies Corp., Cl N 1,3,4,6		5,000,130		10,287,490
		Trucking (0.42%)
	266,956	GM Cruise Holdings, Cl G 1,3,4,6		7,034,290		7,010,264
	Total Private Preferred Stocks			12,034,420		17,297,754

Principal Amount			Cost		Value
Short Term Investments (3.67%)
	$61,152,495	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $61,152,495; (Fully collateralized by $61,451,700 U.S. Treasury Note, 1.625% due 5/15/2031 Market value – $62,375,560)5	$	61,152,495	$	61,152,495
	Total Investments (99.58%)		$	927,224,457		1,657,524,255
	Cash and Other Assets Less Liabilities (0.42%)					7,055,046
	Net Assets				$	1,664,579,301
	Retail Shares (Equivalent to $41.36 per share based on 21,155,772 shares outstanding)				$	874,926,916
	Institutional Shares (Equivalent to $43.82 per share based on 17,168,236 shares outstanding)				$	752,230,307
	R6 Shares (Equivalent to $43.87 per share based on 853,030 shares outstanding)				$	37,422,078

^%  Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2021, the market value of restricted and fair valued securities amounted to $96,658,608 or 5.81% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the market value of Rule 144A security amounted to $7,874,999 or 0.47% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.12%)
Communication Services (14.91%)
		Interactive Home Entertainment (1.48%)
	55,966	Sea Ltd. (Singapore), ADR 1,2	$	17,651,963	$	12,520,154
		Interactive Media & Services (13.43%)
	11,490	Alphabet, Inc., Cl A 1		17,696,238		33,286,989
	10,283	Alphabet, Inc., Cl C 1		4,420,382		29,754,786
	86,211	Meta Platforms Inc. (formerly, Facebook, Inc.), Cl A 1		7,852,035		28,997,070
	333,246	ZoomInfo Technologies Inc., Cl A 1		11,356,471		21,394,393
				41,325,126		113,433,238
	Total Communication Services			58,977,089		125,953,392
Consumer Discretionary (16.52%)
		Automobile Manufacturers (6.98%)
	491,644	Rivian Automotive, Inc., Cl A 1		38,348,232		50,978,566
	81,411	Rivian Automotive, Inc., Cl A 1,4,6		2,999,995		7,979,906
				41,348,227		58,958,472
		Internet & Direct Marketing Retail (9.54%)
	19,267	Amazon.com, Inc. 1		8,804,069		64,242,729
	12,138	MercadoLibre, Inc. 1		7,661,536		16,366,879
				16,465,605		80,609,608
	Total Consumer Discretionary			57,813,832		139,568,080
Financials (2.53%)
		Financial Exchanges & Data (2.53%)
	45,219	S&P Global, Inc.		10,911,824		21,340,203
Health Care (12.31%)
		Biotechnology (1.84%)
	44,516	argenx SE, ADR 1,2		13,441,616		15,589,058
		Health Care Equipment (4.00%)
	94,098	Intuitive Surgical, Inc. 1		13,622,943		33,809,412
		Health Care Technology (2.69%)
	88,844	Veeva Systems, Inc., Cl A 1		6,488,267		22,697,865
		Life Sciences Tools & Services (3.78%)
	93,906	10X Genomics, Inc., Cl A 1		9,741,606		13,988,238
	47,167	Illumina, Inc. 1		6,357,020		17,944,213
				16,098,626		31,932,451
	Total Health Care			49,651,452		104,028,786
Information Technology (51.85%)
		Application Software (12.23%)
	54,742	Adobe, Inc. 1		27,393,137		31,041,999
	66,675	Gitlab, Inc., Cl A 1,3		5,133,975		5,800,725
	84,251	RingCentral, Inc., Cl A 1		18,380,517		15,784,425
	64,177	ServiceNow, Inc. 1,3		26,333,590		41,657,932
	78,303	Splunk, Inc. 1		9,872,185		9,061,223
				87,113,404		103,346,304

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (11.34%)
	6,218	Adyen N.V., 144A (Netherlands)1,2,5	$	4,711,862	$	16,322,247
	109,754	Block, Inc. (formerly, Square, Inc.), Cl A 1		25,166,501		17,726,369
	92,334	MasterCard Incorporated, Cl A		12,623,590		33,177,453
	133,643	PayPal Holdings, Inc. 1		28,599,346		25,202,397
	98,916	Toast, Inc., Cl A 1		3,956,640		3,433,374
				75,057,939		95,861,840
		Internet Services & Infrastructure (5.40%)
	25,010	Shopify, Inc., Cl A 1,2		33,409,005		34,448,524
	71,087	Wix.com Ltd. 1,2		10,110,189		11,216,818
				43,519,194		45,665,342
		IT Consulting & Other Services (4.63%)
	58,478	EPAM Systems, Inc. 1		8,367,560		39,089,619
		Semiconductor Equipment (2.65%)
	28,129	ASML Holding N.V. 2		1,894,118		22,394,622
		Semiconductors (4.35%)
	124,857	NVIDIA Corp.		19,486,944		36,721,692
		Systems Software (11.25%)
	102,437	Crowdstrike Holdings, Inc., Cl A 1		7,770,828		20,973,976
	88,561	Datadog, Inc., Cl A 1,3		3,128,138		15,773,600
	256,769	Dynatrace, Inc. 1,3		11,122,881		15,496,009
	59,258	Snowflake, Inc., Cl A 1,3		9,646,369		20,073,648
	81,789	Twilio, Inc., Cl A 1,3		11,034,337		21,538,315
	28,607	UiPath, Inc., Cl A 1		1,601,992		1,233,820
				44,304,545		95,089,368
	Total Information Technology			279,743,704		438,168,787
	Total Common Stocks			457,097,901		829,059,248
Private Common Stocks (0.35%)
Industrials (0.35%)
		Aerospace & Defense (0.35%)
	4,133	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		2,295,923
	1,224	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,692		679,944
	Total Private Common Stocks			2,499,945		2,975,867
Private Preferred Stocks (0.41%)
Industrials (0.41%)
		Trucking (0.41%)
	133,288	GM Cruise Holdings, Cl G 1,3,4,6		3,512,139		3,500,143

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (1.04%)
	$8,792,450	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $8,792,450; (Fully collateralized by $8,835,500 U.S. Treasury Note, 1.625% due 5/15/2031 Market value – $8,968,332)5	$	8,792,450	$	8,792,450
	Total Investments (99.92%)		$	471,902,435		844,327,708
	Cash and Other Assets Less Liabilities (0.08%)					662,705
	Net Assets				$	844,990,413
	Retail Shares (Equivalent to $54.03 per share based on 3,401,775 shares outstanding)				$	183,791,739
	Institutional Shares (Equivalent to $55.57 per share based on 11,184,656 shares outstanding)				$	621,493,859
	R6 Shares (Equivalent to $55.59 per share based on 714,298 shares outstanding)				$	39,704,815

^%  Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

⁴  At December 31, 2021, the market value of restricted and fair valued securities amounted to $14,455,916 or 1.71% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the market value of Rule 144A securities amounted to $16,322,247 or 1.93% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.65%)
Communication Services (6.55%)
		Advertising (1.73%)
	3,875,000	S4 Capital PLC (United Kingdom) 1,2,4	$	12,841,181	$	33,446,837
		Interactive Media & Services (2.11%)
	2,250,000	Nextdoor Holdings, Inc. (formerly, Khosla Ventures Acquisition Co. II), Cl A 1		22,682,922		17,752,500
	850,000	Tripadvisor, Inc. 1		28,436,961		23,171,000
				51,119,883		40,923,500
		Movies & Entertainment (0.57%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		10,977,900
		Publishing (2.14%)
	800,000	Future PLC (United Kingdom) 2,4		16,061,948		41,416,948
	Total Communication Services			85,657,823		126,765,185
Consumer Discretionary (9.72%)
		Casinos & Gaming (0.85%)
	300,000	Red Rock Resorts, Inc., Cl A		7,345,405		16,503,000
		Home Improvement Retail (2.35%)
	350,000	Floor & Decor Holdings, Inc., Cl A 1		11,227,099		45,503,500
		Hotels, Resorts & Cruise Lines (2.86%)
	650,000	Boyd Gaming Corporation 1		42,549,481		42,620,500
	1,000,000	Membership Collective Group, Inc., Cl A 1		13,810,862		12,780,000
				56,360,343		55,400,500
		Internet & Direct Marketing Retail (0.44%)
	400,000	MYT Netherlands Parent BV, ADR 1,2,3		10,447,872		8,484,000
		Restaurants (1.68%)
	750,000	The Cheesecake Factory, Inc. 1		28,071,279		29,362,500
	100,000	Sweetgreen, Inc., Cl A 1		4,846,390		3,200,000
				32,917,669		32,562,500
		Specialty Stores (1.54%)
	1,500,000	Petco Health & Wellness Co., Inc. 1		30,951,490		29,685,000
	Total Consumer Discretionary			149,249,878		188,138,500
Consumer Staples (5.12%)
		Packaged Foods & Meats (1.30%)
	100,000	Laird Superfood, Inc. 1		2,547,796		1,304,000
	1,500,000	UTZ Brands, Inc.		24,154,228		23,925,000
				26,702,024		25,229,000
		Personal Products (2.50%)
	2,000,000	The Beauty Health Co. 1		21,322,653		48,320,000
		Soft Drinks (1.32%)
	700,000	Fevertree Drinks PLC (United Kingdom) 2		20,680,018		25,629,468
	Total Consumer Staples			68,704,695		99,178,468

Shares			Cost		Value
Common Stocks (continued)
Financials (4.47%)
		Insurance Brokers (1.40%)
	750,007	BRP Group, Inc., Cl A 1	$	15,155,098	$	27,082,753
		Property & Casualty Insurance (3.07%)
	250,000	Kinsale Capital Group, Inc.		20,250,978		59,472,500
	Total Financials			35,406,076		86,555,253
Health Care (19.48%)
		Biotechnology (1.65%)
	184,200	Biohaven Pharmaceutical Holding Co. Ltd. 1,2		13,928,561		25,384,602
	380,143	Recursion Pharmaceuticals, Inc., Cl A 1		6,842,574		6,511,850
				20,771,135		31,896,452
		Health Care Equipment (7.56%)
	405,084	AxoGen, Inc. 1		6,056,005		3,795,637
	637,982	Axonics, Inc. 1		28,878,670		35,726,992
	202,500	CryoPort, Inc. 1		5,127,704		11,981,925
	114,823	Inari Medical, Inc. 1		4,216,755		10,479,895
	682,985	Inogen, Inc. 1		31,469,030		23,221,490
	50,000	Inspire Medical Systems, Inc. 1,3		2,923,748		11,503,000
	640,208	Silk Road Medical, Inc. 1,3		27,145,351		27,279,263
	4,060,000	ViewRay, Inc. 1		20,943,586		22,370,600
				126,760,849		146,358,802
		Health Care Services (1.09%)
	801,763	Accolade, Inc. 1		25,599,022		21,134,473
		Health Care Supplies (1.37%)
	2,629,967	Cerus Corp. 1		14,027,651		17,910,075
	2,365,363	Sientra, Inc. 1		17,781,625		8,680,882
				31,809,276		26,590,957
		Health Care Technology (0.93%)
	658,543	Definitive Healthcare Corp. 1		18,418,614		17,997,980
		Life Sciences Tools & Services (3.69%)
	749,029	CareDx, Inc. 1,3		24,236,579		34,065,839
	150,000	Olink Holding AB, ADR 1,2		5,649,156		2,730,000
	68,980	Seer, Inc. 1		1,310,620		1,573,434
	803,790	Veracyte, Inc. 1,3		23,046,062		33,116,148
				54,242,417		71,485,421
		Managed Health Care (2.10%)
	808,279	Progyny, Inc. 1		22,837,832		40,696,848
		Pharmaceuticals (1.09%)
	1,291,732	Revance Therapeutics, Inc. 1		28,479,368		21,081,066
	Total Health Care			328,918,513		377,241,999
Industrials (16.22%)
		Aerospace & Defense (4.18%)
	1,402,370	Kratos Defense & Security Solutions, Inc. 1		26,203,698		27,205,978
	976,300	Mercury Systems, Inc. 1		53,268,993		53,755,078
				79,472,691		80,961,056

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Building Products (1.53%)
	220,000	Trex Company, Inc. 1	$	7,416,878	$	29,706,600
		Diversified Support Services (1.27%)
	1,300,000	ACV Auctions, Inc., Cl A 1		34,675,100		24,492,000
		Environmental & Facilities Services (2.18%)
	599,642	Montrose Environmental Group, Inc. 1		10,554,326		42,280,758
		Industrial Machinery (4.93%)
	86,600	ESCO Technologies, Inc.		4,658,023		7,793,134
	200,000	Helios Technologies, Inc.		7,717,454		21,034,000
	253,105	Kornit Digital Ltd. 1,2		8,856,307		38,535,236
	1,705,185	Markforged Holding Corp. 1		14,565,523		9,156,844
	30,000	RBC Bearings, Inc. 1		6,565,782		6,059,100
	1,658,272	Velo3D, Inc. 1		16,824,565		12,951,104
				59,187,654		95,529,418
		Trading Companies & Distributors (2.13%)
	170,000	SiteOne Landscape Supply, Inc. 1		9,122,861		41,187,600
	Total Industrials			200,429,510		314,157,432
Information Technology (31.34%)
		Application Software (5.10%)
	1,100,000	Alkami Technology, Inc. 1		33,522,023		22,066,000
	125,000	Braze, Inc., Cl A 1		8,351,900		9,645,000
	925,000	Clearwater Analytics Holdings, Inc., Cl A 1		21,161,467		21,256,500
	150,000	DoubleVerify Holdings, Inc. 1		4,050,000		4,992,000
	795,000	Enfusion, Inc., Cl A 1		14,857,693		16,647,300
	2,000,000	SmartRent, Inc. 1,3		24,766,329		19,360,000
	500,000	Viant Technology, Inc., Cl A 1		13,515,462		4,852,500
				120,224,874		98,819,300
		Electronic Equipment & Instruments (3.96%)
	460,321	Advanced Energy Industries, Inc.		34,345,774		41,916,831
	10,431	Novanta, Inc. 1,2		272,590		1,839,298
	625,000	PAR Technology Corp. 1		24,408,205		32,981,250
				59,026,569		76,737,379
		IT Consulting & Other Services (3.47%)
	400,000	Endava plc, ADR 1,2		10,717,821		67,168,000
		Semiconductor Equipment (4.17%)
	160,000	Azenta, Inc., (formerly, Brooks Automation, Inc.)		16,765,323		16,497,600
	585,800	Ichor Holdings Ltd. 1,2		16,144,594		26,964,374
	255,000	Nova Ltd. 1,2		8,116,967		37,357,500
				41,026,884		80,819,474
		Semiconductors (4.70%)
	725,000	Allegro MicroSystems, Inc. 1		10,150,000		26,230,500
	2,910,000	indie Semiconductor, Inc., Cl A 1		27,712,225		34,890,900
	1,750,000	Navitas Semiconductor Corp. (formerly, Live Oak Acquisition Corp. II, Cl A) 1		18,425,978		29,767,500
				56,288,203		90,888,900

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (9.94%)
	1,532,500	Couchbase, Inc. 1,3	$	42,993,741	$	38,251,200
	333,775	Dynatrace, Inc. 1,3		6,243,606		20,143,321
	657,759	ForgeRock, Inc., Cl A 1,3		19,865,094		17,555,588
	759,531	Ping Identity Holding Corp. 1		13,954,936		17,378,069
	215,000	Qualys, Inc. 1		18,211,240		29,502,300
	815,000	Sailpoint Technologies Holdings, Inc. 1		42,481,737		39,397,100
	621,000	Varonis Systems, Inc. 1		19,427,813		30,292,380
				163,178,167		192,519,958
	Total Information Technology			450,462,518		606,953,011
Real Estate (3.75%)
		Industrial REITs (2.72%)
	650,000	Rexford Industrial Realty, Inc.		31,657,135		52,721,500
		Office REITs (0.52%)
	350,000	JBG SMITH Properties		11,451,663		10,048,500
		Specialized REITs (0.51%)
	300,000	Americold Realty Trust 3		4,966,515		9,837,000
	Total Real Estate			48,075,313		72,607,000
	Total Common Stocks			1,366,904,326		1,871,596,848
Principal Amount
Short Term Investments (3.29%)
	$63,789,833	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $63,789,833; (Fully collateralized by $65,331,100 U.S. Treasury Note, 1.375% due 12/31/2028 Market value – $65,065,725)4		63,789,833		63,789,833
	Total Investments (99.94%)		$	1,430,694,159		1,935,386,681
	Cash and Other Assets Less Liabilities (0.06%)					1,183,103
	Net Assets				$	1,936,569,784
	Retail Shares (Equivalent to $34.48 per share based on 7,317,996 shares outstanding)				$	252,306,829
	Institutional Shares (Equivalent to $35.22 per share based on 46,437,097 shares outstanding)				$	1,635,650,849
	R6 Shares (Equivalent to $35.23 per share based on 1,379,990 shares outstanding)				$	48,612,106

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.38%)
Communication Services (9.72%)
		Interactive Media & Services (9.72%)
	290	Alphabet, Inc., Cl A 1	$	825,662	$	840,142
	975	Alphabet, Inc., Cl C 1		1,659,810		2,821,250
	6,248	Meta Platforms, Inc. (formerly, Facebook, Inc.), Cl A 1		1,667,340		2,101,515
	Total Communication Services			4,152,812		5,762,907
Consumer Staples (6.38%)
		Distillers & Vintners (1.62%)
	3,835	Constellation Brands, Inc., Cl A		811,065		962,470
		Hypermarkets & Super Centers (2.74%)
	2,859	Costco Wholesale Corp.		1,125,680		1,623,054
		Personal Products (2.02%)
	3,225	The Estée Lauder Companies, Inc., Cl A		946,331		1,193,895
	Total Consumer Staples			2,883,076		3,779,419
Financials (18.18%)
		Asset Management & Custody Banks (3.50%)
	2,268	BlackRock, Inc.		1,824,326		2,076,490
		Financial Exchanges & Data (10.68%)
	8,047	CME Group, Inc.		1,619,295		1,838,418
	4,578	Moody’s Corp.		1,275,202		1,788,075
	2,894	MSCI, Inc.		1,380,508		1,773,125
	1,977	S&P Global, Inc.		462,402		933,006
				4,737,407		6,332,624
		Property & Casualty Insurance (4.00%)
	53,291	Arch Capital Group Ltd. 1,2		2,162,077		2,368,785
	Total Financials			8,723,810		10,777,899
Health Care (20.48%)
		Life Sciences Tools & Services (15.60%)
	9,241	Agilent Technologies, Inc.		1,317,950		1,475,326
	7,163	Danaher Corp.		1,569,250		2,356,698
	6,081	Iqvia Holdings, Inc. 1		1,231,534		1,715,693
	442	Mettler-Toledo International, Inc. 1		472,780		750,167
	27,582	Stevanato Group SpA 1,2		582,734		619,216
	3,495	Thermo Fisher Scientific, Inc.		1,673,947		2,332,004
				6,848,195		9,249,104
		Managed Health Care (4.88%)
	5,763	UnitedHealth Group, Incorporated		2,176,550		2,893,833
	Total Health Care			9,024,745		12,142,937
Industrials (5.49%)
		Aerospace & Defense (1.98%)
	9,146	HEICO Corp., Cl A		1,042,049		1,175,444
		Research & Consulting Services (3.51%)
	15,649	IHS Markit Ltd. 2		1,551,101		2,080,065
	Total Industrials			2,593,150		3,255,509
Information Technology (37.03%)
		Application Software (10.40%)
	3,473	Adobe, Inc. 1		1,631,484		1,969,399
	1,476	Fair Isaac Corp. 1		608,993		640,097
	3,173	Intuit, Inc.		1,534,237		2,040,937
	2,060	NICE Ltd. ADR 1,2		616,716		625,416
	10,858	SS&C Technologies Holdings, Inc.		712,036		890,139
				5,103,466		6,165,988

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (6.92%)
	6,315	MasterCard Incorporated, Cl A	$	2,054,353	$	2,269,106
	8,468	Visa, Inc., Cl A		1,881,574		1,835,100
				3,935,927		4,104,206
		Electronic Manufacturing Services (3.01%)
	11,042	TE Connectivity Ltd. 2		1,519,440		1,781,516
		IT Consulting & Other Services (3.89%)
	5,569	Accenture plc, Cl A 2		1,533,415		2,308,629
		Semiconductors (4.19%)
	2,088	Monolithic Power Systems, Inc.		809,016		1,030,073
	7,700	Texas Instruments, Inc.		1,357,107		1,451,219
				2,166,123		2,481,292
		Systems Software (8.62%)
	15,196	Microsoft Corporation		3,607,368		5,110,719
	Total Information Technology			17,865,739		21,952,350
Materials (1.10%)
		Specialty Chemicals (1.10%)
	2,785	Ecolab, Inc.		608,156		653,333
	Total Common Stocks			45,851,488		58,324,354
Principal Amount
Short Term Investments (2.41%)
	$1,429,791	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2021, 0.00% due 1/3/2022; Proceeds at maturity – $1,429,791; (Fully collateralized by $1,464,400 U.S. Treasury Note, 1.375% due 12/31/2028 Market value – $1,458,452)3		1,429,791		1,429,791
	Total Investments (100.79%)		$	47,281,279		59,754,145
	Liabilities Less Cash and Other Assets (-0.79%)					(467,939	)
	Net Assets				$	59,286,206
	Retail Shares (Equivalent to $20.45 per share based on 611,589 shares outstanding)				$	12,508,291
	Institutional Shares (Equivalent to $20.64 per share based on 2,035,828 shares outstanding)				$	42,025,047
	R6 Shares (Equivalent to $20.64 per share based on 230,258 shares outstanding)				$	4,752,868

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Funds December 31, 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 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) (collectively, “Qualified 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. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. 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, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not

Baron Funds December 31, 2021

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 December 31, 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 December 31, 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, defined below), the Fund will no longer be obligated to fulfill its commitment.

Baron Funds December 31, 2021

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

Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. 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 December 31, 2021, the Funds did not have any commitments to purchase when-issued securities through PIPE transactions with SPACs.

3. RESTRICTED SECURITIES

At December 31, 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. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At December 31, 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 Common Stocks
StubHub Holdings, Inc.		12/22/2021	$	46,367,914
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		53,494,502
Total Restricted Securities			$	99,862,416
(Cost $76,000,501)† ( 1.57% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021	$	23,793,963
Northvolt AB		9/21/2020		16,566,178
Total Restricted Securities			$	40,360,141
(Cost $25,674,991)† ( 0.42% of Net Assets)
	Baron Small Cap Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Holley, Inc.		4/30/2021	$	32,350,000
(Cost $25,000,000) (0.59% of Net Assets)

	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Rivian Automotive, Inc.		7/10/2020-1/19/2021	$	59,429,526
Private Common Stocks
Space Exploration Technologies Corp.		3/25/21-12/3/21		7,605,488
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		12,325,840
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		7,010,264
Space Exploration Technologies Corp.		8/4/2020		10,287,490
Total Restricted Securities			$	96,658,608
(Cost $37,284,575)† (5.81% of Net Assets)
	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Rivian Automotive, Inc.		1/19/2021	$	7,979,906
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		2,975,867
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,500,143
Total Restricted Securities			$	14,455,916
(Cost $9,012,078)† (1.71% of Net Assets)

† See Schedules of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Baron Funds December 31, 2021

The following is a summary of the inputs used as of December 31, 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†	$	6,228,749,837	$	—	$	—	$	6,228,749,837
Private Common Stocks		—		—		46,367,914		46,367,914
Private Preferred Stocks		—		—		53,494,502		53,494,502
Short Term Investments		—		7,865,836		—		7,865,836
Total Investments	$	6,228,749,837	$	7,865,836	$	99,862,416	$	6,336,478,089
	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†	$	9,574,740,344	$	43,225,747	$	—	$	9,617,966,091
Private Convertible Preferred Stocks†		—		—		40,360,141		40,360,141
Warrants†		300,162		—		—		300,162
Short Term Investments		—		1,755,887		—		1,755,887
Total Investments	$	9,575,040,506	$	44,981,634	$	40,360,141	$	9,660,382,281
	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†	$	5,249,331,896	$	72,274,673	$	32,350,000	$	5,353,956,569
Warrants†		—		—		—		—
Short Term Investments		—		116,509,485		—		116,509,485
Total Investments	$	5,249,331,896	$	188,784,158	$	32,350,000	$	5,470,466,054
	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†	$	1,491,838,153	$	7,874,999	$	59,429,526	$	1,559,142,678
Private Common Stocks		—		—		7,605,488		7,605,488
Private Convertible Preferred Stocks		—		—		12,325,840		12,325,840
Private Preferred Stocks†		—		—		17,297,754		17,297,754
Short Term Investments		—		61,152,495		—		61,152,495
Total Investments	$	1,491,838,153	$	69,027,494	$	96,658,608	$	1,657,524,255
	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†	$	804,757,095	$	16,322,247	$	7,979,906	$	829,059,248
Private Common Stocks		—		—		2,975,867		2,975,867
Private Preferred Stocks		—		—		3,500,143		3,500,143
Short Term Investments		—		8,792,450		—		8,792,450
Total Investments	$	804,757,095	$	25,114,697	$	14,455,916	$	844,327,708

† See Schedules of Investments for additional detailed categorizations.

Baron Funds December 31, 2021

	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†	$	1,796,733,063	$	74,863,785	$	—	$	1,871,596,848
Short Term Investments		—		63,789,833		—		63,789,833
Total Investments	$	1,796,733,063	$	138,653,618	$	—	$	1,935,386,681
	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†	$	58,324,354	$	—	$	—	$	58,324,354
Short Term Investments		—		1,429,791		—		1,429,791
Total Investments	$	58,324,354	$	1,429,791	$	—	$	59,754,145

† See Schedules of Investments for additional detailed categorizations.

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

	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Private Common Stocks
Consumer Discretionary	$	—	$	—	$	—	$	(3,632,127)	$	50,000,041	$	—	$	—	$	—	$	46,367,914	$	(3,632,127)
Private Preferred Stocks
Industrials		39,979,078		—		—		13,515,424		—		—		—		—		53,494,502		13,515,424
Total	$	39,979,078	$	—	$	—	$	9,883,297	$	50,000,041	$	—	$	—	$	—	$	99,862,416	$	9,883,297
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Common Stocks
Industrials 1	$	27,018,900	$	—	$	—	$	6,969,423	$	—	$	—	$	—	$	(33,988,323)	$	—	$	—
Materials		4,979,259		—		(4,875,825)		4,370,741		—		(4,474,175)		—		—		—		—
Private Convertible Preferred Stocks
Industrials		16,346,194		—		—		219,984		—		—		—				16,566,178		219,984
Materials		24,842,016		—		—		(1,048,053)		—		—		—		—		23,793,963		(1,048,053)
Total	$	73,186,369	$	—		(4,875,825)	$	10,512,095	$	—	$	(4,474,175)		—	$	(33,988,323)	$	40,360,141	$	(828,069)

¹ Velo 3D, Inc. restriction on resale was lifted on October 29, 2021.

Baron Funds December 31, 2021

	Baron Small Cap Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Common Stocks
Consumer Discretionary1	$	—	$	—	$	—	$	3,325,000	$	—	$	—	$	29,025,000	$	—	$	32,350,000	$	2,500,000
Information Technology2		20,547,165						660,377				—				(21,207,542)		—		—
Total	$	20,547,165	$	—	$	—	$	3,985,377	$	—	$	—	$	29,025,000	$	(21,207,542)	$	32,350,000	$	2,500,000
	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Common Stock
Consumer Discretionary3	$		$	—	$	—	$	18,073,803	$	—	$	—	$	41,355,723	$	—	$	59,429,526	$	37,563,606
Private Common Stocks
Industrials		4,942,480		—		—		1,662,848		1,000,160		—		—		—		7,605,488		1,662,848
Private Convertible Preferred Stocks
Consumer Discretionary3		21,865,920		—		—		19,489,803		—		—		—		(41,355,723)		—		—
Materials		12,869,756		—		—		(543,916)		—		—		—		—		12,325,840		(543,916)
Private Preferred Stocks
Industrials		14,167,370		—		—		3,130,384		—		—		—		—		17,297,754		3,130,384
Total	$	53,845,526	$	—	$	—	$	41,812,922	$	1,000,160	$	—	$	41,355,723	$	(41,355,723)	$	96,658,608	$	41,812,922
	Baron Fifth Avenue Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Common Stocks
Consumer Discretionary3	$	—	$	—	$	—	$	2,426,862	$	—	$	—	$	5,553,044	$	—	$	7,979,906	$	5,019,802
Private Common Stocks
Industrials		1,482,536		—		—		493,171		1,000,160		—		—		—		2,975,867		493,171
Private Convertible Preferred Stocks
Consumer Discretionary3		2,960,104		—		—		2,592,940		—		—		—		(5,553,044)		—		—
Private Preferred Stocks
Industrials		3,234,900		—		—		265,243		—		—		—		—		3,500,143		265,243
Total	$	7,677,540	$	—	$	—	$	5,778,216	$	1,000,160	$	—	$	5,553,044	$	(5,553,044)	$	14,455,916	$	5,778,216

¹  Holley, Inc. became restricted on December 15, 2021.

²  E2 Open, Inc. restriction on resale was lifted on October 12, 2021.

³  Rivian Automotive, Series E and F Private Preferred Stock converted into Common Stock on November 9, 2021.

Baron Funds December 31, 2021

	Baron Discovery Fund
Investments in Securities	Balance as of September 30, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2021		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2021
Common Stocks
Industrials1	$	5,057,465	$	—	$	—	$	1,304,554	$	—	$	—	$	—	$	(6,362,019)	$	—	$	—

¹  Velo 3D, Inc. restriction on resale was lifted on October 29, 2021.

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of December 31, 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	$	1,805,630,398	$	1,374,071,917	$	2,089,031,081	$	927,224,457	$	471,902,435	$	1,430,694,159	$	47,281,279
Gross tax unrealized appreciation	$	4,568,207,584	$	8,295,821,549	$	3,421,158,268	$	749,491,996	$	392,704,651	$	614,716,364	$	12,519,340
Gross tax unrealized depreciation		(37,359,893)		(9,511,185)		(39,723,295)		(19,192,198)		(20,279,378)		110,023,842		(46,474)
Net unrealized appreciation	$	4,530,847,691	$	8,286,310,364	$	3,381,434,973	$	730,299,798	$	372,425,273		504,692,522	$	12,472,866

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2021		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December  31, 2021		Value at December 31, 2021		% of Net Assets at December 31, 2021
“Affiliated” Company as of December 31, 2021:
Choice Hotels International, Inc.	$	379,110,000	$	—	$	—	$	88,860,000	$	—	$	—		3,000,000	$	467,970,000		4.84%
Iridium Communications, Inc.		314,815,000		—		—		11,376,000		—		—		7,900,000		326,191,000		3.38%
	$	693,925,000	$	—	$	—	$	100,236,000	$	—	$	—			$	794,161,000

BARON SMALL CAP FUND

Name of Issuer	Value at September 30, 2021		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December  31, 2021		Value at December 31, 2021		% of Net Assets at December 31, 2021
No longer an “Affiliated” Company as of December 31, 2021:
Installed Building Products, Inc.	$	160,725,000	$	—	$	17,429,597	$	40,481,198	$	8,338,399	$	450,000		1,375,000	$	192,115,000		3.50%

¹  An “Affiliated” company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the three months ended December 31, 2021.