Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.26%)
Communication Services (2.03%)
		Cable & Satellite (0.62%)
	220,000	Liberty Broadband Corporation, Cl C 1	$	15,412,908	$	25,440,800
		Interactive Media & Services (1.41%)
	1,735,709	ZoomInfo Technologies, Inc., Cl A 1		43,840,818		57,694,967
	Total Communication Services			59,253,726		83,135,767
Consumer Discretionary (6.46%)
		Automobile Manufacturers (0.27%)
	425,305	Rivian Automotive, Inc., Cl A 1		33,173,790		10,947,351
		Education Services (0.31%)
	150,000	Bright Horizons Family Solutions, Inc. 1		16,921,054		12,678,000
		Home Improvement Retail (0.19%)
	125,000	Floor & Decor Holdings, Inc., Cl A 1		10,410,101		7,870,000
		Hotels, Resorts & Cruise Lines (2.47%)
	546,442	Choice Hotels International, Inc.		5,198,084		60,999,320
	543,233	Hyatt Hotels Corp., Cl A 1		16,817,762		40,150,351
				22,015,846		101,149,671
		Leisure Facilities (3.22%)
	603,538	Vail Resorts, Inc.		11,683,688		131,601,461
	Total Consumer Discretionary			94,204,479		264,246,483
Financials (12.93%)
		Asset Management & Custody Banks (0.66%)
	237,514	T. Rowe Price Group, Inc.		5,729,987		26,983,966
		Financial Exchanges & Data (5.59%)
	370,725	FactSet Research Systems, Inc.		19,898,420		142,569,713
	201,267	MarketAxess Holdings, Inc.		21,743,183		51,526,365
	30,000	MSCI, Inc.		7,783,774		12,364,500
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		22,262,399
				61,404,090		228,722,977
		Insurance Brokers (0.77%)
	158,421	Willis Towers Watson plc 2		19,439,430		31,270,721
		Investment Banking & Brokerage (2.70%)
	1,750,936	The Charles Schwab Corp.		1,542,900		110,624,136
		Property & Casualty Insurance (2.45%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		100,234,668
		Regional Banks (0.76%)
	216,421	First Republic Bank		5,518,736		31,207,908
	Total Financials			101,569,079		529,044,376

Shares			Cost		Value
Common Stocks (continued)
Health Care (26.07%)
		Biotechnology (0.54%)
	58,366	argenx SE, ADR 1,2	$	18,854,201	$	22,113,710
		Health Care Equipment (8.30%)
	682,000	DexCom, Inc. 1		54,311,293		50,829,460
	673,630	IDEXX Laboratories, Inc. 1		12,186,829		236,262,250
	213,644	Teleflex, Inc.		47,613,405		52,524,377
				114,111,527		339,616,087
		Health Care Supplies (1.65%)
	215,418	The Cooper Companies, Inc.		36,713,299		67,451,684
		Health Care Technology (2.22%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		90,976,804
		Life Sciences Tools & Services (13.36%)
	399,986	Bio-Techne Corporation		39,595,545		138,651,147
	110,000	ICON plc 1,2		23,822,528		23,837,000
	212,552	Illumina, Inc. 1		9,061,707		39,186,087
	194,117	Mettler-Toledo International, Inc. 1		11,674,111		222,995,786
	404,404	West Pharmaceutical Services, Inc.		17,498,069		122,279,638
				101,651,960		546,949,658
	Total Health Care			298,446,583		1,067,107,943
Industrials (13.35%)
		Environmental & Facilities Services (1.40%)
	1,643,418	Rollins, Inc.		24,597,482		57,388,156
		Industrial Machinery (1.51%)
	340,760	IDEX Corporation		24,525,881		61,892,239
		Research & Consulting Services (10.44%)
	2,439,930	CoStar Group, Inc. 1		59,005,227		147,396,171
	1,438,500	TransUnion		77,172,718		115,065,615
	951,206	Verisk Analytics, Inc.		23,582,787		164,644,247
				159,760,732		427,106,033
	Total Industrials			208,884,095		546,386,428
Information Technology (31.32%)
		Application Software (14.08%)
	571,856	ANSYS, Inc. 1		20,310,482		136,839,422
	166,026	Aspen Technology, Inc. 1		30,241,636		30,495,656
	350,000	Avalara, Inc. 1		49,335,500		24,710,000
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		77,027,258
	150,000	Fair Isaac Corp. 1		63,616,939		60,135,000
	1,421,809	Guidewire Software, Inc. 1		77,473,157		100,934,221
	65,861	HubSpot, Inc. 1		39,133,171		19,801,110
	257,192	Roper Technologies, Inc.		26,184,327		101,500,823
	594,000	The Trade Desk, Inc., Cl A 1		11,554,017		24,882,660
				381,876,095		576,326,150

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (2.42%)
	589,217	Fidelity National Information Services, Inc.	$	33,648,188	$	54,013,523
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		44,776,383
				54,581,392		98,789,906
		Electronic Components (1.42%)
	900,000	Amphenol Corp., Cl A		42,881,684		57,942,000
		Internet Services & Infrastructure (2.98%)
	592,103	Verisign, Inc. 1		27,318,889		99,076,595
	350,000	Wix.com Ltd. 1,2		29,112,531		22,942,500
				56,431,420		122,019,095
		IT Consulting & Other Services (8.89%)
	85,000	EPAM Systems, Inc. 1		46,415,707		25,056,300
	1,401,323	Gartner, Inc. 1		30,147,351		338,881,941
				76,563,058		363,938,241
		Technology Distributors (1.53%)
	397,363	CDW Corp.		26,228,964		62,608,514
	Total Information Technology			638,562,613		1,281,623,906
Real Estate (5.10%)
		Real Estate Services (0.98%)
	542,323	CBRE Group, Inc., Cl A 1		6,067,334		39,920,396
		Specialized REITs (4.12%)
	190,000	Alexandria Real Estate Equities, Inc. 4		28,581,376		27,555,700
	65,416	Equinix, Inc.		4,258,856		42,979,620
	306,856	SBA Communications Corp.		7,734,439		98,209,263
				40,574,671		168,744,583
	Total Real Estate			46,642,005		208,664,979
Total Common Stocks			1,447,562,580		3,980,209,882
Private Common Stocks (0.58%)
Consumer Discretionary (0.58%)
		Internet & Direct Marketing Retail (0.58%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		23,707,631

Shares			Cost		Value
Private Preferred Stocks (1.58%)
Industrials (1.58%)
		Aerospace & Defense (1.58%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,6	$	26,000,460	$	64,742,952
Principal Amount
Short Term Investments (0.55%)
	$22,662,440	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $22,662,591; (Fully collateralized by $24,171,300 U.S. Treasury Note, 2.25% due 11/15/2027 Market value – $23,115,703)5		22,662,440		22,662,440
	Total Investments (99.97%)		$	1,546,225,521		4,091,322,905
	Cash and Other Assets Less Liabilities (0.03%)					1,300,432
	Net Assets				$	4,092,623,337
	Retail Shares (Equivalent to $79.12 per share based on 23,962,222 shares outstanding)				$	1,895,831,295
	Institutional Shares (Equivalent to $83.44 per share based on 24,695,850 shares outstanding)				$	2,060,534,179
	R6 Shares (Equivalent to $83.42 per share based on 1,633,396 shares outstanding)				$	136,257,863

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2022, the market value of restricted and fair valued securities amounted to $88,450,583 or 2.16 % 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

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.81%)
Communication Services (4.59%)
		Alternative Carriers (4.59%)
	7,900,000	Iridium Communications, Inc. 1,4	$	48,702,979	$	296,724,000
Consumer Discretionary (19.34%)
		Casinos & Gaming (3.60%)
	440,000	Boyd Gaming Corporation		11,056,072		21,890,000
	5,075,000	Penn National Gaming, Inc. 1		53,699,841		154,381,500
	1,695,000	Red Rock Resorts, Inc., Cl A		31,464,688		56,545,200
				96,220,601		232,816,700
		Education Services (1.61%)
	1,230,000	Bright Horizons Family Solutions, Inc. 1		38,771,154		103,959,600
		Hotels, Resorts & Cruise Lines (7.38%)
	2,975,000	Choice Hotels International, Inc. 4		71,854,227		332,099,250
	1,250,000	Marriott Vacations Worldwide Corp.		66,814,800		145,250,000
				138,669,027		477,349,250
		Leisure Facilities (6.75%)
	2,000,000	Vail Resorts, Inc.		56,102,209		436,100,000
	Total Consumer Discretionary			329,762,991		1,250,225,550
Financials (37.51%)
		Asset Management & Custody Banks (2.80%)
	1,900,000	The Carlyle Group, Inc.		38,825,707		60,154,000
	1,900,000	Cohen & Steers, Inc.		41,176,154		120,821,000
				80,001,861		180,975,000
		Financial Exchanges & Data (20.74%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		461,484,000
	950,000	Morningstar, Inc.		19,384,889		229,738,500
	1,575,000	MSCI, Inc.		29,262,998		649,136,250
				108,602,462		1,340,358,750
		Investment Banking & Brokerage (0.76%)
	450,000	Houlihan Lokey, Inc.		19,625,873		35,518,500
	350,000	Moelis & Co., Cl A		6,307,479		13,772,500
				25,933,352		49,291,000
		Life & Health Insurance (2.91%)
	1,570,000	Primerica, Inc.		32,807,874		187,913,300
		Property & Casualty Insurance (9.99%)
	9,150,000	Arch Capital Group Ltd. 1,2		28,563,829		416,233,500
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		229,640,000
				63,571,592		645,873,500
		Thrifts & Mortgage Finance (0.31%)
	520,000	Essent Group Ltd. 2		14,300,210		20,228,000
	Total Financials			325,217,351		2,424,639,550
Health Care (11.98%)
		Health Care Equipment (3.23%)
	595,000	IDEXX Laboratories, Inc. 1		8,359,742		208,684,350
		Health Care Supplies (0.43%)
	1,147,434	Neogen Corp. 1		13,141,411		27,641,685

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (7.93%)
	800,000	Bio-Techne Corporation	$	42,174,534	$	277,312,000
	73,000	Mettler-Toledo International, Inc. 1		3,339,166		83,860,210
	500,000	West Pharmaceutical Services, Inc.		17,009,688		151,185,000
				62,523,388		512,357,210
		Pharmaceuticals (0.39%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom) 2,6		18,422,044		25,218,053
	Total Health Care			102,446,585		773,901,298
Industrials (6.59%)
		Building Products (1.14%)
	1,350,000	Trex Company, Inc. 1		12,143,825		73,467,000
		Environmental & Facilities Services (0.23%)
	1,240,000	BrightView Holdings, Inc. 1		15,395,996		14,880,000
		Industrial Machinery (0.29%)
	4,275,000	Marel hf (Netherlands) 2,6		18,281,670		19,081,045
		Research & Consulting Services (4.93%)
	5,275,000	CoStar Group, Inc. 1		22,039,585		318,662,750
	Total Industrials			67,861,076		426,090,795
Information Technology (12.93%)
		Application Software (6.99%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		38,062,500
	1,000,000	ANSYS, Inc. 1		22,816,668		239,290,000
	975,000	Guidewire Software, Inc. 1		29,909,124		69,215,250
	700,000	Pegasystems, Inc.		9,323,016		33,488,000
	1,235,000	SS&C Technologies Holdings, Inc.		9,241,284		71,716,450
				82,620,111		451,772,200
		Electronic Components (0.24%)
	60,000	Littelfuse, Inc.		6,452,400		15,242,400
		IT Consulting & Other Services (5.70%)
	1,525,000	Gartner, Inc. 1		21,222,737		368,790,750
	Total Information Technology			110,295,248		835,805,350
Real Estate (6.87%)
		Diversified REITs (0.09%)
	200,000	American Assets Trust, Inc.		3,437,271		5,940,000
		Office REITs (1.26%)
	3,640,000	Douglas Emmett, Inc.		37,661,190		81,463,200
		Specialized REITs (5.52%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,054,963		108,772,500
	5,400,000	Gaming and Leisure Properties, Inc.		114,745,147		247,644,000
				140,800,110		356,416,500
	Total Real Estate			181,898,571		443,819,700
	Total Common Stocks			1,166,184,801		6,451,206,243

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Private Convertible Preferred Stocks (0.50%)
Industrials (0.27%)
		Electrical Components & Equipment (0.27%)
	59,407,006	Northvolt AB, Series E (Sweden) 2,,3,5,7	$	9,374,988	$	17,435,540
Materials (0.23%)
		Fertilizers & Agricultural Chemicals (0.23%)
	341,838	Farmers Business Network, Inc., Series F 1,2,3,5,7		11,300,002		11,858,360
	80,440	Farmers Business Network, Inc., Series G 1,2,3,5,7		5,000,000		2,927,212
	Total Materials			16,300,002		14,785,572
	Total Private Convertible Preferred Stocks			25,674,990		32,221,112
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		112,923
	Total Investments (100.31%)		$	1,191,859,791		6,483,540,278
	Liabilities Less Cash and Other Assets (-0.31%)					(19,998,102	)
	Net Assets				$	6,463,542,176
	Retail Shares (Equivalent to $81.74 per share based on 25,539,703 shares outstanding)				$	2,087,689,986
	Institutional Shares (Equivalent to $85.72 per share based on 49,070,110 shares outstanding)				$	4,206,479,759
	R6 Shares (Equivalent to $85.73 per share based on 1,975,591 shares outstanding)				$	169,372,431

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2022, the market value of restricted and fair valued securities amounted to $32,221,112 or 0.50% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (91.33%)
Communication Services (4.13%)
		Cable & Satellite (1.30%)
	75,000	Liberty Broadband Corporation, Cl A 1	$	298,828	$	8,516,250
	200,000	Liberty Broadband Corporation, Cl C 1		772,163		23,128,000
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		1,322,732		22,531,250
				2,393,723		54,175,500
		Movies & Entertainment (2.83%)
	1,200,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		21,262,385		76,164,000
	150,000	Madison Square Garden Entertainment Corp. 1		2,346,185		7,893,000
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		33,975,000
				32,025,126		118,032,000
	Total Communication Services			34,418,849		172,207,500
Consumer Discretionary (14.74%)
		Auto Parts & Equipment (1.13%)
	4,475,000	Holley, Inc. 1		45,044,738		46,987,500
		Casinos & Gaming (3.15%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		10,211,250
	1,025,000	Penn National Gaming, Inc. 1		18,170,393		31,180,500
	2,688,143	Red Rock Resorts, Inc., Cl A		73,860,915		89,676,451
				103,219,095		131,068,201
		Education Services (1.62%)
	800,000	Bright Horizons Family Solutions, Inc. 1		35,388,096		67,616,000
		Home Improvement Retail (2.12%)
	1,400,000	Floor & Decor Holdings, Inc., Cl A 1		55,967,953		88,144,000
		Homebuilding (2.79%)
	1,400,000	Installed Building Products, Inc.		76,015,010		116,424,000
		Hotels, Resorts & Cruise Lines (0.15%)
	1,000,000	Membership Collective Group, Inc., Cl A 1		13,900,478		6,480,000
		Leisure Facilities (1.51%)
	925,000	Planet Fitness, Inc., Cl A 1		37,044,772		62,909,250
		Restaurants (1.36%)
	1,700,000	The Cheesecake Factory, Inc.		46,403,557		44,914,000
	1,000,000	Sweetgreen, Inc., Cl A 1		22,969,448		11,650,000
				69,373,005		56,564,000
		Specialized Consumer Services (0.91%)
	2,150,000	European Wax Center, Inc., Cl A		43,167,910		37,883,000
	Total Consumer Discretionary			479,121,057		614,075,951
Consumer Staples (2.42%)
		Packaged Foods & Meats (1.11%)
	3,350,000	UTZ Brands, Inc.		54,188,031		46,297,000
		Personal Products (1.31%)
	4,250,000	The Beauty Health Co. 1		67,241,559		54,655,000
	Total Consumer Staples			121,429,590		100,952,000

Shares			Cost		Value
Common Stocks (continued)
Financials (5.74%)
		Insurance Brokers (1.80%)
	3,100,000	BRP Group, Inc., Cl A 1	$	50,723,405	$	74,865,000
		Investment Banking & Brokerage (1.18%)
	625,000	Houlihan Lokey, Inc.		28,909,333		49,331,250
		Property & Casualty Insurance (2.76%)
	500,000	Kinsale Capital Group, Inc.		72,425,817		114,820,000
	Total Financials			152,058,555		239,016,250
Health Care (12.26%)
		Health Care Equipment (4.33%)
	1,000,000	Axonics, Inc. 1		35,459,918		56,670,000
	700,000	DexCom, Inc. 1		2,321,072		52,171,000
	60,000	IDEXX Laboratories, Inc. 1		829,217		21,043,800
	275,000	Inspire Medical Systems, Inc. 1,3		17,045,222		50,234,250
				55,655,429		180,119,050
		Life Sciences Tools & Services (4.78%)
	250,000	Guardant Health, Inc. 1,3		4,953,266		10,085,000
	700,000	ICON plc 1,2		38,492,341		151,690,000
	32,500	Mettler-Toledo International, Inc. 1		1,571,420		37,335,025
				45,017,027		199,110,025
		Managed Health Care (2.12%)
	800,000	HealthEquity, Inc. 1		13,208,487		49,112,000
	1,350,000	Progyny, Inc. 1		51,483,769		39,217,500
				64,692,256		88,329,500
		Pharmaceuticals (1.03%)
	1,020,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,4		28,920,686		43,008,604
	Total Health Care			194,285,398		510,567,179
Industrials (25.46%)
		Aerospace & Defense (4.33%)
	2,600,000	Kratos Defense & Security Solutions, Inc. 1		39,209,896		36,088,000
	1,200,000	Mercury Systems, Inc. 1		37,862,063		77,196,000
	125,000	TransDigm Group, Inc. 1		0		67,083,750
				77,071,959		180,367,750
		Building Products (2.78%)
	1,150,000	The AZEK Co., Inc. 1		26,840,188		19,251,000
	5,250,000	Janus International Group, Inc. 1		51,665,177		47,407,500
	900,000	Trex Company, Inc. 1		37,410,111		48,978,000
				115,915,476		115,636,500
		Diversified Support Services (1.50%)
	2,275,000	Driven Brands Holdings, Inc. 1		57,328,359		62,653,500
		Electrical Components & Equipment (2.30%)
	2,000,000	Shoals Technologies Group, Inc., Cl A 1		34,324,282		32,960,000
	7,650,000	Vertiv Holdings Co.		78,901,960		62,883,000
				113,226,242		95,843,000
		Environmental & Facilities Services (1.34%)
	450,000	Waste Connections, Inc. 2		19,650,000		55,782,000

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Human Resource & Employment Services (4.95%)
	1,750,000	ASGN, Inc. 1	$	55,248,585	$	157,937,500
	3,800,000	First Advantage Corp. 1		62,412,872		48,146,000
				117,661,457		206,083,500
		Industrial Machinery (3.64%)
	200,000	Chart Industries, Inc. 1		31,680,147		33,476,000
	550,000	John Bean Technologies Corp.		48,810,954		60,731,000
	310,000	RBC Bearings, Incorporated 1		39,092,037		57,334,500
				119,583,138		151,541,500
		Research & Consulting Services (0.95%)
	2,850,000	Clarivate Plc 1,2		30,588,004		39,501,000
		Trading Companies & Distributors (3.67%)
	3,250,000	Hillman Solutions Corp. 1,3		37,159,703		28,080,000
	1,050,000	SiteOne Landscape Supply, Inc. 1		57,097,581		124,813,500
				94,257,284		152,893,500
	Total Industrials			745,281,919		1,060,302,250
Information Technology (21.58%)
		Application Software (9.35%)
	750,000	Altair Engineering, Inc., Cl A 1		11,935,619		39,375,000
	379,929	Aspen Technology, Inc. 1		38,011,833		69,785,359
	950,000	Ceridian HCM Holding, Inc. 1		29,430,555		44,726,000
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		27,854,229		18,060,000
	7,747,580	E2open Parent Holdings, Inc., Cl A 1		76,116,950		60,276,172
	1,225,000	Guidewire Software, Inc. 1		31,269,358		86,962,750
	2,162,061	SmartRent, Inc. 1,3		15,255,067		9,772,516
	500,000	Sprout Social, Inc., Cl A 1		28,703,941		29,035,000
	750,000	The Trade Desk, Inc., Cl A 1		2,662,500		31,417,500
				261,240,052		389,410,297
		Data Processing & Outsourced Services (2.98%)
	900,000	Nuvei Corp., 144A 1,2		27,849,212		32,553,000
	3,800,000	Repay Holdings Corporation 1		34,620,503		48,830,000
	275,300	WEX, Inc. 1		14,455,072		42,825,668
				76,924,787		124,208,668
		Electronic Equipment & Instruments (1.53%)
	1,500,000	Cognex Corp.		25,832,809		63,780,000
		Internet Services & Infrastructure (0.32%)
	200,000	Wix.com Ltd. 1,2		10,131,842		13,110,000
		IT Consulting & Other Services (7.30%)
	770,000	Endava plc, (United Kingdom), ADR 1,2		25,677,665		67,967,900
	850,000	Gartner, Inc. 1		12,134,128		205,555,500
	1,800,000	Grid Dynamics Holdings, Inc. 1		17,816,700		30,276,000
				55,628,493		303,799,400
		Systems Software (0.10%)
	175,000	Jamf Holding Corp. 1,3		4,591,479		4,334,750
	Total Information Technology			434,349,462		898,643,115

Shares			Cost		Value
Common Stocks (continued)
Materials (1.78%)
		Specialty Chemicals (1.78%)
	1,850,000	Avient Corp.	$	59,932,752	$	74,148,000
Real Estate (3.22%)
		Specialized REITs (3.22%)
	1,800,000	Americold Realty Trust 3		32,754,960		54,072,000
	250,000	SBA Communications Corp.		1,006,880		80,012,500
	Total Real Estate			33,761,840		134,084,500
	Total Common Stocks			2,254,639,422		3,803,996,745
Principal Amount
Short Term Investments (8.85%)
	$368,420,077	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $368,422,533; (Fully collateralized by $97,196,300 U.S. Treasury Bond, 1.75% due 1/15/2028 Market value – $141,954,090) and $201,037,800 U.S. Treasury Bond, 0.5% due 1/15/2028 Market value – $233,834,461)4		368,420,077		368,420,077
	Total Investments (100.18%)		$	2,623,059,499		4,172,416,822
	Liabilities Less Cash and Other Assets (-0.18%)					(7,525,507	)
	Net Assets				$	4,164,891,315
	Retail Shares (Equivalent to $25.94 per share based on 46,963,326 shares outstanding)				$	1,218,359,419
	Institutional Shares (Equivalent to $27.75 per share based on 99,176,371 shares outstanding)				$	2,752,292,611
	R6 Shares (Equivalent to $27.74 per share based on 7,001,602 shares outstanding)				$	194,239,285

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the market value of Rule 144A securities amounted to $32,553,000 or 0.78% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.91%)
Communication Services (15.73%)
		Advertising (0.21%)
	1,114,897	Innovid Corp. 1	$	11,148,970	$	1,850,729
		Interactive Home Entertainment (2.96%)
	129,000	Electronic Arts, Inc.		15,273,979		15,692,850
	85,000	Take-Two Interactive Software, Inc. 1		11,392,892		10,415,050
				26,666,871		26,107,900
		Interactive Media & Services (11.04%)
	34,950	Alphabet, Inc., Cl C 1		43,457,681		76,451,377
	628,369	ZoomInfo Technologies, Inc., Cl A 1		19,247,219		20,886,986
				62,704,900		97,338,363
		Movies & Entertainment (1.52%)
	650,000	Endeavor Group Holdings, Inc., Cl A 1		15,600,000		13,364,000
	Total Communication Services			116,120,741		138,660,992
Consumer Discretionary (12.14%)
		Automobile Manufacturers (6.29%)
	736,300	Rivian Automotive, Inc., Cl A 1		15,427,515		18,952,362
	54,300	Tesla, Inc. 1		4,150,889		36,566,706
				19,578,404		55,519,068
		Internet & Direct Marketing Retail (5.85%)
	485,500	Amazon.com, Inc. 1		29,742,116		51,564,955
	Total Consumer Discretionary			49,320,520		107,084,023
Health Care (11.24%)
		Biotechnology (5.46%)
	98,339	argenx SE, ADR 1,2		8,737,704		37,258,680
	310,600	Arrowhead Pharmaceuticals, Inc. 1		9,387,668		10,936,226
				18,125,372		48,194,906
		Health Care Equipment (4.26%)
	125,300	Edwards Lifesciences Corp. 1		7,054,705		11,914,777
	49,505	Intuitive Surgical, Inc. 1		6,724,756		9,936,149
	82,100	Shockwave Medical, Inc. 1		4,056,784		15,695,057
				17,836,245		37,545,983
		Life Sciences Tools & Services (1.52%)
	72,715	Illumina, Inc. 1		16,520,154		13,405,737
	Total Health Care			52,481,771		99,146,626
Industrials (2.42%)
		Research & Consulting Services (2.42%)
	353,330	CoStar Group, Inc. 1		14,974,268		21,344,665

Shares			Cost		Value
Common Stocks (continued)
Information Technology (50.32%)
		Application Software (10.64%)
	18,700	Adobe, Inc. 1	$	3,221,106	$	6,845,322
	52,500	Atlassian Corp. PLC, Cl A 1,2		12,743,387		9,838,500
	200,070	Ceridian HCM Holding, Inc. 1		11,090,695		9,419,295
	183,600	Guidewire Software, Inc. 1		6,634,335		13,033,764
	28,400	HubSpot, Inc. 1		13,697,049		8,538,460
	52,000	ServiceNow, Inc. 1,4		15,689,186		24,727,040
	569,087	SimilarWeb Ltd. 1,2		8,619,792		4,694,968
	200,010	The Trade Desk, Inc., Cl A 1		4,876,367		8,378,419
	60,000	Workday, Inc., Cl A 1		13,686,997		8,374,800
				90,258,914		93,850,568
		Data Processing & Outsourced Services (6.21%)
	3,000	Adyen N.V., (Netherlands), 144A 1,2,6		2,422,754		4,329,396
	69,800	MasterCard Incorporated, Cl A		15,595,187		22,020,504
	144,300	Visa, Inc., Cl A		23,990,038		28,411,227
				42,007,979		54,761,127
		Electronic Equipment & Instruments (1.04%)
	245,133	PAR Technology Corp. 1		9,186,735		9,190,036
		Internet Services & Infrastructure (0.28%)
	79,000	Shopify, Inc., Cl A 1,2		5,227,576		2,467,960
		IT Consulting & Other Services (5.71%)
	196,368	Endava plc, ADR 1,2		6,765,549		17,333,404
	136,587	Gartner, Inc. 1		9,112,634		33,030,834
				15,878,183		50,364,238
		Semiconductor Equipment (1.27%)
	16,200	ASML Holding N.V. 2		9,819,494		7,709,256
	38,000	Entegris, Inc.		3,558,262		3,500,940
				13,377,756		11,210,196
		Semiconductors (4.88%)
	87,000	Advanced Micro Devices, Inc. 1		8,016,599		6,652,890
	620,000	indie Semiconductor, Inc., Cl A 1		3,859,607		3,534,000
	5,700	Monolithic Power Systems, Inc.		2,220,473		2,189,028
	331,485	Navitas Semiconductor Corp. 1		3,314,850		1,279,532
	193,400	NVIDIA Corp.		16,952,127		29,317,506
				34,363,656		42,972,956
		Systems Software (20.29%)
	98,000	Cloudflare, Inc., Cl A 1,4		5,562,385		4,287,500
	105,623	Crowdstrike Holdings, Inc., Cl A 1		11,229,623		17,803,813
	75,500	Datadog, Inc., Cl A 1,4		10,287,412		7,190,620
	481,400	Microsoft Corporation		75,437,807		123,637,962
	42,700	MongoDB, Inc. 1,4		16,780,089		11,080,650
	107,508	Snowflake, Inc., Cl A 1,4		16,796,924		14,950,063
				136,094,240		178,950,608
	Total Information Technology			346,395,039		443,767,689
Real Estate (1.06%)
		Specialized REITs (1.06%)
	14,225	Equinix, Inc.		2,122,124		9,346,110
	Total Common Stocks			581,414,463		819,350,105

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Private Common Stocks (1.05%)
Industrials (1.04%)
		Aerospace & Defense (1.04%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,7	$	4,607,169	$	7,060,692
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,7		1,392,972		2,144,025
				6,000,141		9,204,717
		Trucking (0.01%)
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,7		103,563		90,100
	Total Private Common Stocks			6,103,704		9,294,817
Private Convertible Preferred Stocks (0.86%)
Materials (0.86%)
		Fertilizers & Agricultural Chemicals (0.86%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,7		7,250,007		7,608,245
Private Preferred Stocks (2.29%)
Industrials (2.29%)
		Aerospace & Defense (1.41%)
	18,519	Space Exploration Technologies Corp., Cl N 1,3,4,7		5,000,130		12,450,671
		Trucking (0.88%)
	266,956	GM Cruise Holdings, Cl G 1,3,4,7		7,034,290		7,699,011
	Total Private Preferred Stocks			12,034,420		20,149,682

Principal Amount			Cost		Value
Short Term Investments (3.58%)
	$31,556,679	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $31,556,890; (Fully collateralized by $33,657,700 U.S. Treasury Note, 2.25% due 11/15/2027 Market value – $32,187,818)6	$	31,556,679	$	31,556,679
	Total Investments (100.69%)		$	638,359,273		887,959,528
	Liabilities Less Cash and Other Assets (-0.69%)5					(6,079,903	)
	Net Assets				$	881,879,625
	Retail Shares (Equivalent to $25.33 per share based on 18,690,880 shares outstanding)				$	473,514,885
	Institutional Shares (Equivalent to $26.88 per share based on 14,329,125 shares outstanding)				$	385,105,201
	R6 Shares (Equivalent to $26.91 per share based on 864,388 shares outstanding)				$	23,259,539

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2022, the market value of restricted and fair valued securities amounted to $37,052,744 or 4.20% 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  Includes net unrealized depreciation of $41,894 on an unfunded commitment to purchase a private investment in a public entity.

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 June 30, 2022, the market value of Rule 144A securities amounted to $4,329,396 or 0.49% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.79%)
Communication Services (13.52%)
		Interactive Media & Services (13.52%)
	11,490	Alphabet, Inc., Cl A 1	$	17,696,237	$	25,039,697
	4,203	Alphabet, Inc., Cl C 1		949,080		9,193,852
	52,815	Meta Platforms Inc., Cl A 1		1,282,259		8,516,419
	348,023	ZoomInfo Technologies, Inc., Cl A 1		12,177,461		11,568,285
	Total Communication Services			32,105,037		54,318,253
Consumer Discretionary (17.43%)
		Automobile Manufacturers (7.42%)
	487,279	Rivian Automotive, Inc., Cl A 1		34,657,699		12,542,561
	25,673	Tesla, Inc. 1		21,423,366		17,288,712
				56,081,065		29,831,273
		Internet & Direct Marketing Retail (10.01%)
	314,740	Amazon.com, Inc. 1		3,137,929		33,428,536
	10,661	MercadoLibre, Inc. 1		5,742,448		6,789,671
				8,880,377		40,218,207
	Total Consumer Discretionary			64,961,442		70,049,480
Health Care (14.25%)
		Biotechnology (3.75%)
	39,794	argenx SE, ADR 1,2		11,915,485		15,077,151
		Health Care Equipment (3.66%)
	73,176	Intuitive Surgical, Inc. 1		8,405,327		14,687,155
		Health Care Technology (3.83%)
	77,581	Veeva Systems, Inc., Cl A 1		5,455,269		15,364,141
		Life Sciences Tools & Services (3.01%)
	85,850	10X Genomics, Inc., Cl A 1		7,476,765		3,884,712
	44,597	Illumina, Inc. 1		4,866,268		8,221,903
				12,343,033		12,106,615
	Total Health Care			38,119,114		57,235,062
Information Technology (51.59%)
		Application Software (10.92%)
	39,067	Adobe, Inc. 1		19,442,404		14,300,866
	66,675	Gitlab, Inc., Cl A 1,3		5,133,975		3,543,110
	54,748	ServiceNow, Inc. 1,3		20,976,883		26,033,769
				45,553,262		43,877,745
		Data Processing & Outsourced Services (10.49%)
	6,218	Adyen N.V., 144A (Netherlands) 1,2		4,711,862		8,973,395
	134,345	Block, Inc., Cl A 1		25,484,663		8,256,844
	79,034	MasterCard Incorporated, Cl A		7,944,923		24,933,646
				38,141,448		42,163,885

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Internet Services & Infrastructure (1.49%)
	191,260	Shopify, Inc., Cl A 1,2	$	6,103,138	$	5,974,962
		IT Consulting & Other Services (5.60%)
	113,750	Endava plc, ADR 1,2		13,140,569		10,040,712
	42,324	EPAM Systems, Inc. 1		3,510,274		12,476,269
				16,650,843		22,516,981
		Semiconductor Equipment (2.47%)
	20,813	ASML Holding N.V. 2		1,293,130		9,904,490
		Semiconductors (4.70%)
	124,671	NVIDIA Corp.		19,445,139		18,898,877
		Systems Software (15.92%)
	133,942	Cloudflare, Inc., Cl A 1,3		12,040,090		5,859,962
	114,467	Crowdstrike Holdings, Inc., Cl A 1		9,838,034		19,294,557
	137,615	Datadog, Inc., Cl A 1,3		8,918,464		13,106,453
	130,242	Snowflake, Inc., Cl A 1,3		23,344,928		18,111,453
	90,472	Twilio, Inc., Cl A 1,3		12,400,515		7,582,458
				66,542,031		63,954,883
	Total Information Technology			193,728,991		207,291,823
	Total Common Stocks			328,914,584		388,894,618
Private Common Stocks (0.90%)
Industrials (0.90%)
		Aerospace & Defense (0.90%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		2,778,694
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4, 6		567,691		822,918
	Total Private Common Stocks			2,499,944		3,601,612
Private Preferred Stocks (0.96%)
Industrials (0.96%)
		Trucking (0.96%)
	133,288	GM Cruise Holdings, Cl G 1,3,4,6		3,512,139		3,844,026

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (1.92%)
$7,724,007	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $7,724,058; (Fully collateralized by $8,238,300 U.S. Treasury Note, 2.25% due 11/15/2027 Market value – $7,878,521)5	$	7,724,007	$	7,724,007
Total Investments (100.57%)		$	342,650,674		404,064,263
Liabilities Less Cash and Other Assets (-0.57%)					(2,292,545	)
Net Assets				$	401,771,718
Retail Shares (Equivalent to $29.60 per share based on 2,980,551 shares outstanding)				$	88,214,886
Institutional Shares (Equivalent to $30.48 per share based on 9,573,254 shares outstanding)				$	291,745,888
R6 Shares (Equivalent to $30.49 per share based on 715,408 shares outstanding)				$	21,810,944

% 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, 2022, the market value of restricted and fair valued securities amounted to $7,445,638 or 1.86% 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 June 30, 2022, the market value of Rule 144A securities amounted to $8,973,395 or 2.23% 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, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.10%)
Communication Services (3.19%)
		Advertising (1.04%)
	4,250,000	S4 Capital PLC (United Kingdom) 1,2,4	$	15,642,612	$	11,924,346
		Interactive Media & Services (0.65%)
	2,250,000	Nextdoor Holdings, Inc. 1		22,682,922		7,447,500
		Movies & Entertainment (0.94%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		10,724,450
		Publishing (0.56%)
	300,000	Future PLC (United Kingdom) 2,4		4,060,257		6,348,471
	Total Communication Services			48,020,602		36,444,767
Consumer Discretionary (10.08%)
		Casinos & Gaming (3.78%)
	650,000	Boyd Gaming Corporation		42,549,481		32,337,500
	325,000	Red Rock Resorts, Inc., Cl A		8,497,295		10,842,000
				51,046,776		43,179,500
		Home Improvement Retail (2.75%)
	500,000	Floor & Decor Holdings, Inc., Cl A 1		23,803,082		31,480,000
		Restaurants (1.62%)
	700,000	The Cheesecake Factory, Inc.		25,634,342		18,494,000
		Specialty Stores (1.93%)
	1,500,000	Petco Health & Wellness Co., Inc. 1		30,001,921		22,110,000
	Total Consumer Discretionary			130,486,121		115,263,500
Consumer Staples (2.25%)
		Personal Products (2.25%)
	2,000,000	The Beauty Health Co. 1		21,322,653		25,720,000
Financials (6.50%)
		Insurance Brokers (1.48%)
	700,007	BRP Group, Inc., Cl A 1		13,660,901		16,905,169
		Property & Casualty Insurance (5.02%)
	250,000	Kinsale Capital Group, Inc.		20,250,978		57,410,000
	Total Financials			33,911,879		74,315,169
Health Care (20.11%)
		Health Care Equipment (8.80%)
	637,982	Axonics, Inc. 1		28,878,670		36,154,440
	114,823	Inari Medical, Inc. 1		4,216,755		7,806,816
	822,985	Inogen, Inc. 1		35,599,745		19,899,777
	640,208	Silk Road Medical, Inc. 1,3		27,145,351		23,297,169
	46,741	Tandem Diabetes Care, Inc. 1		2,951,411		2,766,600
	4,060,000	ViewRay, Inc. 1		20,943,586		10,759,000
				119,735,518		100,683,802
		Health Care Supplies (1.80%)
	2,029,967	Cerus Corp. 1		10,468,349		10,738,525
	144,000	Establishment Labs Holdings, Inc. 1,2		10,473,972		7,830,720
	2,365,363	Sientra, Inc. 1		17,781,624		1,981,465
				38,723,945		20,550,710
		Health Care Technology (2.92%)
	1,458,543	Definitive Healthcare Corp. 1		34,782,331		33,444,391

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (3.42%)
	160,000	Azenta, Inc.	$	16,765,323	$	11,536,000
	749,029	CareDx, Inc. 1,3		24,236,579		16,089,143
	573,790	Veracyte, Inc. 1,3		14,716,344		11,418,421
				55,718,246		39,043,564
		Managed Health Care (1.61%)
	633,279	Progyny, Inc. 1		13,736,936		18,396,755
		Pharmaceuticals (1.56%)
	1,291,732	Revance Therapeutics, Inc. 1		28,479,368		17,851,736
	Total Health Care			291,176,344		229,970,958
Industrials (19.36%)
		Aerospace & Defense (8.90%)
	251,095	Axon Enterprise, Inc. 1		30,643,264		23,394,521
	1,402,370	Kratos Defense & Security Solutions, Inc. 1		26,203,698		19,464,896
	916,300	Mercury Systems, Inc. 1		48,998,573		58,945,579
				105,845,535		101,804,996
		Building Products (0.95%)
	200,000	Trex Company, Inc. 1		6,713,310		10,884,000
		Diversified Support Services (0.69%)
	1,200,000	ACV Auctions, Inc., Cl A 1		31,541,757		7,848,000
		Environmental & Facilities Services (1.77%)
	599,642	Montrose Environmental Group, Inc. 1		10,554,326		20,243,914
		Human Resource & Employment Services (1.60%)
	202,400	ASGN, Inc. 1		21,593,741		18,266,600
		Industrial Machinery (3.01%)
	100,000	Chart Industries, Inc. 1		15,236,347		16,738,000
	93,105	Kornit Digital Ltd. 1,2		1,149,033		2,951,429
	1,705,185	Markforged Holding Corp. 1		14,565,523		3,154,592
	50,000	RBC Bearings, Inc. 1		10,475,838		9,247,500
	1,658,272	Velo3D, Inc. 1		16,824,565		2,288,415
				58,251,306		34,379,936
		Trading Companies & Distributors (2.44%)
	235,000	SiteOne Landscape Supply, Inc. 1		18,137,388		27,934,450
	Total Industrials			252,637,363		221,361,896
Information Technology (32.34%)
		Application Software (9.31%)
	1,300,000	Alkami Technology, Inc. 1		35,756,836		18,057,000
	350,000	Ceridian HCM Holding, Inc. 1		19,120,657		16,478,000
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		29,518,184		18,060,000
	442,889	Gitlab, Inc., Cl A 1,3		22,195,409		23,535,121
	300,000	Guidewire Software, Inc. 1		23,533,028		21,297,000
	2,000,000	SmartRent, Inc. 1,3		24,766,329		9,040,000
				154,890,443		106,467,121

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (5.09%)
	425,321	Advanced Energy Industries, Inc.	$	30,735,779	$	31,039,927
	54,131	Novanta, Inc. 1,2		5,885,852		6,564,466
	550,000	PAR Technology Corp. 1		19,012,716		20,619,500
				55,634,347		58,223,893
		IT Consulting & Other Services (2.31%)
	300,000	Endava plc, ADR 1,2		7,125,604		26,481,000
		Semiconductor Equipment (2.47%)
	490,800	Ichor Holdings Ltd. 1,2		11,435,027		12,750,984
	175,000	Nova Ltd. 1,2		4,080,928		15,492,750
				15,515,955		28,243,734
		Semiconductors (3.35%)
	725,000	Allegro MicroSystems, Inc. 1		10,150,000		15,000,250
	2,910,000	indie Semiconductor, Inc., Cl A 1		27,712,224		16,587,000
	1,750,000	Navitas Semiconductor Corp. 1		18,425,978		6,755,000
				56,288,202		38,342,250
		Systems Software (9.81%)
	1,536,930	Couchbase, Inc. 1,3		39,299,523		25,236,391
	430,775	Dynatrace, Inc. 1,3		10,425,483		16,989,766
	657,759	ForgeRock, Inc., Cl A 1,3		19,865,094		14,089,198
	759,531	Ping Identity Holding Corp. 1		13,954,936		13,777,892
	189,000	Qualys, Inc. 1		15,185,543		23,840,460
	621,000	Varonis Systems, Inc. 1		19,427,813		18,207,720
				118,158,392		112,141,427
	Total Information Technology			407,612,943		369,899,425
Real Estate (3.27%)
		Industrial REITs (3.27%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		37,433,500
	Total Common Stocks			1,216,825,041		1,110,409,215

Principal Amount			Cost		Value
Short Term Investments (2.33%)
	$26,634,966	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $26,635,143; (Fully collateralized by $28,408,300 U.S. Treasury Note, 2.25% due 11/15/2027 Market value – $27,167,667)4	$	26,634,966	$	26,634,966
	Total Investments (99.43%)		$	1,243,460,007		1,137,044,181
	Cash and Other Assets Less Liabilities (0.57%)					6,558,876
	Net Assets				$	1,143,603,057
	Retail Shares (Equivalent to $22.28 per share based on 6,693,715 shares outstanding)				$	149,164,363
	Institutional Shares (Equivalent to $22.80 per share based on 41,840,392 shares outstanding)				$	953,804,648
	R6 Shares (Equivalent to $22.80 per share based on 1,782,287 shares outstanding)				$	40,634,046

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.21%)
Communication Services (9.28%)
		Interactive Media & Services (9.28%)
	60	Alphabet, Inc., Cl A 1	$	169,758	$	130,755
	958	Alphabet, Inc., Cl C 1		1,610,666		2,095,577
	6,039	Meta Platforms, Inc., Cl A 1		1,281,094		973,789
	Total Communication Services			3,061,518		3,200,121
Consumer Discretionary (5.62%)
		Internet & Direct Marketing Retail (5.62%)
	18,260	Amazon.com, Inc. 1		2,203,614		1,939,395
Consumer Staples (4.45%)
		Hypermarkets & Super Centers (3.20%)
	2,305	Costco Wholesale Corp.		837,079		1,104,741
		Personal Products (1.25%)
	1,690	The Estée Lauder Companies, Inc., Cl A		427,446		430,392
	Total Consumer Staples			1,264,525		1,535,133
Financials (21.72%)
		Asset Management & Custody Banks (2.70%)
	20,925	Brookfield Asset Management, Inc., Cl A 2		1,137,075		930,534
		Financial Exchanges & Data (14.08%)
	6,573	CME Group, Inc.		1,280,881		1,345,493
	3,116	Moody’s Corp.		712,605		847,459
	2,499	MSCI, Inc.		1,125,532		1,029,963
	4,840	S&P Global, Inc.		1,310,039		1,631,370
				4,429,057		4,854,285
		Property & Casualty Insurance (4.94%)
	37,461	Arch Capital Group Ltd. 1,2		1,478,820		1,704,101
	Total Financials			7,044,952		7,488,920
Health Care (17.86%)
		Life Sciences Tools & Services (12.55%)
	4,275	Agilent Technologies, Inc.		500,763		507,742
	6,291	Danaher Corp.		1,288,441		1,594,894
	442	Mettler-Toledo International, Inc. 1		472,779		507,756
	3,164	Thermo Fisher Scientific, Inc.		1,456,290		1,718,938
				3,718,273		4,329,330
		Managed Health Care (5.31%)
	3,562	UnitedHealth Group, Incorporated		1,226,768		1,829,550
	Total Health Care			4,945,041		6,158,880
Industrials (3.02%)
		Aerospace & Defense (3.02%)
	9,883	HEICO Corp., Cl A		1,101,592		1,041,471
Information Technology (36.26%)
		Application Software (6.19%)
	2,198	Adobe, Inc. 1		815,705		804,600
	3,452	Intuit, Inc.		1,528,489		1,330,539
				2,344,194		2,135,139

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (9.27%)
	5,110	MasterCard Incorporated, Cl A	$	1,592,997	$	1,612,103
	8,043	Visa, Inc., Cl A		1,779,680		1,583,586
				3,372,677		3,195,689
		Electronic Manufacturing Services (2.03%)
	6,187	TE Connectivity Ltd. 2		779,075		700,059
		IT Consulting & Other Services (4.83%)
	6,000	Accenture plc, Cl A 2		1,633,030		1,665,900
		Semiconductors (5.13%)
	2,207	Monolithic Power Systems, Inc.		855,824		847,576
	5,985	Texas Instruments, Inc.		1,020,171		919,595
				1,875,995		1,767,171
		Systems Software (8.81%)
	11,835	Microsoft Corporation		2,565,012		3,039,583
	Total Information Technology			12,569,983		12,503,541
Total Common Stocks			32,191,225		33,867,461
Principal Amount
Short Term Investments (3.31%)
	$1,141,978	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2022, 0.24% due 7/1/2022; Proceeds at maturity – $1,141,985; (Fully collateralized by $1,218,100 U.S. Treasury Note, 2.25% due 11/15/2027 Market value – $1,164,904)3		1,141,978		1,141,978
	Total Investments (101.52%)		$	33,333,203		35,009,439
	Liabilities Less Cash and Other Assets (-1.52%)					(524,314	)
	Net Assets				$	34,485,125
	Retail Shares (Equivalent to $15.44 per share based on 495,220 shares outstanding)				$	7,647,893
	Institutional Shares (Equivalent to $15.61 per share based on 1,486,252 shares outstanding)				$	23,196,483
	R6 Shares (Equivalent to $15.61 per share based on 233,288 shares outstanding)				$	3,640,749

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Funds June 30, 2022

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 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

Baron Funds June 30, 2022

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, 2022.

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, 2022, 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.

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

Baron Funds June 30, 2022

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 lockup time period and volatility of the underlying security.

As of June 30, 2022, Baron Opportunity Fund had a commitment to purchase a when-issued security through a private transaction. Unrealized appreciation (depreciation) on this commitment is separately presented as a footnote on the Fund’s Schedule of Investments.

3. RESTRICTED SECURITIES

At June 30, 2022, 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 June 30, 2022, 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	$	23,707,631
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		64,742,952
Total Restricted Securities			$	88,450,583
(Cost $76,000,501)† ( 2.16% 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	$	14,785,572
Northvolt AB		9/21/2020		17,435,540
Total Restricted Securities			$	32,221,112
(Cost $25,674,990)† ( 0.50% of Net Assets)
	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
GM Cruise Holdings LLC		5/19/2022	$	90,100
Space Exploration Technologies Corp.		3/25/2021		9,204,717
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		7,608,245
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		7,699,011
Space Exploration Technologies Corp.		8/4/2020		12,450,671
Total Restricted Securities			$	37,052,744
(Cost $25,388,131)† (4.20% of Net Assets)
	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	3,601,612
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,844,026
Total Restricted Securities			$	7,445,638
(Cost $6,012,083)† (1.86%% of Net Assets)

^† See Schedules of Investments for cost of individual securities.    

Baron Funds June 30, 2022

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 the Funds’ own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

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

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

The following is a summary of the inputs used as of June 30, 2022 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†	$	3,980,209,882	$	—	$	—	$	3,980,209,882
Private Common Stocks		—		—		23,707,631		23,707,631
Private Preferred Stocks		—		—		64,742,952		64,742,952
Short Term Investments		—		22,662,440		—		22,662,440
Total Investments	$	3,980,209,882	$	22,662,440	$	88,450,583	$	4,091,322,905
	Baron Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,406,907,145	$	44,299,098	$	—	$	6,451,206,243
Private Convertible Preferred Stocks†		—		—		32,221,112		32,221,112
Warrants		112,923		—		—		112,923
Total Investments	$	6,407,020,068	$	44,299,098	$	32,221,112	$	6,483,540,278
	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,760,988,141	$	43,008,604	$	—	$	3,803,996,745
Short Term Investments		—		368,420,077		—		368,420,077
Total Investments	$	3,760,988,141	$	411,428,681	$	—	$	4,172,416,822

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2022

	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†	$	815,020,709	$	4,329,396	$	—	$	819,350,105
Private Common Stocks		—		—		9,294,817		9,294,817
Private Convertible Preferred Stocks		—		—		7,608,245		7,608,245
Private Preferred Stocks		—		—		20,149,682		20,149,682
Short Term Investments		—		31,556,679		—		31,556,679
Total Investments	$	815,020,709	$	35,886,075	$	37,052,744	$	887,959,528
Unrealized appreciation (depreciation) on unfunded commitments	$	—	$	—	$	(41,894)	$	(41,894)
	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†	$	379,921,223	$	8,973,395	$	—	$	388,894,618
Private Common Stocks		—		—		3,601,612		3,601,612
Private Preferred Stocks		—		—		3,844,026		3,844,026
Short Term Investments		—		7,724,007		—		7,724,007
Total Investments	$	379,921,223	$	16,697,402	$	7,445,638	$	404,064,263
	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†	$	1,092,136,398	$	18,272,817	$	—	$	1,110,409,215
Short Term Investments		—		26,634,966		—		26,634,966
Total Investments	$	1,092,136,398	$	44,907,783	$	—	$	1,137,044,181

	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†	$	33,867,461	$	—	$	—	$	33,867,461
Short Term Investments		—		1,141,978		—		1,141,978
Total Investments	$	33,867,461	$	1,141,978	$	—	$	35,009,439

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2022

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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Private Common Stocks
Consumer Discretionary	$	—	$	—	$	—	$	(26,292,410)	$	50,000,041	$	—	$	—	$	—	$	23,707,631	$	(26,292,410)
Private Preferred Stocks
Industrials		39,979,078		—		—		24,763,874		—		—		—		—		64,742,952		24,763,874
Total	$	39,979,078	$	—	$	—	$	(1,528,536)	$	50,000,041	$	—	$	—	$	—	$	88,450,583	$	(1,528,536)
Unfunded Commitments	$	(346,731)	$	—	$	—	$	346,731	$	—	$	—	$	—	$	—	$	—	$	—
	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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Common Stocks
Industrials	$	27,018,900	$	—	$	(20,108,067)	$	6,011,540	$	—	$	(12,922,373)	$	—	$	—	$	—	$	—
Materials		4,979,259		—		(4,875,825)		4,370,741		—		(4,474,175)		—		—		—		—
Private Convertible Preferred Stocks
Industrials		16,346,194		—		—		1,089,346		—		—		—		—		17,435,540		1,089,346
Materials		24,842,016		—		—		(10,056,444)		—		—		—		—		14,785,572		(10,056,444)
Total	$	73,186,369	$	—	$	(24,983,892)	$	1,415,183	$	—	$	(17,396,548)	$	—	$	—	$	32,221,112	$	(8,967,098)
Unfunded Commitments	$	(746,100)	$	—	$	—	$	746,100	$	—	$	—	$	—	$	—	$	—	$	—

	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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Common Stocks
Information Technology1	$	20,547,165	$	—	$	—	$	660,377	$	—	$	—	$	—	$	(21,207,542)	$	—	$	—

¹  E2 Open, Inc. restriction on resale was lifted on October 12, 2021.

Baron Funds June 30, 2022

	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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Common Stocks
Consumer Discretionary1	$	—	$	—	$	—	$	(27,544,209)	$	—	$	—	$	41,355,723	$	(13,811,514)	$	—	$	—
Private Common Stocks
Industrials		4,942,480		—		—		3,248,614		1,103,723		—		—		—		9,294,817		3,248,614
Private Convertible Preferred Stocks
Consumer Discretionary1		21,865,920		—		—		19,489,803		—		—		—		(41,355,723)		—		—
Materials		12,869,756		—		—		(5,261,511)		—		—		—		—		7,608,245		(5,261,511)
Private Preferred Stocks
Industrials		14,167,370		—		—		5,982,312		—		—		—		—		20,149,682		5,982,312
Total	$	53,845,526	$	—	$	—	$	(4,084,991)	$	1,103,723	$	—	$	41,355,723	$	(55,167,237)	$	37,052,744	$	3,969,415
Unfunded Commitments	$	(299,342)	$	—	$	—	$	257,448	$	—	$	—	$	—	$	—	$	(41,894)	$	(41,894)

	Baron Fifth Avenue 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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Common Stocks
Consumer Discretionary1	$	—	$	—	$	—	$	(3,698,501)	$	—	$	—	$	5,553,044	$	(1,854,543)	$	—	$	—
Private Common Stocks
Industrials		1,482,536		—		—		1,118,916		1,000,160		—		—		—		3,601,612		1,118,916
Private Convertible Preferred Stocks
Consumer Discretionary1		2,960,104		—		—		2,592,940		—		—		—		(5,553,044)		—		—
Private Preferred Stocks
Industrials		3,234,900		—		—		609,126		—		—		—		—		3,844,026		609,126
Total	$	7,677,540	$	—	$	—	$	622,481	$	1,000,160	$	—	$	5,553,044	$	(7,407,587)	$	7,445,638	$	1,728,042
	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 June 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2022
Common Stocks
Industrials	$	5,057,465	$	—	$	1,519,673	$	1,125,255	$	—	$	(7,702,393)	$	—	$	—	$	—	$	—
Unfunded Commitments	$	(170,095)	$	—	$	—	$	170,095	$	—	$	—	$	—	$	—	$	—	$	—

¹  Rivian Automotive, Series E and F Private Preferred Stocks converted into Common Stocks on November 9, 2021, and restriction on resale was lifted on May 9, 2022.

Baron Funds June 30, 2022

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of June 30, 2022 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of June 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2022	Range used on June 30, 2022
Private Common Stocks: Consumer Discretionary	StubHub Holdings, Inc.	$	23,707,631	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(2.92)%	(5.16)% – (1.69)%
					Discount for lack of marketability	10.06%	9.12% – 12.88%
					Estimated volatility of the returns of equity1	55.58%	41.11% – 71.22%
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	90% / 9% / 1%	1% – 90%
Private Preferred Stocks: Industrials	Space Exploration Technology Corp.	$	64,742,952	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	(0.33)%	(4.50)% – 2.64%
					Discount for lack of marketability	3.95%	3.95%
					Estimated volatility of the returns of equity 3	34.59%	20.73% – 49.07%
Baron Opportunity Fund
Sector	Company	Fair Value as of June 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2022	Range used on June 30, 2022
Private Common Stocks and   Private Preferred Stocks: Industrials	Space Exploration Technology Corp.	$	21,655,388	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	(0.33)%	(4.50)% – 2.64%
					Discount for lack of marketability	3.95%	3.95%
					Estimated volatility of the returns of equity3	34.59%	20.73% – 49.07%
Private Common Stocks and Private Preferred Stocks: Industrials	GM Cruise Holdings	$	7,789,111	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(2.87)%	(5.35)% – 0.78%
					Discount for lack of marketability	12.99%	12.99%
					Estimated volatility of the returns of equity4	35.36%	28.49% – 68.67%
					Scenario Probabilities: Scenario A / Scenario B5	70% / 30%	30% – 70%
Private Convertible Preferred Stocks: Materials	Farmers Business Network Inc.	$	7,608,245	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(2.12)%	(9.57)% – 0.47%
					Discount for lack of marketability	12.24%	12.24%
					Estimated volatility of the returns of equity3	52.89%	26.95% – 97.61%
					Scenario Probabilities: Scenario A / Scenario B5	90% / 10%	10% – 90%

See Footnotes on next page.

Baron Funds June 30, 2022

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of June 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2022	Range used on June 30, 2022
Private Common Stocks: Industrials	Space Exploration Technology Corp.	$	3,601,612	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	(0.33)%	(4.50)% – 2.64%
					Discount for lack of marketability	3.95%	3.95%
					Estimated volatility of the returns of equity3	34.59%	20.73% – 49.07%
Private Preferred Stocks: Industrials	GM Cruise Holdings	$	3,844,026	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(2.87)%	(5.35)% – 0.78%
					Discount for lack of marketability	12.99%	12.99%
					Estimated volatility of the returns of equity4	35.36%	28.49% – 68.67%
					Scenario Probabilities: Scenario A / Scenario B5	70% / 30%	30% – 70%

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 a Direct Listing/ IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event.

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

⁴  The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others.

⁵  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

A significant change in the EV/EBITDA multiple ratio may result in a directionally similar significant change in the fair value measurement, while a significant change in the discount for lack of marketability and equity index of comparable companies may not result in a materially higher or lower fair value measurement.

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of June 30, 2022, 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	$	1,546,225,521	$	1,191,859,791	$	2,623,059,499	$	638,359,273	$	342,650,674	$	1,243,460,007	$	33,333,203
Gross tax unrealized appreciation	$	2,679,875,834	$	5,294,269,271	$	1,695,664,979	$	306,251,377	$	135,830,787	$	176,762,582	$	3,241,983
Gross tax unrealized depreciation		(134,778,450)		(2,588,784)		(146,307,656)		(56,651,122)		(74,417,198)		(283,178,408)		(1,565,747)
Net unrealized appreciation (depreciation)	$	2,545,097,384	$	5,291,680,487	$	1,549,357,323	$	249,600,255	$	61,413,589	$	(106,415,826)	$	1,676,236
Net unrealized appreciation (depreciation) on unfunded commitments	$	—	$	—	$	—	$	(41,894)	$	—	$	—	$	—

Baron Funds June 30, 2022

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 June 30, 2022		Value at June 30, 2022		% of Net Assets at June 30, 2022
“Affiliated” Company as of June 30, 2022:
Choice Hotels International, Inc.	$	379,110,000	$	—	$	3,375,783	$	(46,082,850)	$	2,447,883	$	2,131,563		2,975,000	$	332,099,250		5.14%
Iridium Communications, Inc.		314,815,000		—		—		(18,091,000)		—		—		7,900,000		296,724,000		4.59%
	$	693,925,000	$	—	$	3,375,783	$	(64,173,850)	$	2,447,883	$	2,131,563			$	628,823,250
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 June 30, 2022		Value at June 30, 2022		% of Net Assets at June 30, 2022
No longer an “Affiliated” Company as of June 30, 2022:
Installed Building Products, Inc.	$	160,725,000	$	2,053,685	$	17,429,597	$	(37,263,487)	$	8,338,399	$	2,561,625		1,400,000	$	116,424,000		2.79%

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, 2022.