Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.48%)
Communication Services (1.89%)
		Advertising (0.61%)
	594,000	The Trade Desk, Inc., Cl A 1	$	11,554,017	$	26,629,020
		Cable & Satellite (0.31%)
	175,000	Liberty Broadband Corporation, Cl C 1		12,253,925		13,347,250
		Interactive Media & Services (0.97%)
	1,398,709	ZoomInfo Technologies, Inc. 1		30,281,101		42,115,128
	Total Communication Services			54,089,043		82,091,398
Consumer Discretionary (6.41%)
		Automobile Manufacturers (0.18%)
	425,305	Rivian Automotive, Inc., Cl A 1		33,173,790		7,838,371
		Home Improvement Retail (0.37%)
	230,000	Floor & Decor Holdings, Inc., Cl A 1		20,284,647		16,014,900
		Hotels, Resorts & Cruise Lines (2.55%)
	546,442	Choice Hotels International, Inc.		5,198,084		61,551,227
	543,233	Hyatt Hotels Corp., Cl A 1		16,817,762		49,135,425
				22,015,846		110,686,652
		Leisure Facilities (3.31%)
	603,538	Vail Resorts, Inc.		11,683,688		143,853,282
	Total Consumer Discretionary			87,157,971		278,393,205
Financials (14.25%)
		Asset Management & Custody Banks (0.60%)
	237,514	T. Rowe Price Group, Inc.		5,729,987		25,903,277
		Financial Exchanges & Data (5.52%)
	370,725	FactSet Research Systems, Inc.		19,898,420		148,738,577
	201,267	MarketAxess Holdings, Inc.		21,743,183		56,131,354
	30,000	MSCI, Inc.		7,783,774		13,955,100
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		21,179,452
				61,404,090		240,004,483
		Insurance Brokers (0.89%)
	158,421	Willis Towers Watson PLC 2		19,439,430		38,746,608
		Investment Banking & Brokerage (3.45%)
	1,750,936	The Charles Schwab Corp.		1,542,900		145,782,931
	19,000	LPL Financial Holdings, Inc.		4,376,048		4,107,230
				5,918,948		149,890,161
		Property & Casualty Insurance (3.18%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		138,332,214
		Regional Banks (0.61%)
	216,421	First Republic Bank		5,518,736		26,379,556
	Total Financials			105,945,127		619,256,299

Shares			Cost		Value
Common Stocks (continued)
Health Care (25.23%)
		Biotechnology (0.51%)
	58,366	argenx SE, ADR 1,2	$	18,854,201	$	22,110,792
		Health Care Equipment (8.78%)
	682,000	DexCom, Inc. 1		54,311,293		77,229,680
	673,630	IDEXX Laboratories, Inc. 1		12,186,829		274,814,095
	118,644	Teleflex, Inc.		19,087,390		29,617,101
				85,585,512		381,660,876
		Health Care Supplies (1.64%)
	215,418	The Cooper Companies, Inc.		36,713,299		71,232,270
		Health Care Technology (1.71%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		74,135,713
		Life Sciences Tools & Services (12.59%)
	1,599,944	Bio-Techne Corporation		39,595,545		132,603,359
	160,000	ICON plc 1,2		34,229,795		31,080,000
	212,552	Illumina, Inc. 1		9,061,707		42,978,014
	181,117	Mettler-Toledo International, Inc. 1		10,795,784		261,795,568
	334,404	West Pharmaceutical Services, Inc.		14,419,530		78,701,981
				108,102,361		547,158,922
	Total Health Care			276,370,969		1,096,298,573
Industrials (13.25%)
		Environmental & Facilities Services (1.38%)
	1,643,418	Rollins, Inc.		24,597,482		60,050,493
		Industrial Machinery (1.79%)
	340,760	IDEX Corporation		24,525,881		77,805,731
		Research & Consulting Services (10.08%)
	2,439,930	CoStar Group, Inc. 1		59,005,227		188,557,790
	1,438,500	TransUnion		77,172,718		81,634,875
	951,206	Verisk Analytics, Inc.		23,582,787		167,811,763
				159,760,732		438,004,428
	Total Industrials			208,884,095		575,860,652
Information Technology (30.94%)
		Application Software (13.05%)
	571,856	ANSYS, Inc. 1		20,310,482		138,154,691
	166,026	Aspen Technology, Inc. 1		30,241,636		34,101,741
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,865		104,955,366
	150,000	Fair Isaac Corp. 1		63,616,939		89,787,000
	1,421,809	Guidewire Software, Inc. 1		77,473,157		88,948,371
	257,192	Roper Technologies, Inc.		26,184,327		111,130,091
				281,853,406		567,077,260
		Data Processing & Outsourced Services (1.67%)
	474,217	Fidelity National Information Services, Inc.		26,725,944		32,175,623
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		40,142,217
				47,659,148		72,317,840
		Electronic Components (1.58%)
	900,000	Amphenol Corp., Cl A		42,881,684		68,526,000

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Internet Services & Infrastructure (2.80%)
	592,103	Verisign, Inc. 1	$	27,318,889	$	121,641,640
		IT Consulting & Other Services (10.21%)
	50,000	EPAM Systems, Inc. 1		24,927,247		16,387,000
	1,271,323	Gartner, Inc. 1		27,028,517		427,342,513
				51,955,764		443,729,513
		Technology Distributors (1.63%)
	397,363	CDW Corp.		26,228,965		70,961,085
	Total Information Technology			477,897,856		1,344,253,338
Real Estate (4.51%)
		Real Estate Services (0.96%)
	542,323	CBRE Group, Inc., Cl A 1		6,067,334		41,737,178
		Specialized REITs (3.55%)
	175,000	Alexandria Real Estate Equities, Inc. 4		26,236,333		25,492,250
	65,416	Equinix, Inc.		4,258,856		42,849,443
	306,856	SBA Communications Corp.		7,734,439		86,014,805
				38,229,628		154,356,498
	Total Real Estate			44,296,962		196,093,676
	Total Common Stocks			1,254,642,023		4,192,247,141
Private Common Stocks (0.51%)
Consumer Discretionary (0.51%)
		Internet & Direct Marketing Retail (0.51%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		22,138,584
Private Preferred Stocks (1.63%)
Industrials (1.63%)
		Aerospace & Defense (1.63%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,6		26,000,460		70,839,647

Principal Amount			Cost		Value
Short Term Investments (1.21%)
	$52,506,487	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $52,528,948; (Fully Collateralized by $30,090,700 U.S.Treasury Note, 3.25% due 6/30/2029 Market value – $28,884,725 and $10,000,000 U.S. Treasury Note, 3.875% due 11/30/2029 Market value) – $10,000,687 and $17,235,000 U.S. Treasury Note, 1.875% due 02/15/2032 Market value – $14,671,294) 5	$	52,506,487	$	52,506,487
	Total Investments (99.83%)		$	1,383,149,011		4,337,731,859
	Cash and Other Assets Less Liabilities (0.17%)					7,469,543
	Net Assets				$	4,345,201,402
	Retail Shares (Equivalent to $86.84 per share based on 23,138,578 shares outstanding)				$	2,009,337,519
	Institutional Shares (Equivalent to $91.69 per share based on 23,863,773 shares outstanding)				$	2,188,179,128
	R6 Shares (Equivalent to $91.67 per share based on 1,611,051 shares outstanding)				$	147,684,755

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2022, the market value of restricted and fair valued securities amounted to $92,978,231 or 2.14% 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, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (100.59%)
Communication Services (5.92%)
		Alternative Carriers (5.92%)
	7,890,000	Iridium Communications, Inc. 4	$	48,629,515	$	405,546,000
Consumer Discretionary (18.77%)
		Casinos & Gaming (3.47%)
	440,000	Boyd Gaming Corporation		11,056,072		23,993,200
	4,910,000	Penn Entertainment, Inc. 1		50,657,816		145,827,000
	1,695,000	Red Rock Resorts, Inc., Cl A		30,919,576		67,816,950
				92,633,464		237,637,150
		Education Services (1.03%)
	1,115,000	Bright Horizons Family Solutions, Inc. 1		35,080,904		70,356,500
		Hotels, Resorts & Cruise Lines (7.32%)
	2,965,000	Choice Hotels International, Inc. 4		71,648,874		333,977,600
	1,250,000	Marriott Vacations Worldwide Corp.		66,814,800		168,237,500
				138,463,674		502,215,100
		Leisure Facilities (6.95%)
	2,000,000	Vail Resorts, Inc.		56,102,209		476,700,000
	Total Consumer Discretionary			322,280,251		1,286,908,750
Financials (39.21%)
		Asset Management & Custody Banks (2.49%)
	1,685,000	The Carlyle Group, Inc.		34,374,519		50,280,400
	1,860,000	Cohen & Steers, Inc.		40,191,523		120,081,600
				74,566,042		170,362,000
		Financial Exchanges & Data (20.41%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		481,452,000
	930,000	Morningstar, Inc.		18,953,575		201,428,700
	1,540,000	MSCI, Inc.		28,503,285		716,361,800
				107,411,435		1,399,242,500
		Investment Banking & Brokerage (0.77%)
	450,000	Houlihan Lokey, Inc.		19,625,873		39,222,000
	350,000	Moelis & Co., Cl A		5,215,059		13,429,500
				24,840,932		52,651,500
		Life & Health Insurance (3.10%)
	1,500,000	Primerica, Inc.		31,190,715		212,730,000
		Property & Casualty Insurance (12.15%)
	9,105,000	Arch Capital Group Ltd. 1,2		28,404,480		571,611,900
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		261,520,000
				63,412,243		833,131,900
		Thrifts & Mortgage Finance (0.29%)
	520,000	Essent Group Ltd. 2		14,300,210		20,217,600
	Total Financials			315,721,577		2,688,335,500
Health Care (10.72%)
		Health Care Equipment (3.21%)
	540,000	IDEXX Laboratories, Inc. 1		7,568,743		220,298,400
		Health Care Supplies (0.43%)
	1,829,564	Figs, Inc., Cl A 1		19,728,364		12,312,965
	1,147,434	Neogen Corp. 1		13,141,411		17,475,420
				32,869,775		29,788,385

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (6.80%)
	2,960,000	Bio-Techne Corporation	$	38,883,322	$	245,324,800
	72,000	Mettler-Toledo International, Inc. 1		3,293,302		104,072,400
	495,000	West Pharmaceutical Services, Inc.		16,833,686		116,498,250
				59,010,310		465,895,450
		Pharmaceuticals (0.28%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom)2,6		18,422,044		18,851,247
	Total Health Care			117,870,872		734,833,482
Industrials (6.90%)
		Building Products (0.71%)
	1,150,000	Trex Co., Inc. 1		10,329,303		48,679,500
		Environmental & Facilities Services (0.10%)
	950,000	BrightView Holdings, Inc. 1		11,465,197		6,545,500
		Industrial Machinery (0.21%)
	4,275,000	Marel hf (Netherlands)2		18,281,671		14,735,273
		Research & Consulting Services (5.88%)
	5,215,000	CoStar Group, Inc. 1		21,784,904		403,015,200
	Total Industrials			61,861,075		472,975,473
Information Technology (12.54%)
		Application Software (4.87%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		32,965,750
	1,000,000	ANSYS, Inc. 1		22,816,668		241,590,000
	945,000	Guidewire Software, Inc. 1		28,784,151		59,119,200
				62,930,838		333,674,950
		Electronic Components (0.19%)
	60,000	Littelfuse, Inc.		6,452,400		13,212,000
		IT Consulting & Other Services (7.48%)
	1,525,000	Gartner, Inc. 1		21,222,737		512,613,500
	Total Information Technology			90,605,975		859,500,450
Real Estate (6.53%)
		Diversified REITs (0.08%)
	200,000	American Assets Trust, Inc.		3,350,428		5,300,000
		Office REITs (0.76%)
	3,340,000	Douglas Emmett, Inc.		28,956,081		52,371,200
		Specialized REITs (5.69%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,054,963		109,252,500
	5,385,000	Gaming and Leisure Properties, Inc.		114,093,295		280,504,650
				140,148,258		389,757,150
	Total Real Estate			172,454,767		447,428,350
	Total Common Stocks			1,129,424,032		6,895,528,005

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Private Convertible Preferred Stocks (0.48%)
Industrials (0.22%)
		Electrical Components & Equipment (0.22%)
	59,407,006	Northvolt AB (Sweden) 2,3,5,7	$	9,374,989	$	15,099,241
Materials (0.26%)
		Fertilizers & Agricultural Chemicals (0.26%)
	341,838	Farmers Business Network, Inc., Series F 1,2,3,5,7		11,300,002		12,275,403
	80,440	Farmers Business Network, Inc., Series G 1,2,3,5,7		5,000,000		5,297,778
	Total Materials			16,300,002		17,573,181
	Total Private Convertible Preferred Stocks			25,674,991		32,672,422
Warrants (0.00%)
Consumer Discretionary (0.00%)
		Hotels, Resorts & Cruise Lines (0.00%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1		0		120,644
	Total Investments (101.07%)		$	1,155,099,023		6,928,321,071
	Liabilities Less Cash and Other Assets (-1.07%)					(73,016,303	)
	Net Assets				$	6,855,304,768
	Retail Shares (Equivalent to $84.99 per share based on 25,806,202 shares outstanding)				$	2,193,348,088
	Institutional Shares (Equivalent to $89.49 per share based on 50,012,011 shares outstanding)				$	4,475,507,109
	R6 Shares (Equivalent to $89.50 per share based on 2,083,278 shares outstanding)				$	186,449,571

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2022, the market value of restricted and fair valued securities amounted to $32,672,422 or 0.48% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.89%)
Communication Services (5.05%)
		Advertising (0.86%)
	750,000	The Trade Desk, Inc., Cl A 1	$	2,662,500	$	33,622,500
		Cable & Satellite (1.15%)
	75,000	Liberty Broadband Corporation, Cl A 1		298,828		5,688,750
	200,000	Liberty Broadband Corporation, Cl C 1		772,163		15,254,000
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		1,322,732		24,456,250
				2,393,723		45,399,000
		Movies & Entertainment (3.04%)
	1,200,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		21,262,385		71,736,000
	150,000	Madison Square Garden Entertainment Corp. 1		2,346,185		6,745,500
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		41,249,250
				32,025,126		119,730,750
	Total Communication Services			37,081,349		198,752,250
Consumer Discretionary (15.02%)
		Auto Parts & Equipment (0.24%)
	4,500,000	Holley, Inc. 1		37,719,254		9,540,000
		Casinos & Gaming (3.58%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		9,966,250
	700,000	Penn Entertainment, Inc. (formerly, Penn National Gaming, Inc.) 1		12,320,393		20,790,000
	2,750,000	Red Rock Resorts, Inc., Cl A		75,439,769		110,027,500
				98,947,949		140,783,750
		Education Services (1.20%)
	750,000	Bright Horizons Family Solutions, Inc. 1		29,824,721		47,325,000
		Home Improvement Retail (2.48%)
	1,400,000	Floor & Decor Holdings, Inc., Cl A 1		55,967,953		97,482,000
		Homebuilding (2.72%)
	1,249,262	Installed Building Products, Inc.		65,269,095		106,936,827
		Hotels, Resorts & Cruise Lines (0.10%)
	1,000,000	Membership Collective Group, Inc., Cl A 1		13,900,478		3,740,000
		Leisure Facilities (2.00%)
	1,000,000	Planet Fitness, Inc., Cl A 1		41,366,076		78,800,000
		Restaurants (1.81%)
	2,250,000	The Cheesecake Factory, Inc.		62,520,432		71,347,500
		Specialized Consumer Services (0.89%)
	2,800,000	European Wax Center, Inc., Cl A 1		53,348,102		34,860,000
	Total Consumer Discretionary			458,864,060		590,815,077

Shares			Cost		Value
Common Stocks (continued)
Consumer Staples (2.12%)
		Packaged Foods & Meats (1.31%)
	3,250,000	UTZ Brands, Inc.	$	52,114,568	$	51,545,000
		Personal Products (0.81%)
	3,500,000	The Beauty Health Co. 1		50,004,368		31,850,000
	Total Consumer Staples			102,118,936		83,395,000
Financials (6.69%)
		Insurance Brokers (1.98%)
	3,100,000	BRP Group, Inc., Cl A 1		50,723,405		77,934,000
		Investment Banking & Brokerage (1.39%)
	625,000	Houlihan Lokey, Inc.		28,909,333		54,475,000
		Property & Casualty Insurance (3.32%)
	500,000	Kinsale Capital Group, Inc.		72,425,816		130,760,000
	Total Financials			152,058,554		263,169,000
Health Care (13.77%)
		Health Care Equipment (5.64%)
	1,000,000	Axonics, Inc. 1		35,459,918		62,530,000
	580,000	DexCom, Inc. 1		1,922,936		65,679,200
	60,000	IDEXX Laboratories, Inc. 1		829,217		24,477,600
	275,000	Inspire Medical Systems, Inc. 1		17,045,222		69,267,000
				55,257,293		221,953,800
		Health Care Supplies (0.87%)
	2,250,000	Neogen Corp. 1		31,648,338		34,267,500
		Life Sciences Tools & Services (4.65%)
	700,000	ICON plc 1,2		38,492,341		135,975,000
	32,500	Mettler-Toledo International, Inc. 1		1,571,421		46,977,125
				40,063,762		182,952,125
		Managed Health Care (1.79%)
	800,000	HealthEquity, Inc. 1		13,208,487		49,312,000
	675,000	Progyny, Inc. 1		22,959,593		21,026,250
				36,168,080		70,338,250
		Pharmaceuticals (0.82%)
	1,020,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,4		28,920,686		32,150,215
	Total Health Care			192,058,159		541,661,890
Industrials (27.09%)
		Aerospace & Defense (3.94%)
	2,200,000	Kratos Defense & Security Solutions, Inc. 1		32,701,507		22,704,000
	1,200,000	Mercury Systems, Inc. 1		37,862,063		53,688,000
	125,000	TransDigm Group, Inc. 1		0		78,706,250
				70,563,570		155,098,250
		Building Products (2.25%)
	5,500,000	Janus International Group, Inc. 1		54,266,533		52,360,000
	850,000	Trex Co., Inc. 1		34,405,324		35,980,500
				88,671,857		88,340,500

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Diversified Support Services (1.58%)
	2,275,000	Driven Brands Holdings, Inc. 1	$	57,328,359	$	62,130,250
		Electrical Components & Equipment (3.78%)
	1,800,000	Shoals Technologies Group, Inc., Cl A 1		29,324,283		44,406,000
	7,650,000	Vertiv Holdings Co.		78,901,960		104,499,000
				108,226,243		148,905,000
		Environmental & Facilities Services (1.52%)
	450,000	Waste Connections, Inc. 2		19,650,000		59,652,000
		Human Resource & Employment Services (4.95%)
	1,750,000	ASGN, Inc. 1		55,248,586		142,590,000
	4,000,000	First Advantage Corp. 1		65,399,826		52,000,000
				120,648,412		194,590,000
		Industrial Machinery (4.70%)
	650,000	Chart Industries, Inc. 1		88,995,122		74,899,500
	550,000	John Bean Technologies Corp.		48,810,954		50,231,500
	285,000	RBC Bearings, Incorporated 1		34,467,037		59,664,750
				172,273,113		184,795,750
		Research & Consulting Services (0.74%)
	3,500,000	Clarivate PLC 1,2		39,366,721		29,190,000
		Trading Companies & Distributors (3.63%)
	2,750,000	Hillman Solutions Corp. 1,3		30,926,187		19,827,500
	1,050,000	SiteOne Landscape Supply, Inc. 1		57,097,581		123,186,000
				88,023,768		143,013,500
	Total Industrials			764,752,043		1,065,715,250
Information Technology (21.97%)
		Application Software (9.01%)
	750,000	Altair Engineering, Inc., Cl A 1		11,935,619		34,102,500
	350,000	Aspen Technology, Inc. 1		32,534,028		71,890,000
	950,000	Ceridian HCM Holding, Inc. 1		29,430,555		60,942,500
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		27,854,229		28,125,000
	7,388,636	E2open Parent Holdings, Inc., Cl A 1		72,231,889		43,371,293
	1,225,000	Guidewire Software, Inc. 1		31,269,358		76,636,000
	700,000	Sprout Social, Inc., Cl A 1		40,024,947		39,522,000
				245,280,625		354,589,293
		Data Processing & Outsourced Services (2.40%)
	700,000	Nuvei Corp., 144A (Canada) 1,2		19,394,958		17,787,000
	3,900,000	Repay Holdings Corporation 1		35,724,877		31,395,000
	275,300	WEX, Inc. 1		14,455,072		45,052,845
				69,574,907		94,234,845
		Electronic Equipment & Instruments (1.80%)
	1,500,000	Cognex Corp.		25,832,809		70,665,000
		IT Consulting & Other Services (8.76%)
	770,000	Endava plc, ADR 1,2		25,677,665		58,905,000
	750,000	Gartner, Inc. 1		10,381,271		252,105,000
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		33,660,000
				72,381,533		344,670,000
	Total Information Technology			413,069,874		864,159,138

Shares			Cost		Value
Common Stocks (continued)
Materials (1.50%)
		Specialty Chemicals (1.50%)
	1,750,000	Avient Corp.	$	55,580,984	$	59,080,000
Real Estate (2.68%)
		Specialized REITs (2.68%)
	1,250,000	Americold Realty Trust, Inc. 3		20,023,654		35,387,500
	250,000	SBA Communications Corp.		1,006,880		70,077,500
	Total Real Estate			21,030,534		105,465,000
	Total Common Stocks			2,196,614,493		3,772,212,605
Principal Amount
Short Term Investments (4.10%)
	$161,373,364	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $161,442,396; (Fully Collateralized by $12,973,600 U.S. Treasury Bond, 2.375% due 2/15/2042 Market value – $9,976,997 and $60,433,600 U.S. Treasury Bond, 3.0% due 2/15/2048 Market value – $50,841,910 and $147,126,900 U.S. Treasury Bond, 2.25% due 2/15/2052 Market value – $103,781,991)4		161,373,364		161,373,364
	Total Investments (99.99%)		$	2,357,987,857		3,933,585,969
	Cash and Other Assets Less Liabilities (0.01%)					208,849
	Net Assets				$	3,933,794,818
	Retail Shares (Equivalent to $24.63 per share based on 45,998,989 shares outstanding)				$	1,132,783,575
	Institutional Shares (Equivalent to $26.48 per share based on 98,616,982 shares outstanding)				$	2,611,120,386
	R6 Shares (Equivalent to $26.47 per share based on 7,174,752 shares outstanding)				$	189,890,857

% 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.

^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, 2022, the market value of Rule 144A securities amounted to $17,787,000 or 0.45% of net assets.

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.70%)
Communication Services (14.94%)
		Advertising (1.24%)
	210,510	The Trade Desk, Inc., Cl A 1	$	4,349,448	$	9,437,163
		Interactive Home Entertainment (2.72%)
	108,500	Electronic Arts, Inc.		12,253,641		13,256,530
	71,700	Take-Two Interactive Software, Inc. 1		7,538,545		7,466,121
				19,792,186		20,722,651
		Interactive Media & Services (9.46%)
	559,000	Alphabet, Inc., Cl C 1		30,410,115		49,600,070
	25,500	Meta Platforms, Inc., Cl A 1		3,036,590		3,068,670
	648,369	ZoomInfo Technologies, Inc. 1		20,114,816		19,522,391
				53,561,521		72,191,131
		Movies & Entertainment (1.52%)
	516,000	Endeavor Group Holdings, Inc., Cl A 1		12,384,000		11,630,640
	Total Communication Services			90,087,155		113,981,585
Consumer Discretionary (10.23%)
		Automobile Manufacturers (4.88%)
	614,183	Rivian Automotive, Inc., Cl A 1		12,206,302		11,319,393
	210,400	Tesla, Inc. 1		13,523,451		25,917,072
				25,729,753		37,236,465
		Internet & Direct Marketing Retail (5.35%)
	485,500	Amazon.com, Inc. 1		29,742,116		40,782,000
	Total Consumer Discretionary			55,471,869		78,018,465
Health Care (11.60%)
		Biotechnology (5.65%)
	80,739	argenx SE, ADR 1,2		4,143,502		30,586,355
	124,561	Arrowhead Pharmaceuticals, Inc. 1		2,494,474		5,052,194
	382,000	Rocket Pharmaceuticals, Inc. 1		7,228,464		7,475,740
				13,866,440		43,114,289
		Health Care Equipment (4.14%)
	104,300	Edwards Lifesciences Corp. 1		5,219,929		7,781,823
	54,505	Intuitive Surgical, Inc. 1		7,920,379		14,462,902
	45,400	Shockwave Medical, Inc. 1		2,236,335		9,334,694
				15,376,643		31,579,419
		Life Sciences Tools & Services (1.81%)
	68,315	Illumina, Inc. 1		11,957,854		13,813,293
	Total Health Care			41,200,937		88,507,001
Industrials (3.42%)
		Research & Consulting Services (3.42%)
	337,330	CoStar Group, Inc. 1		13,497,332		26,068,862
Information Technology (52.29%)
		Application Software (8.11%)
	199,570	Ceridian HCM Holding, Inc. 1		9,380,036		12,802,416
	87,500	Gitlab, Inc., Cl A 1,4		3,730,936		3,976,000
	172,100	Guidewire Software, Inc. 1		4,837,836		10,766,576
	10,800	HubSpot, Inc. 1		3,570,527		3,122,604
	52,000	ServiceNow, Inc. 1,4		15,689,186		20,190,040
	65,500	Workday, Inc., Cl A 1		10,499,798		10,960,115
				47,708,319		61,817,751

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (7.31%)
	3,000	Adyen N.V., (Netherlands), 144A 1,2,5	$	2,422,754	$	4,164,747
	69,800	MasterCard Incorporated, Cl A		15,595,187		24,271,554
	131,500	Visa, Inc., Cl A		21,184,506		27,320,440
				39,202,447		55,756,741
		Internet Services & Infrastructure (0.75%)
	165,000	Shopify, Inc., Cl A 1,2		4,970,682		5,727,150
		IT Consulting & Other Services (7.13%)
	193,868	Endava plc, ADR 1,2		6,503,238		14,830,902
	117,587	Gartner, Inc. 1		4,874,492		39,525,694
				11,377,730		54,356,596
		Semiconductor Equipment (1.53%)
	21,300	ASML Holding N.V. 2		10,043,235		11,638,320
		Semiconductors (8.40%)
	173,000	Advanced Micro Devices, Inc. 1		12,922,039		11,205,210
	1,793,500	indie Semiconductor, Inc., Cl A 1		12,356,509		10,456,105
	26,200	Monolithic Power Systems, Inc.		10,450,028		9,264,582
	226,900	NVIDIA Corp.		21,203,681		33,159,166
				56,932,257		64,085,063
		Systems Software (19.06%)
	202,000	Cloudflare, Inc., Cl A 1,4		8,494,557		9,132,420
	77,623	Crowdstrike Holdings, Inc., Cl A 1		5,534,067		8,172,926
	109,000	Datadog, Inc., Cl A 1,4		8,110,625		8,011,500
	449,900	Microsoft Corporation		68,021,212		107,895,018
	85,008	Snowflake, Inc., Cl A 1,4		11,548,604		12,202,048
				101,709,065		145,413,912
	Total Information Technology			271,943,735		398,795,533
Real Estate (1.22%)
		Specialized REITs (1.22%)
	14,225	Equinix, Inc.		2,122,124		9,317,802
	Total Common Stocks			474,323,152		714,689,248
Private Common Stocks (1.79%)
Communication Services (0.46%)
		Interactive Media & Services (0.46%)
	5,000	X Holdings I, Inc. 1,3,4,6		5,000,000		3,510,150
Industrials (1.33%)
		Aerospace & Defense (1.32%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		7,725,581
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		2,345,922
				6,000,141		10,071,503
		Trucking (0.01%)
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		81,101
	Total Industrials			6,103,704		10,152,604
	Total Private Common Stocks			11,103,704		13,662,754

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Private Convertible Preferred Stocks (1.03%)
Materials (1.03%)
		Fertilizers & Agricultural Chemicals (1.03%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,6	$	7,250,007	$	7,875,817
Private Preferred Stocks (2.63%)
Industrials (2.63%)
		Aerospace & Defense (1.79%)
	18,519	Space Exploration Technologies Corp., Cl N 1,3,4,6		5,000,130		13,623,122
		Trucking (0.84%)
	266,956	GM Cruise Holdings, Cl G 1,3,4,6		7,034,290		6,420,292
	Total Private Preferred Stocks			12,034,420		20,043,414
	Total Investments (99.15%)		$	504,711,283		756,271,233
	Cash and Other Assets Less Liabilities (0.85%)					6,476,844
	Net Assets				$	762,748,077
	Retail Shares (Equivalent to $23.58 per share based on 17,116,684 shares outstanding)				$	403,683,364
	Institutional Shares (Equivalent to $25.05 per share based on 13,434,948 shares outstanding)				$	336,541,310
	R6 Shares (Equivalent to $25.08 per share based on 898,163 shares outstanding)				$	22,523,403

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2022, the market value of restricted and fair valued securities amounted to $41,581,985 or 5.45% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

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

^ADR  American Depositary Receipt.

^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, 2022, the market value of Rule 144A securities amounted to $4,164,747 or 0.55% 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, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.26%)
Communication Services (7.24%)
		Advertising (1.53%)
	111,955	The Trade Desk, Inc., Cl A 1	$	6,240,703	$	5,018,943
		Interactive Media & Services (5.71%)
	68,957	Meta Platforms Inc., Cl A 1		3,249,172		8,298,285
	348,023	ZoomInfo Technologies, Inc. 1		12,177,461		10,478,973
				15,426,633		18,777,258
	Total Communication Services			21,667,336		23,796,201
Consumer Discretionary (16.50%)
		Auto Parts & Equipment (1.52%)
	142,119	Mobileye Global, Inc. 1		2,984,499		4,982,692
		Automobile Manufacturers (4.56%)
	269,547	Rivian Automotive, Inc., Cl A 1		9,293,105		4,967,751
	81,316	Tesla, Inc. 1		22,320,493		10,016,505
				31,613,598		14,984,256
		Internet & Direct Marketing Retail (10.42%)
	287,686	Amazon.com, Inc. 1		2,726,880		24,165,624
	11,905	MercadoLibre, Inc. 1		6,864,818		10,074,487
				9,591,698		34,240,111
	Total Consumer Discretionary			44,189,795		54,207,059
Health Care (17.06%)
		Biotechnology (4.43%)
	38,426	argenx SE, ADR 1,2		11,477,725		14,556,921
		Health Care Equipment (5.91%)
	73,176	Intuitive Surgical, Inc. 1		8,405,327		19,417,252
		Health Care Technology (3.81%)
	77,581	Veeva Systems, Inc., Cl A 1		5,455,270		12,520,022
		Life Sciences Tools & Services (2.91%)
	47,327	Illumina, Inc. 1		5,397,461		9,569,519
	Total Health Care			30,735,783		56,063,714
Information Technology (57.46%)
		Application Software (9.24%)
	37,124	Atlassian Corp. Ltd., Cl A 1,2		9,645,002		4,777,116
	95,457	Gitlab, Inc., Cl A 1,3		6,546,377		4,337,566
	54,748	ServiceNow, Inc. 1,3		20,976,883		21,257,006
				37,168,262		30,371,688
		Data Processing & Outsourced Services (12.49%)
	6,222	Adyen N.V., 144A (Netherlands) 1,2,5		4,719,451		8,637,685
	132,183	Block, Inc., Cl A 1		7,792,845		8,306,380
	69,304	MasterCard Incorporated, Cl A		4,567,695		24,099,080
				17,079,991		41,043,145
		Internet Services & Infrastructure (3.69%)
	349,300	Shopify, Inc., Cl A 1,2		11,987,349		12,124,203
		IT Consulting & Other Services (6.89%)
	138,513	Endava plc, ADR 1,2		15,076,498		10,596,244
	36,739	EPAM Systems, Inc. 1		2,823,520		12,040,840
				17,900,018		22,637,084
		Semiconductor Equipment (3.74%)
	22,515	ASML Holding N.V. 2		2,188,377		12,302,196
		Semiconductors (5.55%)
	124,671	NVIDIA Corp.		19,445,139		18,219,420

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (15.86%)
	163,585	Cloudflare, Inc., Cl A 1,3	$	13,724,477	$	7,395,678
	114,467	Crowdstrike Holdings, Inc., Cl A 1		9,838,034		12,052,230
	189,945	Datadog, Inc., Cl A 1,3		14,428,723		13,960,958
	130,242	Snowflake, Inc., Cl A 1,3		23,344,928		18,694,937
				61,336,162		52,103,803
	Total Information Technology			167,105,298		188,801,539
	Total Common Stocks			263,698,212		322,868,513
Private Common Stocks (1.20%)
Industrials (1.20%)
		Aerospace & Defense (1.20%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		3,040,357
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,691		900,410
	Total Private Common Stocks			2,499,944		3,940,767
Private Preferred Stocks (0.98%)
Industrials (0.98%)
		Trucking (0.98%)
	133,288	GM Cruise Holdings, Cl G 1,3,4,6		3,512,139		3,205,577
	Total Investments (100.44%)		$	269,710,295		330,014,857
	Liabilities Less Cash and Other Assets (-0.44%)					(1,430,524	)
	Net Assets				$	328,584,333
	Retail Shares (Equivalent to $26.68 per share based on 2,801,784 shares outstanding)				$	74,743,869
	Institutional Shares (Equivalent to $27.51 per share based on 8,519,011 shares outstanding)				$	234,342,249
	R6 Shares (Equivalent to $27.50 per share based on 708,969 shares outstanding)				$	19,498,215

% 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, 2022, the market value of restricted and fair valued securities amounted to $7,146,344 or 2.17% 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, 2022, the market value of Rule 144A securities amounted to $8,637,685 or 2.63% 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, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.67%)
Communication Services (1.71%)
		Advertising (0.85%)
	4,250,000	S4 Capital PLC (United Kingdom)1,2,4	$	15,642,612	$	9,717,628
		Movies & Entertainment (0.86%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		9,884,550
	Total Communication Services			21,277,423		19,602,178
Consumer Discretionary (11.01%)
		Casinos & Gaming (4.19%)
	735,000	Boyd Gaming Corporation		46,928,841		40,079,550
	200,000	Red Rock Resorts, Inc., Cl A		5,295,927		8,002,000
				52,224,768		48,081,550
		Home Improvement Retail (2.40%)
	395,000	Floor & Decor Holdings, Inc., Cl A 1		14,885,596		27,503,850
		Homefurnishing Retail (0.58%)
	25,000	RH 1		6,360,989		6,679,750
		Restaurants (2.85%)
	500,000	The Cheesecake Factory, Inc.		16,378,050		15,855,000
	185,000	Texas Roadhouse, Inc.		15,924,197		16,825,750
				32,302,247		32,680,750
		Specialty Stores (0.99%)
	1,200,000	Petco Health & Wellness Co., Inc. 1		22,335,645		11,376,000
	Total Consumer Discretionary			128,109,245		126,321,900
Consumer Staples (0.95%)
		Personal Products (0.95%)
	1,200,000	The Beauty Health Co. 1		12,467,467		10,920,000
Financials (5.87%)
		Insurance Brokers (1.31%)
	600,007	BRP Group, Inc., Cl A 1		10,721,831		15,084,176
		Property & Casualty Insurance (4.56%)
	200,000	Kinsale Capital Group, Inc.		11,768,138		52,304,000
	Total Financials			22,489,969		67,388,176
Health Care (19.52%)
		Health Care Equipment (10.06%)
	637,982	Axonics, Inc. 1		28,878,670		39,893,014
	114,823	Inari Medical, Inc. 1		4,216,755		7,298,150
	822,985	Inogen, Inc. 1		35,599,745		16,221,034
	640,208	Silk Road Medical, Inc. 1,3		27,145,351		33,834,993
	4,060,000	ViewRay, Inc. 1		20,943,587		18,188,800
				116,784,108		115,435,991
		Health Care Supplies (1.47%)
	2,029,967	Cerus Corp. 1		10,468,349		7,409,379
	144,000	Establishment Labs Holdings, Inc. 1,2		10,473,972		9,453,600
				20,942,321		16,862,979

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Technology (1.53%)
	1,598,543	Definitive Healthcare Corp. 1	$	37,150,023	$	17,567,988
		Life Sciences Tools & Services (3.33%)
	1,639,029	CareDx, Inc. 1,3		38,961,132		18,701,321
	415,000	Maravai LifeSciences Holdings, Inc., Cl A 1		6,158,580		5,938,650
	573,790	Veracyte, Inc. 1,3		14,716,344		13,616,037
				59,836,056		38,256,008
		Managed Health Care (1.07%)
	393,279	Progyny, Inc. 1		6,029,753		12,250,641
		Pharmaceuticals (1.63%)
	1,011,732	Revance Therapeutics, Inc. 1		19,945,596		18,676,573
		Semiconductor Equipment (0.43%)
	85,000	Azenta, Inc. 1		8,744,859		4,948,700
	Total Health Care			269,432,716		223,998,880
Industrials (19.49%)
		Aerospace & Defense (8.05%)
	251,095	Axon Enterprise, Inc. 1		30,643,264		41,664,193
	1,902,370	Kratos Defense & Security Solutions, Inc. 1		30,828,261		19,632,459
	696,300	Mercury Systems, Inc. 1		33,548,862		31,152,462
				95,020,387		92,449,114
		Building Products (0.74%)
	200,000	Trex Co., Inc. 1		6,713,309		8,466,000
		Diversified Support Services (0.86%)
	1,200,000	ACV Auctions, Inc., Cl A 1		31,541,757		9,852,000
		Environmental & Facilities Services (2.32%)
	599,642	Montrose Environmental Group, Inc. 1		10,554,326		26,618,108
		Human Resource & Employment Services (1.44%)
	202,400	ASGN, Inc. 1		21,593,741		16,491,552
		Industrial Machinery (3.53%)
	200,000	Chart Industries, Inc. 1		27,220,567		23,046,000
	93,105	Kornit Digital Ltd. 1,2		1,149,033		2,138,622
	1,705,185	Markforged Holding Corp. 1		14,565,524		1,978,015
	50,000	RBC Bearings, Inc. 1		10,475,838		10,467,500
	1,591,680	Velo3D, Inc. 1		13,139,523		2,849,107
				66,550,485		40,479,244
		Trading Companies & Distributors (2.55%)
	250,000	SiteOne Landscape Supply, Inc. 1		19,438,947		29,330,000
	Total Industrials			251,412,952		223,686,018

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (34.02%)
		Application Software (11.85%)
	1,300,000	Alkami Technology, Inc. 1	$	35,756,836	$	18,967,000
	375,000	Ceridian HCM Holding, Inc. 1		20,590,143		24,056,250
	1,300,000	Clearwater Analytics Holdings, Inc., Cl A 1		24,681,147		24,375,000
	442,889	Gitlab, Inc., Cl A 1,3		22,195,409		20,124,876
	250,357	Guidewire Software, Inc. 1		19,464,650		15,662,334
	4,000,000	SmartRent, Inc. 1,3		29,959,369		9,720,000
	585,000	Smartsheet, Inc., Cl A 1		20,479,845		23,025,600
				173,127,399		135,931,060
		Electronic Equipment & Instruments (5.52%)
	425,321	Advanced Energy Industries, Inc.		30,735,779		36,484,035
	54,131	Novanta, Inc. 1,2		5,885,852		7,354,779
	750,000	PAR Technology Corp. 1		22,434,021		19,552,500
				59,055,652		63,391,314
		IT Consulting & Other Services (2.00%)
	300,000	Endava plc, ADR 1,2		7,125,604		22,950,000
		Semiconductor Equipment (2.39%)
	490,800	Ichor Holdings Ltd. 1,2		11,435,027		13,163,256
	175,000	Nova Ltd. 1,2		4,080,928		14,294,000
				15,515,955		27,457,256
		Semiconductors (4.22%)
	725,000	Allegro MicroSystems, Inc. 1		10,150,000		21,764,500
	2,910,000	indie Semiconductor, Inc., Cl A 1		27,712,225		16,965,300
	2,750,000	Navitas Semiconductor Corp. 1		24,385,564		9,652,500
				62,247,789		48,382,300
		Systems Software (8.04%)
	1,894,900	Couchbase, Inc. 1,3		44,495,903		25,126,374
	68,200	CyberArk Software Ltd. 1,2		8,529,182		8,842,130
	430,775	Dynatrace, Inc. 1,3		10,425,483		16,498,683
	250,459	ForgeRock, Inc., Cl A 1,3		6,261,475		5,702,951
	189,000	Qualys, Inc. 1		15,185,542		21,211,470
	621,000	Varonis Systems, Inc. 1		19,427,813		14,866,740
				104,325,398		92,248,348
	Total Information Technology			421,397,797		390,360,278
Real Estate (3.10%)
		Industrial REITs (3.10%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		35,516,000
	Total Common Stocks			1,158,244,705		1,097,793,430

Principal Amount			Cost		Value
Short Term Investments (4.01%)
	$46,009,562	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $46,029,244; (Fully Collateralized by $48,889,200 U.S. Treasury Note, 3.25% due 6/30/2029 Market value – $46,929,819) 4	$	46,009,562	$	46,009,562
	Total Investments (99.68%)		$	1,204,254,267		1,143,802,992
	Cash and Other Assets Less Liabilities (0.32%)					3,621,716
	Net Assets				$	1,147,424,708
	Retail Shares (Equivalent to $22.31 per share based on 6,278,557 shares outstanding)				$	140,073,920
	Institutional Shares (Equivalent to $22.85 per share based on 42,238,810 shares outstanding)				$	965,158,380
	R6 Shares (Equivalent to $22.85 per share based on 1,846,320 shares outstanding)				$	42,192,408

% 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

DECEMBER 31, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.44%)
Communication Services (8.33%)
		Interactive Media & Services (8.33%)
	19,160	Alphabet, Inc., Cl C 1	$	1,610,666	$	1,700,067
	20,888	Meta Platforms, Inc., Cl A 1		2,973,236		2,513,662
	Total Communication Services			4,583,902		4,213,729
Consumer Discretionary (4.82%)
		Internet & Direct Marketing Retail (4.82%)
	29,070	Amazon.com, Inc. 1		3,336,164		2,441,880
Consumer Staples (3.94%)
		Hypermarkets & Super Centers (2.82%)
	3,129	Costco Wholesale Corp.		1,265,830		1,428,388
		Personal Products (1.12%)
	2,280	The Estée Lauder Companies, Inc., Cl A		570,117		565,691
	Total Consumer Staples			1,835,947		1,994,079
Financials (21.25%)
		Asset Management & Custody Banks (4.71%)
	7,650	Blackstone, Inc.		774,720		567,554
	10,871	Brookfield Asset Management Ltd., Cl A 1,2		394,017		311,672
	47,777	Brookfield Corp. 2		1,907,537		1,503,064
				3,076,274		2,382,290
		Financial Exchanges & Data (11.63%)
	8,969	CME Group, Inc.		1,707,478		1,508,227
	3,581	Moody’s Corp.		848,130		997,738
	3,256	MSCI, Inc.		1,487,540		1,514,594
	5,566	S&P Global, Inc.		1,557,487		1,864,276
				5,600,635		5,884,835
		Property & Casualty Insurance (4.91%)
	39,612	Arch Capital Group Ltd. 1,2		1,613,307		2,486,841
	Total Financials			10,290,216		10,753,966
Health Care (15.82%)
		Life Sciences Tools & Services (10.98%)
	4,745	Agilent Technologies, Inc.		568,932		710,089
	8,096	Danaher Corp.		1,765,474		2,148,840
	472	Mettler-Toledo International, Inc. 1		513,317		682,253
	3,664	Thermo Fisher Scientific, Inc.		1,731,228		2,017,728
				4,578,951		5,558,910
		Managed Health Care (4.84%)
	4,616	UnitedHealth Group, Incorporated		1,783,929		2,447,311
	Total Health Care			6,362,880		8,006,221
Industrials (3.17%)
		Aerospace & Defense (3.17%)
	13,404	HEICO Corp., Cl A		1,540,134		1,606,470

Shares			Cost		Value
Common Stocks (continued)
Information Technology (39.11%)
		Application Software (6.05%)
	2,966	Adobe, Inc. 1	$	958,234	$	998,148
	5,307	Intuit, Inc.		2,260,412		2,065,590
				3,218,646		3,063,738
		Data Processing & Outsourced Services (9.02%)
	6,027	MasterCard Incorporated, Cl A		1,910,723		2,095,769
	11,892	Visa, Inc., Cl A		2,578,101		2,470,682
				4,488,824		4,566,451
		Electronic Manufacturing Services (1.53%)
	6,761	TE Connectivity Ltd. 2		853,614		776,163
		IT Consulting & Other Services (4.66%)
	8,828	Accenture plc, Cl A 2		2,435,590		2,355,664
		Semiconductors (9.53%)
	4,662	Monolithic Power Systems, Inc.		1,786,178		1,648,530
	12,169	NVIDIA Corp.		1,764,347		1,778,377
	8,432	Texas Instruments, Inc.		1,446,702		1,393,135
				4,997,227		4,820,042
		Systems Software (8.32%)
	17,559	Microsoft Corporation		3,961,519		4,210,999
	Total Information Technology			19,955,420		19,793,057
	Total Common Stocks			47,904,663		48,809,402
Principal Amount
Short Term Investments (6.57%)
	$3,322,309	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $3,323,731; (Fully Collateralized by $3,530,300 U.S. Treasury Note, 3.25% due 6/30/2029 Market value – $3,388,813) 3		3,322,309		3,322,309
	Total Investments (103.01%)		$	51,226,972		52,131,711
	Liabilities Less Cash and Other Assets (-3.01%)					(1,522,705	)
	Net Assets				$	50,609,006
	Retail Shares (Equivalent to $15.35 per share based on 540,915 shares outstanding)				$	8,300,483
	Institutional Shares (Equivalent to $15.53 per share based on 2,489,422 shares outstanding)				$	38,650,938
	R6 Shares (Equivalent to $15.53 per share based on 235,557 shares outstanding)				$	3,657,585

% 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 December 31, 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.

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.

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.

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.

Baron Funds December 31, 2022

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 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.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has designated the Adviser as the Funds’ valuation designee to perform fair value determinations, subject to Board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act, which requires a fund to fair value when market quotations are not readily available. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds adopted a valuation policy conforming to the new rules, effective September 8, 2022, and there was no material impact to the Funds.

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

c) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders’ fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.

The Funds did not have any securities on loan at December 31, 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 December 31, 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.

Baron Funds December 31, 2022

e) Master Limited Partnerships. The Funds may invest in master limited partnerships (“MLPs”). MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.

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

g) Private Investment in Public Equity. The Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company’s securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund’s investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 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, 2022, none of the Funds had commitments to purchase when-issued securities through PIPE transactions with SPACs.

3. RESTRICTED SECURITIES

At December 31, 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 December 31, 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	$	22,138,584
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		70,839,647
Total Restricted Securities			$	92,978,231
(Cost $76,000,501)† (2.14% of Net Assets)

† See Schedules of Investments for cost of individual securities.

Baron Funds December 31, 2022

3. RESTRICTED SECURITIES (Continued)

	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021	$	17,573,181
Northvolt AB		9/21/2020		15,099,241
Total Restricted Securities			$	32,672,422
(Cost $25,674,991)† (0.48% of Net Assets)
	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
GM Cruise Holdings LLC		5/19/2022	$	81,101
Space Exploration Technologies Corp.		3/25/2021		10,071,503
X Holdings I, Inc.		5/4/2022		3,510,150
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		7,875,817
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		6,420,292
Space Exploration Technologies Corp.		8/4/2020		13,623,122
Total Restricted Securities			$	41,581,985
(Cost $30,388,131)† (5.45% 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	$	3,940,767
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,205,577
Total Restricted Securities			$	7,146,344
(Cost $6,012,083)† (2.17% 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).

Baron Funds December 31, 2022

4. FAIR VALUE MEASUREMENTS (Continued)

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

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

The following is a summary of the inputs used as of December 31, 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†	$	4,192,247,141	$	—	$	—	$	4,192,247,141
Private Common Stocks		—		—		22,138,584		22,138,584
Private Preferred Stocks		—		—		70,839,647		70,839,647
Short Term Investments		—		52,506,487		—		52,506,487
Total Investments	$	4,192,247,141	$	52,506,487	$	92,978,231	$	4,337,731,859
	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†	$	6,876,676,758	$	18,851,247	$	—	$	6,895,528,005
Private Convertible Preferred Stocks†		—		—		32,672,422		32,672,422
Warrants		120,644		—		—		120,644
Total Investments	$	6,876,797,402	$	18,851,247	$	32,672,422	$	6,928,321,071
	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†	$	3,740,062,390	$	32,150,215	$	—	$	3,772,212,605
Short Term Investments		—		161,373,364		—		161,373,364
Total Investments	$	3,740,062,390	$	193,523,579	$	—	$	3,933,585,969

† See Schedules of Investments for additional detailed categorizations.

Baron Funds December 31, 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†	$	710,524,501	$	4,164,747	$	—	$	714,689,248
Private Common Stocks†		—		—		13,662,754		13,662,754
Private Convertible Preferred Stocks		—		—		7,875,817		7,875,817
Private Preferred Stocks†		—		—		20,043,414		20,043,414
Total Investments	$	710,524,501	$	4,164,747	$	41,581,985	$	756,271,233
	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†	$	314,230,828	$	8,637,685	$	—	$	322,868,513
Private Common Stocks		—		—		3,940,767		3,940,767
Private Preferred Stocks		—		—		3,205,577		3,205,577
Total Investments	$	314,230,828	$	8,637,685	$	7,146,344	$	330,014,857
	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†	$	1,088,075,802	$	9,717,628	$	—	$	1,097,793,430
Short Term Investments		—		46,009,562		—		46,009,562
Total Investments	$	1,088,075,802	$	55,727,190	$	—	$	1,143,802,992

	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†	$	48,809,402	$	—	$	—	$	48,809,402
Short Term Investments		—		3,322,309		—		3,322,309
Total Investments	$	48,809,402	$	3,322,309	$	—	$	52,131,711

† 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, 2022		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, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2022
Private Common Stocks
Consumer Discretionary	$	24,543,535	$	—	$	—	$	(2,404,951)	$	—	$	—	$	—	$	—	$	22,138,584	$	(2,404,951)
Private Preferred Stocks
Industrials		57,790,702		—		—		13,048,945		—		—		—		—		70,839,647		13,048,945
Total	$	82,334,237	$	—	$	—	$	10,643,994	$	—	$	—	$	—	$	—	$	92,978,231	$	10,643,994

Baron Funds December 31, 2022

	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2022		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, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2022
Private Convertible Preferred Stocks
Industrials	$	17,811,468	$	—	$	—	$	(2,712,227)	$	—	$	—	$	—	$	—	$	15,099,241	$	(2,712,227)
Materials		13,626,318		—		—		3,946,863		—		—		—		—		17,573,181		3,946,863
Total	$	31,437,786	$	—	$	—	$	1,234,636	$	—	$	—	$	—	$	—	$	32,672,422	$	1,234,636
	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2022		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, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2022
Private Common Stocks
Communication Services	$	—	$	—	$	—	$	(1,489,850)	$	5,000,000	$	—	$	—	$	—	$	3,510,150	$	(1,489,850)
Industrials		8,306,035		—		—		1,846,569		—		—		—		—		10,152,604		1,846,569
Private Convertible Preferred Stocks
Materials		7,009,499		—		—		866,318		—		—		—		—		7,875,817		866,318
Private Preferred Stocks
Industrials		18,105,267		—		—		1,938,147		—		—		—		—		20,043,414		1,938,147
Total	$	33,420,801	$	—	$	—	$	3,161,184	$	5,000,000	$	—	$	—	$	—	$	41,581,985	$	3,161,184
Unfunded Commitments	$	(13,122)	$	—	$	—	$	13,122	$	—	$	—	$	—	$	—	$	—	$	—
	Baron Fifth Avenue Growth Fund
Investments in Securities	Balance as of September 30, 2022		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, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2022
Private Common Stocks
Industrials	$	3,214,862	$	—	$	—	$	725,905	$	—	$	—	$	—	$	—	$	3,940,767	$	725,905
Private Preferred Stocks
Industrials		3,490,813		—		—		(285,236)		—		—		—		—		3,205,577		(285,236)
Total	$	6,705,675	$	—	$	—	$	440,669	$	—	$	—	$	—	$	—	$	7,146,344	$	440,669

Baron Funds December 31, 2022

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2022 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of December 31, 2022		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2022	Range used on December 31, 2022
Private Common Stocks: Consumer Discretionary	StubHub Holdings, Inc.	$22,138,584		Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(0.25)%	(2.36)% –0.97%
					Discount for lack of marketability	16.27%	13.91% – 17.06%
					Estimated volatility of the returns of equity1	59.78%	42.46% – 77.08%
					Scenario Probabilities: Scenario A / Scenario B / Scenario C 2	90% / 9% / 1%	1% – 90%
Private Preferred Stocks: Industrials	Space Exploration Technology Corp.		$70,839,647	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Discount for lack of marketability	4.46%	4.46%
					Estimated volatility of the returns of equity 3	39.04%	23.50% – 63.98%
Baron Opportunity Fund
Sector	Company	Fair Value as of December 31, 2022		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2022	Range used on December 31, 2022
Private Common Stocks: Communication Services	X Holdings, Inc.		$3,510,150	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	1.29%	(0.25)% – 1.93%
					Discount for lack of marketability	32.82%	32.82%
					Estimated volatility of the returns of equity 3	72.77%	34.37% – 88.83%
Private Common Stocks: Industrials	GM Cruise Holdings		$81,101	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(0.35)%	(2.40)% – 1.57%
					Discount for lack of marketability	13.29%	13.29%
					Estimated volatility of the returns of equity 5	40.44%	31.69% – 89.00%
					Scenario Probabilities: Scenario A / Scenario B 4	70% / 30%	30% – 70%
Private Common and Preferred Stocks: Industrials	Space Exploration Technology Corp.		$23,694,625	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Discount for lack of marketability	4.46%	4.46%
					Estimated volatility of the returns of equity 3	39.04%	23.50% – 63.98%
Private Convertible Preferred Stocks: Materials	Farmers Business Network Inc.	$7,875,817		Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(0.25)%	(2.36)% –6.52%
					Discount for lack of marketability	16.56%	16.56%
					Estimated volatility of the returns of equity 3	63.66%	28.22% –154.49%
					Scenario Probabilities: Scenario A / Scenario B 4	90% / 10%	10% – 90%

See footnotes on next page.

Baron Funds December 31, 2022

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of December 31, 2022		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2022	Range used on December 31, 2022
Private Common Stocks: Industrials	Space Exploration Technologies Corp.		$3,940,767	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Discount for lack of marketability	4.46%	4.46%
					Estimated volatility of the returns of equity 3	39.04%	23.50% – 63.98%
Private Preferred Stocks: Industrials	GM Cruise Holdings		$3,205,577	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	(0.35)%	(2.40)% – 1.57%
					Discount for lack of marketability	13.29%	13.29%
					Estimated volatility of the returns of equity 5	40.44%	31.69% – 89.00%
					Scenario Probabilities: Scenario A / Scenario B4	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 several 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⁾  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

⁵⁾  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.

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 December 31, 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	$	1,383,149,011	$	1,155,099,023	$	2,357,987,857	$	504,711,283	$	269,710,295	$	1,204,254,267	$	51,226,972
Gross tax unrealized appreciation	$	3,024,752,413	$	5,789,103,542	$	1,754,508,382	$	262,764,604	$	104,389,940	$	201,297,080	$	3,807,092
Gross tax unrealized depreciation		(70,169,565)		(15,881,494)		(178,910,270)		(11,204,654)		(44,085,378)		(261,748,355)		(2,902,353)
Net unrealized appreciation (depreciation)	$	2,954,582,848	$	5,773,222,048	$	1,575,598,112	$	251,559,950	$	60,304,562	$	(60,451,275)	$	904,739

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND
Name of Issuer	Value at September 30, 2022		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December 31, 2022		Value at December 31, 2022		% of Net Assets at December 31, 2022
“Affiliated” Company as of December 31, 2022:
Choice Hotels International, Inc.	$	325,822,000	$	—	$	1,219,336	$	8,360,953	$	1,013,983	$	704,188		2,965,000	$	333,977,600		4.87%
Iridium Communications, Inc.		350,523,000		—		525,623		55,096,464		452,159		—		7,890,000		405,546,000		5.92%
	$	676,345,000	$	—	$	1,744,959	$	63,457,417	$	1,466,142	$	704,188			$	739,523,600

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, 2022.