Baron Asset Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.82%)
Communication Services (0.85%)
		Advertising (0.85%)
	569,000	The Trade Desk, Inc., Cl A 1	$	11,034,463	$	40,945,240
Consumer Discretionary (6.97%)
		Footwear (1.02%)
	380,069	Birkenstock Holding PLC 1,2		17,483,174		18,520,762
	1,125,000	On Holding AG, Cl A 1,2		33,083,212		30,341,250
				50,566,386		48,862,012
		Home Improvement Retail (0.53%)
	230,000	Floor & Decor Holdings, Inc., Cl A 1		20,284,646		25,658,800
		Hotels, Resorts & Cruise Lines (2.75%)
	546,442	Choice Hotels International, Inc.		5,198,084		61,911,879
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		70,843,015
				22,015,846		132,754,894
		Leisure Facilities (2.67%)
	603,538	Vail Resorts, Inc.		11,683,688		128,837,257
	Total Consumer Discretionary			104,550,566		336,112,963
Financials (13.27%)
		Asset Management & Custody Banks (0.38%)
	168,514	T. Rowe Price Group, Inc.		4,065,256		18,147,273
		Financial Exchanges & Data (6.26%)
	370,725	FactSet Research Systems, Inc.		19,898,420		176,854,361
	63,267	MarketAxess Holdings, Inc.		6,590,773		18,527,741
	170,000	Morningstar, Inc.		35,654,025		48,660,800
	50,000	MSCI, Inc.		17,194,424		28,282,500
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		29,644,056
				91,316,355		301,969,458
		Insurance Brokers (0.46%)
	92,421	Willis Towers Watson PLC 2		11,293,050		22,291,945
		Investment Banking & Brokerage (2.78%)
	1,750,936	The Charles Schwab Corp.		1,542,899		120,464,397
	60,000	LPL Financial Holdings, Inc.		13,576,561		13,657,200
				15,119,460		134,121,597
		Property & Casualty Insurance (3.39%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		163,649,786
	Total Financials			129,728,057		640,180,059
Health Care (22.76%)
		Biotechnology (0.33%)
	41,366	argenx SE, ADR 1,2		13,431,821		15,736,867
		Health Care Equipment (8.05%)
	373,000	DexCom, Inc. 1		24,561,670		46,285,570
	615,630	IDEXX Laboratories, Inc. 1		11,044,784		341,705,432
				35,606,454		387,991,002
		Health Care Supplies (1.65%)
	210,418	The Cooper Companies, Inc.		35,236,018		79,630,588

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Technology (1.61%)
	404,386	Veeva Systems, Inc., Cl A 1	$	22,662,982	$	77,852,393
		Life Sciences Tools & Services (11.12%)
	1,524,944	Bio-Techne Corporation		37,146,743		117,664,679
	200,000	ICON plc 1,2		43,086,335		56,614,000
	174,117	Mettler-Toledo International, Inc. 1		10,328,145		211,196,956
	195,000	Repligen Corp. 1		33,141,836		35,061,000
	329,404	West Pharmaceutical Services, Inc.		14,199,696		115,989,737
				137,902,755		536,526,372
	Total Health Care			244,840,030		1,097,737,222
Industrials (14.45%)
		Aerospace & Defense (0.33%)
	61,000	Axon Enterprise, Inc. 1		12,033,737		15,758,130
		Construction & Engineering (1.39%)
	310,000	Quanta Services, Inc.		52,752,332		66,898,000
		Data Processing & Outsourced Services (0.98%)
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		47,120,454
		Environmental & Facilities Services (1.49%)
	1,643,418	Rollins, Inc.		24,597,482		71,768,064
		Human Resource & Employment Services (2.28%)
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		109,814,562
		Industrial Machinery & Supplies & Components (1.53%)
	340,760	IDEX Corp.		24,525,881		73,982,404
		Research & Consulting Services (6.45%)
	185,000	Booz Allen Hamilton Holding Corp.		19,820,788		23,663,350
	898,500	TransUnion		38,848,061		61,735,935
	946,206	Verisk Analytics, Inc.		23,442,330		226,010,765
				82,111,179		311,410,050
	Total Industrials			280,980,681		696,751,664
Information Technology (29.51%)
		Application Software (14.01%)
	507,856	ANSYS, Inc. 1		13,620,308		184,290,785
	176,026	Aspen Technology, Inc. 1		32,258,986		38,752,124
	135,000	Fair Isaac Corp. 1		56,060,248		157,141,350
	1,421,809	Guidewire Software, Inc. 1		77,473,157		155,034,053
	257,192	Roper Technologies, Inc.		26,184,327		140,213,363
				205,597,026		675,431,675
		Electronic Components (1.85%)
	900,000	Amphenol Corp., Cl A		42,881,684		89,217,000
		Internet Services & Infrastructure (2.25%)
	527,103	Verisign, Inc. 1		24,083,235		108,562,134

See Notes to Portfolios of Investments.

Baron Asset Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (9.58%)
	1,024,323	Gartner, Inc. 1	$	21,214,961	$	462,082,349
		Technology Distributors (1.82%)
	386,363	CDW Corp.		25,149,812		87,828,037
	Total Information Technology			318,926,718		1,423,121,195
Real Estate (7.01%)
		Data Center REITs (1.09%)
	65,416	Equinix, Inc.		4,258,857		52,685,392
		Real Estate Services (5.52%)
	570,323	CBRE Group, Inc., Cl A 1		8,204,812		53,091,368
	2,439,930	CoStar Group, Inc. 1		59,005,227		213,225,483
				67,210,039		266,316,851
		Telecom Tower REITs (0.40%)
	75,856	SBA Communications Corp.		1,708,730		19,243,909
	Total Real Estate			73,177,626		338,246,152
	Total Common Stocks			1,163,238,141		4,573,094,495
Private Common Stocks (1.23%)
Communication Services (0.90%)
		Movies & Entertainment (0.90%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		43,648,759
Industrials (0.33%)
		Aerospace & Defense (0.33%)
	92,406	Space Exploration Technologies Corp., Cl A 1,3,4,6		7,115,262		8,963,382
	69,932	Space Exploration Technologies Corp., Cl C 1,3,4,6		5,384,764		6,783,404
	Total Industrials			12,500,026		15,746,786
	Total Private Common Stocks			62,500,067		59,395,545
Private Preferred Stocks (1.94%)
Industrials (1.94%)
		Aerospace & Defense (1.94%)
	96,298	Space Exploration Technologies Corp., Series N 1,3,4,6		26,000,460		93,409,060

Principal Amount			Cost		Value
Short Term Investments (1.69%)
	$81,866,318	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $81,910,435; (Fully Collateralized by $4,190,000 U.S. Treasury Note, 3.875% due 12/31/2029 Market value – $4,187,872 and Fully Collateralized by $60,387,100 U.S. Treasury Note, 2.875% due 5/15/2032 Market value – $56,568,010 and Fully Collateralized by $22,986,400 U.S. Treasury Note, 3.50% due 4/30/2028 Market value – $22,747,764) 5	$	81,866,318	$	81,866,318
	Total Investments (99.68%)		$	1,333,604,986		4,807,765,418
	Cash and Other Assets Less Liabilities (0.32%)					15,369,151
	Net Assets				$	4,823,134,569

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2023, the market value of restricted and fair valued securities amounted to $152,804,605 or 3.17% 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 Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (100.25%)
Communication Services (4.03%)
		Alternative Carriers (4.03%)
	7,700,000	Iridium Communications, Inc. 4	$	47,246,162	$	316,932,000
Consumer Discretionary (16.52%)
		Apparel, Accessories & Luxury Goods (0.75%)
	8,453,539	Figs, Inc., Cl A 1		64,746,059		58,752,096
		Casinos & Gaming (3.04%)
	440,000	Boyd Gaming Corporation		11,056,071		27,548,400
	4,100,000	Penn Entertainment, Inc. 1		37,573,844		106,682,000
	1,968,677	Red Rock Resorts, Inc., Cl A		43,528,673		104,989,545
				92,158,588		239,219,945
		Education Services (0.96%)
	800,000	Bright Horizons Family Solutions, Inc. 1		25,421,554		75,392,000
		Hotels, Resorts & Cruise Lines (5.47%)
	3,025,000	Choice Hotels International, Inc. 4		78,436,269		342,732,500
	1,036,424	Marriott Vacations Worldwide Corp.		54,915,122		87,982,033
				133,351,391		430,714,533
		Leisure Facilities (5.43%)
	2,000,000	Vail Resorts, Inc. 4		56,102,209		426,940,000
		Restaurants (0.87%)
	4,540,000	Krispy Kreme, Inc.		65,918,556		68,508,600
	Total Consumer Discretionary			437,698,357		1,299,527,174
Financials (42.06%)
		Asset Management & Custody Banks (2.56%)
	1,600,000	The Carlyle Group, Inc.		32,614,747		65,104,000
	1,800,000	Cohen & Steers, Inc.		38,387,000		136,314,000
				71,001,747		201,418,000
		Commercial & Residential Mortgage Finance (0.35%)
	520,000	Essent Group Ltd. 2		14,300,210		27,424,800
		Financial Exchanges & Data (21.49%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		572,460,000
	925,000	Morningstar, Inc.		18,840,637		264,772,000
	1,510,000	MSCI, Inc.		27,852,102		854,131,500
				106,647,314		1,691,363,500
		Investment Banking & Brokerage (0.94%)
	450,000	Houlihan Lokey, Inc.		19,625,874		53,959,500
	350,000	Moelis & Co., Cl A		4,682,331		19,645,500
				24,308,205		73,605,000
		Life & Health Insurance (3.92%)
	1,500,000	Primerica, Inc.		31,190,715		308,640,000
		Property & Casualty Insurance (12.80%)
	9,050,000	Arch Capital Group Ltd. 1,2		28,212,744		672,143,500
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		334,910,000
				63,220,507		1,007,053,500
	Total Financials			310,668,698		3,309,504,800

Shares			Cost		Value
Common Stocks (continued)
Health Care (9.98%)
		Health Care Equipment (3.67%)
	520,000	IDEXX Laboratories, Inc. 1	$	7,281,107	$	288,626,000
		Health Care Supplies (0.34%)
	1,342,434	Neogen Corp. 1		17,026,471		26,996,348
		Life Sciences Tools & Services (5.97%)
	2,930,000	Bio-Techne Corporation		38,471,971		226,078,800
	70,000	Mettler-Toledo International, Inc. 1		3,201,575		84,907,200
	450,000	West Pharmaceutical Services, Inc.		15,258,622		158,454,000
				56,932,168		469,440,000
	Total Health Care			81,239,746		785,062,348
Industrials (1.10%)
		Building Products (1.10%)
	1,050,000	Trex Co., Inc. 1		9,426,630		86,929,500
Information Technology (15.59%)
		Application Software (6.77%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		61,008,750
	1,000,000	ANSYS, Inc. 1		22,816,668		362,880,000
	305,000	Clearwater Analytics Holdings, Inc., Cl A 1		4,682,009		6,109,150
	940,000	Guidewire Software, Inc. 1		28,833,355		102,497,600
				67,662,051		532,495,500
		Electronic Components (0.17%)
	50,000	Littelfuse, Inc.		5,377,000		13,378,000
		IT Consulting & Other Services (8.65%)
	1,510,000	Gartner, Inc. 1		20,973,165		681,176,100
	Total Information Technology			94,012,216		1,227,049,600
Real Estate (10.97%)
		Office REITs (1.86%)
	700,000	Alexandria Real Estate Equities, Inc.		24,195,006		88,739,000
	4,000,000	Douglas Emmett, Inc.		35,524,932		58,000,000
				59,719,938		146,739,000
		Other Specialized REITs (3.38%)
	5,385,000	Gaming and Leisure Properties, Inc.		114,093,295		265,749,750
		Real Estate Services (5.73%)
	5,160,000	CoStar Group, Inc. 1		21,547,653		450,932,400
	Total Real Estate			195,360,886		863,421,150
	Total Common Stocks			1,175,652,695		7,888,426,572
Private Common Stocks (0.01%)
Materials (0.01%)
		Fertilizers & Agricultural Chemicals (0.01%)
	422,278	Farmers Business Network, Inc. 1,2,3,5,7		16,300,002		785,437

See Notes to Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Private Convertible Preferred Stocks (0.18%)
Industrials (0.18%)
		Electrical Components & Equipment (0.18%)
	59,407,006	Northvolt AB (Sweden) 1,2,3,5,7	$	9,374,989	$	14,353,624
Principal Amount
Short Term Investments (0.01%)
	$510,472	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $510,747; (Fully Collateralized by $505,400 U.S. Treasury Note, 4.50% due 7/15/2026 Market value – $520,755) 6		510,472		510,472
	Total Investments (100.45%)		$	1,201,838,158		7,904,076,105
	Liabilities Less Cash and Other Assets (-0.45%)					(35,390,253	)
	Net Assets				$	7,868,685,852

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2023, the market value of restricted and fair valued securities amounted to $15,139,061 or 0.19% 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 Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.59%)
Communication Services (3.86%)
		Advertising (1.17%)
	750,000	The Trade Desk, Inc., Cl A 1	$	2,662,500	$	53,970,000
		Movies & Entertainment (2.69%)
	1,200,000	Liberty Media Corp.-Liberty Formula One, Cl C 1		20,511,579		75,756,000
	207,610	Liberty Media Corporation- Liberty Live 1		680,178		7,762,538
	225,000	Madison Square Garden Sports Corp. 1		8,416,557		40,911,750
				29,608,314		124,430,288
	Total Communication Services			32,270,814		178,400,288
Consumer Discretionary (17.29%)
		Automotive Parts & Equipment (1.84%)
	900,000	Fox Factory Holding Corp. 1		67,818,000		60,732,000
	5,000,000	Holley, Inc. 1		40,431,893		24,350,000
				108,249,893		85,082,000
		Casinos & Gaming (4.13%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		30,843,750
	3,000,000	Red Rock Resorts, Inc., Cl A		86,392,310		159,990,000
				97,580,097		190,833,750
		Education Services (1.32%)
	650,000	Bright Horizons Family Solutions, Inc. 1		21,025,394		61,256,000
		Home Improvement Retail (2.77%)
	1,150,000	Floor & Decor Holdings, Inc., Cl A 1		42,051,665		128,294,000
		Homebuilding (2.79%)
	705,000	Installed Building Products, Inc.		32,727,323		128,888,100
		Leisure Facilities (1.89%)
	1,200,000	Planet Fitness, Inc., Cl A 1		51,711,447		87,600,000
		Restaurants (1.67%)
	2,200,000	The Cheesecake Factory, Inc.		60,116,924		77,022,000
		Specialized Consumer Services (0.88%)
	3,000,000	European Wax Center, Inc., Cl A 1		56,247,266		40,770,000
	Total Consumer Discretionary			469,710,009		799,745,850
Consumer Staples (1.75%)
		Packaged Foods & Meats (1.14%)
	3,250,000	UTZ Brands, Inc.		51,593,468		52,780,000
		Personal Care Products (0.61%)
	600,000	Oddity Tech Ltd. 1,2		19,867,618		27,918,000
	Total Consumer Staples			71,461,086		80,698,000
Financials (8.52%)
		Insurance Brokers (1.69%)
	3,250,000	BRP Group, Inc., Cl A 1		54,388,028		78,065,000
		Investment Banking & Brokerage (1.62%)
	625,000	Houlihan Lokey, Inc.		28,909,333		74,943,750
		Property & Casualty Insurance (3.44%)
	475,000	Kinsale Capital Group, Inc.		69,271,272		159,082,250

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Transaction & Payment Processing Services (1.77%)
	3,900,000	Repay Holdings Corporation 1	$	33,541,410	$	33,306,000
	250,000	WEX, Inc. 1		10,329,020		48,637,500
				43,870,430		81,943,500
	Total Financials			196,439,063		394,034,500
Health Care (12.85%)
		Health Care Equipment (4.12%)
	1,000,000	Axonics, Inc. 1		35,459,918		62,230,000
	550,000	DexCom, Inc. 1		1,823,402		68,249,500
	35,000	IDEXX Laboratories, Inc. 1		483,345		19,426,750
	200,000	Inspire Medical Systems, Inc. 1		10,019,389		40,686,000
				47,786,054		190,592,250
		Health Care Supplies (1.91%)
	4,400,000	Neogen Corp. 1		80,584,755		88,484,000
		Life Sciences Tools & Services (5.14%)
	700,000	ICON plc 1,2		38,492,341		198,149,000
	32,500	Mettler-Toledo International, Inc. 1		1,571,421		39,421,200
				40,063,762		237,570,200
		Managed Health Care (1.15%)
	800,000	HealthEquity, Inc. 1		13,208,487		53,040,000
		Pharmaceuticals (0.53%)
	500,000	Dechra Pharmaceuticals PLC (United Kingdom) 2,3		13,580,939		24,572,461
	Total Health Care			195,223,997		594,258,911
Industrials (31.98%)
		Aerospace & Defense (4.24%)
	2,000,000	Kratos Defense & Security Solutions, Inc. 1		29,935,426		40,580,000
	800,000	Mercury Systems, Inc. 1		19,226,473		29,256,000
	125,000	TransDigm Group, Inc. 1		0		126,450,000
				49,161,899		196,286,000
		Building Products (2.95%)
	6,000,000	Janus International Group, Inc. 1		59,406,533		78,300,000
	700,000	Trex Co., Inc. 1		25,966,709		57,953,000
				85,373,242		136,253,000
		Diversified Support Services (0.54%)
	1,750,000	Driven Brands Holdings, Inc. 1		41,909,755		24,955,000
		Electrical Components & Equipment (7.61%)
	1,800,000	Shoals Technologies Group, Inc., Cl A 1		29,324,282		27,972,000
	6,750,000	Vertiv Holdings Co.		68,125,983		324,202,500
				97,450,265		352,174,500
		Environmental & Facilities Services (1.21%)
	375,000	Waste Connections, Inc. 2		16,375,000		55,976,250
		Human Resource & Employment Services (6.36%)
	1,750,000	ASGN, Inc. 1		55,248,585		168,297,500
	950,000	Ceridian HCM Holding, Inc. 1		29,430,555		63,764,000
	3,750,000	First Advantage Corp. 1		60,629,977		62,137,500
				145,309,117		294,199,000

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Industrial Machinery & Supplies & Components (5.33%)
	850,000	Chart Industries, Inc. 1	$	131,432,046	$	115,880,500
	525,000	John Bean Technologies Corp.		45,760,616		52,211,250
	275,000	RBC Bearings, Incorporated 1		32,617,037		78,344,750
				209,809,699		246,436,500
		Research & Consulting Services (0.40%)
	2,000,000	Clarivate PLC 1,2		21,208,068		18,520,000
		Trading Companies & Distributors (3.34%)
	950,000	SiteOne Landscape Supply, Inc. 1		43,421,179		154,375,000
	Total Industrials			710,018,224		1,479,175,250
Information Technology (17.81%)
		Application Software (7.94%)
	700,000	Altair Engineering, Inc., Cl A 1		11,083,514		58,905,000
	350,000	Aspen Technology, Inc. 1		32,534,028		77,052,500
	1,650,000	Clearwater Analytics Holdings, Inc., Cl A 1		30,075,588		33,049,500
	1,225,000	Guidewire Software, Inc. 1		31,269,359		133,574,000
	500,000	nCino, Inc. 1		16,194,292		16,815,000
	775,000	Sprout Social, Inc., Cl A 1		43,145,304		47,616,000
				164,302,085		367,012,000
		Electronic Equipment & Instruments (1.35%)
	1,500,000	Cognex Corp.		25,832,809		62,610,000
		IT Consulting & Other Services (7.82%)
	800,000	Endava plc, ADR 1,2		27,430,574		62,280,000
	575,000	Gartner, Inc. 1		7,684,644		259,388,250
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		39,990,000
				71,437,815		361,658,250
		Semiconductors (0.70%)
	4,000,000	indie Semiconductor, Inc., Cl A 1		28,385,293		32,440,000
	Total Information Technology			289,958,002		823,720,250
Materials (1.53%)
		Specialty Chemicals (1.53%)
	1,700,000	Avient Corp.		53,733,696		70,669,000
Real Estate (1.00%)
		Industrial REITs (0.56%)
	850,000	Americold Realty Trust, Inc.		12,961,599		25,729,500
		Telecom Tower REITs (0.44%)
	80,000	SBA Communications Corp.		322,222		20,295,200
	Total Real Estate			13,283,821		46,024,700
	Total Common Stocks			2,032,098,712		4,466,726,749

Principal Amount			Cost		Value
Short Term Investments (3.28%)
	$151,953,077	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $152,034,963; (Fully Collateralized by $165,456,200 U.S. Treasury Note, 2.875% due 5/15/2032 Market value – $154,992,174) 3	$	151,953,077	$	151,953,077
	Total Investments (99.87%)		$	2,184,051,789		4,618,679,826
	Cash and Other Assets Less Liabilities (0.13%)					5,970,436
	Net Assets				$	4,624,650,262

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.01%)
Communication Services (9.52%)
		Advertising (1.82%)
	285,510	The Trade Desk, Inc., Cl A 1	$	8,852,748	$	20,545,300
		Interactive Home Entertainment (1.15%)
	80,700	Take-Two Interactive Software, Inc. 1		8,525,083		12,988,665
		Interactive Media & Services (6.55%)
	220,800	Alphabet, Inc., Cl C 1		9,997,776		31,117,344
	121,500	Meta Platforms, Inc., Cl A 1		23,697,329		43,006,140
				33,695,105		74,123,484
	Total Communication Services			51,072,936		107,657,449
Consumer Discretionary (14.58%)
		Automobile Manufacturers (7.32%)
	770,183	Rivian Automotive, Inc., Cl A 1		12,095,471		18,068,493
	260,400	Tesla, Inc. 1		19,644,628		64,704,192
				31,740,099		82,772,685
		Automotive Parts & Equipment (0.74%)
	192,200	Mobileye Global, Inc., Cl A 1		7,250,911		8,326,104
		Broadline Retail (6.52%)
	485,500	Amazon.com, Inc. 1		29,742,116		73,766,870
	Total Consumer Discretionary			68,733,126		164,865,659
Financials (5.11%)
		Transaction & Payment Processing Services (5.11%)
	62,300	MasterCard, Incorporated, Cl A		13,361,059		26,571,573
	119,900	Visa, Inc., Cl A		18,936,666		31,215,965
	Total Financials			32,297,725		57,787,538
Health Care (7.99%)
		Biotechnology (5.16%)
	64,739	argenx SE, ADR 1,2		9,490,491		24,628,658
	97,500	Legend Biotech Corp., ADR 1,2		6,391,817		5,866,575
	748,270	Rocket Pharmaceuticals, Inc. 1		13,910,524		22,425,652
	291,600	Viking Therapeutics, Inc. 1		4,057,272		5,426,676
				33,850,104		58,347,561
		Health Care Equipment (2.54%)
	52,005	Intuitive Surgical, Inc. 1		7,280,110		17,544,407
	58,900	Shockwave Medical, Inc. 1		6,096,143		11,223,984
				13,376,253		28,768,391
		Pharmaceuticals (0.29%)
	79,000	Structure Therapeutics, Inc., ADR 1,2		4,962,335		3,220,040
	Total Health Care			52,188,692		90,335,992
Industrials (1.52%)
		Human Resource & Employment Services (1.52%)
	255,570	Ceridian HCM Holding, Inc. 1		13,070,250		17,153,858

Shares			Cost		Value
Common Stocks (continued)
Information Technology (52.46%)
		Application Software (8.57%)
	196,800	Gitlab, Inc., Cl A 1,4	$	6,877,447	$	12,390,528
	175,100	Guidewire Software, Inc. 1		5,058,280		19,092,904
	26,400	HubSpot, Inc. 1		9,567,987		15,326,256
	35,600	ServiceNow, Inc. 1,4		7,310,942		25,151,044
	90,500	Workday, Inc., Cl A 1		15,499,873		24,983,430
				44,314,529		96,944,162
		Internet Services & Infrastructure (1.38%)
	200,500	Shopify, Inc., Cl A 1,2		6,469,838		15,618,950
		IT Consulting & Other Services (4.43%)
	197,368	Endava plc, ADR 1,2		6,552,344		15,365,099
	76,887	Gartner, Inc. 1		983,742		34,684,495
				7,536,086		50,049,594
		Semiconductor Materials & Equipment (2.08%)
	21,300	ASML Holding N.V. 2		10,043,235		16,122,396
	9,400	Lam Research Corp.		7,036,858		7,362,644
				17,080,093		23,485,040
		Semiconductors (15.73%)
	203,000	Advanced Micro Devices, Inc. 1		15,890,528		29,924,230
	2,597,600	indie Semiconductor, Inc., Cl A 1		18,031,326		21,066,536
	216,400	Marvell Technology, Inc.		8,993,597		13,051,084
	26,200	Monolithic Power Systems, Inc.		10,450,027		16,526,436
	196,500	NVIDIA Corp.		16,883,032		97,310,730
				70,248,510		177,879,016
		Systems Software (20.27%)
	163,300	Cloudflare, Inc., Cl A 1,4		6,498,094		13,596,358
	65,923	Crowdstrike Holdings, Inc., Cl A 1		3,955,302		16,831,460
	110,000	Datadog, Inc., Cl A 1,4		8,216,336		13,351,800
	206,000	Dynatrace, Inc. 1,4		9,884,021		11,266,140
	428,400	Microsoft Corporation		63,017,175		161,095,536
	66,008	Snowflake, Inc., Cl A 1,4		8,447,455		13,135,592
				100,018,383		229,276,886
	Total Information Technology			245,667,439		593,253,648
Real Estate (3.83%)
		Data Center REITs (0.95%)
	13,425	Equinix, Inc.		1,782,534		10,812,361
		Real Estate Services (2.88%)
	372,330	CoStar Group, Inc. 1		16,242,529		32,537,918
	Total Real Estate			18,025,063		43,350,279
	Total Common Stocks			481,055,231		1,074,404,423

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Private Common Stocks (1.33%)
Communication Services (0.12%)
		Interactive Media & Services (0.12%)
	50,000	X Holdings I, Inc., Cl A 1,3,4,6	$	5,000,000	$	1,366,000
Industrials (1.18%)
		Aerospace & Defense (1.18%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		10,186,940
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		3,093,330
				6,000,141		13,280,270
		Passenger Ground Transportation (0.00%)
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		21,676
	Total Industrials			6,103,704		13,301,946
Materials (0.03%)
		Fertilizers & Agricultural Chemicals (0.03%)
	182,067	Farmers Business Network, Inc. 1,3,4,6		2,394,652		338,645
	Total Private Common Stocks			13,498,356		15,006,591
Private Convertible Preferred Stocks (0.24%)
Materials (0.24%)
		Fertilizers & Agricultural Chemicals (0.24%)
	37,254	Farmers Business Network, Inc. Series F 1,3,4,6		4,855,355		684,729
	615,761	Farmers Business Network, Inc., Units 1,3,4,6		615,761		2,081,272
	Total Private Convertible Preferred Stocks			5,471,116		2,766,001
Private Preferred Stocks (1.73%)
Industrials (1.73%)
		Aerospace & Defense (1.59%)
	18,519	Space Exploration Technologies Corp., Series N 1,3,4,6		5,000,130		17,963,430
		Passenger Ground Transportation (0.14%)
	266,956	GM Cruise Holdings LLC, Cl G 1,3,4,6		7,034,290		1,620,423
	Total Private Preferred Stocks			12,034,420		19,583,853

Principal Amount			Cost		Value
Short Term Investments (1.65%)
	$18,620,284	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $18,630,318; (Fully Collateralized by $18,601,000 U.S. Treasury Note, 4.625% due 11/15/2026 Market value – $18,992,726) 5	$	18,620,284	$	18,620,284
	Total Investments (99.96%)		$	530,679,407		1,130,381,152
	Cash and Other Assets Less Liabilities (0.04%)					499,190
	Net Assets				$	1,130,880,342

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2023, the market value of restricted and fair valued securities amounted to $37,356,445 or 3.30% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

⁵  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 Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.34%)
Communication Services (9.13%)
		Advertising (3.16%)
	236,381	The Trade Desk, Inc., Cl A 1	$	13,155,111	$	17,009,977
		Interactive Media & Services (5.97%)
	90,909	Meta Platforms Inc., Cl A 1		6,630,519		32,178,149
	Total Communication Services			19,785,630		49,188,126
Consumer Discretionary (21.13%)
		Automobile Manufacturers (6.38%)
	471,580	Rivian Automotive, Inc., Cl A 1		12,257,318		11,063,266
	93,883	Tesla, Inc. 1		24,345,419		23,328,048
				36,602,737		34,391,314
		Automotive Parts & Equipment (1.49%)
	186,268	Mobileye Global, Inc., Cl A 1		4,587,439		8,069,130
		Broadline Retail (13.26%)
	287,686	Amazon.com, Inc. 1		2,726,880		43,711,011
	374,199	Coupang, Inc., Cl A 1		6,564,390		6,058,282
	13,817	MercadoLibre, Inc. 1		9,299,061		21,713,968
				18,590,331		71,483,261
	Total Consumer Discretionary			59,780,507		113,943,705
Financials (6.42%)
		Transaction & Payment Processing Services (6.42%)
	5,491	Adyen N.V., 144A (Netherlands) 1,2,5		4,111,141		7,088,558
	155,798	Block, Inc. 1		9,308,979		12,050,975
	36,284	MasterCard Incorporated, Cl A		1,493,353		15,475,489
	Total Financials			14,913,473		34,615,022
Health Care (9.70%)
		Biotechnology (2.32%)
	32,834	argenx SE, ADR 1,2		10,908,181		12,491,039
		Health Care Equipment (4.68%)
	74,792	Intuitive Surgical, Inc. 1		8,845,700		25,231,829
		Health Care Technology (1.56%)
	43,814	Veeva Systems, Inc., Cl A 1		2,802,912		8,435,071
		Life Sciences Tools & Services (1.14%)
	44,160	Illumina, Inc. 1		4,995,828		6,148,839
	Total Health Care			27,552,621		52,306,778
Information Technology (50.96%)
		Application Software (9.92%)
	34,349	Atlassian Corp., Cl A 1,2		8,918,541		8,170,253
	108,633	Gitlab, Inc., Cl A 1,4		6,989,883		6,839,534
	54,458	ServiceNow, Inc. 1,4		20,815,805		38,474,032
				36,724,229		53,483,819
		Internet Services & Infrastructure (5.94%)
	411,171	Shopify, Inc., Cl A 1,2		15,469,462		32,030,221
		IT Consulting & Other Services (3.96%)
	201,215	Endava plc, ADR 1,2		18,269,297		15,664,588
	19,030	EPAM Systems, Inc. 1		1,254,582		5,658,380
				19,523,879		21,322,968
		Semiconductor Materials & Equipment (2.74%)
	19,541	ASML Holding N.V. 2		1,203,894		14,790,974
		Semiconductors (10.07%)
	109,629	NVIDIA Corp.		16,296,295		54,290,473

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (18.33%)
	228,022	Cloudflare, Inc., Cl A 1,4	$	17,270,235	$	18,985,112
	87,980	Crowdstrike Holdings, Inc., Cl A 1		4,891,583		22,463,053
	151,618	Datadog, Inc., Cl A 1,4		9,184,124		18,403,393
	32,372	Microsoft Corporation		11,875,737		12,173,167
	134,832	Snowflake, Inc., Cl A 1,4		23,497,594		26,831,568
				66,719,273		98,856,293
	Total Information Technology			155,937,032		274,774,748
	Total Common Stocks			277,969,263		524,828,379
Private Common Stocks (0.96%)
Industrials (0.96%)
		Aerospace & Defense (0.96%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		4,009,010
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,691		1,187,280
	Total Private Common Stocks			2,499,944		5,196,290
Private Preferred Stocks (0.15%)
Industrials (0.15%)
		Passenger Ground Transportation (0.15%)
	133,288	GM Cruise Holdings LLC, Cl G 1,3,4,6		3,512,139		809,058
Principal Amount
Short Term Investments (1.93%)
	$10,400,448	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $10,406,053; (Fully Collateralized by $11,324,700 U.S. Treasury Note, 2.875% due 5/15/2032 Market value – $10,608,487) 5		10,400,448		10,400,448
	Total Investments (100.38%)		$	294,381,794		541,234,175
	Liabilities Less Cash and Other Assets (-0.38%)					(2,040,857	)
	Net Assets				$	539,193,318

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2023, the market value of restricted and fair valued securities amounted to $6,005,348 or 1.11% 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, 2023, the market value of Rule 144A securities amounted to $7,088,558 or 1.31% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.18%)
Communication Services (2.06%)
		Movies & Entertainment (2.06%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1	$	5,408,362	$	10,726,300
	500,000	Liberty Media Corporation- Liberty Live 1		16,972,337		18,695,000
	Total Communication Services			22,380,699		29,421,300
Consumer Discretionary (12.89%)
		Casinos & Gaming (6.79%)
	535,000	Boyd Gaming Corporation		33,074,142		33,496,350
	1,235,000	DraftKings, Inc., Cl A 1		23,984,451		43,533,750
	375,000	Red Rock Resorts, Inc., Cl A		13,003,045		19,998,750
				70,061,638		97,028,850
		Footwear (1.04%)
	550,000	On Holding AG, Cl A 1,2		13,746,107		14,833,500
		Home Improvement Retail (2.74%)
	350,000	Floor & Decor Holdings, Inc., Cl A 1		11,703,809		39,046,000
		Homefurnishing Retail (0.61%)
	30,000	RH 1		7,459,296		8,744,400
		Restaurants (1.71%)
	200,000	Texas Roadhouse, Inc.		17,901,519		24,446,000
	Total Consumer Discretionary			120,872,369		184,098,750
Financials (2.35%)
		Property & Casualty Insurance (2.35%)
	100,000	Kinsale Capital Group, Inc.		4,813,070		33,491,000
Health Care (14.58%)
		Health Care Equipment (5.66%)
	637,982	Axonics, Inc. 1		28,878,670		39,701,620
	466,078	Inari Medical, Inc. 1		24,225,323		30,257,784
	891,486	Silk Road Medical, Inc. 1		22,906,370		10,938,533
				76,010,363		80,897,937
		Health Care Supplies (0.46%)
	254,000	Establishment Labs Holdings, Inc. 1,2		17,425,350		6,576,060
		Health Care Technology (2.73%)
	700,591	Certara, Inc. 1		14,628,630		12,323,396
	2,684,590	Definitive Healthcare Corp. 1		48,189,355		26,684,824
				62,817,985		39,008,220
		Life Sciences Tools & Services (5.25%)
	140,000	10X Genomics, Inc., Cl A 1		6,908,279		7,834,400
	1,129,676	Maravai LifeSciences Holdings, Inc., Cl A 1		11,398,399		7,399,378
	165,000	Repligen Corp. 1		26,821,529		29,667,000
	521,456	Stevanato Group SpA 2		14,843,683		14,230,534
	573,790	Veracyte, Inc. 1,3		14,716,344		15,784,963
				74,688,234		74,916,275
		Pharmaceuticals (0.48%)
	775,832	Revance Therapeutics, Inc. 1		11,448,086		6,819,563
	Total Health Care			242,390,018		208,218,055

Shares			Cost		Value
Common Stocks (continued)
Industrials (21.79%)
		Aerospace & Defense (7.55%)
	166,095	Axon Enterprise, Inc. 1	$	18,709,890	$	42,907,321
	1,702,370	Kratos Defense & Security Solutions, Inc. 1		22,166,226		34,541,087
	830,380	Mercury Systems, Inc. 1		30,388,391		30,366,997
				71,264,507		107,815,405
		Building Products (2.37%)
	177,612	AAON, Inc.		12,862,770		13,120,199
	250,000	Trex Co., Inc. 1		9,601,133		20,697,500
				22,463,903		33,817,699
		Diversified Support Services (0.16%)
	146,576	ACV Auctions, Inc., Cl A 1		2,937,630		2,220,626
		Environmental & Facilities Services (1.74%)
	774,642	Montrose Environmental Group, Inc. 1		16,672,227		24,889,248
		Human Resource & Employment Services (4.05%)
	326,131	ASGN, Inc. 1		31,749,731		31,364,018
	395,000	Ceridian HCM Holding, Inc. 1		21,822,194		26,512,400
				53,571,925		57,876,418
		Industrial Machinery & Supplies & Components (3.64%)
	225,000	Chart Industries, Inc. 1		30,390,512		30,674,250
	75,000	RBC Bearings, Inc. 1		15,747,212		21,366,750
				46,137,724		52,041,000
		Trading Companies & Distributors (2.28%)
	200,000	SiteOne Landscape Supply, Inc. 1		12,575,112		32,500,000
	Total Industrials			225,623,028		311,160,396
Information Technology (37.96%)
		Application Software (10.47%)
	700,000	Alkami Technology, Inc. 1		16,087,729		16,975,000
	1,300,000	Clearwater Analytics Holdings, Inc., Cl A 1		23,059,097		26,039,000
	777,889	Gitlab, Inc., Cl A 1,3		30,872,131		48,975,892
	235,357	Guidewire Software, Inc. 1		18,259,547		25,663,327
	1,750,000	SmartRent, Inc. 1,3		4,499,472		5,582,500
	550,000	Smartsheet, Inc., Cl A 1		20,433,218		26,301,000
				113,211,194		149,536,719
		Electronic Equipment & Instruments (6.02%)
	395,321	Advanced Energy Industries, Inc.		27,937,769		43,058,363
	74,131	Novanta, Inc. 1,2		8,196,882		12,484,402
	700,000	PAR Technology Corp. 1		22,991,689		30,478,000
				59,126,340		86,020,765
		IT Consulting & Other Services (1.36%)
	250,000	Endava plc, ADR 1,2		6,125,604		19,462,500

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Semiconductor Materials & Equipment (1.80%)
	210,800	Ichor Holdings Ltd. 1,2	$	4,685,655	$	7,089,204
	135,000	Nova Ltd. 1,2		3,115,172		18,547,650
				7,800,827		25,636,854
		Semiconductors (5.31%)
	105,000	Allegro MicroSystems, Inc. 1		1,470,000		3,178,350
	3,338,093	indie Semiconductor, Inc., Cl A 1		30,591,344		27,071,934
	2,564,620	Navitas Semiconductor Corp. 1		22,011,037		20,696,483
	204,000	SiTime Corp. 1		23,354,907		24,904,320
				77,427,288		75,851,087
		Systems Software (13.00%)
	1,594,900	Couchbase, Inc. 1,3		35,483,397		35,917,148
	190,200	CyberArk Software Ltd. 1,2		24,587,553		41,663,310
	430,775	Dynatrace, Inc. 1,3		10,425,483		23,559,085
	35,100	Qualys, Inc. 1		1,079,689		6,889,428
	1,575,000	SentinelOne, Inc., Cl A 1		24,893,625		43,218,000
	761,000	Varonis Systems, Inc. 1		19,904,795		34,458,080
				116,374,542		185,705,051
	Total Information Technology			380,065,795		542,212,976
Real Estate (2.55%)
		Industrial REITs (2.55%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		36,465,000
	Total Common Stocks			1,027,802,115		1,345,067,477

Principal Amount			Cost		Value
Short Term Investments (5.90%)
	$84,204,560	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $84,249,936; (Fully Collateralized by $83,356,200 U.S. Treasury Note, 4.50% due 7/15/2026 Market value – $85,888,740) 4	$	84,204,560	$	84,204,560
	Total Investments (100.08%)		$	1,112,006,675		1,429,272,037
	Liabilities Less Cash and Other Assets (-0.08%)					(1,072,625	)
	Net Assets				$	1,428,199,412

% 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 Portfolios of Investments.

Baron Durable Advantage Fund

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.29%)
Communication Services (11.22%)
		Interactive Media & Services (11.22%)
	61,339	Alphabet, Inc., Cl C 1	$	7,142,574	$	8,644,505
	33,666	Meta Platforms, Inc., Cl A 1		6,829,116		11,916,418
	Total Communication Services			13,971,690		20,560,923
Consumer Discretionary (8.07%)
		Broadline Retail (8.07%)
	97,328	Amazon.com, Inc. 1		12,492,117		14,788,016
Consumer Staples (1.59%)
		Consumer Staples Merchandise Retail (1.59%)
	4,412	Costco Wholesale Corp.		1,961,793		2,912,273
Financials (30.37%)
		Asset Management & Custody Banks (5.74%)
	40,471	Blackstone, Inc.		4,121,765		5,298,463
	130,086	Brookfield Corp. 2		4,726,001		5,219,050
				8,847,766		10,517,513
		Financial Exchanges & Data (12.58%)
	16,537	CME Group, Inc.		3,248,278		3,482,692
	16,359	Moody’s Corp.		5,216,196		6,389,171
	9,273	MSCI, Inc.		4,546,974		5,245,272
	18,007	S&P Global, Inc.		6,432,219		7,932,444
				19,443,667		23,049,579
		Investment Banking & Brokerage (1.70%)
	13,685	LPL Financial Holdings, Inc.		2,942,832		3,114,980
		Property & Casualty Insurance (3.12%)
	77,081	Arch Capital Group Ltd. 1,2		4,586,337		5,724,806
		Transaction & Payment Processing Services (7.23%)
	12,420	MasterCard, Incorporated, Cl A		4,491,870		5,297,254
	30,522	Visa, Inc., Cl A		7,143,165		7,946,403
				11,635,035		13,243,657
	Total Financials			47,455,637		55,650,535
Health Care (12.54%)
		Life Sciences Tools & Services (8.90%)
	19,575	Agilent Technologies, Inc.		2,372,469		2,721,512
	21,415	Danaher Corp.		4,458,612		4,954,146
	2,318	Mettler-Toledo International, Inc. 1		2,636,173		2,811,641
	10,989	Thermo Fisher Scientific, Inc.		5,382,415		5,832,852
				14,849,669		16,320,151
		Managed Health Care (3.64%)
	12,664	UnitedHealth Group, Incorporated		5,911,382		6,667,216
	Total Health Care			20,761,051		22,987,367
Industrials (2.71%)
		Aerospace & Defense (2.56%)
	33,020	HEICO Corp., Cl A		4,204,816		4,703,369
		Industrial Machinery & Supplies & Components (0.15%)
	3,314	Veralto Corp. 3		250,273		272,609
	Total Industrials			4,455,089		4,975,978

Shares			Cost		Value
Common Stocks (continued)
Information Technology (30.79%)
		Application Software (7.56%)
	10,605	Adobe, Inc. 1	$	5,090,448	$	6,326,943
	12,057	Intuit, Inc.		5,896,990		7,535,987
				10,987,438		13,862,930
		Electronic Manufacturing Services (0.51%)
	6,675	TE Connectivity Ltd. 2		831,183		937,838
		IT Consulting & Other Services (2.88%)
	15,013	Accenture plc, Cl A 2		4,425,550		5,268,212
		Semiconductors (10.27%)
	7,866	Monolithic Power Systems, Inc.		3,296,403		4,961,715
	14,367	NVIDIA Corp.		3,956,537		7,114,826
	43,383	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		4,081,864		4,511,832
	13,085	Texas Instruments, Inc.		2,220,244		2,230,469
				13,555,048		18,818,842
		Systems Software (9.57%)
	46,628	Microsoft Corporation		13,971,004		17,533,993
	Total Information Technology			43,770,223		56,421,815
	Total Common Stocks			144,867,600		178,296,907

Principal Amount
Short Term Investments (2.55%)
$4,667,241	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2023, 4.85% due 1/2/2024; Proceeds at maturity $4,669,756; (Fully Collateralized by $4,620,300 U.S. Treasury Note, 4.50% due 7/15/2026 Market value – $4,760,675) 4		4,667,241		4,667,241
Total Investments (99.84%)		$	149,534,841		182,964,148
Cash and Other Assets Less Liabilities (0.16%)					297,563
Net Assets				$	183,261,711

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (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. 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. 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.

Each Fund is diversified. 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 AND INVESTMENT RISKS

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). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies.

a) Net Asset Value. 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. The NAV per share of a class is determined by dividing the value of the total assets of the Fund represented by such class, less all liabilities, by the total number of Fund shares of such class outstanding.

b) Security Valuation. 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 BAMCO, Inc.’s (the Adviser) 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). The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

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.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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.

c) Foreign Currency Translations. The accounting records of the Funds are maintained in U.S. dollars. 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 the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and unrealized gain or loss from investments. 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.

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

There were no securities on loan at December 31, 2023.

e) 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, 2023, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

f) 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.

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

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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

Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

As of December 31, 2023, the Funds did not have any commitments to purchase when-issued securities through PIPE transactions with SPACs.

3. RESTRICTED SECURITIES

At December 31, 2023, 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 SEC Rule 22e-4 (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, 2023, 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
Space Exploration Technologies Corp.		1/25/2023	$	15,746,786
StubHub Holdings, Inc.		12/22/2021		43,648,759
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		93,409,060
Total Restricted Securities			$	152,804,605
(Cost $88,500,527)† (3.17% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc		7/31/2020	$	785,437
Private Convertible Preferred Stocks
Northvolt AB		9/21/2020		14,353,624
Total Restricted Securities			$	15,139,061
(Cost $25,674,991)† (0.19% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (Continued)

	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	338,645
GM Cruise Holdings LLC		5/19/2022		21,676
Space Exploration Technologies Corp.		3/25/2021		13,280,270
X Holdings I, Inc.		5/4/2022		1,366,000
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020 - 9/28/2023		2,766,001
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		1,620,423
Space Exploration Technologies Corp.		8/4/2020		17,963,430
Total Restricted Securities			$	37,356,445
(Cost $31,003,892)† (3.30% of Net Assets)
	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	5,196,290
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		809,058
Total Restricted Securities			$	6,005,348
(Cost $6,012,083)† (1.11% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

The following is a summary of the inputs used as of December 31, 2023 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†	$	4,573,094,495	$	—	$	—	$	4,573,094,495
Private Common Stocks†		—		—		59,395,545		59,395,545
Private Preferred Stocks		—		—		93,409,060		93,409,060
Short Term Investments		—		81,866,318		—		81,866,318
Total Investments	$	4,573,094,495	$	81,866,318	$	152,804,605	$	4,807,765,418
	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†	$	7,888,426,572	$	—	$	—	$	7,888,426,572
Private Common Stocks		—		—		785,437		785,437
Private Convertible Preferred Stocks		—		—		14,353,624		14,353,624
Short Term Investments		—		510,472		—		510,472
Total Investments	$	7,888,426,572	$	510,472	$	15,139,061	$	7,904,076,105
	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,442,154,288	$	24,572,461	$	—	$	4,466,726,749
Short Term Investments		—		151,953,077		—		151,953,077
Total Investments	$	4,442,154,288	$	176,525,538	$	—	$	4,618,679,826

	Baron Opportunity Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,074,404,423	$	—	$	—	$	1,074,404,423
Private Common Stocks†		—		—		15,006,591		15,006,591
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001
Private Preferred Stocks†		—		—		19,583,853		19,583,853
Short Term Investments		—		18,620,284		—		18,620,284
Total Investments	$	1,074,404,423	$	18,620,284	$	37,356,445	$	1,130,381,152

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

	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†	$	517,739,821	$	7,088,558	$	—	$	524,828,379
Private Common Stocks		—		—		5,196,290		5,196,290
Private Preferred Stocks		—		—		809,058		809,058
Short Term Investments		—		10,400,448		—		10,400,448
Total Investments	$	517,739,821	$	17,489,006	$	6,005,348	$	541,234,175
	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†	$	1,345,067,477	$	—	$	—	$	1,345,067,477
Short Term Investments		—		84,204,560		—		84,204,560
Total Investments	$	1,345,067,477	$	84,204,560	$	—	$	1,429,272,037
	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†	$	178,296,907	$	—	$	—	$	178,296,907
Short Term Investments		—		4,667,241		—		4,667,241
Total Investments	$	178,296,907	$	4,667,241	$	—	$	182,964,148

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

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, 2023		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December  31, 2023
Private Common Stocks
Communication Services	$	37,919,959	$	—	$	—	$	5,728,800	$	—	$	—	$	—	$	—	$	43,648,759	$	5,728,800
Industrials		12,157,493		—		—		3,589,293		—		—		—		—		15,746,786		3,589,293
Private Preferred Stocks
Industrials		72,114,683		—		—		21,294,377		—		—		—		—		93,409,060		21,294,377
Total	$	122,192,135	$	—	$	—	$	30,612,470	$	—	$	—	$	—	$	—	$	152,804,605	$	30,612,470
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2023		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December  31, 2023
Private Common Stocks
Materials	$	785,437	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	785,437	$	—
Private Convertible Preferred Stocks
Industrials		13,867,853		—		—		485,771		—		—		—		—		14,353,624		485,771
Total	$	14,653,290	$	—	$	—	$	485,771	$	—	$	—	$	—	$	—	$	15,139,061	$	485,771
	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2023		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December  31, 2023
Private Common Stocks
Communication Services	$	3,707,500	$	—	$	—	$	(2,341,500)	$	—	$	—	$	—	$	—	$	1,366,000	$	(2,341,500)
Industrials		10,330,148		—		—		2,971,798		—		—		—		—		13,301,946		2,971,798
Materials		338,645		—		—		—		—		—		—		—		338,645		—
Private Convertible Preferred Stocks
Materials		2,766,001		—		—		—		—		—		—		—		2,766,001		—
Private Preferred Stocks
Industrials		19,936,233		—		—		(352,380)		—		—		—		—		19,583,853		(352,380)
Total	$	37,078,527	$	—	$	—	$	277,918	$	—	$	—	$	—	$	—	$	37,356,445	$	277,918

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

	Baron Fifth Avenue Growth Fund
Investments in Securities	Balance as of September 30, 2023		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December  31, 2023
Private Common Stocks
Industrials	$	4,011,857	$	—	$	—	$	1,184,433	$	—	$	—	$	—	$	—	$	5,196,290	$	1,184,433
Private Preferred Stocks
Industrials		3,029,637		—		—		(2,220,579)		—		—		—		—		809,058		(2,220,579)
Total	$	7,041,494	$	—	$	—	$	(1,036,146)	$	—	$	—	$	—	$	—	$	6,005,348	$	(1,036,146)

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2023 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2023	Range used on December 31, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	43,648,759	Combination of valuation using multiples, current value via comparable companies, option- pricing, and scenario analysis methods	Enterprise Value / EBITDA Multiple	17.9x%	10.3x – 21.5x	Increase
					Change in the composite equity index of comparable companies	(0.58)%	(1.06)% – 0.09%	Increase
					Discount for lack of marketability	8.83%	6.36% – 8.96%	Decrease
					Estimated volatility of the returns of equity1	38.84%	24.90% – 46.00%	Decrease
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	95% / 4% / 1%	1% – 95%	n/a
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	15,746,786	Observed transaction	Observed Transaction Price	$97.00	$97.00	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	93,409,060	Observed transaction	Observed Transaction Price	$970.00	$970.00	Increase

See Footnotes on page 22.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Opportunity Fund
Sector	Company	Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2023	Range used on December 31, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	X Holdings I, Inc.	$	1,366,000	Recent valuation for employee grants	Enterprise Value Estimate	$19 billion	$19 billion	n/a
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	13,280,270	Observed transaction	Observed Transaction Price	$97.00	$97.00	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	17,963,430	Observed transaction	Observed Transaction Price	$970.00	$970.00	Increase
Private Common Stocks: Industrials	GM Cruise Holdings LLC	$	21,676	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C3	50% / 50% / 0%	0% – 50%	n/a
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	1,620,423	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C3	50% / 50% / 0%	0% – 50%	n/a
Private Common Stocks: Materials	Farmers Business Network, Inc.	$	338,645	Scenario analysis	Public Markets Event Scenario Probabilities4	9.1%	8% – 10%	n/a
					Liquidity Scenario Probabilities: Scenario A /Scenario B5	50.00%	50% – 50%	n/a
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	2,766,001	Scenario analysis	Public Markets Event Scenario Probabilities4	9.1%	8% – 10%	n/a
					Liquidity Scenario Probabilities: Scenario A / Scenario B5	50.00%	50% – 50%	n/a

See Footnotes on page 22.

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2023	Range used on December 31, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	5,196,290	Observed transaction	Observed Transaction Price	$97.00	$97.00	Increase
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	809,058	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C3	50% / 50% / 0%	0% – 50%	n/a

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  Scenario A represents a worst case scenario. Scenario B represents a negative scenario that is better than the worst case. Scenario C represents a positive scenario.

⁴  The probabilities are associated with a range of potential IPO valuations.

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

* Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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, 2023, the Funds’ cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes 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	$	1,333,604,986	$	1,201,838,158	$	2,184,051,789	$	530,679,407	$	294,381,794	$	1,112,006,675	$	149,534,841
Gross tax unrealized appreciation		3,483,253,675		6,723,746,475		2,510,055,258		617,325,670		255,776,339		379,091,021		33,429,307
Gross tax unrealized depreciation		(9,093,243)		(21,508,528)		(75,427,221)		(17,623,925)		(8,923,958)		(61,825,659)		—
Net unrealized appreciation (depreciation)	$	3,474,160,432	$	6,702,237,947	$	2,434,628,037	$	599,701,745	$	246,852,381	$	317,265,362	$	33,429,307

Baron Investment Funds Trust December 31, 2023

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2023		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Value at December 31, 2023		Dividend Income		Shares Held at December 31, 2023		% of Net Assets at December 31, 2023
“Affiliated” Company as of December 31, 2023:
Choice Hotels International, Inc.	$	363,242,150	$	6,787,395	$	—	$	(27,297,045)	$	—	$	342,732,500	$	869,688		3,025,000		4.36%
Iridium Communications, Inc		355,959,250		—		(4,917,250)		(38,121,414)		4,011,414		316,932,000		1,001,000		7,700,000		4.03%
Vail Resorts, Inc.		443,780,000		—		—		(16,840,000)		—		426,940,000		8,240,000		2,000,000		5.43%
	$	1,162,981,400	$	6,787,395	$	(4,917,250)	$	(82,258,459)	$	4,011,414	$	1,086,604,500	$	10,110,688

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, 2023.

7. RECENT ACCOUNTING PRONOUNCEMENT AND REGULATION UPDATES

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 (ASU 2022-03), “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (Topic 820). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. The Funds have adopted ASU 2022-03 with an effective date of January 1, 2024.

In October 2022, the SEC adopted the Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds rule and reform amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual tailored shareholder reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Certain information from the Funds’ current shareholder reports, including the Funds’ portfolios of investments, financial statements, and financial highlights, will move to Form N-CSR. This information will be available online, mailed upon request and filed on a semi-annual basis. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Funds until the 2024 annual shareholder reports.