Baron Partners Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (106.53%)
Communication Services (4.83%)
		Alternative Carriers (2.87%)
	4,000,000	Iridium Communications, Inc. 1	$	130,869,959	$	177,480,000
		Movies & Entertainment (1.96%)
	1,400,000	Spotify Technology SA 1,2		292,806,279		120,820,000
	Total Communication Services			423,676,238		298,300,000
Consumer Discretionary (62.65%)
		Automobile Manufacturers (52.22%)
	12,150,000	Tesla, Inc. 1,5		183,531,738		3,222,787,500
		Casinos & Gaming (0.67%)
	1,200,000	Red Rock Resorts, Inc., Cl A		37,336,710		41,112,000
		Hotels, Resorts & Cruise Lines (5.85%)
	65,000	Airbnb, Inc., Cl A 1		6,307,417		6,827,600
	3,325,000	Hyatt Hotels Corp., Cl A 1		115,871,182		269,192,000
	700,000	Marriott Vacations Worldwide Corp.		81,762,309		85,302,000
				203,940,908		361,321,600
		Leisure Facilities (3.67%)
	1,050,000	Vail Resorts, Inc.		64,124,520		226,422,000
		Restaurants (0.24%)
	1,300,000	Krispy Kreme, Inc.		20,866,982		14,989,000
	Total Consumer Discretionary			509,800,858		3,866,632,100
Financials (16.84%)
		Asset Management & Custody Banks (1.23%)
	1,000,000	Brookfield Asset Management, Inc., Cl A 2		35,923,845		40,890,000
	560,000	Cohen & Steers, Inc.		43,971,399		35,072,800
				79,895,244		75,962,800
		Financial Exchanges & Data (6.00%)
	720,000	FactSet Research Systems, Inc.		55,503,768		288,079,200
	195,000	MSCI, Inc.		60,910,512		82,249,050
				116,414,280		370,328,250
		Investment Banking & Brokerage (4.78%)
	4,100,000	The Charles Schwab Corp.		100,494,277		294,667,000
		Property & Casualty Insurance (4.83%)
	6,550,000	Arch Capital Group Ltd. 1,2		30,153,582		298,287,000
	Total Financials			326,957,383		1,039,245,050
Health Care (5.35%)
		Health Care Equipment (4.22%)
	800,000	IDEXX Laboratories, Inc. 1		35,048,047		260,640,000
		Health Care Supplies (0.94%)
	7,000,000	Figs, Inc., Cl A 1		80,455,037		57,750,000
		Life Sciences Tools & Services (0.19%)
	60,000	Illumina, Inc. 1		14,318,646		11,447,400
	Total Health Care			129,821,730		329,837,400

Shares			Cost		Value
Common Stocks (continued)
Industrials (9.20%)
		Aerospace & Defense (0.51%)
	125,625	HEICO Corp.	$	9,632,520	$	18,087,487
	116,875	HEICO Corp., Cl A		7,586,429		13,396,212
				17,218,949		31,483,699
		Industrial Machinery (0.40%)
	6,250,000	Velo3D, Inc. 1		18,875,443		24,625,000
		Research & Consulting Services (8.29%)
	7,350,000	CoStar Group, Inc. 1		98,974,400		511,927,500
	Total Industrials			135,068,792		568,036,199
Information Technology (5.98%)
		Application Software (0.90%)
	900,000	Guidewire Software, Inc. 1		73,150,321		55,422,000
		Data Processing & Outsourced Services (1.20%)
	59,246	Adyen N.V., 144A (Netherlands) 1,2,7		53,544,383		73,889,321
		Internet Services & Infrastructure (0.74%)
	1,700,000	Shopify, Inc., Cl A 1,2		157,629,428		45,798,000
		IT Consulting & Other Services (3.14%)
	700,000	Gartner, Inc. 1		83,980,674		193,683,000
	Total Information Technology			368,304,806		368,792,321
Real Estate (1.68%)
		Office REITs (0.38%)
	1,300,000	Douglas Emmett, Inc.		34,678,891		23,309,000
		Specialized REITs (1.30%)
	1,819,296	Gaming and Leisure Properties, Inc.		57,529,250		80,485,655
	Total Real Estate			92,208,141		103,794,655
	Total Common Stocks			1,985,837,948		6,574,637,725
Private Common Stocks (2.85%)
Consumer Discretionary (0.40%)
		Internet & Direct Marketing Retail (0.40%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,8		50,000,041		24,543,535
Industrials (2.45%)
		Aerospace & Defense (2.45%)
	2,216,310	Space Exploration Technologies Corp., Cl A 1,3,4,8		29,920,185		133,005,994
	302,210	Space Exploration Technologies Corp., Cl C 1,3,4,8		4,079,835		18,136,335
	Total Industrials			34,000,020		151,142,329
	Total Private Common Stocks			84,000,061		175,685,864

See Notes to Schedules of Investments.

Baron Partners Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Private Convertible Preferred Stocks (0.13%)
Industrials (0.13%)
		Electrical Components & Equipment (0.13%)
	21,213,656	Northvolt AB, Series E2 (Sweden) 1,2,3,4,8	$	7,843,621	$	8,081,894
Private Preferred Stocks (5.38%)
Industrials (5.38%)
		Aerospace & Defense (5.38%)
	311,111	Space Exploration Technologies Corp., Cl H 1,3,4,8		41,999,985		186,705,053
	131,657	Space Exploration Technologies Corp., Cl I 1,3,4,8		22,250,032		79,010,473
	111,111	Space Exploration Technologies Corp., Cl N 1,3,4,8		29,999,970		66,680,333
	Total Private Preferred Stocks			94,249,987		332,395,859
	Total Investments (114.89%)		$	2,171,931,617		7,090,801,342
	Liabilities Less Cash and Other Assets (-14.89%) 6					(919,148,463	)
	Net Assets				$	6,171,652,879
	Retail Shares (Equivalent to $139.43 per share based on 19,553,771 shares outstanding)				$	2,726,375,971
	Institutional Shares (Equivalent to $144.71 per share based on 20,706,167 shares outstanding)				$	2,996,296,880
	R6 Shares (Equivalent to $144.70 per share based on 3,102,905 shares outstanding)				$	448,980,028

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At September 30, 2022, the market value of restricted and fair valued securities amounted to $516,163,617 or 8.36% 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  Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

⁶  Includes net unrealized depreciation of $157,520 on an unfunded commitment with a special purpose acquisition company to purchase a when-issued private investment in a public entity.

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

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

^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 September 30, 2022, the market value of Rule 144A securities amounted to $73,889,321 or 1.20% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Focused Growth Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (81.36%)
Communication Services (7.12%)
		Alternative Carriers (3.87%)
	637,064	Iridium Communications, Inc. 1	$	12,123,685	$	28,266,529
		Movies & Entertainment (3.25%)
	275,000	Spotify Technology SA 1,2		50,894,626		23,732,500
	Total Communication Services			63,018,311		51,999,029
Consumer Discretionary (42.91%)
		Automobile Manufacturers (22.33%)
	615,000	Tesla, Inc. 1,5		8,168,271		163,128,750
		Casinos & Gaming (4.58%)
	470,000	Penn Entertainment, Inc. 1		8,830,397		12,929,700
	600,000	Red Rock Resorts, Inc., Cl A		16,360,388		20,556,000
				25,190,785		33,485,700
		Hotels, Resorts & Cruise Lines (9.92%)
	155,000	Choice Hotels International, Inc.		5,375,922		16,975,600
	500,000	Hyatt Hotels Corp., Cl A 1		24,424,809		40,480,000
	123,200	Marriott Vacations Worldwide Corp.		16,153,143		15,013,152
				45,953,874		72,468,752
		Leisure Facilities (4.43%)
	150,000	Vail Resorts, Inc.		18,327,855		32,346,000
		Restaurants (1.65%)
	1,050,000	Krispy Kreme, Inc.		14,637,237		12,106,500
	Total Consumer Discretionary			112,278,022		313,535,702
Financials (14.87%)
		Financial Exchanges & Data (9.26%)
	90,000	FactSet Research Systems, Inc.		12,084,401		36,009,900
	75,000	MSCI, Inc.		36,079,367		31,634,250
				48,163,768		67,644,150
		Property & Casualty Insurance (5.61%)
	900,000	Arch Capital Group Ltd. 1,2		25,104,585		40,986,000
	Total Financials			73,268,353		108,630,150
Health Care (4.32%)
		Biotechnology (0.37%)
	20,000	BioNTech SE, ADR 1,2		3,212,585		2,697,600
		Health Care Supplies (3.95%)
	3,500,000	Figs, Inc., Cl A 1		35,212,376		28,875,000
	Total Health Care			38,424,961		31,572,600
Industrials (7.40%)
		Research & Consulting Services (7.40%)
	580,000	CoStar Group, Inc. 1		10,184,660		40,397,000
	80,000	Verisk Analytics, Inc.		14,016,817		13,642,400
	Total Industrials			24,201,477		54,039,400
Information Technology (3.69%)
		Application Software (2.95%)
	350,000	Guidewire Software, Inc. 1		34,820,618		21,553,000
		Internet Services & Infrastructure (0.74%)
	200,000	Shopify, Inc., Cl A 1,2		6,746,955		5,388,000
	Total Information Technology			41,567,573		26,941,000
Real Estate (1.05%)
		Residential REITs (1.05%)
	235,000	American Homes 4 Rent, Cl A		5,062,679		7,710,350
	Total Common Stocks			357,821,376		594,428,231

Shares			Cost		Value
Private Common Stocks (6.35%)
Industrials (6.35%)
		Aerospace & Defense (6.35%)
	629,570	Space Exploration Technologies Corp., Cl A 1,3,4,7	$	26,390,845	$	37,781,982
	143,170	Space Exploration Technologies Corp., Cl C 1,3,4,7		6,808,820		8,591,970
	Total Private Common Stocks			33,199,665		46,373,952
Private Preferred Stocks (3.32%)
Industrials (3.32%)
		Aerospace & Defense (3.32%)
	29,630	Space Exploration Technologies Corp., Cl H 1,3,4,7		4,000,050		17,781,662
	1,479	Space Exploration Technologies Corp., Cl I 1,3,4,7		249,951		887,583
	9,259	Space Exploration Technologies Corp., Cl N 1,3,4,7		2,499,930		5,556,544
	Total Private Preferred Stocks			6,749,931		24,225,789
Principal Amount
Short Term Investments (8.35%)
	$61,037,835	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $61,042,057; (Fully Collateralized by $70,252,600 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $62,258,592) 6		61,037,835		61,037,835
	Total Investments (99.38%)		$	458,808,807		726,065,807
	Cash and Other Assets Less Liabilities (0.62%)					4,513,515
	Net Assets				$	730,579,322
	Retail Shares (Equivalent to $29.98 per share based on 5,952,370 shares outstanding)				$	178,427,498
	Institutional Shares (Equivalent to $31.22 per share based on 9,294,031 shares outstanding)				$	290,176,322
	R6 Shares (Equivalent to $31.25 per share based on 8,383,868 shares outstanding)				$	261,975,502

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At September 30, 2022, the market value of restricted and fair valued securities amounted to $70,599,741 or 9.66% 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  Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (90.15%)
Australia (0.47%)
	191,475	Newcrest Mining Limited 3	$	3,876,693	$	2,102,239
Brazil (3.70%)
	267,840	Afya Ltd., Cl A 1		4,407,371		3,631,910
	679,736	B3 S.A. - Brasil, Bolsa, Balcao		1,636,121		1,644,416
	1,205,978	Hapvida Participacoes e Investimentos SA, 144A		1,806,233		1,692,373
	222,496	StoneCo Ltd., Cl A 1		2,207,645		2,120,387
	737,768	Suzano SA		7,221,286		6,086,123
	72,818	XP, Inc., Cl A 1		2,083,822		1,384,270
	Total Brazil			19,362,478		16,559,479
Canada (2.60%)
	98,668	Agnico Eagle Mines Ltd.		4,813,753		4,166,749
	5,360	Constellation Software, Inc.		1,302,936		7,458,213
	Total Canada			6,116,689		11,624,962
China (10.46%)
	58,280	Alibaba Group Holding Limited, ADR 1		6,245,447		4,661,817
	48,717	Baidu, Inc., ADR 1		6,834,678		5,723,760
	3,717,939	China Conch Environment Protection Holdings Ltd. 1,3		2,927,672		1,902,626
	476,017	China Conch Venture Holdings Ltd. 3		1,767,379		756,934
	64,730	China Tourism Group Duty Free Corporation Ltd., Cl A 3		864,200		1,788,496
	1,119,047	Estun Automation Co. Ltd., Cl A 3		4,447,078		2,958,625
	570,014	Full Truck Alliance Co. Ltd., ADR 1		4,259,872		3,733,592
	56,318	GDS Holdings Limited, ADR 1		2,750,104		994,576
	418,050	Han’s Laser Technology Industry Group Co., Ltd., Cl A 3		2,286,132		1,530,102
	563,670	Hua Hong Semiconductor Limited, 144A 1,3		1,255,246		1,276,725
	28,608	JD.com, Inc., ADR 1		1,961,385		1,438,983
	18,506	JD.com, Inc., Cl A 1,3		603,389		466,873
	1,264,744	Kingdee International Software Group Co. Ltd. 1,3		882,318		1,648,412
	1,000,553	Kingsoft Corp. Ltd. 3		3,985,962		2,647,401
	401,658	Midea Group Co., Ltd., Cl A 3		3,282,522		2,784,436
	43,888	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3		1,126,319		1,846,082
	68,299	Tencent Holdings Limited 3		2,068,594		2,306,888
	29,893	Tencent Holdings Limited, ADR		1,870,476		1,010,981
	273,603	Wuxi Biologics Cayman, Inc., 144A 1,3		2,004,879		1,628,716
	71,204	Yum China Holdings, Inc.		3,467,542		3,370,085
	67,288	Zai Lab Limited, ADR 1		1,571,827		2,301,250
	Total China			56,463,021		46,777,360
Denmark (1.11%)
	154,879	Genmab A/S, ADR 1		6,150,648		4,976,262

Shares			Cost		Value
Common Stocks (continued)
France (8.04%)
	147,879	BNP Paribas S.A. 3	$	5,529,943	$	6,246,295
	97,330	Eurofins Scientific SE 3		2,721,696		5,777,928
	8,907	LVMH Moët Hennessy Louis Vuitton SE 3		2,802,671		5,251,342
	42,700	Pernod Ricard SA 3		8,253,649		7,833,490
	418,139	Vivendi SE 3		8,416,052		3,243,326
	242,654	Waga Energy SA 1		6,991,693		7,610,018
	Total France			34,715,704		35,962,399
Germany (2.28%)
	118,236	Befesa SA, 144A 3		5,206,698		3,588,149
	235,944	Mister Spex SE 1		6,633,159		656,713
	60,859	Symrise AG 3		5,295,422		5,934,505
	Total Germany			17,135,279		10,179,367
Hong Kong (1.55%)
	261,056	AIA Group Ltd. 3		2,180,464		2,173,527
	73,850	Hong Kong Exchanges & Clearing Ltd. 3		3,085,285		2,524,371
	233,058	Techtronic Industries Co. Ltd. 3		1,968,624		2,223,868
	Total Hong Kong			7,234,373		6,921,766
India (7.53%)
	83,765	Bajaj Finance Limited 3		4,071,251		7,484,233
	670,497	Bharti Airtel Ltd. PP 3		3,462,100		3,296,180
	2,775,632	Edelweiss Financial Services Ltd. 3		2,338,220		2,074,197
	192,887	Godrej Properties Ltd. 1,3		2,367,567		2,801,233
	186,948	HDFC Bank Ltd. 3		2,931,967		3,238,966
	2,195,498	JM Financial Limited 3		2,636,593		2,018,935
	343,286	Max Financial Services Limited 1,3		2,274,921		3,204,623
	688,913	Nippon Life India Asset Management Ltd., 144A 3		2,429,190		2,264,180
	251,616	Reliance Industries Limited 3		5,490,484		7,302,418
	Total India			28,002,293		33,684,965
Israel (1.59%)
	361,350	Innovid Corp. 1		3,586,055		979,259
	151,660	ION Acquisition Corp. 3 Ltd., Cl A 1		1,516,227		1,496,884
	80,314	SimilarWeb Ltd. 1		1,597,156		470,640
	398,398	Taboola.com Ltd. 1		3,771,018		721,100
	44,017	Wix.com Ltd. 1		2,886,338		3,443,450
	Total Israel			13,356,794		7,111,333
Italy (2.27%)
	304,151	Stevanato Group SpA		6,373,893		5,152,318
	195,212	Tenaris SA 3		2,464,144		2,525,861
	96,347	Tenaris SA, ADR		2,546,390		2,489,607
	Total Italy			11,384,427		10,167,786

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Japan (8.05%)
	22,724	Keyence Corporation 3	$	8,191,936	$	7,511,652
	224,800	MonotaRO Co, Ltd. 3		2,117,422		3,449,522
	105,520	Okamoto Industries, Inc. 3		4,831,807		2,591,864
	153,600	Recruit Holdings Co, Ltd. 3		3,788,290		4,424,545
	565,360	Renesas Electronics Corp. 1,3		6,943,128		4,739,547
	285,300	SMS Co. Ltd. 3		8,001,168		5,763,782
	9,906	Tokyo Electron Limited 3		2,233,763		2,440,788
	1,922,790	Z Holdings Corporation 3		11,109,619		5,096,670
	Total Japan			47,217,133		36,018,370
Korea, Republic of (3.03%)
	140,709	Coupang, Inc., Cl A 1		1,631,288		2,345,619
	61,657	Hyundai Heavy Industries Co. Ltd. 1,3		5,701,992		4,900,259
	125,204	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		11,608,141		6,320,190
	Total Korea, Republic of			18,941,421		13,566,068
Mexico (0.74%)
	982,287	Grupo Mexico S.A.B. de C.V., Series B		2,636,648		3,317,618
Netherlands (5.60%)
	148,091	AMG Advanced Metallurgical Group NV 3		3,833,296		3,328,977
	31,524	argenx SE, ADR 1		1,346,356		11,129,548
	56,691	Koninklijke DSM NV 3		8,276,192		6,450,899
	221,130	Universal Music Group NV 3		6,534,986		4,141,773
	Total Netherlands			19,990,830		25,051,197
Norway (0.61%)
	2,144,373	Aker Carbon Capture ASA 1,3		4,327,385		2,741,723
Peru (0.83%)
	30,082	Credicorp, Ltd.		4,319,698		3,694,069
Poland (1.71%)
	55,785	Dino Polska SA, 144A 1,3		4,025,150		3,378,948
	732,637	InPost SA 1,3		10,196,922		4,262,814
	Total Poland			14,222,072		7,641,762
Russia (0.00%)
	487,800	Sberbank of Russia PJSC 1,2,4		1,644,868		469
South Africa (0.24%)
	8,532	Naspers Limited, Cl N 3		1,259,513		1,058,169
Spain (3.16%)
	85,854	Cellnex Telecom S.A., 144A 3		4,589,734		2,648,301
	1,267,072	eDreams ODIGEO SA 1,3		10,287,024		5,062,443
	310,534	Industria de Diseno Textil, S.A. 3		9,881,964		6,408,375
	Total Spain			24,758,722		14,119,119

Shares			Cost		Value
Common Stocks (continued)
Sweden (1.18%)
	242,993	Epiroc AB, Cl A 3	$	3,569,281	$	3,476,134
	20,978	Spotify Technology SA 1		2,916,562		1,810,402
	Total Sweden			6,485,843		5,286,536
Switzerland (4.71%)
	360,168	Clariant AG 3		7,368,152		5,753,224
	29,849	Compagnie Financiere Richemont SA 3		3,494,052		2,817,609
	12,705,654	Meyer Burger Technology AG 1,3		5,831,753		5,021,598
	68,981	Nestle S.A. 3		7,389,937		7,460,800
	Total Switzerland			24,083,894		21,053,231
Taiwan (1.40%)
	91,150	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		9,886,417		6,249,244
United Kingdom (13.05%)
	202,571	AstraZeneca PLC, ADR		8,867,929		11,108,994
	1,029,418	B&M European Value Retail S.A. 3		4,655,825		3,501,292
	533,221	Ceres Power Holdings PLC 1,3		5,154,085		2,152,609
	85,286	Dechra Pharmaceuticals PLC 3		2,771,384		2,476,788
	36,289	Endava plc, ADR 1		725,780		2,925,982
	170,217	Experian plc 3		3,928,940		4,982,692
	363,682	Future PLC 3		6,100,714		5,257,713
	901,912	Glencore PLC 3		3,799,703		4,739,559
	348,545	J D Wetherspoon PLC 1,3		4,083,151		1,552,055
	34,980	Linde Public Limited Company 3		6,288,750		9,470,223
	4,462,095	Lloyds Banking Group 3		1,537,604		2,016,810
	1,714,858	S4 Capital PLC 1,3		4,619,099		2,762,986
	440,020	WANdisco plc 1		3,792,714		2,456,521
	401,433	Watches of Switzerland Group PLC, 144A 1,3		3,513,893		2,966,905
	Total United Kingdom			59,839,571		58,371,129
United States (3.79%)
	46,611	Agilent Technologies, Inc.		2,015,891		5,665,567
	247,670	Arch Capital Group Ltd. 1		6,317,413		11,278,892
	Total United States			8,333,304		16,944,459
Uruguay (0.45%)
	98,299	Dlocal Ltd. 1		2,460,533		2,017,095
	Total Common Stocks			454,206,251		403,198,176
Warrants (0.00%)
Israel (0.00%)
	16,052	Innovid Corp. Exp 12/31/2027 1		27,444		7,724
	56,745	Taboola.com Ltd. Exp 6/29/2026 1		104,540		23,266
	Total Warrants			131,984		30,990

See Notes to Schedules of Investments.

Baron International Growth Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (9.40%)
	$42,035,649	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $42,038,557; (Fully Collateralized by $48,381,700 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $42,876,371) 3	$	42,035,649	$	42,035,649
	Total Investments (99.55%)		$	496,373,884		445,264,815
	Cash and Other Assets Less Liabilities (0.45%)					1,990,425
	Net Assets				$	447,255,240
	Retail Shares (Equivalent to $20.73 per share based on 3,106,998 shares outstanding)				$	64,420,219
	Institutional Shares (Equivalent to $21.15 per share based on 13,451,383 shares outstanding)				$	284,504,704
	R6 Shares (Equivalent to $21.14 per share based on 4,651,695 shares outstanding)				$	98,330,317

% Represents percentage of net assets.

¹ Non-income producing securities.

² At September 30, 2022, the market value of restricted and fair valued securities amounted to $469 or 0.00% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

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

⁴ 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 September 30, 2022, the market value of Rule 144A securities amounted to $19,444,297 or 4.35% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of September 30, 2022	Percentage of Net Assets
Industrials		13.2%
Materials		12.1%
Health Care		12.0%
Financials		11.5%
Information Technology		11.4%
Consumer Discretionary		11.1%
Communication Services		9.3%
Energy		4.5%
Consumer Staples		4.2%
Real Estate		0.6%
Special Purpose Acquisition Company		0.3%
Cash and Cash Equivalents *		9.8%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to displayed total due to rounding.

See Notes to Schedules of Investments.

Baron Real Estate Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (86.83%)
Consumer Discretionary (28.30%)
		Casinos & Gaming (10.97%)
	537,750	Boyd Gaming Corporation	$	11,031,219	$	25,623,788
	1,494,076	Las Vegas Sands Corp. 1		53,032,765		56,057,732
	1,033,156	MGM Resorts International		38,499,129		30,705,396
	725,490	Red Rock Resorts, Inc., Cl A		5,842,391		24,855,287
				108,405,504		137,242,203
		Distributors (2.40%)
	94,450	Pool Corp.		34,738,576		30,054,935
		Home Improvement Retail (3.94%)
	274,700	Floor & Decor Holdings, Inc., Cl A 1		20,820,629		19,300,422
	22,300	The Home Depot, Inc.		2,879,401		6,153,462
	126,500	Lowe’s Companies, Inc.		14,468,257		23,757,965
				38,168,287		49,211,849
		Homebuilding (5.24%)
	305,197	D.R. Horton, Inc.		19,274,023		20,555,018
	296,299	Lennar Corp., Cl A		18,411,838		22,089,090
	543,400	Toll Brothers, Inc.		25,246,666		22,822,800
				62,932,527		65,466,908
		Hotels, Resorts & Cruise Lines (2.94%)
	163,800	Hyatt Hotels Corp., Cl A 1		12,203,100		13,261,248
	192,686	Marriott Vacations Worldwide Corp.		15,332,416		23,480,716
				27,535,516		36,741,964
		Leisure Facilities (2.81%)
	163,050	Vail Resorts, Inc.		44,699,056		35,160,102
	Total Consumer Discretionary			316,479,466		353,877,961
Financials (8.64%)
		Asset Management & Custody Banks (8.64%)
	535,050	Blackstone, Inc.		56,295,650		44,783,685
	1,548,975	Brookfield Asset Management, Inc., Cl A 2		57,434,453		63,337,588
	Total Financials			113,730,103		108,121,273
Industrials (11.46%)
		Building Products (3.87%)
	516,800	Fortune Brands Home & Security, Inc.		34,480,215		27,746,992
	470,150	Trex Co., Inc. 1		28,028,550		20,658,391
				62,508,765		48,405,383
		Research & Consulting Services (4.90%)
	878,800	CoStar Group, Inc. 1		47,961,154		61,208,420
		Trading Companies & Distributors (2.69%)
	323,135	SiteOne Landscape Supply, Inc. 1		39,653,087		33,651,279
	Total Industrials			150,123,006		143,265,082

Shares			Cost		Value
Common Stocks (continued)
Materials (2.21%)
		Construction Materials (2.21%)
	175,050	Vulcan Materials Co.	$	24,309,626	$	27,607,135
Real Estate (33.93%)
		Industrial REITs (6.27%)
	480,000	Prologis, Inc.		48,774,380		48,768,000
	569,909	Rexford Industrial Realty, Inc.		29,208,440		29,635,268
				77,982,820		78,403,268
		Real Estate Services (6.36%)
	589,150	CBRE Group, Inc., Cl A 1		31,140,429		39,773,516
	263,357	Jones Lang LaSalle, Inc. 1		36,072,496		39,785,342
				67,212,925		79,558,858
		Residential REITs (6.19%)
	69,361	AvalonBay Communities, Inc.		16,461,972		12,775,602
	197,550	Equity LifeStyle Properties, Inc.		10,295,271		12,414,042
	283,095	Equity Residential		18,321,213		19,029,646
	983,900	Invitation Homes, Inc.		28,455,253		33,226,303
				73,533,709		77,445,593
		Retail REITs (1.22%)
	853,023	NETSTREIT Corp.		17,298,090		15,192,340
		Specialized REITs (13.89%)
	105,800	Alexandria Real Estate Equities, Inc. 3		10,268,606		14,832,102
	216,700	American Tower Corp.		39,069,829		46,525,490
	31,900	Digital Realty Trust, Inc.		4,018,673		3,163,842
	62,590	Equinix, Inc.		28,487,626		35,603,696
	395,348	Gaming and Leisure Properties, Inc.		13,270,025		17,490,196
	109,804	Public Storage		39,519,547		32,151,709
	84,250	SBA Communications Corp.		27,092,122		23,981,762
				161,726,428		173,748,797
	Total Real Estate			397,753,972		424,348,856
Special Purpose Acquisition      Company (2.29%)
	1,250,000	Fifth Wall Acquisition Corp. III, Cl A 1,2		12,500,000		12,300,000
	1,290,554	RXR Acquisition Corp. 1		12,905,540		12,686,146
	375,000	Tishman Speyer Innovation Corp. II 1		3,750,000		3,693,750
	Total Special Purpose Acquisition Company			29,155,540		28,679,896
	Total Common Stocks			1,031,551,713		1,085,900,203

See Notes to Schedules of Investments.

Baron Real Estate Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (12.03%)
	$150,459,045	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $150,469,451; (Fully Collateralized by $173,173,600 U.S.Treasury Note, 0.375% due 12/31/2025 Market value – $153,468,263) 4	$	150,459,045	$	150,459,045
	Total Investments (98.86%)		$	1,182,010,758		1,236,359,248
	Cash and Other Assets Less Liabilities (1.14%)					14,243,270
	Net Assets				$	1,250,602,518
	Retail Shares (Equivalent to $26.28 per share based on 11,919,683 shares outstanding)				$	313,253,157
	Institutional Shares (Equivalent to $27.08 per share based on 33,716,461 shares outstanding)				$	913,150,846
	R6 Shares (Equivalent to $27.08 per share based on 893,517 shares outstanding)				$	24,198,515

% 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.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (90.74%)
Brazil (6.16%)
	20,412,292	Aeris Indústria E Comércio De Equipamentos Para Geracão De Energia SA	$	21,984,032	$	7,605,867
	2,070,577	Afya Ltd., Cl A 1		49,426,833		28,077,024
	2,711,966	Azul SA 1		11,162,641		7,400,362
	604,802	Azul SA, ADR 1		6,917,008		4,923,088
	10,636,727	B3 S.A. - Brasil, Bolsa, Balcao		24,674,404		25,732,347
	23,279,401	Hapvida Participacoes e Investimentos SA, 144A		30,128,919		32,668,452
	2,336,064	Inter & Co., Inc. BDR 1		9,369,116		7,535,200
	3,823,518	Localiza Rent a Car SA		22,859,966		43,300,623
	3,268,102	StoneCo Ltd., Cl A 1		38,208,195		31,145,012
	10,911,757	Suzano SA		104,880,359		90,015,143
	1,196,336	XP, Inc., Cl A 1		34,632,349		22,742,347
	Total Brazil			354,243,822		301,145,465
China (30.79%)
	1,699,297	Alibaba Group Holding Limited, ADR 1		156,622,394		135,926,767
	800,798	Baidu, Inc., ADR 1		111,442,542		94,085,757
	8,007,198	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl A 3		35,907,261		29,716,078
	44,349,805	China Conch Environment Protection Holdings Ltd. 1,3		23,530,718		22,695,666
	17,978,195	China Conch Venture Holdings Ltd. 3		60,793,627		28,587,867
	14,713,752	China Mengniu Dairy Co. Ltd. 3		32,213,810		58,164,981
	1,527,390	China Tourism Group Duty Free Corporation Ltd., Cl A 3		17,921,501		42,201,919
	22,767,593	Estun Automation Co. Ltd., Cl A 3		88,683,775		60,194,765
	9,502,938	Full Truck Alliance Co. Ltd., ADR 1		80,156,964		62,244,244
	9,272,493	Galaxy Entertainment Group Ltd. 1,3		66,236,285		54,502,684
	911,255	GDS Holdings Limited, ADR 1		32,137,655		16,092,763
	3,022,258	GDS Holdings Limited, Cl A 1,3		28,363,625		6,649,451
	3,044,217	Glodon Co. Ltd., Cl A 3		13,775,946		19,547,870
	10,898,289	Han’s Laser Technology Industry Group Co., Ltd., Cl A 3		60,398,409		39,888,760
	2,986,143	Hangzhou Tigermed Consulting Co. Ltd., Cl A 3		38,125,376		38,226,491
	10,344,990	Hua Hong Semiconductor Limited, 144A 1,3		20,913,947		23,431,626
	750,348	JD.com, Inc., ADR 1		50,579,055		37,742,504
	222,633	JD.com, Inc., Cl A 1,3		8,121,691		5,616,626
	4,504,603	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3		36,035,982		28,623,547
	21,681,687	Kingdee International Software Group Co. Ltd. 1,3		8,927,132		28,258,967
	19,272,136	Kingsoft Corp. Ltd. 3		75,131,108		50,992,879
	135,419	Kweichow Moutai Co. Ltd., Cl A 3		37,713,674		35,639,729
	6,646,659	Lufax Holding Ltd., ADR		39,687,263		16,882,514
	8,846,355	Midea Group Co., Ltd., Cl A 3		62,954,486		61,326,074
	13,202,437	NARI Technology Co. Ltd., Cl A 3		51,911,323		46,041,773
	3,808,061	Shanghai Henlius Biotech, Inc., Cl H, 144A 1,3		23,563,058		5,516,239

Shares			Cost		Value
Common Stocks (continued)
China (continued)
	947,208	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3	$	24,924,202	$	39,842,872
	3,990,881	Shenzhou International Group Holdings Ltd. 3		18,149,216		30,815,820
	3,535,794	Tencent Holdings Limited 3		100,262,917		119,426,070
	339,574	Tencent Holdings Limited, ADR		17,444,282		11,484,393
	11,260,534	Venustech Group, Inc., Cl A 3		56,929,000		31,986,870
	5,089,896	Wuxi Biologics Cayman, Inc., 144A 1,3		38,898,118		30,299,346
	1,095,400	Yum China Holdings, Inc.		57,121,857		51,845,282
	616,271	Yum China Holdings, Inc. (Hong Kong) 3		33,027,115		29,250,353
	5,564,978	Yunnan Baiyao Group Co. Ltd., Cl A 3		57,908,146		41,018,909
	1,099,577	Zai Lab Limited, ADR1		22,908,940		37,605,533
	6,584,435	Zhejiang Dingli Machinery Co. Ltd., Cl A 3		59,561,247		33,552,116
	Total China			1,748,983,647		1,505,926,105
Hong Kong (4.04%)
	5,649,745	AIA Group Ltd. 3		60,868,809		47,039,229
	21,361,000	Budweiser Brewing Co. APAC Ltd., 144A 3		66,603,040		55,625,275
	1,555,557	Hong Kong Exchanges & Clearing Ltd. 3		66,426,289		53,172,684
	4,357,474	Techtronic Industries Co. Ltd. 3		21,364,001		41,579,555
	Total Hong Kong			215,262,139		197,416,743
India (23.18%)
	4,192,223	AARTI Industries Ltd. 3		47,958,882		38,172,660
	584,753	Asian Paints Ltd. 3		13,068,859		23,905,652
	1,542,312	Bajaj Finance Limited 3		55,222,734		137,802,449
	9,102,003	Bharti Airtel Ltd. 3		68,209,296		89,081,100
	896,680	Bharti Airtel Ltd. PP 3		1,601,815		4,408,101
	856,892	Divi’s Laboratories Ltd. 3		8,294,665		38,795,496
	36,733,636	Edelweiss Financial Services Ltd. 3		52,337,971		27,450,608
	4,282,290	Godrej Consumer Products Ltd. 1,3		53,499,879		47,689,657
	2,245,782	Godrej Properties Ltd. 1,3		43,406,555		32,614,738
	3,313,260	HDFC Bank Ltd. 3		50,148,860		57,403,861
	6,746,777	ICICI Bank Ltd. 3		67,918,469		70,836,118
	1,365,551	ICICI Lombard General Insurance Co. Ltd., 144A 3		23,224,851		19,242,141
	44,593,120	JM Financial Limited 3		64,578,896		41,006,928
	4,359,731	Jubilant FoodWorks Ltd. 3		36,031,886		33,051,895
	6,270,721	Max Financial Services Ltd. 1,3		48,596,835		58,538,058
	3,212,707	Muthoot Finance Ltd. 3		48,730,087		40,766,131
	11,427,423	Nippon Life India Asset Management Ltd., 144A 3		40,551,326		37,557,339
	4,499,771	Reliance Industries Limited 3		85,253,365		130,592,693
	4,537,322	SBI Life Insurance Company Limited, 144A 3		47,660,156		69,342,638
	4,479,660	Tata Communications Ltd. 3		29,381,437		62,929,773
	3,843,024	Tata Consumer Products Ltd. 3		14,898,570		37,781,172
	1,106,368	Titan Co. Ltd. 3		15,776,495		35,179,603
	Total India			916,351,889		1,134,148,811

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Indonesia (2.57%)
	265,837,871	Bank Rakyat Indonesia (Persero) Tbk PT 3	$	78,026,009	$	77,803,439
	103,116,257	Merdeka Copper Gold Tbk PT 1,3		31,236,768		26,542,583
	36,147,771	PT Bank Negara Indonesia (Persero) Tbk PT 3		21,813,942		21,142,748
	Total Indonesia			131,076,719		125,488,770
Italy (1.14%)
	2,171,418	Tenaris SA 3		27,331,634		28,096,124
	1,069,315	Tenaris SA, ADR		27,883,070		27,631,099
	Total Italy			55,214,704		55,727,223
Japan (0.98%)
	144,425	Keyence Corporation 3		54,950,579		47,741,172
Korea, Republic of (7.35%)
	2,193,759	Coupang, Inc., Cl A 1		25,405,057		36,569,962
	688,184	Hyundai Heavy Industries Co. Ltd. 1,3		38,951,417		54,694,192
	995,323	Korea Aerospace Industries Ltd. 3		32,798,883		33,544,604
	1,640,521	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		163,563,465		82,812,082
	4,136,176	Samsung Electronics Co., Ltd. 3		142,624,085		151,877,247
	Total Korea, Republic of			403,342,907		359,498,087
Mexico (2.42%)
	11,533,486	Grupo Mexico S.A.B. de C.V., Series B		29,214,315		38,953,684
	22,642,648	Wal-Mart de Mexico, S.A.B de C.V.		54,416,174		79,521,065
	Total Mexico			83,630,489		118,474,749
Peru (1.16%)
	461,894	Credicorp, Ltd.		58,665,495		56,720,583
Philippines (1.51%)
	67,695,765	Ayala Land, Inc. 3		50,252,954		26,282,356
	25,240,536	BDO Unibank, Inc. 3		53,947,047		47,820,681
	Total Philippines			104,200,001		74,103,037
Poland (0.88%)
	7,393,433	InPost SA 1,3		116,819,119		43,018,347
Russia (0.02%)
	2,384,838	Fix Price Group Ltd., GDR 1,2,4		20,761,023		95,394
	4,746,202	Fix Price Group Ltd., GDR, 144A 1,2,4		46,272,864		189,848
	1,873,612	Ozon Holdings PLC, ADR 1,2,4		76,824,628		374,722
	17,949,100	Sberbank of Russia PJSC 1,2,4		64,206,206		17,263
	809,897	Yandex N.V., Cl A 1,2,4		16,974,482		299,662
	Total Russia			225,039,203		976,889
South Africa (1.27%)
	1,430,738	Gold Fields Ltd. 3		15,503,219		11,539,697
	3,722,191	Gold Fields Ltd., ADR		39,893,919		30,112,525
	166,728	Naspers Limited, Cl N 3		24,936,076		20,678,197
	Total South Africa			80,333,214		62,330,419

Shares			Cost		Value
Common Stocks (continued)
Spain (0.11%)
	1,791,760	Codere Online Luxembourg, S.A. Forward Shares 1	$	17,917,600	$	4,604,823
	358,352	Codere Online Luxembourg, S.A. Founders Share 1,2,4		3,116		827,793
	26,518	Codere Online Luxembourg, S.A. Private Shares 1		265,181		68,152
	Total Spain			18,185,897		5,500,768
Taiwan (5.44%)
	7,402,012	Delta Electronics, Inc. 3		28,100,890		58,795,066
	3,025,556	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		132,516,861		207,432,119
	Total Taiwan			160,617,751		266,227,185
United Arab Emirates (0.30%)
	4,376,717	Network International Holdings plc, 144A 1		26,352,648		14,807,074
United Kingdom (1.18%)
	11,022,417	Glencore PLC 3		32,435,026		57,922,936
United States (0.24%)
	943,762	ACM Research, Inc., Cl A 1		27,868,729		11,759,274
	Total Common Stocks			4,813,573,978		4,438,933,637
Private Common Stocks (1.23%)
India (1.23%)
	27,027	Pine Labs PTE. Ltd., Series 1 1,2,4		10,077,362		15,143,769
	6,833	Pine Labs PTE. Ltd., Series A 1,2,4		2,547,771		3,828,667
	7,600	Pine Labs PTE. Ltd., Series B 1,2,4		2,833,757		4,258,432
	6,174	Pine Labs PTE. Ltd., Series B2 1,2,4		2,302,055		3,459,416
	9,573	Pine Labs PTE. Ltd., Series C 1,2,4		3,569,416		5,363,943
	1,932	Pine Labs PTE. Ltd., Series C1 1,2,4		720,371		1,082,538
	2,459	Pine Labs PTE. Ltd., Series D 1,2,4		916,870		1,377,827
	45,680	Pine Labs PTE. Ltd., Series J 1,2,4		17,032,398		25,595,418
	Total Private Common Stocks			40,000,000		60,110,010
Private Convertible Preferred Stocks (2.47%)
India (2.47%)
	11,578	Bundl Technologies Private Ltd., Series K 1,2,4		76,776,872		52,989,138
	15,334	Think & Learn Private Limited, Series F 1,2,4		49,776,072		67,877,891
	Total Private Convertible Preferred Stocks			126,552,944		120,867,029
Rights (0.00%)
Brazil (0.00%)
	13,439	Localiza Rent a Car SA, 10/31/2022 1		0		27,404

See Notes to Schedules of Investments.

Baron Emerging Markets Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Warrants (0.00%)
Spain (0.00%)
	13,259	Codere Online Luxembourg S.A. Private Shares, Exp 11/30/2026 1	$	0	$	3,713
Principal Amount
Short Term Investments (5.28%)
	$258,288,334	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $258,306,199; (Fully Collateralized by $273,884,000 U.S. Treasury Note, 0.375% due 11/30/2025 Market value – $243,403,724) and ($22,624,900 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $20,050,424) 3		258,288,334		258,288,334
	Total Investments (99.72%)		$	5,238,415,256		4,878,230,127
	Cash and Other Assets Less Liabilities (0.28%)					13,639,969
	Net Assets				$	4,891,870,096
	Retail Shares (Equivalent to $11.94 per share based on 22,894,934 shares outstanding)				$	273,319,098
	Institutional Shares (Equivalent to $12.01 per share based on 383,603,272 shares outstanding)				$	4,607,911,189
	R6 Shares (Equivalent to $12.02 per share based on 885,316 shares outstanding)				$	10,639,809

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At September 30, 2022, the market value of restricted and fair valued securities amounted to $182,781,721 or 3.74% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^GDR  Global 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 September 30, 2022, the market value of Rule 144A securities amounted to $288,679,978 or 5.90% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of September 30, 2022	Percentage of Net Assets
Financials		19.1%
Consumer Discretionary		14.9%
Information Technology		14.5%
Industrials		13.1%
Communication Services		8.8%
Materials		7.1%
Consumer Staples		6.4%
Health Care		5.4%
Energy		3.8%
Real Estate		1.2%
Cash and Cash Equivalents *		5.6%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to displayed total due to rounding.

See Notes to Schedules of Investments.

Baron Global Advantage Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (91.46%)
Argentina (6.25%)
	83,710	Globant S.A. 1	$	7,081,800	$	15,660,467
	54,822	MercadoLibre, Inc. 1		42,859,814		45,380,555
	Total Argentina			49,941,614		61,041,022
Brazil (1.96%)
	1,411,896	Afya Ltd., Cl A 1,3		31,349,923		19,145,310
Canada (3.02%)
	366,605	Nuvei Corp., 144A 1		13,148,151		9,916,665
	727,369	Shopify, Inc., Cl A 1		27,502,905		19,595,321
	Total Canada			40,651,056		29,511,986
China (2.07%)
	959,865	Meituan Inc., Cl B, 144A 1,3		12,096,383		20,172,947
India (4.92%)
	475,005	Bajaj Finance Limited 3		29,538,367		42,440,733
	7,379,067	Zomato Ltd. 1,3		12,454,605		5,583,868
	Total India			41,992,972		48,024,601
Israel (3.21%)
	326,882	Fiverr International Ltd. 1		7,503,852		9,999,320
	3,375,264	Innovid Corp. 1		32,939,278		9,146,966
	2,753,705	Taboola.com Ltd. 1		26,501,176		4,984,206
	92,553	Wix.com Ltd.1		7,477,921		7,240,421
	Total Israel			74,422,227		31,370,913
Korea, Republic of (3.38%)
	1,980,023	Coupang, Inc., Cl A 1		43,625,101		33,006,984
Netherlands (8.18%)
	16,186	Adyen N.V., 144A 1,3		16,437,273		20,186,554
	124,158	argenx SE, ADR 1		13,657,256		43,833,982
	38,227	ASML Holding N.V. 3		8,394,703		15,836,636
	Total Netherlands			38,489,232		79,857,172
Poland (1.26%)
	2,105,278	InPost SA 1,3		33,641,809		12,249,462
Spain (0.45%)
	996,069	Codere Online Luxembourg S.A. 1		9,115,057		2,559,897
	584,567	Codere Online Luxembourg, S.A. Forward Shares 1		5,845,670		1,502,337
	116,913	Codere Online Luxembourg, S.A. Founders Share 1,2,4		1,017		270,069
	8,652	Codere Online Luxembourg, S.A. Private Shares 1		86,516		22,236
	Total Spain			15,048,260		4,354,539
United Kingdom (5.96%)
	721,002	Endava plc, ADR 1		31,527,890		58,134,391
United States (48.81%)
	236,872	10X Genomics, Inc., Cl A 1		18,461,130		6,746,115
	452,494	Amazon.com, Inc. 1		42,853,147		51,131,822
	141,583	Bill.Com Holdings, Inc. 1		6,149,064		18,741,342
	204,952	Block, Inc., Cl A 1		16,736,676		11,270,310
	371,841	Cloudflare, Inc., Cl A 1		9,123,087		20,566,526
	290,494	Crowdstrike Holdings, Inc., Cl A 1		33,053,591		47,876,316
	358,515	Datadog, Inc., Cl A 1		28,000,451		31,828,962
	94,351	EPAM Systems, Inc. 1		16,578,071		34,172,989

Shares			Cost		Value
Common Stocks (continued)
United States (continued)
	235,971	Guardant Health, Inc. 1	$	17,013,961	$	12,702,319
	101,704	Illumina, Inc. 1		31,551,398		19,404,106
	1,797,894	MaxCyte, Inc. 1		22,078,432		11,686,311
	146,664	NVIDIA Corp.		31,174,401		17,803,543
	660,574	Rivian Automotive, Inc., Cl A 1		14,000,003		21,739,490
	459,455	Schrödinger, Inc. 1		16,988,489		11,477,186
	243,176	Snowflake, Inc., Cl A 1		39,428,659		41,330,193
	120,215	Tesla, Inc. 1		34,613,214		31,887,029
	166,505	Veeva Systems, Inc., Cl A 1		27,451,463		27,453,344
	930,540	ZoomInfo Technologies, Inc., Cl A 1		29,973,797		38,766,296
	120,116	Zscaler, Inc. 1		8,008,433		19,743,467
	Total United States			443,237,467		476,327,666
Uruguay (1.99%)
	944,510	Dlocal Ltd. 1		21,122,036		19,381,345
	Total Common Stocks			877,145,970		892,578,338
Private Common Stocks (2.01%)
United States (2.01%)
	252,130	Space Exploration Technologies Corp., Cl A 1,2,4		11,571,518		15,130,916
	75,250	Space Exploration Technologies Corp., Cl C 1,2,4		3,428,124		4,515,930
	Total Private Common Stocks			14,999,642		19,646,846
Private Convertible Preferred Stocks (5.28%)
India (4.17%)
	9,201	Think & Learn Private Limited, Series F 1,2,4		29,867,591		40,729,391
	United States (1.11%)
	219,321	Farmers Business Network, Inc., Series F 1,2,4		7,250,006		7,009,499
	80,440	Farmers Business Network, Inc., Series G 1,2,4		5,000,000		2,701,175
	69,926	Resident Home, Inc., Series B1 1,2,4		4,999,968		1,076,161
	Total United States			17,249,974		10,786,835
	Total Private Convertible Preferred Stocks			47,117,565		51,516,226
Private Preferred Stocks (1.24%)
United States (1.24%)
	461,004	GM Cruise Holdings, Cl G 1,2,4		12,147,455		12,073,695
Warrants (0.03%)
Israel (0.01%)
	68,986	Innovid Corp. 1		117,942		33,196
	228,748	Taboola.com Ltd., Exp 6/29/2026 1		417,100		93,786
	Total Israel			535,042		126,982
Spain (0.02%)
	498,034	Codere Online Luxembourg S.A. Private Shares, Exp 11/30/2026 1		845,632		139,450
	4,326	Codere Online Luxembourg, S.A. Private Shares, Exp 11/30/2026 1		0		1,211
	Total Spain			845,632		140,661
	Total Warrants			1,380,674		267,643

See Notes to Schedules of Investments.

Baron Global Advantage Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (0.44%)
	$4,311,124	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $4,311,422; (Fully Collateralized by $4,948,100 U.S. Treasury Note, 0.375% 11/30/2025 Market value – $4,397,431) 3	$	4,311,124	$	4,311,124
	Total Investments (100.46%)		$	957,102,430		980,393,872
	Liabilities Less Cash and Other Assets (-0.46%)					(4,477,471	)
	Net Assets				$	975,916,401
	Retail Shares (Equivalent to $26.92 per share based on 10,204,766 shares outstanding)				$	274,712,597
	Institutional Shares (Equivalent to $27.53 per share based on 25,097,148 shares outstanding)				$	690,956,944
	R6 Shares (Equivalent to $27.55 per share based on 371,974 shares outstanding)				$	10,246,860

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At September 30, 2022, the market value of restricted and fair valued securities amounted to $83,506,836 or 8.56% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

⁴  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 September 30, 2022, the market value of Rule 144A securities amounted to $50,276,166 or 5.15% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of September 30, 2022	Percentage of Net Assets
Information Technology		41.9%
Consumer Discretionary		29.1%
Health Care		13.7%
Communication Services		5.4%
Industrials		4.5%
Financials		4.3%
Materials		1.0%
Cash and Cash Equivalents **		0.0%*
		100.0%***

* Less than 0.1%.

** Includes short term investments.

*** Individual weights may not sum to displayed total due to rounding.

See Notes to Schedules of Investments.

Baron Real Estate Income Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (90.94%)
Consumer Discretionary (5.13%)
		Casinos & Gaming (3.64%)
	82,426	Las Vegas Sands Corp. 1	$	2,973,978	$	3,092,624
		Leisure Facilities (1.49%)
	5,852	Vail Resorts, Inc.		1,462,974		1,261,925
	Total Consumer Discretionary			4,436,952		4,354,549
Financials (3.04%)
		Asset Management & Custody Banks (3.04%)
	10,674	Blackstone, Inc.		1,093,962		893,414
	41,224	Brookfield Asset Management, Inc., Cl A 2		1,896,073		1,685,649
	Total Financials			2,990,035		2,579,063
Real Estate (79.76%)
		Health Care REITs (1.00%)
	13,254	Welltower, Inc.		1,085,371		852,497
		Hotel & Resort REITs (1.01%)
	91,173	Sunstone Hotel Investors, Inc.		917,631		858,850
		Industrial REITs (14.94%)
	75,291	Duke Realty Corp.		3,785,469		3,629,026
	66,582	Prologis, Inc.		7,786,258		6,764,731
	43,916	Rexford Industrial Realty, Inc.		2,356,036		2,283,632
				13,927,763		12,677,389
		Residential REITs (23.20%)
	128,892	American Homes 4 Rent, Cl A		4,406,254		4,228,946
	12,666	AvalonBay Communities, Inc.		2,805,260		2,332,951
	35,618	Equity LifeStyle Properties, Inc.		2,281,129		2,238,235
	54,095	Equity Residential		3,965,120		3,636,266
	148,705	Invitation Homes, Inc.		4,896,627		5,021,768
	16,455	Sun Communities, Inc.		2,386,779		2,226,855
				20,741,169		19,685,021
		Retail REITs (3.50%)
	112,840	NETSTREIT Corp.		2,208,994		2,009,680
	10,730	Simon Property Group, Inc.		1,168,820		963,018
				3,377,814		2,972,698
		Specialized REITs (36.11%)
	13,225	Alexandria Real Estate Equities, Inc. 3		1,849,750		1,854,013
	28,576	American Tower Corp.		6,698,677		6,135,267
	15,567	Crown Castle, Inc.		2,502,731		2,250,210
	4,339	Digital Realty Trust, Inc.		539,238		430,342
	9,735	Equinix, Inc.		6,205,897		5,537,658
	29,120	Extra Space Storage, Inc.		4,970,717		5,029,315
	45,796	Gaming and Leisure Properties, Inc.		2,018,688		2,026,015
	17,840	Public Storage		5,144,495		5,223,730
	7,571	SBA Communications Corp.		2,441,908		2,155,085
				32,372,101		30,641,635
	Total Real Estate			72,421,849		67,688,090
Utilities (3.01%)
		Multi-Utilities (3.01%)
	71,055	Brookfield Infrastructure Partners L.P. 2		2,408,233		2,550,875
	Total Common Stocks			82,257,069		77,172,577

Principal Amount			Cost		Value
Short Term Investments (8.19%)
	$6,950,242	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity – $6,950,723; (Fully collateralized by $7,999,600 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $7,089,330) 4	$	6,950,242	$	6,950,242
	Total Investments (99.13%)		$	89,207,311		84,122,819
	Cash and Other Assets Less Liabilities (0.87%)					736,297
	Net Assets				$	84,859,116
	Retail Shares (Equivalent to $12.48 per share based on 1,115,446 shares outstanding)				$	13,917,886
	Institutional Shares (Equivalent to $12.61 per share based on 5,581,116 shares outstanding)				$	70,354,201
	R6 Shares (Equivalent to $12.59 per share based on 46,610 shares outstanding)				$	587,029

% 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.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Health Care Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (86.97%)
Health Care (86.23%)
		Biotechnology (15.23%)
	48,100	AbbVie, Inc.	$	6,872,898	$	6,455,501
	10,400	Alnylam Pharmaceuticals, Inc. 1		2,175,491		2,081,664
	18,878	argenx SE, ADR 1,2		4,611,455		6,664,878
	10,000	Arrowhead Pharmaceuticals, Inc. 1		301,388		330,500
	7,500	Ascendis Pharma A/S, ADR 1,2		781,810		774,450
	28,000	Cytokinetics, Incorporated 1		1,028,909		1,356,600
	37,814	Genmab A/S, ADR 1,2		1,289,376		1,214,964
	16,200	Intellia Therapeutics, Inc. 1		1,043,898		906,552
	17,000	Moderna, Inc. 1		2,488,797		2,010,250
	20,000	Rocket Pharmaceuticals, Inc. 1		319,743		319,200
	16,600	Vertex Pharmaceuticals Incorporated 1		4,047,722		4,806,364
	27,500	Xenon Pharmaceuticals, Inc. 1,2		847,097		992,750
	16,000	Zai Lab Limited, ADR 1,2		531,486		547,200
				26,340,070		28,460,873
		Health Care Distributors (3.57%)
	19,600	McKesson Corp.		4,478,355		6,661,452
		Health Care Equipment (14.57%)
	36,662	Abbott Laboratories		3,793,720		3,547,415
	16,588	DexCom, Inc. 1		1,251,833		1,335,998
	50,351	Edwards Lifesciences Corp. 1		4,209,496		4,160,503
	5,195	IDEXX Laboratories, Inc. 1		2,089,355		1,692,531
	40,000	Inari Medical, Inc. 1		2,736,440		2,905,600
	18,336	Inspire Medical Systems, Inc. 1		2,937,644		3,252,256
	5,615	Insulet Corp. 1		1,078,991		1,288,081
	22,433	Intuitive Surgical, Inc. 1		5,299,857		4,204,841
	1,387,480	Opsens, Inc. (Canada)1,2		2,019,084		2,611,538
	8,000	Shockwave Medical, Inc. 1		430,320		2,224,560
				25,846,740		27,223,323
		Health Care Technology (1.22%)
	25,000	Definitive Healthcare Corp. 1		623,908		388,500
	39,000	Schrödinger, Inc. 1		1,094,730		974,220
	5,560	Veeva Systems, Inc., Cl A 1		1,009,148		916,733
				2,727,786		2,279,453
		Life Sciences Tools & Services (17.01%)
	27,730	Bio-Techne Corporation		10,844,423		7,875,320
	7,200	Danaher Corp.		1,967,087		1,859,688
	17,000	ICON plc 1,2		3,087,754		3,124,260
	16,337	Illumina, Inc. 1		3,555,948		3,116,936
	125,000	MaxCyte, Inc. 1		1,377,031		812,500
	3,010	Mettler-Toledo International, Inc. 1		3,201,753		3,263,201
	6,800	Repligen Corp. 1		1,379,288		1,272,348
	17,699	Thermo Fisher Scientific, Inc.		8,604,797		8,976,756
	6,000	West Pharmaceutical Services, Inc.		1,662,484		1,476,480
				35,680,565		31,777,489
		Managed Health Care (16.48%)
	11,600	Elevance Health, Inc.		5,256,969		5,269,184
	15,150	Humana, Inc.		6,889,609		7,350,628
	35,972	UnitedHealth Group, Incorporated		13,092,572		18,167,299
				25,239,150		30,787,111

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Pharmaceuticals (18.14%)
	134,300	AstraZeneca PLC, ADR 2	$	8,132,829	$	7,365,012
	40,000	Bristol-Myers Squibb Co.		2,999,710		2,843,600
	81,614	Dechra Pharmaceuticals PLC (United Kingdom) 2,4		3,932,491		2,370,150
	32,892	Eli Lilly & Co.		7,598,264		10,635,628
	54,500	Merck & Co., Inc.		4,622,161		4,693,540
	37,500	Revance Therapeutics, Inc. 1		937,500		1,012,500
	30,750	Roche Holding AG, ADR 2		1,460,730		1,249,065
	25,185	Zoetis, Inc.		4,072,249		3,734,684
				33,755,934		33,904,179
	Total Health Care			154,068,600		161,093,880
Real Estate (0.75%)
		Specialized REITs (0.75%)
	10,000	Alexandria Real Estate Equities, Inc. 3		1,565,749		1,401,900
	Total Common Stocks			155,634,349		162,495,780
Principal Amount
Short Term Investments (11.79%)
	$22,017,241	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $22,018,764; (Fully Collateralized by $25,341,200 U.S Treasury Note, 0.375% due 12/31/2025 Market value – $22,457,638) 4		22,017,241		22,017,241
	Total Investments (98.76%)		$	177,651,590		184,513,021
	Cash and Other Assets Less Liabilities (1.24%)					2,319,283
	Net Assets				$	186,832,304
	Retail Shares (Equivalent to $16.22 per share based on 3,135,450 shares outstanding)				$	50,868,844
	Institutional Shares (Equivalent to $16.41 per share based on 7,966,370 shares outstanding)				$	130,714,821
	R6 Shares (Equivalent to $16.40 per share based on 319,988 shares outstanding)				$	5,248,639

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron FinTech Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.76%)
Communication Services (1.46%)
		Interactive Media & Services (1.46%)
	14,600	ZoomInfo Technologies, Inc., Cl A 1	$	820,726	$	608,236
Consumer Discretionary (2.38%)
		Internet & Direct Marketing Retail (2.38%)
	1,200	MercadoLibre, Inc. 1		1,841,556		993,336
Financials (34.26%)
		Asset Management & Custody Banks (2.37%)
	1,800	BlackRock, Inc.		1,549,469		990,504
		Financial Exchanges & Data (16.78%)
	4,600	CME Group, Inc.		983,175		814,798
	2,000	FactSet Research Systems, Inc.		842,097		800,220
	1,600	MarketAxess Holdings, Inc.		690,718		355,984
	4,000	Moody’s Corp.		1,407,880		972,440
	3,300	MSCI, Inc.		1,495,792		1,391,907
	5,800	S&P Global, Inc.		2,297,968		1,771,030
	16,000	Tradeweb Markets, Inc., Cl A		1,359,703		902,720
				9,077,333		7,009,099
		Insurance Brokers (1.17%)
	18,500	BRP Group, Inc., Cl A 1		552,407		487,475
		Investment Banking & Brokerage (10.60%)
	9,600	Houlihan Lokey, Inc.		712,661		723,648
	12,200	LPL Financial Holdings, Inc.		2,015,771		2,665,456
	14,500	The Charles Schwab Corp.		1,004,233		1,042,115
				3,732,665		4,431,219
		Property & Casualty Insurance (3.34%)
	2,600	Kinsale Capital Group, Inc.		458,703		664,092
	6,300	The Progressive Corp.		724,807		732,123
				1,183,510		1,396,215
	Total Financials			16,095,384		14,314,512
Industrials (7.19%)
		Research & Consulting Services (7.19%)
	10,000	CoStar Group, Inc. 1		863,804		696,500
	6,000	Equifax, Inc.		1,349,848		1,028,580
	10,000	TransUnion		1,034,937		594,900
	4,000	Verisk Analytics, Inc.		754,922		682,120
	Total Industrials			4,003,511		3,002,100
Information Technology (51.47%)
		Application Software (14.63%)
	10,000	Alkami Technology, Inc. 1		273,107		150,500
	4,000	Bill.Com Holdings, Inc. 1		482,722		529,480
	7,000	Ceridian HCM Holding, Inc. 1		786,103		391,160
	27,000	Clearwater Analytics Holdings, Inc., Cl A 1		635,932		453,330
	16,000	Expensify, Inc., Cl A 1		455,818		238,080
	2,900	Fair Isaac Corp. 1		1,351,873		1,194,829
	12,000	Guidewire Software, Inc. 1		1,367,684		738,960
	5,100	Intuit, Inc.		1,893,149		1,975,332
	13,000	nCino, Inc. 1		944,004		443,430
				8,190,392		6,115,101
		Data Processing & Outsourced Services (24.61%)
	600	Adyen N.V., 144A (Netherlands) 1,2.3		1,306,284		748,297
	12,000	Block, Inc., Cl A 1		2,404,198		659,880
	22,000	Dlocal Ltd. 1,2		570,023		451,440
	10,000	Fidelity National Information Services, Inc.		1,327,297		755,700

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (continued)
	2,000	Fiserv, Inc. 1	$	211,380	$	187,140
	6,000	Global Payments, Inc.		830,207		648,300
	3,700	Jack Henry & Associates, Inc.		617,174		674,399
	6,700	MasterCard Incorporated, Cl A		2,325,005		1,905,078
	170,000	Network International Holdings plc, 144A (United Kingdom) 1,2		645,003		575,135
	15,000	Nuvei Corp., 144A (Canada) 1,2		660,043		405,750
	18,000	Paymentus Holdings, Inc., Cl A 1		409,901		174,960
	15,000	Repay Holdings Corporation 1		290,606		105,900
	12,100	Visa, Inc., Cl A		2,604,565		2,149,565
	115,000	Wise PLC, Cl A (United Kingdom) 1,2,3		1,400,081		839,311
				15,601,767		10,280,855
		Internet Services & Infrastructure (0.97%)
	15,000	Shopify, Inc., Cl A 1,2		2,048,592		404,100
		IT Consulting & Other Services (11.26%)
	6,200	Accenture plc, Cl A 2		1,784,551		1,595,260
	35,000	CI&T, Inc., Cl A 1,2		517,710		328,650
	18,700	Endava plc, ADR 1,2		1,339,729		1,507,781
	6,800	Globant S.A. 1,2		1,704,456		1,272,144
				5,346,446		4,703,835
	Total Information Technology			31,187,197		21,503,891
	Total Common Stocks			53,948,374		40,422,075
Principal Amount
Short Term Investments (3.35%)
	$1,401,244	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $1,401,341; (Fully Collateralized by $1,612,800 U.S. Treasury Note, 0.375% due 12/31/2025 Market value – $1,429,280) 3		1,401,244		1,401,244
	Total Investments (100.11%)		$	55,349,618		41,823,319
	Liabilities Less Cash and Other Assets (-0.11%)					(45,386	)
	Net Assets				$	41,777,933
	Retail Shares (Equivalent to $10.57 per share based on 663,157 shares outstanding)				$	7,011,272
	Institutional Shares (Equivalent to $10.64 per share based on 2,864,004 shares outstanding)				$	30,477,332
	R6 Shares (Equivalent to $10.64 per share based on 403,017 shares outstanding)				$	4,289,329

% 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.

^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 September 30, 2022, the market value of Rule 144A securities amounted to $1,729,182 or 4.14% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron New Asia Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.91%)
China (32.76%)
	1,250	Alibaba Group Holding Limited, ADR 1	$	164,123	$	99,987
	569	Baidu, Inc., ADR 1		84,937		66,852
	1,100	Baidu, Inc., Cl A 1,2		18,059		16,193
	5,040	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl A 2		35,281		18,704
	38,341	China Conch Environment Protection Holdings Ltd. 1,2		28,322		19,621
	11,474	China Conch Venture Holdings Ltd. 2		45,189		18,245
	1,064	China Tourism Group Duty Free Corporation Ltd., Cl A 2		39,996		29,398
	15,816	Estun Automation Co. Ltd., Cl A 2		63,437		41,816
	6,790	Full Truck Alliance Co. Ltd., ADR 1		47,692		44,474
	7,386	Galaxy Entertainment Group Ltd. 1,2		46,414		43,414
	7,544	GDS Holdings Limited, Cl A 1,2		49,599		16,598
	7,994	Han’s Laser Technology Industry Group Co., Ltd., Cl A 2		57,979		29,259
	1,960	Hangzhou Tigermed Consulting Co. Ltd., Cl A 2		38,252		25,091
	7,165	Hua Hong Semiconductor Limited, 144A 1,2		44,144		16,229
	676	JD.com, Inc., ADR 1		49,632		34,003
	3,308	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 2		26,353		21,020
	15,038	Kingdee International Software Group Co. Ltd. 1,2		37,739		19,600
	14,297	Kingsoft Corp. Ltd. 2		64,852		37,829
	303	Kweichow Moutai Co. Ltd., Cl A 2		81,547		79,744
	4,681	Lufax Holding Ltd., ADR		28,701		11,890
	6,098	Midea Group Co., Ltd., Cl A 2		67,692		42,273
	10,264	NARI Technology Co. Ltd., Cl A 2		44,737		35,794
	684	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 2		37,004		28,771
	2,836	Tencent Holdings Limited, ADR		170,177		95,914
	8,536	Venustech Group, Inc., Cl A 2		35,643		24,248
	2,143	WuXi AppTec Co. Ltd., Cl H, 144A 2		41,762		17,115
	3,181	Wuxi Biologics Cayman, Inc., 144A 1,2		45,200		18,936
	1,857	Yum China Holdings, Inc. 2		103,911		88,140
	3,693	Yunnan Baiyao Group Co. Ltd., Cl A 2		38,725		27,221
	760	Zai Lab Limited, ADR 1		62,767		25,992
	4,592	Zhejiang Dingli Machinery Co. Ltd., Cl A 2		45,807		23,399
	Total China			1,745,673		1,117,770
Hong Kong (5.79%)
	7,327	AIA Group Ltd. 2		78,762		61,004
	18,945	Budweiser Brewing Co. APAC Ltd., 144A 2		51,368		49,334
	1,502	Hong Kong Exchanges & Clearing Ltd. 2		74,272		51,342
	3,748	Techtronic Industries Co. Ltd. 2		58,664		35,764
	Total Hong Kong			263,066		197,444
India (34.51%)
	6,116	AARTI Industries Ltd. 2		78,851		55,690
	702	Amber Enterprises India Ltd. 1,2		29,431		20,283
	662	Apollo Hospitals Enterprise Ltd. 2		41,603		35,419
	556	Asian Paints Ltd. 2		24,656		22,730
	1,332	Bajaj Finance Limited 2		116,451		119,012
	8,265	Bharti Airtel Ltd. 2		74,023		80,889
	582	Bharti Airtel Ltd. PP 2		1,202		2,861
	633	Divi’s Laboratories Ltd. 2		42,833		28,659

Shares			Cost		Value
Common Stocks (continued)
India (continued)
	527	Dixon Technologies India Ltd. 2	$	31,911	$	28,082
	22,673	Edelweiss Financial Services Ltd. 2		20,210		16,943
	5,035	Godrej Consumer Products Ltd. 1,2		63,178		56,072
	2,069	Godrej Properties Ltd. 1,2		46,827		30,047
	3,972	HDFC Bank Ltd. 2		80,544		68,817
	9,475	ICICI Bank Ltd. 2		91,331		99,481
	1,001	ICICI Lombard General Insurance Co. Ltd., 144A 2		21,174		14,105
	6,156	Jubilant FoodWorks Ltd. 2		59,249		46,670
	4,623	Max Financial Services Ltd. 1,2		69,485		43,156
	1,853	Neogen Chemicals Ltd. 2		28,765		33,491
	767	PI Industries Ltd. 2		32,464		28,105
	3,642	Reliance Industries Limited 2		111,352		105,698
	5,278	SBI Life Insurance Company Limited, 144A 2		83,975		80,662
	2,208	Tata Communications Ltd. 2		41,543		31,018
	5,532	Tata Consumer Products Ltd. 2		57,802		54,386
	1,697	Titan Co. Ltd. 2		46,088		53,960
	27,943	Zomato Ltd. 1,2		40,960		21,145
	Total India			1,335,908		1,177,381
Indonesia (2.72%)
	214,500	Bank Rakyat Indonesia (Persero) Tbk PT 2		63,131		62,779
	51,300	PT Bank Negara Indonesia (Persero) Tbk PT 2		30,681		30,005
	Total Indonesia			93,812		92,784
Japan (3.07%)
	372	Hoya Corp. 2		54,035		35,845
	160	Keyence Corporation 2		91,935		52,890
	65	Tokyo Electron Limited 2		30,347		16,016
	Total Japan			176,317		104,751
Korea, Republic of (7.45%)
	1,630	Coupang, Inc., Cl A 1		20,755		27,172
	684	Hyundai Heavy Industries Co. Ltd. 1,2		52,318		54,362
	832	Korea Aerospace Industries Ltd. 2		28,168		28,040
	805	Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,2		70,071		40,636
	2,834	Samsung Electronics Co., Ltd. 2		165,673		104,062
	Total Korea, Republic of			336,985		254,272
Taiwan (6.24%)
	603	Airtac International Group 2		21,407		13,796
	979	MediaTek, Inc. 2		29,756		16,894
	1,691	Silergy Corp. 2		43,975		22,054
	2,337	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		268,565		160,225
	Total Taiwan			363,703		212,969
Thailand (1.06%)
	15,400	Energy Absolute PCL Foreign		37,594		36,030
United States (0.31%)
	861	ACM Research, Inc., Cl A 1		13,657		10,728
	Total Common Stocks			4,366,715		3,204,129

See Notes to Schedules of Investments.

Baron New Asia Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (7.78%)
	$265,432	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $265,451; (Fully Collateralized by $313,400 U.S. Treasury Note, 1.25% due 3/31/2028 Market value – $270,822) 2	$	265,432	$	265,432
	Total Investments (101.69%)		$	4,632,147		3,469,561
	Liabilities Less Cash and Other Assets (-1.69%)					(57,658	)
	Net Assets				$	3,411,903
	Retail Shares (Equivalent to $6.95 per share based on 121,060 shares outstanding)				$	841,819
	Institutional Shares (Equivalent to $6.98 per share based on 344,794 shares outstanding)				$	2,404,942
	R6 Shares (Equivalent to $6.98 per share based on 23,659 shares outstanding)				$	165,142

% Represents percentage of net assets.

¹  Non-income producing securities.

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $196,381 or 5.76% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of September 30, 2022	Percentage of Net Assets
Financials		19.3%
Consumer Discretionary		15.7%
Information Technology		13.5%
Industrials		11.9%
Communication Services		9.7%
Health Care		7.1%
Consumer Staples		7.0%
Materials		4.7%
Energy		3.1%
Utilities		1.1%
Real Estate		0.9%
Cash and Cash Equivalents *		6.1%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to displayed total due to rounding.

See Notes to Schedules of Investments.

Baron Technology Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.99%)
Communication Services (9.96%)
		Advertising (2.57%)
	12,360	S4 Capital PLC (United Kingdom) 1,2,4	$	88,799	$	19,915
	1,155	The Trade Desk, Inc., Cl A 1		84,586		69,011
				173,385		88,926
		Interactive Media & Services (6.43%)
	1,000	Alphabet, Inc., Cl C 1		142,533		96,150
	3,024	ZoomInfo Technologies, Inc., Cl A 1		167,381		125,980
				309,914		222,130
		Movies & Entertainment (0.96%)
	384	Spotify Technology SA 1,2		79,582		33,139
	Total Communication Services			562,881		344,195
Consumer Discretionary (16.23%)
		Automobile Manufacturers (4.46%)
	1,098	Rivian Automotive, Inc., Cl A 1		74,012		36,135
	445	Tesla, Inc. 1		144,808		118,037
				218,820		154,172
		Hotels, Resorts & Cruise Lines (0.67%)
	5,839	eDreams ODIGEO SA (Spain) 1,2,4		55,378		23,329
		Internet & Direct Marketing Retail (11.10%)
	372	Alibaba Group Holding Limited, ADR 1,2		42,999		29,756
	3,131	Amazon.com, Inc. 1		481,351		353,803
				524,350		383,559
	Total Consumer Discretionary			798,548		561,060
Health Care (0.47%)
		Health Care Supplies (0.47%)
	1,991	Figs, Inc., Cl A 1		37,477		16,426
Industrials (4.18%)
		Research & Consulting Services (4.18%)
	2,074	CoStar Group, Inc. 1		145,959		144,454
Information Technology (65.15%)
		Application Software (13.70%)
	207	Atlassian Corp. PLC, Cl A 1,2		62,227		43,592
	1,209	Braze, Inc., Cl A 1		47,706		42,109
	1,720	Ceridian HCM Holding, Inc. 1		148,433		96,114
	177	HubSpot, Inc. 1		97,654		47,811
	209	Intuit, Inc.		118,879		80,950
	324	ServiceNow, Inc. 1,3		178,280		122,346
	267	Workday, Inc., Cl A 1		66,344		40,643
				719,523		473,565
		Data Processing & Outsourced Services (6.40%)
	17	Adyen N.V., 144A (Netherlands) 1,2,4		40,430		21,202
	884	Dlocal Ltd. 1,2		28,627		18,140
	312	MasterCard Incorporated, Cl A		115,627		88,714
	524	Visa, Inc., Cl A		115,693		93,088
				300,377		221,144

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (1.59%)
	1,859	PAR Technology Corp. 1	$	88,821	$	54,896
		Internet Services & Infrastructure (0.85%)
	1,095	Shopify, Inc., Cl A 1,2		112,363		29,499
		IT Consulting & Other Services (7.47%)
	1,569	Endava plc, ADR 1,2		194,170		126,509
	476	Gartner, Inc. 1		144,901		131,704
				339,071		258,213
		Semiconductor Equipment (3.18%)
	162	ASML Holding N.V. 2		113,217		67,287
	117	Lam Research Corp.		82,822		42,822
				196,039		110,109
		Semiconductors (10.96%)
	1,026	Advanced Micro Devices, Inc. 1		132,639		65,007
	128	Broadcom, Inc.		83,031		56,833
	6,139	indie Semiconductor, Inc., Cl A 1		46,591		44,937
	449	Marvell Technology, Inc.		38,914		19,267
	95	Monolithic Power Systems, Inc.		45,155		34,523
	769	NVIDIA Corp.		199,954		93,349
	4,285	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) 2,4		93,710		56,799
	117	Taiwan Semiconductor Manufacturing Co. Ltd., ADR 2		10,090		8,022
				650,084		378,737
		Systems Software (18.04%)
	875	Cloudflare, Inc., Cl A 1,3		49,608		48,396
	463	Crowdstrike Holdings, Inc., Cl A 1		84,323		76,307
	452	Datadog, Inc., Cl A 1,3		61,508		40,129
	1,477	Microsoft Corporation		473,904		343,993
	249	MongoDB, Inc. 1,3		98,586		49,441
	384	Snowflake, Inc., Cl A 1,3		96,574		65,265
				864,503		623,531
		Technology Hardware, Storage & Peripherals (2.96%)
	740	Apple, Inc.		107,630		102,268
	Total Information Technology			3,378,411		2,251,962
	Total Common Stocks			4,923,276		3,318,097

See Notes to Schedules of Investments.

Baron Technology Fund

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (6.72%)
	$232,281	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2022, 0.83% due 10/3/2022; Proceeds at maturity $232,297; (Fully Collateralized by $266,600 U.S.Treasury Note, 0.375% due 11/30/2025 Market value – $236,930) 4	$	232,281	$	232,281
	Total Investments (102.71%)		$	5,155,557		3,550,378
	Liabilities Less Cash and Other Assets (-2.71%)					(93,551	)
	Net Assets				$	3,456,827
	Retail Shares (Equivalent to $5.90 per share based on 218,433 shares outstanding)				$	1,288,231
	Institutional Shares (Equivalent to $5.91 per share based on 294,078 shares outstanding)				$	1,737,602
	R6 Shares (Equivalent to $5.91 per share based on 72,943 shares outstanding)				$	430,994

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

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

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

^ADR American Depositary Receipt.

^144A Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the market value of Rule 144A securities amounted to $21,202 or 0.61% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Select Funds September 30, 2022

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Baron Select Funds (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 Delaware statutory trust on April 30, 2003, 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 12 series (individually, a “Fund” and collectively, the “Funds”): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.

The investment goals of the Funds are as follows:

Baron Partners Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. growth companies. The Fund may employ “leverage” by borrowing money and using it to purchase additional securities. Borrowing for investments increases both investment opportunity and investment risk.

Baron Focused Growth Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. small- and mid-sized growth companies.

Baron International Growth Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in non-U.S. growth companies.

Baron Real Estate Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in U.S. and non-U.S. real estate and real estate-related companies.

Baron Emerging Markets Fund is a diversified fund that seeks capital appreciation through investments primarily in growth companies in developing countries.

Baron Global Advantage Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities of established and emerging markets companies located throughout the world.

Baron Real Estate Income Fund is a non-diversified fund that seeks both capital appreciation and current income through investments primarily in real estate income-producing securities and other real estate securities.

Baron Health Care Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities engaged in research, development, production, sale, delivery or distribution of products and services related to the health care industry.

Baron FinTech Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities that develop, use, or rely on innovative technologies or services, in a significant way, for banking, lending, capital markets, financial data analytics, insurance, payments, asset management, or wealth management.

Baron New Asia Fund is a diversified fund seeks capital appreciation through investments primarily in equity securities located in Asia, but including all other developed, developing, and frontier countries in the Asian region.

Baron Technology Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of U.S and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.

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.

Baron Partners Fund was organized originally as a limited partnership in January 1992 under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a series of the Trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

Baron Focused Growth Fund was organized originally as a limited partnership in May 1996 under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

Baron Select Funds September 30, 2022

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

a) Security Valuation. The Funds’ share prices or net asset values (“NAV”) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the “NAV Calculation Time”)) on the New York Stock Exchange (the “Exchange”) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in the Adviser’s judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the “Board”). Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the “Committee”) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible 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) Single Issuer. Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer’s securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, Inc. (“Tesla”), 52% and 22%, respectively, of these Fund’s net assets as of September 30, 2022, the NAVs of these Funds will be materially impacted by the price of Tesla stock.

c) Non-Diversified Portfolio. Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.

d) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, which represent about 52% and 22%, respectively, of these Funds’ net assets as of September 30, 2022, these Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

Baron Select Funds September 30, 2022

e) 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.

f) 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 September 30, 2022.

g) 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 September 30, 2022, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Schedule of Investments.

h) 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.

i) 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.

j) 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.

Baron Select Funds September 30, 2022

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

3. RESTRICTED SECURITIES

At September 30, 2022, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At September 30, 2022, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:

	Baron Partners Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	151,142,329
StubHub Holdings, Inc.		12/22/2021		24,543,535
Private Convertible Preferred Stocks
Northvolt AB		5/19/2021		8,081,894
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-8/4/2020		332,395,859
Total Restricted Securities:			$	516,163,617
(Cost $186,093,669)† (8.36% of Net Assets)
	Baron Focused Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	46,373,952
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-12/3/2021		24,225,789
Total Restricted Securities:			$	70,599,741
(Cost $39,949,596)† (9.66% of Net Assets)
	Baron International Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		1/24/2017-10/29/2021		469
Total Restricted Securities:			$	469
(Cost $1,644,868) (0.00% of Net Assets)
	Baron Emerging Markets Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Codere Online Luxembourg, S.A., Founders Shares		12/10/2020	$	827,793
Fix Price Group Ltd.		3/5/2021-9/14/2021		285,242
Ozon Holdings PLC		11/24/2020-2/7/2022		374,722
Sberbank of Russia PJSC		2/11/2016-11/10/2021		17,263
Yandex N.V.		2/3/16-10/28/2021		299,662
Private Common Stocks
Pine Labs PTE. Ltd.		5/17/2021		60,110,010
Private Convertible Preferred Stocks
Bundl Technologies Private Ltd.		1/3/2022		52,989,138
Think & Learn Private Limited		3/31/2021		67,877,891
Total Restricted Securities:			$	182,781,721
(Cost $391,595,263)† (3.74% of Net Assets)

† See Schedules of Investments for cost of individual securities.

Baron Select Funds September 30, 2022

	Baron Global Advantage Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Codere Online Luxembourg, S.A., Founders Shares		12/10/2020	$	270,069
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		19,646,846
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021		9,710,674
Resident Home, Inc.		12/3/2020		1,076,161
Think & Learn Private Limited		3/31/2021		40,729,391
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		12,073,695
Total Restricted Securities:			$	83,506,836
(Cost $74,265,679)† ( 8.56% of Net Assets)

† See Schedules of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used as of September 30, 2022 in valuing the Funds’ investments carried at fair value:

	Baron Partners Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,500,748,404	$	73,889,321	$	—	$	6,574,637,725
Private Common Stocks†		—		—		175,685,864		175,685,864
Private Convertible Preferred Stocks		—		—		8,081,894		8,081,894
Private Preferred Stocks†		—		—		332,395,859		332,395,859
Total Investments	$	6,500,748,404	$	73,889,321	$	516,163,617	$	7,090,801,342
Unrealized appreciation (depreciation) on unfunded commitments	$	0	$	0	$	(157,520)	$	(157,520)

† See Schedules of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2022

	Baron Focused 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†	$	594,428,231	$	—	$	—	$	594,428,231
Private Common Stocks†		—		—		46,373,952		46,373,952
Private Preferred Stocks†		—		—		24,225,789		24,225,789
Short Term Investments		—		61,037,835		—		61,037,835
Total Investments	$	594,428,231	$	61,037,835	$	70,599,741	$	726,065,807
	Baron International 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†	$	143,415,287	$	259,782,420	$	469	$	403,198,176
Warrants†		30,990		—		—		30,990
Short Term Investments		—		42,035,649		—		42,035,649
Total Investments	$	143,446,277	$	301,818,069	$	469	$	445,264,815
	Baron Real Estate Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,085,900,203	$	—	$	—	$	1,085,900,203
Short Term Investments		—		150,459,045		—		150,459,045
Total Investments	$	1,085,900,203	$	150,459,045	$	—	$	1,236,359,248
	Baron Emerging Markets Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,273,235,582	$	3,163,893,373	$	1,804,682	$	4,438,933,637
Private Common Stocks†		—		—		60,110,010		60,110,010
Private Convertible Preferred Stocks†		—		—		120,867,029		120,867,029
Rights		27,404		—		—		27,404
Warrants		3,713		—		—		3,713
Short Term Investments		—		258,288,334		—		258,288,334
Total Investments	$	1,273,266,699	$	3,422,181,707	$	182,781,721	$	4,878,230,127
	Baron Global 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†	$	775,838,069	$	116,470,200	$	270,069	$	892,578,338
Private Common Stocks†		—		—		19,646,846		19,646,846
Private Convertible Preferred Stocks†		—		—		51,516,226		51,516,226
Private Preferred Stocks		—		—		12,073,695		12,073,695
Warrants†		267,643		—		—		267,643
Short Term Investments		—		4,311,124		—		4,311,124
Total Investments	$	776,105,712	$	120,781,324	$	83,506,836	$	980,393,872

† See Schedules of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2022

	Baron Real Estate Income Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	77,172,577	$	—	$	—	$	77,172,577
Short Term Investments		—		6,950,242		—		6,950,242
Total Investments	$	77,172,577	$	6,950,242	$	—	$	84,122,819
	Baron Health Care Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	160,125,630	$	2,370,150	$	—	$	162,495,780
Short Term Investments		—		22,017,241		—		22,017,241
Total Investments	$	160,125,630	$	24,387,391	$	—	$	184,513,021
	Baron FinTech Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	38,834,467	$	1,587,608	$	—	$	40,422,075
Short Term Investments		—		1,401,244		—		1,401,244
Total Investments	$	38,834,467	$	2,988,852	$	—	$	41,823,319
	Baron New Asia Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	613,267	$	2,590,862	$	—	$	3,204,129
Short Term Investments		—		265,432		—		265,432
Total Investments	$	613,267	$	2,856,294	$	—	$	3,469,561
	Baron Technology Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,196,852	$	121,245	$	—	$	3,318,097
Short Term Investments		—		232,281		—		232,281
Total Investments	$	3,196,852	$	353,526	$	—	$	3,550,378

† See Schedules of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2022

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

	Baron Partners Fund
Investments in Securities	Balance as of December 31, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022
Private Common Stocks
Consumer Discretionary	$	46,367,914	$	—	$	—	$	(21,824,379)	$	—	$	—	$	—	$	—	$	24,543,535	$	(21,824,379)
Industrials		139,906,305		—		—		11,236,024		—		—		—		—		151,142,329		11,236,024
Private Convertible Preferred Stocks
Industrials		7,562,202		—		—		519,692		—		—		—		—		8,081,894		519,692
Private Preferred Stocks
Industrials		307,685,323		—		—		24,710,536		—		—		—		—		332,395,859		24,710,536
Total	$	501,521,744	$	—	$	—	$	14,641,873		—	$	—	$	—	$	—	$	516,163,617	$	14,641,873
Unfunded Commitment	$	—	$	—	$	—	$	(157,520)	$	—	$	—	$	—	$	—	$	(157,520)	$	(157,520)
	Baron Focused Growth Fund
Investments in Securities	Balance as of December 31, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022
Private Common Stocks
Industrials	$	42,926,480	$	—	$	—	$	3,447,472	$	—	$	—	$	—	$	—	$	46,373,952	$	3,447,472
Private Preferred Stocks
Industrials		22,424,828		—		—		1,800,961		—		—		—		—		24,225,789		1,800,961
Total	$	65,351,308	$	—	$	—	$	5,248,433	$	—	$	—	$	—	$	—	$	70,599,741	$	5,248,433
	Baron International Growth Fund
Investments in Securities	Balance as of December 31, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022
Common Stocks
Financials1	$	—	$	—	$	—	$	(63,719)	$	—	$	—	$	64,188	$	—	$	469	$	(2,580,065)
Total	$	—	$	—	$	—	$	(63,719)	$	—	$	—	$	64,188	$	—	$	469	$	(2,580,065)

¹  Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions.

Baron Select Funds September 30, 2022

	Baron Emerging Markets Fund
Investments in Securities	Balance as of December 31, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30 2022
Common Stocks
Communication Services1	$	—	$	—	$	—	$	(8,754,986)	$	—	$	—	$	9,054,648	$	—	$	299,662	$	(48,066,655)
Consumer Discretionary1,2		12,456,029		—		—		(20,987,256)		—		—		15,492,001		(5,473,017)		1,487,757		(105,203,792)
Financials1		—		—		—		(2,340,425)		—		—		2,357,688		—		17,263		(90,857,940)
Private Common Stocks
Information Technology		49,281,368		—		—		10,828,642		—		—		—		—		60,110,010		10,828,642
Private Convertible Preferred Stocks
Consumer Discretionary		56,938,929		—		—		(12,848,772)		76,776,872		—		—		—		120,867,029		(12,848,772)
Warrants
Consumer Discretionary2		12,331		—		—		(7,690)		—		—		—		(4,641)		—		—
Total	$	118,688,657	$	—	$	—	$	(34,110,487)	$	76,776,872	$	—	$	26,904,337	$	(5,477,658)	$	182,781,721	$	(246,148,517)
	Baron Global Advantage Fund
Investments in Securities	Balance as of December 31, 2021		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2022
Common Stocks
Consumer Discretionary2,3	$	68,813,281	$	—	$	—	$	(51,709,746)	$	—	$	—	$	—	$	(16,833,466)	$	270,069	$	(353,077)
Private Common Stocks
Industrials		18,186,286		—		—		1,460,560		—		—		—		—		19,646,846		1,460,560
Private Convertible Preferred Stocks
Consumer Discretionary		37,523,432		—		—		4,282,120		—		—		—		—		41,805,552		4,282,120
Materials		16,908,507		—		—		(7,197,833)		—		—		—		—		9,710,674		(7,197,833)
Private Preferred Stocks
Industrials		12,105,965		—		—		(32,270)		—		—		—		—		12,073,695		(32,270)
Warrants
Consumer Discretionary2		4,023		—		—		(2,509)		—		—		—		(1,514)		—		—
Total	$	153,541,494	$	—	$	—	$	(53,199,678)	$	—	$	—	$	—	$	(16,834,980)	$	83,506,836	$	(1,840,500)

¹  Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions.

²  Codere Online Luxembourg, S.A. Forward, Private shares, and Private Warrants restriction on resale was lifted on May 31, 2022.

³  Rivian Automotive restriction on resale was lifted on May 9, 2022.

Baron Select Funds September 30, 2022

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

Baron Partners Fund
Sector	Company	Fair Value as of September 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2022	Range used on September 30, 2022
Private Common Stocks: Consumer Discretionary	StubHub Holdings, Inc.	$	24,543,535	Combination of recent transaction, current value via comparable companies, and option- pricing and scenario analysis methods	Change in the composite equity index of comparable companies	(1.08)%	(2.13)% – 1.04%
					Discount for lack of marketability	7.98%	6.75% – 11.67%
					Estimated volatility of the returns of equity1	58.35%	43.19% – 74.16%
					Scenario Probabilities: Scenario A / Scenario B / Scenario C27	90% / 9% / 1%	1% – 90%
Private Common Stocks and Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	483,538,188	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	0.45%	(3.39)% – 6.07%
					Discount for lack of marketability	4.22%	4.22%
					Estimated volatility of the returns of equity3	36.94%	22.25% – 53.52%
Private Convertible Preferred Stocks: Industrials	Northvolt AB	$	8,081,894	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	(0.80)%	(3.19)% – 2.55%
					Discount for lack of marketability	14.92%	14.92%
					Estimated volatility of the returns of equity4	57.34%	26.65% – 86.28%
Baron Focused Growth Fund
Sector	Company	Fair Value as of September 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2022	Range used on September 30, 2022
Private Common Stocks and Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	70,599,741	Combination of recent transaction, current value via comparable companies, and option- pricing methods	Change in the composite equity index of comparable companies	0.45%	(3.39)% – 6.07%
					Discount for lack of marketability	4.22%	4.22%
					Estimated volatility of the returns of equity1	36.94%	22.25% – 53.52%

See Footnotes on page 32.

Baron Select Funds September 30, 2022

Baron Emerging Markets Fund
Sector	Company	Fair Value as of September 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2022	Range used on September 30, 2022
Common Stocks: Consumer Discretionary	Codere Online Luxembourg, S.A.	$	827,793	Discount for lack of marketability calculated using option pricing	Discount for lack of marketability	10.26%	10.26%
					Estimated volatility of the returns of equity5	84.31%	84.31%
Common Stocks: Consumer Discretionary	Fix Price Group Ltd.	$	285,242	Combination of performance adjustment via market proxies and discount for lack of marketability	Discount for lack of marketability	95.00%	95.00%
					Performance adjustment via market proxy (3/3/22 – 3/4/22)	(24.37)%	(24.37)%
Common Stocks: Consumer Discretionary	Ozon Holdings PLC	$	374,722	Combination of performance adjustment via market proxies and discount for lack of marketability	Discount for lack of marketability	95.00%	95.00%
					Performance adjustment via market proxy (2/28/22 – 3/4/22)	(65.05)%	(65.05)%
Common Stocks: Financials	Sberbank of Russia PJSC	$	17,263	Combination of performance adjustment via market proxies and discount for lack of marketability	Discount for lack of marketability	95.00%	95.00%
					Performance adjustment via market proxy (3/3/22 – 3/4/22)	(24.37)%	(24.37)%
Common Stocks: Communication Services	Yandex N.V.	$	299,662	Combination of performance adjustment via market proxies and discount for lack of marketability	Discount for lack of marketability	95.00%	95.00%
					Performance adjustment via market proxy (3/1/22 – 3/4/22)	(50.65)%	(50.65)%
Private Common Stocks: Information Technology	Pine Labs PTE. Ltd.	$	60,110,010	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable	1.18%	(1.87)% – 1.43%
					Discount for lack of marketability	3.74%	3.74%
					Estimated volatility of the returns of equity2	18.83%	16.23% – 42.23%
					Scenario Probabilities: Scenario A / Scenario B6	100% / 0%	0% – 100%
Private Convertible Preferred Stocks: Consumer Discretionary	Bundl Technologies Private Ltd.	$	52,989,138	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable	1.87%	1.43% – 3.16%
					Discount for lack of marketability	5.02%	5.02%
					Estimated volatility of the returns of equity2	53.81%	17.38% – 74.56%
					Scenario Probabilities: Scenario A / Scenario B6	100% / 0%	0% – 100%
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	67,877,891	Combination of recent transaction, current value via comparable companies, scenario analysis, and option- pricing methods	Change in the composite equity index of comparable	1.45%	(4.25)% – 3.85%
					Discount for lack of marketability	7.06%	7.06%
					Estimated volatility of the returns of equity2	23.15%	16.23% – 119.11%

See Footnotes on page 32.

Baron Select Funds September 30, 2022

Baron Global Advantage Fund
Sector	Company	Fair Value as of September 30, 2022		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2022	Range used on September 30, 2022
Common Stocks: Consumer Discretionary	Codere Online Luxembourg, S.A.	$	270,069	Discount for lack of marketability calculated using option pricing and comparable companies	Discount for lack of marketability	10.26%	10.26%
					Estimated volatility of the returns of equity5	84.31%	84.31%
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	19,646,846	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	0.45%	(3.39)% – 6.07%
					Discount for lack of marketability	4.22%	4.22%
					Estimated volatility of the returns of equity3	36.94%	22.25% – 53.52%
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	9,710,674	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods.	Change in the composite equity index of comparable	(0.96)%	(5.89)% – 2.24%
					Discount for lack of marketability	15.25%	15.25%
					Estimated volatility of the returns of equity3	58.58%	27.92% – 123.55%
					Scenario Probabilities: Scenario A / Scenario B6	90% / 10%	10% – 90%
Private Convertible Preferred Stocks: Consumer Discretionary	Resident Home, Inc.	$	1,076,161	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable	(2.13)%	(5.82)% – 0.65%
					Discount for lack of marketability	23.69%	23.69%
					Estimated volatility of the returns of equity1	77.63%	46.23% – 90.63%
					Scenario Probabilities: Scenario A / Scenario B6	90% / 10%	10% – 90%
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited.	$	40,729,391	Combination of recent transaction, current value via comparable companies, and option-pricing methods	Change in the composite equity index of comparable companies	1.45%	(4.25)% – 3.85%
					Discount for lack of marketability	7.06%	7.06%
					Estimated volatility of the returns of equity2	23.15%	16.23% – 119.11%
Private Preferred Stocks: Industrials	GM Cruise Holdings	$	12,073,695	Combination of recent transaction, current value via comparable companies, scenario analysis	Change in the composite equity index of comparable	13.36%	13.36%
					Discount for lack of marketability	38.33%	30.51% – 81.90%
					Estimated volatility of the returns of equity2	70% / 30%	30% – 70%
					Scenario Probabilities: Scenario A / Scenario B6	13.36%	13.36%

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⁾  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.

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

⁴⁾  The volatility was calculated as a simple-average of the volatilities of the individual comparable companies.

⁵⁾  The volatility was calculated using the daily returns of the publicly traded stock of the company.

⁶⁾  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

⁷⁾  Scenario A represents a Direct Listing/ IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event.

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

Baron Select Funds September 30, 2022

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of September 30, 2022, the components of net assets on a tax basis were as follows:

	Baron Partners Fund		Baron Focused Growth Fund		Baron International Growth Fund		Baron Real Estate Fund		Baron Emerging Markets Fund		Baron Global Advantage Fund
Cost of investments	$	2,171,931,617	$	458,808,807	$	496,373,884	$	1,182,010,758	$	5,238,415,256	$	957,102,430
Gross tax unrealized appreciation	$	5,297,595,014	$	324,388,321	$	56,942,388	$	129,533,220	$	740,524,211	$	217,753,476
Gross tax unrealized depreciation		(378,725,289)		(57,131,321)		(108,051,457)		(75,184,730)		(1,100,709,340)		(194,462,034)
Net tax unrealized appreciation (depreciation)	$	4,918,869,725	$	267,257,000	$	(51,109,069)	$	54,348,490	$	(360,185,129)	$	23,291,442
Net unrealized appreciation (depreciation) on unfunded commitments	$	(157,520)	$	—	$	—	$	—	$	—	$	—
	Baron Real Estate Income Fund		Baron Health Care Fund		Baron FinTech Fund		Baron New Asia Fund		Baron Technology Fund
Cost of investments	$	89,207,311	$	177,651,590	$	55,349,618	$	4,632,147	$	5,155,557
Gross tax unrealized appreciation	$	535,851	$	17,878,670	$	1,265,478	$	40,296	$	—
Gross tax unrealized depreciation	$	(5,620,343)		(11,017,239)		(14,791,777)		(1,202,882)		(1,605,179)
Net tax unrealized appreciation (depreciation)	$	(5,084,492)	$	6,861,431	$	(13,526,299)	$	(1,162,586)	$	(1,605,179)
Net unrealized appreciation (depreciation) on unfunded commitments	$	—	$	—	$	—	$	—	$	—

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

Baron Global Advantage Fund
Name of issuer	Value at December 31, 2021		Purchase Cost/ Transfer In		Sales Proceeds/ Transfer Out		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at September 30, 2022		Value at September 30, 2022		% of Net Assets at September 30, 2022
No longer “Affiliated” Company as of September 30, 2022:
Sarissa Capital Acquisition Corp.	$	15,057,242	$	—	$	(14,728,871)	$	(119,502)	$	(208,869)	$	—		—	$	—		0.00%

¹  An “Affiliated” company (“affiliated person” as defined in the 1940 Act) is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended September 30, 2022.

7. RUSSIA/UKRAINE RISK

Certain Funds invested in securities and instruments that are economically tied to Russia. Due to the uncertainty of the geopolitical tension in Russia/Ukraine, investments in Russia are subject to political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions – which may impact companies in many sectors, including energy, financial services and defense, among others – may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain transactions may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.