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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-5032

BARON INVESTMENT FUNDS TRUST f/k/a

BARON ASSET FUND

(Exact Name of Registrant as Specified in Charter)

767 Fifth Avenue, 49th Floor New York, NY 10153

(Address of Principal Executive Offices) (Zip Code)

Patrick M. Patalino, General Counsel

c/o Baron Investment Funds Trust

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Name and Address of Agent for Service)

(Registrant’s Telephone Number, including Area Code): 212-583-2000

Date of fiscal year end: September 30

Date of reporting period: December 31, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.

SEC 2455 (8-05)

Item 1. Schedule of Investments

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.66%)
Consumer Discretionary (12.87%)
		Automotive Retail (0.71%)
	336,446	CarMax, Inc. 1	$	3,823,250	$	21,576,282
		Hotels, Resorts & Cruise Lines (2.51%)
	521,442	Choice Hotels International, Inc.		2,236,519		40,463,899
	496,233	Hyatt Hotels Corp., Cl A 1		13,413,212		36,492,975
				15,649,731		76,956,874
		Internet & Direct Marketing Retail (3.82%)
	312,627	Expedia, Inc.		39,280,509		37,443,336
	447,602	Liberty Ventures, Series A 1		25,855,241		24,277,932
	31,759	The Priceline Group, Inc. 1		5,086,069		55,188,885
				70,221,819		116,910,153
		Leisure Facilities (4.99%)
	719,538	Vail Resorts, Inc.		13,956,068		152,880,239
		Specialty Stores (0.84%)
	248,117	Tiffany & Co.		7,649,601		25,791,762
	Total Consumer Discretionary			111,300,469		394,115,310
Energy (0.37%)
		Oil & Gas Exploration & Production (0.37%)
	74,931	Concho Resources, Inc. 1		3,203,300		11,256,135
Financials (16.23%)
		Asset Management & Custody Banks (1.12%)
	327,514	T. Rowe Price Group, Inc.		12,239,533		34,366,044
		Financial Exchanges & Data (4.22%)
	431,723	FactSet Research Systems, Inc.		23,376,353		83,218,926
	228,267	MarketAxess Holdings, Inc.		25,243,181		46,052,867
				48,619,534		129,271,793
		Insurance Brokers (2.32%)
	471,421	Willis Towers Watson plc 2		58,073,020		71,038,431
		Investment Banking & Brokerage (3.77%)
	2,247,936	The Charles Schwab Corp.		2,076,850		115,476,472
		Property & Casualty Insurance (3.46%)
	1,166,148	Arch Capital Group Ltd. 1,2		12,673,684		105,851,254
		Regional Banks (1.34%)
	471,421	First Republic Bank		14,958,209		40,843,915
	Total Financials			148,640,830		496,847,909
Health Care (21.38%)
		Health Care Distributors (0.62%)
	272,928	Henry Schein, Inc. 1		3,500,242		19,072,209
		Health Care Equipment (7.09%)
	1,102,630	IDEXX Laboratories, Inc. 1		20,789,067		172,429,279
	178,644	Teleflex, Inc.		34,807,367		44,450,200
				55,596,434		216,879,479

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (4.05%)
	84,360	Align Technology, Inc. 1	$	12,821,265	$	18,743,948
	208,418	The Cooper Companies, Inc.		26,402,986		45,410,114
	605,404	West Pharmaceutical Services, Inc.		26,455,690		59,735,213
				65,679,941		123,889,275
		Health Care Technology (0.62%)
	344,386	Veeva Systems, Inc., Cl A 1		19,122,217		19,037,658
		Life Sciences Tools & Services (9.00%)
	396,986	Bio-Techne Corporation		39,003,090		51,429,536
	322,552	Illumina, Inc. 1		13,881,723		70,474,387
	248,117	Mettler-Toledo International, Inc. 1		15,366,887		153,713,444
				68,251,700		275,617,367
	Total Health Care			212,150,534		654,495,988
Industrials (15.75%)
		Aerospace & Defense (1.02%)
	516,082	BWX Technologies, Inc.		25,835,700		31,217,800
		Agricultural & Farm Machinery (1.11%)
	521,045	The Toro Co.		32,106,862		33,987,766
		Building Products (1.01%)
	506,158	AO Smith Corp.		26,242,995		31,017,362
		Construction Machinery & Heavy Trucks (1.23%)
	94,284	WABCO Holdings, Inc. 1		11,051,159		13,529,754
	297,740	Westinghouse Air Brake Technologies Corporation		19,242,845		24,244,968
				30,294,004		37,774,722
		Environmental & Facilities Services (0.94%)
	616,408	Rollins, Inc.		18,298,480		28,681,464
		Industrial Conglomerates (2.01%)
	238,192	Roper Technologies, Inc.		19,882,431		61,691,728
		Industrial Machinery (2.39%)
	426,760	IDEX Corporation		31,129,521		56,319,517
	124,058	The Middleby Corp. 1		5,982,443		16,741,627
				37,111,964		73,061,144
		Research & Consulting Services (5.60%)
	863,280	TransUnion 1		36,900,786		47,445,869
	1,290,206	Verisk Analytics, Inc. 1		33,141,251		123,859,776
				70,042,037		171,305,645
		Trading Companies & Distributors (0.44%)
	248,117	Fastenal Co.		4,100,825		13,569,519
	Total Industrials			263,915,298		482,307,150

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (24.08%)
		Application Software (7.59%)
	545,856	ANSYS, Inc. 1	$	14,655,945	$	80,562,887
	1,210,809	Guidewire Software, Inc. 1		58,345,609		89,914,676
	912,076	SS&C Technologies Holdings, Inc.		24,922,839		36,920,837
	114,134	The Ultimate Software Group, Inc. 1		22,104,684		24,907,463
				120,029,077		232,305,863
		Data Processing & Outsourced Services (4.00%)
	204,448	FleetCor Technologies, Inc. 1		7,420,186		39,341,929
	396,986	MAXIMUS, Inc.		20,059,608		28,416,258
	744,350	Vantiv, Inc., Cl A 1		40,579,408		54,746,942
				68,059,202		122,505,129
		Internet Software & Services (5.51%)
	198,493	CoStar Group, Inc. 1		34,240,615		58,942,497
	645,103	Verisign, Inc. 1		31,487,808		73,825,587
	268,831	Zillow Group, Inc., CI A 1		7,601,320		10,952,175
	609,374	Zillow Group, Inc., Cl C 1		15,528,194		24,935,584
				88,857,937		168,655,843
		IT Consulting & Other Services (6.19%)
	1,538,323	Gartner, Inc. 1		33,456,031		189,444,477
		Technology Distributors (0.79%)
	347,363	CDW Corp.		21,352,376		24,138,255
	Total Information Technology			331,754,623		737,049,567
Real Estate (7.98%)
		Office REITs (0.77%)
	59,548	Alexander’s, Inc. 3		2,651,712		23,572,076
		Real Estate Services (2.18%)
	1,538,323	CBRE Group, Inc., Cl A 1		18,603,540		66,624,769
		Specialized REITs (5.03%)
	143,416	Equinix, Inc.		9,720,327		64,998,999
	545,856	SBA Communications Corp. 1		15,071,916		89,171,036
				24,792,243		154,170,035
	Total Real Estate			46,047,495		244,366,880
	Total Common Stocks			1,117,012,549		3,020,438,939
Private Equity Investments (0.02%)
Financials (0.02%)
		Asset Management & Custody Banks (0.02%)
	7,056,223	Windy City Investments Holdings, L.L.C. 1,3,4,6		0		684,454

Principal Amount			Cost		Value
Short Term Investments (1.56%)
	$47,834,872	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2017, 0.20% due 1/2/2018; Proceeds at maturity - $47,835,935; (Fully collateralized by $1,305,000 U.S. Treasury Bond, 8.75% due 5/15/2020; Market value - $1,527,328, $7,870,000 U.S. Treasury Note, 2.375% due 8/15/2024; Market value - $7,952,478, $32,070,000 U.S. Treasury Inflation-Indexed Note, 0.125% due 4/15/2020; Market value - $33,676,162 and $5,745,000 U.S. Treasury Note, 0.125% due 4/15/2019; Market value - $5,638,396)5	$	47,834,872	$	47,834,872
	Total Investments (100.24%)		$	1,164,847,421		3,068,958,265
	Liabilities Less Cash and Other Assets (-0.24%)					(7,467,276	)
	Net Assets				$	3,061,490,989
	Retail Shares (Equivalent to $68.16 per share based on 29,132,620 shares outstanding)				$	1,985,578,765
	Institutional Shares (Equivalent to $70.47 per share based on 14,746,441 shares outstanding)				$	1,039,241,293
	R6 Shares (Equivalent to $70.46 per share based on 520,434 shares outstanding)				$	36,670,931

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

⁴  At December 31, 2017, the market value of restricted and fair valued securities amounted to $684,454 or 0.02% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (100.58%)
Consumer Discretionary (26.59%)
		Apparel, Accessories & Luxury Goods (0.70%)
	3,000,000	Under Armour, Inc., Cl A 1	$	11,848,307	$	43,290,000
		Automotive Retail (0.20%)
	275,000	Camping World Holdings, Inc., Cl A		7,734,179		12,300,750
		Casinos & Gaming (5.66%)
	725,000	Boyd Gaming Corp.		18,479,841		25,411,250
	4,155,000	Penn National Gaming, Inc. 1		36,915,622		130,176,150
	2,725,000	Pinnacle Entertainment, Inc. 1		31,437,493		89,189,250
	3,131,887	Red Rock Resorts, Inc., Cl A		66,868,262		105,669,867
				153,701,218		350,446,517
		Education Services (2.88%)
	1,900,000	Bright Horizons Family Solutions, Inc. 1		61,523,362		178,600,000
		General Merchandise Stores (0.25%)
	291,228	Ollie’s Bargain Outlet Holdings, Inc. 1		13,369,556		15,507,891
		Hotels, Resorts & Cruise Lines (7.26%)
	3,007,500	Choice Hotels International, Inc. 4		73,061,456		233,382,000
	1,600,000	Marriott Vacations Worldwide Corp. 4		87,504,361		216,336,000
				160,565,817		449,718,000
		Leisure Facilities (7.53%)
	2,196,993	Vail Resorts, Inc. 4		80,228,702		466,795,103
		Movies & Entertainment (1.74%)
	5,450,018	Manchester United plc, Cl A 2		77,159,985		107,910,356
		Specialty Stores (0.37%)
	799,223	Dick’s Sporting Goods, Inc.		12,230,119		22,969,669
	Total Consumer Discretionary			578,361,245		1,647,538,286
Consumer Staples (1.52%)
		Food Distributors (0.59%)
	1,100,000	Performance Food Group Co. 1		20,900,000		36,410,000
		Household Products (0.93%)
	1,150,000	Church & Dwight Co., Inc.		10,412,780		57,695,500
	Total Consumer Staples			31,312,780		94,105,500
Financials (25.50%)
		Asset Management & Custody Banks (4.55%)
	2,400,000	The Carlyle Group		52,323,847		54,960,000
	2,000,000	Cohen & Steers, Inc.		49,208,575		94,580,000
	2,340,000	Financial Engines, Inc.		66,369,451		70,902,000
	1,455,195	Oaktree Capital Group, LLC		65,648,565		61,263,709
				233,550,438		281,705,709

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Financial Exchanges & Data (9.82%)
	1,350,000	FactSet Research Systems, Inc.	$	67,699,226	$	260,226,000
	1,180,000	Morningstar, Inc.		29,712,536		114,424,600
	1,850,000	MSCI, Inc.		35,414,266		234,099,000
				132,826,028		608,749,600
		Investment Banking & Brokerage (0.82%)
	283,871	Houlihan Lokey, Inc.		11,889,433		12,896,260
	775,000	Moelis & Co., Cl A		22,607,788		37,587,500
				34,497,221		50,483,760
		Life & Health Insurance (3.33%)
	2,030,000	Primerica, Inc.		43,907,721		206,146,500
		Property & Casualty Insurance (6.20%)
	3,750,000	Arch Capital Group Ltd. 1,2		36,285,036		340,387,500
	978,449	Kinsale Capital Group, Inc.		32,761,205		44,030,205
				69,046,241		384,417,705
		Thrifts & Mortgage Finance (0.78%)
	525,000	Essent Group, Ltd. 1,2		14,507,433		22,795,500
	75,000	LendingTree, Inc. 1		25,158,116		25,533,750
				39,665,549		48,329,250
	Total Financials			553,493,198		1,579,832,524
Health Care (8.67%)
		Biotechnology (0.10%)
	400,000	Denali Therapeutics, Inc. 1		7,454,994		6,256,000
		Health Care Equipment (3.48%)
	1,380,000	IDEXX Laboratories, Inc. 1		21,008,144		215,804,400
		Health Care Supplies (1.76%)
	365,038	Neogen Corp. 1		8,075,677		30,009,774
	800,000	West Pharmaceutical Services, Inc.		27,688,593		78,936,000
				35,764,270		108,945,774
		Life Sciences Tools & Services (3.33%)
	875,000	Bio-Techne Corporation		46,302,066		113,356,250
	150,000	Mettler-Toledo International, Inc. 1		6,877,057		92,928,000
				53,179,123		206,284,250
	Total Health Care			117,406,531		537,290,424
Industrials (4.85%)
		Building Products (3.04%)
	120,795	CaesarStone Ltd. 1,2		1,328,745		2,657,490
	1,225,000	Masonite International Corp. 1,2		67,851,471		90,833,750
	875,000	Trex Company, Inc. 1		31,973,878		94,841,250
				101,154,094		188,332,490
		Industrial Machinery (1.03%)
	475,000	The Middleby Corp. 1		13,131,426		64,101,250
		Trading Companies & Distributors (0.78%)
	1,000,000	Air Lease Corp.		23,203,508		48,090,000
	Total Industrials			137,489,028		300,523,740

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (23.68%)
		Application Software (9.15%)
	725,000	Altair Engineering, Inc., Cl A 1	$	11,330,019	$	17,342,000
	1,600,000	ANSYS, Inc. 1		37,902,179		236,144,000
	51,769	Ellie Mae, Inc. 1		4,418,738		4,628,149
	1,190,000	Guidewire Software, Inc. 1		38,711,926		88,369,400
	1,000,000	Pegasystems, Inc.		13,997,009		47,150,000
	4,275,000	SS&C Technologies Holdings, Inc.		34,242,538		173,052,000
				140,602,409		566,685,549
		Data Processing & Outsourced Services (2.25%)
	1,950,000	MAXIMUS, Inc.		36,323,579		139,581,000
		Electronic Components (0.89%)
	280,000	Littelfuse, Inc.		31,472,950		55,389,600
		Internet Software & Services (6.69%)
	729,081	2U, Inc. 1		37,380,861		47,033,015
	2,200,000	Benefitfocus, Inc. 1,4		83,233,571		59,400,000
	955,000	CoStar Group, Inc. 1		41,437,436		283,587,250
	425,000	Wix.com Ltd. 1,2		27,515,281		24,458,750
				189,567,149		414,479,015
		IT Consulting & Other Services (4.70%)
	2,365,000	Gartner, Inc. 1		36,340,435		291,249,750
	Total Information Technology			434,306,522		1,467,384,914
Real Estate (8.34%)
		Diversified REITs (0.28%)
	460,135	American Assets Trust, Inc.		8,503,418		17,595,562
		Office REITs (3.25%)
	120,000	Alexander’s, Inc. 5		22,426,316		47,502,000
	3,750,000	Douglas Emmett, Inc.		48,432,016		153,975,000
				70,858,332		201,477,000
		Specialized REITs (4.81%)
	750,000	Alexandria Real Estate Equities, Inc. 5		27,037,562		97,942,500
	5,400,000	Gaming and Leisure Properties, Inc.		119,143,510		199,800,000
				146,181,072		297,742,500
	Total Real Estate			225,542,822		516,815,062
Telecommunication Services (1.43%)
		Alternative Carriers (1.43%)
	7,493,437	Iridium Communications, Inc. 1,4		45,709,971		88,422,557
	Total Common Stocks			2,123,622,097		6,231,913,007

Shares			Cost		Value
Preferred Stocks (0.28%)
Telecommunication Services (0.28%)
		Alternative Carriers (0.28%)
	41,074	Iridium Communications, Inc., Series B, 6.75% 1,4,6	$	10,268,500	$	17,183,308
Private Equity Investments (0.00%)
Financials (0.00%)
		Asset Management & Custody Banks (0.00%)
	2,375,173	Windy City Investments Holdings, L.L.C. 1,3,5,7		0		230,392
	Total Investments (100.86%)		$	2,133,890,597		6,249,326,707
	Liabilities Less Cash and Other Assets (-0.86%)					(53,038,510	)
	Net Assets				$	6,196,288,197
	Retail Shares (Equivalent to $67.67 per share based on 39,074,448 shares outstanding)				$	2,644,056,629
	Institutional Shares (Equivalent to $69.55 per share based on 50,693,648 shares outstanding)				$	3,525,783,151
	R6 Shares (Equivalent to $69.56 per share based on 380,247 shares outstanding)				$	26,448,417

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2017, the market value of restricted and fair valued securities amounted to $230,392 or 0.00% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.63%)
Consumer Discretionary (17.97%)
		Advertising (0.51%)
	1,075,000	Emerald Expositions Events, Inc.	$	19,233,163	$	21,865,500
		Automotive Retail (2.08%)
	2,000,000	Camping World Holdings, Inc., Cl A		53,362,253		89,460,000
		Cable & Satellite (2.16%)
	100,000	Liberty Broadband Corporation, Cl A 1		404,823		8,505,000
	300,000	Liberty Broadband Corporation, Cl C 1		1,184,602		25,548,000
	1,100,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,399,373		43,626,000
	750,000	MSG Networks, Inc., Cl A 1		5,189,393		15,187,500
				9,178,191		92,866,500
		Casinos & Gaming (1.89%)
	2,400,000	Red Rock Resorts, Inc., Cl A		50,060,152		80,976,000
		Education Services (2.96%)
	1,350,000	Bright Horizons Family Solutions, Inc. 1		43,231,724		126,900,000
		Home Improvement Retail (0.91%)
	800,000	Floor & Decor Holdings, Inc., Cl A 1		28,895,530		38,944,000
		Homebuilding (0.53%)
	300,000	Installed Building Products, Inc. 1		22,217,340		22,785,000
		Internet & Direct Marketing Retail (2.11%)
	1,200,000	Liberty Expedia Holdings, Inc., Cl A 1		54,954,345		53,196,000
	750,000	Shutterfly, Inc. 1		35,725,281		37,312,500
				90,679,626		90,508,500
		Movies & Entertainment (1.70%)
	750,000	Liberty Media Corporation- Liberty Formula One, Cl C 1		10,168,679		25,620,000
	225,000	The Madison Square Garden Company, Cl A 1		11,968,716		47,441,250
				22,137,395		73,061,250
		Restaurants (2.23%)
	500,000	BJ’s Restaurants, Inc.		16,384,828		18,200,000
	925,000	The Cheesecake Factory, Inc.		28,124,763		44,566,500
	850,000	Wingstop Inc.		18,883,347		33,133,000
				63,392,938		95,899,500
		Specialty Stores (0.89%)
	2,750,000	Party City Holdco, Inc. 1		39,333,223		38,362,500
	Total Consumer Discretionary			441,721,535		771,628,750

Shares			Cost		Value
Common Stocks (continued)
Consumer Staples (0.29%)
		Food Distributors (0.29%)
	600,000	The Chefs’ Warehouse, Inc. 1	$	8,208,445	$	12,300,000
Energy (1.70%)
		Oil & Gas Storage & Transportation (1.70%)
	560,000	Dominion Energy Midstream Partners L.P.		12,939,755		17,052,000
	800,000	PBF Logistics LP		20,465,744		16,760,000
	2,000,000	Scorpio Tankers Inc. 2		16,600,000		6,100,000
	745,500	Valero Energy Partners LP		20,810,301		33,174,750
	Total Energy			70,815,800		73,086,750
Financials (2.31%)
		Asset Management & Custody Banks (0.88%)
	1,250,000	Financial Engines, Inc.		23,245,087		37,875,000
		Financial Exchanges & Data (0.58%)
	200,000	Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.)		15,498,427		24,918,000
		Investment Banking & Brokerage (0.85%)
	750,000	Moelis & Co., Cl A		18,642,401		36,375,000
	Total Financials			57,385,915		99,168,000
Health Care (13.81%)
		Biotechnology (0.50%)
	1,500,000	Abcam plc (United Kingdom) 2		14,075,553		21,366,137
		Health Care Equipment (4.36%)
	515,000	Cantel Medical Corp.		21,972,255		52,978,050
	300,000	DexCom, Inc. 1		3,984,388		17,217,000
	750,000	IDEXX Laboratories, Inc. 1		11,724,552		117,285,000
				37,681,195		187,480,050
		Health Care Technology (1.34%)
	1,650,000	Teladoc, Inc. 1		53,764,468		57,502,500
		Life Sciences Tools & Services (6.36%)
	775,000	ICON plc 1,2		22,033,569		86,916,250
	400,000	INC Research Holdings, Inc., Cl A 1		7,400,000		17,440,000
	140,000	Mettler-Toledo International, Inc. 1		7,249,198		86,732,800
	900,000	PRA Health Sciences, Inc. 1		16,553,917		81,963,000
				53,236,684		273,052,050
		Managed Health Care (1.25%)
	1,150,000	HealthEquity, Inc. 1		19,890,974		53,659,000
	Total Health Care			178,648,874		593,059,737

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (23.53%)
		Aerospace & Defense (4.35%)
	1,100,000	Mercury Systems, Inc. 1	$	30,895,240	$	56,485,000
	475,000	TransDigm Group, Inc. 1		2		130,444,500
				30,895,242		186,929,500
		Construction & Machinery & Heavy Trucks (0.95%)
	1,250,000	REV Group, Inc.		29,783,632		40,662,500
		Diversified Support Services (0.21%)
	172,818	Healthcare Services Group, Inc.		5,082,397		9,110,965
		Electrical Components & Equipment (1.85%)
	450,000	Acuity Brands, Inc.		22,758,773		79,200,000
		Environmental & Facilities Services (3.30%)
	2,000,000	Waste Connections, Inc. 2		87,333,333		141,880,000
		Human Resource & Employment Services (2.77%)
	1,850,000	On Assignment, Inc. 1		45,881,952		118,899,500
		Industrial Machinery (4.55%)
	750,000	John Bean Technologies Corp.		65,764,804		83,100,000
	250,000	Nordson Corp.		6,938,012		36,600,000
	300,000	RBC Bearings, Incorporated 1		19,150,207		37,920,000
	1,600,000	Welbilt, Inc. 1		27,323,186		37,616,000
				119,176,209		195,236,000
		Trading Companies & Distributors (5.55%)
	750,000	Beacon Roofing Supply, Inc. 1		35,982,302		47,820,000
	1,375,000	SiteOne Landscape Supply, Inc. 1		41,419,060		105,462,500
	2,750,000	Univar, Inc. 1		63,423,166		85,140,000
				140,824,528		238,422,500
	Total Industrials			481,736,066		1,010,340,965
Information Technology (29.68%)
		Application Software (9.00%)
	600,000	ACI Worldwide, Inc. 1		7,083,853		13,602,000
	1,175,771	Altair Engineering, Inc., Cl A 1		19,467,616		28,124,442
	850,000	Aspen Technology, Inc. 1		31,990,281		56,270,000
	6,000,000	Cision Ltd. 1,2,3		64,996,212		71,220,000
	1,750,000	Guidewire Software, Inc. 1		56,545,754		129,955,000
	400,000	The Ultimate Software Group, Inc. 1		15,338,294		87,292,000
				195,422,010		386,463,442

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (3.16%)
	375,000	FleetCor Technologies, Inc. 1	$	8,780,432	$	72,161,250
	450,000	WEX, Inc. 1		18,982,530		63,553,500
				27,762,962		135,714,750
		Electronic Equipment & Instruments (2.71%)
	1,900,000	Cognex Corp.		15,226,732		116,204,000
		Internet Software & Services (6.98%)
	1,250,000	2U, Inc. 1		60,172,362		80,637,500
	2,500,000	GTT Communications, Inc. 1,4		77,310,807		117,375,000
	775,000	The Trade Desk, Inc., Cl A 1		33,107,176		35,440,750
	900,000	Wix.com Ltd. 1,2		53,498,831		51,795,000
	1,200,000	Yext, Inc. 1		15,612,217		14,436,000
				239,701,393		299,684,250
		IT Consulting & Other Services (5.46%)
	2,250,000	Acxiom Corporation 1		51,976,675		62,010,000
	1,400,000	Gartner, Inc. 1		23,400,287		172,410,000
				75,376,962		234,420,000
		Semiconductors (0.95%)
	1,250,000	MACOM Technology Solutions Holdings, Inc. 1		49,434,835		40,675,000
		Systems Software (0.91%)
	660,000	Qualys, Inc. 1		24,304,793		39,171,000
		Technology Hardware, Storage & Peripherals (0.51%)
	750,000	Electronics For Imaging, Inc. 1		30,690,964		22,147,500
	Total Information Technology			657,920,651		1,274,479,942
Materials (4.08%)
		Commodity Chemicals (0.20%)
	350,000	Westlake Chemical Partners LP		8,402,456		8,732,500
		Construction Materials (1.86%)
	2,535,000	Summit Materials, Inc., Cl A 1		52,667,129		79,700,400
		Metal & Glass Containers (1.09%)
	800,000	Berry Global Group, Inc. 1		12,652,147		46,936,000
		Specialty Chemicals (0.93%)
	1,250,000	GCP Applied Technologies, Inc. 1		36,267,963		39,875,000
	Total Materials			109,989,695		175,243,900

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Real Estate (4.26%)
		Office REITs (0.24%)
	100,000	SL Green Realty Corp.	$	2,127,325	$	10,093,000
		Real Estate Services (0.50%)
	500,000	CBRE Group, Inc., Cl A 1		2,180,507		21,655,000
		Specialized REITs (3.52%)
	1,100,000	Gaming and Leisure Properties, Inc.		18,408,255		40,700,000
	675,000	SBA Communications Corp. 1		2,720,831		110,268,000
				21,129,086		150,968,000
	Total Real Estate			25,436,918		182,716,000
	Total Common Stocks			2,031,863,899		4,192,024,044
Principal Amount
Short Term Investments (2.45%)
	$105,237,511	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2017, 0.20% due 1/2/2018; Proceeds at maturity - $105,239,849; (Fully collateralized by $102,225,000 U.S. Treasury Inflation-Indexed Note, 0.125% due 4/15/2020; Market value - $107,344,735) 5		105,237,511		105,237,511
	Total Investments (100.08%)		$	2,137,101,410		4,297,261,555
	Liabilities Less Cash and Other Assets (-0.08%)					(3,648,972	)
	Net Assets				$	4,293,612,583
	Retail Shares (Equivalent to $28.34 per share based on 60,427,517 shares outstanding)				$	1,712,322,011
	Institutional Shares (Equivalent to $29.35 per share based on 84,204,145 shares outstanding)				$	2,471,221,311
	R6 Shares (Equivalent to $29.34 per share based on 3,751,412 shares outstanding)				$	110,069,261

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

⁴  See Note 6 regarding “Affiliated” companies.

⁵  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 Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.99%)
Consumer Discretionary (19.20%)
		Automobile Manufacturers (4.62%)
	37,500	Tesla, Inc. 1	$	7,594,190	$	11,675,625
		Internet & Direct Marketing Retail (12.83%)
	15,075	Amazon.com, Inc. 1		4,819,012		17,629,760
	48,800	Expedia, Inc.		5,484,289		5,844,776
	25,125	Netflix, Inc. 1		879,193		4,822,995
	2,385	The Priceline Group, Inc. 1		377,932		4,144,510
				11,560,426		32,442,041
		Movies & Entertainment (1.75%)
	224,014	Manchester United plc, Cl A 2		3,569,854		4,435,477
	Total Consumer Discretionary			22,724,470		48,553,143
Energy (1.08%)
		Oil & Gas Exploration & Production (1.08%)
	18,215	Concho Resources, Inc. 1		1,642,972		2,736,257
Financials (3.22%)
		Financial Exchanges & Data (1.03%)
	12,900	MarketAxess Holdings, Inc.		1,281,830		2,602,575
		Investment Banking & Brokerage (2.19%)
	108,100	The Charles Schwab Corp.		3,141,328		5,553,097
	Total Financials			4,423,158		8,155,672
Health Care (12.78%)
		Biotechnology (7.85%)
	48,300	Acceleron Pharma, Inc. 1		1,553,191		2,049,852
	74,802	Argenx SE, ADR 1,2		2,094,702		4,722,999
	6,400	Biogen, Inc. 1		1,840,396		2,038,848
	60,955	Gemphire Therapeutics, Inc. 1		914,472		484,592
	45,600	Sage Therapeutics, Inc. 1		1,427,516		7,510,776
	20,200	Vertex Pharmaceuticals, Inc. 1		3,108,492		3,027,172
				10,938,769		19,834,239
		Health Care Equipment (2.71%)
	29,500	Edwards Lifesciences Corp. 1		2,603,315		3,324,945
	9,635	Intuitive Surgical, Inc. 1		2,109,051		3,516,197
				4,712,366		6,841,142
		Life Sciences Tools & Services (1.27%)
	14,715	Illumina, Inc. 1		732,067		3,215,080
		Pharmaceuticals (0.95%)
	60,500	Supernus Pharmaceuticals, Inc. 1		2,580,931		2,410,925
	Total Health Care			18,964,133		32,301,386
Industrials (1.03%)
		Research & Consulting Services (1.03%)
	27,090	Verisk Analytics, Inc. 1		1,263,025		2,600,640

Shares			Cost		Value
Common Stocks (continued)
Information Technology (58.87%)
		Application Software (12.13%)
	21,600	Adobe Systems, Inc. 1	$	3,732,918	$	3,785,184
	9,475	ANSYS, Inc. 1		187,523		1,398,415
	186,200	Guidewire Software, Inc. 1		4,706,275		13,827,212
	35,280	salesforce.com, Inc. 1		2,045,993		3,606,675
	36,700	Splunk, Inc. 1		2,026,147		3,040,228
	124,000	SS&C Technologies Holdings, Inc.		4,176,329		5,019,520
				16,875,185		30,677,234
		Data Processing & Outsourced Services (4.98%)
	41,200	MasterCard Incorporated, Cl A		3,377,473		6,236,032
	55,800	Visa, Inc., Cl A		4,044,934		6,362,316
				7,422,407		12,598,348
		Home Entertainment Software (1.27%)
	30,500	Electronic Arts, Inc. 1		2,820,278		3,204,330
		Internet Software & Services (24.34%)
	41,360	2U, Inc. 1		1,890,847		2,668,133
	35,000	Alibaba Group Holding Ltd., ADR 1,2		2,433,089		6,035,050
	12,350	Alphabet, Inc., Cl C 1		8,249,454		12,923,040
	141,214	Benefitfocus, Inc. 1		4,707,693		3,812,778
	33,233	CoStar Group, Inc. 1		743,441		9,868,539
	37,050	Facebook, Inc., Cl A 1		2,481,532		6,537,843
	137,300	Tencent Holdings Ltd. (Hong Kong) 2		4,134,155		7,134,887
	42,000	The Trade Desk, Inc., Cl A 1		756,000		1,920,660
	84,643	Wix.com Ltd. 1,2		4,821,625		4,871,205
	204,000	Yext, Inc. 1		2,747,976		2,454,120
	80,950	Zillow Group, Inc., Cl C 1		1,808,633		3,312,474
				34,774,445		61,538,729
		IT Consulting & Other Services (7.28%)
	186,700	Acxiom Corporation 1		2,578,501		5,145,452
	107,687	Gartner, Inc. 1		2,132,931		13,261,654
				4,711,432		18,407,106
		Semiconductors (1.06%)
	41,200	Mellanox Technologies Ltd. 1,2		1,575,442		2,665,640
		Systems Software (7.81%)
	82,500	Microsoft Corp.		6,964,262		7,057,050
	29,600	Proofpoint, Inc. 1		2,381,481		2,628,776
	10,100	Red Hat, Inc. 1		438,010		1,213,010
	49,000	ServiceNow, Inc. 1		2,871,620		6,389,110
	50,500	Varonis Systems, Inc. 1		1,398,382		2,451,775
				14,053,755		19,739,721
	Total Information Technology			82,232,944		148,831,108
Real Estate (2.81%)
		Specialized REITs (2.81%)
	9,725	Equinix, Inc.		184,084		4,407,565
	16,500	SBA Communications Corp. 1		55,186		2,695,440
	Total Real Estate			239,270		7,103,005
	Total Common Stocks			131,489,972		250,281,211

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (1.12%)
	$2,832,553	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2017, 0.20% due 1/2/2018; Proceeds at maturity – $2,832,616; (Fully collateralized by $2,755,000 U.S. Treasury Inflation-Indexed Note, 0.125% due 4/15/2020; Market value – $2,892,979) 3	$	2,832,553	$	2,832,553
	Total Investments (100.11%)		$	134,322,525	$	253,113,764
	Liabilities Less Cash and Other Assets (-0.11%)					(289,948	)
	Net Assets				$	252,823,816
	Retail Shares (Equivalent to $17.00 per share based on 11,537,517 shares outstanding)				$	196,180,560
	Institutional Shares (Equivalent to $17.60 per share based on 3,154,233 shares outstanding)				$	55,520,099
	R6 Shares (Equivalent to $17.61 per share based on 63,766 shares outstanding)				$	1,123,157

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.26%)
Consumer Discretionary (28.44%)
		Automobile Manufacturers (1.35%)
	8,667	Tesla, Inc. 1	$	2,405,668	$	2,698,471
		Cable & Satellite (4.40%)
	31,450	Naspers Limited, Cl N (South Africa)2		5,187,697		8,772,192
		Internet & Direct Marketing Retail (22.69%)
	25,796	Amazon.com, Inc. 1		6,402,448		30,167,648
	91,960	Ctrip.com International Ltd., ADR 1,2		2,980,457		4,055,436
	29,321	Expedia, Inc.		3,507,773		3,511,776
	4,337	The Priceline Group, Inc. 1		2,941,040		7,536,579
				15,831,718		45,271,439
	Total Consumer Discretionary			23,425,083		56,742,102
Financials (10.22%)
		Asset Management & Custody Banks (1.85%)
	84,940	Brookfield Asset Management, Inc., Cl A 2		1,716,811		3,698,288
		Consumer Finance (1.18%)
	60,667	Synchrony Financial		1,985,245		2,342,353
		Financial Exchanges & Data (2.60%)
	35,570	CME Group, Inc.		2,088,336		5,194,998
		Investment Banking & Brokerage (3.00%)
	116,272	The Charles Schwab Corp.		3,623,115		5,972,893
		Regional Banks (1.59%)
	36,627	First Republic Bank		2,619,742		3,173,363
	Total Financials			12,033,249		20,381,895
Health Care (10.24%)
		Biotechnology (3.39%)
	6,459	Biogen, Inc. 1		1,734,906		2,057,644
	5,489	Regeneron Pharmaceuticals, Inc. 1		1,763,077		2,063,644
	17,601	Vertex Pharmaceuticals, Inc. 1		2,647,664		2,637,686
				6,145,647		6,758,974
		Health Care Equipment (2.50%)
	13,686	Intuitive Surgical, Inc. 1		2,885,519		4,994,569
		Health Care Technology (1.10%)
	39,553	Veeva Systems, Inc., Cl A 1		2,437,351		2,186,490
		Life Sciences Tools & Services (3.25%)
	29,701	Illumina, Inc. 1		1,055,540		6,489,371
	Total Health Care			12,524,057		20,429,404
Information Technology (42.22%)
		Application Software (0.36%)
	48,528	Snap, Inc., Cl A 1		835,904		708,994
		Data Processing & Outsourced Services (11.19%)
	65,205	MasterCard Incorporated, Cl A		3,418,562		9,869,429
	40,179	Vantiv, Inc., Cl A 1		2,732,880		2,955,165
	83,299	Visa, Inc., Cl A		2,537,808		9,497,752
				8,689,250		22,322,346
		Internet Software & Services (21.13%)
	92,830	Alibaba Group Holding Limted., ADR 1,2		7,959,441		16,006,677
	1,948	Alphabet, Inc., Cl A 1		280,365		2,052,023
	10,046	Alphabet, Inc., Cl C 1		4,142,964		10,512,135

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Internet Software & Services (continued)
	65,002	Facebook, Inc., Cl A 1	$	1,611,511	$	11,470,253
	36,504	Wix.com Ltd. 1,2		2,661,907		2,100,805
				16,656,188		42,141,893
		IT Consulting & Other Services (1.73%)
	32,126	EPAM Systems, Inc. 1		2,264,388		3,451,296
		Semiconductor Equipment (2.41%)
	27,701	ASML Holding N.V. 2		1,817,805		4,814,988
		Systems Software (2.29%)
	38,097	Red Hat, Inc. 1		1,910,187		4,575,450
		Technology Hardware, Storage & Peripherals (3.11%)
	36,662	Apple, Inc.		869,664		6,204,310
	Total Information Technology			33,043,386		84,219,277
Materials (0.70%)
		Fertilizers & Agricultural Chemicals (0.70%)
	11,969	Monsanto Co.		839,783		1,397,740
Real Estate (4.44%)
		Specialized REITs (4.44%)
	19,555	Equinix, Inc.		3,178,515		8,862,717
	Total Common Stocks			85,044,073		192,033,135
Principal Amount
Short Term Investments (3.69%)
	$7,356,152	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2017, 0.20% due 1/2/2018; Proceeds at maturity – $7,356,316; (Fully collateralized by $7,150,000 U.S. Treasury Inflation-Indexed Note, 0.125% due 4/15/2020 Market value – $7,508,093)3		7,356,152		7,356,152
	Total Investments (99.95%)		$	92,400,225		199,389,287
	Cash and Other Assets Less Liabilities (0.05%)					102,289
	Net Assets				$	199,491,576
	Retail Shares (Equivalent to $25.47 per share based on 3,676,381 shares outstanding)				$	93,642,294
	Institutional Shares (Equivalent to $25.91 per share based on 3,892,076 shares outstanding)				$	100,858,384
	R6 Shares (Equivalent to $25.92 per share based on 192,545 shares outstanding)				$	4,990,898

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.35%)
Consumer Discretionary (12.37%)
		Casinos & Gaming (5.16%)
	135,000	Pinnacle Entertainment, Inc. 1	$	2,170,180	$	4,418,550
	275,000	Red Rock Resorts, Inc., Cl A		6,289,895		9,278,500
				8,460,075		13,697,050
		Internet & Direct Marketing Retail (1.67%)
	100,000	Liberty Expedia Holdings, Inc., Cl A 1		4,602,767		4,433,000
		Movies & Entertainment (1.09%)
	88,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		2,547,514		2,879,360
		Restaurants (2.64%)
	180,000	Wingstop, Inc.		4,795,203		7,016,400
		Specialty Stores (1.81%)
	345,000	Party City Holdco, Inc. 1		4,594,539		4,812,750
	Total Consumer Discretionary			25,000,098		32,838,560
Consumer Staples (0.16%)
		Packaged Foods & Meats (0.16%)
	750,000	Barfresh Food Group, Inc. 1		417,200		434,925
Energy (3.48%)
		Oil & Gas Storage & Transportation (3.48%)
	89,739	Dominion Energy Midstream Partners, L.P.		2,279,265		2,732,552
	130,000	Noble Midstream Partners LP		6,604,764		6,500,000
	Total Energy			8,884,029		9,232,552
Financials (1.33%)
		Property & Casualty Insurance (1.33%)
	78,309	Kinsale Capital Group, Inc.		1,905,575		3,523,905
Health Care (25.49%)
		Biotechnology (12.15%)
	123,200	Adamas Pharmaceuticals, Inc. 1		2,381,360		4,175,248
	45,000	Emergent BioSolutions, Inc. 1		2,110,666		2,091,150
	12,900	Esperion Therapeutics, Inc. 1		768,146		849,336
	226,300	Flexion Therapeutics, Inc. 1		4,347,419		5,666,552
	88,700	Foundation Medicine, Inc. 1		2,189,356		6,049,340
	262,359	Gemphire Therapeutics, Inc. 1		3,674,058		2,085,754
	185,000	Myriad Genetics, Inc. 1		3,624,352		6,353,825
	30,200	Sage Therapeutics, Inc. 1		1,834,187		4,974,242
				20,929,544		32,245,447
		Health Care Equipment (3.41%)
	195,969	AxoGen, Inc. 1		3,500,688		5,545,923
	17,000	Inogen, Inc. 1		785,327		2,024,360
	21,300	Nevro Corp. 1		1,653,257		1,470,552
				5,939,272		9,040,835

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (3.96%)
	1,071,000	Cerus Corp. 1	$	4,338,228	$	3,619,980
	490,100	Sientra, Inc. 1		4,288,835		6,890,806
				8,627,063		10,510,786
		Health Care Technology (3.70%)
	281,500	Teladoc, Inc. 1		7,957,292		9,810,275
		Pharmaceuticals (2.27%)
	1,000,000	TherapeuticsMD, Inc. 1		5,387,387		6,040,000
	Total Health Care			48,840,558		67,647,343
Industrials (11.76%)
		Aerospace & Defense (3.82%)
	747,194	The KEYW Holding Corporation 1		6,401,341		4,386,029
	112,000	Mercury Systems, Inc. 1		2,473,536		5,751,200
				8,874,877		10,137,229
		Heavy Electrical Equipment (2.55%)
	331,000	TPI Composites, Inc. 1		5,931,787		6,772,260
		Industrial Machinery (3.65%)
	71,600	ESCO Technologies, Inc.		3,678,722		4,313,900
	233,000	Kornit Digital Ltd. 1,2		3,607,457		3,762,950
	25,000	Sun Hydraulics Corp.		886,523		1,617,250
				8,172,702		9,694,100
		Trading Companies & Distributors (1.74%)
	60,000	SiteOne Landscape Supply, Inc. 1		2,367,982		4,602,000
	Total Industrials			25,347,348		31,205,589
Information Technology (33.34%)
		Application Software (1.10%)
	50,000	QAD, Inc., Cl A		1,469,585		1,942,500
	32,000	QAD, Inc., Cl B		646,894		975,680
				2,116,479		2,918,180
		Electronic Equipment & Instruments (4.77%)
	16,300	Coherent, Inc. 1		2,853,428		4,600,186
	160,900	Novanta, Inc. 1,2		4,853,948		8,045,000
				7,707,376		12,645,186
		Internet Software & Services (10.89%)
	50,000	2U, Inc. 1		2,562,807		3,225,500
	166,000	CommerceHub, Inc., Series C 1		2,791,422		3,417,940
	60,700	Envestnet, Inc. 1		2,158,421		3,025,895
	650,000	JUST EAT plc (United Kingdom)1,2		4,525,679		6,854,041
	180,000	Quotient Technology, Inc. 1		1,965,105		2,115,000
	140,000	The Trade Desk, Inc., Cl A 1		5,255,325		6,402,200
	320,000	Yext, Inc. 1		4,275,954		3,849,600
				23,534,713		28,890,176

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (2.23%)
	215,000	Acxiom Corp. 1	$	5,558,433	$	5,925,400
		Semiconductor Equipment (2.53%)
	170,000	Ichor Holdings Ltd. 1,2		2,915,748		4,182,000
	160,500	PDF Solutions, Inc. 1		2,890,966		2,519,850
				5,806,714		6,701,850
		Semiconductors (5.39%)
	415,000	Everspin Technologies, Inc. 1		3,807,869		3,112,500
	155,000	Impinj, Inc. 1		3,936,840		3,492,150
	237,000	MACOM Technology Solutions Holdings, Inc. 1		10,071,449		7,711,980
				17,816,158		14,316,630
		Systems Software (6.43%)
	129,722	ForeScout Technologies, Inc. 1		3,219,756		4,136,834
	129,600	Qualys, Inc. 1		4,045,805		7,691,760
	108,000	Varonis Systems, Inc. 1		3,110,092		5,243,400
				10,375,653		17,071,994
	Total Information Technology			72,915,526		88,469,416
Real Estate (3.21%)
		Diversified REITs (1.98%)
	189,000	Alexander & Baldwin, Inc.		7,609,144		5,242,860
		Industrial REITs (1.23%)
	112,000	Rexford Industrial Realty, Inc.		2,608,917		3,265,920
	Total Real Estate			10,218,061		8,508,780
Telecommunication Services (2.21%)
		Integrated Telecommunication Services (2.21%)
	150,000	General Communication, Inc., Cl A 1		5,535,884		5,853,000
	Total Common Stocks			199,064,279		247,714,070

Shares			Cost		Value
Warrants (0.02%)
Consumer Staples (0.02%)
		Packaged Foods & Meats (0.02%)
	300,000	Barfresh Food Group, Inc. Warrants Exp 3/13/2020 1,3,4	$	0	$	54,000
Principal Amount
Short Term Investments (5.55%)
Repurchase Agreement (5.55%)
	$14,730,951	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/29/2017, 0.20% due 1/2/2018; Proceeds at maturity - $14,731,278; (Fully collateralized by $14,310,000 U.S. Treasury Inflation-Indexed Note, 0.125% due 4/15/2020; Market value - $15,026,688)4		14,730,951		14,730,951
	Total Investments (98.92%)		$	213,795,230		262,499,021
	Cash and Other Assets Less Liabilities (1.08%)					2,855,572
	Net Assets				$	265,354,593
	Retail Shares (Equivalent to $18.14 per share based on 7,256,261 shares outstanding)				$	131,621,252
	Institutional Shares (Equivalent to $18.30 per share based on 7,126,208 shares outstanding)				$	130,405,473
	R6 Shares (Equivalent to $18.30 per share based on 181,869 shares outstanding)				$	3,327,868

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2017, the market value of restricted and fair valued securities amounted to $54,000 or 0.02% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

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 Funds December 31, 2017

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Baron Investment Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987, and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Trust currently offers seven series (individually, a “Fund” and collectively, the “Funds”): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund and Baron Durable Advantage Fund. Baron Durable Advantage Fund commenced operations on January 2, 2018 and, therefore, is not included in this report.

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 for investments in the amount of $5 million or more per Fund. 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), 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 the adviser, and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund’s investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.

The investment goals of the Funds are as follows:

Baron Asset Fund seeks capital appreciation through long-term investments primarily in securities of medium-sized companies with undervalued assets or favorable growth prospects.

Baron Growth Fund seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies.

Baron Small Cap Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Opportunity Fund seeks capital appreciation through investments primarily in growth companies that benefit from technology advances.

Baron Fifth Avenue Growth Fund seeks capital appreciation through investments primarily in securities of large-sized growth companies.

Baron Discovery Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Durable Advantage Fund seeks capital appreciation through investments primarily in securities of large-sized companies.

2. SIGNIFICANT ACCOUNTING POLICIES

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

a) Security Valuation. The Funds’ share prices or net asset values (“NAV”) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the “NAV Calculation Time”)) on the New York Stock Exchange (the “Exchange”) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.’s (the “Adviser”) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the “Board”). The 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. 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 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 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, and sensitivity analysis, when available. 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 are valued on the basis of their most recent closing market prices and translated into U.S. dollars at the NAV Calculation Time, except under the circumstances described below. Most foreign markets close before the NAV Calculation Time. For securities primarily traded in the Far East, for example, the most recent closing prices may be as much as 15 hours old at the NAV Calculation Time. As a result, the Adviser may use a third-party pricing service to assist in determining fair value of foreign securities. This service utilizes a systematic methodology in making fair value estimates. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. The Adviser cannot predict how often it will use closing prices or how often it will adjust those prices. As a means of evaluating its fair value process, the Adviser routinely compares closing market prices, the next day’s opening prices in the same markets, and the adjusted prices. Other mutual funds may adjust the prices of their securities by different amounts.

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

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

At December 31, 2017, the Funds did not have any securities on loan.

d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by ASU No. 2011-11 for the Funds’ investments in repurchase agreements at December 31, 2017, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Schedule of Investments.

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

Baron Funds December 31, 2017

3. RESTRICTED SECURITIES

At December 31, 2017, 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. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At December 31, 2017, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:

	Baron Asset Fund
Name of Issuer	Acquisition Date(s)		Value
Private Equity Investments
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011	$	684,454
(Cost $0) (0.02% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Equity Investments
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011	$	230,392
(Cost $0) (0.00% of Net Assets)
	Baron Discovery Fund
Name of Issuer	Acquisition Date(s)		Value
Warrants
Barfresh Food Group, Inc., Warrants, Exp 3/13/2020		2/23/2015	$	54,000
(Cost $0) (0.02% of Net Assets)

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 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 due to significant movement in the U.S. markets. Since these values are not obtained from quoted prices in an active market, such securities are reflected as Level 2.

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

Baron Funds December 31, 2017

The following is a summary of the inputs used as of December 31, 2017 in valuing the Funds’ investments carried at fair value:

	Baron Asset Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,020,438,939	$	—	$	—	$	3,020,438,939
Mutual Funds		—		—		684,454		684,454
Short Term Investments		—		47,834,872		—		47,834,872
Total Investments	$	3,020,438,939	$	47,834,872	$	684,454	$	3,068,958,265
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.
	Baron Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,231,913,007	$	—	$	—	$	6,231,913,007
Preferred Stocks		—		17,183,308		—		17,183,308
Mutual Funds		—		—		230,392		230,392
Total Investments	$	6,231,913,007	$	17,183,308	$	230,392	$	6,249,326,707
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.
	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,192,024,044	$	—	$	—	$	4,192,024,044
Short Term Investments		—		105,237,511		—		105,237,511
Total Investments	$	4,192,024,044	$	105,237,511	$	—	$	4,297,261,555
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.
	Baron Opportunity Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	250,281,211	$	—	$	—	$	250,281,211
Short Term Investments		—		2,832,553		—		2,832,553
Total Investments	$	250,281,211	$	2,832,553	$	—	$	253,113,764
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.

† See Schedules of Investments for additional detailed categorizations.

Baron Funds December 31, 2017

	Baron Fifth Avenue Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	192,033,135	$	—	$	—	$	192,033,135
Short Term Investments		—		7,356,152		—		7,356,152
Total Investments	$	192,033,135	$	7,356,152	$	—	$	199,389,287
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.
	Baron Discovery Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	247,714,070	$	—	$	—	$	247,714,070
Warrants		—		54,000		—		54,000
Short Term Investments†		—		14,730,951		—		14,730,951
Total Investments	$	247,714,070	$	14,784,951	$	—	$	262,499,021
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on December 31, 2017. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the three months ended December 31, 2017.

† See Schedules of Investments for additional detailed categorizations.

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

	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2017		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2017		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2017
Private Equity Investments
Financials	$	3,330,537	$	—	$	—	$	572,761	$	—	$	(3,218,844)	$	—	$	—	$	684,454	$	572,761
Total	$	3,330,537	$	—	$	—	$	572,761	$	—	$	(3,218,844)	$	—	$	—	$	684,454	$	572,761
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2016		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2017		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2017
Private Equity Investments
Financials	$	1,121,082	$	—	$	—	$	192,795	$	—	$	(1,083,485)	$	—	$	—	$	230,392	$	192,795
Total	$	1,121,082	$	—	$	—	$	192,795	$	—	$	(1,083,485)	$	—	$	—	$	230,392	$	192,795

Baron Funds December 31, 2017

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of December 31, 2017, the components of net assets on a tax basis were as follows:

	Baron Asset Fund		Baron Growth Fund		Baron Small Cap Fund		Baron Opportunity Fund		Baron Fifth Avenue Growth Fund		Baron Discovery Fund
Cost of investments	$	1,164,847,421	$	2,133,890,597	$	2,137,101,410	$	134,322,525	$	92,400,225	$	213,795,230
Gross tax unrealized appreciation	$	1,907,609,885	$	4,147,910,061	$	2,197,278,305	$	120,661,216	$	107,937,913	$	60,165,688
Gross tax unrealized depreciation		(3,499,041)		(32,473,951)		(37,118,160)		(1,869,977)		(948,851)		(11,461,897)
Net unrealized appreciation	$	1,904,110,844	$	4,115,436,110	$	2,160,160,145	$	118,791,239	$	106,989,062	$	48,703,791

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2017		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December 31, 2017		Value at December 31, 2017		% of Net Assets at December 31, 2017
“Affiliated” Company as of December 31, 2017:
Benefitfocus, Inc.	$	78,215,185	$	—	$	3,345,583	$	(15,519,274)	$	49,672	$	—		2,200,000	$	59,400,000		0.96%
Choice Hotels International, Inc.		192,179,250		—		—		41,202,750		—		646,613		3,007,500		233,382,000		3.77%
Iridium Communications, Inc.		77,182,401		—		—		11,240,156		—		—		7,493,437		88,422,557		1.43%
Iridium Communications, Inc., Series B, 6.75%		14,927,934		—		—		2,255,374		—		—		41,074		17,183,308		0.28%
Marriott Vacations Worldwide Corp.		199,248,000		—		—		17,088,000		—		640,000		1,600,000		216,336,000		3.49%
Vail Resorts, Inc.		501,178,043		—		—		(34,382,940)		—		4,626,867		2,196,993		466,795,103		7.53%
	$	1,062,930,813	$	—	$	3,345,583	$	21,884,066	$	49,672	$	5,913,480			$	1,081,518,968
BARON SMALL CAP FUND
Name of Issuer	Value at September 30, 2017		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at December 31, 2017		Value at December 31, 2017		% of Net Assets at December 31, 2017
“Affiliated” Company as of December 31, 2017:
GTT Communications, Inc.	$	72,105,030	$	7,991,285	$	—	$	37,278,685	$	—	$	—		2,500,000	$	117,375,000		2.73%
“No Longer an Affiliated” Company as of December 31, 2017:
The Chefs’ Warehouse, Inc.	$	28,950,000	$	—	$	18,696,419	$	(2,425,230)	$	4,471,649	$	—		600,000	$	12,300,000		0.29%

1 An “Affiliated” Company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the three months ended December 31, 2017.

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

1. The certifications of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are exhibits to this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Baron Investment Funds Trust
By:	/s/    RONALD BARON
	Ronald Baron
	Chief Executive Officer
Date:	February 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/    RONALD BARON
	Ronald Baron
	Chief Executive Officer
By:	/s/    PEGGY WONG
	Peggy Wong
	Treasurer and Chief Financial Officer
Date:	February 23, 2018