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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: June 30, 2018

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

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.95%)
Consumer Discretionary (12.64%)
		Automotive Retail (0.39%)
	178,446	CarMax, Inc. 1	$	2,023,599	$	13,003,360
		Cable & Satellite (0.67%)
	293,000	Liberty Broadband Corporation, Cl C 1		20,657,061		22,185,960
		Casinos & Gaming (0.42%)
	384,405	The Stars Group, Inc. 1,2		14,607,390		13,953,902
		Hotels, Resorts & Cruise Lines (2.30%)
	507,442	Choice Hotels International, Inc.		2,173,983		38,362,615
	496,233	Hyatt Hotels Corp., Cl A		13,413,212		38,284,376
				15,587,195		76,646,991
		Internet & Direct Marketing Retail (2.61%)
	25,759	Booking Holdings, Inc. 1		4,113,567		52,215,811
	288,627	Expedia Group, Inc.		35,637,276		34,690,079
				39,750,843		86,905,890
		Leisure Facilities (5.27%)
	639,538	Vail Resorts, Inc.		12,388,781		175,354,924
		Specialty Stores (0.98%)
	248,117	Tiffany & Co.		7,649,601		32,652,197
	Total Consumer Discretionary			112,664,470		420,703,224
Energy (0.31%)
		Oil & Gas Exploration & Production (0.31%)
	74,931	Concho Resources, Inc. 1		3,203,300		10,366,704
Financials (13.34%)
		Asset Management & Custody Banks (1.14%)
	327,514	T. Rowe Price Group, Inc.		12,239,533		38,021,100
		Financial Exchanges & Data (3.78%)
	401,723	FactSet Research Systems, Inc.		21,659,549		79,581,326
	233,267	MarketAxess Holdings, Inc.		26,260,605		46,154,209
				47,920,154		125,735,535
		Insurance Brokers (1.82%)
	400,421	Willis Towers Watson plc 2		49,309,490		60,703,824
		Investment Banking & Brokerage (3.26%)
	2,125,936	The Charles Schwab Corp.		1,921,092		108,635,330
		Property & Casualty Insurance (1.97%)
	2,478,444	Arch Capital Group Ltd. 1,2		8,935,864		65,579,628
		Regional Banks (1.37%)
	471,421	First Republic Bank		14,958,209		45,628,838
	Total Financials			135,284,342		444,304,255

Shares			Cost		Value
Common Stocks (continued)
Health Care (23.51%)
		Biotechnology (0.67%)
	143,658	Sage Therapeutics, Inc. 1	$	23,292,980	$	22,486,787
		Health Care Equipment (8.47%)
	1,067,630	IDEXX Laboratories, Inc. 1		20,058,109		232,679,282
	183,644	Teleflex, Inc.		36,133,062		49,255,157
				56,191,171		281,934,439
		Health Care Supplies (3.79%)
	84,360	Align Technology, Inc. 1		12,821,265		28,862,931
	157,418	The Cooper Companies, Inc.		19,849,960		37,064,068
	605,404	West Pharmaceutical Services, Inc.		26,455,689		60,110,563
				59,126,914		126,037,562
		Health Care Technology (1.03%)
	448,386	Veeva Systems, Inc., Cl A 1		25,739,022		34,462,948
		Life Sciences Tools & Services (9.55%)
	396,986	Bio-Techne Corporation		39,003,090		58,734,078
	322,552	Illumina, Inc. 1		13,881,723		90,085,548
	234,117	Mettler-Toledo International, Inc. 1		14,406,385		135,467,120
	174,000	Waters Corp. 1		36,364,371		33,684,660
				103,655,569		317,971,406
	Total Health Care			268,005,656		782,893,142
Industrials (17.82%)
		Aerospace & defense (0.97)
	516,082	BWX Technologies, Inc.		25,835,700		32,162,230
		Agricultural & Farm Machinery (0.94%)
	521,045	The Toro Co.		32,106,861		31,392,961
		Building Products (0.94%)
	526,158	AO Smith Corp.		27,577,969		31,122,246
		Construction Machinery & Heavy Trucks (1.03%)
	42,284	WABCO Holdings, Inc. 1		4,878,767		4,948,074
	297,740	Westinghouse Air Brake Technologies Corporation		19,242,845		29,351,209
				24,121,612		34,299,283
		Environmental & Facilities Services (1.04%)
	656,408	Rollins, Inc.		20,292,297		34,513,933
		Industrial Conglomerates (1.97%)
	238,192	Roper Technologies, Inc.		19,882,431		65,719,555
		Industrial Machinery (1.75%)
	426,760	IDEX Corporation		31,129,521		58,244,205
		Research & Consulting Services (8.82%)
	198,493	CoStar Group, Inc. 1		34,240,615		81,904,166
	1,093,500	TransUnion		49,973,254		78,338,340
	1,240,206	Verisk Analytics, Inc. 1		31,725,218		133,495,774
				115,939,087		293,738,280
		Trading Companies & Distributors (0.36%)
	248,117	Fastenal Co.		4,100,825		11,941,871
	Total Industrials			300,986,303		593,134,564

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost	Value
Common Stocks (continued)
Information Technology (25.09%)
		Application Software (9.19%)
	545,856	ANSYS, Inc. 1	$     14,655,945	$     95,077,198
	628,271	Ceridian HCM Holding, Inc. 1	17,914,653	20,852,314
	1,260,809	Guidewire Software, Inc. 1	62,448,790	111,934,623
	937,076	SS&C Technologies Holdings, Inc.	26,106,444	48,634,244
	114,134	The Ultimate Software Group, Inc. 1	22,104,684	29,367,820
			143,230,516	305,866,199
		Data Processing & Outsourced Services (3.80%)
	194,448	FleetCor Technologies, Inc. 1	7,054,686	40,960,471
	396,986	MAXIMUS, Inc.	20,059,608	24,656,801
	744,350	Worldpay, Inc., Cl A 1	40,579,408	60,872,943
			67,693,702	126,490,215
		Internet Software & Services (5.12%)
	637,103	Verisign, Inc. 1	30,837,072	87,550,694
	351,000	Wix.com Ltd. (Israel) 1,2	29,073,966	35,205,300
	230,831	Zillow Group, Inc., Cl A 1	6,395,464	13,792,152
	574,374	Zillow Group, Inc., CI C 1	14,494,345	33,922,529
			80,800,847	170,470,675
		IT Consulting & Other Services (6.14%)
	1,538,323	Gartner, Inc. 1	33,456,031	204,443,127
		Technology Distributors (0.84%)
	347,363	CDW Corp.	21,352,376	28,063,457
	Total Information Technology		346,533,472	835,333,673
Real Estate (6.24%)
		Office REITs (0.66%)
	57,548	Alexander’s, Inc. 4	2,547,714	22,019,591
		Real Estate Services (1.60%)
	1,116,323	CBRE Group, Inc., Cl A 1	12,667,478	53,293,260
		Specialized REITs (3.98%)
	131,416	Equinix, Inc.	8,855,143	56,494,424
	459,856	SBA Communications Corp. 1	12,304,364	75,931,423
			21,159,507	132,425,847
	Total Real Estate		36,374,699	207,738,698
	Total Common Stocks		1,203,052,242	3,294,474,260
Private Partnerships (0.01%)
Financials (0.01%)
		Asset Management & Custody Banks (0.01%)
	7,056,223	Windy City Investments Holdings, L.L.C. 1,3,4,6	0	183,462

Principal Amount			Cost		Value
Short Term Investments (1.00%)
	$33,285,247	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $33,286,217; (Fully collateralized by $35,620,000 U.S. Treasury Note, 2.25% due 11/15/2027; Market value – $33,955,442) 5	$	33,285,247	$	33,285,247
	Total Investments (99.96%)		$	1,236,337,489		3,327,942,969
	Cash and Other Assets Less Liabilities (0.04%)					1,385,276
	Net Assets				$	3,329,328,245
	Retail Shares (Equivalent to $75.36 per share based on 28,187,245 shares outstanding)				$	2,124,142,989
	Institutional Shares (Equivalent to $78.02 per share based on 14,586,132 shares outstanding)				$	1,138,035,650
	R6 Shares (Equivalent to $78.01 per share based on 860,784 shares outstanding)				$	67,149,606

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2018, the market value of restricted and fair valued securities amounted to $183,462 or 0.01% of net assets. This security is 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.

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

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.97%)
Consumer Discretionary (26.52%)
		Apparel, Accessories & Luxury Goods (0.91%)
	2,650,000	Under Armour, Inc., Cl A 1	$	10,327,363	$	59,572,000
		Casinos & Gaming (5.51%)
	725,000	Boyd Gaming Corp.		18,479,841		25,128,500
	4,155,000	Penn National Gaming, Inc. 1		36,915,622		139,566,450
	2,700,000	Pinnacle Entertainment, Inc. 1		31,089,605		91,071,000
	3,131,887	Red Rock Resorts, Inc., Cl A		66,868,263		104,918,215
				153,353,331		360,684,165
		Education Services (2.72%)
	1,740,000	Bright Horizons Family Solutions, Inc. 1		55,826,128		178,384,800
		General Merchandise Stores (0.35%)
	316,228	Ollie’s Bargain Outlet Holdings, Inc. 1		14,933,905		22,926,530
		Hotels, Resorts & Cruise Lines (6.23%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		226,800,000
	1,600,000	Marriott Vacations Worldwide Corp. 4		87,504,361		180,736,000
				160,286,488		407,536,000
		Leisure Facilities (8.80%)
	2,100,000	Vail Resorts, Inc. 4		65,291,780		575,799,000
		Movies & Entertainment (1.70%)
	5,390,000	Manchester United plc, Cl A 2		76,229,602		111,034,000
		Specialty Stores (0.30%)
	560,000	Dick’s Sporting Goods, Inc.		8,373,677		19,740,000
	Total Consumer Discretionary			544,622,274		1,735,676,495
Consumer Staples (1.24%)
		Food Distributors (0.56%)
	1,000,000	Performance Food Group Co. 1		19,000,000		36,700,000
		Household Products (0.68%)
	830,000	Church & Dwight Co., Inc.		7,496,276		44,122,800
	Total Consumer Staples			26,496,276		80,822,800
Financials (24.02%)
		Asset Management & Custody Banks (3.81%)
	2,400,000	The Carlyle Group		52,323,847		51,120,000
	2,000,000	Cohen & Steers, Inc.		49,208,575		83,420,000
	1,250,000	Financial Engines, Inc.		20,578,455		56,125,000
	1,450,000	Oaktree Capital Group, LLC		65,375,827		58,942,500
				187,486,704		249,607,500
		Financial Exchanges & Data (10.65%)
	1,250,000	FactSet Research Systems, Inc.		62,536,096		247,625,000
	1,150,000	Morningstar, Inc.		27,237,863		147,487,500
	1,825,000	MSCI, Inc.		34,839,252		301,909,750
				124,613,211		697,022,250

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Investment Banking & Brokerage (1.03%)
	425,000	Houlihan Lokey, Inc.	$	18,590,689	$	21,768,500
	775,000	Moelis & Co., Cl A		22,607,788		45,453,750
				41,198,477		67,222,250
		Life & Health Insurance (2.89%)
	1,900,000	Primerica, Inc.		40,710,153		189,240,000
		Property & Casualty Insurance (5.09%)
	10,575,000	Arch Capital Group Ltd. 1,2		33,781,275		279,814,500
	978,449	Kinsale Capital Group, Inc.		32,761,205		53,677,712
				66,542,480		333,492,212
		Thrifts & Mortgage Finance (0.55%)
	525,000	Essent Group, Ltd. 1,2		14,507,433		18,805,500
	80,000	LendingTree, Inc. 1		25,263,294		17,104,000
				39,770,727		35,909,500
	Total Financials			500,321,752		1,572,493,712
Health Care (8.92%)
		Biotechnology (0.15%)
	643,051	Denali Therapeutics, Inc. 1		12,149,596		9,806,528
		Health Care Equipment (3.99%)
	1,200,000	IDEXX Laboratories, Inc. 1		17,922,418		261,528,000
		Health Care Supplies (1.62%)
	486,717	Neogen Corp. 1		8,075,672		39,029,836
	675,000	West Pharmaceutical Services, Inc.		23,217,875		67,020,750
				31,293,547		106,050,586
		Life Sciences Tools & Services (3.16%)
	850,000	Bio-Techne Corporation		44,923,357		125,757,500
	140,000	Mettler-Toledo International, Inc. 1		6,414,374		81,008,200
				51,337,731		206,765,700
	Total Health Care			112,703,292		584,150,814
Industrials (7.94%)
		Building Products (1.74%)
	230,000	Masonite International Corp. 1,2		11,736,387		16,525,500
	1,560,000	Trex Company, Inc. 1		28,435,042		97,640,400
				40,171,429		114,165,900
		Industrial Machinery (0.07%)
	5,507	Albany International Corp., Cl A		351,937		331,246
	40,000	The Middleby Corp. 1		1,082,032		4,176,800
				1,433,969		4,508,046
		Research & Consulting Services (5.49%)
	870,000	CoStar Group, Inc. 1		37,095,568		358,988,100
		Trading Companies & Distributors (0.64%)
	1,000,000	Air Lease Corp.		23,203,508		41,970,000
	Total Industrials			101,904,474		519,632,046

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost	Value
Common Stocks (continued)
Information Technology (19.96%)
		Application Software (10.01%)
	725,000	Altair Engineering, Inc., Cl A 1	$    11,330,019	$     24,780,500
	1,500,000	ANSYS, Inc. 1	35,363,292	261,270,000
	24,769	Ellie Mae, Inc. 1	2,055,251	2,572,013
	1,190,000	Guidewire Software, Inc. 1	38,711,926	105,648,200
	1,000,000	Pegasystems, Inc.	13,997,009	54,800,000
	3,975,000	SS&C Technologies Holdings, Inc.	31,583,660	206,302,500
			133,041,157	655,373,213
		Data Processing & Outsourced Services (1.59%)
	1,680,000	MAXIMUS, Inc.	31,101,021	104,344,800
		Electronic Components (0.98%)
	280,000	Littelfuse, Inc.	31,472,950	63,890,400
		Internet Software & Services (2.77%)
	759,081	2U, Inc. 1	39,924,879	63,428,808
	2,200,000	Benefitfocus, Inc. 1,4	83,233,571	73,920,000
	438,207	Wix.com Ltd. 1,2	28,664,771	43,952,162
			151,823,221	181,300,970
		IT Consulting & Other Services (4.61%)
	2,270,000	Gartner, Inc. 1	34,597,710	301,683,000
	Total Information Technology		382,036,059	1,306,592,383
Real Estate (7.53%)
		Diversified REITs (0.27%)
	460,135	American Assets Trust, Inc.	8,503,418	17,618,569
		Office REITs (2.86%)
	95,000	Alexander’s, Inc. 5	12,973,485	36,349,850
	3,750,000	Douglas Emmett, Inc.	48,432,016	150,675,000
			61,405,501	187,024,850
		Specialized REITs (4.40%)
	750,000	Alexandria Real Estate Equities, Inc. 5	27,037,562	94,627,500
	5,400,000	Gaming and Leisure Properties, Inc.	119,143,510	193,320,000
			146,181,072	287,947,500
	Total Real Estate		216,089,991	492,590,919
Telecommunication Services (1.84%)
		Alternative Carriers (1.84%)
	7,488,437	Iridium Communications, Inc. 1,4	45,679,471	120,563,836
	Total Common Stocks		1,929,853,589	6,412,523,005

Shares			Cost		Value
Preferred Stocks (0.34%)
Telecommunication Services (0.34%)
		Alternative Carriers (0.34%)
	41,074	Iridium Communications, Inc., Series B, 6.75% 4,6	$	10,268,500	$	22,230,070
Private Partnerships (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		61,755
Principal Amount
Short Term Investments (1.75%)
	$114,787,397	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $114,790,745; (Fully collateralized by $46,135,000 U.S. Treasury Note, 1.50% due 8/15/2026; Market value – $41,918,630, $78,180,000 U.S. Treasury Note, 2.00% due 2/15/2025; Market value – $74,928,963, $250,000 U.S. Treasury Note, 2.125% due 5/15/2025; Market value – $239,869) 6		114,787,397		114,787,397
	Total Investments (100.06%)		$	2,054,909,486		6,549,602,227
	Liabilities Less Cash and Other Assets (-0.06%)					(3,808,195	)
	Net Assets				$	6,545,794,032
	Retail Shares (Equivalent to $74.80 per share based on 36,125,599 shares outstanding)				$	2,702,269,771
	Institutional Shares (Equivalent to $76.98 per share based on 48,674,398 shares outstanding)				$	3,747,080,328
	R6 Shares (Equivalent to $76.99 per share based on 1,252,650 shares outstanding)				$	96,443,933

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2018, the market value of restricted and fair valued securities amounted to $61,755 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

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.45%)
Consumer Discretionary (21.19%)
		Advertising (0.63%)
	1,350,000	Emerald Expositions Events, Inc.	$	24,418,816	$	27,810,000
		Automotive Retail (1.28%)
	2,250,000	Camping World Holdings, Inc., Cl A		58,683,146		56,205,000
		Cable & Satellite (1.82%)
	100,000	Liberty Broadband Corporation, Cl A 1		404,823		7,564,000
	300,000	Liberty Broadband Corporation, Cl C 1		1,184,602		22,716,000
	1,100,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,399,373		49,896,000
				3,988,798		80,176,000
		Casinos & Gaming (1.83%)
	2,400,000	Red Rock Resorts, Inc., Cl A		50,060,152		80,400,000
		Education Services (2.33%)
	1,000,000	Bright Horizons Family Solutions, Inc. 1		31,568,240		102,520,000
		General Merchandise Stores (0.41%)
	250,000	Ollie’s Bargain Outlet Holdings, Inc. 1		14,925,025		18,125,000
		Home Improvement Retail (1.51%)
	1,350,000	Floor & Decor Holdings, Inc., Cl A 1		54,430,890		66,595,500
		Homebuilding (1.41%)
	1,100,000	Installed Building Products, Inc. 1		70,487,535		62,205,000
		Internet & Direct Marketing Retail (2.39%)
	350,000	Liberty Expedia Holdings, Inc., Cl A 1		14,587,353		15,379,000
	1,000,000	Shutterfly, Inc. 1		52,116,853		90,030,000
				66,704,206		105,409,000
		Leisure Facilities (0.82%)
	822,000	Planet Fitness, Inc., Cl A 1		29,284,556		36,118,680
		Movies & Entertainment (2.22%)
	750,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		10,168,679		27,847,500
	225,000	The Madison Square Garden Company, Cl A 1		11,968,716		69,792,750
				22,137,395		97,640,250
		Restaurants (2.41%)
	500,000	BJ’s Restaurants, Inc.		16,384,828		30,000,000
	810,000	The Cheesecake Factory, Inc.		22,091,031		44,598,600
	600,000	Wingstop Inc.		12,726,568		31,272,000
				51,202,427		105,870,600
		Specialty Stores (2.13%)
	2,750,000	Hudson Ltd., Cl A 1,2		49,913,580		48,097,500
	3,000,000	Party City Holdco, Inc. 1		43,021,808		45,750,000
				92,935,388		93,847,500
	Total Consumer Discretionary			570,826,574		932,922,530

Shares			Cost	Value
Common Stocks (continued)
Financials (2.37%)
		Asset Management & Custody Banks (0.20%)
	200,000	Financial Engines, Inc.	$     2,400,000	$     8,980,000
		Financial Exchanges & Data (0.47%)
	200,000	CBOE Global Markets, Inc.	15,498,427	20,814,000
		Investment Banking & Brokerage (1.70%)
	600,000	Houlihan Lokey, Inc.	27,827,646	30,732,000
	750,000	Moelis & Co., Cl A	18,642,401	43,987,500
			46,470,047	74,719,500
	Total Financials		64,368,474	104,513,500
Health Care (15.70%)
		Biotechnology (0.60%)
	1,500,000	Abcam plc (United Kingdom) 2	14,075,553	26,408,207
		Health Care Equipment (5.14%)
	515,000	Cantel Medical Corp.	21,972,255	50,655,400
	300,000	DexCom, Inc. 1	3,984,388	28,494,000
	675,000	IDEXX Laboratories, Inc. 1	10,492,864	147,109,500
			36,449,507	226,258,900
		Health Care Technology (2.24%)
	1,700,000	Teladoc, Inc. 1	55,389,435	98,685,000
		Life Sciences Tools & Services (5.76%)
	775,000	ICON plc (Ireland) 1,2	22,033,569	102,710,750
	115,000	Mettler-Toledo International, Inc. 1	5,870,993	66,542,450
	900,000	PRA Health Sciences, Inc. 1	16,553,917	84,024,000
			44,458,479	253,277,200
		Managed Health Care (1.96%)
	1,150,000	HealthEquity, Inc. 1	19,890,974	86,365,000
	Total Health Care		170,263,948	690,994,307
Industrials (19.05%)
		Aerospace & Defense (4.04%)
	1,050,000	Mercury Systems, Inc. 1	27,591,526	39,963,000
	400,000	TransDigm Group, Inc. 1	1	138,056,000
			27,591,527	178,019,000
		Construction & Machinery & Heavy Trucks (0.54%)
	1,400,000	REV Group, Inc.	32,193,305	23,814,000
		Environmental & Facilities Services (3.08%)
	1,800,000	Waste Connections, Inc. (Canada) 2	78,600,000	135,504,000
		Human Resource & Employment Services (2.93%)
	1,650,000	ASGN, Inc. (formerly, On Assignment, Inc.) 1	38,840,132	129,013,500
		Industrial Conglomerates (0.52%)
	597,977	Raven Industries, Inc.	21,636,072	22,992,215
		Industrial Machinery (3.58%)
	850,000	John Bean Technologies Corp.	75,035,854	75,565,000
	225,000	Nordson Corp.	6,223,899	28,892,250
	300,000	RBC Bearings, Incorporated 1	19,150,208	38,643,000
	300,000	Sun Hydraulics Corp.	15,450,958	14,457,000
			115,860,919	157,557,250

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Trading Companies & Distributors (4.36%)
	250,000	Beacon Roofing Supply, Inc. 1	$	11,875,000	$	10,655,000
	1,300,000	SiteOne Landscape Supply, Inc. 1		38,519,369		109,161,000
	2,750,000	Univar, Inc. 1		63,423,166		72,160,000
				113,817,535		191,976,000
	Total Industrials			428,539,490		838,875,965
Information Technology (32.14%)
		Application Software (11.47%)
	1,175,771	Altair Engineering, Inc., Cl A 1		19,467,616		40,187,853
	800,000	Aspen Technology, Inc. 1		29,983,938		74,192,000
	300,000	Avalara, Inc. 1		7,200,000		16,011,000
	800,000	Ceridian HCM Holding, Inc. 1		22,106,370		26,552,000
	6,000,000	Cision Ltd. 1,2,3		64,996,212		89,700,000
	1,750,000	Guidewire Software, Inc. 1		56,545,754		155,365,000
	400,000	The Ultimate Software Group, Inc. 1		15,338,293		102,924,000
				215,638,183		504,931,853
		Data Processing & Outsourced Services (2.90%)
	200,000	FleetCor Technologies, Inc. 1		4,600,000		42,130,000
	450,000	WEX, Inc. 1		18,982,530		85,716,000
				23,582,530		127,846,000
		Electronic Equipment & Instruments (1.88%)
	1,850,000	Cognex Corp.		14,811,234		82,528,500
		Internet Software & Services (9.22%)
	1,200,000	2U, Inc. 1		57,459,648		100,272,000
	2,500,000	GTT Communications, Inc. 1		77,310,807		112,500,000
	850,000	The Trade Desk, Inc., Cl A 1		36,663,779		79,730,000
	900,000	Wix.com Ltd. 1,2		53,498,831		90,270,000
	1,200,000	Yext, Inc. 1		15,612,217		23,208,000
				240,545,282		405,980,000
		IT Consulting & Other Services (5.52%)
	1,900,000	Acxiom Corp. 1		42,656,213		56,905,000
	1,400,000	Gartner, Inc. 1		23,400,287		186,060,000
				66,056,500		242,965,000
		Systems Software (1.15%)
	600,000	Qualys, Inc. 1		22,091,670		50,580,000
	Total Information Technology			582,725,399		1,414,831,353
Materials (3.88%)
		Commodity Chemicals (0.70%)
	1,000,000	Orion Engineered Carbons SA 2		28,618,002		30,850,000
		Construction Materials (1.52%)
	2,550,000	Summit Materials, Inc., Cl A 1		53,071,791		66,937,500
		Metal & Glass Containers (0.84%)
	800,000	Berry Global Group, Inc. 1		12,652,147		36,752,000
		Specialty Chemicals (0.82%)
	1,250,000	GCP Applied Technologies, Inc. 1		36,267,963		36,187,500
	Total Materials			130,609,903		170,727,000

Shares			Cost		Value
Common Stocks (continued)
Real Estate (4.12%)
		Industrial REITs (0.75%)
	1,500,000	Americold Realty Trust	$	26,569,169	$	33,030,000
		Office REITs (0.23%)
	100,000	SL Green Realty Corp.		2,127,325		10,053,000
		Specialized REITs (3.14%)
	1,100,000	Gaming and Leisure Properties, Inc.		18,408,255		39,380,000
	600,000	SBA Communications Corp. 1		2,417,520		99,072,000
				20,825,775		138,452,000
	Total Real Estate			49,522,269		181,535,000
	Total Common Stocks			1,996,856,057		4,334,399,655
Principal Amount
Short Term Investments (1.61%)
Repurchase Agreement (1.61%)
	$70,949,348	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $70,951,417; (Fully collateralized by $16,830,000 U.S. Treasury Note, 1.50% due 8/15/2026; Market value – $15,291,873, $33,135,000 U.S. Treasury Note, 2.25% due 11/15/2027; Market value – $31,586,568, $26,485,000 U.S. Treasury Note, 2.25% due 2/15/2027; Market value – $25,494,382) 4		70,949,348		70,949,348
	Total Investments (100.06%)		$	2,067,805,405		4,405,349,003
	Liabilities Less Cash and Other Assets (-0.06%)					(2,504,840	)
	Net Assets				$	4,402,844,163
	Retail Shares (Equivalent to $31.00 per share based on 56,440,505 shares outstanding)				$	1,749,743,662
	Institutional Shares (Equivalent to $32.15 per share based on 78,122,590 shares outstanding)				$	2,511,573,549
	R6 Shares (Equivalent to $32.14 per share based on 4,402,918 shares outstanding)				$	141,526,952

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.72%)
Consumer Discretionary (15.86%)
		Automobile Manufacturers (3.16%)
	38,300	Tesla, Inc. 1	$	7,834,110	$	13,134,985
		Casinos & Gaming (0.94%)
	107,673	The Stars Group, Inc. 1,2		4,089,959		3,908,530
		Internet & Direct Marketing Retail (10.65%)
	14,975	Amazon.com, Inc. 1		4,786,248		25,454,505
	2,385	Booking Holdings, Inc. 1		377,932		4,834,610
	51,300	Expedia Group, Inc.		5,798,198		6,165,747
	20,025	Netflix, Inc. 1		696,675		7,838,386
				11,659,053		44,293,248
		Movies & Entertainment (1.11%)
	224,014	Manchester United plc, Cl A 2		3,569,854		4,614,688
	Total Consumer Discretionary			27,152,976		65,951,451
Energy (0.83%)
		Oil & Gas Exploration & Production (0.83%)
	24,815	Concho Resources, Inc. 1		2,557,949		3,433,155
Financials (2.68%)
		Financial Exchanges & Data (0.91%)
	19,100	MarketAxess Holdings, Inc.		2,563,764		3,779,126
		Investment Banking & Brokerage (1.77%)
	144,200	The Charles Schwab Corp.		5,194,597		7,368,620
	Total Financials			7,758,361		11,147,746
Health Care (12.09%)
		Biotechnology (8.64%)
	61,300	Acceleron Pharma, Inc. 1		2,045,685		2,974,276
	121,900	Adamas Pharmaceuticals, Inc. 1		3,920,427		3,148,677
	173,100	Adaptimmune Therapeutics PLC, ADR 1,2		2,274,469		2,054,697
	85,002	argenx SE, ADR 1,2		3,011,371		7,043,266
	207,819	Gemphire Therapeutics, Inc. 1		2,306,382		2,117,675
	29,700	Neurocrine Biosciences, Inc. 1		2,480,850		2,917,728
	55,200	Sage Therapeutics, Inc. 1		3,968,242		8,640,456
	41,300	Vertex Pharmaceuticals, Inc. 1		6,450,310		7,019,348
				26,457,736		35,916,123
		Health Care Equipment (2.15%)
	29,500	Edwards Lifesciences Corp. 1		2,603,315		4,294,315
	9,735	Intuitive Surgical, Inc. 1		2,213,294		4,658,003
				4,816,609		8,952,318
		Life Sciences Tools & Services (1.30%)
	19,415	Illumina, Inc. 1		1,838,580		5,422,416
	Total Health Care			33,112,925		50,290,857
Industrials (3.78%)
		Research & Consulting Services (3.78%)
	31,033	CoStar Group, Inc. 1		655,544		12,805,147
	27,090	Verisk Analytics, Inc. 1		1,263,025		2,915,967
	Total Industrials			1,918,569		15,721,114

Shares			Cost	Value
Common Stocks (continued)
Information Technology (55.82%)
		Application Software (10.59%)
	26,300	Adobe Systems, Inc. 1	$     4,826,530	$     6,412,203
	8,475	ANSYS, Inc. 1	167,731	1,476,175
	52,929	Ceridian HCM Holding, Inc. 1	1,409,517	1,756,714
	215,000	Guidewire Software, Inc. 1	7,176,490	19,087,700
	32,080	salesforce.com, Inc. 1	2,176,077	4,375,712
	36,000	Splunk, Inc. 1	2,090,060	3,567,960
	141,800	SS&C Technologies Holdings, Inc.	5,031,336	7,359,420
			22,877,741	44,035,884
		Data Processing & Outsourced Services (4.61%)
	82	Adyen NV, 144A 1,2	23,191	45,175
	42,000	MasterCard Incorporated, Cl A	3,610,011	8,253,840
	133,500	Pagseguro Digital Ltd., Cl A 1,2	4,205,022	3,704,625
	54,200	Visa, Inc., Cl A	4,409,505	7,178,790
			12,247,729	19,182,430
		Home Entertainment Software (2.49%)
	73,400	Electronic Arts, Inc. 1	8,047,200	10,350,868
		Internet Software & Services (19.02%)
	40,660	2U, Inc. 1	1,933,931	3,397,550
	36,900	Alibaba Group Holding Ltd., ADR 1,2	2,789,515	6,846,057
	17,950	Alphabet, Inc., Cl C 1	14,302,225	20,025,918
	151,714	Benefitfocus, Inc. 1	4,535,841	5,097,590
	62,503	Dropbox, Inc., Cl A 1	1,312,563	2,026,347
	41,650	Facebook, Inc., Cl A 1	4,388,595	8,093,428
	18,200	Spotify Technology SA 1,2	2,705,538	3,061,968
	15,100	Stamps.com, Inc. 1	2,975,684	3,821,055
	137,300	Tencent Holdings Ltd. (Hong Kong) 2	4,134,155	6,891,600
	64,000	The Trade Desk, Inc., Cl A 1	2,125,643	6,003,200
	88,143	Wix.com Ltd. 1,2	5,063,695	8,840,743
	256,200	Yext, Inc. 1	3,406,106	4,954,908
			49,673,491	79,060,364
		IT Consulting & Other Services (5.69%)
	263,396	Acxiom Corporation 1	5,810,551	7,888,710
	118,487	Gartner, Inc. 1	3,580,247	15,746,923
			9,390,798	23,635,633
		Semiconductors (1.55%)
	205,900	Aquantia Corp. 1	2,682,230	2,384,322
	48,200	Mellanox Technologies Ltd.1,2	2,188,736	4,063,260
			4,870,966	6,447,582
		Systems Software (8.24%)
	208,100	Microsoft Corp.	18,829,509	20,520,741
	28,800	Proofpoint, Inc. 1	2,314,362	3,320,928
	32,300	ServiceNow, Inc. 1	1,777,928	5,570,781
	50,500	Varonis Systems, Inc. 1	1,398,382	3,762,250
	30,494	Zscaler, Inc. 1	487,904	1,090,160
			24,808,085	34,264,860
		Technology Hardware, Storage & Peripherals (3.63%)
	81,600	Apple, Inc.	14,417,934	15,104,976
	Total Information Technology		146,333,944	232,082,597
Real Estate (2.66%)
		Specialized REITs (2.66%)
	18,525	Equinix, Inc.	3,850,303	7,963,712
	18,800	SBA Communications Corp. 1	469,890	3,104,256
	Total Real Estate		4,320,193	11,067,968
	Total Common Stocks		223,154,917	389,694,888

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (6.00%)
	$24,926,611	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $24,927,338; (Fully collateralized by $26,530,000 U.S. Treasury Note, 2.00% due 2/15/2025; Market value – $25,426,776) 3	$	24,926,611	$	24,926,611
	Total Investments (99.72%)		$	248,081,528		414,621,499
	Cash and Other Assets Less Liabilities (0.28%)					1,164,763
	Net Assets				$	415,786,262
	Retail Shares (Equivalent to $20.42 per share based on 16,084,149 shares outstanding)				$	328,473,558
	Institutional Shares (Equivalent to $21.17 per share based on 3,512,919 shares outstanding)				$	74,362,076
	R6 Shares (Equivalent to $21.19 per share based on 611,257 shares outstanding)				$	12,950,628

% 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 June 30, 2018, the market value of Rule 144A securities amounted to $45,175 or 0.01% of net assets. This security has been deemed liquid pursuant to policies and procedures approved by the Board of Trustees, unless otherwise noted.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.36%)
Consumer Discretionary (28.80%)
		Automobile Manufacturers (1.27%)
	9,741	Tesla, Inc.1	$	2,746,853	$	3,340,676
		Cable & Satellite (3.51%)
	36,250	Naspers Limited, Cl N (South Africa) 2		6,573,681		9,209,495
		Casinos & Gaming (1.11%)
	79,830	The Stars Group, Inc. 1,2		3,023,854		2,897,829
		Internet & Direct Marketing Retail (22.91%)
	25,020	Amazon.com, Inc. 1		6,139,601		42,528,996
	4,337	Booking Holdings, Inc. 1		2,941,040		8,791,489
	109,587	Ctrip.com International Ltd., ADR 1,2		3,794,855		5,219,629
	29,321	Expedia Group, Inc.		3,507,773		3,524,091
				16,383,269		60,064,205
	Total Consumer Discretionary			28,727,657		75,512,205
Financials (7.39%)
		Financial Exchanges & Data (4.52%)
	46,404	CME Group, Inc.		3,888,624		7,606,543
	20,800	S&P Global, Inc.		3,871,236		4,240,912
				7,759,860		11,847,455
		Investment Banking & Brokerage (2.87%)
	147,148	The Charles Schwab Corp.		5,308,760		7,519,263
	Total Financials			13,068,620		19,366,718
Health Care (13.30%)
		Biotechnology (4.73%)
	8,523	Biogen, Inc. 1		2,345,335		2,473,716
	25,912	Sage Therapeutics, Inc. 1		4,151,989		4,056,005
	34,502	Vertex Pharmaceuticals, Inc. 1		5,258,939		5,863,960
				11,756,263		12,393,681
		Health Care Equipment (2.70%)
	14,797	Intuitive Surgical, Inc. 1		3,369,048		7,080,069
		Health Care Technology (2.02%)
	69,078	Veeva Systems, Inc., Cl A 1		4,706,534		5,309,335
		Life Sciences Tools & Services (3.85%)
	36,146	Illumina, Inc. 1		2,755,776		10,095,216
	Total Health Care			22,587,621		34,878,301
Information Technology (44.66%)
		Application Software (1.33%)
	35,265	Splunk, Inc. 1		4,025,807		3,495,114
		Data Processing & Outsourced Services (12.34%)
	65,205	MasterCard Incorporated, Cl A		3,418,561		12,814,087
	140,702	Pagseguro Digital Ltd., Cl A 1,2		3,735,316		3,904,480
	83,299	Visa, Inc., Cl A		2,537,808		11,032,953
	56,189	Worldpay, Inc., Cl A 1		3,963,461		4,595,136
				13,655,146		32,346,656
		Home Entertainment Software (3.26%)
	112,048	Activision Blizzard, Inc.		7,674,591		8,551,503

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Internet Software & Services (18.63%)
	92,830	Alibaba Group Holding Limited, ADR 1,2	$	7,959,441	$	17,222,750
	1,948	Alphabet, Inc., Cl A 1		280,365		2,199,662
	10,046	Alphabet, Inc., Cl C 1		4,142,964		11,207,820
	68,172	Dropbox, Inc., Cl A 1		1,431,612		2,210,136
	65,063	Facebook, Inc., Cl A 1		2,510,547		12,643,042
	33,352	Wix.com Ltd. 1,2		2,571,812		3,345,206
				18,896,741		48,828,616
		IT Consulting & Other Services (1.96%)
	41,329	EPAM Systems, Inc. 1		3,337,178		5,138,435
		Semiconductor Equipment (2.60%)
	34,474	ASML Holding N.V. 2		3,120,940		6,824,818
		Systems Software (1.95%)
	38,097	Red Hat, Inc. 1		1,910,187		5,119,094
		Technology Hardware, Storage & Peripherals (2.59%)
	36,662	Apple, Inc.		869,665		6,786,503
	Total Information Technology			53,490,255		117,090,739
Real Estate (3.21%)
		Specialized REITs (3.21%)
	19,555	Equinix, Inc.		3,178,515		8,406,499
	Total Common Stocks			121,052,668		255,254,462
Principal Amount
Short Term Investments (2.06%)
	$5,401,800	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $5,401,958; (Fully collateralized by $5,750,000 U.S. Treasury Note, 2.00% due 2/15/2025; Market value – $5,510,892) 3		5,401,800		5,401,800
	Total Investments (99.42%)		$	126,454,468		260,656,262
	Cash and Other Assets Less Liabilities (0.58%)					1,531,685
	Net Assets				$	262,187,947
	Retail Shares (Equivalent to $29.29 per share based on 3,876,116 shares outstanding)				$	113,513,418
	Institutional Shares (Equivalent to $29.83 per share based on 4,305,622 shares outstanding)				$	128,440,019
	R6 Shares (Equivalent to $29.84 per share based on 678,079 shares outstanding)				$	20,234,510

% 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

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (94.79%)
Consumer Discretionary (13.76%)
		Cable & Satellite (1.54%)
	94,500	GCI Liberty, Inc., Cl A 1	$	4,998,118	$	4,260,060
		Casinos & Gaming (3.02%)
	250,000	Red Rock Resorts, Inc., Cl A		5,703,194		8,375,000
		Hotels, Resorts & Cruise Lines (1.26%)
	300,000	Red Lion Hotels Corp. 1		3,466,172		3,495,000
		Internet & Direct Marketing Retail (0.24%)
	15,000	Liberty Expedia Holdings, Inc., Cl A 1		620,095		659,100
		Movies & Entertainment (2.36%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		6,532,350
		Restaurants (1.60%)
	85,000	Wingstop, Inc.		2,163,589		4,430,200
		Specialty Stores (3.74%)
	210,000	Hudson Ltd., Cl A 1,2		3,743,612		3,672,900
	440,000	Party City Holdco, Inc. 1		5,986,159		6,710,000
				9,729,771		10,382,900
	Total Consumer Discretionary			32,315,750		38,134,610
Consumer Staples (1.28%)
		Agricultural Products (1.11%)
	125,000	Limoneira Co.		2,750,000		3,076,250
		Packaged Foods & Meats (0.17%)
	750,000	Barfresh Food Group, Inc. 1		417,200		480,000
	Total Consumer Staples			3,167,200		3,556,250
Financials (2.08%)
		Property & Casualty Insurance (2.08%)
	105,000	Kinsale Capital Group, Inc.		3,348,942		5,760,300
Health Care (27.85%)
		Biotechnology (11.58%)
	78,200	Adamas Pharmaceuticals, Inc. 1		1,259,967		2,019,906
	96,600	Adaptimmune Therapeutics plc, ADR 1,2		1,275,688		1,146,642
	405,000	CareDx, Inc. 1		5,929,392		4,957,200
	60,000	Emergent BioSolutions, Inc. 1		2,841,009		3,029,400
	15,900	Esperion Therapeutics, Inc. 1		913,171		623,121
	226,300	Flexion Therapeutics, Inc. 1		4,532,427		5,849,855
	118,359	Gemphire Therapeutics, Inc. 1		1,147,975		1,206,078
	58,200	Myovant Sciences Ltd. 1,2		1,413,818		1,331,034
	260,000	Myriad Genetics, Inc. 1		6,046,399		9,716,200
	14,000	Sage Therapeutics, Inc. 1		905,737		2,191,420
				26,265,583		32,070,856
		Health Care Equipment (3.41%)
	103,969	AxoGen, Inc. 1		1,771,467		5,224,442
	105,000	IntriCon Corp. 1		3,836,891		4,231,500
				5,608,358		9,455,942
		Health Care Supplies (4.59%)
	801,000	Cerus Corp. 1		2,845,079		5,342,670
	378,100	Sientra, Inc. 1		3,170,888		7,376,731
				6,015,967		12,719,401

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Technology (4.13%)
	197,000	Teladoc, Inc. 1	$	5,487,304	$	11,435,850
		Pharmaceuticals (4.14%)
	122,474	Corium International, Inc. 1		1,186,407		981,017
	97,000	Intersect ENT, Inc. 1		3,407,872		3,632,650
	1,099,200	TherapeuticsMD, Inc. 1		5,964,927		6,859,008
				10,559,206		11,472,675
	Total Health Care			53,936,418		77,154,724
Industrials (14.13%)
		Aerospace & Defense (4.95%)
	581,294	The KEYW Holding Corporation 1		4,847,018		5,080,509
	226,800	Mercury Systems, Inc. 1		6,663,724		8,632,008
				11,510,742		13,712,517
		Heavy Electrical Equipment (2.97%)
	281,000	TPI Composites, Inc. 1		4,959,784		8,216,440
		Industrial Conglomerates (1.00%)
	72,000	Raven Industries, Inc.		2,637,579		2,768,400
		Industrial Machinery (3.85%)
	71,600	ESCO Technologies, Inc.		3,678,722		4,131,320
	178,000	Kornit Digital Ltd. 1,2		2,561,247		3,168,400
	70,000	Sun Hydraulics Corp.		3,276,737		3,373,300
				9,516,706		10,673,020
		Trading Companies & Distributors (1.36%)
	45,000	SiteOne Landscape Supply, Inc. 1		1,778,483		3,778,650
	Total Industrials			30,403,294		39,149,027
Information Technology (31.21%)
		Application Software (2.96%)
	35,000	nLight, Inc. 1,4		560,000		1,157,100
	50,000	QAD, Inc., Cl A		1,469,585		2,507,500
	20,000	QAD, Inc., Cl B		364,789		810,000
	160,000	RIB Software SE (Germany) 2		3,878,436		3,718,275
				6,272,810		8,192,875
		Electronic Equipment & Instruments (4.55%)
	29,300	Coherent, Inc. 1		5,356,999		4,583,106
	128,900	Novanta, Inc. 1,2		3,733,493		8,030,470
				9,090,492		12,613,576
		Electronic Manufacturing Services (0.48%)
	25,000	DocuSign, Inc. 1,4		929,129		1,323,750
		Internet Software & Services (10.42%)
	33,000	2U, Inc. 1		1,643,785		2,757,480
	50,700	Envestnet, Inc. 1		1,772,888		2,785,965
	335,000	JUST EAT plc (United Kingdom) 1,2		2,365,362		3,444,087
	170,000	Quotient Technology, Inc. 1		1,839,932		2,227,000
	116,000	The Trade Desk, Inc., Cl A 1		4,094,070		10,880,800
	350,000	Yext, Inc. 1		4,626,582		6,769,000
				16,342,619		28,864,332

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (1.73%)
	160,000	Acxiom Corp. 1	$	4,030,304	$	4,792,000
		Semiconductor Equipment (2.43%)
	115,000	Brooks Automation, Inc.		3,205,591		3,751,300
	140,000	Ichor Holdings Ltd. 1,2		2,373,100		2,970,800
				5,578,691		6,722,100
		Semiconductors (2.16%)
	537,100	Everspin Technologies, Inc. 1		4,847,968		4,790,932
	52,000	MACOM Technology Solutions Holdings, Inc. 1		1,816,157		1,198,080
				6,664,125		5,989,012
		Systems Software (6.48%)
	5,213	Carbon Black, Inc. 1		99,047		135,538
	164,300	ForeScout Technologies, Inc. 1		4,291,112		5,628,918
	90,000	Qualys, Inc. 1		2,733,042		7,587,000
	62,000	Varonis Systems, Inc. 1		1,687,630		4,619,000
				8,810,831		17,970,456
	Total Information Technology			57,719,001		86,468,101
Real Estate (4.48%)
		Diversified REITs (1.70%)
	200,000	Alexander & Baldwin, Inc.		6,453,133		4,700,000
		Industrial REITs (2.78%)
	350,000	Americold Realty Trust		6,167,793		7,707,000
	Total Real Estate			12,620,926		12,407,000
	Total Common Stocks			193,511,531		262,630,012
Warrants (0.02%)
Consumer Staples (0.02%)
		Packaged Foods & Meats (0.02%)
	300,000	Barfresh Food Group, Inc. Warrants Exp 3/13/2020 1,3,5		0		38,400

Principal Amount			Cost		Value
Short Term Investments (4.95%)
Repurchase Agreement (4.95%)
	$13,726,781	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $13,727,181; (Fully collateralized by $14,690,000 U.S. Treasury Note, 2.25% due11/15/2027; Market value – $14,003,522) 5	$	13,726,781	$	13,726,781
	Total Investments (99.76%)		$	207,238,312		276,395,193
	Cash and Other Assets Less Liabilities (0.24%)					677,487
	Net Assets				$	277,072,680
	Retail Shares (Equivalent to $20.90 per share based on 3,556,662 shares outstanding)				$	74,330,806
	Institutional Shares (Equivalent to $21.11 per share based on 9,367,834 shares outstanding)				$	197,757,268
	R6 Shares (Equivalent to $21.11 per share based on 236,140 shares outstanding)				$	4,984,606

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2018, the market value of restricted and fair valued securities amounted to $38,400 or 0.02% of net assets. This security is 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.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.41%)
Consumer Discretionary (13.93%)
		Apparel, Accessories & Luxury Goods (3.44%)
	381	LVMH Moet Hennessy Louis Vuitton SE (France) 2	$	122,482	$	126,895
		Cable & Satellite (5.26%)
	283	Charter Communications, Inc., Cl A 1		89,042		82,978
	2,223	Naspers Ltd., ADR 2		130,594		111,417
				219,636		194,395
		Home Improvement Retail (2.76%)
	523	Home Depot, Inc.		99,533		102,037
		Internet & Direct Marketing Retail (2.47%)
	45	Booking Holdings, Inc. 1		87,686		91,219
	Total Consumer Discretionary			529,337		514,546
Consumer Staples (5.77%)
		Distillers & Vintners (2.75%)
	464	Constellation Brands, Inc., Cl A		104,844		101,556
		Hypermarkets & Super Centers (1.52%)
	268	Costco Wholesale Corp.		50,734		56,006
		Personal Products (1.50%)
	388	The Estee Lauder Companies, Inc., Cl A		53,240		55,364
	Total Consumer Staples			208,818		212,926
Financials (15.71%)
		Asset Management & Custody Banks (3.78%)
	280	BlackRock, Inc.		149,963		139,731
		Financial Exchanges & Data (11.93%)
	741	CME Group, Inc.		113,208		121,465
	883	Moody’s Corp.		136,353		150,605
	826	S&P Global, Inc.		145,055		168,413
				394,616		440,483
	Total Financials			544,579		580,214
Health Care (16.27%)
		Biotechnology (2.96%)
	754	AbbVie, Inc.		78,927		69,858
	136	Biogen, Inc. 1		44,793		39,473
				123,720		109,331
		Health Care Equipment (2.59%)
	970	Danaher Corp.		93,203		95,720
		Life Sciences Tools & Services (5.85%)
	1,249	Agilent Technologies, Inc.		84,744		77,238
	147	Mettler-Toledo International, Inc. 1		89,887		85,059
	277	Waters Corp. 1		55,791		53,624
				230,422		215,921
		Managed Health Care (4.87%)
	733	UnitedHealth Group, Inc.		166,293		179,834
	Total Health Care			613,638		600,806

Shares			Cost		Value
Common Stocks (continued)
Industrials (5.25%)
		Building Products (1.31%)
	819	AO Smith Corp.	$	51,801	$	48,444
		Electrical Components & Equipment (0.87%)
	194	Rockwell Automation, Inc.		38,639		32,248
		Industrial Machinery (1.81%)
	483	Illinois Tool Works, Inc.		79,341		66,915
		Trading Companies & Distributors (1.26%)
	962	Fastenal Co.		51,877		46,301
	Total Industrials			221,658		193,908
Information Technology (36.26%)
		Data Processing & Outsourced Services (4.41%)
	828	MasterCard Incorporated, Cl A		129,968		162,719
		Electronic Equipment & Instruments (1.53%)
	100	KEYENCE CORPORATION (Japan) 2		57,507		56,505
		Electronic Manufacturing Services (2.96%)
	1,212	TE Connectivity Ltd. 2		119,608		109,153
		Home Entertainment Software (7.17%)
	1,284	Activision Blizzard, Inc.		91,015		97,995
	1,182	Electronic Arts, Inc. 1		138,754		166,686
				229,769		264,681
		Internet Software & Services (4.44%)
	147	Alphabet, Inc., Cl C 1		159,798		164,001
		IT Consulting & Other Services (2.50%)
	564	Accenture plc, Cl A 2		87,972		92,265
		Semiconductor Equipment (2.42%)
	452	ASML Holding N.V. 2		83,279		89,482
		Semiconductors (2.40%)
	1,411	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		58,619		51,586
	337	Texas Instruments, Inc.		35,644		37,154
				94,263		88,740
		Systems Software (4.72%)
	1,769	Microsoft Corp.		156,765		174,441
		Technology Hardware, Storage & Peripherals (3.71%)
	741	Apple, Inc.		130,602		137,166
	Total Information Technology			1,249,531		1,339,153
Materials (1.79%)
		Specialty Chemicals (1.79%)
	162	The Sherwin-Williams Co.		65,853		66,026
Real Estate (2.43%)
		Specialized REITs (2.43%)
	209	Equinix, Inc.		93,436		89,847
	Total Common Stocks			3,526,850		3,597,426

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2018 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (3.42%)
$126,235	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/29/2018, 0.35% due 7/2/2018; Proceeds at maturity – $126,239; (Fully collateralized by $140,000 U.S. Treasury Note, 2.25% due 11/15/2027; Market value – $133,458) 3	$	126,235	$	126,235
Total Investments (100.83%)		$	3,653,085		3,723,661
Liabilities Less Cash and Other Assets (-0.83%)					(30,675	)
Net Assets				$	3,692,986
Retail Shares (Equivalent to $10.31 per share based on 79,357 shares outstanding)				$	818,105
Institutional Shares (Equivalent to $10.32 per share based on 238,266 shares outstanding)				$	2,459,102
R6 Shares (Equivalent to $10.32 per share based on 40,293 shares outstanding)				$	415,779

% 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 Funds June 30, 2018

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Baron Investment Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987, and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Trust currently offers seven series (individually, a “Fund” and collectively, the “Funds”): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund and Baron Durable Advantage Fund.

Each Fund offers Retail Shares, Institutional Shares and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms or other platforms. R6 Shares are 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 June 30, 2018, 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 June 30, 2018, 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 June 30, 2018

3. RESTRICTED SECURITIES

At June 30, 2018, 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 June 30, 2018, 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 Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011	$	183,462
(Cost $0) (0.01% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011	$	61,755
(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	$	38,400
(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 June 30, 2018

The following is a summary of the inputs used as of June 30, 2018 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†	$	3,294,474,260	$	—	$	—	$	3,294,474,260
Private Partnerships		—		—		183,462		183,462
Short Term Investments		—		33,285,247		—		33,285,247
Total Investments	$	3,294,474,260	$	33,285,247	$	183,462	$	3,327,942,969
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.
	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†	$	6,412,523,005	$	—	$	—	$	6,412,523,005
Preferred Stocks		—		22,230,070		—		22,230,070
Private Partnerships		—		—		61,755		61,755
Short Term Investments		—		114,787,397		—		114,787,397
Total Investments	$	6,412,523,005	$	137,017,467	$	61,755	$	6,549,602,227
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.
	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†	$	4,334,399,655	$	—	$	—	$	4,334,399,655
Short Term Investments		—		70,949,348		—		70,949,348
Total Investments	$	4,334,399,655	$	70,949,348	$	—	$	4,405,349,003
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.
	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†	$	389,694,888	$	—	$	—	$	389,694,888
Short Term Investments		—		24,926,611		—		24,926,611
Total Investments	$	389,694,888	$	24,926,611	$	—	$	414,621,499
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.
	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†	$	255,254,462	$	—	$	—	$	255,254,462
Short Term Investments		—		5,401,800		—		5,401,800
Total Investments	$	255,254,462	$	5,401,800	$	—	$	260,656,262
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2018

	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†	$	262,630,012	$	—	$	—	$	262,630,012
Warrants		—		38,400		—		38,400
Short Term Investments†		—		13,726,781		—		13,726,781
Total Investments	$	262,630,012	$	13,765,181	$	—	$	276,395,193
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the nine months ended June 30, 2018.
	Baron Durable Advantage Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,597,426	$	—	$	—	$	3,597,426
Short Term Investments		—		126,235		—		126,235
Total Investments	$	3,597,426	$	126,235	$	—	$	3,723,661
Transfers between Levels 1, 2 or 3, if any, are recognized at ending value on June 30, 2018. There have been no transfers in and out of Level 1, 2 or 3 fair value measurements for the Fund for the period January 2, 2018 to June 30, 2018.

† 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 June 30, 2018		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2018
Private Equity Investments
Financials	$	3,330,537	$	—	$	4,632,601	$	(3,147,075)	$	—	$	(4,632,601)	$	—	$	—	$	183,462	$	(3,147,075)
Total	$	3,330,537	$	—	$	4,632,601	$	(3,147,075)	$	—	$	(4,632,601)	$	—	$	—	$	183,462	$	(3,147,075)
	Baron Growth 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 June 30, 2018		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2018
Private Equity Investments
Financials	$	1,121,082	$	—	$	1,559,366	$	(1,059,327)	$	—	$	(1,559,366)	$	—	$	—	$	61,755	$	(1,059,327)
Total	$	1,121,082	$	—	$	1,559,366	$	(1,059,327)	$	—	$	(1,559,366)	$	—	$	—	$	61,755	$	(1,059,327)

Baron Funds June 30, 2018

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of June 30, 2018, the components of net assets on a tax basis were as follows:

	Baron Asset Fund		Baron Growth Fund		Baron Small Cap Fund		Baron Opportunity Fund		Baron Fifth Avenue Growth Fund		Baron Discovery Fund		Baron Durable Advantage Fund
Cost of investments	$	1,236,337,489	$	2,054,909,486	$	2,067,805,405	$	248,081,528	$	126,454,468	$	207,238,312	$	3,653,085
Gross tax unrealized appreciation	$	2,097,405,970	$	4,522,166,539	$	2,360,794,086	$	168,699,934	$	134,954,495	$	75,007,412	$	188,056
Gross tax unrealized depreciation		(5,800,490)		(27,473,798)		(23,250,488)		(2,159,963)		(752,701)		(5,850,531)		(117,480)
Net unrealized appreciation	$	2,091,605,480	$	4,494,692,741	$	2,337,543,598	$	166,539,971	$	134,201,794	$	69,156,881	$	70,576

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 June 30, 2018		Value at June 30, 2018		% of Net Assets at June 30, 2018
“Affiliated” Company as of June 30, 2018:
Benefitfocus, Inc.	$	78,215,185	$	—	$	3,345,583	$	(999,274)	$	49,672	$	—		2,200,000	$	73,920,000		1.13%
Choice Hotels International, Inc.		192,179,250		—		597,988		34,900,079		318,659		1,937,688		3,000,000		226,800,000		3.46%
Iridium Communications, Inc.		77,182,401		—		58,999		43,411,935		28,499		—		7,488,437		120,563,836		1.84%
Iridium Communications, Inc., Series B, 6.75%		14,927,934		—		—		7,302,136		—		693,124		41,074		22,230,070		0.34%
Marriott Vacations Worldwide Corp.		199,248,000		—		—		(18,512,000)		—		1,920,000		1,600,000		180,736,000		2.76%
Vail Resorts, Inc.		501,178,043		—		21,657,032		89,557,879		6,720,110		10,837,617		2,100,000		575,799,000		8.80%
	$	1,062,930,813	$	—	$	25,659,602	$	155,660,755	$	7,116,940	$	15,388,429			$	1,200,048,906
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 June 30, 2018		Value at June 30, 2018		% of Net Assets at June 30, 2018
No longer an “Affiliated” Company as of June 30, 2018:
GTT Communications, Inc.	$	72,105,030	$	7,991,285	$	—	$	32,403,685	$	—	$	—		2,500,000	$	112,500,000		2.56%
The Chefs’ Warehouse, Inc.		28,950,000		—		31,061,081		(6,516,785)		8,627,866		—		—		—		0.00%
	$	101,055,030	$	7,991,285	$	31,061,081	$	25,886,900	$	8,627,866	$	—			$	112,500,000

¹  An “Affiliated” Company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended June 30, 2018.

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:	August 27, 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:	August 27, 2018