Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.78%)
Communication Services (4.51%)
		Cable & Satellite (1.10%)
	425,000	Liberty Broadband Corporation, Cl C 1	$	32,000,689	$	52,683,000
		Interactive Media & Services (3.41%)
	1,287,965	Zillow Group, Inc., Cl C 1		44,039,787		74,199,664
	1,745,709	ZoomInfo Technologies Inc., Cl A 1		44,249,671		89,083,530
				88,289,458		163,283,194
	Total Communication Services			120,290,147		215,966,194
Consumer Discretionary (5.02%)
		Education Services (0.49%)
	200,000	Bright Horizons Family Solutions, Inc. 1		22,917,264		23,440,000
		Hotels, Resorts & Cruise Lines (1.49%)
	556,442	Choice Hotels International, Inc.		5,979,508		43,903,274
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		27,319,187
				22,797,270		71,222,461
		Internet & Direct Marketing Retail (0.66%)
	19,759	Booking Holdings, Inc. 1		3,141,065		31,463,046
		Leisure Facilities (2.38%)
	626,538	Vail Resorts, Inc.		12,134,164		114,123,897
	Total Consumer Discretionary			60,989,763		240,249,404
Financials (11.42%)
		Asset Management & Custody Banks (0.74%)
	287,514	T. Rowe Price Group, Inc.		9,128,544		35,507,979
		Financial Exchanges & Data (5.91%)
	380,725	FactSet Research Systems, Inc.		20,463,713		125,056,741
	257,267	MarketAxess Holdings, Inc.		31,487,484		128,870,186
	30,000	MSCI, Inc.		7,783,774		10,014,600
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		18,964,628
				71,713,684		282,906,155
		Insurance Brokers (1.37%)
	332,421	Willis Towers Watson plc 2		40,916,250		65,470,316
		Investment Banking & Brokerage (1.29%)
	1,825,936	The Charles Schwab Corp.		1,609,714		61,607,081
		Property & Casualty Insurance (1.40%)
	2,333,444	Arch Capital Group Ltd. 1,2		8,407,045		66,853,170
		Regional Banks (0.71%)
	320,421	First Republic Bank		8,284,701		33,961,422
	Total Financials			140,059,938		546,306,123

Shares			Cost		Value
Common Stocks (continued)
Health Care (24.68%)
		Health Care Equipment (9.34%)
	178,000	DexCom, Inc. 1	$	26,639,704	$	72,161,200
	921,630	IDEXX Laboratories, Inc. 1		17,101,351		304,285,361
	194,644	Teleflex, Inc.		38,818,945		70,846,523
				82,560,000		447,293,084
		Health Care Supplies (4.12%)
	215,418	The Cooper Companies, Inc.		36,713,299		61,101,161
	598,404	West Pharmaceutical Services, Inc.		26,107,583		135,939,437
				62,820,882		197,040,598
		Health Care Technology (2.25%)
	459,386	Veeva Systems, Inc., Cl A 1		27,115,596		107,689,266
		Life Sciences Tools & Services (8.97%)
	100,682	10X Genomics, Inc., Cl A 1		3,926,598		8,991,910
	421,986	Bio-Techne Corporation		43,944,008		111,433,843
	301,000	Guardant Health, Inc. 1,4		26,438,708		24,420,130
	302,552	Illumina, Inc. 1		13,002,071		112,050,133
	214,117	Mettler-Toledo International, Inc. 1		13,037,000		172,481,949
				100,348,385		429,377,965
	Total Health Care			272,844,863		1,181,400,913
Industrials (17.16%)
		Aerospace & Defense (0.70%)
	588,082	BWX Technologies, Inc.		29,416,776		33,308,965
		Agricultural & Farm Machinery (0.67%)
	480,045	The Toro Co.		29,431,502		31,846,185
		Environmental & Facilities Services (0.97%)
	1,095,612	Rollins, Inc.		24,597,483		46,442,993
		Industrial Conglomerates (2.29%)
	282,192	Roper Technologies, Inc.		34,625,205		109,563,866
		Industrial Machinery (1.42%)
	430,760	IDEX Corporation		31,722,938		68,077,310
		Research & Consulting Services (11.11%)
	2,230,474	Clarivative Plc (formerly, Clarivate Analytics Plc) 1,2		35,903,681		49,806,485
	215,493	CoStar Group, Inc. 1		42,162,593		153,144,410
	1,468,500	TransUnion		79,691,638		127,818,240
	1,181,206	Verisk Analytics, Inc.		30,057,617		201,041,261
				187,815,529		531,810,396
	Total Industrials			337,609,433		821,049,715

See Notes to Schedules of Investments.

Baron Asset Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (29.63%)
		Application Software (14.07%)
	596,856	ANSYS, Inc. 1	$	25,747,537	$	174,120,801
	395,300	Aspen Technology, Inc. 1		40,628,908		40,957,033
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		129,693,092
	88,000	Fair Isaac Corp. 1		33,912,009		36,787,520
	1,421,809	Guidewire Software, Inc. 1		77,473,157		157,607,528
	160,000	RingCentral, Inc., Cl A 1		31,688,085		45,601,600
	971,076	SS&C Technologies Holdings, Inc.		28,222,659		54,846,372
	83,000	The Trade Desk, Inc., Cl A 1		16,471,978		33,739,500
				318,171,199		673,353,446
		Data Processing & Outsourced Services (3.11%)
	704,217	Fidelity National Information Services, Inc.		41,816,259		94,428,458
	217,448	FleetCor Technologies, Inc. 1		12,816,767		54,694,695
				54,633,026		149,123,153
		Electronic Components (0.90%)
	450,000	Amphenol Corp., Cl A		42,881,684		43,114,500
		Internet Services & Infrastructure (6.54%)
	607,986	GDS Holdings Limited, ADR 1,2		34,713,998		48,432,165
	659,103	Verisign, Inc. 1		34,840,782		136,322,273
	500,000	Wix.com Ltd. 1,2		46,031,912		128,110,000
				115,586,692		312,864,438
		IT Consulting & Other Services (4.02%)
	1,584,323	Gartner, Inc. 1		39,586,888		192,225,910
		Technology Distributors (0.99%)
	407,363	CDW Corp.		27,215,415		47,327,433
	Total Information Technology			598,074,904		1,418,008,880
Real Estate (6.36%)
		Office REITs (0.01%)
	1,701	Alexander’s, Inc. 4		63,762		409,771
		Real Estate Services (0.88%)
	929,323	CBRE Group, Inc., Cl A 1		10,491,289		42,023,986
		Specialized REITs (5.47%)
	210,000	Alexandria Real Estate Equities, Inc. 4		31,844,735		34,072,500
	127,416	Equinix, Inc.		10,066,062		89,484,257
	464,856	SBA Communications Corp.		13,260,001		138,489,899
				55,170,798		262,046,656
	Total Real Estate			65,725,849		304,480,413
	Total Common Stocks			1,595,594,897		4,727,461,642

Shares			Cost		Value
Private Partnerships (0.00%)
Financials (0.00%)
		Asset Management & Custody Banks (0.00%)
	7,056,223	Windy City Investments Holdings, L.L.C. 1,3,4,6		0		182,051
Principal Amount
Short Term Investments (0.69%)
	$33,079,184	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $33,079,184; (Fully collateralized by $31,119,300 U.S. Treasury Note, 2.125% due 11/30/2024; Market value – $33,740,846)5		33,079,184		33,079,184
	Total Investments (99.47%)		$	1,628,674,081		4,760,722,877
	Cash and Other Assets Less Liabilities (0.53%)					25,476,063
	Net Assets				$	4,786,198,940
	Retail Shares (Equivalent to $91.96 per share based on 25,498,820 shares outstanding)				$	2,344,805,913
	Institutional Shares (Equivalent to $95.99 per share based on 24,006,872 shares outstanding)				$	2,304,477,380
	R6 Shares (Equivalent to $95.98 per share based on 1,426,557 shares outstanding)				$	136,915,647

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2020, the market value of restricted and fair valued securities amounted to $182,051 or 0.00% 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 (unaudited).

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (99.30%)
Communication Services (4.37%)
		Alternative Carriers (3.31%)
	8,862,608	Iridium Communications, Inc. 1,4	$	55,774,685	$	225,464,748
		Movies & Entertainment (1.06%)
	4,540,000	Manchester United plc, Cl A 2		63,362,022		71,868,200
	Total Communication Services			119,136,707		297,332,948
Consumer Discretionary (16.32%)
		Casinos & Gaming (3.34%)
	700,000	Boyd Gaming Corporation		17,813,229		14,630,000
	6,250,000	Penn National Gaming, Inc. 1		87,682,608		190,875,000
	2,000,000	Red Rock Resorts, Inc., Cl A		39,092,179		21,820,000
				144,588,016		227,325,000
		Education Services (2.41%)
	1,400,000	Bright Horizons Family Solutions, Inc. 1		44,395,570		164,080,000
		Hotels, Resorts & Cruise Lines (5.11%)
	3,000,000	Choice Hotels International, Inc. 4		72,782,127		236,700,000
	1,350,000	Marriott Vacations Worldwide Corp.		72,507,873		110,983,500
				145,290,000		347,683,500
		Leisure Facilities (5.46%)
	2,040,000	Vail Resorts, Inc. 4		58,372,047		371,586,000
	Total Consumer Discretionary			392,645,633		1,110,674,500
Consumer Staples (0.17%)
		Food Distributors (0.17%)
	400,000	Performance Food Group Co. 1		7,600,000		11,656,000
Financials (30.47%)
		Asset Management & Custody Banks (2.99%)
	2,400,000	The Carlyle Group, Inc.		50,219,527		66,960,000
	2,000,000	Cohen & Steers, Inc.		48,597,830		136,100,000
				98,817,357		203,060,000
		Financial Exchanges & Data (17.06%)
	1,250,000	FactSet Research Systems, Inc.		62,536,096		410,587,500
	1,105,000	Morningstar, Inc.		23,563,709		155,771,850
	1,780,000	MSCI, Inc.		33,806,110		594,199,600
				119,905,915		1,160,558,950
		Investment Banking & Brokerage (0.72%)
	450,000	Houlihan Lokey, Inc.		19,625,873		25,038,000
	775,000	Moelis & Co., Cl A		19,151,133		24,149,000
				38,777,006		49,187,000

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Life & Health Insurance (3.10%)
	1,810,000	Primerica, Inc.	$	38,542,740	$	211,046,000
		Property & Casualty Insurance (6.32%)
	9,570,000	Arch Capital Group Ltd. 1,2		30,090,395		274,180,500
	1,003,449	Kinsale Capital Group, Inc.		35,154,566		155,745,319
				65,244,961		429,925,819
		Thrifts & Mortgage Finance (0.28%)
	530,000	Essent Group Ltd. 2		14,737,154		19,223,100
	Total Financials			376,025,133		2,073,000,869
Health Care (13.37%)
		Biotechnology (0.36%)
	330,000	Alector, Inc. 1		7,092,149		8,065,200
	678,051	Denali Therapeutics, Inc. 1		12,825,338		16,395,273
				19,917,487		24,460,473
		Health Care Equipment (4.85%)
	1,000,000	IDEXX Laboratories, Inc. 1		14,678,113		330,160,000
		Health Care Supplies (2.41%)
	573,717	Neogen Corp. 1		13,141,411		44,520,439
	525,000	West Pharmaceutical Services, Inc.		17,892,374		119,264,250
				31,033,785		163,784,689
		Health Care Technology (0.65%)
	483,399	Schrödinger, Inc. 1		8,870,881		44,264,847
		Life Sciences Tools & Services (4.79%)
	432,655	Adaptive Biotechnologies Corporation 1		14,268,834		20,931,849
	850,000	Bio-Techne Corporation		44,923,357		224,459,500
	100,000	Mettler-Toledo International, Inc. 1		4,577,488		80,555,000
				63,769,679		325,946,349
		Pharmaceuticals (0.31%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom)2,6		18,422,044		21,065,870
	Total Health Care			156,691,989		909,682,228
Industrials (10.71%)
		Building Products (2.50%)
	1,310,000	Trex Company, Inc. 1		23,788,932		170,391,700
		Environmental & Facilities Services (0.20%)
	1,220,102	BrightView Holdings, Inc. 1		15,117,285		13,665,142
		Industrial Machinery (0.33%)
	4,275,000	Marel hf (Netherlands)2,6		18,281,670		22,112,130
		Research & Consulting Services (7.68%)
	735,000	CoStar Group, Inc. 1		31,079,477		522,342,450
	Total Industrials			88,267,364		728,511,422

See Notes to Schedules of Investments.

Baron Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (17.33%)
		Application Software (12.76%)
	725,000	Altair Engineering, Inc., Cl A 1	$	11,330,019	$	28,818,750
	1,495,000	ANSYS, Inc. 1		35,236,625		436,136,350
	1,070,000	Guidewire Software, Inc. 1		33,498,890		118,609,500
	1,000,000	Pegasystems, Inc.		13,997,009		101,170,000
	3,250,000	SS&C Technologies Holdings, Inc.		25,406,156		183,560,000
				119,468,699		868,294,600
		Electronic Components (0.38%)
	150,000	Littelfuse, Inc.		16,372,049		25,594,500
		Internet Services & Infrastructure (1.13%)
	300,000	Wix.com Ltd. 1,2		18,156,068		76,866,000
		IT Consulting & Other Services (3.06%)
	1,715,000	Gartner, Inc. 1		24,489,498		208,080,950
	Total Information Technology			178,486,314		1,178,836,050
Real Estate (6.56%)
		Diversified REITs (0.18%)
	450,000	American Assets Trust, Inc.		8,290,248		12,528,000
		Office REITs (1.71%)
	4,799	Alexander’s, Inc. 5		340,700		1,156,079
	3,750,000	Douglas Emmett, Inc.		43,603,704		114,975,000
				43,944,404		116,131,079
		Real Estate Development (0.10%)
	450,000	Forestar Group, Inc. 1		7,875,000		6,786,000
		Specialized REITs (4.57%)
	750,000	Alexandria Real Estate Equities, Inc. 5		26,438,288		121,687,500
	5,467,739	Gaming and Leisure Properties, Inc.		119,719,090		189,183,769
				146,157,378		310,871,269
	Total Real Estate			206,267,030		446,316,348
	Total Common Stocks			1,525,120,170		6,756,010,365

Shares			Cost		Value
Private Preferred Stocks (0.58%)
Health Care (0.58%)
		Health Care Technology (0.58%)
	448,722	Schrödinger, Inc., Series E 1,3,6	$	4,999,999	$	39,572,793
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		61,280
Warrants (0.01%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	96,515	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,5,6		0		201,716
	Total Investments (99.89%)		$	1,530,120,169		6,795,846,154
	Cash and Other Assets Less Liabilities (0.11%)					7,618,819
	Net Assets				$	6,803,464,973
	Retail Shares (Equivalent to $81.76 per share based on 29,035,897 shares outstanding)				$	2,373,902,121
	Institutional Shares (Equivalent to $84.86 per share based on 50,355,653 shares outstanding)				$	4,273,407,667
	R6 Shares (Equivalent to $84.87 per share based on 1,839,826 shares outstanding)				$	156,155,185

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2020, the market value of restricted and fair valued securities amounted to $39,634,073 or 0.58% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.52%)
Communication Services (4.30%)
		Cable & Satellite (2.04%)
	100,000	Liberty Broadband Corporation, Cl A 1	$	404,823	$	12,219,000
	275,000	Liberty Broadband Corporation, Cl C 1		1,079,681		34,089,000
	1,000,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		2,168,308		34,450,000
				3,652,812		80,758,000
		Movies & Entertainment (2.26%)
	1,250,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		22,521,105		39,637,500
	225,000	Madison Square Garden Entertainment Corp. 1		3,552,159		16,875,000
	225,000	Madison Square Garden Sports Corp., Cl A 1		8,416,556		33,050,250
				34,489,820		89,562,750
	Total Communication Services			38,142,632		170,320,750
Consumer Discretionary (14.74%)
		Casinos & Gaming (2.25%)
	1,000,000	DraftKings, Inc., Cl A 1		12,833,717		33,260,000
	1,200,000	Penn National Gaming, Inc. 1		21,405,754		36,648,000
	1,750,000	Red Rock Resorts, Inc., Cl A		34,600,258		19,092,500
				68,839,729		89,000,500
		Education Services (2.15%)
	725,000	Bright Horizons Family Solutions, Inc. 1		22,479,147		84,970,000
		General Merchandise Stores (1.73%)
	700,000	Ollie’s Bargain Outlet Holdings, Inc. 1		40,727,801		68,355,000
		Home Improvement Retail (2.91%)
	2,000,000	Floor & Decor Holdings, Inc., Cl A 1		78,500,578		115,300,000
		Homebuilding (2.91%)
	1,675,000	Installed Building Products, Inc. 1,4		95,608,118		115,206,500
		Hotels, Resorts & Cruise Lines (0.27%)
	2,250,000	OneSpaWorld Holdings Ltd. 1,2,5		24,000,000		10,732,500
		Internet & Direct Marketing Retail (0.51%)
	275,000	Fiverr International Ltd. 1,2		16,711,071		20,300,500
		Leisure Facilities (1.23%)
	800,000	Planet Fitness, Inc., Cl A 1		28,416,505		48,456,000
		Restaurants (0.78%)
	1,350,000	The Cheesecake Factory, Inc.		32,577,367		30,942,000
	Total Consumer Discretionary			407,860,316		583,263,000
Consumer Staples (0.39%)
		Packaged Foods & Meats (0.39%)
	2,000,000	Whole Earth Brands, Inc. 1,3,4,5,6		20,000,000		15,320,000

Shares			Cost		Value
Common Stocks (continued)
Financials (3.89%)
		Insurance Brokers (1.15%)
	2,625,000	BRP Group, Inc., Cl A 1	$	35,198,545	$	45,333,750
		Investment Banking & Brokerage (1.47%)
	625,000	Houlihan Lokey, Inc.		28,909,333		34,775,000
	750,000	Moelis & Co., Cl A		15,297,251		23,370,000
				44,206,584		58,145,000
		Property & Casualty Insurance (1.27%)
	325,000	Kinsale Capital Group, Inc.		31,454,769		50,443,250
	Total Financials			110,859,898		153,922,000
Health Care (19.44%)
		Health Care Equipment (7.76%)
	950,000	Axonics Modulation Technologies, Inc. 1		33,317,821		33,354,500
	175,000	Cantel Medical Corp.		7,131,669		7,740,250
	270,000	DexCom, Inc. 1		3,583,873		109,458,000
	250,000	IDEXX Laboratories, Inc. 1		3,653,050		82,540,000
	320,000	Inspire Medical Systems, Inc. 1,5		16,558,160		27,846,400
	1,100,000	Silk Road Medical, Inc. 1,5		42,181,256		46,079,000
				106,425,829		307,018,150
		Health Care Technology (3.13%)
	650,000	Teladoc Health, Inc. 1		20,217,617		124,046,000
		Life Sciences Tools & Services (6.18%)
	250,000	Guardant Health, Inc. 1,5		4,953,266		20,282,500
	650,000	ICON plc 1,2		18,432,361		109,499,000
	70,000	Mettler-Toledo International, Inc. 1		3,418,551		56,388,500
	600,000	PRA Health Sciences, Inc. 1		10,800,000		58,374,000
				37,604,178		244,544,000
		Managed Health Care (1.48%)
	1,000,000	HealthEquity, Inc. 1		23,274,521		58,670,000
		Pharmaceuticals (0.89%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom)2,6		28,027,985		35,222,731
	Total Health Care			215,550,130		769,500,881
Industrials (21.03%)
		Aerospace & Defense (4.17%)
	2,000,000	Kratos Defense & Security Solutions, Inc. 1		29,986,016		31,260,000
	1,000,000	Mercury Systems, Inc. 1		25,872,953		78,660,000
	125,000	TransDigm Group, Inc. 1		0		55,256,250
				55,858,969		165,176,250
		Building Products (2.19%)
	1,090,609	AZEK Co., Inc. 1		25,084,007		34,746,803
	400,000	Trex Company, Inc. 1		30,505,504		52,028,000
				55,589,511		86,774,803

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Electrical Components & Equipment (2.40%)
	7,000,000	Vertiv Holdings LLC 1	$	69,871,612	$	94,920,000
		Environmental & Facilities Services (2.02%)
	850,000	Waste Connections, Inc. 2		37,116,667		79,721,500
		Human Resource & Employment Services (2.86%)
	1,700,000	ASGN, Inc. 1		42,057,952		113,356,000
		Industrial Machinery (2.25%)
	725,000	John Bean Technologies Corp.		62,999,777		62,364,500
	200,000	RBC Bearings, Incorporated 1		12,713,721		26,808,000
				75,713,498		89,172,500
		Research & Consulting Services (2.26%)
	4,000,000	Clarivate Plc (formerly, Clarivate Analytics Plc) 1,2		44,078,833		89,320,000
		Trading Companies & Distributors (2.88%)
	1,000,000	SiteOne Landscape Supply, Inc. 1		26,904,431		113,970,000
	Total Industrials			407,191,473		832,411,053
Information Technology (23.84%)
		Application Software (11.01%)
	950,000	Altair Engineering, Inc., Cl A 1		15,372,487		37,762,500
	800,000	Aspen Technology, Inc. 1		29,983,938		82,888,000
	850,000	Ceridian HCM Holding, Inc. 1		23,711,721		67,379,500
	1,225,000	Guidewire Software, Inc. 1		31,269,358		135,791,250
	275,000	The Trade Desk, Inc., Cl A 1		9,762,500		111,787,500
				110,100,004		435,608,750
		Data Processing & Outsourced Services (3.98%)
	3,300,000	Repay Holdings Corporation, Cl A 1,4		33,000,000		81,279,000
	405,170	Shift4 Payments, Inc., Cl A 1		9,677,975		14,383,535
	375,000	WEX, Inc. 1		15,715,808		61,878,750
				58,393,783		157,541,285
		Electronic Equipment & Instruments (1.81%)
	1,200,000	Cognex Corp.		9,420,069		71,664,000
		Internet Services & Infrastructure (2.75%)
	425,000	Wix.com Ltd. 1,2		22,664,357		108,893,500
		IT Consulting & Other Services (4.29%)
	700,000	Endava plc, ADR 1,2		20,546,460		33,810,000
	1,000,000	Gartner, Inc. 1		14,988,362		121,330,000
	2,100,000	Grid Dynamics Holdings, Inc. 1		21,637,915		14,490,000
				57,172,737		169,630,000
	Total Information Technology			257,750,950		943,337,535

Shares			Cost		Value
Common Stocks (continued)
Materials (3.07%)
		Construction Materials (0.51%)
	1,250,000	Summit Materials, Inc., Cl A 1	$	21,875,405	$	20,100,000
		Metal & Glass Containers (0.90%)
	800,000	Berry Global Group, Inc. 1		12,652,147		35,456,000
		Specialty Chemicals (1.66%)
	1,800,000	PolyOne Corp.		57,479,445		47,214,000
	100,000	Quaker Chemical Corp.		15,148,385		18,565,000
				72,627,830		65,779,000
	Total Materials			107,155,382		121,335,000
Real Estate (5.73%)
		Specialized REITs (5.73%)
	2,800,000	Americold Realty Trust 5		63,604,265		101,640,000
	178,136	Gaming and Leisure Properties, Inc.		1,757,610		6,163,505
	400,000	SBA Communications Corp.		1,611,440		119,168,000
	Total Real Estate			66,973,315		226,971,505
Unclassified (1.09%)
		Unclassified (1.09%)
	3,150,000	Collier Creek Holdings, Cl A 1,2,4		38,880,913		43,155,000
	Total Common Stocks			1,670,365,009		3,859,536,724
Warrants (0.34%)
Consumer Discretionary (0.01%)
		Hotels, Resorts & Cruise Lines (0.01%)
	260,850	OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/20241,2,5,6		0		545,177
Consumer Staples (0.04%)
		Packaged Foods & Meats (0.04%)
	1,403,600	Whole Earth Brands, Inc. Warrants, Exp 6/25/2025 1,3,4,5,6		0		1,515,888
Information Technology (0.29%)
		Data Processing & Outsourced Services (0.29%)
	3,500,000	Repay Holdings Corporation Warrants, Exp 7/11/20241,4		0		11,445,000
	Total Warrants			0		13,506,065

See Notes to Schedules of Investments.

Baron Small Cap Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (2.31%)
$91,547,847	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $91,547,847; (Fully collateralized by $88,371,200 U.S. Treasury Note, 1.50% due 10/31/2024; Market value – $93,378,879)6	$	91,547,847	$	91,547,847
Total Investments (100.17%)			1,761,912,856		3,964,590,636
Liabilities Less Cash and Other Assets (-0.17%)					(6,922,655	)
Net Assets				$	3,957,667,981
Retail Shares (Equivalent to $30.52 per share based on 44,820,883 shares outstanding)				$	1,368,025,048
Institutional Shares (Equivalent to $32.07 per share based on 75,064,480 shares outstanding)				$	2,407,048,579
R6 Shares (Equivalent to $32.06 per share based on 5,695,926 shares outstanding)				$	182,594,354

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2020, the market value of restricted and fair valued securities amounted to $16,835,888 or 0.43% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  See Note 6 regarding “Affiliated” companies.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.49%)
Communication Services (14.65%)
		Interactive Home Entertainment (2.24%)
	78,000	Electronic Arts, Inc. 1	$	7,977,654	$	10,299,900
	59,000	Take-Two Interactive Software, Inc.1		6,730,439		8,234,630
				14,708,093		18,534,530
		Interactive Media & Services (10.84%)
	17,950	Alphabet, Inc., Cl C 1		14,928,787		25,374,299
	92,700	Facebook, Inc., Cl A 1		19,752,664		21,049,389
	548,000	Snap, Inc., Cl A 1		8,507,738		12,872,520
	139,803	Zillow Group, Inc., Cl C 1		6,696,982		8,054,051
	442,369	ZoomInfo Technologies Inc., Cl A1		12,491,610		22,574,090
				62,377,781		89,924,349
		Movies & Entertainment (1.57%)
	122,614	Manchester United plc, Cl A 2		1,867,992		1,940,980
	24,425	Netflix, Inc. 1		3,966,732		11,114,352
				5,834,724		13,055,332
	Total Communication Services			82,920,598		121,514,211
Consumer Discretionary (20.12%)
		Automobile Manufacturers (5.56%)
	42,700	Tesla, Inc. 1		9,302,003		46,107,887
		Automotive Retail (1.87%)
	298,416	Vroom, Inc. 1		6,565,152		15,559,410
		Education Services (0.65%)
	123,236	Arco Platform Limited, Cl A 1,2		3,501,531		5,358,301
		Homebuilding (0.61%)
	74,000	Installed Building Products, Inc. 1		3,805,225		5,089,720
		Internet & Direct Marketing Retail (11.43%)
	77,000	Alibaba Group Holding Limited, ADR 1,2		10,901,219		16,608,900
	22,575	Amazon.com, Inc. 1		24,454,980		62,280,362
	8,529	MercadoLibre, Inc. 1		4,838,488		8,407,632
	1,389,126	Trainline Plc, 144A (United Kingdom)1,2,4		6,196,057		7,486,581
				46,390,744		94,783,475
	Total Consumer Discretionary			69,564,655		166,898,793
Financials (1.40%)
		Asset Management & Custody Banks (0.76%)
	192,250	Brookfield Asset Management, Inc., Cl A 2		7,001,856		6,325,025
		Financial Exchanges & Data (0.64%)
	10,600	MarketAxess Holdings, Inc.		1,129,414		5,309,752
	Total Financials			8,131,270		11,634,777

Shares			Cost		Value
Common Stocks (continued)
Health Care (13.76%)
		Biotechnology (7.61%)
	101,300	Acceleron Pharma, Inc. 1	$	3,848,518	$	9,650,851
	113,400	Applied Therapeutics, Inc. 1		4,776,131		4,099,410
	77,202	argenx SE, ADR 1,2		3,349,836		17,388,206
	207,600	Arrowhead Pharmaceuticals, Inc. 1		5,250,683		8,966,244
	43,700	Neurocrine Biosciences, Inc. 1		3,891,557		5,331,400
	152,917	PTC Therapeutics, Inc. 1		7,597,277		7,759,009
	34,300	Vertex Pharmaceuticals Incorporated 1		5,744,506		9,957,633
				34,458,508		63,152,753
		Health Care Equipment (1.48%)
	71,100	Edwards Lifesciences Corp. 1		2,388,654		4,913,721
	12,935	Intuitive Surgical, Inc. 1		4,035,830		7,370,751
				6,424,484		12,284,472
		Health Care Technology (1.68%)
	106,374	Schrödinger, Inc. 1		1,808,358		9,740,667
	17,800	Veeva Systems, Inc., Cl A 1		2,595,016		4,172,676
				4,403,374		13,913,343
		Life Sciences Tools & Services (2.99%)
	50,419	10X Genomics, Inc., Cl A 1		3,006,785		4,502,921
	222,500	CareDx, Inc. 1,3		7,071,684		7,883,175
	53,837	Guardant Health, Inc. 1,3		3,834,191		4,367,796
	21,715	Illumina, Inc. 1		2,606,193		8,042,150
				16,518,853		24,796,042
	Total Health Care			61,805,219		114,146,610
Industrials (3.04%)
		Aerospace & Defense (0.98%)
	517,969	Kratos Defense & Security Solutions, Inc.1		8,426,902		8,095,856
		Research & Consulting Services (2.06%)
	17,933	CoStar Group, Inc. 1		606,009		12,744,445
	25,390	Verisk Analytics, Inc.		1,183,699		4,321,378
				1,789,708		17,065,823
	Total Industrials			10,216,610		25,161,679
Information Technology (38.96%)
		Application Software (13.82%)
	29,900	Adobe, Inc. 1		5,847,190		13,015,769
	16,975	ANSYS, Inc. 1		1,416,670		4,952,117
	44,500	Avalara, Inc. 1		5,804,336		5,922,505
	105,170	Ceridian HCM Holding, Inc. 1		3,363,213		8,336,826
	14,800	Coupa Software, Inc. 1		2,259,094		4,100,192
	157,100	Guidewire Software, Inc. 1		3,949,773		17,414,535
	55,500	RingCentral, Inc., Cl A 1		6,537,106		15,818,055
	45,480	salesforce.com, Inc. 1		4,888,666		8,519,768
	24,300	ServiceNow, Inc. 1,3		2,036,994		9,842,958
	72,600	Splunk, Inc. 1		8,104,192		14,425,620
	19,500	The Trade Desk, Inc., Cl A 1		646,518		7,926,750
	17,207	Zoom Video Communications, Inc., Cl A 1		1,087,315		4,362,663
				45,941,067		114,637,758

See Notes to Schedules of Investments.

Baron Opportunity Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (4.31%)
	3,000	Adyen N.V., 144A (Netherlands) 1,2	$	2,422,754	$	4,366,481
	33,100	MasterCard Incorporated, Cl A		2,713,455		9,787,670
	67,000	PayPal Holdings, Inc. 1		7,166,223		11,673,410
	51,300	Visa, Inc., Cl A		4,019,237		9,909,621
				16,321,669		35,737,182
		Internet Services & Infrastructure (4.16%)
	172,677	GDS Holdings Limited, ADR 1,2		6,992,993		13,755,450
	525,000	NEXTDC Ltd. (Australia)1,2,4		2,455,362		3,611,071
	67,043	Wix.com Ltd. 1,2		3,803,923		17,177,757
				13,252,278		34,544,278
		IT Consulting & Other Services (2.50%)
	192,368	Endava plc, ADR 1,2		6,273,962		9,291,374
	94,187	Gartner, Inc. 1		1,517,861		11,427,709
				7,791,823		20,719,083
		Semiconductors (1.37%)
	29,800	NVIDIA Corp.		6,014,158		11,321,318
		Systems Software (12.80%)
	85,723	Crowdstrike Holdings, Inc., Cl A 1		4,145,057		8,597,160
	91,020	Datadog, Inc., Cl A 1,3		2,806,058		7,914,189
	388,800	Microsoft Corp.		54,115,132		79,124,688
	10,000	Okta, Inc. 1,3		1,209,730		2,002,300
	38,741	Twilio, Inc., Cl A 1,3		4,836,911		8,500,550
				67,112,888		106,138,887
	Total Information Technology			156,433,883		323,098,506
Real Estate (3.56%)
		Industrial REITs (0.96%)
	191,985	Rexford Industrial Realty, Inc.		7,666,134		7,953,939
		Specialized REITs (2.60%)
	32,000	Alexandria Real Estate Equities, Inc. 3		4,494,838		5,192,000
	175,500	Americold Realty Trust 3		5,390,812		6,370,650
	14,225	Equinix, Inc.		2,122,124		9,990,217
				12,007,774		21,552,867
	Total Real Estate			19,673,908		29,506,806
	Total Common Stocks			408,746,143		791,961,382

Principal Amount			Cost		Value
Short Term Investments (5.96%)
	$49,440,412	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $49,440,412; (Fully collateralized by $47,724,900 U.S. Treasury Note, 1.50% due 10/31/2024; Market value – $50,429,299)4	$	49,440,412	$	49,440,412
	Total Investments (101.45%)		$	458,186,555		841,401,794
	Liabilities Less Cash and Other Assets (-1.45%)					(12,035,239	)
	Net Assets				$	829,366,555
	Retail Shares (Equivalent to $29.80 per share based on 16,995,734 shares outstanding)				$	506,405,267
	Institutional Shares (Equivalent to $31.20 per share based on 9,654,749 shares outstanding)				$	301,233,066
	R6 Shares (Equivalent to $31.23 per share based on 695,703 shares outstanding)				$	21,728,222

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

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

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

^ADR American Depositary Receipt.

^144A Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the market value of Rule 144A securities amounted to $11,853,062 or 1.43% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Fifth Avenue Growth Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.81%)
Communication Services (9.73%)
		Interactive Media & Services (9.73%)
	1,948	Alphabet, Inc., Cl A 1	$	280,365	$	2,762,361
	10,283	Alphabet, Inc., Cl C 1		4,420,382		14,536,152
	64,665	Facebook, Inc., Cl A 1		2,342,792		14,683,482
	186,473	ZoomInfo Technologies Inc., Cl A 1		5,197,135		9,515,717
	Total Communication Services			12,240,674		41,497,712
Consumer Discretionary (18.53%)
		Internet & Direct Marketing Retail (18.53%)
	92,830	Alibaba Group Holding Limited, ADR 1,2		7,959,441		20,023,431
	17,716	Amazon.com, Inc. 1		3,748,327		48,875,255
	10,320	MercadoLibre, Inc. 1		5,390,091		10,173,146
	Total Consumer Discretionary			17,097,859		79,071,832
Financials (4.82%)
		Financial Exchanges & Data (4.82%)
	54,208	CME Group, Inc.		5,248,889		8,810,968
	35,745	S&P Global, Inc.		7,625,094		11,777,263
	Total Financials			12,873,983		20,588,231
Health Care (17.66%)
		Biotechnology (2.58%)
	37,971	Vertex Pharmaceuticals Incorporated 1		5,909,493		11,023,361
		Health Care Equipment (3.26%)
	24,371	Intuitive Surgical, Inc. 1		8,390,754		13,887,327
		Health Care Technology (5.52%)
	100,453	Veeva Systems, Inc., Cl A 1		7,493,348		23,548,192
		Life Sciences Tools & Services (4.80%)
	43,390	10X Genomics, Inc., Cl A 1		3,168,601		3,875,161
	44,814	Illumina, Inc. 1		5,436,614		16,596,865
				8,605,215		20,472,026
		Pharmaceuticals (1.50%)
	121,021	AstraZeneca PLC, ADR 2		6,375,865		6,400,801
	Total Health Care			36,774,675		75,331,707
Information Technology (41.85%)
		Application Software (10.55%)
	39,609	RingCentral, Inc., Cl A 1		4,042,926		11,288,961
	32,207	ServiceNow, Inc. 1,3		9,303,984		13,045,767
	208,327	Slack Technologies, Inc., Cl A 1		4,742,654		6,476,887
	71,388	Splunk, Inc. 1		8,677,083		14,184,796
				26,766,647		44,996,411
		Data Processing & Outsourced Services (13.43%)
	6,218	Adyen N.V., 144A (Netherlands)1,2		4,711,862		9,050,260
	89,358	Fidelity National Information Services, Inc.		7,601,621		11,982,014
	66,851	MasterCard Incorporated, Cl A		3,750,511		19,767,840
	85,434	Visa, Inc., Cl A		2,870,563		16,503,286
				18,934,557		57,303,400
		Internet Services & Infrastructure (2.91%)
	48,522	Wix.com Ltd. 1,2		4,233,004		12,432,307

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (3.02%)
	51,126	EPAM Systems, Inc. 1	$	4,736,195	$	12,884,263
		Semiconductor Equipment (3.38%)
	39,157	ASML Holding N.V. 2		4,042,937		14,410,951
		Systems Software (8.56%)
	81,184	Crowdstrike Holdings, Inc., Cl A 1		3,934,559		8,141,943
	140,287	Datadog, Inc., Cl A 1,3		3,787,749		12,197,955
	73,862	Twilio Inc., Cl A 1,3		8,837,984		16,206,800
				16,560,292		36,546,698
	Total Information Technology			75,273,632		178,574,030
Real Estate (3.22%)
		Specialized REITs (3.22%)
	19,555	Equinix, Inc.		3,178,515		13,733,476
	Total Common Stocks			157,439,338		408,796,988
Principal Amount
Short Term Investments (4.32%)
	$18,417,847	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $18,417,847; (Fully collateralized by $17,326,600 U.S. Treasury Note, 2.125% due 11/30/2024; Market value – $18,786,224)4		18,417,847		18,417,847
	Total Investments (100.13%)		$	175,857,185		427,214,835
	Liabilities Less Cash and Other Assets (-0.13%)					(551,283	)
	Net Assets				$	426,663,552
	Retail Shares (Equivalent to $41.76 per share based on 3,592,394 shares outstanding)				$	150,035,194
	Institutional Shares (Equivalent to $42.78 per share based on 5,774,431 shares outstanding)				$	247,051,063
	R6 Shares (Equivalent to $42.80 per share based on 691,077 shares outstanding)				$	29,577,295

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

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

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

^ADR American Depositary Receipt.

^144A Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the market value of Rule 144A securities amounted to $9,050,260 or 2.12% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.75%)
Communication Services (3.22%)
		Advertising (1.38%)
	3,000,000	S4 Capital PLC (United Kingdom) 1,2,6	$	7,449,217	$	10,034,755
		Movies & Entertainment (0.75%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		5,398,300
		Publishing (1.09%)
	500,000	Future PLC (United Kingdom) 2,6		7,138,714		7,891,817
	Total Communication Services			20,222,742		23,324,872
Consumer Discretionary (8.71%)
		Casinos & Gaming (2.28%)
	175,000	DraftKings, Inc., Cl A 1		2,183,795		5,820,500
	350,371	Penn National Gaming, Inc. 1		6,263,946		10,700,330
				8,447,741		16,520,830
		General Merchandise Stores (1.82%)
	135,000	Ollie’s Bargain Outlet Holdings, Inc. 1		7,782,991		13,182,750
		Home Improvement Retail (2.98%)
	375,000	Floor & Decor Holdings, Inc., Cl A 1		12,204,764		21,618,750
		Internet & Direct Marketing Retail (0.44%)
	250,000	The RealReal, Inc. 1		4,201,160		3,197,500
		Restaurants (1.19%)
	315,000	The Cheesecake Factory, Inc.		6,971,479		7,219,800
	10,000	Wingstop, Inc.		874,199		1,389,700
				7,845,678		8,609,500
	Total Consumer Discretionary			40,482,334		63,129,330
Consumer Staples (0.05%)
		Packaged Foods & Meats (0.05%)
	1,050,000	Barfresh Food Group, Inc. 1		597,200		367,500
Financials (5.15%)
		Insurance Brokers (1.19%)
	500,007	BRP Group, Inc., Cl A 1		8,065,827		8,635,121
		Property & Casualty Insurance (3.96%)
	185,000	Kinsale Capital Group, Inc.		8,344,077		28,713,850
	Total Financials			16,409,904		37,348,971
Health Care (28.55%)
		Biotechnology (6.71%)
	127,000	Applied Therapeutics, Inc. 1		6,307,786		4,591,050
	146,000	Biohaven Pharmaceutical Holding Co. Ltd. 1,2		6,453,537		10,674,060
	235,000	Emergent BioSolutions, Inc. 1		10,836,488		18,583,800
	288,500	Esperion Therapeutics, Inc. 1		13,059,851		14,802,935
				36,657,662		48,651,845
		Health Care Equipment (10.06%)
	164,900	Accelerate Diagnostics, Inc. 1,4		2,520,362		2,499,884
	505,084	AxoGen, Inc. 1		8,267,052		4,666,976
	280,982	Axonics Modulation Technologies, Inc. 1		9,200,554		9,865,278
	202,500	CryoPort, Inc. 1		5,127,704		6,125,625
	89,823	Inari Medical, Inc. 1		2,337,837		4,351,026
	360,000	Inogen, Inc. 1		16,270,729		12,787,200

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
	Health Care Equipment (continued)
	50,000	Inspire Medical Systems, Inc. 1,3	$	2,923,748	$	4,351,000
	365,208	Silk Road Medical, Inc. 1,3		12,597,717		15,298,563
	207,000	Tactile Systems Technology, Inc. 1		10,243,062		8,576,010
	1,985,000	ViewRay, Inc. 1		9,544,839		4,446,400
				79,033,604		72,967,962
		Health Care Supplies (2.36%)
	1,529,967	Cerus Corp. 1		7,100,382		10,097,782
	1,815,363	Sientra, Inc. 1		14,032,382		7,025,455
				21,132,764		17,123,237
		Health Care Technology (0.79%)
	30,000	Teladoc Health, Inc. 1		719,320		5,725,200
		Life Sciences Tools & Services (4.56%)
	553,523	CareDx, Inc. 1,3		11,344,057		19,611,320
	519,190	Veracyte, Inc. 1,3		12,884,315		13,447,021
				24,228,372		33,058,341
		Managed Health Care (1.45%)
	408,279	Progyny, Inc. 1		6,405,174		10,537,681
		Pharmaceuticals (2.62%)
	581,732	Revance Therapeutics, Inc. 1		8,769,092		14,205,896
	3,831,500	TherapeuticsMD, Inc. 1		16,199,093		4,789,375
				24,968,185		18,995,271
	Total Health Care			193,145,081		207,059,537
Industrials (16.05%)
		Aerospace & Defense (4.41%)
	884,870	Kratos Defense & Security Solutions, Inc. 1		14,901,245		13,830,518
	230,600	Mercury Systems, Inc. 1		7,155,936		18,138,996
				22,057,181		31,969,514
		Building Products (1.97%)
	110,000	Trex Company, Inc. 1		7,416,878		14,307,700
		Heavy Electrical Equipment (2.28%)
	707,000	TPI Composites, Inc. 1		15,134,506		16,522,590
		Industrial Conglomerates (0.52%)
	175,000	Raven Industries, Inc. 1		5,866,730		3,764,250
		Industrial Machinery (3.94%)
	86,600	ESCO Technologies, Inc.		4,658,024		7,320,298
	230,000	Helios Technologies, Inc.		9,893,077		8,567,500
	237,500	Kornit Digital Ltd. 1,2		3,984,915		12,677,750
				18,536,016		28,565,548
		Trading Companies & Distributors (2.93%)
	186,500	SiteOne Landscape Supply, Inc. 1		10,148,112		21,255,405
	Total Industrials			79,159,423		116,385,007
Information Technology (24.63%)
		Application Software (4.16%)
	35,000	Bill.Com Holdings, Inc. 1		1,365,006		3,157,350
	107,500	Everbridge, Inc. 1		10,041,858		14,873,700
	250,000	Medallia, Inc. 1		6,797,416		6,310,000
	350,000	Yext, Inc. 1		4,883,046		5,813,500
				23,087,326		30,154,550

See Notes to Schedules of Investments.

Baron Discovery Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Data Processing & Outsourced Services (2.68%)
	500,000	Repay Holdings Corporation, Cl A 1	$	6,783,489	$	12,315,000
	200,000	Shift4 Payments, Inc., Cl A 1		5,322,638		7,100,000
				12,106,127		19,415,000
		Electronic Equipment & Instruments (2.11%)
	10,431	Novanta, Inc. 1,2		272,590		1,113,718
	475,000	PAR Technology Corp. 1		8,016,491		14,216,750
				8,289,081		15,330,468
		IT Consulting & Other Services (2.90%)
	435,000	Endava plc, ADR 1,2		12,386,740		21,010,500
		Semiconductor Equipment (4.52%)
	193,500	Advanced Energy Industries, Inc. 1		12,950,217		13,117,365
	340,000	Ichor Holdings Ltd. 1,2		6,622,722		9,037,200
	220,000	Nova Measuring Instruments Ltd. 1,2		5,201,368		10,601,800
				24,774,307		32,756,365
		Systems Software (8.26%)
	333,775	Dynatrace, Inc. 1,3		6,243,606		13,551,265
	472,131	Ping Identity Holding Corp. 1		7,764,344		15,150,684
	175,000	Qualys, Inc. 1		10,424,382		18,203,500
	147,000	Varonis Systems, Inc. 1		9,207,436		13,006,560
				33,639,768		59,912,009
	Total Information Technology			114,283,349		178,578,892
Real Estate (5.22%)
		Diversified REITs (1.15%)
	300,000	American Assets Trust, Inc.		8,106,734		8,352,000
		Industrial REITs (1.72%)
	300,000	Rexford Industrial Realty, Inc.		10,330,498		12,429,000
		Specialized REITs (2.35%)
	470,000	Americold Realty Trust 3		9,905,736		17,061,000
	Total Real Estate			28,342,968		37,842,000
Unclassified (2.17%)
		Unclassified (2.17%)
	1,150,000	Collier Creek Holdings, Cl A 1,2		14,287,867		15,755,000
	Total Common Stocks			506,930,868		679,791,109

Principal Amount			Cost		Value
Short Term Investments (6.37%)
Repurchase Agreement (6.03%)
	$43,751,072	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $43,751,072; (Fully collateralized by $41,158,900 U.S. Treasury Note, 2.125% due 11/30/2024; Market value – $44,626,200)6	$	43,751,072	$	43,751,072
Securities Lending Collateral (0.34%)
	2,432,275	State Street Navigator Securities Lending Prime Portfolio 5,6		2,432,275		2,432,275
	Total Short Term Investments			46,183,347		46,183,347
	Total Investments (100.12%)		$	553,114,215		725,974,456
	Liabilities Less Cash and Other Assets (-0.12%)					(846,480	)
	Net Assets				$	725,127,976
	Retail Shares (Equivalent to $23.73 per share based on 5,556,278 shares outstanding)				$	131,841,207
	Institutional Shares (Equivalent to $24.11 per share based on 24,220,060 shares outstanding)				$	584,014,679
	R6 Shares (Equivalent to $24.11 per share based on 384,514 shares outstanding)				$	9,272,090

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

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

⁴ The value of all securities loaned at June 30, 2020 amounted to $2,499,884 or 0.34% of net assets. See Note 2c regarding Securities Lending.

⁵ Represents investment of cash collateral received from securities lending transactions. See Note 2c regarding Securities Lending.

⁶ 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, 2020 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.15%)
Communication Services (10.17%)
		Cable & Satellite (2.44%)
	574	Charter Communications, Inc., Cl A 1	$	233,119	$	292,763
		Interactive Media & Services (7.73%)
	298	Alphabet, Inc., Cl C 1		368,190		421,256
	2,233	Facebook, Inc., Cl A 1		463,016		507,047
				831,206		928,303
	Total Communication Services			1,064,325		1,221,066
Consumer Staples (4.46%)
		Distillers & Vintners (2.00%)
	1,374	Constellation Brands, Inc., Cl A		277,817		240,381
		Hypermarkets & Super Centers (1.39%)
	548	Costco Wholesale Corp.		131,841		166,159
		Personal Products (1.07%)
	681	The Estée Lauder Companies, Inc., Cl A		109,587		128,491
	Total Consumer Staples			519,245		535,031
Financials (15.64%)
		Asset Management & Custody Banks (2.17%)
	328	BlackRock, Inc.		160,532		178,462
	2,490	Brookfield Asset Management, Inc., Cl A 2		103,739		81,921
				264,271		260,383
		Financial Exchanges & Data (13.47%)
	808	CME Group, Inc.		125,886		131,332
	2,158	Moody’s Corp.		422,752		592,867
	865	MSCI, Inc.		272,907		288,754
	1,832	S&P Global, Inc.		413,955		603,608
				1,235,500		1,616,561
	Total Financials			1,499,771		1,876,944
Health Care (21.89%)
		Health Care Equipment (4.60%)
	3,124	Danaher Corp.		417,686		552,417
		Life Sciences Tools & Services (9.31%)
	1,550	Agilent Technologies, Inc.		107,517		136,973
	2,532	IQVIA Holdings, Inc. 1		361,541		359,240
	189	Mettler-Toledo International, Inc. 1		121,918		152,249
	1,293	Thermo Fisher Scientific, Inc.		398,257		468,506
				989,233		1,116,968
		Managed Health Care (3.07%)
	1,247	UnitedHealth Group, Incorporated		296,640		367,803
		Pharmaceuticals (4.91%)
	11,152	AstraZeneca PLC, ADR 2		529,994		589,829
	Total Health Care			2,233,553		2,627,017

Shares			Cost		Value
Common Stocks (continued)
Industrials (5.26%)
		Aerospace & Defense (1.84%)
	2,725	HEICO Corp., Cl A	$	258,043	$	221,379
		Research & Consulting Services (3.42%)
	5,432	IHS Markit Ltd. 2		321,519		410,116
	Total Industrials			579,562		631,495
Information Technology (31.89%)
		Application Software (8.68%)
	1,488	Adobe, Inc. 1		450,378		647,741
	313	Fair Isaac Corp. 1		112,954		130,847
	4,649	SS&C Technologies Holdings, Inc.		254,015		262,575
				817,347		1,041,163
		Data Processing & Outsourced Services (9.09%)
	3,281	Fidelity National Information Services, Inc.		453,390		439,949
	1,494	MasterCard Incorporated, Cl A		311,429		441,776
	1,086	Visa, Inc., Cl A		224,841		209,783
				989,660		1,091,508
		Electronic Manufacturing Services (1.33%)
	1,958	TE Connectivity Ltd. 2		186,028		159,675
		IT Consulting & Other Services (4.15%)
	2,322	Accenture plc, Cl A 2		425,751		498,580
		Semiconductor Equipment (1.60%)
	522	ASML Holding N.V. 2		103,004		192,112
		Semiconductors (1.43%)
	1,347	Texas Instruments, Inc.		157,714		171,028
		Systems Software (5.61%)
	3,310	Microsoft Corp.		391,487		673,618
	Total Information Technology			3,070,991		3,827,684
Materials (1.00%)
		Specialty Chemicals (1.00%)
	605	Ecolab, Inc.		120,488		120,365
Real Estate (4.84%)
		Specialized REITs (4.84%)
	1,501	Alexandria Real Estate Equities, Inc. 3		225,486		243,537
	480	Equinix, Inc.		260,708		337,104
	Total Real Estate			486,194		580,641
	Total Common Stocks			9,574,129		11,420,243

See Notes to Schedules of Investments.

Baron Durable Advantage Fund

SCHEDULE OF INVESTMENTS

JUNE 30, 2020 (UNAUDITED)

Principal Amount		Cost		Value
Short Term Investments (5.95%)
$714,705	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2020, 0.00% due 7/1/2020; Proceeds at maturity – $714,705; (Fully collateralized by $677,300 U.S. Treasury Note, 1.625% due 2/15/2026; Market value – $729,062)4	$	714,705	$	714,705
Total Investments (101.10%)		$	10,288,834		12,134,948
Liabilities Less Cash and Other Assets (-1.10%)					(132,351	)
Net Assets				$	12,002,597
Retail Shares (Equivalent to $13.31 per share based on 284,068 shares outstanding)				$	3,781,196
Institutional Shares (Equivalent to $13.39 per share based on 447,017 shares outstanding)				$	5,984,514
R6 Shares (Equivalent to $13.39 per share based on 167,092 shares outstanding)				$	2,236,887

% Represents percentage of net assets.

¹ Non-income producing securities.

² Foreign corporation.

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

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

^ADR American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

Baron Funds June 30, 2020

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 BAMCO, Inc. (the “Adviser”), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. 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 long-term 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 the Adviser’s judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the “Board”). Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the “Committee”) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the

Baron Funds June 30, 2020

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/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

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 NAV 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, 2020, Baron Discovery had securities on loan with values of $2,499,884 and held $2,432,275 of short term investments as collateral for these loans.

d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds’ investments in repurchase agreements at June 30, 2020, 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, 2020

3. RESTRICTED SECURITIES

At June 30, 2020, 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, 2020, 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	$	182,051
(Cost $0) (0.00% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Preferred Stocks
Schrödinger, Inc. Series E		11/9/2018	$	39,572,793
Private Partnerships
Windy City Investments Holdings, L.L.C.		11/13/2007-1/27/2011		61,280
Total Restricted Securities			$	39,634,073
(Cost $4,999,999) † (0.58% of Net Assets)
	Baron Small Cap Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Whole Earth Brands, Inc.		6/25/2020	$	15,320,000
Private Partnerships
Whole Earth Brands, Inc.		6/25/2020		1,515,888
Total Restricted Securities			$	16,835,888
(Cost $20,000,000) † (0.43% of Net Assets)

^† See Schedules of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Baron Funds June 30, 2020

The following is a summary of the inputs used as of June 30, 2020 in valuing the Funds’ investments carried at fair value:

	Baron Asset Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level  3)		Total
Common Stocks†	$	4,727,461,642	$	—	$	—	$	4,727,461,642
Private Partnerships		—		—		182,051		182,051
Short Term Investments		—		33,079,184		—		33,079,184
Total Investments	$	4,727,461,642	$	33,079,184	$	182,051	$	4,760,722,877
	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†	$	6,712,832,365	$	43,178,000	$	—	$	6,756,010,365
Private Preferred Stocks		—		39,572,793		—		39,572,793
Private Partnerships		—		—		61,280		61,280
Warrants		—		201,716		—		201,716
Total Investments	$	6,712,832,365	$	82,952,509	$	61,280	$	6,795,846,154
	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,808,993,993	$	50,542,731	$	—	$	3,859,536,724
Warrants†		11,445,000		2,061,065		—		13,506,065
Short Term Investments		—		91,547,847		—		91,547,847
Total Investments	$	3,820,438,993	$	144,151,643	$		$	3,964,590,636
	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†	$	780,863,730	$	11,097,652	$	—	$	791,961,382
Short Term Investments		—		49,440,412		—		49,440,412
Total Investments	$	780,863,730	$	60,538,064	$	—	$	841,401,794
	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†	$	408,796,988	$	—	$	—	$	408,796,988
Short Term Investments		—		18,417,847		—		18,417,847
Total Investments	$	408,796,988	$	18,417,847	$	—	$	427,214,835

† See Schedules of Investments for additional detailed categorizations.

Baron Funds June 30, 2020

	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†	$	661,864,537	$	17,926,572	$	—	$	679,791,109
Short Term Investments		—		46,183,347		—		46,183,347
Total Investments	$	661,864,537	$	64,109,919	$	—	$	725,974,456
	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†	$	11,420,243	$	—	$	—	$	11,420,243
Short Term Investments		—		714,705		—		714,705
Total Investments	$	11,420,243	$	714,705	$	—	$	12,134,948

† 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, 2019		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, 2020		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2020
Private Equity Investments
Financials	$	179,228	$	—	$	—	$	2,823	$	—	$	—	$	—	$	—	$	182,051	$	2,823
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2019		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, 2020		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2020
Private Preferred Stocks
Health Care1	$	5,870,118	$	—	$	—	$	33,702,675	$	—	$	—	$	—	$	(39,572,793)	$	—	$	—
Private Partnerships
Financials		60,329		—		—		951		—		—		—		—		61,280		951
Total	$	5,930,447	$	—	$		$	33,703,626	$		$	—	$	—	$	(39,572,793)	$	61,280	$	952

Baron Funds June 30, 2020

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of June 30, 2020, 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	$	1,628,674,081	$	1,530,120,169	$	1,761,912,856	$	458,186,555	$	175,857,185	$	553,114,215	$	10,288,834
Gross tax unrealized appreciation	$	3,134,067,374	$	5,288,722,535	$	2,257,592,448	$	384,899,837	$	251,357,650	$	213,319,268	$	1,999,308
Gross tax unrealized depreciation		(2,018,578)		(22,996,550)		(54,914,668)		(1,684,598)		—		(40,459,027)		(153,194)
Net unrealized appreciation	$	3,132,048,796	$	5,265,725,985	$	2,202,677,780	$	383,215,239	$	251,357,650	$	172,860,241	$	1,846,114

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2019		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at June 30, 2020		Value at June 30, 2020		% of Net Assets at June 30, 2020
“Affiliated” Company as of June 30, 2020:
Choice Hotels International, Inc.	$	266,880,000	$	—	$	—	$	(30,180,000)	$	—	$	1,995,000		3,000,000	$	236,700,000		3.48%
Iridium Communications, Inc.		188,596,298		—		—		36,868,450		—		—		8,862,608		225,464,748		3.31%
Vail Resorts, Inc.		477,876,000		—		13,640,235		(99,370,267)		6,720,502		10,947,200		2,040,000		371,586,000		5.46%
	$	933,352,298	$	—	$	13,640,235	$	(92,681,817)	$	6,720,502	$	12,942,200			$	833,750,748
No longer an “Affiliated” Company as of June 30, 2020:
Benefitfocus, Inc.	$	52,382,000	$	—	$	27,833,612	$	30,851,571	$	(55,399,959)	$	—		—	$	—		0.00%
BARON SMALL CAP FUND
Name of Issuer	Value at September 30, 2019		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at June 30, 2020		Value at June 30, 2020		% of Net Assets at June 30, 2020
“Affiliated” Company as of June 30, 2020:
Collier Creek Holdings, Cl A	$	—	$	38,880,913	$	—	$	4,274,087	$	—	$	—		3,150,000	$	43,155,000		1.09%
Installed Building Products, Inc.		86,010,000		7,300,763		—		21,895,737		—		—		1,675,000		115,206,500		2.91%
Repay Holdings Corporation		45,535,000		—		4,931,111		37,744,000		2,931,111		—		3,300,000		81,279,000		2.05%
Repay Holdings Corporation Warrants Exp 7/11/2024		3,010,000		—		—		8,435,000		—		—		3,500,000		11,445,000		0.29%
Whole Earth Brands, Inc.		—		20,000,000		—		(4,680,000)		—		—		2,000,000		15,320,000		0.39%
Whole Earth Brands, Inc. Warrants Exp 6/25/2025		—		—		—		1,515,888		—		—		1,403,600		1,515,888		0.04%
	$	134,555,000	$	66,181,676	$	4,931,111	$	69,184,712	$	2,931,111	$	—			$	267,921,388
No longer an “Affiliated” Company as of June 30, 2020:
Grid Dynamics Holdings, Inc. (formerly, Chaserg Technology Acquisition Corp.) 2	$	—	$	21,637,915	$	—	$	(7,147,915)	$	—	$	—		2,100,000	$	14,490,000		0.37%

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, 2020.

²  No longer an “Affiliated” Company due to merger with Grid Dynamics Holdings Inc. on March 6, 2020.

Baron Funds June 30, 2020

7. SUBSEQUENT EVENT

The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, have had negative impacts, and general uncertainty on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

8. STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

The Trust has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Fund’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Fund does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Fund would have invested more than 15% of its net assets in illiquid investments; and (5) if the Funds reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Funds will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Adviser to administer the LRMP (the “Program Administrator”). The Program Administrator has delegated its responsibilities to a Liquidity Risk Management Committee (the “LRM Committee”), comprised of a cross-functional group of key representatives from various departments of the Program Administrator, including Operations; Accounting; Legal and Compliance; Trading; and Portfolio and Risk Analytics. In addition, the Trust has contracted with a third party liquidity assessment vendor to support the classification of Fund investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in May 2020 (the “Annual Report”).

The Annual Report states that the Adviser, as the Program Administrator, acting primarily through the LRM Committee, has assessed the operation of the LRMP and believes that the LRMP is adequate and effective in its implementation. The Program Administrator and the LRM Committee initially determined that each Fund primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Fund needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Fund has breached its limit on illiquid investments.