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          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
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            <brokerName>Cowen and Company, LLC</brokerName>
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          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
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          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
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          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
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          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
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          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
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          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
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          <principalTransaction>
            <principalName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</principalName>
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        <principalAggregatePurchase>26157057586.76000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3959934053.64076923</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
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            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
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              <sharedCreditType creditType="Shared">
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                <creditUser fundName="Baron International Growth Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Real Estate Income Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron WealthBuilder Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON FIFTH AVENUE GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Energy and Resources Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON DISCOVERY FUND" secFileNo="811-05032"/>
                <creditUser fundName="BARON GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Health Care Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Durable Advantage Fund" secFileNo="811-05032"/>
                <creditUser fundName="Baron Focused Growth Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON OPPORTUNITY FUND" secFileNo="811-05032"/>
                <creditUser fundName="BARON ASSET FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Real Estate Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Emerging Markets Fund" secFileNo="811-21296"/>
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              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
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        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>BARON FIFTH AVENUE GROWTH FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000000586</mgmtInvSeriesId>
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        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Retail Shares" sharesOutstandingClassId="C000001639" sharesOutstandingTickerSymbol="BFTHX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000077822" sharesOutstandingTickerSymbol="BFTIX"/>
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        <fundType>N/A</fundType>
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        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
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            <securitiesAgentName>State Street Bank and Trust Company</securitiesAgentName>
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            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
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                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
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              <didIndemnificationRights>N</didIndemnificationRights>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>BAMCO, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-29080</investmentAdviserFileNo>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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            <transferAgentName>DST Systems, Inc.</transferAgentName>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
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          <pricingService>
            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
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            <custodianName>Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)</custodianName>
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            <custodianName>Deutsche Bank Aktiengesellschaft (Mumbai, Maharashtra, IN, Branch)</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianCountry>HK</custodianCountry>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>Bank Hapoalim B.M.</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <adminName>State Street Bank and Trust Company</adminName>
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        <brokerDealers>
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            <brokerDealerCommission>0.00000000</brokerDealerCommission>
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        <brokers>
          <broker>
            <brokerName>Citation Group Ltd.</brokerName>
            <brokerFileNo>8-43632</brokerFileNo>
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            <brokerLei>00000000000000000000</brokerLei>
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            <grossCommission>2218.13000000</grossCommission>
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          <broker>
            <brokerName>J.P. Morgan Securities LLC/JPMC</brokerName>
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                <creditUser fundName="Baron Real Estate Fund" secFileNo="811-21296"/>
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        <isSwingPricing>N</isSwingPricing>
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          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
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        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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            <principalLei>5493002DR5KW4JP7YS87</principalLei>
            <principalCountry>CA</principalCountry>
            <principalTotalPurchaseSale>3191100.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>9910406423.89000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bofa Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10441280.80000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cantor Fitzgerald &amp; Co.</principalName>
            <principalFileNo>8-201</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1980000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>27925749.50000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3183682.44000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>9974579689.63000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>660838808.21307692</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="BARON OPPORTUNITY FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Energy and Resources Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Global Advantage Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Emerging Markets Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Real Estate Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Durable Advantage Fund" secFileNo="811-05032"/>
                <creditUser fundName="BARON SMALL CAP FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron WealthBuilder Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Focused Growth Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Health Care Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Real Estate Income Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON ASSET FUND" secFileNo="811-05032"/>
                <creditUser fundName="BARON FIFTH AVENUE GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron International Growth Fund" secFileNo="811-21296"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>BARON GROWTH FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000000583</mgmtInvSeriesId>
        <mgmtInvLei>5493003RB1W6V2NH4T78</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Retail Shares" sharesOutstandingClassId="C000001636" sharesOutstandingTickerSymbol="BGRFX"/>
          <sharesOutstanding sharesOutstandingClassName="R6 Shares" sharesOutstandingClassId="C000165211" sharesOutstandingTickerSymbol="BGRUX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000077819" sharesOutstandingTickerSymbol="BGRIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank and Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="State Street Global Advisors, Ltd." collateralManagerLei="OH3PFKUO73B5329UCH94" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>BAMCO, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-29080</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000110789</investmentAdviserCrdNo>
            <investmentAdviserLei>5493004E8ITXDW4ZG169</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Systems, Inc.</transferAgentName>
            <transferAgentFileNo>84-00448</transferAgentFileNo>
            <transferAgentLei>21B7QCD05XOK0YTYOP98</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
            <pricingServiceLei>549300NF240HXJO7N016</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank International GmbH</custodianName>
            <custodianLei>ZMHGNT7ZPKZ3UFZ8EO46</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Trust Company Canada</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Frankfurt am Main, Hessen, DE, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Clearstream Banking S.A.</custodianName>
            <custodianLei>549300OL514RA0SXJJ44</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
            <custodianLei>ES7IP3U3RHIGC71XBU11</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)</custodianName>
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            <custodianCountry>BR</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Helsinki, Uusimaa, FI, Branch)</custodianName>
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            <custodianCountry>FI</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>DST Systems, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>21B7QCD05XOK0YTYOP98</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Baron Capital, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-27533</brokerDealerFileNo>
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            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
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        </brokerDealers>
        <brokers>
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            <grossCommission>36188.32000000</grossCommission>
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          <broker>
            <brokerName>CJS Securities, Inc.</brokerName>
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            <brokerCrdNo>000044823</brokerCrdNo>
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          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
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          <broker>
            <brokerName>JonesTrading Institutional Services LLC</brokerName>
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          <broker>
            <brokerName>William Blair &amp; Company, L.L.C.</brokerName>
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          <broker>
            <brokerName>Stifel, Nicolaus &amp; Company, Incorporated</brokerName>
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          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
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          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
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        <aggregateCommission>413334.78000000</aggregateCommission>
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            <principalName>State Street Bank and Trust Company</principalName>
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            <principalName>Investec Bank PLC</principalName>
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            <principalName>J.P. Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
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            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
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        <collateralManagers>
          <collateralManager collateralManagerName="State Street Global Advisors, Ltd." collateralManagerLei="OH3PFKUO73B5329UCH94" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>BAMCO, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-29080</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000110789</investmentAdviserCrdNo>
            <investmentAdviserLei>5493004E8ITXDW4ZG169</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Systems, Inc.</transferAgentName>
            <transferAgentFileNo>84-00448</transferAgentFileNo>
            <transferAgentLei>21B7QCD05XOK0YTYOP98</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
            <pricingServiceLei>549300NF240HXJO7N016</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank International GmbH</custodianName>
            <custodianLei>ZMHGNT7ZPKZ3UFZ8EO46</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Mumbai, Maharashtra, IN, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>DST Systems, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>21B7QCD05XOK0YTYOP98</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Baron Capital, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-27533</brokerDealerFileNo>
            <brokerDealerCrdNo>000010538</brokerDealerCrdNo>
            <brokerDealerLei>00000000000000000000</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>27.64000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5.13000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Wells Fargo Securities, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>34.07000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5.08000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Bofa Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>65.82000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citation Group Ltd.</brokerName>
            <brokerFileNo>8-43632</brokerFileNo>
            <brokerCrdNo>000028305</brokerCrdNo>
            <brokerLei>00000000000000000000</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>235.94000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Virtu Itg LLC</brokerName>
            <brokerFileNo>8-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>549300S41SMIODVIT266</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>26.98000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SG Americas Securities, LLC</brokerName>
            <brokerFileNo>8-66125</brokerFileNo>
            <brokerCrdNo>000128351</brokerCrdNo>
            <brokerLei>549300F35UE0BOM1WJ55</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4.68000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>434.04000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>168317408.53000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>168317408.53000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>10296282.55769230</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>100000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="State Street Bank and Trust Company"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Baron Global Advantage Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON FIFTH AVENUE GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="BARON SMALL CAP FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron International Growth Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Focused Growth Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Real Estate Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron WealthBuilder Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON DISCOVERY FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Health Care Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON GROWTH FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Real Estate Income Fund" secFileNo="811-21296"/>
                <creditUser fundName="Baron Emerging Markets Fund" secFileNo="811-21296"/>
                <creditUser fundName="BARON OPPORTUNITY FUND" secFileNo="811-05032"/>
                <creditUser fundName="BARON ASSET FUND" secFileNo="811-05032"/>
                <creditUser fundName="Baron Energy and Resources Fund" secFileNo="811-21296"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>BARON OPPORTUNITY FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000000585</mgmtInvSeriesId>
        <mgmtInvLei>549300LI07XXLQJOMB12</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Retail Shares" sharesOutstandingClassId="C000001638" sharesOutstandingTickerSymbol="BIOPX"/>
          <sharesOutstanding sharesOutstandingClassName="R6 Shares" sharesOutstandingClassId="C000174753" sharesOutstandingTickerSymbol="BIOUX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Shares" sharesOutstandingClassId="C000077821" sharesOutstandingTickerSymbol="BIOIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank and Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="State Street Global Advisors, Ltd." collateralManagerLei="OH3PFKUO73B5329UCH94" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>BAMCO, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-29080</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000110789</investmentAdviserCrdNo>
            <investmentAdviserLei>5493004E8ITXDW4ZG169</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Systems, Inc.</transferAgentName>
            <transferAgentFileNo>84-00448</transferAgentFileNo>
            <transferAgentLei>21B7QCD05XOK0YTYOP98</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
            <pricingServiceLei>549300NF240HXJO7N016</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Clearstream Banking S.A.</custodianName>
            <custodianLei>549300OL514RA0SXJJ44</custodianLei>
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    <attachmentsTab>
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    <signature registrantSignedName="BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)" signedDate="2020-12-02" signature="Peggy Wong" title="CFO"/>
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</edgarSubmission>
