Baron Asset Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.51%)
Communication Services (1.61%)
		Advertising (0.99%)
	594,000	The Trade Desk, Inc., Cl A 1	$	11,554,017	$	45,868,680
		Interactive Media & Services (0.62%)
	1,133,000	ZoomInfo Technologies, Inc. 1		24,349,619		28,766,870
	Total Communication Services			35,903,636		74,635,550
Consumer Discretionary (6.50%)
		Home Improvement Retail (0.51%)
	230,000	Floor & Decor Holdings, Inc., Cl A 1		20,284,646		23,910,800
		Hotels, Resorts & Cruise Lines (2.72%)
	546,442	Choice Hotels International, Inc.		5,198,084		64,217,864
	543,233	Hyatt Hotels Corp., Cl A		16,817,762		62,243,637
				22,015,846		126,461,501
		Leisure Facilities (3.27%)
	603,538	Vail Resorts, Inc.		11,683,688		151,946,727
	Total Consumer Discretionary			53,984,180		302,319,028
Financials (12.62%)
		Asset Management & Custody Banks (0.43%)
	180,514	T. Rowe Price Group, Inc.		4,354,774		20,221,178
		Financial Exchanges & Data (5.42%)
	370,725	FactSet Research Systems, Inc.		19,898,420		148,530,971
	156,267	MarketAxess Holdings, Inc.		16,698,819		40,851,319
	85,000	Morningstar, Inc.		17,269,543		16,665,950
	50,000	MSCI, Inc.		17,194,424		23,464,500
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		22,337,423
				83,039,919		251,850,163
		Insurance Brokers (0.80%)
	158,421	Willis Towers Watson PLC 2		19,439,430		37,308,146
		Investment Banking & Brokerage (2.42%)
	1,750,936	The Charles Schwab Corp.		1,542,899		99,243,053
	60,000	LPL Financial Holdings, Inc.		13,576,561		13,045,800
				15,119,460		112,288,853
		Property & Casualty Insurance (3.55%)
	2,203,444	Arch Capital Group Ltd. 1,2		7,933,936		164,927,783
	Total Financials			129,887,519		586,596,123
Health Care (25.86%)
		Biotechnology (0.35%)
	41,366	argenx SE, ADR 1,2		13,431,821		16,121,571
		Health Care Equipment (9.17%)
	682,000	DexCom, Inc. 1		54,311,293		87,643,820
	673,630	IDEXX Laboratories, Inc. 1		12,186,829		338,317,195
				66,498,122		425,961,015
		Health Care Supplies (1.73%)
	210,418	The Cooper Companies, Inc.		35,236,018		80,680,573
		Health Care Technology (1.89%)
	444,386	Veeva Systems, Inc., Cl A 1		25,438,967		87,868,444

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (12.72%)
	1,524,944	Bio-Techne Corp.	$	37,146,743	$	124,481,179
	200,000	ICON plc 1,2		43,086,335		50,040,000
	129,552	Illumina, Inc. 1		5,443,758		24,289,704
	179,117	Mettler-Toledo International, Inc. 1		10,665,962		234,937,022
	208,000	Repligen Corp. 1		35,441,126		29,423,680
	334,404	West Pharmaceutical Services, Inc.		14,419,530		127,899,498
				146,203,454		591,071,083
	Total Health Care			286,808,382		1,201,702,686
Industrials (14.76%)
		Construction & Engineering (0.91%)
	215,000	Quanta Services, Inc.		34,195,013		42,236,750
		Data Processing & Outsourced Services (1.00%)
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		46,727,206
		Environmental & Facilities Services (1.51%)
	1,643,418	Rollins, Inc.		24,597,482		70,387,593
		Human Resource & Employment Services (2.36%)
	1,636,093	Ceridian HCM Holding, Inc. 1		64,026,866		109,569,148
		Industrial Machinery & Supplies & Components (1.58%)
	340,760	IDEX Corp.		24,525,881		73,351,997
		Research & Consulting Services (7.40%)
	145,000	Booz Allen Hamilton Holding Corp.		15,283,542		16,182,000
	1,438,500	TransUnion		77,172,718		112,677,705
	951,206	Verisk Analytics, Inc.		23,582,787		215,001,092
				116,039,047		343,860,797
	Total Industrials			284,317,493		686,133,491
Information Technology (27.24%)
		Application Software (12.20%)
	557,856	ANSYS, Inc. 1		19,939,586		184,243,101
	176,026	Aspen Technology, Inc. 1		32,258,986		29,503,718
	150,000	Fair Isaac Corp. 1		63,616,939		121,381,500
	1,421,809	Guidewire Software, Inc. 1		77,473,157		108,171,229
	257,192	Roper Technologies, Inc.		26,184,327		123,657,913
				219,472,995		566,957,461
		Electronic Components (1.65%)
	900,000	Amphenol Corp., Cl A		42,881,684		76,455,000
		Internet Services & Infrastructure (2.73%)
	562,103	Verisign, Inc. 1		25,717,308		127,018,415
		IT Consulting & Other Services (9.13%)
	1,211,323	Gartner, Inc. 1		25,598,156		424,338,560
		Technology Distributors (1.53%)
	386,363	CDW Corp.		25,149,811		70,897,611
	Total Information Technology			338,819,954		1,265,667,047

See Notes to Portfolios of Investments.

Baron Asset Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Real Estate (7.92%)
		Data Center REITs (1.11%)
	65,416	Equinix, Inc.	$	4,258,857	$	51,282,219
		Real Estate Services (5.68%)
	580,323	CBRE Group, Inc., Cl A 1		8,968,502		46,837,869
	2,439,930	CoStar Group, Inc. 1		59,005,227		217,153,770
				67,973,729		263,991,639
		Telecom Tower REITs (1.13%)
	226,856	SBA Communications Corp.		5,512,319		52,576,147
	Total Real Estate			77,744,905		367,850,005
	Total Common Stocks			1,207,466,069		4,484,903,930
Private Common Stocks (0.86%)
Communication Services (0.58%)
		Movies & Entertainment (0.58%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		26,869,440
Industrials (0.28%)
		Aerospace & Defense (0.28%)
	92,406	Space Exploration Technologies Corp., Cl A 1,3,4,6		7,115,262		7,471,025
	69,932	Space Exploration Technologies Corp., Cl C 1,3,4,6		5,384,764		5,654,002
	Total Industrials			12,500,026		13,125,027
	Total Private Common Stocks			62,500,067		39,994,467
Private Preferred Stocks (1.68%)
Industrials (1.68%)
		Aerospace & Defense (1.68%)
	96,298	Space Exploration Technologies Corp., Cl N 1,3,4,6		26,000,460		77,856,933

Principal Amount			Cost		Value
Short Term Investments (1.00%)
	$46,726,146	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $46,744,057; (Fully Collateralized by $50,213,200 U.S. Treasury Note, 2.75% due 4/30/2027 Market value - $47,660,753)5	$	46,726,146	$	46,726,146
	Total Investments (100.05%)		$	1,342,692,742		4,649,481,476
	Liabilities Less Cash and Other Assets (-0.05%)					(2,444,618	)
	Net Assets				$	4,647,036,858

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2023, the market value of restricted and fair valued securities amounted to $117,851,400 or 2.54% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁵  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 Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.35%)
Communication Services (6.26%)
		Alternative Carriers (6.26%)
	7,825,000	Iridium Communications, Inc. 4	$	48,151,998	$	486,089,000
Consumer Discretionary (17.60%)
		Casinos & Gaming (2.89%)
	440,000	Boyd Gaming Corporation		11,056,072		30,522,800
	4,721,310	Penn Entertainment, Inc. 1		47,139,900		113,453,080
	1,725,000	Red Rock Resorts, Inc., Cl A		32,179,860		80,695,500
				90,375,832		224,671,380
		Education Services (1.31%)
	1,100,000	Bright Horizons Family Solutions, Inc. 1		34,585,154		101,695,000
		Hotels, Resorts & Cruise Lines (6.46%)
	2,965,000	Choice Hotels International, Inc. 4		71,648,874		348,446,800
	1,250,000	Marriott Vacations Worldwide Corp.		66,814,800		153,400,000
				138,463,674		501,846,800
		Leisure Facilities (6.48%)
	2,000,000	Vail Resorts, Inc. 4		56,102,209		503,520,000
		Restaurants (0.46%)
	2,400,000	Krispy Kreme, Inc.		36,355,526		35,352,000
	Total Consumer Discretionary			355,882,395		1,367,085,180
Financials (38.19%)
		Asset Management & Custody Banks (2.08%)
	1,670,000	The Carlyle Group, Inc.		34,063,971		53,356,500
	1,860,000	Cohen & Steers, Inc.		40,191,523		107,861,400
				74,255,494		161,217,900
		Commercial & Residential Mortgage Finance (0.31%)
	520,000	Essent Group Ltd.		14,300,210		24,336,000
		Financial Exchanges & Data (17.67%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		480,780,000
	925,000	Morningstar, Inc.		18,840,637		181,364,750
	1,515,000	MSCI, Inc.		27,960,632		710,974,350
				106,755,844		1,373,119,100
		Investment Banking & Brokerage (0.77%)
	450,000	Houlihan Lokey, Inc.		19,625,873		44,239,500
	350,000	Moelis & Co., Cl A		5,215,059		15,869,000
				24,840,932		60,108,500
		Life & Health Insurance (3.82%)
	1,500,000	Primerica, Inc.		31,190,716		296,640,000

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Property & Casualty Insurance (13.54%)
	9,060,000	Arch Capital Group Ltd. 1	$	28,241,244	$	678,141,000
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		374,200,000
				63,249,007		1,052,341,000
	Total Financials			314,592,203		2,967,762,500
Health Care (11.08%)
		Health Care Equipment (3.42%)
	530,000	IDEXX Laboratories, Inc. 1		7,424,925		266,181,900
		Health Care Supplies (0.95%)
	1,199,434	Neogen Corp. 1		14,042,336		26,087,689
	5,750,000	Figs, Inc., Cl A 1		45,921,716		47,552,500
				59,964,052		73,640,189
		Life Sciences Tools & Services (6.63%)
	2,940,000	Bio-Techne Corporation		38,609,088		239,992,200
	70,000	Mettler-Toledo International, Inc. 1		3,201,575		91,814,800
	480,000	West Pharmaceutical Services, Inc.		16,306,090		183,585,600
				58,116,753		515,392,600
		Pharmaceuticals (0.08%)
	128,372	Dechra Pharmaceuticals PLC (United Kingdom)2,6		3,523,090		6,011,464
	Total Health Care			129,028,820		861,226,153
Industrials (1.14%)
		Building Products (0.97%)
	1,150,000	Trex Co., Inc. 1		10,329,303		75,394,000
		Industrial Machinery & Supplies & Components (0.17%)
	1,830,612	Marel hf (Netherlands)2		7,676,818		5,733,010
	3,455,983	Velo3D, Inc. 1		7,896,921		7,464,923
				15,573,739		13,197,933
	Total Industrials			25,903,042		88,591,933
Information Technology (12.96%)
		Application Software (5.93%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		54,984,000
	1,000,000	ANSYS, Inc. 1		22,816,668		330,270,000
	260,000	Clearwater Analytics Holdings, Inc., Cl A 1		3,918,433		4,126,200
	935,000	Guidewire Software, Inc. 1		28,409,675		71,134,800
				66,474,795		460,515,000
		Electronic Components (0.22%)
	60,000	Littelfuse, Inc.		6,452,400		17,478,600
		IT Consulting & Other Services (6.81%)
	1,510,000	Gartner, Inc. 1		20,973,165		528,968,100
	Total Information Technology			93,900,360		1,006,961,700

See Notes to Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Real Estate (11.12%)
		Diversified REITs (0.05%)
	200,000	American Assets Trust, Inc.	$	3,350,429	$	3,840,000
		Office REITs (1.80%)
	750,000	Alexandria Real Estate Equities, Inc.		26,054,962		85,117,500
	4,400,000	Douglas Emmett, Inc.		43,017,876		55,308,000
				69,072,838		140,425,500
		Other Specialized REITs (3.36%)
	5,385,000	Gaming and Leisure Properties, Inc.		114,093,295		260,957,100
		Real Estate Services (5.91%)
	5,160,000	CoStar Group, Inc. 1		21,547,653		459,240,000
	Total Real Estate			208,064,215		864,462,600
	Total Common Stocks			1,175,523,033		7,642,179,066
Private Convertible Preferred Stocks (0.46%)
Industrials (0.22%)
		Electrical Components & Equipment (0.22%)
	59,407,006	Northvolt AB (Sweden)1,2,3,5,7		9,374,989		17,401,916
Materials (0.24%)
		Fertilizers & Agricultural Chemicals (0.24%)
	341,838	Farmers Business Network, Inc., Series F 1,2,3,5,7		11,300,002		13,112,906
	80,440	Farmers Business Network, Inc., Series G 1,2,3,5,7		5,000,000		5,343,629
	Total Materials			16,300,002		18,456,535
	Total Private Convertible Preferred Stocks			25,674,991		35,858,451

Principal Amount			Cost		Value
Short Term Investments (1.11%)
	$86,321,066	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $86,354,156; (Fully Collateralized by $101,832,800 U.S. Treasury Note, 0.50% due 5/31/2027 Market value - $88,047,550)6	$	86,321,066	$	86,321,066
	Total Investments (99.92%)		$	1,287,519,090		7,764,358,583
	Cash and Other Assets Less Liabilities (0.08%)				$	6,080,547
	Net Assets				$	7,770,439,130

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2023, the market value of restricted and fair valued securities amounted to $35,858,451 or 0.46% 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 Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (95.61%)
Communication Services (5.25%)
		Advertising (1.30%)
	750,000	The Trade Desk, Inc., Cl A 1	$	2,662,500	$	57,915,000
		Cable & Satellite (0.96%)
	75,000	Liberty Broadband Corporation, Cl A 1		298,828		5,979,750
	200,000	Liberty Broadband Corporation, Cl C 1		772,163		16,022,000
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C 1		1,322,731		20,456,250
				2,393,722		42,458,000
		Movies & Entertainment (2.99%)
	1,200,000	Liberty Media Corporation-Liberty Formula One, Cl C 1		21,262,385		90,336,000
	225,000	Madison Square Garden Sports Corp. 1		8,416,556		42,311,250
				29,678,941		132,647,250
	Total Communication Services			34,735,163		233,020,250
Consumer Discretionary (15.66%)
		Automotive Parts & Equipment (0.41%)
	4,500,000	Holley, Inc. 1		37,719,254		18,405,000
		Casinos & Gaming (3.64%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		23,248,750
	400,000	Penn Entertainment, Inc. 1		6,920,393		9,612,000
	2,750,000	Red Rock Resorts, Inc., Cl A		75,439,769		128,645,000
				93,547,949		161,505,750
		Education Services (1.51%)
	725,000	Bright Horizons Family Solutions, Inc. 1		27,397,547		67,026,250
		Home Improvement Retail (3.16%)
	1,350,000	Floor & Decor Holdings, Inc., Cl A 1		51,770,480		140,346,000
		Homebuilding (2.53%)
	800,000	Installed Building Products, Inc.		38,183,412		112,128,000
		Leisure Facilities (1.52%)
	1,000,000	Planet Fitness, Inc., Cl A 1		41,366,077		67,440,000
		Restaurants (1.71%)
	2,200,000	The Cheesecake Factory, Inc.		60,116,924		76,076,000
		Specialized Consumer Services (1.18%)
	2,800,000	European Wax Center, Inc., Cl A 1		53,348,102		52,164,000
	Total Consumer Discretionary			403,449,745		695,091,000
Consumer Staples (2.05%)
		Packaged Foods & Meats (1.20%)
	3,250,000	UTZ Brands, Inc.		52,114,568		53,170,000
		Personal Care Products (0.85%)
	4,500,000	The Beauty Health Co. 1		58,293,877		37,665,000
	Total Consumer Staples			110,408,445		90,835,000

Shares			Cost		Value
Common Stocks (continued)
Financials (9.14%)
		Insurance Brokers (1.73%)
	3,100,000	BRP Group, Inc., Cl A 1	$	50,723,405	$	76,818,000
		Investment Banking & Brokerage (1.38%)
	625,000	Houlihan Lokey, Inc.		28,909,333		61,443,750
		Property & Casualty Insurance (4.21%)
	500,000	Kinsale Capital Group, Inc.		72,425,817		187,100,000
		Transaction & Payment Processing Services (1.82%)
	3,900,000	Repay Holdings Corporation 1		33,541,410		30,537,000
	275,000	WEX, Inc. 1		14,404,804		50,069,250
				47,946,214		80,606,250
	Total Financials			200,004,769		405,968,000
Health Care (14.01%)
		Health Care Equipment (5.05%)
	1,000,000	Axonics, Inc. 1		35,459,918		50,470,000
	550,000	DexCom, Inc. 1		1,823,403		70,680,500
	60,000	IDEXX Laboratories, Inc. 1		829,217		30,133,800
	225,000	Inspire Medical Systems, Inc. 1		11,343,376		73,044,000
				49,455,914		224,328,300
		Health Care Supplies (1.96%)
	4,000,000	Neogen Corp. 1		61,523,287		87,000,000
		Life Sciences Tools & Services (4.91%)
	700,000	ICON plc 1,2		38,492,341		175,140,000
	32,500	Mettler-Toledo International, Inc. 1		1,571,421		42,628,300
				40,063,762		217,768,300
		Managed Health Care (1.14%)
	800,000	HealthEquity, Inc. 1		13,208,486		50,512,000
		Pharmaceuticals (0.95%)
	900,000	Dechra Pharmaceuticals PLC (United Kingdom)2,3		24,883,860		42,145,618
	Total Health Care			189,135,309		621,754,218
Industrials (30.38%)
		Aerospace & Defense (3.85%)
	2,200,000	Kratos Defense & Security Solutions, Inc. 1		32,701,506		31,548,000
	800,000	Mercury Systems, Inc. 1		19,226,473		27,672,000
	125,000	TransDigm Group, Inc. 1		0		111,771,250
				51,927,979		170,991,250
		Building Products (2.43%)
	5,500,000	Janus International Group, Inc. 1		54,266,533		58,630,000
	750,000	Trex Co., Inc. 1		28,530,039		49,170,000
				82,796,572		107,800,000
		Diversified Support Services (1.52%)
	2,500,000	Driven Brands Holdings, Inc. 1		62,770,271		67,650,000
		Electrical Components & Equipment (5.31%)
	1,800,000	Shoals Technologies Group, Inc., Cl A 1		29,324,282		46,008,000
	7,650,000	Vertiv Holdings Co.		78,901,960		189,490,500
				108,226,242		235,498,500

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Environmental & Facilities Services (1.37%)
	425,000	Waste Connections, Inc. 2	$	18,558,333	$	60,745,250
		Human Resource & Employment Services (5.72%)
	1,750,000	ASGN, Inc. 1		55,248,585		132,352,500
	950,000	Ceridian HCM Holding, Inc. 1		29,430,555		63,621,500
	3,750,000	First Advantage Corp. 1		60,629,977		57,787,500
				145,309,117		253,761,500
		Industrial Machinery & Supplies & Components (5.53%)
	750,000	Chart Industries, Inc. 1		101,593,035		119,842,500
	525,000	John Bean Technologies Corp.		45,760,616		63,682,500
	285,000	RBC Bearings, Incorporated 1		34,467,037		61,978,950
				181,820,688		245,503,950
		Research & Consulting Services (1.07%)
	5,000,000	Clarivate PLC 1,2		55,404,082		47,650,000
		Trading Companies & Distributors (3.58%)
	950,000	SiteOne Landscape Supply, Inc. 1		43,421,179		158,992,000
	Total Industrials			750,234,463		1,348,592,450
Information Technology (15.63%)
		Application Software (6.85%)
	750,000	Altair Engineering, Inc., Cl A 1		11,935,619		56,880,000
	350,000	Aspen Technology, Inc. 1		32,534,028		58,663,500
	1,650,000	Clearwater Analytics Holdings, Inc., Cl A 1		29,031,739		26,185,500
	6,000,000	E2open Parent Holdings, Inc., Cl A 1		56,447,521		33,600,000
	1,225,000	Guidewire Software, Inc. 1		31,269,358		93,198,000
	775,000	Sprout Social, Inc., Cl A 1		43,145,304		35,774,000
				204,363,569		304,301,000
		Electronic Equipment & Instruments (1.89%)
	1,500,000	Cognex Corp.		25,832,809		84,030,000
		IT Consulting & Other Services (6.89%)
	800,000	Endava plc, ADR 1,2		27,430,574		41,432,000
	675,000	Gartner, Inc. 1		9,084,521		236,459,250
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		27,750,000
				72,837,692		305,641,250
	Total Information Technology			303,034,070		693,972,250

Shares			Cost		Value
Common Stocks (continued)
Materials (1.57%)
		Specialty Chemicals (1.57%)
	1,700,000	Avient Corp.	$	53,733,696	$	69,530,000
Real Estate (1.92%)
		Industrial REITs (0.62%)
	850,000	Americold Realty Trust, Inc.		13,294,119		27,455,000
		Telecom Tower REITs (1.30%)
	250,000	SBA Communications Corp.		1,006,879		57,940,000
	Total Real Estate			14,300,998		85,395,000
	Total Common Stocks			2,059,036,658		4,244,158,168
Principal Amount
Short Term Investments (4.45%)
	$197,712,891	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $197,788,681; (Fully Collateralized by $233,241,400 U.S. Treasury Note, 0.50% due 5/31/2027 Market value - $201,667,183)3		197,712,891		197,712,891
	Total Investments (100.06%)		$	2,256,749,549		4,441,871,059
	Liabilities Less Cash and Other Assets (-0.06%)					(2,723,034	)
	Net Assets				$	4,439,148,025

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.91%)
Communication Services (11.60%)
		Advertising (1.62%)
	217,510	The Trade Desk, Inc., Cl A 1	$	4,644,173	$	16,796,122
		Interactive Home Entertainment (2.07%)
	74,000	Electronic Arts, Inc.		7,453,636		9,597,800
	80,700	Take-Two Interactive Software, Inc. 1		8,525,083		11,875,812
				15,978,719		21,473,612
		Interactive Media & Services (6.54%)
	194,800	Alphabet, Inc., Cl C 1		6,780,973		23,564,956
	103,200	Meta Platforms, Inc., Cl A 1		18,245,852		29,616,336
	577,369	ZoomInfo Technologies, Inc. 1		13,948,330		14,659,399
				38,975,155		67,840,691
		Movies & Entertainment (1.37%)
	131,500	World Wrestling Entertainment, Inc.		12,547,714		14,263,805
	Total Communication Services			72,145,761		120,374,230
Consumer Discretionary (14.40%)
		Automobile Manufacturers (7.59%)
	639,183	Rivian Automotive, Inc., Cl A 1		9,671,098		10,648,789
	260,400	Tesla, Inc. 1		19,644,628		68,164,908
				29,315,726		78,813,697
		Automotive Parts & Equipment (0.71%)
	192,200	Mobileye Global, Inc., Cl A 1		7,250,911		7,384,324
		Broadline Retail (6.10%)
	485,500	Amazon.com, Inc. 1		29,742,116		63,289,780
	Total Consumer Discretionary			66,308,753		149,487,801
Financials (5.45%)
		Transaction & Payment Processing Services (5.45%)
	67,000	MasterCard, Incorporated, Cl A		14,597,170		26,351,100
	127,300	Visa, Inc., Cl A		20,263,942		30,231,204
	Total Financials			34,861,112		56,582,304
Health Care (8.47%)
		Biotechnology (3.52%)
	48,739	argenx SE, ADR 1,2		1,347,608		18,995,051
	147,561	Arrowhead Pharmaceuticals, Inc. 1		3,307,142		5,262,025
	618,000	Rocket Pharmaceuticals, Inc. 1		11,957,896		12,279,660
				16,612,646		36,536,736
		Health Care Equipment (3.72%)
	68,800	DexCom, Inc. 1		7,695,048		8,841,488
	54,505	Intuitive Surgical, Inc. 1		7,920,379		18,637,440
	38,900	Shockwave Medical, Inc. 1		1,913,913		11,102,449
				17,529,340		38,581,377
		Life Sciences Tools & Services (1.23%)
	68,315	Illumina, Inc. 1		11,957,854		12,808,379
	Total Health Care			46,099,840		87,926,492

Shares			Cost		Value
Common Stocks (continued)
Industrials (1.29%)
		Human Resource & Employment Services (1.29%)
	199,570	Ceridian HCM Holding, Inc. 1	$	9,380,035	$	13,365,203
Information Technology (47.69%)
		Application Software (8.11%)
	253,500	Gitlab, Inc., Cl A 1,4		9,369,172		12,956,385
	175,100	Guidewire Software, Inc. 1		5,058,280		13,321,608
	20,900	HubSpot, Inc. 1		7,041,030		11,120,681
	52,000	ServiceNow, Inc. 1,4		15,689,186		29,222,440
	77,500	Workday, Inc., Cl A 1		12,581,374		17,506,475
				49,739,042		84,127,589
		Internet Services & Infrastructure (1.26%)
	202,500	Shopify, Inc., Cl A 1,2		6,532,481		13,081,500
		IT Consulting & Other Services (3.72%)
	197,368	Endava plc, ADR 1,2		6,552,345		10,221,688
	81,087	Gartner, Inc. 1		1,052,790		28,405,587
				7,605,135		38,627,275
		Semiconductor Materials & Equipment (1.49%)
	21,300	ASML Holding N.V. 2		10,043,235		15,437,175
		Semiconductors (14.30%)
	191,000	Advanced Micro Devices, Inc. 1		14,402,666		21,756,810
	1,943,500	indie Semiconductor, Inc., Cl A 1		13,656,934		18,268,900
	186,000	Marvell Technology, Inc.		7,278,897		11,119,080
	26,200	Monolithic Power Systems, Inc.		10,450,027		14,154,026
	196,500	NVIDIA Corp.		16,883,032		83,123,430
				62,671,556		148,422,246
		Systems Software (18.81%)
	224,000	Cloudflare, Inc., Cl A 1,4		9,425,285		14,642,880
	77,623	Crowdstrike Holdings, Inc., Cl A 1		5,534,067		11,400,490
	113,000	Datadog, Inc., Cl A 1,4		8,370,719		11,116,940
	428,400	Microsoft Corporation		63,017,175		145,887,336
	69,008	Snowflake, Inc., Cl A 1,4		8,865,689		12,144,028
				95,212,935		195,191,674
	Total Information Technology			231,804,384		494,887,459
Real Estate (4.01%)
		Data Center REITs (1.01%)
	13,425	Equinix, Inc.		1,782,534		10,524,394
		Real Estate Services (3.00%)
	349,330	CoStar Group, Inc. 1		14,346,813		31,090,370
	Total Real Estate			16,129,347		41,614,764
Total Common Stocks			476,729,232		964,238,253

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Private Common Stocks (1.42%)
Communication Services (0.35%)
		Interactive Media & Services (0.35%)
	50,000	X Holdings I, Inc., Cl A 1,3,4,6	$	5,000,000	$	3,610,000
Industrials (1.07%)
		Aerospace & Defense (1.06%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		8,490,867
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		2,578,306
				6,000,141		11,069,173
		Passenger Ground Transportation (0.01%)
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		78,851
	Total Industrials			6,103,704		11,148,024
	Total Private Common Stocks			11,103,704		14,758,024
Private Convertible Preferred Stocks (0.81%)
Materials (0.81%)
		Fertilizers & Agricultural Chemicals (0.81%)
	219,321	Farmers Business Network, Inc., Series F 1,3,4,6		7,250,007		8,413,154
Private Preferred Stocks (2.04%)
Industrials (2.04%)
		Aerospace & Defense (1.44%)
	18,519	Space Exploration Technologies Corp., Series N 1,3,4,6		5,000,130		14,972,612
		Passenger Ground Transportation (0.60%)
	266,956	GM Cruise Holdings, Cl G 1,3,4,6		7,034,290		6,212,066
	Total Private Preferred Stocks			12,034,420		21,184,678

Principal Amount		Cost		Value
Short Term Investments (3.11%)
$32,224,733	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $32,237,086; (Fully Collateralized by $38,015,500 U.S. Treasury Note, 0.50% due 5/31/2027 Market value - $32,869,288)5	$	32,224,733	$	32,224,733
Total Investments (100.29%)		$	539,342,096		1,040,818,842
Liabilities Less Cash and Other Assets (-0.29%)					(3,030,273	)
Net Assets				$	1,037,788,568

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2023, the market value of restricted and fair valued securities amounted to $44,355,856 or 4.27% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁵  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 Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (97.18%)
Communication Services (10.94%)
		Advertising (3.47%)
	210,469	The Trade Desk, Inc., Cl A 1	$	11,118,156	$	16,252,416
		Interactive Media & Services (7.47%)
	90,909	Meta Platforms Inc., Cl A 1		6,630,519		26,089,065
	348,023	ZoomInfo Technologies, Inc. 1		12,177,461		8,836,304
				18,807,980		34,925,369
	Total Communication Services			29,926,136		51,177,785
Consumer Discretionary (19.63%)
		Automobile Manufacturers (7.07%)
	373,523	Rivian Automotive, Inc., Cl A 1		8,969,556		6,222,893
	81,411	Rivian Automotive, Inc., Series F 1		2,999,995		1,356,307
	97,294	Tesla, Inc. 1		25,360,379		25,468,651
				37,329,930		33,047,851
		Automotive Parts & Equipment (1.53%)
	186,268	Mobileye Global, Inc., Cl A 1		4,587,439		7,156,416
		Broadline Retail (11.03%)
	287,686	Amazon.com, Inc. 1		2,726,880		37,502,747
	11,905	MercadoLibre, Inc. 1		6,864,818		14,102,663
				9,591,698		51,605,410
	Total Consumer Discretionary			51,509,067		91,809,677
Financials (9.00%)
		Transaction & Payment Processing Services (9.00%)
	6,222	Adyen N.V., 144A (Netherlands)1,2,5		4,719,451		10,774,438
	132,183	Block, Inc. 1		7,792,844		8,799,422
	57,199	MasterCard Incorporated, Cl A		2,719,944		22,496,367
	Total Financials			15,232,239		42,070,227
Health Care (11.75%)
		Biotechnology (2.31%)
	27,633	argenx SE, ADR 1,2		8,355,449		10,769,409
		Health Care Equipment (5.41%)
	74,020	Intuitive Surgical, Inc. 1		8,617,282		25,310,399
		Health Care Technology (2.13%)
	50,428	Veeva Systems, Inc., Cl A 1		3,306,924		9,971,129
		Life Sciences Tools & Services (1.90%)
	47,327	Illumina, Inc. 1		5,397,461		8,873,339
	Total Health Care			25,677,116		54,924,276

Shares			Cost		Value
Common Stocks (continued)
Information Technology (45.86%)
		Application Software (9.09%)
	35,862	Atlassian Corp. Ltd., Cl A 1	$	9,312,661	$	6,018,003
	115,217	Gitlab, Inc., Cl A 1,4		7,496,851		5,888,741
	54,458	ServiceNow, Inc. 1,4		20,815,805		30,603,762
				37,625,317		42,510,506
		Internet Services & Infrastructure (4.83%)
	349,300	Shopify, Inc., Cl A 1,2		11,987,349		22,564,780
		IT Consulting & Other Services (3.45%)
	161,782	Endava plc, ADR 1,2		16,239,102		8,378,690
	34,514	EPAM Systems, Inc. 1		2,565,574		7,757,021
				18,804,676		16,135,711
		Semiconductor Materials & Equipment (3.03%)
	19,541	ASML Holding N.V. 2		1,203,894		14,162,340
		Semiconductors (10.17%)
	112,398	NVIDIA Corp.		16,814,089		47,546,602
		Systems Software (15.29%)
	200,489	Cloudflare, Inc., Cl A 1,4		15,502,481		13,105,966
	114,467	Crowdstrike Holdings, Inc., Cl A 1		9,838,033		16,811,768
	184,073	Datadog, Inc., Cl A 1,4		13,405,910		18,109,102
	133,439	Snowflake, Inc., Cl A 1,4		23,809,762		23,482,595
				62,556,186		71,509,431
	Total Information Technology			148,991,511		214,429,370
	Total Common Stocks			271,336,069		454,411,335
Private Common Stocks (0.93%)
Industrials (0.92%)
		Aerospace & Defense (0.93%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		3,341,531
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,691		989,603
	Total Private Common Stocks			2,499,944		4,331,134
Private Preferred Stocks (0.66%)
Industrials (0.66%)
		Passenger Ground Transportation (0.66%)
	133,288	GM Cruise Holdings, Cl G 1,3,4,6		3,512,139		3,101,612

See Notes to Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (1.05%)
	$4,939,096	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $4,940,990; (Fully Collateralized by $5,826,700 U.S. Treasury Note, 0.50% due 5/31/2027 Market value – $5,037,931)5	$	4,939,096	$	4,939,096
	Total Investments (99.82%)		$	282,287,248		466,783,177
	Cash and Other Assets Less Liabilities (0.18%)					832,284
	Net Assets				$	467,615,461

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2023, the market value of restricted and fair valued securities amounted to $7,432,746 or 1.59% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

⁴  The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁵  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.

^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, 2023, the market value of Rule 144A securities amounted to $10,774,438 or 2.30% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.66%)
Communication Services (1.44%)
		Advertising (0.51%)
	4,250,000	S4 Capital PLC (United Kingdom)1,2,4	$	15,642,611	$	6,810,141
		Movies & Entertainment (0.93%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,634,811		12,509,700
	Total Communication Services			21,277,422		19,319,841
Consumer Discretionary (14.71%)
		Casinos & Gaming (7.13%)
	735,000	Boyd Gaming Corporation		46,928,841		50,986,950
	1,035,000	DraftKings, Inc., Cl A 1		18,755,879		27,499,950
	375,000	Red Rock Resorts, Inc., Cl A		13,003,045		17,542,500
				78,687,765		96,029,400
		Footwear (0.92%)
	375,000	On Holding AG, Cl A 1,2		8,536,764		12,375,000
		Home Improvement Retail (2.90%)
	375,000	Floor & Decor Holdings, Inc., Cl A 1		13,247,953		38,985,000
		Homefurnishing Retail (1.22%)
	50,000	RH 1		12,558,411		16,479,500
		Restaurants (2.04%)
	195,600	The Cheesecake Factory, Inc.		4,039,193		6,763,848
	185,000	Texas Roadhouse, Inc.		15,924,197		20,771,800
				19,963,390		27,535,648
		Specialized Consumer Services (0.50%)
	363,100	European Wax Center, Inc., Cl A 1		6,832,929		6,764,553
	Total Consumer Discretionary			139,827,212		198,169,101
Consumer Staples (0.75%)
		Personal Care Products (0.75%)
	1,200,000	The Beauty Health Co. 1		12,467,467		10,044,000
Financials (5.00%)
		Property & Casualty Insurance (5.00%)
	180,000	Kinsale Capital Group, Inc.		8,481,457		67,356,000
Health Care (15.46%)
		Health Care Equipment (5.68%)
	637,982	Axonics, Inc. 1		28,878,670		32,198,952
	359,823	Inari Medical, Inc. 1		17,919,524		20,920,109
	721,208	Silk Road Medical, Inc. 1		30,074,432		23,432,048
				76,872,626		76,551,109
		Health Care Supplies (1.15%)
	750,016	Cerus Corp. 1		2,616,138		1,845,039
	199,000	Establishment Labs Holdings, Inc. 1,2		14,245,456		13,653,390
				16,861,594		15,498,429

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Technology (3.14%)
	700,591	Certara, Inc. 1	$	14,628,630	$	12,757,762
	2,684,590	Definitive Healthcare Corp. 1		48,189,355		29,530,490
				62,817,985		42,288,252
		Life Sciences Tools & Services (3.88%)
	327,176	Abcam PLC, ADR 1,2,3		5,167,374		8,005,997
	514,595	Maravai LifeSciences Holdings, Inc., Cl A 1		7,455,504		6,396,416
	90,000	Repligen Corp. 1		14,679,060		12,731,400
	322,750	Stevanato Group SpA 2		8,934,812		10,450,645
	573,790	Veracyte, Inc. 1,3		14,716,344		14,614,431
				50,953,094		52,198,889
		Pharmaceuticals (1.61%)
	859,432	Revance Therapeutics, Inc. 1		16,520,729		21,752,224
	Total Health Care			224,026,028		208,288,903
Industrials (22.13%)
		Aerospace & Defense (6.00%)
	166,095	Axon Enterprise, Inc. 1		18,709,889		32,408,456
	2,146,749	Kratos Defense & Security Solutions, Inc. 1		31,843,873		30,784,381
	510,795	Mercury Systems, Inc. 1		19,700,861		17,668,399
				70,254,623		80,861,236
		Building Products (1.63%)
	335,000	Trex Co., Inc. 1		14,569,819		21,962,600
		Diversified Support Services (1.54%)
	1,200,000	ACV Auctions, Inc., Cl A 1		31,541,757		20,724,000
		Environmental & Facilities Services (2.42%)
	774,642	Montrose Environmental Group, Inc. 1		16,672,227		32,627,921
		Human Resource & Employment Services (3.80%)
	326,131	ASGN, Inc. 1		31,749,731		24,665,287
	395,000	Ceridian HCM Holding, Inc. 1		21,822,194		26,453,150
				53,571,925		51,118,437
		Industrial Machinery & Supplies & Components (3.88%)
	225,000	Chart Industries, Inc. 1		30,390,512		35,952,750
	75,000	RBC Bearings, Inc. 1		15,747,212		16,310,250
				46,137,724		52,263,000
		Trading Companies & Distributors (2.86%)
	230,000	SiteOne Landscape Supply, Inc. 1		16,419,324		38,492,800
	Total Industrials			249,167,399		298,049,994

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Information Technology (34.65%)
		Application Software (9.03%)
	700,000	Alkami Technology, Inc. 1	$	16,087,729	$	11,473,000
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		27,680,932		23,805,000
	892,889	Gitlab, Inc., Cl A 1,3		37,766,691		45,635,557
	235,357	Guidewire Software, Inc. 1		18,259,547		17,905,960
	2,000,000	SmartRent, Inc. 1,3		5,193,040		7,660,000
	395,000	Smartsheet, Inc., Cl A 1		13,837,158		15,112,700
				118,825,097		121,592,217
		Electronic Equipment & Instruments (6.34%)
	425,321	Advanced Energy Industries, Inc.		30,735,779		47,402,026
	54,131	Novanta, Inc. 1,2		5,885,852		9,965,517
	850,000	PAR Technology Corp. 1		25,861,494		27,990,500
				62,483,125		85,358,043
		IT Consulting & Other Services (1.34%)
	350,000	Endava plc, ADR 1,2		9,887,055		18,126,500
		Semiconductor Materials & Equipment (2.54%)
	490,800	Ichor Holdings Ltd. 1,2		11,435,027		18,405,000
	135,000	Nova Ltd. 1,2		3,115,172		15,835,500
				14,550,199		34,240,500
		Semiconductors (7.09%)
	335,000	Allegro MicroSystems, Inc. 1		4,690,000		15,121,900
	2,910,000	indie Semiconductor, Inc., Cl A 1		27,712,225		27,354,000
	2,750,000	Navitas Semiconductor Corp. 1		24,385,564		28,985,000
	204,000	SiTime Corp. 1		23,354,907		24,065,880
				80,142,696		95,526,780
		Systems Software (8.31%)
	1,594,900	Couchbase, Inc. 1,3		35,483,397		25,231,318
	190,200	CyberArk Software Ltd. 1,2		24,587,553		29,733,966
	430,775	Dynatrace, Inc. 1,3		10,425,483		22,171,989
	112,100	Qualys, Inc. 1		6,566,711		14,479,957
	761,000	Varonis Systems, Inc. 1		19,904,795		20,280,650
				96,967,939		111,897,880
	Total Information Technology			382,856,111		466,741,920
Real Estate (2.52%)
		Industrial REITs (2.52%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		33,943,000
	Total Common Stocks			1,069,760,232		1,301,912,759

Principal Amount			Cost		Value
Short Term Investments (3.64%)
	$49,024,874	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $49,043,666; (Fully Collateralized by $52,683,400 U.S. Treasury Note, 2.75% due 4/30/2027 Market value – $50,005,387)4	$	49,024,874	$	49,024,874
	Total Investments (100.30%)		$	1,118,785,106		1,350,937,633
	Liabilities Less Cash and Other Assets (-0.30%)					(4,034,947	)
	Net Assets				$	1,346,902,686

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Durable Advantage Fund

PORTFOLIO OF INVESTMENTS

JUNE 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.65%)
Communication Services (12.47%)
		Interactive Media & Services (12.47%)
	26,831	Alphabet, Inc., Cl C 1	$	2,471,694	$	3,245,746
	24,049	Meta Platforms, Inc., Cl A 1		3,585,577		6,901,582
	Total Communication Services			6,057,271		10,147,328
Consumer Discretionary (8.13%)
		Broadline Retail (8.13%)
	50,757	Amazon.com, Inc. 1		5,755,691		6,616,682
Consumer Staples (3.03%)
		Consumer Staples Merchandise Retail (2.48%)
	3,751	Costco Wholesale Corp.		1,576,240		2,019,463
		Personal Care Products (0.55%)
	2,280	The Estée Lauder Companies, Inc., Cl A		570,117		447,747
	Total Consumer Staples			2,146,357		2,467,210
Financials (30.12%)
		Asset Management & Custody Banks (4.96%)
	16,303	Blackstone, Inc.		1,515,329		1,515,690
	74,891	Brookfield Corp. 2		2,739,139		2,520,082
				4,254,468		4,035,772
		Financial Exchanges & Data (11.64%)
	10,427	CME Group, Inc.		1,952,737		1,932,019
	5,799	Moody’s Corp.		1,553,519		2,016,428
	4,457	MSCI, Inc.		2,057,913		2,091,625
	8,555	S&P Global, Inc.		2,696,843		3,429,614
				8,261,012		9,469,686
		Investment Banking & Brokerage (2.06%)
	7,714	LPL Financial Holdings, Inc.		1,564,040		1,677,255
		Property & Casualty Insurance (4.37%)
	47,475	Arch Capital Group Ltd. 1,2		2,169,895		3,553,504
		Transaction & Payment Processing Services (7.09%)
	6,402	MasterCard, Incorporated, Cl A		2,052,788		2,517,907
	13,692	Visa, Inc., Cl A		2,990,263		3,251,576
				5,043,051		5,769,483
	Total Financials			21,292,466		24,505,700
Health Care (11.33%)
		Life Sciences Tools & Services (7.50%)
	6,732	Agilent Technologies, Inc.		808,624		809,523
	8,483	Danaher Corp.		1,856,746		2,035,920
	767	Mettler-Toledo International, Inc. 1		906,014		1,006,028
	4,310	Thermo Fisher Scientific, Inc.		2,068,958		2,248,742
				5,640,342		6,100,213
		Managed Health Care (3.83%)
	6,484	UnitedHealth Group, Incorporated		2,669,042		3,116,470
	Total Health Care			8,309,384		9,216,683

Shares			Cost		Value
Common Stocks (continued)
Industrials (2.70%)
		Aerospace & Defense (2.70%)
	15,647	HEICO Corp., Cl A	$	1,853,079	$	2,199,968
Information Technology (30.87%)
		Application Software (5.70%)
	4,374	Adobe, Inc. 1		1,562,599		2,138,843
	5,459	Intuit, Inc.		2,330,148		2,501,259
				3,892,747		4,640,102
		Electronic Manufacturing Services (1.15%)
	6,675	TE Connectivity Ltd. 2		831,183		935,568
		IT Consulting & Other Services (3.69%)
	9,723	Accenture plc, Cl A 2		2,702,853		3,000,323
		Semiconductors (12.20%)
	5,118	Monolithic Power Systems, Inc.		1,994,020		2,764,897
	8,633	NVIDIA Corp.		1,317,360		3,651,932
	19,728	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		1,818,223		1,990,950
	8,432	Texas Instruments, Inc.		1,446,702		1,517,928
				6,576,305		9,925,707
		Systems Software (8.13%)
	19,420	Microsoft Corporation		4,415,942		6,613,287
	Total Information Technology			18,419,030		25,114,987
	Total Common Stocks			63,833,278		80,268,558
Principal Amount
Short Term Investments (5.15%)
	$4,187,538	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2023, 4.60% due 7/3/2023; Proceeds at maturity $4,189,143; (Fully Collateralized by $4,940,100 U.S. Treasury Note, 0.50% due 5/31/2027 Market value - $4,271,352) 3		4,187,538		4,187,538
	Total Investments (103.80%)		$	68,020,816		84,456,096
	Liabilities Less Cash and Other Assets (-3.80%)					(3,094,071	)
	Net Assets				$	81,362,025

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Funds June 30, 2023

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. 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 expenses and eligibility requirements. 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 AND INVESTMENT RISKS

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). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies.

a) Net Asset Value. 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. The NAV per share of a class is determined by dividing the value of the total assets of the Fund represented by such class, less all liabilities, by the total number of Fund shares of such class outstanding.

b) Security Valuation. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.’s (the Adviser) judgment, they do not accurately reflect the “fair value” of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

Baron Funds June 30, 2023

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.

c) Foreign Currency Translations. The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and unrealized gain or loss from investments. 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.

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

There were no securities on loan at June 30, 2023.

e) 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, 2023, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

f) 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.

g) Special Purpose Acquisition Company. The Funds may acquire an interest in a special purpose acquisition company (SPAC) in an initial public offering (IPO), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund’s performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC’s acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e., PIPE transaction, defined below), the Fund will no longer be obligated to fulfill its commitment.

Baron Funds June 30, 2023

h) Private Investment in Public Equity. The Funds may acquire equity securities of an issuer that are issued through a private investment in public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company’s securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund’s investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

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

3. RESTRICTED SECURITIES

At June 30, 2023, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

At June 30, 2023, 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 Common Stocks
Space Exploration Technologies Corp.		1/25/2023	$	13,125,027
StubHub Holdings, Inc.		12/22/2021		26,869,440
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		77,856,933
Total Restricted Securities			$	117,851,400
(Cost $88,500,527)† (2.54% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Convertible Preferred Stocks
Farmers Business Network, Inc		7/31/2020-9/15/2021	$	18,456,535
Northvolt AB		9/21/2020		17,401,916
Total Restricted Securities			$	35,858,451
(Cost $25,674,991)† (0.46% of Net Assets)

Baron Funds June 30, 2023

	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
GM Cruise Holdings LLC		5/19/2022	$	78,851
Space Exploration Technologies Corp.		3/25/2021		11,069,173
X Holdings I, Inc.		5/4/2022		3,610,000
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		8,413,154
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		6,212,066
Space Exploration Technologies Corp.		8/4/2020		14,972,612
Total Restricted Securities			$	44,355,856
(Cost $30,388,131)† (4.27% of Net Assets)
	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	4,331,134
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,101,612
Total Restricted Securities			$	7,432,746
(Cost $6,012,083)† (1.59% of Net Assets)

† See Portfolios 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, 2023

The following is a summary of the inputs used as of June 30, 2023 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†	$	4,484,903,930	$	—	$	—	$	4,484,903,930
Private Common Stocks†		—		—		39,994,467		39,994,467
Private Preferred Stocks		—		—		77,856,933		77,856,933
Short Term Investments		—		46,726,146		—		46,726,146
Total Investments	$	4,484,903,930	$	46,726,146	$	117,851,400	$	4,649,481,476
	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†	$	7,636,167,602	$	6,011,464	$	—	$	7,642,179,066
Private Convertible Preferred Stocks†		—		—		35,858,451		35,858,451
Short Term Investments		—		86,321,066		—		86,321,066
Total Investments	$	7,636,167,602	$	92,332,530	$	35,858,451	$	7,764,358,583
	Baron Small Cap Fund
Description	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,202,012,550	$	42,145,618	$	—	$	4,244,158,168
Short Term Investments		—		197,712,891		—		197,712,891
Total Investments	$	4,202,012,550	$	239,858,509	$	—	$	4,441,871,059
	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†	$	964,238,253	$	—	$	—	$	964,238,253
Private Common Stocks†		—		—		14,758,024		14,758,024
Private Convertible Preferred Stocks		—		—		8,413,154		8,413,154
Private Preferred Stocks		—		—		21,184,678		21,184,678
Short Term Investments		—		32,224,733		—		32,224,733
Total Investments	$	964,238,253	$	32,224,733	$	44,355,856	$	1,040,818,842
	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†	$	443,636,897	$	10,774,438	$	—	$	454,411,335
Private Common Stocks		—		—		4,331,134		4,331,134
Private Preferred Stocks		—		—		3,101,612		3,101,612
Short Term Investments		—		4,939,096		—		4,939,096
Total Investments	$	443,636,897	$	15,713,534	$	7,432,746	$	466,783,177

Baron Funds June 30, 2023

	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†	$	1,295,102,618	$	6,810,141	$	—	$	1,301,912,759
Short Term Investments		—		49,024,874		—		49,024,874
Total Investments	$	1,295,102,618	$	55,835,015	$	—	$	1,350,937,633
	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†	$	80,268,558	$	—	$	—	$	80,268,558
Short Term Investments		—		4,187,538		—		4,187,538
Total Investments	$	80,268,558	$	4,187,538	$	—	$	84,456,096

† See Portfolios 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, 2022		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, 2023		Change in  Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2023
Private Common Stocks
Communication Services1	$	24,543,535	$	—	$	—	$	2,325,905	$	—	$	—	$	—	$	—	$	26,869,440	$	2,325,905
Industrials		—		—		—		625,001		12,500,026		—		—		—		13,125,027		625,001
Private Preferred Stocks
Industrials		57,790,702		—		—		20,066,231		—		—		—		—		77,856,933		20,066,231
Total	$	82,334,237	$	—	$	—	$	23,017,137	$	12,500,026	$	—	$	—	$	—	$	117,851,400	$	23,017,137

¹  The GICS sector for StubHub Holdings, Inc. changed from Consumer Discretionary to Communication Services on 3/17/2023.

	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2022		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still  held at June 30, 2023
Private Convertible Preferred Stocks
Industrials	$	17,811,468	$	—	$	—	$	(409,552)	$	—	$	—	$	—	$	—	$	17,401,916	$	(409,552)
Materials		13,626,318		—		—		4,830,217		—		—		—		—		18,456,535		4,830,217
Total	$	31,437,786	$	—	$	—	$	4,420,665	$	—	$	—	$	—	$	—	$	35,858,451	$	4,420,665

Baron Funds June 30, 2023

	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2022		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still  held at June 30, 2023
Private Common Stocks
Communication Services	$	—	$	—	$	—	$	(1,390,000)	$	5,000,000	$	—	$	—	$	—	$	3,610,000	$	(1,390,000)
Industrials		8,306,035		—		—		2,841,989		—		—		—		—		11,148,024		2,841,989
Private Convertible Preferred Stocks
Materials		7,009,499		—		—		1,403,655		—		—		—		—		8,413,154		1,403,655
Private Preferred Stocks
Industrials		18,105,267		—		—		3,079,411		—		—		—		—		21,184,678		3,079,411
Total	$	33,420,801	$	—	$	—	$	5,935,055	$	5,000,000	$	—	$	—	$	—	$	44,355,856	$	5,935,055
Unfunded Commitments	$	(13,122)	$	—	$	—	$	13,122	$	—	$	—	$	—	$	—	$	—	$	—
	Baron Fifth Avenue Growth Fund
Investments in Securities	Balance as of September 30, 2022		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, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held  at June 30, 2023
Private Common Stocks
Industrials	$	3,214,862	$	—	$	—	$	1,116,272	$	—	$	—	$	—	$	—	$	4,331,134	$	1,116,272
Private Preferred Stocks
Industrials		3,490,813		—		—		(389,201)		—		—		—		—		3,101,612		(389,201)
Total	$	6,705,675	$	—	$	—	$	727,071	$	—	$	—	$	—	$	—	$	7,432,746	$	727,071

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of June 30, 2023 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of  June 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2023	Range used on     June 30, 2023
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	26,869,440	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	0.72%	(1.31)% – 2.38%
					Discount for lack of marketability	10.26%	7.85% – 11.07%
					Estimated volatility of the returns of equity1	47.89%	31.02% – 56.34%
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	90% / 9% / 1%	1% – 90%
Private Common and Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	90,981,960	Recent transaction	Transaction Price	Transaction Price	Transaction Price

Baron Funds June 30, 2023

Baron Opportunity Fund
Sector	Company	Fair Value as of June 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2023	Range used on     June 30, 2023
Private Common Stocks: Communication Services	X Holdings I, Inc.	$	3,610,000	Combination of current value via multiples of comparable companies, and option-pricing methods	Enterprise Value / Free Cash Flow Multiple	28.8x	20.5x – 37.3x
					Discount for lack of marketability	28.26%	28.26%
					Estimated volatility of the returns of equity3	68.37%	31.78% – 85.01%
Private Common and Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	26,041,785	Recent transaction	Transaction Price	Transaction Price	Transaction Price
Private Common and Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	6,290,917	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	1.72%	(2.54)% – 2.51%
					Discount for lack of marketability	10.10%	10.10%
					Estimated volatility of the returns of equity4	35.58%	27.14% – 82.15%
					Scenario Probabilities: Scenario A / Scenario B5	70% / 30%	30% – 70%
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	8,413,154	Combination of recent transaction, current value via comparable companies, option- pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	1.22%	(1.31)% – 7.77%
					Discount for lack of marketability	16.39%	16.39%
					Estimated volatility of the returns of equity3	57.48%	25.39% – 179.88%
					Scenario Probabilities: Scenario A / Scenario B5	90% / 10%	10% – 90%

Baron Funds June 30, 2023

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of June 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2023	Range used on     June 30, 2023
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	4,331,134	Recent Transaction	Transaction Price	Transaction Price	Transaction Price
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	3,101,612	Combination of recent transaction, current value via comparable companies, option-pricing, and scenario analysis methods	Change in the composite equity index of comparable companies	1.72%	(2.54)% – 2.51%
					Discount for lack of marketability	10.10%	10.10%
					Estimated volatility of the returns of equity4	35.58%	27.14% – 82.15%
					Scenario Probabilities: Scenario A / Scenario B5	70% / 30%	30% – 70%

¹  The volatility was calculated as a weighted average of the volatilities of the individual comparable companies. Some companies have a higher weight in the calculation than others.

²  Scenario A represents a Direct Listing/IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event.

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

⁴  The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others.

⁵  Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

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

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of June 30, 2023, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and the net unrealized appreciation (depreciation) for U.S. federal income tax purposes 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	$	1,342,692,742	$	1,287,519,090	$	2,256,749,549	$	539,342,096	$	282,287,248	$	1,118,785,106	$	68,020,816
Gross tax unrealized appreciation	$	3,339,826,402	$	6,480,218,825	$	2,286,196,130	$	503,713,683	$	208,124,826	$	315,569,488	$	16,797,425
Gross tax unrealized depreciation	$	(33,037,668)	$	(3,379,332)	$	(101,074,620)	$	(2,236,937)	$	(23,628,897)	$	(83,416,961)	$	(362,145)
Net unrealized appreciation	$	3,306,788,734	$	6,476,839,493	$	2,185,121,510	$	501,476,746	$	184,495,929	$	232,152,527	$	16,435,280

Baron Funds June 30, 2023

6. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2022		Purchase Cost and Additions		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at June 30, 2023		Value at June 30, 2023		% of Net Assets at June 30, 2023
“Affiliated” Company as of June 30, 2023:
Choice Hotels International, Inc.	$	325,822,000	$	—	$	1,219,336	$	22,830,153	$	1,013,983	$	1,556,625		2,965,000	$	348,446,800		4.48%
Iridium Communications, Inc.		350,523,000				4,408,916		136,116,981		3,857,935		2,034,500		7,825,000		486,089,000		6.26%
Vail Resorts, Inc.		—		431,200,000		—		72,240,000		—		15,880,000		2,000,000		503,520,000		6.48%
	$	693,925,000	$	431,200,000	$	5,628,252	$	231,187,134	$	4,871,918	$	19,471,125			$	1,338,055,800

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, 2023.

7. RECENT ACCOUNTING PRONOUNCEMENT

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 (ASU 2022-03), “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (Topic 820). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. The Adviser is currently evaluating the implications, if any, of the additional requirements and their impact on the Funds’ financial statements.