Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (92.31%)
Communication Services (2.37%)
		Advertising (1.31%)
	467,000	The Trade Desk, Inc., Cl A 1	$	8,931,930	$	54,886,510
		Movies & Entertainment (1.06%)
	100,000	Spotify Technology SA 1,2		24,563,323		44,738,000
	Total Communication Services			33,495,253		99,624,510
Consumer Discretionary (8.57%)
		Education Services (0.18%)
	23,000	Duolingo, Inc. 1		6,012,308		7,457,290
		Footwear (1.82%)
	351,069	Birkenstock Holding PLC 1,2		16,149,174		19,891,570
	1,037,000	On Holding AG, Cl A 1,2		30,424,600		56,796,490
				46,573,774		76,688,060
		Home Improvement Retail (0.50%)
	211,000	Floor & Decor Holdings, Inc., Cl A 1		18,452,772		21,036,700
		Hotels, Resorts & Cruise Lines (3.75%)
	503,442	Choice Hotels International, Inc.		2,156,126		71,478,695
	31,000	Hilton Worldwide Holdings, Inc.		6,489,341		7,661,960
	500,233	Hyatt Hotels Corp., Cl A		13,700,166		78,526,576
				22,345,633		157,667,231
		Leisure Facilities (2.32%)
	520,538	Vail Resorts, Inc.		10,058,752		97,574,848
	Total Consumer Discretionary			103,443,239		360,424,129
Financials (13.11%)
		Financial Exchanges & Data (5.46%)
	224,305	FactSet Research Systems, Inc.		11,906,828		107,729,205
	156,000	Morningstar, Inc.		32,512,227		52,534,560
	47,000	MSCI, Inc.		15,780,557		28,200,470
	316,189	Tradeweb Markets, Inc., Cl A		12,240,920		41,395,464
				72,440,532		229,859,699
		Insurance Brokers (0.63%)
	84,421	Willis Towers Watson PLC 2		10,305,610		26,444,034
		Investment Banking & Brokerage (2.60%)
	1,478,936	The Charles Schwab Corp.		1,300,762		109,456,053
		Property & Casualty Insurance (4.42%)
	2,011,444	Arch Capital Group Ltd. 1,2		7,235,191		185,756,854
	Total Financials			91,282,095		551,516,640
Health Care (16.83%)
		Biotechnology (0.49%)
	33,366	argenx SE, ADR 1,2		10,531,100		20,520,090
		Health Care Equipment (5.09%)
	517,630	IDEXX Laboratories, Inc. 1		9,143,870		214,008,947
		Health Care Supplies (1.63%)
	748,672	The Cooper Companies, Inc. 1		28,401,949		68,825,417
		Health Care Technology (1.58%)
	317,386	Veeva Systems, Inc., Cl A 1		17,573,173		66,730,407

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (8.04%)
	1,119,944	Bio-Techne Corporation	$	26,038,448	$	80,669,566
	147,117	Mettler-Toledo International, Inc. 1		8,529,910		180,024,131
	236,404	West Pharmaceutical Services, Inc.		10,119,584		77,436,494
				44,687,942		338,130,191
	Total Health Care			110,338,034		708,215,052
Industrials (16.70%)
		Aerospace & Defense (0.81%)
	57,000	Axon Enterprise, Inc. 1		11,338,430		33,876,240
		Construction & Engineering (2.14%)
	285,000	Quanta Services, Inc.		47,697,750		90,074,250
		Data Processing & Outsourced Services (0.77%)
	428,076	SS&C Technologies Holdings, Inc.		11,483,223		32,439,599
		Environmental & Facilities Services (1.54%)
	1,400,418	Rollins, Inc.		18,594,520		64,909,374
		Human Resource & Employment Services (2.52%)
	1,458,093	Dayforce, Inc. 1		54,559,959		105,915,876
		Industrial Machinery & Supplies & Components (1.11%)
	222,760	IDEX Corp.		15,773,801		46,621,440
		Research & Consulting Services (7.81%)
	200,000	Booz Allen Hamilton Holding Corp.		22,670,902		25,740,000
	775,500	TransUnion		32,394,913		71,896,605
	839,206	Verisk Analytics, Inc.		20,449,687		231,142,509
				75,515,502		328,779,114
	Total Industrials			234,963,185		702,615,893
Information Technology (27.87%)
		Application Software (14.28%)
	171,250	ANSYS, Inc. 1		4,516,740		57,767,763
	81,000	Fair Isaac Corp. 1		30,955,875		161,265,330
	1,216,809	Guidewire Software, Inc. 1		58,804,235		205,129,661
	420,000	Procore Technologies, Inc. 1		30,886,420		31,470,600
	228,192	Roper Technologies, Inc.		18,952,931		118,625,611
	256,493	ServiceTitan, Inc., Cl A 1		20,395,336		26,385,435
				164,511,537		600,644,400
		Electronic Components (2.74%)
	1,658,000	Amphenol Corp., Cl A		39,080,302		115,148,100
		Internet Services & Infrastructure (0.41%)
	84,173	Verisign, Inc. 1		3,749,061		17,420,444
		IT Consulting & Other Services (9.44%)
	820,323	Gartner, Inc. 1		16,576,407		397,421,884
		Technology Distributors (1.00%)
	241,363	CDW Corp.		14,540,766		42,006,816
	Total Information Technology			238,458,073		1,172,641,644

See Notes to Portfolios of Investments.

Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (continued)
Real Estate (6.86%)
		Data Center REITs (1.09%)
	48,416	Equinix, Inc.	$	3,085,999	$	45,650,962
		Health Care REITs (0.45%)
	150,000	Welltower, Inc.		19,268,419		18,904,500
		Real Estate Services (5.32%)
	516,323	CBRE Group, Inc., Cl A 1		5,774,214		67,788,047
	2,181,930	CoStar Group, Inc. 1		43,637,218		156,204,369
				49,411,432		223,992,416
	Total Real Estate			71,765,850		288,547,878
	Total Common Stocks			883,745,729		3,883,585,746
Private Common Stocks (1.91%)
Communication Services (1.19%)
		Movies & Entertainment (1.19%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,5		50,000,041		50,215,439
Industrials (0.72%)
		Aerospace & Defense (0.72%)
	92,406	Space Exploration Technologies Corp., Cl A 1,3,4,5		7,115,262		17,095,110
	69,932	Space Exploration Technologies Corp., Cl C 1,3,4,5		5,384,764		12,937,420
	Total Industrials			12,500,026		30,032,530
	Total Private Common Stocks			62,500,067		80,247,969
Private Preferred Stocks (5.95%)
Industrials (4.23%)
		Aerospace & Defense (4.23%)
	96,298	Space Exploration Technologies Corp., Series N 1,3,4,5		26,000,460		178,151,300
Information Technology (1.72%)
		Application Software (1.72%)
	3,341,687	X.AI Corp., Series B 1,3,4,5		39,999,994		72,347,524
	Total Private Preferred Stocks			66,000,454		250,498,824
	Total Investments (100.17%)		$	1,012,246,250		4,214,332,539
	Liabilities Less Cash and Other Assets (-0.17%)					(7,023,973	)
	Net Assets				$	4,207,308,566

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2024, the market value of restricted securities amounted to $330,746,793 or 7.86% of net assets. 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 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 (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (102.43%)
Communication Services (2.86%)
		Alternative Carriers (2.86%)
	6,850,000	Iridium Communications, Inc. 4	$	38,210,005	$	198,787,000
Consumer Discretionary (15.87%)
		Apparel, Accessories & Luxury Goods (1.10%)
	12,368,569	Figs, Inc., Cl A 1		87,745,510		76,561,442
		Casinos & Gaming (1.53%)
	2,298,635	Red Rock Resorts, Inc., Cl A		59,715,807		106,288,882
		Education Services (0.88%)
	550,000	Bright Horizons Family Solutions, Inc. 1		17,159,054		60,967,500
		Hotels, Resorts & Cruise Lines (6.12%)
	3,000,000	Choice Hotels International, Inc. 4		75,582,685		425,940,000
		Leisure Facilities (5.39%)
	2,000,000	Vail Resorts, Inc. 4		56,102,209		374,900,000
		Restaurants (0.85%)
	5,961,977	Krispy Kreme, Inc.		81,469,186		59,202,432
	Total Consumer Discretionary			377,774,451		1,103,860,256
Financials (51.10%)
		Asset Management & Custody Banks (3.35%)
	1,575,000	The Carlyle Group, Inc.		32,097,167		79,521,750
	1,665,000	Cohen & Steers, Inc.		34,367,632		153,746,100
				66,464,799		233,267,850
		Financial Exchanges & Data (23.37%)
	1,050,000	FactSet Research Systems, Inc.		52,220,913		504,294,000
	925,000	Morningstar, Inc.		18,840,637		311,503,000
	1,350,000	MSCI, Inc.		24,388,819		810,013,500
				95,450,369		1,625,810,500
		Investment Banking & Brokerage (1.50%)
	450,000	Houlihan Lokey, Inc.		19,625,873		78,147,000
	350,000	Moelis & Co., Cl A		3,842,331		25,858,000
				23,468,204		104,005,000
		Life & Health Insurance (5.03%)
	1,290,000	Primerica, Inc.		26,519,377		350,131,800
		Property & Casualty Insurance (17.85%)
	8,815,000	Arch Capital Group Ltd. 1,2		27,361,313		814,065,250
	920,000	Kinsale Capital Group, Inc.		30,298,033		427,919,600
				57,659,346		1,241,984,850
	Total Financials			269,562,095		3,555,200,000
Health Care (5.65%)
		Health Care Equipment (2.08%)
	350,000	IDEXX Laboratories, Inc. 1		4,836,201		144,704,000
		Health Care Supplies (0.24%)
	1,342,434	Neogen Corp. 1		17,026,471		16,297,149
		Life Sciences Tools & Services (3.33%)
	2,200,000	Bio-Techne Corporation		28,476,272		158,466,000
	60,000	Mettler-Toledo International, Inc. 1		2,742,937		73,420,800
				31,219,209		231,886,800
	Total Health Care			53,081,881		392,887,949

Shares			Cost		Value
Common Stocks (continued)
Industrials (0.59%)
		Building Products (0.59%)
	600,000	Trex Co., Inc. 1	$	5,348,769	$	41,418,000
Information Technology (16.18%)
		Application Software (6.71%)
	300,000	Altair Engineering, Inc., Cl A 1		3,900,000		32,733,000
	840,000	ANSYS, Inc. 1		18,874,754		283,357,200
	305,000	Clearwater Analytics Holdings, Inc., Cl A 1		4,682,009		8,393,600
	845,000	Guidewire Software, Inc. 1		25,057,001		142,450,100
				52,513,764		466,933,900
		IT Consulting & Other Services (9.47%)
	1,360,000	Gartner, Inc. 1		18,519,723		658,879,200
	Total Information Technology			71,033,487		1,125,813,100
Real Estate (10.18%)
		Health Care REITs (0.52%)
	375,000	Alexandria Real Estate Equities, Inc.		12,224,338		36,581,250
		Office REITs (1.07%)
	4,000,000	Douglas Emmett, Inc.		33,703,592		74,240,000
		Other Specialized REITs (3.60%)
	5,200,000	Gaming and Leisure Properties, Inc.		106,525,085		250,432,000
		Real Estate Services (4.99%)
	4,850,000	CoStar Group, Inc. 1		20,211,932		347,211,500
	Total Real Estate			172,664,947		708,464,750
	Total Common Stocks			987,675,635		7,126,431,055
Private Common Stocks (0.01%)
Materials (0.01%)
		Fertilizers & Agricultural Chemicals (0.01%)
	422,278	Farmers Business Network, Inc. 1,3,5,6		16,300,002		785,437
Private Convertible Preferred Stocks (0.00%)
Industrials (0.00%)
		Electrical Components & Equipment (0.00%)
	59,407,006	Northvolt AB (Sweden) 1,2,3,5,6		9,374,988		0
	Total Investments (102.44%)		$	1,013,350,625		7,127,216,492
	Liabilities Less Cash and Other Assets (-2.44%)					(169,646,289	)
	Net Assets				$	6,957,570,203

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2024, the market value of restricted securities amounted to $785,437 or 0.01% of net assets. See Note 3 regarding Restricted Securities.

⁴  See Note 5 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 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 (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (98.97%)
Communication Services (6.67%)
		Advertising (3.03%)
	750,000	Ibotta, Inc., Cl A 1	$	55,619,500	$	48,810,000
	700,000	The Trade Desk, Inc., Cl A 1		2,485,000		82,271,000
				58,104,500		131,081,000
		Movies & Entertainment (3.64%)
	1,000,000	Liberty Media Corp.-Liberty Formula One, Cl C 1		15,681,001		92,660,000
	207,610	Liberty Media Corporation- Liberty Live, Cl C 1		680,178		14,129,937
	225,000	Madison Square Garden Sports Corp. 1		8,416,557		50,778,000
				24,777,736		157,567,937
	Total Communication Services			82,882,236		288,648,937
Consumer Discretionary (13.71%)
		Automotive Parts & Equipment (0.28%)
	4,000,000	Holley, Inc. 1		23,112,642		12,080,000
		Casinos & Gaming (4.06%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		32,550,000
	3,100,000	Red Rock Resorts, Inc., Cl A		91,485,805		143,344,000
				102,673,592		175,894,000
		Education Services (1.86%)
	725,000	Bright Horizons Family Solutions, Inc. 1		31,922,423		80,366,250
		Home Improvement Retail (1.04%)
	450,000	Floor & Decor Holdings, Inc., Cl A 1		14,749,690		44,865,000
		Homebuilding (1.42%)
	350,000	Installed Building Products, Inc.		13,854,997		61,337,500
		Leisure Facilities (2.86%)
	1,250,000	Planet Fitness, Inc., Cl A 1		53,545,034		123,587,500
		Restaurants (2.19%)
	2,000,000	The Cheesecake Factory, Inc.		51,839,090		94,880,000
	Total Consumer Discretionary			291,697,468		593,010,250
Consumer Staples (2.27%)
		Packaged Foods & Meats (1.18%)
	3,250,000	UTZ Brands, Inc.		51,037,718		50,895,000
		Personal Care Products (1.09%)
	1,125,000	Oddity Tech Ltd., Cl A 1,2		41,428,946		47,272,500
	Total Consumer Staples			92,466,664		98,167,500
Financials (11.63%)
		Asset Management & Custody Banks (0.62%)
	2,200,000	GCM Grosvenor, Inc., Cl A		24,429,527		26,994,000
		Insurance Brokers (2.69%)
	3,000,000	Baldwin Insurance Group, Inc. Cl A 1		46,953,071		116,280,000

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Investment Banking & Brokerage (2.01%)
	500,000	Houlihan Lokey, Inc.	$	23,001,811	$	86,830,000
		Property & Casualty Insurance (4.84%)
	450,000	Kinsale Capital Group, Inc.		64,570,201		209,308,500
		Transaction & Payment Processing Services (1.47%)
	3,750,000	Repay Holdings Corporation 1		32,041,410		28,612,500
	200,000	WEX, Inc. 1		8,201,011		35,064,000
				40,242,421		63,676,500
	Total Financials			199,197,031		503,089,000
Health Care (9.15%)
		Health Care Equipment (1.82%)
	425,000	DexCom, Inc. 1		1,408,692		33,052,250
	25,000	IDEXX Laboratories, Inc. 1		344,777		10,336,000
	190,000	Inspire Medical Systems, Inc. 1		9,493,280		35,222,200
				11,246,749		78,610,450
		Health Care Supplies (1.69%)
	6,000,000	Neogen Corp. 1		103,021,742		72,840,000
		Life Sciences Tools & Services (3.98%)
	675,000	ICON plc 1,2		33,117,841		141,554,250
	25,000	Mettler-Toledo International, Inc. 1		1,205,243		30,592,000
				34,323,084		172,146,250
		Managed Health Care (1.66%)
	750,000	HealthEquity, Inc. 1		12,292,452		71,962,500
	Total Health Care			160,884,027		395,559,200
Industrials (30.11%)
		Aerospace & Defense (4.30%)
	2,250,000	Kratos Defense & Security Solutions, Inc. 1		34,436,698		59,355,000
	100,000	TransDigm Group, Inc. 1		0		126,728,000
				34,436,698		186,083,000
		Building Products (1.82%)
	5,750,000	Janus International Group, Inc. 1		56,199,483		42,262,500
	525,000	Trex Co., Inc. 1		18,023,818		36,240,750
				74,223,301		78,503,250
		Diversified Support Services (1.77%)
	4,750,000	Driven Brands Holdings, Inc. 1		86,053,931		76,665,000
		Electrical Components & Equipment (7.22%)
	2,750,000	Vertiv Holdings Co., Cl A		27,733,038		312,427,500
		Environmental & Facilities Services (1.19%)
	300,000	Waste Connections, Inc. 2		13,100,000		51,474,000

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Human Resource & Employment Services (3.22%)
	950,000	Dayforce, Inc. 1	$	29,430,555	$	69,008,000
	3,750,000	First Advantage Corp. 1		60,629,977		70,237,500
				90,060,532		139,245,500
		Industrial Machinery & Supplies & Components (7.37%)
	700,000	Chart Industries, Inc. 1		103,706,326		133,588,000
	125,000	Enpro, Inc.		22,983,025		21,556,250
	700,000	John Bean Technologies Corp.		63,192,030		88,970,000
	250,000	RBC Bearings, Incorporated 1		27,992,037		74,785,000
				217,873,418		318,899,250
		Research & Consulting Services (0.55%)
	265,000	Exponent, Inc.		20,189,458		23,611,500
		Trading Companies & Distributors (2.67%)
	875,000	SiteOne Landscape Supply, Inc. 1		33,566,364		115,298,750
	Total Industrials			597,236,740		1,302,207,750
Information Technology (23.82%)
		Application Software (11.74%)
	225,000	Altair Engineering, Inc., Cl A 1		2,982,233		24,549,750
	250,000	Aspen Technology, Inc. 1		21,959,930		62,407,500
	2,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		44,280,887		68,800,000
	1,175,000	Guidewire Software, Inc. 1		29,913,239		198,081,500
	1,750,000	Intapp, Inc. 1		68,442,216		112,157,500
	1,250,000	nCino, Inc. 1		40,886,486		41,975,000
				208,464,991		507,971,250
		Electronic Equipment & Instruments (1.33%)
	1,600,000	Cognex Corp.		29,581,044		57,376,000
		IT Consulting & Other Services (9.70%)
	1,325,000	ASGN, Inc. 1		26,301,801		110,425,500
	500,000	Gartner, Inc. 1		6,387,894		242,235,000
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		66,720,000
				69,012,292		419,380,500
		Semiconductors (0.56%)
	6,000,000	indie Semiconductor, Inc., Cl A 1		37,247,069		24,300,000
		Systems Software (0.49%)
	725,000	JFrog Ltd. 1,2		22,015,909		21,322,250
	Total Information Technology			366,321,305		1,030,350,000
Materials (1.42%)
		Specialty Chemicals (1.42%)
	1,500,000	Avient Corp.		46,528,336		61,290,000
Real Estate (0.19%)
		Telecom Tower REITs (0.19%)
	40,000	SBA Communications Corp.		161,021		8,152,000
	Total Common Stocks			1,837,374,828		4,280,474,637

Principal Amount			Cost		Value
Short-Term Investments (1.37%)
	$59,047,048	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2024, 3.85% due 1/2/2025; Proceeds at maturity $59,059,678; (Fully Collateralized by $59,482,200 U.S. Treasury Note, 4.125% due 2/15/2027 Market value – $60,228,113)3	$	59,047,048	$	59,047,048
	Total Investments (100.34%)		$	1,896,421,876		4,339,521,685
	Liabilities Less Cash and Other Assets (-0.34%)					(14,562,012	)
	Net Assets				$	4,324,959,673

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (93.71%)
Communication Services (9.13%)
		Advertising (1.22%)
	157,610	The Trade Desk, Inc., Cl A 1	$	2,999,802	$	18,523,903
		Interactive Media & Services (4.75%)
	123,000	Meta Platforms, Inc., Cl A		24,382,736		72,017,730
		Movies & Entertainment (3.16%)
	106,900	Spotify Technology SA 1,2		28,425,433		47,824,922
	Total Communication Services			55,807,971		138,366,555
Consumer Discretionary (14.14%)
		Automobile Manufacturers (5.94%)
	223,200	Tesla, Inc. 1		11,606,117		90,137,088
		Broadline Retail (7.03%)
	485,500	Amazon.com, Inc. 1		29,742,116		106,513,845
		Education Services (1.17%)
	54,700	Duolingo, Inc. 1		10,532,490		17,735,381
	Total Consumer Discretionary			51,880,723		214,386,314
Consumer Staples (0.43%)
		Personal Care Products (0.43%)
	155,000	Oddity Tech Ltd., Cl A 1,2		7,603,283		6,513,100
Financials (4.78%)
		Investment Banking & Brokerage (0.99%)
	46,100	LPL Financial Holdings, Inc.		15,222,440		15,052,111
		Transaction & Payment Processing Services (3.79%)
	52,700	Mastercard, Incorporated, Cl A		9,940,228		27,750,239
	93,900	Visa, Inc., Cl A		13,273,862		29,676,156
				23,214,090		57,426,395
	Total Financials			38,436,530		72,478,506
Health Care (6.67%)
		Biotechnology (4.39%)
	214,000	Arcellx, Inc. 1		13,941,627		16,411,659
	64,739	argenx SE, ADR 1,2		9,490,491		39,814,485
	258,600	Viking Therapeutics, Inc. 1		3,555,576		10,406,064
				26,987,694		66,632,208
		Health Care Equipment (2.28%)
	256,000	Inari Medical, Inc. 1		12,746,771		13,068,800
	41,105	Intuitive Surgical, Inc. 1		4,585,816		21,455,166
				17,332,587		34,523,966
	Total Health Care			44,320,281		101,156,174
Industrials (1.07%)
		Human Resource & Employment Services (1.07%)
	223,570	Dayforce, Inc. 1		10,877,867		16,240,125

Shares			Cost		Value
Common Stocks (continued)
Information Technology (55.29%)
		Application Software (8.85%)
	81,400	Atlassian Corp., Cl A 1,2	$	12,212,683	$	19,811,132
	29,600	Cadence Design Systems, Inc. 1		8,208,384		8,893,616
	253,500	Gitlab, Inc., Cl A 1,4		10,307,749		14,284,725
	148,100	Guidewire Software, Inc. 1		3,715,804		24,966,698
	24,600	HubSpot, Inc. 1		9,099,151		17,140,542
	372,900	Samsara, Inc., Cl A 1		11,374,662		16,292,001
	30,900	ServiceNow, Inc. 1,4		5,088,781		32,757,708
				60,007,214		134,146,422
		Communications Equipment (1.06%)
	145,800	Arista Networks, Inc. 1		15,620,750		16,115,274
		Electronic Equipment & Instruments (0.73%)
	153,000	PAR Technology Corp. 1		7,924,050		11,118,510
		Internet Services & Infrastructure (3.16%)
	796,000	GDS Holdings Ltd., ADR 1,2		14,589,203		18,912,960
	273,000	Shopify, Inc., Cl A 1,2		11,478,770		29,028,090
				26,067,973		47,941,050
		IT Consulting & Other Services (2.08%)
	64,887	Gartner, Inc. 1		805,043		31,435,805
		Semiconductor Materials & Equipment (0.99%)
	21,700	ASML Holding N.V. 2		10,416,186		15,039,836
		Semiconductors (19.51%)
	339,700	Broadcom, Inc.		46,205,033		78,756,048
	5,445,971	indie Semiconductor, Inc., Cl A 1		31,463,351		22,056,182
	1,272,100	NVIDIA Corp.		7,530,102		170,830,309
	121,700	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		14,430,983		24,034,533
				99,629,469		295,677,072
		Systems Software (14.43%)
	167,300	Cloudflare, Inc., Cl A 1,4		8,689,365		18,014,864
	31,900	CyberArk Software Ltd. 1,2		10,317,829		10,627,485
	143,500	Datadog, Inc., Cl A 1,4		12,464,955		20,504,715
	384,300	Microsoft Corporation		53,208,785		161,982,450
	42,000	Zscaler, Inc. 1		7,721,368		7,577,220
				92,402,302		218,706,734
		Technology Hardware, Storage & Peripherals (4.48%)
	271,000	Apple, Inc.		51,792,162		67,863,821
	Total Information Technology			364,665,149		838,044,524
Real Estate (2.20%)
		Real Estate Services (2.20%)
	465,130	CoStar Group, Inc. 1		23,649,851		33,298,657
	Total Common Stocks			597,241,655		1,420,483,955

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

DECEMBER 31, 2024

Shares			Cost		Value
Private Common Stocks (1.79%)
Communication Services (0.09%)
		Interactive Media & Services (0.09%)
	50,000	X Holdings Corp., Inc., Cl A 1,3,4,6	$	5,000,000	$	1,366,000
Industrials (1.67%)
		Aerospace & Defense (1.67%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		19,428,700
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		5,899,650
				6,000,141		25,328,350
		Passenger Ground Transportation (0.00%)^
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		3,571
	Total Industrials			6,103,704		25,331,921
Materials (0.03%)
		Fertilizers & Agricultural Chemicals (0.03%)
	182,067	Farmers Business Network, Inc. 1,3,4,6		2,394,651		338,645
	Total Private Common Stocks			13,498,355		27,036,566
Private Convertible Preferred Stocks (0.18%)
Materials (0.18%)
		Fertilizers & Agricultural Chemicals (0.18%)
	37,254	Farmers Business Network, Inc. Series F 1,3,4,6		4,855,355		684,729
	615,761	Farmers Business Network, Inc., Units 1,3,4,6		615,761		2,081,272
	Total Private Convertible Preferred Stocks			5,471,116		2,766,001
Private Preferred Stocks (2.94%)
Industrials (2.28%)
		Aerospace & Defense (2.26%)
	18,519	Space Exploration Technologies Corp., Series N 1,3,4,6		5,000,130		34,260,150
		Passenger Ground Transportation (0.02%)
	266,956	GM Cruise Holdings LLC, Cl G 1,3,4,6		7,034,291		266,956
	Total Industrials			12,034,421		34,527,106
Information Technology (0.66%)
		Application Software (0.66%)
	461,893	X.AI Corp., Series C 1,3,4,6		9,999,983		9,999,983
	Total Private Preferred Stocks			22,034,404		44,527,089

Principal Amount			Cost		Value
Short-Term Investments (1.36%)
	$20,643,471	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2024, 3.85% due 1/2/2025; Proceeds at maturity $20,647,886; (Fully Collateralized by $20,995,700 U.S. Treasury Note, 4.125% due 10/31/2027 Market value – $21,056,351)5	$	20,643,471	$	20,643,471
	Total Investments (99.98%)		$	658,889,001		1,515,457,082
	Cash and Other Assets Less Liabilities (0.02%)					337,268
	Net Assets				$	1,515,794,350

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2024, the market value of restricted securities amounted to $74,329,656 or 4.90% of net assets. 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.

^{^}  Rounds to less than 0.01%.

^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 (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (97.35%)
Communication Services (13.60%)
		Advertising (3.51%)
	216,408	The Trade Desk, Inc., Cl A 1	$	11,875,580	$	25,434,432
		Interactive Media & Services (10.09%)
	105,495	Alphabet, Inc., Cl A		15,525,501		19,970,203
	90,909	Meta Platforms Inc., Cl A		6,630,519		53,228,129
				22,156,020		73,198,332
	Total Communication Services			34,031,600		98,632,764
Consumer Discretionary (19.51%)
		Automobile Manufacturers (4.49%)
	80,591	Tesla, Inc. 1		17,330,182		32,545,869
		Automotive Parts & Equipment (1.01%)
	369,555	Mobileye Global, Inc., Cl A 1		6,994,478		7,361,536
		Broadline Retail (14.01%)
	287,686	Amazon.com, Inc. 1		2,726,880		63,115,432
	680,704	Coupang, Inc., Cl A 1		12,159,012		14,961,874
	13,817	MercadoLibre, Inc. 1		9,299,061		23,494,979
				24,184,953		101,572,285
	Total Consumer Discretionary			48,509,613		141,479,690
Financials (8.33%)
		Asset Management & Custody Banks (2.08%)
	101,953	KKR & Co., Inc.		12,349,109		15,079,869
		Transaction & Payment Processing Services (6.25%)
	8,265	Adyen N.V., 144A (Netherlands)1,2,5		7,869,686		12,282,434
	189,751	Block, Inc. 1		11,620,969		16,126,937
	32,067	Mastercard, Incorporated, Cl A		1,161,898		16,885,520
				20,652,553		45,294,891
	Total Financials			33,001,662		60,374,760
Health Care (10.20%)
		Biotechnology (2.78%)
	32,834	argenx SE, ADR 1,2		10,908,181		20,192,910
		Health Care Equipment (5.01%)
	69,566	Intuitive Surgical, Inc. 1		7,719,439		36,310,669
		Health Care Technology (1.17%)
	40,309	Veeva Systems, Inc., Cl A 1		2,538,180		8,474,967
		Life Sciences Tools & Services (1.24%)
	4,609	GRAIL, Inc. 1		28,246		82,271
	66,749	Illumina, Inc. 1		5,886,000		8,919,669
				5,914,246		9,001,940
	Total Health Care			27,080,046		73,980,486

Shares			Cost		Value
Common Stocks (continued)
Information Technology (45.71%)
		Application Software (9.60%)
	46,865	Atlassian Corp., Cl A 1,2	$	7,376,794	$	11,406,004
	129,565	Gitlab, Inc., Cl A 1,4		6,893,160		7,300,988
	276,245	Samsara, Inc., Cl A 1		10,353,627		12,069,144
	36,609	ServiceNow, Inc. 1,4		11,370,213		38,809,933
				35,993,794		69,586,069
		Internet Services & Infrastructure (6.91%)
	471,283	Shopify, Inc., Cl A 1,2		19,346,878		50,111,521
		Semiconductor Materials & Equipment (1.91%)
	20,016	ASML Holding N.V. 2		1,527,248		13,872,689
		Semiconductors (12.60%)
	534,621	NVIDIA Corp.		6,989,401		71,794,254
	99,044	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		17,355,463		19,560,200
				24,344,864		91,354,454
		Systems Software (14.69%)
	241,740	Cloudflare, Inc., Cl A 1,4		16,423,868		26,030,563
	35,464	Crowdstrike Holdings, Inc., Cl A 1		1,533,125		12,134,362
	151,618	Datadog, Inc., Cl A 1,4		9,184,124		21,664,696
	68,611	Microsoft Corporation		27,091,466		28,919,537
	114,891	Snowflake, Inc., Cl A 1,4		13,341,484		17,740,320
				67,574,067		106,489,478
	Total Information Technology			148,786,851		331,414,211
	Total Common Stocks			291,409,772		705,881,911
Private Common Stocks (1.37%)
Industrials (1.37%)
		Aerospace & Defense (1.37%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		7,646,050
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,692		2,264,400
	Total Private Common Stocks			2,499,945		9,910,450
Private Preferred Stocks (0.50%)
Industrials (0.02%)
		Passenger Ground Transportation (0.02%)
	133,288	GM Cruise Holdings LLC, Cl G 1,3,4,6		3,512,139		133,288
Information Technology (0.48%)
		Application Software (0.48%)
	161,662	X.AI Corp., Series C 1,3,4,6		3,499,982		3,499,982
	Total Private Preferred Stocks			7,012,121		3,633,270

See Notes to Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

DECEMBER 31, 2024

Principal Amount		Cost		Value
Short-Term Investments (0.46%)
$3,347,089	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2024, 3.85% due 1/2/2025; Proceeds at maturity $3,347,805; (Fully Collateralized by $3,371,800 U.S. Treasury Note, 4.125% due 2/15/2027 Market value – $3,414,127)5	$	3,347,089	$	3,347,089
Total Investments (99.68%)		$	304,268,927		722,772,720
Cash and Other Assets Less Liabilities (0.32%)					2,351,570
Net Assets				$	725,124,290

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At December 31, 2024, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $13,543,720 or 1.87% of net assets. 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 December 31, 2024, the market value of Rule 144A securities amounted to $12,282,434 or 1.69% of net assets.

 All securities are Level 1, unless otherwise noted.

 

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (96.08%)
Communication Services (5.20%)
		Interactive Media & Services (1.23%)
	120,000	Reddit, Inc., Cl A 1	$	4,080,000	$	19,612,800
		Movies & Entertainment (3.97%)
	185,000	Liberty Media Corporation- Liberty Formula One, Cl A 1		5,408,362		15,547,400
	700,000	Liberty Media Corporation- Liberty Live, Cl C 1		24,701,179		47,642,000
				30,109,541		63,189,400
	Total Communication Services			34,189,541		82,802,200
Consumer Discretionary (10.75%)
		Apparel, Accessories & Luxury Goods (0.89%)
	260,000	Brunello Cucinelli SpA, ADR 2		13,057,598		14,201,104
		Casinos & Gaming (3.76%)
	1,235,000	DraftKings, Inc., Cl A 1		23,984,451		45,942,000
	300,000	Red Rock Resorts, Inc., Cl A		9,685,392		13,872,000
				33,669,843		59,814,000
		Footwear (1.21%)
	350,000	On Holding AG, Cl A 1,2		7,945,300		19,169,500
		Home Improvement Retail (1.88%)
	300,000	Floor & Decor Holdings, Inc., Cl A 1		9,074,455		29,910,000
		Homefurnishing Retail (0.74%)
	30,000	RH 1		7,459,296		11,807,700
		Restaurants (2.27%)
	200,000	Texas Roadhouse, Inc.		17,901,519		36,086,000
	Total Consumer Discretionary			89,108,011		170,988,304
Financials (3.71%)
		Insurance Brokers (1.52%)
	785,000	TWFG, Inc. 1		16,660,641		24,178,000
		Property & Casualty Insurance (2.19%)
	75,000	Kinsale Capital Group, Inc.		3,355,498		34,884,750
	Total Financials			20,016,139		59,062,750
Health Care (19.59%)
		Health Care Equipment (7.43%)
	766,956	Inari Medical, Inc. 1		38,490,107		39,153,104
	104,000	Inspire Medical Systems, Inc. 1		22,298,540		19,279,520
	158,000	Integer Holdings Corp. 1		18,388,085		20,938,160
	235,000	Masimo Corp. 1		31,556,825		38,845,500
				110,733,557		118,216,284
		Health Care Supplies (1.65%)
	569,085	Establishment Labs Holdings, Inc. 1,2		29,943,086		26,217,746
		Life Sciences Tools & Services (10.51%)
	1,681,454	CareDx, Inc. 1,4		19,780,040		35,999,930
	680,000	Exact Sciences Corp. 1,4		31,376,661		38,209,200
	1,629,676	Maravai LifeSciences Holdings, Inc., Cl A 1		15,496,854		8,881,734

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
	122,500	Repligen Corp. 1	$	19,531,284	$	17,632,650
	1,281,429	Stevanato Group SpA 2		32,667,703		27,922,338
	358,139	Tempus AI, Inc., Cl A 1		14,157,947		12,090,773
	668,790	Veracyte, Inc. 1,4		17,030,107		26,484,084
				150,040,596		167,220,709
	Total Health Care			290,717,239		311,654,739
Industrials (21.47%)
		Aerospace & Defense (8.73%)
	67,095	Axon Enterprise, Inc. 1		6,239,999		39,875,901
	1,942,158	Kratos Defense & Security Solutions, Inc. 1		26,482,410		51,234,128
	125,000	Loar Holdings, Inc. 1		6,673,190		9,238,750
	920,380	Mercury Systems, Inc. 1		33,144,240		38,655,960
				72,539,839		139,004,739
		Building Products (1.49%)
	70,000	AAON, Inc.		5,033,071		8,237,600
	225,000	Trex Co., Inc. 1		9,525,718		15,531,750
				14,558,789		23,769,350
		Environmental & Facilities Services (2.06%)
	1,763,493	Montrose Environmental Group, Inc. 1,3		38,055,348		32,712,795
		Human Resource & Employment Services (2.51%)
	550,000	Dayforce, Inc. 1		29,611,830		39,952,000
		Industrial Machinery & Supplies & Components (4.40%)
	200,000	Chart Industries, Inc. 1		26,265,365		38,168,000
	375,000	Enerpac Tool Group Corp., Cl A		14,358,665		15,408,750
	55,000	RBC Bearings, Inc. 1		11,183,890		16,452,700
				51,807,920		70,029,450
		Trading Companies & Distributors (2.28%)
	275,000	SiteOne Landscape Supply, Inc. 1		22,980,691		36,236,750
	Total Industrials			229,554,417		341,705,084
Information Technology (32.73%)
		Application Software (13.43%)
	500,000	Alkami Technology, Inc. 1		10,351,966		18,340,000
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		25,944,978		41,280,000
	677,889	Gitlab, Inc., Cl A 1,4		25,647,628		38,199,045
	235,357	Guidewire Software, Inc. 1		18,259,547		39,676,483
	395,000	Intapp, Inc. 1		14,158,288		25,315,550
	375,000	Procore Technologies, Inc. 1		24,508,547		28,098,750
	222,623	ServiceTitan, Inc., Cl A 1		20,391,471		22,901,228
				139,262,425		213,811,056

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Equipment & Instruments (5.91%)
	275,321	Advanced Energy Industries, Inc.	$	17,644,532	$	31,835,367
	74,131	Novanta, Inc. 1,2		8,196,882		11,324,993
	700,000	PAR Technology Corp. 1		21,961,338		50,869,000
				47,802,752		94,029,360
		IT Consulting & Other Services (0.80%)
	153,731	ASGN, Inc. 1		13,043,545		12,811,941
		Semiconductor Materials & Equipment (0.97%)
	78,129	Nova Ltd. 1,2		1,784,398		15,387,507
		Semiconductors (1.98%)
	4,507,493	indie Semiconductor, Inc., Cl A 1		37,165,033		18,255,347
	61,600	SiTime Corp. 1		6,114,169		13,215,048
				43,279,202		31,470,395
		Systems Software (9.64%)
	1,070,100	Couchbase, Inc. 1,4		20,819,110		16,682,859
	160,200	CyberArk Software Ltd. 1,2		20,574,697		53,370,630
	430,775	Dynatrace, Inc. 1,4		10,425,484		23,412,621
	1,775,000	SentinelOne, Inc., Cl A 1		29,985,343		39,405,000
	461,000	Varonis Systems, Inc. 1		9,834,763		20,482,230
				91,639,397		153,353,340
	Total Information Technology			336,811,719		520,863,599
Real Estate (2.63%)
		Multi-Family Residential REITs (1.25%)
	1,000,000	Independence Realty Trust, Inc.		20,056,917		19,840,000
		Retail REITs (1.38%)
	1,100,000	The Macerich Co.		21,307,627		21,912,000
	Total Real Estate			41,364,544		41,752,000
	Total Common Stocks			1,041,761,610		1,528,828,676

Principal Amount		Cost		Value
Short-Term Investments (3.89%)
$61,951,579	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2024, 3.85% due 1/2/2025; Proceeds at maturity $61,964,830; (Fully Collateralized by $62,408,100 U.S. Treasury Note, 4.125% due 2/15/2027 Market value – $63,190,667)5	$	61,951,579	$	61,951,579
Total Investments (99.97%)		$	1,103,713,189		1,590,780,255
Cash and Other Assets Less Liabilities (0.03%)					542,494
Net Assets				$	1,591,322,749

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  See Note 5 regarding “Affiliated” companies.

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

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

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Durable Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

DECEMBER 31, 2024

Shares			Cost		Value
Common Stocks (99.66%)
Communication Services (11.53%)
		Interactive Media & Services (11.53%)
	116,682	Alphabet, Inc., Cl C	$	15,667,505	$	22,220,920
	57,053	Meta Platforms, Inc., Cl A		17,492,254		33,405,102
	Total Communication Services			33,159,759		55,626,022
Consumer Discretionary (7.36%)
		Broadline Retail (7.36%)
	161,969	Amazon.com, Inc. 1		23,545,746		35,534,379
Consumer Staples (1.40%)
		Consumer Staples Merchandise Retail (1.40%)
	7,370	Costco Wholesale Corp.		4,068,670		6,752,910
Financials (31.66%)
		Asset Management & Custody Banks (6.48%)
	97,042	Blackstone, Inc.		11,094,591		16,731,982
	253,265	Brookfield Corp., Cl A 2		9,805,361		14,550,074
				20,899,952		31,282,056
		Diversified Financial Services (4.02%)
	117,429	Apollo Global Management, Inc.		12,322,464		19,394,573
		Financial Exchanges & Data (10.59%)
	21,113	CME Group, Inc.		4,120,848		4,903,072
	33,741	Moody’s Corp.		12,212,562		15,971,977
	18,137	MSCI, Inc.		9,108,981		10,882,382
	38,811	S&P Global, Inc.		15,626,793		19,329,042
				41,069,184		51,086,473
		Investment Banking & Brokerage (2.22%)
	32,846	LPL Financial Holdings, Inc.		7,731,961		10,724,547
		Property & Casualty Insurance (1.69%)
	88,182	Arch Capital Group Ltd. 1,2		5,523,457		8,143,608
		Transaction & Payment Processing Services (6.66%)
	23,590	Mastercard, Incorporated, Cl A		9,517,135		12,421,786
	62,415	Visa, Inc., Cl A		15,919,404		19,725,637
				25,436,539		32,147,423
	Total Financials			112,983,557		152,778,680
Health Care (8.91%)
		Life Sciences Tools & Services (6.62%)
	35,986	Agilent Technologies, Inc.		4,598,360		4,834,359
	42,419	Danaher Corp.		9,735,316		9,737,282
	4,982	Mettler-Toledo International, Inc. 1		6,246,556		6,096,374
	21,635	Thermo Fisher Scientific, Inc.		11,477,399		11,255,176
				32,057,631		31,923,191
		Managed Health Care (2.29%)
	21,890	UnitedHealth Group, Incorporated		10,438,326		11,073,275
	Total Health Care			42,495,957		42,996,466
Industrials (6.07%)
		Aerospace & Defense (4.52%)
	63,732	HEICO Corp., Cl A		9,083,174		11,859,251
	7,844	TransDigm Group, Inc. 1		10,805,327		9,940,544
				19,888,501		21,799,795

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (1.55%)
	58,147	Booz Allen Hamilton Holding Corp.	$	9,387,099	$	7,483,519
	Total Industrials			29,275,600		29,283,314
Information Technology (30.38%)
		Application Software (3.78%)
	19,136	Adobe, Inc. 1		9,447,650		8,509,396
	15,471	Intuit, Inc.		8,012,689		9,723,524
				17,460,339		18,232,920
		IT Consulting & Other Services (1.75%)
	24,078	Accenture plc, Cl A 2		7,728,442		8,470,400
		Semiconductors (17.17%)
	107,620	Broadcom, Inc.		14,476,414		24,950,621
	8,503	Monolithic Power Systems, Inc.		3,697,232		5,031,225
	180,820	NVIDIA Corp.		7,499,896		24,282,318
	113,945	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		15,262,651		22,502,998
	32,488	Texas Instruments, Inc.		5,702,070		6,091,825
				46,638,263		82,858,987
		Systems Software (7.68%)
	87,961	Microsoft Corporation		30,893,594		37,075,561
	Total Information Technology			102,720,638		146,637,868
Real Estate (2.35%)
		Health Care REITs (0.51%)
	19,614	Welltower, Inc.		2,460,909		2,471,952
		Real Estate Services (1.84%)
	124,189	CoStar Group, Inc. 1		10,849,189		8,890,691
	Total Real Estate			13,310,098		11,362,643
	Total Common Stocks			361,560,025		480,972,282
Principal Amount
Short-Term Investments (0.23%)
	$1,094,896	Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2024, 3.85% due 1/2/2025; Proceeds at maturity $1,095,130; (Fully Collateralized by $1,103,000 U.S. Treasury Note, 4.125% due 2/15/2027 Market value – $1,116,867)3		1,094,896		1,094,896
	Total Investments (99.89%)		$	362,654,921		482,067,178
	Cash and Other Assets Less Liabilities (0.11%)					554,393
	Net Assets				$	482,621,571

% 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 Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (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 fees, 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.

Each Fund is diversified. 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 Standards 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 Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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 and change in net unrealized gain or 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 change in net 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 December 31, 2024.

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 GAAP for the Funds’ investments in repurchase agreements at December 31, 2024, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

3. RESTRICTED SECURITIES

At December 31, 2024, 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 SEC Rule 22e – 4 (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 December 31, 2024, 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	$	30,032,530
StubHub Holdings, Inc.		12/22/2021		50,215,439
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		178,151,300
X.AI Corp.		6/11/2024		72,347,524
Total Restricted Securities			$	330,746,793
(Cost $128,500,521)† (7.86% of Net Assets)

† See Portfolio of Investments for cost of individual securities.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (Continued)

	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc		7/31/2020	$	785,437
Private Convertible Preferred Stocks
Northvolt AB		9/21/2020		0
Total Restricted Securities			$	785,437
(Cost $25,674,990)† (0.01% of Net Assets)
	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	338,645
GM Cruise Holdings LLC		5/19/2022		3,571
Space Exploration Technologies Corp.		3/25/2021		25,328,350
X Holdings Corp., Inc.		5/4/2022		1,366,000
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/28/2023		2,766,001
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		266,956
Space Exploration Technologies Corp.		8/4/2020		34,260,150
X.AI Corp.		11/22/2024		9,999,983
Total Restricted Securities			$	74,329,656
(Cost $41,003,875)† (4.90% 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	$	9,910,450
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		133,288
X.AI Corp.		11/22/2024		3,499,982
Total Restricted Securities			$	13,543,720
(Cost $9,512,066)† (1.87% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

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.

The following is a summary of the inputs used as of December 31, 2024 in valuing the Funds’ investments carried at fair value:

	Baron Asset Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	3,883,585,746	$	—	$	—	$	3,883,585,746
Private Common Stocks†		—		—		80,247,969		80,247,969
Private Preferred Stocks†		—		—		250,498,824		250,498,824
Total Investments	$	3,883,585,746	$	—	$	330,746,793	$	4,214,332,539
	Baron Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3) (1)		Total
Common Stocks†	$	7,126,431,055	$	—	$	—	$	7,126,431,055
Private Common Stocks		—		—		785,437		785,437
Private Convertible Preferred Stocks		—		—		—		—
Total Investments	$	7,126,431,055	$	—	$	785,437	$	7,127,216,492

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

	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†	$	4,280,474,637	$	—	$	—	$	4,280,474,637
Short-Term Investments		—		59,047,048		—		59,047,048
Total Investments	$	4,280,474,637	$	59,047,048	$	—	$	4,339,521,685
	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†	$	1,420,483,955	$	—	$	—	$	1,420,483,955
Private Common Stocks†		—		—		27,036,566		27,036,566
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001
Private Preferred Stocks†		—		—		44,527,089		44,527,089
Short-Term Investments		—		20,643,471		—		20,643,471
Total Investments	$	1,420,483,955	$	20,643,471	$	74,329,656	$	1,515,457,082
	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†	$	693,599,477	$	12,282,434	$	—	$	705,881,911
Private Common Stocks		—		—		9,910,450		9,910,450
Private Preferred Stocks†		—		—		3,633,270		3,633,270
Short-Term Investments		—		3,347,089		—		3,347,089
Total Investments	$	693,599,477	$	15,629,523	$	13,543,720	$	722,772,720
	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†	$	1,528,828,676	$	—	$	—	$	1,528,828,676
Short-Term Investments		—		61,951,579		—		61,951,579
Total Investments	$	1,528,828,676	$	61,951,579	$	—	$	1,590,780,255
	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†	$	480,972,282	$	—	$	—	$	480,972,282
Short-Term Investments		—		1,094,896		—		1,094,896
Total Investments	$	480,972,282	$	1,094,896	$	—	$	482,067,178

† See Portfolios of Investments for additional detailed categorizations.

(1) The reconciliation between beginning and ending balances of Level 3 investments in which significant unobservable valuation inputs were used in determining fair value is not presented as Level 3 assets were not significant for the Fund.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

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

	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2024		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2024
Private Common Stocks
Communication Services	$	49,136,473	$	—	$	—	$	1,078,966	$	—	$	—	$	—	$	—	$	50,215,439	$	1,078,966
Industrials		18,181,856		—		—		11,850,674		—		—		—		—		30,032,530		11,850,674
Private Preferred Stocks
Industrials		107,853,760						70,297,540										178,151,300		70,297,540
Information Technology		39,999,993		—		—		32,347,531				—		—		—		72,347,524		32,347,531
Total	$	215,172,082	$	—	$	—	$	115,574,711	$	—	$	—	$	—	$	—	$	330,746,793	$	115,574,711

	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2024		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2024
Private Common Stocks
Communication Services	$	1,366,000	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,366,000	$	—
Industrials		15,359,918		—		—		9,972,003		—		—		—		—		25,331,921		9,972,003
Materials		338,645		—		—		—		—		—		—		—		338,645		—
Private Convertible Preferred Stocks
Materials		2,766,001		—		—		—		—		—		—		—		2,766,001		—
Private Preferred Stocks
Industrials		22,684,719		—		—		11,842,387		—		—		—		—		34,527,106		11,842,387
Information Technology		—		—		—		—		9,999,983		—		—		—		9,999,983		—
Total	$	42,515,283	$	—	$	—	$	21,814,390	$	9,999,983	$	—	$	—	$	—	$	74,329,656	$	21,814,390
	Baron Fifth Avenue Fund
Investments in Securities	Balance as of September 30, 2024		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at December 31, 2024
Private Common Stocks
Industrials	$	5,999,840	$	—	$	—	$	3,910,610	$	—	$	—	$	—	$	—	$	9,910,450	$	3,910,610
Private Preferred Stocks
Industrials		970,337						(837,049)										133,288		(837,049)
Information Technology		—		—		—		—		3,499,982		—		—		—		3,499,982		—
Total	$	6,970,177	$	—	$	—	$	3,073,561	$	3,499,982	$	—	$	—	$	—	$	13,543,720	$	3,073,561

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of December 31, 2024 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of December 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2024	Range used on December 31, 2024*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	50,215,439	Combination of valuation using discounted cash flows, current value via comparable companies, and option-pricing methods	Weighted average cost of capital	10.50%	N/A	Decrease
					Change in the composite equity index of comparable companies	(0.78)%	N/A	Increase
					Discount for lack of marketability	6.74%	N/A	Decrease
					Estimated volatility of the returns of equity1	33.99%	N/A	Decrease
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	30,032,530	Observed transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	178,151,300	Observed transaction	Observed Transaction Price	$1,850.00	N/A	Increase
Private Preferred Stocks: Information Technology	X.AI Corp.	$	72,347,524	Observed transaction	Observed Transaction Price	$21.65	N/A	Increase

See Footnotes on page 21.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Opportunity Fund
Sector	Company	Fair Value as of December 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2024	Range used on December 31, 2024*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Communication Services	X Holdings Corp., Inc.	$	1,366,000	Recent valuation for employee grants	Enterprise Value Estimate	$19 billion	N/A	Increase
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	25,328,350	Observed transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	34,260,150	Observed transaction	Observed Transaction Price	$1,850.00	N/A	Increase
Private Common Stocks: Industrials	GM Cruise Holdings LLC	$	3,571	Recent Offer	Bid price	$1.00	N/A	Increase
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	266,956	Recent Offer	Bid price	$1.00	N/A	Increase
Private Common Stocks: Materials	Farmers Business Network, Inc.	$	338,645	Scenario analysis	Projected IPO valuation	$970 milion	N/A	Increase
					Probability for IPO outcome	50.00%	N/A	Increase
					Discount in the event of liquidation outcome	100.00%	N/A	Decrease
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	2,766,001	Scenario analysis	Projected IPO valuation	$970 milion	N/A	Increase
					Probability for IPO outcome	50.00%	N/A	Increase
					Discount in the event of liquidation outcome	100.00%	N/A	Decrease
Private Preferred Stocks: Information Technology	X.AI Corp.	$	9,999,983	Observed transaction	Observed Transaction Price	$21.65	N/A	Increase

See Footnotes on page 21.

Baron Investment Funds Trust December 31, 2024

NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of December 31, 2024		Valuation Technique	Unobservable Input	Weighted Average used on December 31, 2024	Range used on December 31, 2024*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	9,910,450	Observed transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	133,288	Recent Offer	Bid price	$1.00	N/A	Increase

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

* N/A indicates that the range used is not applicable as unobservable inputs are disclosed at the security level.

** Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end.
A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

5. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2024		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains (Losses)		Dividend Income		Shares Held at December 31, 2024		Value at December 31, 2024		% of Net Assets at December 31, 2024
“Affiliated” Company as of December 31, 2024:
Choice Hotels International, Inc.	$	390,900,000	$	—	$	—	$	35,040,000	$	—	$	862,500		3,000,000	$	425,940,000		6.12%
Iridium Communications, Inc		212,266,950		—		(3,421,707)		(12,804,770)		2,746,527		959,000		6,850,000		198,787,000		2.86%
Vail Resorts, Inc.		348,580,000		—		—		26,320,000		—		8,880,000		2,000,000		374,900,000		5.39%
	$	951,746,950	$	—	$	(3,421,707)	$	48,555,230	$	2,746,527	$	10,701,500			$	999,627,000

BARON DISCOVERY FUND

Name of Issuer	Value at September 30, 2024		Purchase Cost /Transfer In		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains (Losses)		Dividend Income		Shares Held at December 31, 2024		Value at December 31, 2024		% of Net Assets at December 31, 2024
“Affiliated” Company as of December 31, 2024:
Montrose Environmental Group, Inc.	$	—	$	38,055,348	$	—	$	(5,342,553)	$	—	$	—		1,763,493	$	32,712,795		2.06%

¹  An “Affiliated” company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the three months ended December 31, 2024.