Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (89.95%)
Communication Services (2.74%)
		Advertising (0.87%)
	500,000	The Trade Desk, Inc., Cl A 1	$	11,173,716	$	35,995,000
		Movies & Entertainment (1.87%)
	100,000	Spotify Technology SA 1,2		24,563,323		76,734,000
	Total Communication Services			35,737,039		112,729,000
Consumer Discretionary (7.79%)
		Casinos & Gaming (0.50%)
	477,000	DraftKings, Inc., Cl A 1		18,168,701		20,458,530
		Education Services (0.23%)
	23,000	Duolingo, Inc. 1		6,012,308		9,430,460
		Footwear (1.73%)
	351,069	Birkenstock Holding PLC 1,2		16,149,174		17,265,574
	1,037,000	On Holding AG, Cl A 1,2		30,424,601		53,975,850
				46,573,775		71,241,424
		Home Improvement Retail (0.39%)
	211,000	Floor & Decor Holdings, Inc., Cl A 1		18,452,772		16,027,560
		Hotels, Resorts & Cruise Lines (3.38%)
	478,442	Choice Hotels International, Inc.		2,051,052		60,704,721
	31,000	Hilton Worldwide Holdings, Inc.		6,489,341		8,256,540
	500,233	Hyatt Hotels Corp., Cl A		13,700,166		69,857,538
				22,240,559		138,818,799
		Leisure Facilities (1.56%)
	406,538	Vail Resorts, Inc.		7,840,124		63,879,316
	Total Consumer Discretionary			119,288,239		319,856,089
Financials (12.93%)
		Financial Exchanges & Data (5.11%)
	188,305	FactSet Research Systems, Inc.		9,990,400		84,225,060
	156,000	Morningstar, Inc.		32,512,227		48,973,080
	53,000	MSCI, Inc.		19,223,355		30,567,220
	316,189	Tradeweb Markets, Inc., Cl A		12,240,920		46,290,070
				73,966,902		210,055,430
		Insurance Brokers (0.63%)
	84,421	Willis Towers Watson PLC 2		10,305,610		25,875,037
		Investment Banking & Brokerage (3.01%)
	1,168,936	The Charles Schwab Corp.		1,030,248		106,653,721
	45,000	LPL Financial Holdings, Inc.		17,206,669		16,873,650
				18,236,917		123,527,371
		Property & Casualty Insurance (4.18%)
	1,886,444	Arch Capital Group Ltd. 1,2		6,789,034		171,760,726
	Total Financials			109,298,463		531,218,564
Health Care (14.32%)
		Health Care Equipment (6.37%)
	487,630	IDEXX Laboratories, Inc. 1		8,712,036		261,535,474
		Health Care Supplies (1.27%)
	733,672	The Cooper Companies, Inc. 1		27,308,279		52,208,100

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Technology (2.06%)
	294,386	Veeva Systems, Inc., Cl A 1	$	16,281,783	$	84,777,280
		Life Sciences Tools & Services (4.62%)
	671,944	Bio-Techne Corporation		14,726,185		34,571,519
	108,117	Mettler-Toledo International, Inc. 1		6,194,061		127,007,202
	129,404	West Pharmaceutical Services, Inc.		5,506,342		28,313,595
				26,426,588		189,892,316
	Total Health Care			78,728,686		588,413,170
Industrials (17.19%)
		Aerospace & Defense (1.01%)
	50,000	Axon Enterprise, Inc. 1		9,959,466		41,397,000
		Construction & Engineering (2.62%)
	285,000	Quanta Services, Inc.		47,697,751		107,752,800
		Data Processing & Outsourced Services (0.81%)
	403,076	SS&C Technologies Holdings, Inc.		10,805,708		33,374,693
		Electrical Components & Equipment (0.83%)
	265,000	Vertiv Holdings Co., Cl A		23,133,489		34,028,650
		Environmental & Facilities Services (1.70%)
	1,240,418	Rollins, Inc.		15,809,764		69,984,384
		Human Resource & Employment Services (1.76%)
	1,303,093	Dayforce, Inc. 1		51,006,588		72,178,321
		Industrial Machinery & Supplies & Components (0.82%)
	190,760	IDEX Corp.		13,439,466		33,491,733
		Research & Consulting Services (7.64%)
	200,000	Booz Allen Hamilton Holding Corp.		22,670,902		20,826,000
	775,500	TransUnion		32,394,913		68,244,000
	721,206	Verisk Analytics, Inc.		17,337,529		224,655,669
				72,403,344		313,725,669
	Total Industrials			244,255,576		705,933,250
Information Technology (27.61%)
		Application Software (14.72%)
	70,000	Fair Isaac Corp. 1		26,391,352		127,957,200
	1,126,809	Guidewire Software, Inc. 1		53,919,062		265,307,179
	475,000	Procore Technologies, Inc. 1		34,602,758		32,499,500
	228,192	Roper Technologies, Inc.		18,952,931		129,348,353
	558,000	Samsara, Inc., Cl A 1		21,978,038		22,197,240
	256,493	ServiceTitan, Inc., Cl A 1		20,395,336		27,490,920
				176,239,477		604,800,392
		Electronic Components (3.93%)
	1,633,000	Amphenol Corp., Cl A		38,430,247		161,258,750
		Internet Services & Infrastructure (0.49%)
	69,173	Verisign, Inc.		3,076,958		19,977,162

See Notes to Portfolios of Investments.

Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (7.19%)
	730,323	Gartner, Inc. 1	$	14,722,724	$	295,211,163
		Systems Software (0.30%)
	536,717	SailPoint, Inc. 1,4		12,344,491		12,269,351
		Technology Distributors (0.98%)
	226,363	CDW Corp.		13,601,532		40,426,168
	Total Information Technology			258,415,429		1,133,942,986
Real Estate (7.37%)
		Data Center REITs (0.89%)
	46,116	Equinix, Inc.		2,965,261		36,683,894
		Health Care REITs (0.56%)
	150,000	Welltower, Inc.		19,268,419		23,059,500
		Real Estate Services (5.92%)
	496,323	CBRE Group, Inc., Cl A 1		5,552,581		69,544,779
	2,156,930	CoStar Group, Inc. 1		42,271,713		173,417,172
				47,824,294		242,961,951
	Total Real Estate			70,057,974		302,705,345
	Total Common Stocks			915,781,406		3,694,798,404
Private Common Stocks (2.36%)
Communication Services (1.63%)
		Movies & Entertainment (1.63%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		67,166,682
Industrials (0.73%)
		Aerospace & Defense (0.73%)
	92,406	Space Exploration Technologies Corp., Cl A 1,3,4,6		7,115,262		17,095,110
	69,932	Space Exploration Technologies Corp., Cl C 1,3,4,6		5,384,764		12,937,420
	Total Industrials			12,500,026		30,032,530
	Total Private Common Stocks			62,500,067		97,199,212
Private Preferred Stocks (7.31%)
Communication Services (2.97%)
		Interactive Media & Services (2.97%)
	3,341,687	X.AI Holdings Corp., Series B 1,3,4,6		39,999,993		122,172,077
Industrials (4.34%)
		Aerospace & Defense (4.34%)
	96,298	Space Exploration Technologies Corp., Series N 1,3,4,6		26,000,460		178,151,300
	Total Private Preferred Stocks			66,000,453		300,323,377

Principal Amount			Cost		Value
Short-Term Investments (0.55%)
	$22,499,577	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $22,501,983; (Fully Collateralized by $22,238,500 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $22,949,638)5	$	22,499,577	$	22,499,577
	Total Investments (100.17%)		$	1,066,781,503		4,114,820,570
	Liabilities Less Cash and Other Assets (-0.17%)					(7,106,235	)
	Net Assets				$	4,107,714,335

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2025, the market value of restricted securities amounted to $397,552,589 or 9.68% 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.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (103.02%)
Communication Services (3.04%)
		Alternative Carriers (3.04%)
	5,900,000	Iridium Communications, Inc. 4	$	32,909,785	$	178,003,000
Consumer Discretionary (15.79%)
		Apparel, Accessories & Luxury Goods (1.19%)
	12,368,569	Figs, Inc., Cl A 1		87,745,510		69,758,729
		Casinos & Gaming (2.09%)
	2,347,802	Red Rock Resorts, Inc., Cl A		61,849,524		122,156,138
		Education Services (0.63%)
	300,000	Bright Horizons Family Solutions, Inc. 1		8,896,554		37,077,000
		Hotels, Resorts & Cruise Lines (6.51%)
	3,000,000	Choice Hotels International, Inc. 4		75,582,685		380,640,000
		Leisure Facilities (5.37%)
	2,000,000	Vail Resorts, Inc. 4		56,102,209		314,260,000
	Total Consumer Discretionary			290,176,482		923,891,867
Financials (55.77%)
		Asset Management & Custody Banks (3.15%)
	1,237,900	The Carlyle Group, Inc.		25,157,260		63,628,060
	1,600,000	Cohen & Steers, Inc.		32,448,956		120,560,000
				57,606,216		184,188,060
		Financial Exchanges & Data (24.38%)
	954,000	FactSet Research Systems, Inc.		47,433,577		426,705,120
	920,000	Morningstar, Inc.		18,727,699		288,815,600
	1,232,000	MSCI, Inc.		22,057,058		710,543,680
				88,218,334		1,426,064,400
		Investment Banking & Brokerage (1.76%)
	450,000	Houlihan Lokey, Inc.		19,625,873		80,977,500
	350,000	Moelis & Co., Cl A		3,842,331		21,812,000
				23,468,204		102,789,500
		Life & Health Insurance (5.80%)
	1,240,000	Primerica, Inc.		25,430,440		339,350,800
		Property & Casualty Insurance (20.68%)
	8,425,000	Arch Capital Group Ltd. 1,2		26,090,376		767,096,250
	915,000	Kinsale Capital Group, Inc.		30,088,919		442,768,500
				56,179,295		1,209,864,750
	Total Financials			250,902,489		3,262,257,510
Health Care (5.89%)
		Health Care Equipment (3.21%)
	350,000	IDEXX Laboratories, Inc. 1		4,836,201		187,719,000
		Health Care Supplies (0.11%)
	1,342,434	Neogen Corp. 1		17,026,471		6,416,835
		Life Sciences Tools & Services (2.57%)
	1,550,000	Bio-Techne Corporation		19,640,392		79,747,500
	60,000	Mettler-Toledo International, Inc. 1		2,742,936		70,483,200
				22,383,328		150,230,700
	Total Health Care			44,246,000		344,366,535

Shares			Cost		Value
Common Stocks (continued)
Information Technology (12.15%)
		Application Software (3.51%)
	305,000	Clearwater Analytics Holdings, Inc., Cl A 1	$	4,682,009	$	6,688,650
	845,000	Guidewire Software, Inc. 1		25,057,001		198,955,250
				29,739,010		205,643,900
		IT Consulting & Other Services (8.64%)
	1,250,000	Gartner, Inc. 1		17,054,725		505,275,000
	Total Information Technology			46,793,735		710,918,900
Real Estate (10.38%)
		Other Specialized REITs (3.95%)
	4,950,000	Gaming and Leisure Properties, Inc.		97,282,284		231,066,000
		Real Estate Services (6.43%)
	4,675,000	CoStar Group, Inc. 1		19,458,688		375,870,000
	Total Real Estate			116,740,972		606,936,000
	Total Common Stocks			781,769,463		6,026,373,812
Private Common Stocks (0.01%)
Materials (0.01%)
		Fertilizers & Agricultural Chemicals (0.01%)
	422,278	Farmers Business Network, Inc. 1,3,5,7		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) 1,2,3,5,7		9,374,989		0
	Total Investments (103.03%)		$	807,444,454		6,027,159,249
	Liabilities Less Cash and Other Assets (-3.03%)					(177,221,400	)
	Net Assets				$	5,849,937,849

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2025, 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 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 (UNAUDITED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (99.28%)
Communication Services (6.05%)
		Advertising (1.23%)
	680,000	The Trade Desk, Inc., Cl A 1	$	2,414,000	$	48,953,200
		Movies & Entertainment (4.82%)
	1,000,000	Liberty Media Corp.-Liberty Formula One, Cl C 1		15,681,001		104,500,000
	500,000	Liberty Media Corporation- Liberty Live Cl C 1		21,574,666		40,580,000
	225,000	Madison Square Garden Sports Corp. 1		8,416,557		47,013,750
				45,672,224		192,093,750
	Total Communication Services			48,086,224		241,046,950
Consumer Discretionary (15.36%)
		Automotive Parts & Equipment (0.16%)
	3,250,000	Holley, Inc. 1		15,612,642		6,500,000
		Casinos & Gaming (4.99%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		37,528,750
	3,100,000	Red Rock Resorts, Inc., Cl A		91,485,805		161,293,000
				102,673,592		198,821,750
		Education Services (2.25%)
	725,000	Bright Horizons Family Solutions, Inc. 1		31,922,423		89,602,750
		Home Improvement Retail (0.86%)
	450,000	Floor & Decor Holdings, Inc., Cl A 1		14,749,690		34,182,000
		Homebuilding (1.59%)
	350,000	Installed Building Products, Inc.		13,854,997		63,112,000
		Leisure Facilities (3.15%)
	1,150,000	Planet Fitness, Inc., Cl A 1		47,029,230		125,407,500
		Restaurants (2.36%)
	1,500,000	The Cheesecake Factory, Inc.		35,203,844		93,990,000
	Total Consumer Discretionary			261,046,418		611,616,000
Consumer Staples (2.13%)
		Personal Care Products (2.13%)
	1,125,000	Oddity Tech Ltd., Cl A 1,2		41,428,946		84,903,750
Financials (11.74%)
		Asset Management & Custody Banks (0.64%)
	2,200,000	GCM Grosvenor, Inc., Cl A		24,429,527		25,432,000
		Insurance Brokers (3.23%)
	3,000,000	Baldwin Insurance Group, Inc. Cl A 1		46,953,071		128,430,000
		Investment Banking & Brokerage (2.26%)
	500,000	Houlihan Lokey, Inc.		23,001,811		89,975,000
		Property & Casualty Insurance (5.16%)
	425,000	Kinsale Capital Group, Inc.		59,991,814		205,657,500
		Transaction & Payment Processing Services (0.45%)
	3,750,000	Repay Holdings Corporation 1		32,041,410		18,075,000
	Total Financials			186,417,633		467,569,500

Shares			Cost		Value
Common Stocks (continued)
Health Care (8.93%)
		Health Care Equipment (1.33%)
	325,000	DexCom, Inc. 1	$	1,077,650	$	28,369,250
	190,000	Inspire Medical Systems, Inc. 1		9,493,280		24,656,300
				10,570,930		53,025,550
		Health Care Services (1.85%)
	600,000	Hinge Health, Inc., Cl A 1		20,066,580		31,050,000
	750,000	RadNet, Inc. 1		44,042,531		42,682,500
				64,109,111		73,732,500
		Health Care Supplies (0.66%)
	5,500,000	Neogen Corp. 1		58,747,291		26,290,000
		Life Sciences Tools & Services (3.11%)
	650,000	ICON plc 1,2		27,743,341		94,542,500
	25,000	Mettler-Toledo International, Inc. 1		1,205,243		29,368,000
				28,948,584		123,910,500
		Managed Health Care (1.98%)
	750,000	HealthEquity, Inc. 1		12,292,452		78,570,000
	Total Health Care			174,668,368		355,528,550
Industrials (33.01%)
		Aerospace & Defense (7.05%)
	850,000	Karman Holdings, Inc. 1		22,158,746		42,814,500
	2,500,000	Kratos Defense & Security Solutions, Inc. 1		40,962,927		116,125,000
	80,000	TransDigm Group, Inc. 1		0		121,651,200
				63,121,673		280,590,700
		Building Products (1.28%)
	2,750,000	Janus International Group, Inc. 1		25,953,585		22,385,000
	525,000	Trex Co., Inc. 1		18,023,818		28,549,500
				43,977,403		50,934,500
		Diversified Support Services (2.20%)
	5,000,000	Driven Brands Holdings, Inc. 1		90,115,067		87,800,000
		Electrical Components & Equipment (7.25%)
	2,250,000	Vertiv Holdings Co., Cl A		22,895,973		288,922,500
		Environmental & Facilities Services (1.05%)
	225,000	Waste Connections, Inc. 2		9,825,000		42,012,000
		Human Resource & Employment Services (2.89%)
	950,000	Dayforce, Inc. 1		29,430,554		52,620,500
	3,750,000	First Advantage Corp. 1		60,629,977		62,287,500
				90,060,531		114,908,000
		Industrial Machinery & Supplies & Components (8.07%)
	625,000	Chart Industries, Inc. 1		90,564,202		102,906,250
	200,000	Enpro, Inc.		34,459,729		38,310,000
	700,000	JBT Marel Corp.		63,192,030		84,182,000
	250,000	RBC Bearings, Inc. 1		27,992,037		96,200,000
				216,207,998		321,598,250

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Research & Consulting Services (0.56%)
	300,000	Exponent, Inc.	$	22,851,915	$	22,413,000
		Trading Companies & Distributors (2.66%)
	875,000	SiteOne Landscape Supply, Inc. 1		33,566,364		105,822,500
	Total Industrials			592,621,924		1,315,001,450
Information Technology (21.25%)
		Application Software (10.15%)
	3,000,000	Clearwater Analytics Holdings, Inc., Cl A 1		55,554,793		65,790,000
	875,000	Guidewire Software, Inc. 1		22,262,486		206,018,750
	1,700,000	Intapp, Inc. 1		66,231,698		87,754,000
	1,600,000	nCino, Inc. 1		51,018,174		44,752,000
				195,067,151		404,314,750
		Electronic Equipment & Instruments (2.56%)
	1,900,000	Cognex Corp.		39,755,701		60,268,000
	600,000	PAR Technology Corp. 1		41,297,701		41,622,000
				81,053,402		101,890,000
		IT Consulting & Other Services (6.91%)
	1,375,000	ASGN, Inc. 1		29,684,666		68,653,750
	425,000	Gartner, Inc. 1		5,502,186		171,793,500
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		34,650,000
				71,509,449		275,097,250
		Semiconductors (0.53%)
	6,000,000	indie Semiconductor, Inc., Cl A 1		37,247,069		21,360,000
		Systems Software (1.10%)
	1,000,000	JFrog Ltd. 1,2		31,388,826		43,880,000
	Total Information Technology			416,265,897		846,542,000
Materials (0.81%)
		Specialty Chemicals (0.81%)
	1,000,000	Avient Corp.		29,173,594		32,310,000
	Total Common Stocks			1,749,709,004		3,954,518,200

Principal Amount			Cost		Value
Short-Term Investments (0.73%)
	$28,986,098	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $28,989,198; (Fully Collateralized by $22,846,600 U.S. Treasury Inflation-Indexed Note, 0.375% due 7/15/2027 Market value – $29,565,978)3	$	28,986,098	$	28,986,098
	Total Investments (100.01%)		$	1,778,695,102		3,983,504,298
	Liabilities Less Cash and Other Assets (-0.01%)					(534,583	)
	Net Assets				$	3,982,969,715

% 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)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (93.57%)
Communication Services (13.01%)
		Advertising (2.33%)
	536,010	The Trade Desk, Inc., Cl A 1	$	30,344,784	$	38,587,360
		Interactive Media & Services (5.23%)
	117,100	Meta Platforms, Inc., Cl A		22,349,489		86,430,339
		Movies & Entertainment (5.45%)
	117,400	Spotify Technology SA 1,2		34,018,492		90,085,716
	Total Communication Services			86,712,765		215,103,415
Consumer Discretionary (13.03%)
		Automobile Manufacturers (4.60%)
	239,200	Tesla, Inc. 1		15,546,000		75,984,272
		Broadline Retail (6.44%)
	485,500	Amazon.com, Inc. 1		29,742,116		106,513,845
		Casinos & Gaming (1.05%)
	405,000	DraftKings, Inc., Cl A 1		12,760,168		17,370,450
		Education Services (0.94%)
	37,900	Duolingo, Inc. 1		7,656,708		15,539,758
	Total Consumer Discretionary			65,704,992		215,408,325
Financials (5.80%)
		Investment Banking & Brokerage (1.74%)
	76,500	LPL Financial Holdings, Inc.		25,609,841		28,685,205
		Transaction & Payment Processing Services (4.06%)
	56,400	Mastercard, Incorporated, Cl A		12,019,014		31,693,416
	99,800	Visa, Inc., Cl A		15,336,164		35,433,990
				27,355,178		67,127,406
	Total Financials			52,965,019		95,812,611
Health Care (8.33%)
		Biotechnology (2.84%)
	237,000	Arcellx, Inc. 1		15,380,413		15,606,450
	56,739	argenx SE, ADR 1,2		5,316,767		31,275,671
				20,697,180		46,882,121
		Health Care Equipment (1.35%)
	41,105	Intuitive Surgical, Inc. 1		4,585,816		22,336,868
		Health Care Services (0.94%)
	301,785	Hinge Health, Inc., Cl A 1		10,440,040		15,617,374
		Life Sciences Tools & Services (0.90%)
	280,000	Exact Sciences Corp. 1,4		15,067,363		14,879,200
		Pharmaceuticals (2.30%)
	48,700	Eli Lilly & Co.		37,583,190		37,963,111
	Total Health Care			88,373,589		137,678,674

Shares			Cost		Value
Common Stocks (continued)
Industrials (0.57%)
		Construction & Engineering (0.57%)
	25,000	Quanta Services, Inc.	$	6,003,860	$	9,452,000
Information Technology (50.57%)
		Application Software (6.48%)
	113,400	Atlassian Corp., Cl A 1,2		20,207,830		23,030,406
	267,500	Gitlab, Inc., Cl A 1,4		11,041,618		12,066,925
	95,600	Guidewire Software, Inc. 1		2,392,143		22,509,020
	621,900	Samsara, Inc., Cl A 1		20,712,062		24,739,182
	24,100	ServiceNow, Inc. 1,4		3,170,684		24,776,728
				57,524,337		107,122,261
		Electronic Equipment & Instruments (0.83%)
	196,898	PAR Technology Corp. 1		10,949,943		13,658,814
		Internet Services & Infrastructure (3.08%)
	642,000	GDS Holdings Ltd., ADR 1,2		11,352,830		19,625,940
	272,100	Shopify, Inc., Cl A 1,2		11,380,866		31,386,735
				22,733,696		51,012,675
		IT Consulting & Other Services (1.59%)
	64,887	Gartner, Inc. 1		805,042		26,228,623
		Semiconductor Materials & Equipment (0.95%)
	57,000	Nova Ltd. 1,2		11,343,542		15,686,400
		Semiconductors (22.16%)
	373,200	Broadcom, Inc.		51,778,991		102,872,580
	5,945,971	indie Semiconductor, Inc., Cl A 1		33,181,703		21,167,657
	24,000	Monolithic Power Systems, Inc.		13,955,429		17,553,120
	1,241,100	NVIDIA Corp.		7,126,300		196,081,389
	126,700	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		15,332,239		28,696,283
				121,374,662		366,371,029
		Systems Software (15.48%)
	151,500	Cloudflare, Inc., Cl A 1,4		8,944,064		29,668,245
	52,800	CyberArk Software Ltd. 1,2		17,754,630		21,483,264
	204,500	Datadog, Inc., Cl A 1,4		19,569,548		27,470,485
	254,000	Microsoft Corporation		27,363,758		126,342,140
	112,100	Snowflake, Inc., Cl A 1,4		18,674,243		25,084,617
	82,500	Zscaler, Inc. 1		15,575,854		25,900,050
				107,882,097		255,948,801
	Total Information Technology			332,613,319		836,028,603
Real Estate (2.26%)
		Real Estate Services (2.26%)
	465,130	CoStar Group, Inc. 1		23,649,851		37,396,452
	Total Common Stocks			656,023,395		1,546,880,080

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2025

Shares			Cost		Value
Private Common Stocks (2.47%)
Communication Services (0.31%)
		Interactive Media & Services (0.31%)
	138,812	X.AI Holdings Corp., Cl A 1,3,4,6	$	5,000,000	$	5,074,528
Industrials (2.14%)
		Aerospace & Defense (2.14%)
	107,376	Space Exploration Technologies Corp., Cl A 1,3,4,6		5,043,029		19,864,560
	83,588	Space Exploration Technologies Corp., Cl C 1,3,4,6		10,957,102		15,463,780
				16,000,131		35,328,340
		Passenger Ground Transportation (0.00%)^
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		3,571
	Total Industrials			16,103,694		35,331,911
Materials (0.02%)
		Fertilizers & Agricultural Chemicals (0.02%)
	182,067	Farmers Business Network, Inc. 1,3,4,6		2,394,652		338,645
	Total Private Common Stocks			23,498,346		40,745,084
Private Convertible Preferred Stocks (0.16%)
Materials (0.16%)
		Fertilizers & Agricultural Chemicals (0.16%)
	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 (3.11%)
Communication Services (1.02%)
		Interactive Media & Services (1.02%)
	461,893	X.AI Holdings Corp., Series C 1,3,4,6		9,999,983		16,886,808
Industrials (2.09%)
		Aerospace & Defense (2.07%)
	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
	Total Private Preferred Stocks			22,034,404		51,413,914

Principal Amount			Cost		Value
Short-Term Investments (0.70%)
	$11,456,730	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $11,457,955; (Fully Collateralized by $11,323,800 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $11,685,920)5	$	11,456,730	$	11,456,730
	Total Investments (100.01%)		$	718,483,991		1,653,261,809
	Liabilities Less Cash and Other Assets (-0.01%)					(125,505	)
	Net Assets				$	1,653,136,304

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2025, the market value of restricted securities amounted to $94,924,999 or 5.74% 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)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (97.21%)
Communication Services (14.17%)
		Advertising (2.24%)
	229,170	The Trade Desk, Inc., Cl A 1	$	12,756,959	$	16,497,948
		Interactive Media & Services (11.93%)
	126,083	Alphabet, Inc., Cl A		19,170,322		22,219,607
	89,102	Meta Platforms Inc., Cl A		6,261,802		65,765,295
				25,432,124		87,984,902
	Total Communication Services			38,189,083		104,482,850
Consumer Discretionary (20.22%)
		Automobile Manufacturers (3.20%)
	74,227	Tesla, Inc. 1		16,024,679		23,578,949
		Automotive Parts & Equipment (0.99%)
	407,843	Mobileye Global, Inc., Cl A 1		7,634,895		7,333,017
		Broadline Retail (16.03%)
	284,121	Amazon.com, Inc. 1		2,673,396		62,333,306
	644,327	Coupang, Inc. 1		11,478,357		19,304,037
	13,982	MercadoLibre, Inc. 1		9,633,147		36,543,775
				23,784,900		118,181,118
	Total Consumer Discretionary			47,444,474		149,093,084
Financials (6.64%)
		Asset Management & Custody Banks (2.53%)
	140,530	KKR & Co., Inc.		17,320,468		18,694,706
		Transaction & Payment Processing Services (4.11%)
	8,265	Adyen N.V., 144A (Netherlands) 1,2,5		7,869,686		15,178,979
	222,325	Block, Inc. 1		13,682,487		15,102,537
				21,552,173		30,281,516
	Total Financials			38,872,641		48,976,222
Health Care (10.73%)
		Biotechnology (2.39%)
	31,913	argenx SE, ADR 1,2		10,452,575		17,591,084
		Health Care Equipment (3.20%)
	43,393	Intuitive Surgical, Inc. 1		5,068,231		23,580,190
		Health Care Technology (1.16%)
	29,805	Veeva Systems, Inc., Cl A 1		1,809,733		8,583,244
		Life Sciences Tools & Services (1.56%)
	4,609	GRAIL, Inc. 1,4		28,246		236,995
	118,245	Illumina, Inc. 1		10,231,429		11,281,755
				10,259,675		11,518,750
		Pharmaceuticals (2.42%)
	22,864	Eli Lilly & Co.		18,679,159		17,823,174
	Total Health Care			46,269,373		79,096,442

Shares			Cost		Value
Common Stocks (continued)
Information Technology (45.45%)
		Application Software (8.99%)
	64,528	Atlassian Corp., Cl A 1,2	$	11,642,822	$	13,104,992
	129,565	Gitlab, Inc., Cl A 1,4		6,893,161		5,844,677
	615,953	Samsara, Inc., Cl A 1		23,544,827		24,502,610
	22,215	ServiceNow, Inc. 1,4		6,286,237		22,838,797
				48,367,047		66,291,076
		Internet Services & Infrastructure (7.28%)
	465,239	Shopify, Inc., Cl A 1,2		18,967,592		53,665,319
		Semiconductor Materials & Equipment (2.42%)
	22,279	ASML Holding N.V. 2		3,361,032		17,854,168
		Semiconductors (15.01%)
	519,452	NVIDIA Corp.		6,777,240		82,068,221
	126,512	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		22,809,901		28,653,703
				29,587,141		110,721,924
		Systems Software (11.75%)
	136,622	Cloudflare, Inc., Cl A 1,4		10,915,869		26,754,686
	26,917	Crowdstrike Holdings, Inc., Cl A 1		1,113,716		13,709,097
	167,782	Datadog, Inc., Cl A 1,4		11,033,720		22,538,156
	105,702	Snowflake, Inc., Cl A 1,4		13,141,494		23,652,937
				36,204,799		86,654,876
	Total Information Technology			136,487,611		335,187,363
	Total Common Stocks			307,263,182		716,835,961
Private Common Stocks (1.34%)
Industrials (1.34%)
		Aerospace & Defense (1.34%)
	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		567,691		2,264,400
	Total Private Common Stocks			2,499,944		9,910,450
Private Preferred Stocks (0.82%)
Communication Services (0.80%)
		Interactive Media & Services (0.80%)
	161,662	X.AI Holdings Corp., Series C 1,3,4,6		3,499,982		5,910,363
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
	Total Private Preferred Stocks			7,012,121		6,043,651

See Notes to Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2025

Principal Amount			Cost		Value
Short-Term Investments (0.62%)
	$4,530,582	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $4,531,066; (Fully Collateralized by $4,478,100 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $4,621,392)5	$	4,530,582	$	4,530,582
	Total Investments (99.99%)		$	321,305,829		737,320,644
	Cash and Other Assets Less Liabilities (0.01%)					86,096
	Net Assets				$	737,406,740

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $15,954,101 or 2.16% 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 June 30, 2025, the market value of Rule 144A securities amounted to $15,178,979 or 2.06% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (91.10%)
Communication Services (4.08%)
		Movies & Entertainment (4.08%)
	185,000	Liberty Media Corporation- Liberty Formula One, Cl A 1	$	5,408,362	$	17,567,600
	700,000	Liberty Media Corporation- Liberty Live Cl C 1		24,701,179		56,812,000
	Total Communication Services			30,109,541		74,379,600
Consumer Discretionary (13.26%)
		Apparel, Accessories & Luxury Goods (1.00%)
	1,500,000	Brunello Cucinelli SpA, ADR 2		15,407,115		18,210,443
		Casinos & Gaming (5.83%)
	1,350,000	DraftKings, Inc., Cl A 1		27,587,745		57,901,500
	300,000	Red Rock Resorts, Inc., Cl A		9,685,392		15,609,000
	350,000	Wynn Resorts Ltd.		26,407,091		32,784,500
				63,680,228		106,295,000
		Footwear (1.00%)
	350,000	On Holding AG, Cl A 1,2		7,945,300		18,217,500
		Home Improvement Retail (1.25%)
	300,000	Floor & Decor Holdings, Inc., Cl A 1		9,074,454		22,788,000
		Restaurants (4.18%)
	200,000	Texas Roadhouse, Inc.		17,901,519		37,482,000
	115,000	Wingstop, Inc.		27,352,161		38,725,100
				45,253,680		76,207,100
	Total Consumer Discretionary			141,360,777		241,718,043
Financials (4.15%)
		Insurance Brokers (1.51%)
	785,000	TWFG, Inc. 1		16,660,641		27,475,000
		Property & Casualty Insurance (2.64%)
	550,000	Ategrity Specialty Insurance Company Holdings 1		9,452,264		11,836,000
	75,000	Kinsale Capital Group, Inc.		3,355,498		36,292,500
				12,807,762		48,128,500
	Total Financials			29,468,403		75,603,500
Health Care (17.80%)
		Biotechnology (0.59%)
	163,217	Arcellx, Inc. 1		10,919,478		10,747,840
		Health Care Equipment (5.72%)
	224,000	Inspire Medical Systems, Inc. 1		41,691,816		29,068,480
	246,000	Integer Holdings Corp. 1		29,881,743		30,250,620
	267,000	Masimo Corp. 1		36,952,018		44,914,740
				108,525,577		104,233,840
		Health Care Supplies (1.60%)
	683,302	Establishment Labs Holdings, Inc. 1,2		34,613,067		29,183,828
		Life Sciences Tools & Services (9.89%)
	1,820,437	CareDx, Inc. 1,4		22,142,672		35,571,339
	1,132,600	Exact Sciences Corp. 1,4		54,495,003		60,186,364
	206,053	Repligen Corp. 1		30,907,317		25,628,872
	1,281,429	Stevanato Group SpA 2		32,667,703		31,305,310
	151,139	Tempus AI, Inc., Cl A 1		4,329,524		9,603,372
	668,790	Veracyte, Inc. 1,4		17,030,107		18,077,394
				161,572,326		180,372,651
	Total Health Care			315,630,448		324,538,159

Shares			Cost		Value
Common Stocks (continued)
Industrials (19.68%)
		Aerospace & Defense (10.37%)
	913,109	Karman Holdings, Inc. 1	$	25,983,101	$	45,993,300
	1,407,158	Kratos Defense & Security Solutions, Inc. 1		16,499,474		65,362,489
	327,000	Loar Holdings, Inc. 1		20,780,364		28,177,590
	920,380	Mercury Systems, Inc. 1		33,144,240		49,571,667
				96,407,179		189,105,046
		Building Products (1.04%)
	350,000	Trex Co., Inc. 1		16,554,899		19,033,000
		Environmental & Facilities Services (2.48%)
	2,063,493	Montrose Environmental Group, Inc. 1,3		43,484,066		45,169,862
		Industrial Machinery & Supplies & Components (3.80%)
	200,000	Chart Industries, Inc. 1		26,265,365		32,930,000
	375,000	Enerpac Tool Group Corp.		14,358,665		15,210,000
	55,000	RBC Bearings, Inc. 1		11,183,890		21,164,000
				51,807,920		69,304,000
		Trading Companies & Distributors (1.99%)
	300,000	SiteOne Landscape Supply, Inc. 1		26,536,239		36,282,000
	Total Industrials			234,790,303		358,893,908
Information Technology (31.16%)
		Application Software (13.19%)
	1,150,000	Alkami Technology, Inc. 1		27,106,934		34,661,000
	1,250,000	Clearwater Analytics Holdings, Inc., Cl A 1		21,105,563		27,412,500
	696,171	Gitlab, Inc., Cl A 1,4		26,672,136		31,404,274
	235,357	Guidewire Software, Inc. 1		18,259,547		55,414,805
	550,000	Intapp, Inc. 1		21,877,328		28,391,000
	375,000	Procore Technologies, Inc. 1		24,508,547		25,657,500
	350,000	ServiceTitan, Inc., Cl A 1		32,982,419		37,513,000
				172,512,474		240,454,079
		Electronic Equipment & Instruments (6.31%)
	275,321	Advanced Energy Industries, Inc.		17,644,532		36,480,032
	232,550	Novanta, Inc. 1,2		27,085,649		29,982,672
	700,000	PAR Technology Corp. 1		21,961,338		48,559,000
				66,691,519		115,021,704
		Semiconductor Materials & Equipment (0.57%)
	38,129	Nova Ltd. 1,2		859,008		10,493,101
		Semiconductors (2.82%)
	8,518,882	indie Semiconductor, Inc., Cl A 1		44,474,634		30,327,220
	98,600	SiTime Corp. 1		12,723,559		21,009,688
				57,198,193		51,336,908

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (8.27%)
	130,200	CyberArk Software Ltd. 1,2	$	16,265,834	$	52,975,776
	760,775	Dynatrace, Inc. 1,4		24,396,261		42,002,388
	1,775,000	SentinelOne, Inc., Cl A 1		29,985,343		32,447,000
	461,000	Varonis Systems, Inc. 1		9,834,763		23,395,750
				80,482,201		150,820,914
	Total Information Technology			377,743,395		568,126,706
Real Estate (0.97%)
		Multi-Family Residential REITs (0.97%)
	1,000,000	Independence Realty Trust, Inc.		20,056,917		17,690,000
	Total Common Stocks			1,149,159,784		1,660,949,916
Principal Amount
Short-Term Investments (7.25%)
	$132,060,325	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $132,074,448; (Fully Collateralized by $130,527,800 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $134,701,638)5		132,060,325		132,060,325
	Total Investments (98.35%)		$	1,281,220,109		1,793,010,241
	Cash and Other Assets Less Liabilities (1.65%)					30,171,400
	Net Assets				$	1,823,181,641

% 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)

JUNE 30, 2025

Shares			Cost		Value
Common Stocks (99.30%)
Communication Services (12.28%)
		Interactive Media & Services (12.28%)
	116,092	Alphabet, Inc., Cl C	$	15,513,532	$	20,593,560
	57,053	Meta Platforms Inc., Cl A		17,492,254		42,110,249
	Total Communication Services			33,005,786		62,703,809
Consumer Discretionary (8.65%)
		Broadline Retail (6.96%)
	161,969	Amazon.com, Inc. 1		23,545,746		35,534,379
		Restaurants (1.69%)
	46,001	Texas Roadhouse, Inc.		7,914,962		8,621,047
	Total Consumer Discretionary			31,460,708		44,155,426
Consumer Staples (1.23%)
		Consumer Staples Merchandise Retail (1.23%)
	6,349	Costco Wholesale Corp.		3,325,828		6,285,129
Financials (32.24%)
		Asset Management & Custody Banks (5.84%)
	94,599	Blackstone, Inc.		10,776,992		14,150,119
	253,265	Brookfield Corp., Cl A 2		9,805,361		15,664,440
				20,582,353		29,814,559
		Diversified Financial Services (3.11%)
	111,830	Apollo Global Management, Inc.		11,700,402		15,865,322
		Financial Exchanges & Data (11.23%)
	41,429	CME Group, Inc.		9,296,111		11,418,661
	32,029	Moody’s Corp.		11,398,217		16,065,426
	16,256	MSCI, Inc.		7,988,861		9,375,486
	38,811	S&P Global, Inc.		15,626,793		20,464,652
				44,309,982		57,324,225
		Investment Banking & Brokerage (3.49%)
	47,584	LPL Financial Holdings, Inc.		12,563,197		17,842,572
		Property & Casualty Insurance (1.57%)
	88,182	Arch Capital Group Ltd. 1,2		5,523,457		8,028,971
		Transaction & Payment Processing Services (7.00%)
	24,121	Mastercard, Incorporated, Cl A		9,801,507		13,554,555
	62,415	Visa, Inc., Cl A		15,919,404		22,160,446
				25,720,911		35,715,001
	Total Financials			120,400,302		164,590,650
Health Care (4.82%)
		Life Sciences Tools & Services (4.82%)
	49,136	Danaher Corp.		11,105,723		9,706,326
	4,318	Mettler-Toledo International, Inc. 1		5,274,877		5,072,441
	24,266	Thermo Fisher Scientific, Inc.		12,344,889		9,838,892
	Total Health Care			28,725,489		24,617,659
Industrials (5.57%)
		Aerospace & Defense (5.57%)
	63,732	HEICO Corp., Cl A		9,083,174		16,490,655
	7,844	TransDigm Group, Inc. 1		10,805,327		11,927,900
	Total Industrials			19,888,501		28,418,555

Shares			Cost		Value
Common Stocks (continued)
Information Technology (30.79%)
		Application Software (3.13%)
	20,283	Intuit, Inc.	$	10,951,779	$	15,975,499
		Electronic Components (1.07%)
	55,623	Amphenol Corp., Cl A		3,538,949		5,492,771
		Semiconductors (21.20%)
	102,986	Broadcom, Inc.		13,807,221		28,388,091
	24,555	Monolithic Power Systems, Inc.		13,272,290		17,959,036
	228,416	NVIDIA Corp.		12,523,204		36,087,444
	113,945	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		15,262,651		25,807,403
				54,865,366		108,241,974
		Systems Software (5.39%)
	55,304	Microsoft Corporation		17,392,273		27,508,763
	Total Information Technology			86,748,367		157,219,007
Real Estate (3.72%)
		Health Care REITs (1.77%)
	58,760	Welltower, Inc.		7,762,320		9,033,175
		Real Estate Services (1.95%)
	124,189	CoStar Group, Inc. 1		10,849,188		9,984,795
	Total Real Estate			18,611,508		19,017,970
	Total Common Stocks			342,166,489		507,008,205
Principal Amount
Short-Term Investments (0.62%)
	$3,141,355	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2025, 3.85% due 7/1/2025; Proceeds at maturity $3,141,691; (Fully Collateralized by $3,104,900 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $3,204,183)3		3,141,355		3,141,355
	Total Investments (99.92%)		$	345,307,844		510,149,560
	Cash and Other Assets Less Liabilities (0.08%)					412,156
	Net Assets				$	510,561,716

% 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 June 30, 2025

NOTES TO PORTFOLIOS 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 less all liabilities, of the Fund represented by such class, 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 June 30, 2025

NOTES TO PORTFOLIOS 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 and foreign currency translations. 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, 2025.

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 June 30, 2025, 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 June 30, 2025, 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.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (Continued)

At June 30, 2025, 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		67,166,682
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		178,151,300
X.AI Holdings Corp.		6/11/2024		122,172,077
Total Restricted Securities			$	397,522,589
(Cost $128,500,520)† (9.68% of Net Assets)
	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 $25,674,991)† (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		35,328,340
X.AI Holdings Corp.		5/4/2022		5,074,528
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 Holdings Corp.		11/22/2024		16,886,808
Total Restricted Securities			$	94,924,999
(Cost $51,003,866)† (5.74% 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 Holdings Corp.		11/22/2024		5,910,363
Total Restricted Securities			$	15,954,101
(Cost $9,512,065)† (2.16% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS 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 June 30, 2025 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†	$	3,694,798,404	$	—	$	—	$	3,694,798,404
Private Common Stocks†		—		—		97,199,212		97,199,212
Private Preferred Stocks†		—		—		300,323,377		300,323,377
Short-Term Investments		—		22,499,577		—		22,499,577
Total Investments	$	3,694,798,404	$	22,499,577	$	397,522,589	$	4,114,820,570
	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†	$	6,026,373,812	$	—	$	—	$	6,026,373,812
Private Common Stocks		—		—		785,437		785,437
Private Convertible Preferred Stocks		—		—		0		0
Total Investments	$	6,026,373,812	$	—	$	785,437	$	6,027,159,249

† See Portfolios of Investments for additional detailed categorizations.

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

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS 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†	$	3,954,518,200	$	—	$	—	$	3,954,518,200
Short-Term Investments		—		28,986,098		—		28,986,098
Total Investments	$	3,954,518,200	$	28,986,098	$	—	$	3,983,504,298
	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†	$	1,546,880,080	$	—	$	—	$	1,546,880,080
Private Common Stocks†		—		—		40,745,084		40,745,084
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001
Private Preferred Stocks†		—		—		51,413,914		51,413,914
Short-Term Investments		—		11,456,730		—		11,456,730
Total Investments	$	1,546,880,080	$	11,456,730	$	94,924,999	$	1,653,261,809
	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†	$	701,656,982	$	15,178,979	$	—	$	716,835,961
Private Common Stocks		—		—		9,910,450		9,910,450
Private Preferred Stocks†		—		—		6,043,651		6,043,651
Short-Term Investments		—		4,530,582		—		4,530,582
Total Investments	$	701,656,982	$	19,709,561	$	15,954,101	$	737,320,644
	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†	$	1,660,949,916	$	—	$	—	$	1,660,949,916
Short-Term Investments		—		132,060,325		—		132,060,325
Total Investments	$	1,660,949,916	$	132,060,325	$	—	$	1,793,010,241
	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†	$	507,008,205	$	—	$	—	$	507,008,205
Short-Term Investments		—		3,141,355		—		3,141,355
Total Investments	$	507,008,205	$	3,141,355	$	—	$	510,149,560

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

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, 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 June 30, 2025		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2025
Private Common Stocks
Communication Services	$	49,136,473	$	—	$	—	$	18,030,209	$	—	$	—	$	—	$	—	$	67,166,682	$	18,030,209
Industrials		18,181,856		—		—		11,850,674		—		—		—		—		30,032,530		11,850,674
Private Preferred Stocks
Communication Services*		39,999,993		—		—		82,172,084				—		—		—		122,172,077		82,172,084
Industrials		107,853,760						70,297,540										178,151,300		70,297,540
Total	$	215,172,082	$	—	$	—	$	182,350,507	$	—	$	—	$	—	$	—	$	397,522,589	$	182,350,507

	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 June 30, 2025		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2025
Private Common Stocks
Communication Services	$	1,366,000	$	—	$	—	$	3,708,528	$	—	$	—	$	—	$	—	$	5,074,528	$	3,708,528
Industrials		15,359,918		—		—		9,972,003		9,999,990		—		—		—		35,331,911		9,972,003
Materials		338,645		—		—		—		—		—		—		—		338,645		—
Private Convertible Preferred Stocks
Materials		2,766,001		—		—		—		—		—		—		—		2,766,001		—
Private Preferred Stocks
Communication Services		—		—		—		6,886,825		9,999,983		—		—		—		16,886,808		6,886,825
Industrials		22,684,719		—		—		11,842,387		—		—		—		—		34,527,106		11,842,387
Total	$	42,515,283	$	—	$	—	$	32,409,743	$	19,999,973	$	—	$	—	$	—	$	94,924,999	$	32,409,743
	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 June 30, 2025		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2025
Private Common Stocks
Industrials	$	5,999,840	$	—	$	—	$	3,910,610	$	—	$	—	$	—	$	—	$	9,910,450	$	3,910,610
Private Preferred Stocks
Communication Services		—		—		—		2,410,381		3,499,982		—		—		—		5,910,363		2,410,381
Industrials		970,337		—		—		(837,049)		—		—		—		—		133,288		(837,049)
Total	$	6,970,177	$	—	$	—	$	5,483,942	$	3,499,982	$	—	$	—	$	—	$	15,954,101	$	5,483,942

* Sector reclassification from Information Technology to Communication Services due to the acquisition of X Holdings Corp. by X.AI Corp. on March 28, 2025, with the combined entity operating as X.AI Holdings Corp.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of June 30, 2025 were as follows:

Baron Asset Fund
Sector	Fair Value as of June 30, 2025		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2025	Range used on June 30, 2025*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Communication Services	$	67,166,682	Valuation using combination of 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	1.15%	N/A	Increase
				Discount for lack of marketability	7.64%	N/A	Decrease
				Estimated volatility of the returns of equity1	38.36%	N/A	Decrease
Private Common Stocks: Industrials	$	30,032,530	Observed Transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Preferred Stocks: Communication Services	$	122,172,077	Observed Transaction	Observed Transaction Price	$36.56	N/A	Increase
Private Preferred Stocks: Industrials	$	178,151,300	Observed Transaction	Observed Transaction Price	$1,850.00	N/A	Increase

See Footnotes on page 21.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Opportunity Fund
Sector	Fair Value as of June 30, 2025	Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2025	Range used on June 30, 2025*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Communication Services	$  5,074,528	Observed Transaction	Observed Transaction Price	$36.56	N/A	Increase
Private Common Stocks: Industrials	$ 35,328,340	Observed Transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Common Stocks: Industrials	$      3,571	Recent Offer	Bid Price	$1.00	N/A	Increase
Private Preferred Stocks: Industrials	$    266,956	Recent Offer	Bid Price	$1.00	N/A	Increase
Private Common Stocks: Materials	$    338,645	Scenario Analysis	Projected IPO valuation	$900 million	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	$  2,766,001	Scenario Analysis	Projected IPO valuation	$900 million	N/A	Increase
			Probability for IPO Outcome	50.00%	N/A	Increase
Private Preferred Stocks: Communication Services	$ 16,886,808	Observed Transaction	Observed Transaction Price	$36.56	N/A	Increase
Private Preferred Stocks: Industrials	$ 34,260,150	Observed Transaction	Observed Transaction Price	$1,850.00	N/A	Increase

See Footnotes on page 21.

Baron Investment Funds Trust June 30, 2025

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

Baron Fifth Avenue Growth Fund
Sector	Fair Value as of June 30, 2025		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2025	Range used on June 30, 2025*	Impact to Valuation from an Increase in Input**
Private Common Stocks: Industrials	$	9,910,450	Observed Transaction	Observed Transaction Price	$185.00	N/A	Increase
Private Preferred Stocks: Communication Services	$	5,910,363	Observed Transaction	Observed Transaction Price	$36.56	N/A	Increase
Private Preferred Stocks: Industrials	$	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 the 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	Shares Held at September 30, 2024		Value at September 30, 2024		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains (Losses)		Dividend Income		Shares Held at June 30, 2025		Value at June 30, 2025		% of Net Assets at June 30, 2025
“Affiliated” Company as of June 30, 2025:
Choice Hotels International, Inc.		3,000,000	$	390,900,000	$	—	$	—	$	(10,260,000)	$	—	$	2,587,500		3,000,000	$	380,640,000		6.51%
Iridium Communications, Inc.		6,971,000		212,266,950		—		30,180,951		(28,288,550)		24,205,551		2,695,000		5,900,000		178,003,000		3.04%
Vail Resorts, Inc.		2,000,000		348,580,000		—		—		(34,320,000)		—		17,760,000		2,000,000		314,260,000		5.37%
			$	951,746,950	$	—	$	30,180,951	$	(72,868,550)	$	24,205,551	$	23,042,500			$	872,903,000

BARON DISCOVERY FUND

Name of Issuer	Shares Held at September 30, 2024		Value at September 30, 2024		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains (Losses)		Dividend Income		Shares Held at June 30, 2025		Value at June 30, 2025		% of Net Assets at June 30, 2025
“Affiliated” Company as of June 30, 2025:
Montrose Environmental Group, Inc.		938,493	$	24,682,366	$	22,343,045	$	—	$	(1,855,549)	$	—	$	—		2,063,493	$	45,169,862		2.48%

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, 2025.