# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001752724-23-049940
**Filing Date:** 2023-3
**Character Count:** 153305
**Document Hash:** 8891413121b3bd1043ccdf07689279d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049940.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049940

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
- **CENTRAL INDEX KEY:** 0000810902
- **IRS NUMBER:** 136891420
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 23691959

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 2125832000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARON ASSET FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BARON ASSET FUND (Series ID: S000000582)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001635 | BARON ASSET FUND     | BARAX           |
| C000077818 | Institutional Shares | BARIX           |
| C000165210 | R6 Shares            | BARUX           |

## Nport-Ex

**Baron Asset Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (96.48%)** | **Common Stocks (96.48%)** | **Common Stocks (96.48%)** | **Common Stocks (96.48%)** |
| **Communication Services (1.89%)** | **Communication Services (1.89%)** | **Communication Services (1.89%)** | **Communication Services (1.89%)** |
|  | **Advertising (0.61%)** | **Advertising (0.61%)** | **Advertising (0.61%)** |
| 594000 | The Trade Desk, Inc., Cl A <sup>1</sup> | $11554017 | $26629020 |
|  | **Cable & Satellite (0.31%)** | **Cable & Satellite (0.31%)** | **Cable & Satellite (0.31%)** |
| 175000 | Liberty Broadband<br>Corporation, Cl C <sup>1</sup> | 12253925 | 13347250 |
|  | **Interactive Media &<br>Services (0.97%)** | **Interactive Media &<br>Services (0.97%)** | **Interactive Media &<br>Services (0.97%)** |
| 1398709 | ZoomInfo Technologies, Inc. <sup>1</sup> | 30281101 | 42115128 |
| **Total Communication Services** | **Total Communication Services** | **54089043** | **82091398** |
| **Consumer Discretionary (6.41%)** | **Consumer Discretionary (6.41%)** | **Consumer Discretionary (6.41%)** | **Consumer Discretionary (6.41%)** |
|  | **Automobile<br>Manufacturers (0.18%)** | **Automobile<br>Manufacturers (0.18%)** | **Automobile<br>Manufacturers (0.18%)** |
| 425305 | Rivian Automotive, Inc., Cl A <sup>1</sup> | 33173790 | 7838371 |
|  | **Home Improvement<br>Retail (0.37%)** | **Home Improvement<br>Retail (0.37%)** | **Home Improvement<br>Retail (0.37%)** |
| 230000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 20284647 | 16014900 |
|  | **Hotels, Resorts & Cruise<br>Lines (2.55%)** | **Hotels, Resorts & Cruise<br>Lines (2.55%)** | **Hotels, Resorts & Cruise<br>Lines (2.55%)** |
| 546442 | Choice Hotels International, Inc. | 5198084 | 61551227 |
| 543233 | Hyatt Hotels Corp., Cl A <sup>1</sup> | 16817762 | 49135425 |
|  |  | 22015846 | 110686652 |
|  | **Leisure Facilities (3.31%)** | **Leisure Facilities (3.31%)** | **Leisure Facilities (3.31%)** |
| 603538 | Vail Resorts, Inc. | 11683688 | 143853282 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **87157971** | **278393205** |
| **Financials (14.25%)** | **Financials (14.25%)** | **Financials (14.25%)** | **Financials (14.25%)** |
|  | **Asset Management & Custody<br>Banks (0.60%)** | **Asset Management & Custody<br>Banks (0.60%)** | **Asset Management & Custody<br>Banks (0.60%)** |
| 237514 | T. Rowe Price Group, Inc. | 5729987 | 25903277 |
|  | **Financial Exchanges &<br>Data (5.52%)** | **Financial Exchanges &<br>Data (5.52%)** | **Financial Exchanges &<br>Data (5.52%)** |
| 370725 | FactSet Research Systems, Inc. | 19898420 | 148738577 |
| 201267 | MarketAxess Holdings, Inc. | 21743183 | 56131354 |
| 30000 | MSCI, Inc. | 7783774 | 13955100 |
| 326189 | Tradeweb Markets, Inc., Cl A | 11978713 | 21179452 |
|  |  | 61404090 | 240004483 |
|  | **Insurance Brokers (0.89%)** | **Insurance Brokers (0.89%)** | **Insurance Brokers (0.89%)** |
| 158421 | Willis Towers Watson PLC <sup>2</sup> | 19439430 | 38746608 |
|  | **Investment Banking &<br>Brokerage (3.45%)** | **Investment Banking &<br>Brokerage (3.45%)** | **Investment Banking &<br>Brokerage (3.45%)** |
| 1750936 | The Charles Schwab Corp. | 1542900 | 145782931 |
| 19000 | LPL Financial Holdings, Inc. | 4376048 | 4107230 |
|  |  | 5918948 | 149890161 |
|  | **Property & Casualty<br>Insurance (3.18%)** | **Property & Casualty<br>Insurance (3.18%)** | **Property & Casualty<br>Insurance (3.18%)** |
| 2203444 | Arch Capital Group Ltd. <sup>1,2</sup> | 7933936 | 138332214 |
|  | **Regional Banks (0.61%)** | **Regional Banks (0.61%)** | **Regional Banks (0.61%)** |
| 216421 | First Republic Bank | 5518736 | 26379556 |
| **Total Financials** | **Total Financials** | **105945127** | **619256299** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (25.23%)** | **Health Care (25.23%)** | **Health Care (25.23%)** | **Health Care (25.23%)** |
|  | **Biotechnology (0.51%)** | **Biotechnology (0.51%)** | **Biotechnology (0.51%)** |
| 58366 | argenx SE, ADR <sup>1,2</sup> | $18854201 | $22110792 |
|  | **Health Care Equipment (8.78%)** | **Health Care Equipment (8.78%)** | **Health Care Equipment (8.78%)** |
| 682000 | DexCom, Inc. <sup>1</sup> | 54311293 | 77229680 |
| 673630 | IDEXX Laboratories, Inc. <sup>1</sup> | 12186829 | 274814095 |
| 118644 | Teleflex, Inc. | 19087390 | 29617101 |
|  |  | 85585512 | 381660876 |
|  | **Health Care Supplies (1.64%)** | **Health Care Supplies (1.64%)** | **Health Care Supplies (1.64%)** |
| 215418 | The Cooper Companies, Inc. | 36713299 | 71232270 |
|  | **Health Care Technology (1.71%)** | **Health Care Technology (1.71%)** | **Health Care Technology (1.71%)** |
| 459386 | Veeva Systems, Inc., Cl A <sup>1</sup> | 27115596 | 74135713 |
|  | **Life Sciences Tools &<br>Services (12.59%)** | **Life Sciences Tools &<br>Services (12.59%)** | **Life Sciences Tools &<br>Services (12.59%)** |
| 1599944 | Bio-Techne Corporation | 39595545 | 132603359 |
| 160000 | ICON plc <sup>1,2</sup> | 34229795 | 31080000 |
| 212552 | Illumina, Inc. <sup>1</sup> | 9061707 | 42978014 |
| 181117 | Mettler-Toledo International, Inc. <sup>1</sup> | 10795784 | 261795568 |
| 334404 | West Pharmaceutical Services, Inc. | 14419530 | 78701981 |
|  |  | 108102361 | 547158922 |
| **Total Health Care** | **Total Health Care** | **276370969** | **1096298573** |
| **Industrials (13.25%)** | **Industrials (13.25%)** | **Industrials (13.25%)** | **Industrials (13.25%)** |
|  | **Environmental & Facilities Services (1.38%)** | **Environmental & Facilities Services (1.38%)** |  |
| 1643418 | Rollins, Inc. | 24597482 | 60050493 |
|  | **Industrial Machinery (1.79%)** | **Industrial Machinery (1.79%)** | **Industrial Machinery (1.79%)** |
| 340760 | IDEX Corporation | 24525881 | 77805731 |
|  | **Research & Consulting Services (10.08%)** | **Research & Consulting Services (10.08%)** | **Research & Consulting Services (10.08%)** |
| 2439930 | CoStar Group, Inc. <sup>1</sup> | 59005227 | 188557790 |
| 1438500 | TransUnion | 77172718 | 81634875 |
| 951206 | Verisk Analytics, Inc. | 23582787 | 167811763 |
|  |  | 159760732 | 438004428 |
| **Total Industrials** | **Total Industrials** | **208884095** | **575860652** |
| **Information Technology (30.94%)** | **Information Technology (30.94%)** | **Information Technology (30.94%)** | **Information Technology (30.94%)** |
|  | **Application Software (13.05%)** | **Application Software (13.05%)** |  |
| 571856 | ANSYS, Inc. <sup>1</sup> | 20310482 | 138154691 |
| 166026 | Aspen Technology, Inc. <sup>1</sup> | 30241636 | 34101741 |
| 1636093 | Ceridian HCM Holding, Inc. <sup>1</sup> | 64026865 | 104955366 |
| 150000 | Fair Isaac Corp. <sup>1</sup> | 63616939 | 89787000 |
| 1421809 | Guidewire Software, Inc. <sup>1</sup> | 77473157 | 88948371 |
| 257192 | Roper Technologies, Inc. | 26184327 | 111130091 |
|  |  | 281853406 | 567077260 |
|  | **Data Processing & Outsourced Services (1.67%)** | **Data Processing & Outsourced Services (1.67%)** | **Data Processing & Outsourced Services (1.67%)** |
| 474217 | Fidelity National Information Services, Inc. | 26725944 | 32175623 |
| 771076 | SS&C Technologies Holdings, Inc. | 20933204 | 40142217 |
|  |  | 47659148 | 72317840 |
|  | **Electronic Components (1.58%)** | **Electronic Components (1.58%)** | **Electronic Components (1.58%)** |
| 900000 | Amphenol Corp., Cl A | 42881684 | 68526000 |

---

See Notes to Schedules of Investments.

**Baron Asset Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Internet Services &<br>Infrastructure (2.80%)** | **Internet Services &<br>Infrastructure (2.80%)** | **Internet Services &<br>Infrastructure (2.80%)** |
| 592103 | Verisign, Inc. <sup>1</sup> | $27318889 | $121641640 |
|  | **IT Consulting & Other<br>Services (10.21%)** | **IT Consulting & Other<br>Services (10.21%)** | **IT Consulting & Other<br>Services (10.21%)** |
| 50000 | EPAM Systems, Inc. <sup>1</sup> | 24927247 | 16387000 |
| 1271323 | Gartner, Inc. <sup>1</sup> | 27028517 | 427342513 |
|  |  | 51955764 | 443729513 |
|  | **Technology Distributors (1.63%)** | **Technology Distributors (1.63%)** | **Technology Distributors (1.63%)** |
| 397363 | CDW Corp. | 26228965 | 70961085 |
| **Total Information Technology** | **Total Information Technology** | **477897856** | **1344253338** |
| **Real Estate (4.51%)** | **Real Estate (4.51%)** | **Real Estate (4.51%)** | **Real Estate (4.51%)** |
|  | **Real Estate Services (0.96%)** | **Real Estate Services (0.96%)** |  |
| 542323 | CBRE Group, Inc., Cl A <sup>1</sup> | 6067334 | 41737178 |
|  | **Specialized REITs (3.55%)** | **Specialized REITs (3.55%)** | **Specialized REITs (3.55%)** |
| 175000 | Alexandria Real Estate<br>Equities, Inc. <sup>4</sup> | 26236333 | 25492250 |
| 65416 | Equinix, Inc. | 4258856 | 42849443 |
| 306856 | SBA Communications Corp. | 7734439 | 86014805 |
|  |  | 38229628 | 154356498 |
| **Total Real Estate** | **Total Real Estate** | **44296962** | **196093676** |
| **Total Common Stocks** | **Total Common Stocks** | **1254642023** | **4192247141** |
| **Private Common Stocks (0.51%)** | **Private Common Stocks (0.51%)** | **Private Common Stocks (0.51%)** | **Private Common Stocks (0.51%)** |
| **Consumer Discretionary (0.51%)** | **Consumer Discretionary (0.51%)** | **Consumer Discretionary (0.51%)** | **Consumer Discretionary (0.51%)** |
|  | **Internet & Direct Marketing Retail (0.51%)** | **Internet & Direct Marketing Retail (0.51%)** |  |
| 197613 | StubHub<br>Holdings, Inc., Cl A <sup>1,3,4,6</sup> | **50000041** | **22138584** |
| **Private Preferred Stocks (1.63%)** | **Private Preferred Stocks (1.63%)** | **Private Preferred Stocks (1.63%)** | **Private Preferred Stocks (1.63%)** |
| **Industrials (1.63%)** | **Industrials (1.63%)** | **Industrials (1.63%)** | **Industrials (1.63%)** |
|  | **Aerospace & Defense (1.63%)** | **Aerospace & Defense (1.63%)** |  |
| 96298 | Space Exploration<br>Technologies Corp., Cl N <sup>1,3,4,6</sup> | **26000460** | **70839647** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (1.21%)** | **Short Term Investments (1.21%)** | **Short Term Investments (1.21%)** |
| $52506487 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $52,528,948; (Fully Collateralized by $30,090,700 U.S.Treasury Note, 3.25% due 6/30/2029 Market value – $28,884,725 and $10,000,000 U.S. Treasury Note, 3.875% due 11/30/2029 Market value) – $10,000,687 and $17,235,000 U.S. Treasury Note, 1.875% due 02/15/2032 Market value – $14,671,294) <sup>5</sup> | $**52506487** | $**52506487** |
| **Total Investments (99.83%)** | $**1383149011** | **4337731859** |
| **Cash and Other Assets Less Liabilities (0.17%)** | **Cash and Other Assets Less Liabilities (0.17%)** | **7469543** |
| **Net Assets** |  | $**4345201402** |
| **Retail Shares (Equivalent to $86.84 per share<br>based on 23,138,578 shares outstanding)** | **Retail Shares (Equivalent to $86.84 per share<br>based on 23,138,578 shares outstanding)** | $**2009337519** |
| **Institutional Shares (Equivalent to $91.69 per share<br>based on 23,863,773 shares outstanding)** | **Institutional Shares (Equivalent to $91.69 per share<br>based on 23,863,773 shares outstanding)** | $**2188179128** |
| **R6 Shares (Equivalent to $91.67 per share<br>based on 1,611,051 shares outstanding)** | **R6 Shares (Equivalent to $91.67 per share<br>based on 1,611,051 shares outstanding)** | $**147684755** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $92,978,231 or 2.14% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. 

<sup>4</sup> 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).

<sup>5</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>6</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Growth Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (100.59%)** | **Common Stocks (100.59%)** | **Common Stocks (100.59%)** | **Common Stocks (100.59%)** |
| **Communication Services (5.92%)** | **Communication Services (5.92%)** | **Communication Services (5.92%)** | **Communication Services (5.92%)** |
|  | **Alternative Carriers (5.92%)** | **Alternative Carriers (5.92%)** | **Alternative Carriers (5.92%)** |
| 7890000 | Iridium Communications, Inc. <sup>4</sup> | $**48629515** | $**405546000** |
| **Consumer Discretionary (18.77%)** | **Consumer Discretionary (18.77%)** | **Consumer Discretionary (18.77%)** | **Consumer Discretionary (18.77%)** |
|  | **Casinos & Gaming (3.47%)** | **Casinos & Gaming (3.47%)** | **Casinos & Gaming (3.47%)** |
| 440000 | Boyd Gaming Corporation | 11056072 | 23993200 |
| 4910000 | Penn Entertainment, Inc. <sup>1</sup> | 50657816 | 145827000 |
| 1695000 | Red Rock Resorts, Inc., Cl A | 30919576 | 67816950 |
|  |  | 92633464 | 237637150 |
|  | **Education Services (1.03%)** | **Education Services (1.03%)** | **Education Services (1.03%)** |
| 1115000 | Bright Horizons Family Solutions, Inc. <sup>1</sup> | 35080904 | 70356500 |
|  | **Hotels, Resorts & Cruise Lines (7.32%)** | **Hotels, Resorts & Cruise Lines (7.32%)** | **Hotels, Resorts & Cruise Lines (7.32%)** |
| 2965000 | Choice Hotels International, Inc. <sup>4</sup> | 71648874 | 333977600 |
| 1250000 | Marriott Vacations Worldwide Corp. | 66814800 | 168237500 |
|  |  | 138463674 | 502215100 |
|  | **Leisure Facilities (6.95%)** | **Leisure Facilities (6.95%)** | **Leisure Facilities (6.95%)** |
| 2000000 | Vail Resorts, Inc. | 56102209 | 476700000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **322280251** | **1286908750** |
| **Financials (39.21%)** | **Financials (39.21%)** | **Financials (39.21%)** | **Financials (39.21%)** |
|  | **Asset Management & Custody Banks (2.49%)** | **Asset Management & Custody Banks (2.49%)** | **Asset Management & Custody Banks (2.49%)** |
| 1685000 | The Carlyle Group, Inc. | 34374519 | 50280400 |
| 1860000 | Cohen & Steers, Inc. | 40191523 | 120081600 |
|  |  | 74566042 | 170362000 |
|  | **Financial Exchanges & Data (20.41%)** | **Financial Exchanges & Data (20.41%)** | **Financial Exchanges & Data (20.41%)** |
| 1200000 | FactSet Research Systems, Inc. | 59954575 | 481452000 |
| 930000 | Morningstar, Inc. | 18953575 | 201428700 |
| 1540000 | MSCI, Inc. | 28503285 | 716361800 |
|  |  | 107411435 | 1399242500 |
|  | **Investment Banking & Brokerage (0.77%)** | **Investment Banking & Brokerage (0.77%)** | **Investment Banking & Brokerage (0.77%)** |
| 450000 | Houlihan Lokey, Inc. | 19625873 | 39222000 |
| 350000 | Moelis & Co., Cl A | 5215059 | 13429500 |
|  |  | 24840932 | 52651500 |
|  | **Life & Health Insurance (3.10%)** | **Life & Health Insurance (3.10%)** | **Life & Health Insurance (3.10%)** |
| 1500000 | Primerica, Inc. | 31190715 | 212730000 |
|  | **Property & Casualty Insurance (12.15%)** | **Property & Casualty Insurance (12.15%)** | **Property & Casualty Insurance (12.15%)** |
| 9105000 | Arch Capital Group Ltd. <sup>1,2</sup> | 28404480 | 571611900 |
| 1000000 | Kinsale Capital Group, Inc. | 35007763 | 261520000 |
|  |  | 63412243 | 833131900 |
|  | **Thrifts & Mortgage Finance (0.29%)** | **Thrifts & Mortgage Finance (0.29%)** | **Thrifts & Mortgage Finance (0.29%)** |
| 520000 | Essent Group Ltd. <sup>2</sup> | 14300210 | 20217600 |
| **Total Financials** | **Total Financials** | **315721577** | **2688335500** |
| **Health Care (10.72%)** | **Health Care (10.72%)** | **Health Care (10.72%)** | **Health Care (10.72%)** |
|  | **Health Care Equipment (3.21%)** | **Health Care Equipment (3.21%)** | **Health Care Equipment (3.21%)** |
| 540000 | IDEXX Laboratories, Inc. <sup>1</sup> | 7568743 | 220298400 |
|  | **Health Care Supplies (0.43%)** | **Health Care Supplies (0.43%)** | **Health Care Supplies (0.43%)** |
| 1829564 | Figs, Inc., Cl A <sup>1</sup> | 19728364 | 12312965 |
| 1147434 | Neogen Corp. <sup>1</sup> | 13141411 | 17475420 |
|  |  | 32869775 | 29788385 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  | **Life Sciences Tools &<br>Services (6.80%)** | **Life Sciences Tools &<br>Services (6.80%)** | **Life Sciences Tools &<br>Services (6.80%)** |
| 2960000 | Bio-Techne Corporation | $38883322 | $245324800 |
| 72000 | Mettler-Toledo International, Inc. <sup>1</sup> | 3293302 | 104072400 |
| 495000 | West Pharmaceutical Services, Inc. | 16833686 | 116498250 |
|  |  | 59010310 | 465895450 |
|  | **Pharmaceuticals (0.28%)** | **Pharmaceuticals (0.28%)** | **Pharmaceuticals (0.28%)** |
| 598076 | Dechra Pharmaceuticals PLC (United Kingdom)<sup>2,6</sup> | 18422044 | 18851247 |
| **Total Health Care** | **Total Health Care** | **117870872** | **734833482** |
| **Industrials (6.90%)** | **Industrials (6.90%)** | **Industrials (6.90%)** | **Industrials (6.90%)** |
|  | **Building Products (0.71%)** | **Building Products (0.71%)** | **Building Products (0.71%)** |
| 1150000 | Trex Co., Inc. <sup>1</sup> | 10329303 | 48679500 |
|  | **Environmental & Facilities<br>Services (0.10%)** | **Environmental & Facilities<br>Services (0.10%)** | **Environmental & Facilities<br>Services (0.10%)** |
| 950000 | BrightView Holdings, Inc. <sup>1</sup> | 11465197 | 6545500 |
|  | **Industrial Machinery (0.21%)** | **Industrial Machinery (0.21%)** | **Industrial Machinery (0.21%)** |
| 4275000 | Marel hf (Netherlands)<sup>2</sup> | 18281671 | 14735273 |
|  | **Research & Consulting<br>Services (5.88%)** | **Research & Consulting<br>Services (5.88%)** | **Research & Consulting<br>Services (5.88%)** |
| 5215000 | CoStar Group, Inc. <sup>1</sup> | 21784904 | 403015200 |
| **Total Industrials** | **Total Industrials** | **61861075** | **472975473** |
| **Information Technology (12.54%)** | **Information Technology (12.54%)** | **Information Technology (12.54%)** | **Information Technology (12.54%)** |
|  | **Application Software (4.87%)** | **Application Software (4.87%)** | **Application Software (4.87%)** |
| 725000 | Altair Engineering, Inc., Cl A <sup>1</sup> | 11330019 | 32965750 |
| 1000000 | ANSYS, Inc. <sup>1</sup> | 22816668 | 241590000 |
| 945000 | Guidewire Software, Inc. <sup>1</sup> | 28784151 | 59119200 |
|  |  | 62930838 | 333674950 |
|  | **Electronic Components (0.19%)** | **Electronic Components (0.19%)** | **Electronic Components (0.19%)** |
| 60000 | Littelfuse, Inc. | 6452400 | 13212000 |
|  | **IT Consulting & Other<br>Services (7.48%)** | **IT Consulting & Other<br>Services (7.48%)** | **IT Consulting & Other<br>Services (7.48%)** |
| 1525000 | Gartner, Inc. <sup>1</sup> | 21222737 | 512613500 |
| **Total Information Technology** | **Total Information Technology** | **90605975** | **859500450** |
| **Real Estate (6.53%)** | **Real Estate (6.53%)** | **Real Estate (6.53%)** | **Real Estate (6.53%)** |
|  | **Diversified REITs (0.08%)** | **Diversified REITs (0.08%)** | **Diversified REITs (0.08%)** |
| 200000 | American Assets Trust, Inc. | 3350428 | 5300000 |
|  | **Office REITs (0.76%)** | **Office REITs (0.76%)** | **Office REITs (0.76%)** |
| 3340000 | Douglas Emmett, Inc. | 28956081 | 52371200 |
|  | **Specialized REITs (5.69%)** | **Specialized REITs (5.69%)** | **Specialized REITs (5.69%)** |
| 750000 | Alexandria Real Estate<br>Equities, Inc. <sup>5</sup> | 26054963 | 109252500 |
| 5385000 | Gaming and Leisure<br>Properties, Inc. | 114093295 | 280504650 |
|  |  | 140148258 | 389757150 |
| **Total Real Estate** | **Total Real Estate** | **172454767** | **447428350** |
| **Total Common Stocks** | **Total Common Stocks** | **1129424032** | **6895528005** |

---

See Notes to Schedules of Investments.

**Baron Growth Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Convertible Preferred Stocks (0.48%)** | **Private Convertible Preferred Stocks (0.48%)** | **Private Convertible Preferred Stocks (0.48%)** |
| **Industrials (0.22%)** | **Industrials (0.22%)** | **Industrials (0.22%)** |
|  | **Electrical Components &<br>Equipment (0.22%)** |  |
| 59407006 Northvolt AB (Sweden) <sup>2,3,5,7</sup> | $**9374989** | $**15099241** |
| **Materials (0.26%)** | **Materials (0.26%)** | **Materials (0.26%)** |
|  | **Fertilizers & Agricultural<br>Chemicals (0.26%)** |  |
| 341838 Farmers Business<br>Network, Inc., Series F <sup>1,2,3,5,7</sup> | 11300002 | 12275403 |
| 80440 Farmers Business<br>Network, Inc., Series G <sup>1,2,3,5,7</sup> | 5000000 | 5297778 |
| **Total Materials** | **16300002** | **17573181** |
| **Total Private Convertible Preferred Stocks** | **25674991** | **32672422** |
| **Warrants (0.00%)** | **Warrants (0.00%)** | **Warrants (0.00%)** |
| **Consumer Discretionary (0.00%)** | **Consumer Discretionary (0.00%)** | **Consumer Discretionary (0.00%)** |
|  | **Hotels, Resorts & Cruise Lines (0.00%)** | **Hotels, Resorts & Cruise Lines (0.00%)** |
| 96515 OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 <sup>1</sup> | **0** | **120644** |
| **Total Investments (101.07%)** | $**1155099023** | **6928321071** |
| **Liabilities Less Cash and Other Assets (-1.07%)** | **Liabilities Less Cash and Other Assets (-1.07%)** | **(73016303)** |
| **Net Assets** |  | $**6855304768** |
| **Retail Shares (Equivalent to $84.99 per share<br>based on 25,806,202 shares outstanding)** | **Retail Shares (Equivalent to $84.99 per share<br>based on 25,806,202 shares outstanding)** | $**2193348088** |
| **Institutional Shares (Equivalent to $89.49 per share<br>based on 50,012,011 shares outstanding)** | **Institutional Shares (Equivalent to $89.49 per share<br>based on 50,012,011 shares outstanding)** | $**4475507109** |
| **R6 Shares (Equivalent to $89.50 per share<br>based on 2,083,278 shares outstanding)** | **R6 Shares (Equivalent to $89.50 per share<br>based on 2,083,278 shares outstanding)** | $**186449571** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $32,672,422 or 0.48% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. 

<sup>4</sup> See Note 6 regarding "Affiliated" companies.

<sup>5</sup> 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).

<sup>6</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>7</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Small Cap Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (95.89%)** | **Common Stocks (95.89%)** | **Common Stocks (95.89%)** | **Common Stocks (95.89%)** |
| **Communication Services (5.05%)** | **Communication Services (5.05%)** | **Communication Services (5.05%)** | **Communication Services (5.05%)** |
|  | **Advertising (0.86%)** | **Advertising (0.86%)** | **Advertising (0.86%)** |
| 750000 | The Trade Desk, Inc., Cl A <sup>1</sup> | $2662500 | $33622500 |
|  | **Cable & Satellite (1.15%)** | **Cable & Satellite (1.15%)** | **Cable & Satellite (1.15%)** |
| 75000 | Liberty Broadband<br>Corporation, Cl A <sup>1</sup> | 298828 | 5688750 |
| 200000 | Liberty Broadband<br>Corporation, Cl C <sup>1</sup> | 772163 | 15254000 |
| 625000 | Liberty Media Corp.-Liberty<br>SiriusXM, Cl C <sup>1</sup> | 1322732 | 24456250 |
|  |  | 2393723 | 45399000 |
|  | **Movies & Entertainment (3.04%)** | **Movies & Entertainment (3.04%)** | **Movies & Entertainment (3.04%)** |
| 1200000 | Liberty Media Corporation-Liberty Formula One, Cl C <sup>1</sup> | 21262385 | 71736000 |
| 150000 | Madison Square Garden Entertainment Corp. <sup>1</sup> | 2346185 | 6745500 |
| 225000 | Madison Square Garden<br>Sports Corp. <sup>1</sup> | 8416556 | 41249250 |
|  |  | 32025126 | 119730750 |
| **Total Communication Services** | **Total Communication Services** | **37081349** | **198752250** |
| **Consumer Discretionary (15.02%)** | **Consumer Discretionary (15.02%)** | **Consumer Discretionary (15.02%)** | **Consumer Discretionary (15.02%)** |
|  | **Auto Parts & Equipment (0.24%)** | **Auto Parts & Equipment (0.24%)** | **Auto Parts & Equipment (0.24%)** |
| 4500000 | Holley, Inc. <sup>1</sup> | 37719254 | 9540000 |
|  | **Casinos & Gaming (3.58%)** | **Casinos & Gaming (3.58%)** | **Casinos & Gaming (3.58%)** |
| 875000 | DraftKings, Inc., Cl A <sup>1</sup> | 11187787 | 9966250 |
| 700000 | Penn Entertainment, Inc. (formerly, Penn National Gaming, Inc.) <sup>1</sup> | 12320393 | 20790000 |
| 2750000 | Red Rock Resorts, Inc., Cl A | 75439769 | 110027500 |
|  |  | 98947949 | 140783750 |
|  | **Education Services (1.20%)** | **Education Services (1.20%)** | **Education Services (1.20%)** |
| 750000 | Bright Horizons Family<br>Solutions, Inc. <sup>1</sup> | 29824721 | 47325000 |
|  | **Home Improvement Retail (2.48%)** | **Home Improvement Retail (2.48%)** | **Home Improvement Retail (2.48%)** |
| 1400000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 55967953 | 97482000 |
|  | **Homebuilding (2.72%)** | **Homebuilding (2.72%)** | **Homebuilding (2.72%)** |
| 1249262 | Installed Building Products, Inc. | 65269095 | 106936827 |
|  | **Hotels, Resorts & Cruise Lines (0.10%)** | **Hotels, Resorts & Cruise Lines (0.10%)** | **Hotels, Resorts & Cruise Lines (0.10%)** |
| 1000000 | Membership Collective<br>Group, Inc., Cl A <sup>1</sup> | 13900478 | 3740000 |
|  | **Leisure Facilities (2.00%)** | **Leisure Facilities (2.00%)** | **Leisure Facilities (2.00%)** |
| 1000000 | Planet Fitness, Inc., Cl A <sup>1</sup> | 41366076 | 78800000 |
|  | **Restaurants (1.81%)** | **Restaurants (1.81%)** | **Restaurants (1.81%)** |
| 2250000 | The Cheesecake Factory, Inc. | 62520432 | 71347500 |
|  | **Specialized Consumer Services (0.89%)** | **Specialized Consumer Services (0.89%)** | **Specialized Consumer Services (0.89%)** |
| 2800000 | European Wax Center, Inc., Cl A <sup>1</sup> | 53348102 | 34860000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **458864060** | **590815077** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Consumer Staples (2.12%)** | **Consumer Staples (2.12%)** | **Consumer Staples (2.12%)** | **Consumer Staples (2.12%)** |
|  | **Packaged Foods & Meats (1.31%)** | **Packaged Foods & Meats (1.31%)** | **Packaged Foods & Meats (1.31%)** |
| 3250000 | UTZ Brands, Inc. | $52114568 | $51545000 |
|  | **Personal Products (0.81%)** | **Personal Products (0.81%)** | **Personal Products (0.81%)** |
| 3500000 | The Beauty Health Co. <sup>1</sup> | 50004368 | 31850000 |
| **Total Consumer Staples** | **Total Consumer Staples** | **102118936** | **83395000** |
| **Financials (6.69%)** | **Financials (6.69%)** | **Financials (6.69%)** | **Financials (6.69%)** |
|  | **Insurance Brokers (1.98%)** | **Insurance Brokers (1.98%)** | **Insurance Brokers (1.98%)** |
| 3100000 | BRP Group, Inc., Cl A <sup>1</sup> | 50723405 | 77934000 |
|  | **Investment Banking & Brokerage (1.39%)** | **Investment Banking & Brokerage (1.39%)** | **Investment Banking & Brokerage (1.39%)** |
| 625000 | Houlihan Lokey, Inc. | 28909333 | 54475000 |
|  | **Property & Casualty Insurance (3.32%)** | **Property & Casualty Insurance (3.32%)** | **Property & Casualty Insurance (3.32%)** |
| 500000 | Kinsale Capital Group, Inc. | 72425816 | 130760000 |
| **Total Financials** | **Total Financials** | **152058554** | **263169000** |
| **Health Care (13.77%)** | **Health Care (13.77%)** | **Health Care (13.77%)** | **Health Care (13.77%)** |
|  | **Health Care Equipment (5.64%)** | **Health Care Equipment (5.64%)** | **Health Care Equipment (5.64%)** |
| 1000000 | Axonics, Inc. <sup>1</sup> | 35459918 | 62530000 |
| 580000 | DexCom, Inc. <sup>1</sup> | 1922936 | 65679200 |
| 60000 | IDEXX Laboratories, Inc. <sup>1</sup> | 829217 | 24477600 |
| 275000 | Inspire Medical Systems, Inc. <sup>1</sup> | 17045222 | 69267000 |
|  |  | 55257293 | 221953800 |
|  | **Health Care Supplies (0.87%)** | **Health Care Supplies (0.87%)** | **Health Care Supplies (0.87%)** |
| 2250000 | Neogen Corp. <sup>1</sup> | 31648338 | 34267500 |
|  | **Life Sciences Tools & Services (4.65%)** | **Life Sciences Tools & Services (4.65%)** | **Life Sciences Tools & Services (4.65%)** |
| 700000 | ICON plc <sup>1,2</sup> | 38492341 | 135975000 |
| 32500 | Mettler-Toledo International, Inc. <sup>1</sup> | 1571421 | 46977125 |
|  |  | 40063762 | 182952125 |
|  | **Managed Health Care (1.79%)** | **Managed Health Care (1.79%)** | **Managed Health Care (1.79%)** |
| 800000 | HealthEquity, Inc. <sup>1</sup> | 13208487 | 49312000 |
| 675000 | Progyny, Inc. <sup>1</sup> | 22959593 | 21026250 |
|  |  | 36168080 | 70338250 |
|  | **Pharmaceuticals (0.82%)** | **Pharmaceuticals (0.82%)** | **Pharmaceuticals (0.82%)** |
| 1020000 | Dechra Pharmaceuticals PLC (United Kingdom) <sup>2,4</sup> | 28920686 | 32150215 |
| **Total Health Care** | **Total Health Care** | **192058159** | **541661890** |
| **Industrials (27.09%)** | **Industrials (27.09%)** | **Industrials (27.09%)** | **Industrials (27.09%)** |
|  | **Aerospace & Defense (3.94%)** | **Aerospace & Defense (3.94%)** | **Aerospace & Defense (3.94%)** |
| 2200000 | Kratos Defense & Security Solutions, Inc. <sup>1</sup> | 32701507 | 22704000 |
| 1200000 | Mercury Systems, Inc. <sup>1</sup> | 37862063 | 53688000 |
| 125000 | TransDigm Group, Inc. <sup>1</sup> | 0 | 78706250 |
|  |  | 70563570 | 155098250 |
|  | **Building Products (2.25%)** | **Building Products (2.25%)** | **Building Products (2.25%)** |
| 5500000 | Janus International Group, Inc. <sup>1</sup> | 54266533 | 52360000 |
| 850000 | Trex Co., Inc. <sup>1</sup> | 34405324 | 35980500 |
|  |  | 88671857 | 88340500 |

---

See Notes to Schedules of Investments.

**Baron Small Cap Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
|  | **Diversified Support Services (1.58%)** | **Diversified Support Services (1.58%)** | **Diversified Support Services (1.58%)** |
| 2275000 | Driven Brands Holdings, Inc. <sup>1</sup> | $57328359 | $62130250 |
|  | **Electrical Components & Equipment (3.78%)** | **Electrical Components & Equipment (3.78%)** | **Electrical Components & Equipment (3.78%)** |
| 1800000 | Shoals Technologies<br>Group, Inc., Cl A <sup>1</sup> | 29324283 | 44406000 |
| 7650000 | Vertiv Holdings Co. | 78901960 | 104499000 |
|  |  | 108226243 | 148905000 |
|  | **Environmental & Facilities Services (1.52%)** | **Environmental & Facilities Services (1.52%)** | **Environmental & Facilities Services (1.52%)** |
| 450000 | Waste Connections, Inc. <sup>2</sup> | 19650000 | 59652000 |
|  | **Human Resource & Employment Services (4.95%)** | **Human Resource & Employment Services (4.95%)** | **Human Resource & Employment Services (4.95%)** |
| 1750000 | ASGN, Inc. <sup>1</sup> | 55248586 | 142590000 |
| 4000000 | First Advantage Corp. <sup>1</sup> | 65399826 | 52000000 |
|  |  | 120648412 | 194590000 |
|  | **Industrial Machinery (4.70%)** | **Industrial Machinery (4.70%)** | **Industrial Machinery (4.70%)** |
| 650000 | Chart Industries, Inc. <sup>1</sup> | 88995122 | 74899500 |
| 550000 | John Bean Technologies Corp. | 48810954 | 50231500 |
| 285000 | RBC Bearings, Incorporated <sup>1</sup> | 34467037 | 59664750 |
|  |  | 172273113 | 184795750 |
|  | **Research & Consulting Services (0.74%)** | **Research & Consulting Services (0.74%)** | **Research & Consulting Services (0.74%)** |
| 3500000 | Clarivate PLC <sup>1,2</sup> | 39366721 | 29190000 |
|  | **Trading Companies & Distributors (3.63%)** | **Trading Companies & Distributors (3.63%)** | **Trading Companies & Distributors (3.63%)** |
| 2750000 | Hillman Solutions Corp. <sup>1,3</sup> | 30926187 | 19827500 |
| 1050000 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 57097581 | 123186000 |
|  |  | 88023768 | 143013500 |
| **Total Industrials** | **Total Industrials** | **764752043** | **1065715250** |
| **Information Technology (21.97%)** | **Information Technology (21.97%)** | **Information Technology (21.97%)** | **Information Technology (21.97%)** |
|  | **Application Software (9.01%)** | **Application Software (9.01%)** | **Application Software (9.01%)** |
| 750000 | Altair Engineering, Inc., Cl A <sup>1</sup> | 11935619 | 34102500 |
| 350000 | Aspen Technology, Inc. <sup>1</sup> | 32534028 | 71890000 |
| 950000 | Ceridian HCM Holding, Inc. <sup>1</sup> | 29430555 | 60942500 |
| 1500000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 27854229 | 28125000 |
| 7388636 | E2open Parent<br>Holdings, Inc., Cl A <sup>1</sup> | 72231889 | 43371293 |
| 1225000 | Guidewire Software, Inc. <sup>1</sup> | 31269358 | 76636000 |
| 700000 | Sprout Social, Inc., Cl A <sup>1</sup> | 40024947 | 39522000 |
|  |  | 245280625 | 354589293 |
|  | **Data Processing & Outsourced Services (2.40%)** | **Data Processing & Outsourced Services (2.40%)** | **Data Processing & Outsourced Services (2.40%)** |
| 700000 | Nuvei Corp., 144A (Canada) <sup>1,2</sup> | 19394958 | 17787000 |
| 3900000 | Repay Holdings Corporation <sup>1</sup> | 35724877 | 31395000 |
| 275300 | WEX, Inc. <sup>1</sup> | 14455072 | 45052845 |
|  |  | 69574907 | 94234845 |
|  | **Electronic Equipment & Instruments (1.80%)** | **Electronic Equipment & Instruments (1.80%)** | **Electronic Equipment & Instruments (1.80%)** |
| 1500000 | Cognex Corp. | 25832809 | 70665000 |
|  | **IT Consulting & Other Services (8.76%)** | **IT Consulting & Other Services (8.76%)** | **IT Consulting & Other Services (8.76%)** |
| 770000 | Endava plc, ADR <sup>1,2</sup> | 25677665 | 58905000 |
| 750000 | Gartner, Inc. <sup>1</sup> | 10381271 | 252105000 |
| 3000000 | Grid Dynamics Holdings, Inc. <sup>1</sup> | 36322597 | 33660000 |
|  |  | 72381533 | 344670000 |
| **Total Information Technology** | **Total Information Technology** | **413069874** | **864159138** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials (1.50%)** | **Materials (1.50%)** | **Materials (1.50%)** | **Materials (1.50%)** |
|  | **Specialty Chemicals (1.50%)** | **Specialty Chemicals (1.50%)** | **Specialty Chemicals (1.50%)** |
| 1750000 | Avient Corp. | $**55580984** | $**59080000** |
| **Real Estate (2.68%)** | **Real Estate (2.68%)** | **Real Estate (2.68%)** | **Real Estate (2.68%)** |
|  | **Specialized REITs (2.68%)** | **Specialized REITs (2.68%)** | **Specialized REITs (2.68%)** |
| 1250000 | Americold Realty Trust, Inc. <sup>3</sup> | 20023654 | 35387500 |
| 250000 | SBA Communications Corp. | 1006880 | 70077500 |
| **Total Real Estate** | **Total Real Estate** | **21030534** | **105465000** |
| **Total Common Stocks** | **Total Common Stocks** | **2196614493** | **3772212605** |
| **Principal Amount** | **Principal Amount** |  |  |
| **Short Term Investments (4.10%)** | **Short Term Investments (4.10%)** | **Short Term Investments (4.10%)** | **Short Term Investments (4.10%)** |
| $161373364 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $161,442,396; (Fully Collateralized by $12,973,600 U.S. Treasury Bond, 2.375% due 2/15/2042 Market value – $9,976,997 and $60,433,600 U.S. Treasury Bond, 3.0% due 2/15/2048 Market value – $50,841,910 and $147,126,900 U.S. Treasury Bond, 2.25% due 2/15/2052 Market value – $103,781,991)<sup>4</sup> | **161373364** | **161373364** |
| **Total Investments (99.99%)** | **Total Investments (99.99%)** | $**2357987857** | **3933585969** |
| **Cash and Other Assets Less Liabilities (0.01%)** | **Cash and Other Assets Less Liabilities (0.01%)** | **Cash and Other Assets Less Liabilities (0.01%)** | **208849** |
| **Net Assets** | **Net Assets** |  | $**3933794818** |
| **Retail Shares (Equivalent to $24.63 per share<br>based on 45,998,989 shares outstanding)** | **Retail Shares (Equivalent to $24.63 per share<br>based on 45,998,989 shares outstanding)** | **Retail Shares (Equivalent to $24.63 per share<br>based on 45,998,989 shares outstanding)** | $**1132783575** |
| **Institutional Shares (Equivalent to $26.48 per share<br>based on 98,616,982 shares outstanding)** | **Institutional Shares (Equivalent to $26.48 per share<br>based on 98,616,982 shares outstanding)** | **Institutional Shares (Equivalent to $26.48 per share<br>based on 98,616,982 shares outstanding)** | $**2611120386** |
| **R6 Shares (Equivalent to $26.47 per share<br>based on 7,174,752 shares outstanding)** | **R6 Shares (Equivalent to $26.47 per share<br>based on 7,174,752 shares outstanding)** | **R6 Shares (Equivalent to $26.47 per share<br>based on 7,174,752 shares outstanding)** | $**189890857** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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).

<sup>4</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>144A</sup> 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, 2022, the market value of Rule 144A securities amounted to $17,787,000 or 0.45% of net assets. 

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Opportunity Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (93.70%)** | **Common Stocks (93.70%)** | **Common Stocks (93.70%)** | **Common Stocks (93.70%)** |
| **Communication Services (14.94%)** | **Communication Services (14.94%)** | **Communication Services (14.94%)** | **Communication Services (14.94%)** |
|  | **Advertising (1.24%)** | **Advertising (1.24%)** | **Advertising (1.24%)** |
| 210510 | The Trade Desk, Inc., Cl A <sup>1</sup> | $4349448 | $9437163 |
|  | **Interactive Home Entertainment (2.72%)** | **Interactive Home Entertainment (2.72%)** | **Interactive Home Entertainment (2.72%)** |
| 108500 | Electronic Arts, Inc. | 12253641 | 13256530 |
| 71700 | Take-Two Interactive Software, Inc. <sup>1</sup> | 7538545 | 7466121 |
|  |  | 19792186 | 20722651 |
|  | **Interactive Media & Services (9.46%)** | **Interactive Media & Services (9.46%)** | **Interactive Media & Services (9.46%)** |
| 559000 | Alphabet, Inc., Cl C <sup>1</sup> | 30410115 | 49600070 |
| 25500 | Meta Platforms, Inc., Cl A <sup>1</sup> | 3036590 | 3068670 |
| 648369 | ZoomInfo Technologies, Inc. <sup>1</sup> | 20114816 | 19522391 |
|  |  | 53561521 | 72191131 |
|  | **Movies & Entertainment (1.52%)** | **Movies & Entertainment (1.52%)** | **Movies & Entertainment (1.52%)** |
| 516000 | Endeavor Group Holdings, Inc., Cl A <sup>1</sup> | 12384000 | 11630640 |
| **Total Communication Services** | **Total Communication Services** | **90087155** | **113981585** |
| **Consumer Discretionary (10.23%)** | **Consumer Discretionary (10.23%)** | **Consumer Discretionary (10.23%)** | **Consumer Discretionary (10.23%)** |
|  | **Automobile Manufacturers (4.88%)** | **Automobile Manufacturers (4.88%)** | **Automobile Manufacturers (4.88%)** |
| 614183 | Rivian Automotive, Inc., Cl A <sup>1</sup> | 12206302 | 11319393 |
| 210400 | Tesla, Inc. <sup>1</sup> | 13523451 | 25917072 |
|  |  | 25729753 | 37236465 |
|  | **Internet & Direct Marketing Retail (5.35%)** | **Internet & Direct Marketing Retail (5.35%)** | **Internet & Direct Marketing Retail (5.35%)** |
| 485500 | Amazon.com, Inc. <sup>1</sup> | 29742116 | 40782000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **55471869** | **78018465** |
| **Health Care (11.60%)** | **Health Care (11.60%)** | **Health Care (11.60%)** | **Health Care (11.60%)** |
|  | **Biotechnology (5.65%)** | **Biotechnology (5.65%)** | **Biotechnology (5.65%)** |
| 80739 | argenx SE, ADR <sup>1,2</sup> | 4143502 | 30586355 |
| 124561 | Arrowhead Pharmaceuticals, Inc. <sup>1</sup> | 2494474 | 5052194 |
| 382000 | Rocket Pharmaceuticals, Inc. <sup>1</sup> | 7228464 | 7475740 |
|  |  | 13866440 | 43114289 |
|  | **Health Care Equipment (4.14%)** | **Health Care Equipment (4.14%)** | **Health Care Equipment (4.14%)** |
| 104300 | Edwards Lifesciences Corp. <sup>1</sup> | 5219929 | 7781823 |
| 54505 | Intuitive Surgical, Inc. <sup>1</sup> | 7920379 | 14462902 |
| 45400 | Shockwave Medical, Inc. <sup>1</sup> | 2236335 | 9334694 |
|  |  | 15376643 | 31579419 |
|  | **Life Sciences Tools & Services (1.81%)** | **Life Sciences Tools & Services (1.81%)** | **Life Sciences Tools & Services (1.81%)** |
| 68315 | Illumina, Inc. <sup>1</sup> | 11957854 | 13813293 |
| **Total Health Care** | **Total Health Care** | **41200937** | **88507001** |
| **Industrials (3.42%)** | **Industrials (3.42%)** | **Industrials (3.42%)** | **Industrials (3.42%)** |
|  | **Research & Consulting Services (3.42%)** | **Research & Consulting Services (3.42%)** | **Research & Consulting Services (3.42%)** |
| 337330 | CoStar Group, Inc. <sup>1</sup> | **13497332** | **26068862** |
| **Information Technology (52.29%)** | **Information Technology (52.29%)** | **Information Technology (52.29%)** | **Information Technology (52.29%)** |
|  | **Application Software (8.11%)** | **Application Software (8.11%)** | **Application Software (8.11%)** |
| 199570 | Ceridian HCM Holding, Inc. <sup>1</sup> | 9380036 | 12802416 |
| 87500 | Gitlab, Inc., Cl A <sup>1,4</sup> | 3730936 | 3976000 |
| 172100 | Guidewire Software, Inc. <sup>1</sup> | 4837836 | 10766576 |
| 10800 | HubSpot, Inc. <sup>1</sup> | 3570527 | 3122604 |
| 52000 | ServiceNow, Inc. <sup>1,4</sup> | 15689186 | 20190040 |
| 65500 | Workday, Inc., Cl A <sup>1</sup> | 10499798 | 10960115 |
|  |  | 47708319 | 61817751 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Data Processing & Outsourced Services (7.31%)** | **Data Processing & Outsourced Services (7.31%)** | **Data Processing & Outsourced Services (7.31%)** |
| 3000 | Adyen N.V., (Netherlands), 144A <sup>1,2,5</sup> | $2422754 | $4164747 |
| 69800 | MasterCard Incorporated, Cl A | 15595187 | 24271554 |
| 131500 | Visa, Inc., Cl A | 21184506 | 27320440 |
|  |  | 39202447 | 55756741 |
|  | **Internet Services & Infrastructure (0.75%)** | **Internet Services & Infrastructure (0.75%)** | **Internet Services & Infrastructure (0.75%)** |
| 165000 | Shopify, Inc., Cl A <sup>1,2</sup> | 4970682 | 5727150 |
|  | **IT Consulting & Other Services (7.13%)** | **IT Consulting & Other Services (7.13%)** | **IT Consulting & Other Services (7.13%)** |
| 193868 | Endava plc, ADR <sup>1,2</sup> | 6503238 | 14830902 |
| 117587 | Gartner, Inc. <sup>1</sup> | 4874492 | 39525694 |
|  |  | 11377730 | 54356596 |
|  | **Semiconductor Equipment (1.53%)** | **Semiconductor Equipment (1.53%)** | **Semiconductor Equipment (1.53%)** |
| 21300 | ASML Holding N.V. <sup>2</sup> | 10043235 | 11638320 |
|  | **Semiconductors (8.40%)** | **Semiconductors (8.40%)** | **Semiconductors (8.40%)** |
| 173000 | Advanced Micro Devices, Inc. <sup>1</sup> | 12922039 | 11205210 |
| 1793500 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 12356509 | 10456105 |
| 26200 | Monolithic Power Systems, Inc. | 10450028 | 9264582 |
| 226900 | NVIDIA Corp. | 21203681 | 33159166 |
|  |  | 56932257 | 64085063 |
|  | **Systems Software (19.06%)** | **Systems Software (19.06%)** | **Systems Software (19.06%)** |
| 202000 | Cloudflare, Inc., Cl A <sup>1,4</sup> | 8494557 | 9132420 |
| 77623 | Crowdstrike Holdings, Inc., Cl A <sup>1</sup> | 5534067 | 8172926 |
| 109000 | Datadog, Inc., Cl A <sup>1,4</sup> | 8110625 | 8011500 |
| 449900 | Microsoft Corporation | 68021212 | 107895018 |
| 85008 | Snowflake, Inc., Cl A <sup>1,4</sup> | 11548604 | 12202048 |
|  |  | 101709065 | 145413912 |
| **Total Information Technology** | **Total Information Technology** | **271943735** | **398795533** |
| **Real Estate (1.22%)** | **Real Estate (1.22%)** | **Real Estate (1.22%)** | **Real Estate (1.22%)** |
|  | **Specialized REITs (1.22%)** | **Specialized REITs (1.22%)** | **Specialized REITs (1.22%)** |
| 14225 | Equinix, Inc. | **2122124** | **9317802** |
| **Total Common Stocks** | **Total Common Stocks** | **474323152** | **714689248** |
| **Private Common Stocks (1.79%)** | **Private Common Stocks (1.79%)** | **Private Common Stocks (1.79%)** | **Private Common Stocks (1.79%)** |
| **Communication Services (0.46%)** | **Communication Services (0.46%)** | **Communication Services (0.46%)** | **Communication Services (0.46%)** |
|  | **Interactive Media & Services (0.46%)** | **Interactive Media & Services (0.46%)** | **Interactive Media & Services (0.46%)** |
| 5000 | X Holdings I, Inc. <sup>1,3,4,6</sup> | **5000000** | **3510150** |
| **Industrials (1.33%)** | **Industrials (1.33%)** | **Industrials (1.33%)** | **Industrials (1.33%)** |
|  | **Aerospace & Defense (1.32%)** | **Aerospace & Defense (1.32%)** | **Aerospace & Defense (1.32%)** |
| 105020 | Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,6</sup> | 4607169 | 7725581 |
| 31890 | Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,6</sup> | 1392972 | 2345922 |
|  |  | 6000141 | 10071503 |
|  | **Trucking (0.01%)** | **Trucking (0.01%)** | **Trucking (0.01%)** |
| 3571 | GM Cruise Holdings LLC, Cl B <sup>1,3,4,6</sup> | 103563 | 81101 |
| **Total Industrials** | **Total Industrials** | **6103704** | **10152604** |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **11103704** | **13662754** |

---

See Notes to Schedules of Investments.

**Baron Opportunity Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Convertible Preferred Stocks (1.03%)** | **Private Convertible Preferred Stocks (1.03%)** | **Private Convertible Preferred Stocks (1.03%)** |
| **Materials (1.03%)** | **Materials (1.03%)** | **Materials (1.03%)** |
|  | **Fertilizers & Agricultural Chemicals (1.03%)** | **Fertilizers & Agricultural Chemicals (1.03%)** |
| 219321 Farmers Business Network, Inc.,<br>Series F <sup>1,3,4,6</sup> | $**7250007** | $**7875817** |
| **Private Preferred Stocks (2.63%)** | **Private Preferred Stocks (2.63%)** | **Private Preferred Stocks (2.63%)** |
| **Industrials (2.63%)** | **Industrials (2.63%)** | **Industrials (2.63%)** |
|  | **Aerospace & Defense (1.79%)** | **Aerospace & Defense (1.79%)** |
| 18519 Space Exploration<br>Technologies Corp., Cl N <sup>1,3,4,6</sup> | 5000130 | 13623122 |
|  | **Trucking (0.84%)** | **Trucking (0.84%)** |
| 266956 GM Cruise Holdings, Cl G <sup>1,3,4,6</sup> | 7034290 | 6420292 |
| **Total Private Preferred Stocks** | **12034420** | **20043414** |
| **Total Investments (99.15%)** | $**504711283** | **756271233** |
| **Cash and Other Assets Less Liabilities (0.85%)** |  | **6476844** |
| **Net Assets** |  | $**762748077** |
| **Retail Shares (Equivalent to $23.58 per share<br>based on 17,116,684 shares outstanding)** | **Retail Shares (Equivalent to $23.58 per share<br>based on 17,116,684 shares outstanding)** | $**403683364** |
| **Institutional Shares (Equivalent to $25.05 per share<br>based on 13,434,948 shares outstanding)** | **Institutional Shares (Equivalent to $25.05 per share<br>based on 13,434,948 shares outstanding)** | $**336541310** |
| **R6 Shares (Equivalent to $25.08 per share<br>based on 898,163 shares outstanding)** | **R6 Shares (Equivalent to $25.08 per share<br>based on 898,163 shares outstanding)** | $**22523403** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $41,581,985 or 5.45% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. 

<sup>4</sup> 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).

<sup>5</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>6</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> 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, 2022, the market value of Rule 144A securities amounted to $4,164,747 or 0.55% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Fifth Avenue Growth Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (98.26%)** | **Common Stocks (98.26%)** | **Common Stocks (98.26%)** | **Common Stocks (98.26%)** |
| **Communication Services (7.24%)** | **Communication Services (7.24%)** | **Communication Services (7.24%)** | **Communication Services (7.24%)** |
|  | **Advertising (1.53%)** | **Advertising (1.53%)** | **Advertising (1.53%)** |
| 111955 | The Trade Desk, Inc., Cl A <sup>1</sup> | $6240703 | $5018943 |
|  | **Interactive Media & Services (5.71%)** | **Interactive Media & Services (5.71%)** | **Interactive Media & Services (5.71%)** |
| 68957 | Meta Platforms Inc., Cl A <sup>1</sup> | 3249172 | 8298285 |
| 348023 | ZoomInfo Technologies, Inc. <sup>1</sup> | 12177461 | 10478973 |
|  |  | 15426633 | 18777258 |
| **Total Communication Services** | **Total Communication Services** | **21667336** | **23796201** |
| **Consumer Discretionary (16.50%)** | **Consumer Discretionary (16.50%)** | **Consumer Discretionary (16.50%)** | **Consumer Discretionary (16.50%)** |
|  | **Auto Parts & Equipment (1.52%)** | **Auto Parts & Equipment (1.52%)** | **Auto Parts & Equipment (1.52%)** |
| 142119 | Mobileye Global, Inc. <sup>1</sup> | 2984499 | 4982692 |
|  | **Automobile Manufacturers (4.56%)** | **Automobile Manufacturers (4.56%)** | **Automobile Manufacturers (4.56%)** |
| 269547 | Rivian Automotive, Inc., Cl A <sup>1</sup> | 9293105 | 4967751 |
| 81316 | Tesla, Inc. <sup>1</sup> | 22320493 | 10016505 |
|  |  | 31613598 | 14984256 |
|  | **Internet & Direct Marketing Retail (10.42%)** | **Internet & Direct Marketing Retail (10.42%)** | **Internet & Direct Marketing Retail (10.42%)** |
| 287686 | Amazon.com, Inc. <sup>1</sup> | 2726880 | 24165624 |
| 11905 | MercadoLibre, Inc. <sup>1</sup> | 6864818 | 10074487 |
|  |  | 9591698 | 34240111 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **44189795** | **54207059** |
| **Health Care (17.06%)** | **Health Care (17.06%)** | **Health Care (17.06%)** | **Health Care (17.06%)** |
|  | **Biotechnology (4.43%)** | **Biotechnology (4.43%)** | **Biotechnology (4.43%)** |
| 38426 | argenx SE, ADR <sup>1,2</sup> | 11477725 | 14556921 |
|  | **Health Care Equipment (5.91%)** | **Health Care Equipment (5.91%)** | **Health Care Equipment (5.91%)** |
| 73176 | Intuitive Surgical, Inc. <sup>1</sup> | 8405327 | 19417252 |
|  | **Health Care Technology (3.81%)** | **Health Care Technology (3.81%)** | **Health Care Technology (3.81%)** |
| 77581 | Veeva Systems, Inc., Cl A <sup>1</sup> | 5455270 | 12520022 |
|  | **Life Sciences Tools & Services (2.91%)** | **Life Sciences Tools & Services (2.91%)** | **Life Sciences Tools & Services (2.91%)** |
| 47327 | Illumina, Inc. <sup>1</sup> | 5397461 | 9569519 |
| **Total Health Care** | **Total Health Care** | **30735783** | **56063714** |
| **Information Technology (57.46%)** | **Information Technology (57.46%)** | **Information Technology (57.46%)** | **Information Technology (57.46%)** |
|  | **Application Software (9.24%)** | **Application Software (9.24%)** | **Application Software (9.24%)** |
| 37124 | Atlassian Corp. Ltd., Cl A <sup>1,2</sup> | 9645002 | 4777116 |
| 95457 | Gitlab, Inc., Cl A <sup>1,3</sup> | 6546377 | 4337566 |
| 54748 | ServiceNow, Inc. <sup>1,3</sup> | 20976883 | 21257006 |
|  |  | 37168262 | 30371688 |
|  | **Data Processing & Outsourced Services (12.49%)** | **Data Processing & Outsourced Services (12.49%)** | **Data Processing & Outsourced Services (12.49%)** |
| 6222 | Adyen N.V., 144A (Netherlands) <sup>1,2,5</sup> | 4719451 | 8637685 |
| 132183 | Block, Inc., Cl A <sup>1</sup> | 7792845 | 8306380 |
| 69304 | MasterCard Incorporated, Cl A | 4567695 | 24099080 |
|  |  | 17079991 | 41043145 |
|  | **Internet Services & Infrastructure (3.69%)** | **Internet Services & Infrastructure (3.69%)** | **Internet Services & Infrastructure (3.69%)** |
| 349300 | Shopify, Inc., Cl A <sup>1,2</sup> | 11987349 | 12124203 |
|  | **IT Consulting & Other Services (6.89%)** | **IT Consulting & Other Services (6.89%)** | **IT Consulting & Other Services (6.89%)** |
| 138513 | Endava plc, ADR <sup>1,2</sup> | 15076498 | 10596244 |
| 36739 | EPAM Systems, Inc. <sup>1</sup> | 2823520 | 12040840 |
|  |  | 17900018 | 22637084 |
|  | **Semiconductor Equipment (3.74%)** | **Semiconductor Equipment (3.74%)** | **Semiconductor Equipment (3.74%)** |
| 22515 | ASML Holding N.V. <sup>2</sup> | 2188377 | 12302196 |
|  | **Semiconductors (5.55%)** | **Semiconductors (5.55%)** | **Semiconductors (5.55%)** |
| 124671 | NVIDIA Corp. | 19445139 | 18219420 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Systems Software (15.86%)** | **Systems Software (15.86%)** |
| 163585 Cloudflare, Inc., Cl A <sup>1,3</sup> | $13724477 | $7395678 |
| 114467 Crowdstrike Holdings, Inc., Cl A <sup>1</sup> | 9838034 | 12052230 |
| 189945 Datadog, Inc., Cl A <sup>1,3</sup> | 14428723 | 13960958 |
| 130242 Snowflake, Inc., Cl A <sup>1,3</sup> | 23344928 | 18694937 |
|  | 61336162 | 52103803 |
| **Total Information Technology** | **167105298** | **188801539** |
| **Total Common Stocks** | **263698212** | **322868513** |
| **Private Common Stocks (1.20%)** | **Private Common Stocks (1.20%)** | **Private Common Stocks (1.20%)** |
| **Industrials (1.20%)** | **Industrials (1.20%)** | **Industrials (1.20%)** |
|  | **Aerospace & Defense (1.20%)** | **Aerospace & Defense (1.20%)** |
| 41330 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,6</sup> | 1932253 | 3040357 |
| 12240 Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,6</sup> | 567691 | 900410 |
| **Total Private Common Stocks** | **2499944** | **3940767** |
| **Private Preferred Stocks (0.98%)** | **Private Preferred Stocks (0.98%)** | **Private Preferred Stocks (0.98%)** |
| **Industrials (0.98%)** | **Industrials (0.98%)** | **Industrials (0.98%)** |
|  | **Trucking (0.98%)** | **Trucking (0.98%)** |
| 133288 GM Cruise Holdings, Cl G <sup>1,3,4,6</sup> | **3512139** | **3205577** |
| **Total Investments (100.44%)** | $**269710295** | **330014857** |
| **Liabilities Less Cash and Other Assets (-0.44%)** | **Liabilities Less Cash and Other Assets (-0.44%)** | **(1430524)** |
| **Net Assets** | **Net Assets** | $**328584333** |
| **Retail Shares (Equivalent to $26.68 per share<br>based on 2,801,784 shares outstanding)** | **Retail Shares (Equivalent to $26.68 per share<br>based on 2,801,784 shares outstanding)** | $**74743869** |
| **Institutional Shares (Equivalent to $27.51 per share<br>based on 8,519,011 shares outstanding)** | **Institutional Shares (Equivalent to $27.51 per share<br>based on 8,519,011 shares outstanding)** | $**234342249** |
| **R6 Shares (Equivalent to $27.50 per share<br>based on 708,969 shares outstanding)** | **R6 Shares (Equivalent to $27.50 per share<br>based on 708,969 shares outstanding)** | $**19498215** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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).

<sup>4</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $7,146,344 or 2.17% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. 

<sup>5</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>6</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> 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, 2022, the market value of Rule 144A securities amounted to $8,637,685 or 2.63% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Discovery Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (95.67%)** | **Common Stocks (95.67%)** | **Common Stocks (95.67%)** | **Common Stocks (95.67%)** |
| **Communication Services (1.71%)** | **Communication Services (1.71%)** | **Communication Services (1.71%)** | **Communication Services (1.71%)** |
| | **Advertising (0.85%)** | **Advertising (0.85%)** | **Advertising (0.85%)** |
| 4250000 | S4 Capital PLC (United Kingdom)<sup>1,2,4</sup> | $15642612 | $9717628 |
|  | **Movies & Entertainment (0.86%)** | **Movies & Entertainment (0.86%)** | **Movies & Entertainment (0.86%)** |
| 185000 | Liberty Media Corporation-Liberty Formula One, Cl A <sup>1</sup> | 5634811 | 9884550 |
| **Total Communication Services** | **Total Communication Services** | **21277423** | **19602178** |
| **Consumer Discretionary (11.01%)** | **Consumer Discretionary (11.01%)** | **Consumer Discretionary (11.01%)** | **Consumer Discretionary (11.01%)** |
|  | **Casinos & Gaming (4.19%)** | **Casinos & Gaming (4.19%)** | **Casinos & Gaming (4.19%)** |
| 735000 | Boyd Gaming Corporation | 46928841 | 40079550 |
| 200000 | Red Rock Resorts, Inc., Cl A | 5295927 | 8002000 |
|  |  | 52224768 | 48081550 |
|  | **Home Improvement Retail (2.40%)** | **Home Improvement Retail (2.40%)** | **Home Improvement Retail (2.40%)** |
| 395000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 14885596 | 27503850 |
|  | **Homefurnishing Retail (0.58%)** | **Homefurnishing Retail (0.58%)** | **Homefurnishing Retail (0.58%)** |
| 25000 | RH <sup>1</sup> | 6360989 | 6679750 |
|  | **Restaurants (2.85%)** | **Restaurants (2.85%)** | **Restaurants (2.85%)** |
| 500000 | The Cheesecake Factory, Inc. | 16378050 | 15855000 |
| 185000 | Texas Roadhouse, Inc. | 15924197 | 16825750 |
|  |  | 32302247 | 32680750 |
|  | **Specialty Stores (0.99%)** | **Specialty Stores (0.99%)** | **Specialty Stores (0.99%)** |
| 1200000 | Petco Health & Wellness Co., Inc. <sup>1</sup> | 22335645 | 11376000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **128109245** | **126321900** |
| **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** |
|  | **Personal Products (0.95%)** | **Personal Products (0.95%)** | **Personal Products (0.95%)** |
| 1200000 | The Beauty Health Co. <sup>1</sup> | **12467467** | **10920000** |
| **Financials (5.87%)** | **Financials (5.87%)** | **Financials (5.87%)** | **Financials (5.87%)** |
|  | **Insurance Brokers (1.31%)** | **Insurance Brokers (1.31%)** | **Insurance Brokers (1.31%)** |
| 600007 | BRP Group, Inc., Cl A <sup>1</sup> | 10721831 | 15084176 |
|  | **Property & Casualty Insurance (4.56%)** | **Property & Casualty Insurance (4.56%)** | **Property & Casualty Insurance (4.56%)** |
| 200000 | Kinsale Capital Group, Inc. | 11768138 | 52304000 |
| **Total Financials** | **Total Financials** | **22489969** | **67388176** |
| **Health Care (19.52%)** | **Health Care (19.52%)** | **Health Care (19.52%)** | **Health Care (19.52%)** |
|  | **Health Care Equipment (10.06%)** | **Health Care Equipment (10.06%)** | **Health Care Equipment (10.06%)** |
| 637982 | Axonics, Inc. <sup>1</sup> | 28878670 | 39893014 |
| 114823 | Inari Medical, Inc. <sup>1</sup> | 4216755 | 7298150 |
| 822985 | Inogen, Inc. <sup>1</sup> | 35599745 | 16221034 |
| 640208 | Silk Road Medical, Inc. <sup>1,3</sup> | 27145351 | 33834993 |
| 4060000 | ViewRay, Inc. <sup>1</sup> | 20943587 | 18188800 |
|  |  | 116784108 | 115435991 |
|  | **Health Care Supplies (1.47%)** | **Health Care Supplies (1.47%)** | **Health Care Supplies (1.47%)** |
| 2029967 | Cerus Corp. <sup>1</sup> | 10468349 | 7409379 |
| 144000 | Establishment Labs<br>Holdings, Inc. <sup>1,2</sup> | 10473972 | 9453600 |
|  |  | 20942321 | 16862979 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  | **Health Care Technology (1.53%)** | **Health Care Technology (1.53%)** |
| 1598543 Definitive Healthcare Corp. <sup>1</sup> | $37150023 | $17567988 |
|  | **Life Sciences Tools & Services (3.33%)** | **Life Sciences Tools & Services (3.33%)** |
| 1639029 CareDx, Inc. <sup>1,3</sup> | 38961132 | 18701321 |
| 415000 Maravai LifeSciences<br>Holdings, Inc., Cl A <sup>1</sup> | 6158580 | 5938650 |
| 573790 Veracyte, Inc. <sup>1,3</sup> | 14716344 | 13616037 |
|  | 59836056 | 38256008 |
|  | **Managed Health Care (1.07%)** | **Managed Health Care (1.07%)** |
| 393279 Progyny, Inc. <sup>1</sup> | 6029753 | 12250641 |
|  | **Pharmaceuticals (1.63%)** | **Pharmaceuticals (1.63%)** |
| 1011732 Revance Therapeutics, Inc. <sup>1</sup> | 19945596 | 18676573 |
|  | **Semiconductor Equipment (0.43%)** | **Semiconductor Equipment (0.43%)** |
| 85000 Azenta, Inc. <sup>1</sup> | 8744859 | 4948700 |
| **Total Health Care** | **269432716** | **223998880** |
| **Industrials (19.49%)** | **Industrials (19.49%)** | **Industrials (19.49%)** |
|  | **Aerospace & Defense (8.05%)** | **Aerospace & Defense (8.05%)** |
| 251095 Axon Enterprise, Inc. <sup>1</sup> | 30643264 | 41664193 |
| 1902370 Kratos Defense & Security Solutions, Inc. <sup>1</sup> | 30828261 | 19632459 |
| 696300 Mercury Systems, Inc. <sup>1</sup> | 33548862 | 31152462 |
|  | 95020387 | 92449114 |
|  | **Building Products (0.74%)** | **Building Products (0.74%)** |
| 200000 Trex Co., Inc. <sup>1</sup> | 6713309 | 8466000 |
|  | **Diversified Support Services (0.86%)** | **Diversified Support Services (0.86%)** |
| 1200000 ACV Auctions, Inc., Cl A <sup>1</sup> | 31541757 | 9852000 |
|  | **Environmental & Facilities<br>Services (2.32%)** | **Environmental & Facilities<br>Services (2.32%)** |
| 599642 Montrose Environmental Group, Inc. <sup>1</sup> | 10554326 | 26618108 |
|  | **Human Resource & Employment<br>Services (1.44%)** | **Human Resource & Employment<br>Services (1.44%)** |
| 202400 ASGN, Inc. <sup>1</sup> | 21593741 | 16491552 |
|  | **Industrial Machinery (3.53%)** | **Industrial Machinery (3.53%)** |
| 200000 Chart Industries, Inc. <sup>1</sup> | 27220567 | 23046000 |
| 93105 Kornit Digital Ltd. <sup>1,2</sup> | 1149033 | 2138622 |
| 1705185 Markforged Holding Corp. <sup>1</sup> | 14565524 | 1978015 |
| 50000 RBC Bearings, Inc. <sup>1</sup> | 10475838 | 10467500 |
| 1591680 Velo3D, Inc. <sup>1</sup> | 13139523 | 2849107 |
|  | 66550485 | 40479244 |
|  | **Trading Companies &<br>Distributors (2.55%)** | **Trading Companies &<br>Distributors (2.55%)** |
| 250000 SiteOne Landscape<br>Supply, Inc. <sup>1</sup> | 19438947 | 29330000 |
| **Total Industrials** | **251412952** | **223686018** |

---

See Notes to Schedules of Investments.

**Baron Discovery Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (34.02%)** | **Information Technology (34.02%)** | **Information Technology (34.02%)** | **Information Technology (34.02%)** |
|  | **Application Software (11.85%)** | **Application Software (11.85%)** | **Application Software (11.85%)** |
| 1300000 | Alkami Technology, Inc. <sup>1</sup> | $35756836 | $18967000 |
| 375000 | Ceridian HCM Holding, Inc. <sup>1</sup> | 20590143 | 24056250 |
| 1300000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 24681147 | 24375000 |
| 442889 | Gitlab, Inc., Cl A <sup>1,3</sup> | 22195409 | 20124876 |
| 250357 | Guidewire Software, Inc. <sup>1</sup> | 19464650 | 15662334 |
| 4000000 | SmartRent, Inc. <sup>1,3</sup> | 29959369 | 9720000 |
| 585000 | Smartsheet, Inc., Cl A <sup>1</sup> | 20479845 | 23025600 |
|  |  | 173127399 | 135931060 |
|  | **Electronic Equipment & Instruments (5.52%)** | **Electronic Equipment & Instruments (5.52%)** | **Electronic Equipment & Instruments (5.52%)** |
| 425321 | Advanced Energy<br>Industries, Inc. | 30735779 | 36484035 |
| 54131 | Novanta, Inc. <sup>1,2</sup> | 5885852 | 7354779 |
| 750000 | PAR Technology Corp. <sup>1</sup> | 22434021 | 19552500 |
|  |  | 59055652 | 63391314 |
|  | **IT Consulting & Other Services (2.00%)** | **IT Consulting & Other Services (2.00%)** | **IT Consulting & Other Services (2.00%)** |
| 300000 | Endava plc, ADR <sup>1,2</sup> | 7125604 | 22950000 |
|  | **Semiconductor Equipment (2.39%)** | **Semiconductor Equipment (2.39%)** | **Semiconductor Equipment (2.39%)** |
| 490800 | Ichor Holdings Ltd. <sup>1,2</sup> | 11435027 | 13163256 |
| 175000 | Nova Ltd. <sup>1,2</sup> | 4080928 | 14294000 |
|  |  | 15515955 | 27457256 |
|  | **Semiconductors (4.22%)** | **Semiconductors (4.22%)** | **Semiconductors (4.22%)** |
| 725000 | Allegro MicroSystems, Inc. <sup>1</sup> | 10150000 | 21764500 |
| 2910000 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 27712225 | 16965300 |
| 2750000 | Navitas Semiconductor Corp. <sup>1</sup> | 24385564 | 9652500 |
|  |  | 62247789 | 48382300 |
|  | **Systems Software (8.04%)** | **Systems Software (8.04%)** | **Systems Software (8.04%)** |
| 1894900 | Couchbase, Inc. <sup>1,3</sup> | 44495903 | 25126374 |
| 68200 | CyberArk Software Ltd. <sup>1,2</sup> | 8529182 | 8842130 |
| 430775 | Dynatrace, Inc. <sup>1,3</sup> | 10425483 | 16498683 |
| 250459 | ForgeRock, Inc., Cl A <sup>1,3</sup> | 6261475 | 5702951 |
| 189000 | Qualys, Inc. <sup>1</sup> | 15185542 | 21211470 |
| 621000 | Varonis Systems, Inc. <sup>1</sup> | 19427813 | 14866740 |
|  |  | 104325398 | 92248348 |
| **Total Information Technology** | **Total Information Technology** | **421397797** | **390360278** |
| **Real Estate (3.10%)** | **Real Estate (3.10%)** | **Real Estate (3.10%)** | **Real Estate (3.10%)** |
|  | **Industrial REITs (3.10%)** | **Industrial REITs (3.10%)** | **Industrial REITs (3.10%)** |
| 650000 | Rexford Industrial Realty, Inc. | **31657136** | **35516000** |
| **Total Common Stocks** | **Total Common Stocks** | **1158244705** | **1097793430** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (4.01%)** | **Short Term Investments (4.01%)** | **Short Term Investments (4.01%)** |
| $46009562 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $46,029,244; (Fully Collateralized by $48,889,200 U.S. Treasury Note, 3.25% due 6/30/2029 Market value – $46,929,819) <sup>4</sup> | $**46009562** | $**46009562** |
| **Total Investments (99.68%)** | $**1204254267** | **1143802992** |
| **Cash and Other Assets Less Liabilities (0.32%)** | **Cash and Other Assets Less Liabilities (0.32%)** | **3621716** |
| **Net Assets** | **Net Assets** | $**1147424708** |
| **Retail Shares (Equivalent to $22.31 per share<br>based on 6,278,557 shares outstanding)** | **Retail Shares (Equivalent to $22.31 per share<br>based on 6,278,557 shares outstanding)** | $**140073920** |
| **Institutional Shares (Equivalent to $22.85 per share<br>based on 42,238,810 shares outstanding)** | **Institutional Shares (Equivalent to $22.85 per share<br>based on 42,238,810 shares outstanding)** | $**965158380** |
| **R6 Shares (Equivalent to $22.85 per share<br>based on 1,846,320 shares outstanding)** | **R6 Shares (Equivalent to $22.85 per share<br>based on 1,846,320 shares outstanding)** | $**42192408** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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.

<sup>4</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

**Baron Durable Advantage Fund**

**SCHEDULE OF INVESTMENTS** 

------

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (96.44%)** | **Common Stocks (96.44%)** | **Common Stocks (96.44%)** | **Common Stocks (96.44%)** |
| **Communication Services (8.33%)** | **Communication Services (8.33%)** | **Communication Services (8.33%)** | **Communication Services (8.33%)** |
|  | **Interactive Media & Services (8.33%)** | **Interactive Media & Services (8.33%)** | **Interactive Media & Services (8.33%)** |
| 19160 | Alphabet, Inc., Cl C <sup>1</sup> | $1610666 | $1700067 |
| 20888 | Meta Platforms, Inc., Cl A <sup>1</sup> | 2973236 | 2513662 |
| **Total Communication Services** | **Total Communication Services** | **4583902** | **4213729** |
| **Consumer Discretionary (4.82%)** | **Consumer Discretionary (4.82%)** | **Consumer Discretionary (4.82%)** | **Consumer Discretionary (4.82%)** |
|  | **Internet & Direct Marketing<br>Retail (4.82%)** | **Internet & Direct Marketing<br>Retail (4.82%)** | **Internet & Direct Marketing<br>Retail (4.82%)** |
| 29070 | Amazon.com, Inc. <sup>1</sup> | **3336164** | **2441880** |
| **Consumer Staples (3.94%)** | **Consumer Staples (3.94%)** | **Consumer Staples (3.94%)** | **Consumer Staples (3.94%)** |
|  | **Hypermarkets & Super Centers (2.82%)** | **Hypermarkets & Super Centers (2.82%)** | **Hypermarkets & Super Centers (2.82%)** |
| 3129 | Costco Wholesale Corp. | 1265830 | 1428388 |
|  | **Personal Products (1.12%)** | **Personal Products (1.12%)** | **Personal Products (1.12%)** |
| 2280 | The Estée Lauder Companies, Inc., Cl A | 570117 | 565691 |
| **Total Consumer Staples** | **Total Consumer Staples** | **1835947** | **1994079** |
| **Financials (21.25%)** | **Financials (21.25%)** | **Financials (21.25%)** | **Financials (21.25%)** |
|  | **Asset Management & Custody<br>Banks (4.71%)** | **Asset Management & Custody<br>Banks (4.71%)** | **Asset Management & Custody<br>Banks (4.71%)** |
| 7650 | Blackstone, Inc. | 774720 | 567554 |
| 10871 | Brookfield Asset Management Ltd., Cl A <sup>1,2</sup> | 394017 | 311672 |
| 47777 | Brookfield Corp. <sup>2</sup> | 1907537 | 1503064 |
|  |  | 3076274 | 2382290 |
|  | **Financial Exchanges & Data (11.63%)** | **Financial Exchanges & Data (11.63%)** | **Financial Exchanges & Data (11.63%)** |
| 8969 | CME Group, Inc. | 1707478 | 1508227 |
| 3581 | Moody's Corp. | 848130 | 997738 |
| 3256 | MSCI, Inc. | 1487540 | 1514594 |
| 5566 | S&P Global, Inc. | 1557487 | 1864276 |
|  |  | 5600635 | 5884835 |
|  | **Property & Casualty Insurance (4.91%)** | **Property & Casualty Insurance (4.91%)** | **Property & Casualty Insurance (4.91%)** |
| 39612 | Arch Capital Group Ltd. <sup>1,2</sup> | 1613307 | 2486841 |
| **Total Financials** | **Total Financials** | **10290216** | **10753966** |
| **Health Care (15.82%)** | **Health Care (15.82%)** | **Health Care (15.82%)** | **Health Care (15.82%)** |
|  | **Life Sciences Tools & Services (10.98%)** | **Life Sciences Tools & Services (10.98%)** | **Life Sciences Tools & Services (10.98%)** |
| 4745 | Agilent Technologies, Inc. | 568932 | 710089 |
| 8096 | Danaher Corp. | 1765474 | 2148840 |
| 472 | Mettler-Toledo International, Inc. <sup>1</sup> | 513317 | 682253 |
| 3664 | Thermo Fisher Scientific, Inc. | 1731228 | 2017728 |
|  |  | 4578951 | 5558910 |
|  | **Managed Health Care (4.84%)** | **Managed Health Care (4.84%)** | **Managed Health Care (4.84%)** |
| 4616 | UnitedHealth Group, Incorporated | 1783929 | 2447311 |
| **Total Health Care** | **Total Health Care** | **6362880** | **8006221** |
| **Industrials (3.17%)** | **Industrials (3.17%)** | **Industrials (3.17%)** | **Industrials (3.17%)** |
|  | **Aerospace & Defense (3.17%)** | **Aerospace & Defense (3.17%)** | **Aerospace & Defense (3.17%)** |
| 13404 | HEICO Corp., Cl A | **1540134** | **1606470** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (39.11%)** | **Information Technology (39.11%)** | **Information Technology (39.11%)** | **Information Technology (39.11%)** |
|  | **Application Software (6.05%)** | **Application Software (6.05%)** | **Application Software (6.05%)** |
| 2966 | Adobe, Inc. <sup>1</sup> | $958234 | $998148 |
| 5307 | Intuit, Inc. | 2260412 | 2065590 |
|  |  | 3218646 | 3063738 |
|  | **Data Processing & Outsourced<br>Services (9.02%)** | **Data Processing & Outsourced<br>Services (9.02%)** | **Data Processing & Outsourced<br>Services (9.02%)** |
| 6027 | MasterCard Incorporated, Cl A | 1910723 | 2095769 |
| 11892 | Visa, Inc., Cl A | 2578101 | 2470682 |
|  |  | 4488824 | 4566451 |
|  | **Electronic Manufacturing Services (1.53%)** | **Electronic Manufacturing Services (1.53%)** | **Electronic Manufacturing Services (1.53%)** |
| 6761 | TE Connectivity Ltd. <sup>2</sup> | 853614 | 776163 |
|  | **IT Consulting & Other Services (4.66%)** | **IT Consulting & Other Services (4.66%)** | **IT Consulting & Other Services (4.66%)** |
| 8828 | Accenture plc, Cl A <sup>2</sup> | 2435590 | 2355664 |
|  | **Semiconductors (9.53%)** | **Semiconductors (9.53%)** | **Semiconductors (9.53%)** |
| 4662 | Monolithic Power Systems, Inc. | 1786178 | 1648530 |
| 12169 | NVIDIA Corp. | 1764347 | 1778377 |
| 8432 | Texas Instruments, Inc. | 1446702 | 1393135 |
|  |  | 4997227 | 4820042 |
|  | **Systems Software (8.32%)** | **Systems Software (8.32%)** | **Systems Software (8.32%)** |
| 17559 | Microsoft Corporation | 3961519 | 4210999 |
| **Total Information Technology** | **Total Information Technology** | **19955420** | **19793057** |
| **Total Common Stocks** | **Total Common Stocks** | **47904663** | **48809402** |
| **Principal Amount** | **Principal Amount** |  |  |
| **Short Term Investments (6.57%)** | **Short Term Investments (6.57%)** | **Short Term Investments (6.57%)** | **Short Term Investments (6.57%)** |
| $3322309 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $3,323,731; (Fully Collateralized by $3,530,300 U.S. Treasury Note, 3.25% due 6/30/2029 Market value – $3,388,813) <sup>3</sup> | **3322309** | **3322309** |
| **Total Investments (103.01%)** | **Total Investments (103.01%)** | $**51226972** | **52131711** |
| **Liabilities Less Cash and Other Assets (-3.01%)** | **Liabilities Less Cash and Other Assets (-3.01%)** | **Liabilities Less Cash and Other Assets (-3.01%)** | **(1522705)** |
| **Net Assets** | **Net Assets** |  | $**50609006** |
| **Retail Shares (Equivalent to $15.35 per share<br>based on 540,915 shares outstanding)** | **Retail Shares (Equivalent to $15.35 per share<br>based on 540,915 shares outstanding)** | **Retail Shares (Equivalent to $15.35 per share<br>based on 540,915 shares outstanding)** | $**8300483** |
| **Institutional Shares (Equivalent to $15.53 per share<br>based on 2,489,422 shares outstanding)** | **Institutional Shares (Equivalent to $15.53 per share<br>based on 2,489,422 shares outstanding)** | **Institutional Shares (Equivalent to $15.53 per share<br>based on 2,489,422 shares outstanding)** | $**38650938** |
| **R6 Shares (Equivalent to $15.53 per share<br>based on 235,557 shares outstanding)** | **R6 Shares (Equivalent to $15.53 per share<br>based on 235,557 shares outstanding)** | **R6 Shares (Equivalent to $15.53 per share<br>based on 235,557 shares outstanding)** | $**3657585** |

---

------

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Schedules of Investments.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**1. ORGANIZATION** 

Baron Investment Funds Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987, and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Trust currently offers seven series (individually, a "Fund" and collectively, the "Funds"): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund.

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.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, "Qualified Plans"), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the "Adviser"), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. 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.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**a) Security Valuation.** The Funds' share prices or net asset values ("NAV") are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds' NAVs are calculated (the "NAV Calculation Time")) on the New York Stock Exchange (the "Exchange") on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in the Adviser's judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the "Board"). Some of the more common reasons that may necessitate that a security be valued using "fair value" pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the "Committee") comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

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.

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.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has designated the Adviser as the Funds' valuation designee to perform fair value determinations, subject to Board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act, which requires a fund to fair value when market quotations are not readily available. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds adopted a valuation policy conforming to the new rules, effective September 8, 2022, and there was no material impact to the Funds.

**b) Foreign Currency Translations.** Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

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

The Funds did not have any securities on loan at December 31, 2022.

**d) Repurchase Agreements.** The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds' investments in repurchase agreements at December 31, 2022, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund's Schedule of Investments.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

**e) Master Limited Partnerships.** The Funds may invest in master limited partnerships ("MLPs"). MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.

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

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

As of December 31, 2022, none of the Funds had commitments to purchase when-issued securities through PIPE transactions with SPACs.

**3. RESTRICTED SECURITIES** 

At December 31, 2022, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of the Liquidity Rule governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

**At December 31, 2022, 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** | **Baron Asset Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc. | 12/22/2021 | $22138584 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 70839647 |
|  **Total Restricted Securities** |  | $**92978231** |
|  (Cost $76,000,501)<sup>†</sup> (2.14% of Net Assets) |  |  |

---

------

† See Schedules of Investments for cost of individual securities.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

**3. RESTRICTED SECURITIES (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Baron Growth Fund** | **Baron Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020-9/15/2021 | $17573181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 9/21/2020 | 15099241 |
|  **Total Restricted Securities** |  | $**32672422** |
|  (Cost $25,674,991)<sup>†</sup> (0.48% of Net Assets) |  |  |
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 5/19/2022 | $81101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021 | 10071503 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Holdings I, Inc. | 5/4/2022 | 3510150 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 | 7875817 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 6420292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 13623122 |
|  **Total Restricted Securities** |  | $**41581985** |
|  (Cost $30,388,131)<sup>†</sup> (5.45% of Net Assets) |  |  |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | $3940767 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 3205577 |
|  **Total Restricted Securities** |  | $**7146344** |
|  (Cost $6,012,083)<sup>†</sup> (2.17% of Net Assets) |  |  |

---

------

† See Schedules of Investments for cost of individual securities.

**4. FAIR VALUE MEASUREMENTS** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

**4. FAIR VALUE MEASUREMENTS (Continued)** 

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, 2022 in valuing the Funds' investments carried at fair value:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $4192247141 | $— | $— | $4192247141 |
|  **Private Common Stocks** |  |  | 22138584 | 22138584 |
|  **Private Preferred Stocks** |  |  | 70839647 | 70839647 |
|  **Short Term Investments** |  | 52506487 |  | 52506487 |
|  **Total Investments** | $**4192247141** | $**52506487** | $**92978231** | $**4337731859** |
|  | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $6876676758 | $18851247 | $— | $6895528005 |
|  **Private Convertible Preferred Stocks†** |  |  | 32672422 | 32672422 |
|  **Warrants** | 120644 |  |  | 120644 |
|  **Total Investments** | $**6876797402** | $**18851247** | $**32672422** | $**6928321071** |
|  | **Baron Small Cap Fund** | **Baron Small Cap Fund** | **Baron Small Cap Fund** | **Baron Small Cap Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $3740062390 | $32150215 | $— | $3772212605 |
|  **Short Term Investments** |  | 161373364 |  | 161373364 |
|  **Total Investments** | $**3740062390** | $**193523579** | $**—** | $**3933585969** |

---

------

† See Schedules of Investments for additional detailed categorizations.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $710524501 | $4164747 | $— | $714689248 |
|  **Private Common Stocks†** |  |  | 13662754 | 13662754 |
|  **Private Convertible Preferred Stocks** |  |  | 7875817 | 7875817 |
|  **Private Preferred Stocks†** |  |  | 20043414 | 20043414 |
|  **Total Investments** | $**710524501** | $**4164747** | $**41581985** | $**756271233** |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $314230828 | $8637685 | $— | $322868513 |
|  **Private Common Stocks** |  |  | 3940767 | 3940767 |
|  **Private Preferred Stocks** |  |  | 3205577 | 3205577 |
|  **Total Investments** | $**314230828** | $**8637685** | $**7146344** | $**330014857** |
|  | **Baron Discovery Fund** | **Baron Discovery Fund** | **Baron Discovery Fund** | **Baron Discovery Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $1088075802 | $9717628 | $— | $1097793430 |
|  **Short Term Investments** |  | 46009562 |  | 46009562 |
|  **Total Investments** | $**1088075802** | $**55727190** | $**—** | $**1143802992** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks†** | $48809402 | $— | $— | $48809402 |
|  **Short Term Investments** |  | 3322309 |  | 3322309 |
|  **Total Investments** | $**48809402** | $**3322309** | $**—** | $**52131711** |

---

------

† See Schedules of Investments for additional detailed categorizations.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Investments in Securities** | **Balance**<br>**as of**<br>**September 30,**<br>**2022** | **Accrued**<br>**Premiums/**<br>**Discounts** | **Net Realized**<br>**Gain (Loss)** | **Change**<br>**in Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** | **Balance as of<br>December 31,<br>2022** | **Change**<br>**in Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**from**<br> **Investments**<br>**still held at**<br>**December 31,**<br>**2022** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
|  Consumer Discretionary | $24543535 | $— | $— | $(2404951) | $— | $— | $— | $— | $22138584 | $(2404951) |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
|  Industrials | 57790702 |  |  | 13048945 |  |  |  |  | 70839647 | 13048945 |
|  **Total** | $**82334237** | $**—** | $**—** | $**10643994** | $**—** | $**—** | $**—** | $**—** | $**92978231** | $**10643994** |

---

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** |
| **Investments in Securities** | **Balance**<br>**as of**<br>**September 30,**<br>**2022** | **Accrued**<br>**Premiums/**<br>**Discounts** | **Net Realized**<br>**Gain (Loss)** | **Change**<br>**in Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**from<br>Investments<br>still held at<br>December 31,<br>2022** |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |
|  Industrials | $17811468 | $— | $— | $(2712227) | $— | $— | $— | $— | $15099241 | $(2712227) |
|  Materials | 13626318 |  |  | 3946863 |  |  |  |  | 17573181 | 3946863 |
|  **Total** | $**31437786** | $**—** | $— | $**1234636** | $**—** | $**—** | $**—** | $**—** | $**32672422** | $**1234636** |
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Investments in Securities** | **Balance**<br>**as of**<br>**September 30,<br>2022** | **Accrued**<br>**Premiums/**<br>**Discounts** | **Net Realized**<br>**Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **Transfers**<br>**Out of**<br>**Level 3** | **Balance as of<br>December 31,<br>2022** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2022** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
|  Communication Services | $— | $— | $— | $(1489850) | $5000000 | $— | $— | $— | $3510150 | $(1489850) |
|  Industrials | 8306035 |  |  | 1846569 |  |  |  |  | 10152604 | 1846569 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |
|  Materials | 7009499 |  |  | 866318 |  |  |  |  | 7875817 | 866318 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
|  Industrials | 18105267 |  |  | 1938147 |  |  |  |  | 20043414 | 1938147 |
|  **Total** | $**33420801** | $**—** | $**—** | $**3161184** | $**5000000** | $**—** | $**—** | $**—** | $**41581985** | $**3161184** |
|  **Unfunded Commitments** | $**(13122)** | $**—** | $**—** | $**13122** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Investments in Securities** | **Balance**<br>**as of**<br>**September 30,<br>2022** | **Accrued<br>Premiums/<br>Discounts** | **Net Realized**<br>**Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2022** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
|  Industrials | $3214862 | $— | $— | $725905 | $— | $— | $— | $— | $3940767 | $725905 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
|  Industrials | 3490813 |  |  | (285236) |  |  |  |  | 3205577 | (285236) |
|  **Total** | $**6705675** | $**—** | $**—** | $**440669** | $**—** | $**—** | $**—** | $**—** | $**7146344** | $**440669** |

---

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

**Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2022 were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Sector** | **Company** | **Fair Value as of**<br> **December 31,**<br> **2022** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2022** | **Range used on**<br> **December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Private Common<br>Stocks:**<br> Consumer<br>Discretionary | StubHub<br>Holdings, Inc. | **$22138584** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods | Change in the composite<br> equity index of<br> comparable companies | (0.25)% | (2.36)% –0.97% |
| &nbsp;&nbsp;&nbsp; **Private Common<br>Stocks:**<br> Consumer<br>Discretionary | StubHub<br>Holdings, Inc. | **$22138584** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods | Discount for lack of<br> marketability | 16.27% | 13.91% – 17.06% |
| &nbsp;&nbsp;&nbsp; **Private Common<br>Stocks:**<br> Consumer<br>Discretionary | StubHub<br>Holdings, Inc. | **$22138584** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods | Estimated volatility of the returns<br>of equity<sup>1</sup> | 59.78% | 42.46% – 77.08% |
| &nbsp;&nbsp;&nbsp; **Private Common<br>Stocks:**<br> Consumer<br>Discretionary | StubHub<br>Holdings, Inc. | **$22138584** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods | Scenario Probabilities:<br> Scenario A / Scenario B / Scenario C <sup>2</sup> | 90% / 9% / 1% | 1% – 90% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | Space Exploration<br>Technology Corp. | **$70839647** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Discount for lack of<br> marketability | 4.46% | 4.46% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | Space Exploration<br>Technology Corp. | **$70839647** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Estimated volatility of the<br> returns of equity <sup>3</sup> | 39.04% | 23.50% – 63.98% |
| **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Sector** | **Company** | **Fair Value as of**<br> **December 31, 2022** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2022** | **Range used on**<br> **December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | X Holdings, Inc. | **$3510150** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Change in the composite equity<br>index of comparable companies | 1.29% | (0.25)% – 1.93% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | X Holdings, Inc. | **$3510150** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Discount for lack of marketability | 32.82% | 32.82% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | X Holdings, Inc. | **$3510150** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Estimated volatility of the returns<br>of equity <sup>3</sup> | 72.77% | 34.37% – 88.83% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$81101** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Change in the composite equity<br>index of comparable companies | (0.35)% | (2.40)% – 1.57% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$81101** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Discount for lack of marketability | 13.29% | 13.29% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$81101** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Estimated volatility of the returns<br>of equity <sup>5</sup> | 40.44% | 31.69% – 89.00% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$81101** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Scenario Probabilities:<br> Scenario A / Scenario B <sup>4</sup> | 70% / 30% | 30% – 70% |
| &nbsp;&nbsp;&nbsp; **Private Common and Preferred Stocks:**<br> Industrials | Space Exploration<br>Technology Corp. | **$23694625** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Discount for lack of<br> marketability | 4.46% | 4.46% |
| &nbsp;&nbsp;&nbsp; **Private Common and Preferred Stocks:**<br> Industrials | Space Exploration<br>Technology Corp. | **$23694625** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Estimated volatility of the returns<br>of equity <sup>3</sup> | 39.04% | 23.50% – 63.98% |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> Materials | Farmers Business<br>Network Inc. | **$7875817** | Combination of<br>recent<br> transaction, current<br> value via comparable<br> companies, option-<br>pricing, and scenario<br>analysis methods | Change in the composite<br> equity index of comparable<br>companies | (0.25)% | (2.36)% –6.52% |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> Materials | Farmers Business<br>Network Inc. | **$7875817** | Combination of<br>recent<br> transaction, current<br> value via comparable<br> companies, option-<br>pricing, and scenario<br>analysis methods | Discount for lack of marketability | 16.56% | 16.56% |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> Materials | Farmers Business<br>Network Inc. | **$7875817** | Combination of<br>recent<br> transaction, current<br> value via comparable<br> companies, option-<br>pricing, and scenario<br>analysis methods | Estimated volatility of the returns<br>of equity <sup>3</sup> | 63.66% | 28.22% –154.49% |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> Materials | Farmers Business<br>Network Inc. | **$7875817** | Combination of<br>recent<br> transaction, current<br> value via comparable<br> companies, option-<br>pricing, and scenario<br>analysis methods | Scenario Probabilities:<br> Scenario A / Scenario B <sup>4</sup> | 90% / 10% | 10% – 90% |

---

------

See footnotes on next page.

---

| | |
|:---|:---|
| **Baron Funds** | **December 31, 2022** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Sector** | **Company** | **Fair Value as of**<br> **December 31, 2022** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2022** | **Range used on**<br> **December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | Space Exploration<br> Technologies Corp. | **$3940767** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Discount for lack of marketability | 4.46% | 4.46% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | Space Exploration<br> Technologies Corp. | **$3940767** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, and<br>option-pricing<br>methods | Estimated volatility of the returns of<br>equity <sup>3</sup> | 39.04% | 23.50% – 63.98% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$3205577** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Change in the composite<br> equity index of comparable<br>companies | (0.35)% | (2.40)% – 1.57% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$3205577** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Discount for lack of<br> marketability | 13.29% | 13.29% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$3205577** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Estimated volatility of the<br> returns of equity <sup>5</sup> | 40.44% | 31.69% – 89.00% |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | GM Cruise<br>Holdings | **$3205577** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies,<br>option-pricing,<br>and scenario<br>analysis methods | Scenario Probabilities:<br> Scenario A / Scenario B<sup>4</sup> | 70% / 30% | 30% – 70% |

---

------

<sup>1)</sup> 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.

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

<sup>3)</sup> The volatility was calculated as a weighted-average of the volatilities of several groups of comparable companies with different industry focus. Each group's volatility was calculated as the simple average volatilities of comparable companies in the group.

<sup>4)</sup> Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

<sup>5)</sup> The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others.

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

**5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES** 

As of December 31, 2022, the components of net assets on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron**<br>**Asset**<br> **Fund** | **Baron**<br>**Growth**<br> **Fund** | **Baron**<br>**Small Cap**<br>**Fund** | **Baron<br>Opportunity**<br>**Fund** | **Baron**<br>**Fifth Avenue<br>Growth**<br>**Fund** | **Baron**<br>**Discovery**<br>**Fund** | **Baron**<br>**Durable<br>Advantage**<br>**Fund** |
|  Cost of investments | $1383149011 | $1155099023 | $2357987857 | $504711283 | $269710295 | $1204254267 | $51226972 |
|  Gross tax unrealized appreciation | $3024752413 | $5789103542 | $1754508382 | $262764604 | $104389940 | $201297080 | $3807092 |
|  Gross tax unrealized depreciation | (70169565) | (15881494) | (178910270) | (11204654) | (44085378) | (261748355) | (2902353) |
|  Net unrealized appreciation (depreciation) | $2954582848 | $5773222048 | $1575598112 | $251559950 | $60304562 | $(60451275) | $904739 |

---

**6. TRANSACTIONS IN "AFFILIATED" COMPANIES<sup>1</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** | **BARON GROWTH FUND** |
| **Name of Issuer** | **Value at<br>September 30,<br>2022** | **Purchase<br>Cost** | **Sales<br>Proceeds/**<br>**Return of<br>Capital** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gains/**<br>**(Losses)** | **Dividend<br>Income** | **Shares**<br>**Held at<br>December 31,<br>2022** | **Value at<br>December 31,<br>2022** | **% of Net<br>Assets at<br>December 31,<br>2022** |
|  **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** |  |  |  |  |  |  |  |
|  Choice Hotels International, Inc. | $325822000 | $— | $1219336 | $8360953 | $1013983 | $704188 | 2965000 | $333977600 | 4.87% |
|  Iridium Communications, Inc. | 350523000 |  | 525623 | 55096464 | 452159 |  | 7890000 | 405546000 | 5.92% |
|  | $676345000 | $— | $1744959 | $63457417 | $1466142 | $704188 |  | $739523600 |  |

---

------

<sup>1</sup> 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, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

- **b. Investment Company Act file number:** 811-05032

- **c. CIK number of Registrant:** 0000810902

- **d. LEI of Registrant:** 549300QG0RSSKFZ1ZK02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 FIFTH AVE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** BARON ASSET FUND

- **b. EDGAR series identifier (if any):** S000000582

- **c. LEI of Series:** 54930015OV8URGQ4FJ88

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4346584603.63

**Total Liabilities:** $323021.49

**Net Assets:** $4346261582.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001635 | 9.27%                | 7.21%                | -4.27%               |
| Class ID C000077818 | 9.30%                | 7.23%                | -4.26%               |
| Class ID C000165210 | 9.29%                | 7.24%                | -4.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17701639.42            | $383775691.31                              |
| Month 2  | $557547.18               | $308877187.42                              |
| Month 3  | $38699957.11             | $-231101768.94                             |

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EPAM Systems Inc                           | EPAM Systems Inc                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     50000 | NS      | $16387000.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                          | Hyatt Hotels Corp                          | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    543233 | NS      | $49135424.85  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                   | MSCI Inc                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     30000 | NS      | $13955100.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                     | Liberty Broadband Corp                     | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    175000 | NS      | $13347250.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                              | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    900000 | NS      | $68526000.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                   | MarketAxess Holdings Inc                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |    201267 | NS      | $56131353.63  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                       | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    326189 | NS      | $21179451.77  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group Ltd                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   2203444 | NS      | $138332214.32 | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                 | FIXED INC CLEARING CORP.REPO               | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  52506487 | PA      | $52506486.78  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                           | Vail Resorts Inc                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    603538 | NS      | $143853282.30 | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                  | ZoomInfo Technologies Inc                  | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1398709 | NS      | $42115127.99  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                             | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    542323 | NS      | $41737178.08  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                  | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    340760 | NS      | $77805730.80  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                | CDW Corp/DE                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    397363 | NS      | $70961084.54  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                          | Veeva Systems Inc                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    459386 | NS      | $74135712.68  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                         | Trade Desk Inc/The                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    594000 | NS      | $26629020.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc        | Alexandria Real Estate Equities Inc        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |    175000 | NS      | $25492250.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                   | Willis Towers Watson PLC                   | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |    158421 | NS      | $38746608.18  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc                   | Ceridian HCM Holding Inc                   | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |   1636093 | NS      | $104955365.95 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPACE EXPLORATION TECH CORP                | SPACE EXPLORATION TECH CORP                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     96298 | NS      | $70839646.70  | 1.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illumina Inc                               | Illumina Inc                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    212552 | NS      | $42978014.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                | Gartner Inc                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |   1271323 | NS      | $427342513.22 | 9.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                 | TransUnion                                 | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |   1438500 | NS      | $81634875.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                     | Guidewire Software Inc                     | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |   1421809 | NS      | $88948371.04  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                           | CoStar Group Inc                           | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2439930 | NS      | $188557790.40 | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                     | First Republic Bank/CA                     | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |    216421 | NS      | $26379555.69  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                   | ICON PLC                                   | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    160000 | NS      | $31080000.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc             | SS&C Technologies Holdings Inc             | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    771076 | NS      | $40142216.56  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| STUBHUB, HOLDINGS INC.                     | STUBHUB, HOLDINGS INC.                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197613 | NS      | $22138584.39  | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SBA Communications Corp                    | SBA Communications Corp                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |    306856 | NS      | $86014805.36  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                | Rollins Inc                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |   1643418 | NS      | $60050493.72  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc               | FactSet Research Systems Inc               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    370725 | NS      | $148738577.25 | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    474217 | NS      | $32175623.45  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                 | Dexcom Inc                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    682000 | NS      | $77229680.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                    | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   1750936 | NS      | $145782931.36 | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                               | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |    592103 | NS      | $121641640.32 | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                            | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |   1599944 | NS      | $132603358.72 | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                  | Argenx SE                                  | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     58366 | NS      | $22110791.78  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                 | LPL Financial Holdings Inc                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     19000 | NS      | $4107230.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                     | Roper Technologies Inc                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    257192 | NS      | $111130091.28 | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                       | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    951206 | NS      | $167811762.52 | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc            | Choice Hotels International Inc            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    546442 | NS      | $61551226.88  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                  | ANSYS Inc                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |    571856 | NS      | $138154691.04 | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                               | Teleflex Inc                               | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |    118644 | NS      | $29617101.72  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                      | Rivian Automotive Inc                      | CUSIP: 76954A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425305 | NS      | $7838371.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc           | Mettler-Toledo International Inc           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |    181117 | NS      | $261795567.65 | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                     | T Rowe Price Group Inc                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |    237514 | NS      | $25903276.84  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     65416 | NS      | $42849442.48  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                         | Cooper Cos Inc/The                         | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    215418 | NS      | $71232270.06  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc           | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    334404 | NS      | $78701981.40  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                            | Fair Isaac Corp                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |    150000 | NS      | $89787000.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                     | IDEXX Laboratories Inc                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    673630 | NS      | $274814094.80 | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                 | Floor & Decor Holdings Inc                 | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    230000 | NS      | $16014900.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Technology Inc                       | Aspen Technology Inc                       | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |    166026 | NS      | $34101740.40  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

**Signature:** Peggy Wong

**Name of Signer:** Peggy Wong

**Title:** Chief Financial Officer and Treasurer