Baron Partners Fund (BPTRX) NPORT-P Baron Real Estate Fund (Sep 2023 report)

Baron Partners Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (103.92%)
Communication Services (3.42%)
		Alternative Carriers (2.87%)
	4,075,000	Iridium Communications, Inc.	$	134,665,281	$	185,371,750
		Movies & Entertainment (0.55%)
	230,000	Spotify Technology SA 1,2		37,473,451		35,567,200
	Total Communication Services			172,138,732		220,938,950
Consumer Discretionary (59.14%)
		Apparel, Accessories & Luxury Goods (0.59%)
	6,461,923	Figs, Inc., Cl A 1		63,634,331		38,125,346
		Automobile Manufacturers (47.03%)
	12,150,000	Tesla, Inc. 1,5		183,531,738		3,040,173,000
		Casinos & Gaming (1.09%)
	1,720,000	Red Rock Resorts, Inc., Cl A		60,020,356		70,520,000
		Hotels, Resorts & Cruise Lines (6.64%)
	3,325,000	Hyatt Hotels Corp., Cl A		115,871,182		352,716,000
	759,736	Marriott Vacations Worldwide Corp.		89,753,636		76,452,233
				205,624,818		429,168,233
		Leisure Facilities (3.79%)
	1,105,000	Vail Resorts, Inc.		75,979,950		245,188,450
	Total Consumer Discretionary			588,791,193		3,823,175,029
Financials (19.35%)
		Financial Exchanges & Data (6.92%)
	730,000	FactSet Research Systems, Inc.		59,424,553		319,199,800
	250,000	MSCI, Inc.		88,967,758		128,270,000
				148,392,311		447,469,800
		Investment Banking & Brokerage (4.42%)
	5,200,000	The Charles Schwab Corp.		162,830,584		285,480,000
		Property & Casualty Insurance (8.01%)
	6,500,000	Arch Capital Group Ltd. 1,2		29,781,178		518,115,000
	Total Financials			341,004,073		1,251,064,800
Health Care (6.09%)
		Biotechnology (0.68%)
	425,000	Moderna, Inc. 1		47,294,861		43,898,250
		Health Care Equipment (5.41%)
	800,000	IDEXX Laboratories, Inc. 1		35,048,047		349,816,000
	Total Health Care			82,342,908		393,714,250
Industrials (0.55%)
		Aerospace & Defense (0.55%)
	125,625	HEICO Corp.		9,632,520		20,342,456
	116,875	HEICO Corp., Cl A		7,586,429		15,102,588
	Total Industrials			17,218,949		35,445,044

Shares			Cost		Value
Common Stocks (continued)
Information Technology (5.35%)
		Application Software (1.29%)
	925,000	Guidewire Software, Inc. 1	$	75,206,412	$	83,250,000
		IT Consulting & Other Services (3.72%)
	700,000	Gartner, Inc. 1		83,980,674		240,527,000
		Semiconductors (0.34%)
	50,000	NVIDIA Corp.		21,062,650		21,749,500
	Total Information Technology			180,249,736		345,526,500
Real Estate (10.02%)
		Other Specialized REITs (1.28%)
	1,819,296	Gaming and Leisure Properties, Inc.		57,529,251		82,868,933
		Real Estate Services (8.74%)
	7,350,000	CoStar Group, Inc. 1		98,974,400		565,141,500
	Total Real Estate			156,503,651		648,010,433
	Total Common Stocks			1,538,249,242		6,717,875,006
Private Common Stocks (4.19%)
Communication Services (1.27%)
		Interactive Media & Services (0.69%)
	600,000	X Holdings I, Inc., Cl A 1,3,4,7		60,000,000		44,490,000
		Movies & Entertainment (0.58%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,7		50,000,041		37,919,958
	Total Communication Services			110,000,041		82,409,958
Industrials (2.92%)
		Aerospace & Defense (2.92%)
	2,216,310	Space Exploration Technologies Corp., Cl A 1,3,4,7		29,920,185		165,979,456
	302,210	Space Exploration Technologies Corp., Cl C 1,3,4,7		4,079,835		22,632,507
	Total Industrials			34,000,020		188,611,963
	Total Private Common Stocks			144,000,061		271,021,921
Private Convertible Preferred Stocks (0.12%)
Industrials (0.12%)
		Electrical Components & Equipment (0.12%)
	21,213,656	Northvolt AB, Series E2 (Sweden) 1,3,4,7		7,843,621		7,741,224
Private Preferred Stocks (6.42%)
Industrials (6.42%)
		Aerospace & Defense (6.42%)
	311,111	Space Exploration Technologies Corp., Cl H 1,3,4,7		41,999,985		232,981,694
	131,657	Space Exploration Technologies Corp., Cl I 1,3,4,7		22,250,032		98,593,978
	111,111	Space Exploration Technologies Corp., Series N 1,3,4,7		29,999,970		83,207,695
	Total Private Preferred Stocks			94,249,987		414,783,367

See Notes to Portfolios of Investments.

Baron Partners Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (0.00%)
	$272,021	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $272,131; (Fully Collateralized by $305,900 U.S. Treasury Note, 0.75% due 3/31/2026 Market value – $277,550)6	$	272,021	$	272,021
	Total Investments (114.65%)		$	1,784,614,932		7,411,693,539
	Liabilities Less Cash and Other Assets (-14.65%)					(946,801,479	)
	Net Assets				$	6,464,892,060

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At September 30, 2023, the market value of restricted and fair valued securities amounted to $693,546,512 or 10.73% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

⁵  Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

⁶  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁷  Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (89.98%)
Communication Services (8.03%)
		Alternative Carriers (2.90%)
	730,000	Iridium Communications, Inc.	$	16,852,106	$	33,207,700
		Movies & Entertainment (5.13%)
	1,000,000	Manchester United PLC, Cl A 1,2		21,182,830		19,790,000
	252,000	Spotify Technology SA 1,2		33,455,256		38,969,280
				54,638,086		58,759,280
	Total Communication Services			71,490,192		91,966,980
Consumer Discretionary (40.58%)
		Apparel, Accessories & Luxury Goods (2.97%)
	5,765,000	Figs, Inc., Cl A 1		49,696,759		34,013,500
		Automobile Manufacturers (14.50%)
	500,000	Rivian Automotive, Inc., Cl A 1		10,722,861		12,140,000
	615,000	Tesla, Inc. 1,5		8,168,271		153,885,300
				18,891,132		166,025,300
		Casinos & Gaming (4.70%)
	507,900	MGM Resorts International 1		21,704,038		18,670,404
	857,100	Red Rock Resorts, Inc., Cl A		28,183,690		35,141,100
				49,887,728		53,811,504
		Footwear (2.02%)
	832,000	On Holding AG, Cl A 1,2		25,086,658		23,146,240
		Hotels, Resorts & Cruise Lines (8.88%)
	220,000	Choice Hotels International, Inc.		12,833,379		26,952,200
	500,000	Hyatt Hotels Corp., Cl A		24,424,810		53,040,000
	215,000	Marriott Vacations Worldwide Corp.		28,007,421		21,635,450
				65,265,610		101,627,650
		Leisure Facilities (4.52%)
	233,300	Vail Resorts, Inc.		37,576,650		51,766,937
		Restaurants (2.99%)
	2,740,000	Krispy Kreme, Inc.		39,168,421		34,167,800
	Total Consumer Discretionary			285,572,958		464,558,931
Financials (19.11%)
		Financial Exchanges & Data (8.81%)
	125,000	FactSet Research Systems, Inc.		25,848,440		54,657,500
	90,000	MSCI, Inc.		43,089,524		46,177,200
				68,937,964		100,834,700
		Investment Banking & Brokerage (4.03%)
	427,500	Interactive Brokers Group, Inc., Cl A		34,188,678		37,004,400
	250,000	Jefferies Financial Group, Inc.		7,732,070		9,157,500
				41,920,748		46,161,900
		Property & Casualty Insurance (6.27%)
	900,000	Arch Capital Group Ltd. 1,2		25,104,585		71,739,000
	Total Financials			135,963,297		218,735,600

Shares			Cost		Value
Common Stocks (continued)
Health Care (2.67%)
		Biotechnology (1.37%)
	145,000	BioNTech SE, ADR 1,2	$	16,514,273	$	15,752,800
		Health Care Equipment (1.30%)
	34,000	IDEXX Laboratories, Inc. 1		15,205,826		14,867,180
	Total Health Care			31,720,099		30,619,980
Industrials (3.30%)
		Research & Consulting Services (3.30%)
	160,000	Verisk Analytics, Inc.		28,339,398		37,798,400
Information Technology (8.27%)
		Application Software (6.60%)
	95,000	ANSYS, Inc. 1		24,133,643		28,267,250
	526,300	Guidewire Software, Inc. 1		48,175,978		47,367,000
				72,309,621		75,634,250
		Internet Services & Infrastructure (1.67%)
	350,000	Shopify, Inc., Cl A 1,2		15,502,933		19,099,500
	Total Information Technology			87,812,554		94,733,750
Real Estate (8.02%)
		Office REITs (3.06%)
	165,000	Alexandria Real Estate Equities, Inc.		23,085,133		16,516,500
	1,450,000	Douglas Emmett, Inc.		21,593,180		18,502,000
				44,678,313		35,018,500
		Real Estate Services (4.27%)
	635,000	CoStar Group, Inc. 1		14,752,834		48,825,150
		Single-Family Residential REITs (0.69%)
	235,000	American Homes 4 Rent, Cl A		5,062,679		7,917,150
	Total Real Estate			64,493,826		91,760,800
	Total Common Stocks			705,392,324		1,030,174,441
Private Common Stocks (5.05%)
Industrials (5.05%)
		Aerospace & Defense (5.05%)
	629,570	Space Exploration Technologies Corp., Cl A 1,3,4,7		26,390,845		47,148,498
	143,170	Space Exploration Technologies Corp., Cl C 1,3,4,7		6,808,820		10,722,001
	Total Private Common Stocks			33,199,665		57,870,499
Private Preferred Stocks (2.64%)
Industrials (2.64%)
		Aerospace & Defense (2.64%)
	29,630	Space Exploration Technologies Corp., Cl H 1,3,4,7		4,000,050		22,189,018
	1,479	Space Exploration Technologies Corp., Cl I 1,3,4,7		249,951		1,107,579
	9,259	Space Exploration Technologies Corp., Series N 1,3,4,7		2,499,930		6,933,787
	Total Private Preferred Stocks			6,749,931		30,230,384

See Notes to Portfolios of Investments.

Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (2.11%)
	$24,115,119	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $24,124,866; (Fully Collateralized by $15,423,000 U.S. Treasury Note, 3.75% due 4/15/2026 Market value – $15,257,343 and $10,340,500 U.S. Treasury Note, 0.75% due 4/30/2026 Market value – $9,340,099) 6	$	24,115,119	$	24,115,119
	Total Investments (99.78%)		$	769,457,039		1,142,390,443
	Cash and Other Assets Less Liabilities (0.22%)					2,483,349
	Net Assets				$	1,144,873,792

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At September 30, 2023, the market value of restricted and fair valued securities amounted to $88,100,883 or 7.70% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

⁵  Investors in the Fund may view Tesla, Inc.’s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla’s financial statements and can provide no assurances as to their accuracy or completeness.

⁶  Level 2 security. See Note 4 regarding Fair Value Measurements.

⁷  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.03%)
Brazil (3.94%)
	225,742	Afya Ltd., Cl A 1	$	3,607,509	$	3,566,724
	889,394	B3 S.A. – Brasil, Bolsa, Balcao		2,365,908		2,174,584
	218,728	Localiza Rent a Car SA		2,774,090		2,548,211
	188,412	StoneCo Ltd., Cl A 1		1,875,273		2,010,356
	603,130	Suzano SA		5,575,242		6,512,995
	95,240	XP, Inc., Cl A		1,150,643		2,195,282
	Total Brazil			17,348,665		19,008,152
Canada (3.06%)
	95,758	Agnico Eagle Mines Ltd.		4,613,683		4,352,201
	5,029	Constellation Software, Inc.		370,283		10,382,233
	Total Canada			4,983,966		14,734,434
China (7.87%)
	76,670	Alibaba Group Holding Limited, ADR 1		6,850,724		6,650,356
	27,527	Baidu, Inc., ADR 1		3,287,267		3,698,252
	455,235	Full Truck Alliance Co. Ltd., ADR 1		3,115,947		3,204,854
	306,876	Galaxy Entertainment Group Ltd. 1,3		1,898,377		1,836,230
	298,144	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3		2,539,219		2,614,797
	142,122	Kanzhun Ltd., ADR 1		2,441,669		2,155,991
	2,028,939	Kingdee International Software Group Co. Ltd. 1,3		2,017,449		2,483,166
	534,073	Kingsoft Corp. Ltd. 3		1,846,292		1,924,440
	1,267,755	Lufax Holding Ltd., ADR		1,869,546		1,343,820
	332,972	Midea Group Co., Ltd., Cl A 3		2,188,387		2,540,060
	71,814	Tencent Holdings Limited 3		1,958,911		2,783,793
	48,463	Tencent Holdings Limited, ADR		2,129,697		1,874,064
	48,221	Yum China Holdings, Inc.		2,343,942		2,686,874
	89,075	Zai Lab Limited, ADR 1		2,303,663		2,165,413
	Total China			36,791,090		37,962,110
Denmark (1.02%)
	138,945	Genmab A/S, ADR 1		5,457,242		4,900,590
France (6.87%)
	142,804	BNP Paribas S.A. 3		6,025,474		9,080,374
	88,938	Eurofins Scientific SE 3		2,011,102		5,012,293
	7,407	LVMH Moët Hennessy Louis Vuitton SE 3		2,053,760		5,591,029
	41,969	Pernod Ricard SA 3		8,139,658		6,987,415
	252,654	Waga Energy SA 1		7,313,238		6,437,555
	Total France			25,543,232		33,108,666
Germany (2.14%)
	134,675	Befesa SA, 144A 3		5,557,309		4,105,018
	65,317	Symrise AG 3		5,758,112		6,218,101
	Total Germany			11,315,421		10,323,119
Hong Kong (0.39%)
	197,026	Techtronic Industries Co. Ltd. 3		1,493,206		1,902,007

Shares			Cost		Value
Common Stocks (continued)
India (8.12%)
	52,988	Bajaj Finance Limited 3	$	2,210,810	$	4,970,195
	537,348	Bharti Airtel Ltd. PP 3		2,772,162		3,445,318
	241,420	Godrej Consumer Products Ltd. 1,3		3,010,886		2,879,987
	161,750	Godrej Properties Ltd. 1,3		1,944,203		3,018,376
	206,686	HDFC Bank Ltd. 3		3,323,760		3,790,600
	181,018	Jio Financial Services Ltd. 1		311,620		503,983
	2,458,395	JM Financial Limited 3		2,893,665		2,551,732
	231,007	Max Financial Services Ltd. 1,3		1,504,024		2,526,307
	324,892	Max Healthcare Institute Ltd. 3		2,238,906		2,219,339
	688,913	Nippon Life India Asset Management Ltd., 144A 3		2,429,191		2,716,979
	181,018	Reliance Industries Limited 3		3,190,753		5,096,500
	117,850	Tata Communications Ltd. 3		2,279,053		2,738,394
	108,335	Trent Ltd. 3		2,089,438		2,707,786
	Total India			30,198,471		39,165,496
Ireland (1.07%)
	527,750	Bank of Ireland Group PLC 3		4,003,943		5,159,079
Israel (1.43%)
	49,517	Oddity Tech Ltd. 1		1,927,635		1,403,807
	557,482	Taboola.com Ltd. 1		4,210,309		2,112,857
	36,998	Wix.com Ltd. 1		2,195,701		3,396,416
	Total Israel			8,333,645		6,913,080
Italy (1.09%)
	177,130	Stevanato Group SpA 1		3,706,452		5,264,304
Japan (12.22%)
	137,747	Japan Airport Terminal Co. Ltd. 3		5,802,383		5,835,563
	191,557	Japan Exchange Group, Inc. 3		3,557,965		3,548,840
	14,444	Keyence Corporation 3		3,911,650		5,341,761
	964,232	Mitsubishi UFJ Financial Group, Inc., ADR		7,083,673		8,186,330
	105,520	Okamoto Industries, Inc. 3		4,831,807		3,577,220
	91,200	Recruit Holdings Co, Ltd. 3		1,550,835		2,790,265
	477,759	Renesas Electronics Corp. 1,3		5,843,990		7,297,746
	272,300	SMS Co. Ltd. 3		7,612,593		4,627,454
	159,050	Sumitomo Mitsui Financial Group, Inc. 3		7,070,696		7,813,495
	33,962	Tokyo Electron Limited 3		2,798,386		4,638,946
	1,893,668	Z Holdings Corporation 3		7,424,782		5,253,244
	Total Japan			57,488,760		58,910,864
Korea, Republic of (4.36%)
	205,142	Coupang, Inc., Cl A 1		2,858,334		3,487,414
	45,602	HD Hyundai Heavy Industries Co. Ltd. 1,3		4,213,438		4,089,665
	96,551	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		8,468,126		7,935,179
	73,876	Samsung Electronics Co., Ltd. 3		4,145,187		3,734,735
	4,632	Samsung SDI Co. Ltd. 3		2,538,208		1,750,491
	Total Korea, Republic of			22,223,293		20,997,484

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Mexico (0.91%)
	929,271	Grupo Mexico S.A.B. de C.V., Series B	$	2,674,546	$	4,391,609
Netherlands (7.40%)
	225,093	AMG Critical Materials NV 3		6,705,228		6,755,119
	31,042	argenx SE, ADR 1		2,034,287		15,261,178
	66,691	DSM-Firmenich AG 3		9,351,935		5,635,580
	76,774	Prosus NV 3		2,693,801		2,262,225
	221,130	Universal Music Group NV 3		4,625,677		5,770,646
	Total Netherlands			25,410,928		35,684,748
Norway (0.43%)
	1,964,968	Aker Carbon Capture ASA 1,3		3,435,222		2,065,121
Peru (0.79%)
	29,923	Credicorp, Ltd.		4,239,637		3,829,246
Poland (2.63%)
	55,785	Dino Polska SA, 144A 1,3		4,025,150		4,521,017
	702,136	InPost SA 1,3		9,114,056		8,139,512
	Total Poland			13,139,206		12,660,529
Russia (0.00%)
	487,800	Sberbank of Russia PJSC 1,2,4		1,650,983		293
Spain (4.55%)
	52,997	Cellnex Telecom S.A., 144A 3		2,551,939		1,843,341
	1,597,890	eDreams ODIGEO SA 1,3		12,240,087		10,911,588
	246,947	Industria de Diseno Textil, S.A. 3		7,615,754		9,189,402
	Total Spain			22,407,780		21,944,331
Sweden (1.36%)
	346,138	Epiroc AB, Cl A 3		5,460,404		6,572,207
Switzerland (4.58%)
	275,488	Clariant AG 3		5,538,194		4,343,520
	31,051	Compagnie Financiere Richemont SA, Cl A 1,3		3,679,974		3,781,491
	19,291,346	Meyer Burger Technology AG 1,3		8,176,050		7,784,823
	54,668	Nestle S.A. 3		5,615,400		6,188,199
	Total Switzerland			23,009,618		22,098,033
Taiwan (1.69%)
	93,484	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		8,915,308		8,123,760
United Kingdom (10.55%)
	158,887	AstraZeneca PLC, ADR		7,322,282		10,759,828
	980,469	B&M European Value Retail S.A. 3		4,391,736		6,993,518
	647,259	Ceres Power Holdings PLC 1		5,247,582		2,479,723
	80,824	Dechra Pharmaceuticals PLC 3		2,533,869		3,727,584
	64,418	Endava plc, ADR 1		2,668,221		3,694,372
	170,217	Experian plc 3		3,928,940		5,567,384
	34,980	Linde Public Limited Company 3		6,288,750		13,014,546
	3,192,974	S4 Capital PLC 1,3		6,076,262		2,626,330
	153,420	WANdisco plc 1		867,667		123,544
	286,957	Watches of Switzerland Group PLC, 144A 1,3		2,506,871		1,868,826
	Total United Kingdom			41,832,180		50,855,655

Shares			Cost		Value
Common Stocks (continued)
United States (3.56%)
	50,934	Agilent Technologies, Inc.	$	2,577,583	$	5,695,440
	144,115	Arch Capital Group Ltd. 1		2,899,696		11,487,406
	Total United States			5,477,279		17,182,846
	Total Common Stocks			386,540,477		443,757,763
Rights (0.00%)
Brazil (0.00%)
	1,603	Localiza Rent a Car SA, Exp. 11/10/2023 1		0		5,102
Warrants (0.01%)
Canada (0.00%)
	5,029	Constellation Software, Inc. Exp 3/31/2040 1,4		0		0
Israel (0.01%)
	56,745	Taboola.com Ltd. Exp 6/29/2026 1		104,540		24,395
	Total Warrants			104,540		24,395
Principal Amount
Short Term Investments (7.39%)
	$35,613,255	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $35,627,648; (Fully Collateralized by $36,720,000 U.S. Treasury Note, 3.75% due 4/15/2026 Market value –$36,325,594) 3		35,613,255		35,613,255
	Total Investments (99.43%)		$	422,258,272		479,400,515
	Cash and Other Assets Less Liabilities (0.57%)					2,739,387
	Net Assets				$	482,139,902

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At September 30, 2023, the market value of restricted and fair valued securities amounted to $293 or 0.00% of net assets. This security is not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the market value of Rule 144A securities amounted to $15,055,181 or 3.12% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Summary of Investments by Sector as of September 30, 2023	Percentage of Net Assets
Financials		15.3%
Industrials		13.4%
Consumer Discretionary		13.3%
Information Technology		12.2%
Health Care		11.4%
Materials		11.4%
Communication Services		7.5%
Consumer Staples		4.6%
Energy		2.4%
Real Estate		0.6%
Cash and Cash Equivalents*		8.0%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Portfolios of Investments.

Baron Real Estate Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (92.95%)
Consumer Discretionary (43.67%)
		Casinos & Gaming (14.58%)
	447,250	Boyd Gaming Corporation	$	12,197,815	$	27,206,218
	635,450	Caesars Entertainment, Inc. 1		31,089,158		29,453,107
	865,200	Las Vegas Sands Corp.		41,691,525		39,660,768
	1,246,656	MGM Resorts International 1		47,016,614		45,827,075
	535,340	Red Rock Resorts, Inc., Cl A		7,111,614		21,948,940
	565,850	Wynn Resorts Ltd.		55,478,542		52,290,198
				194,585,268		216,386,306
		Distributors (2.23%)
	93,050	Pool Corp.		31,586,944		33,135,105
		Home Improvement Retail (4.05%)
	307,550	Floor & Decor Holdings, Inc., Cl A 1		22,166,475		27,833,275
	155,000	Lowe’s Companies, Inc.		29,079,626		32,215,200
				51,246,101		60,048,475
		Homebuilding (18.91%)
	624,050	D.R. Horton, Inc.		53,102,806		67,066,653
	184,450	Installed Building Products, Inc.		21,220,106		23,035,961
	603,199	Lennar Corp., Cl A		48,900,941		67,697,024
	1,662,000	Toll Brothers, Inc.		82,606,528		122,921,520
				205,830,381		280,721,158
		Hotels, Resorts & Cruise Lines (3.02%)
	139,300	Hilton Worldwide Holdings, Inc.		19,108,886		20,920,074
	171,700	Hyatt Hotels Corp., Cl A		18,453,258		18,213,936
	56,836	Marriott Vacations Worldwide Corp.		2,737,732		5,719,407
				40,299,876		44,853,417
		Leisure Facilities (0.88%)
	58,600	Vail Resorts, Inc.		15,239,146		13,002,754
	Total Consumer Discretionary			538,787,716		648,147,215
Financials (9.56%)
		Asset Management & Custody Banks (9.56%)
	629,500	Blackstone, Inc.		59,297,327		67,444,630
	549,906	Brookfield Asset Management Ltd., Cl A 2		14,788,079		18,333,866
	1,792,725	Brookfield Corp., Cl A 2		46,220,176		56,058,511
	Total Financials			120,305,582		141,837,007
Industrials (3.51%)
		Building Products (1.28%)
	307,136	Fortune Brands Innovations, Inc.		18,219,467		19,091,574
		Trading Companies & Distributors (2.23%)
	202,185	SiteOne Landscape Supply, Inc. 1		23,917,523		33,047,138
	Total Industrials			42,136,990		52,138,712
Materials (0.58%)
		Construction Materials (0.58%)
	42,750	Vulcan Materials Co.		4,378,591		8,636,355

Shares			Cost		Value
Common Stocks (continued)
Real Estate (35.63%)
		Data Center REITs (9.13%)
	416,726	Digital Realty Trust, Inc.	$	47,232,506	$	50,432,181
	117,090	Equinix, Inc.		66,640,241		85,037,783
				113,872,747		135,469,964
		Health Care REITs (2.42%)
	439,200	Welltower, Inc.		33,120,075		35,979,264
		Industrial REITs (10.12%)
	134,250	EastGroup Properties, Inc.		22,084,161		22,356,652
	728,300	Prologis, Inc.		76,798,529		81,722,543
	681,459	Rexford Industrial Realty, Inc.		34,205,353		33,630,002
	219,422	Terreno Realty Corp.		12,754,573		12,463,170
				145,842,616		150,172,367
		Real Estate Services (9.90%)
	653,350	CBRE Group, Inc., Cl A 1		43,341,564		48,256,431
	853,113	CoStar Group, Inc. 1		47,050,526		65,595,859
	234,492	Jones Lang LaSalle, Inc. 1		31,184,228		33,105,580
				121,576,318		146,957,870
		Self Storage REITs (1.86%)
	105,900	Extra Space Storage, Inc.		16,447,227		12,875,322
	55,604	Public Storage		16,441,730		14,652,766
				32,888,957		27,528,088
		Single-Family Residential REITs (1.66%)
	778,200	Invitation Homes, Inc.		22,318,513		24,661,158
		Telecom Tower REITs (0.54%)
	48,250	American Tower Corp.		3,607,623		7,934,712
	Total Real Estate			473,226,849		528,703,423
	Total Common Stocks			1,178,835,728		1,379,462,712
Principal Amount
Short Term Investments (7.30%)
	$108,286,243	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $108,330,009; (Fully Collateralized by $111,651,300 U.S. Treasury Note, 3.75% due 4/15/2026 Market value – $110,452,065) 3		108,286,243		108,286,243
	Total Investments (100.25%)		$	1,287,121,971		1,487,748,955
	Liabilities Less Cash and Other Assets (-0.25%)					(3,655,862	)
	Net Assets				$	1,484,093,093

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares				Cost		Value
Common Stocks (90.06%)
Brazil (6.96%)
	1,807,501	Afya Ltd., Cl A 1		$	42,192,243	$	28,558,516
	12,522,212	B3 S.A. – Brasil, Bolsa, Balcao			30,517,014		30,617,021
	2,005,807	Inter & Co., Inc. BDR 1			8,044,573		8,004,792
	4,399,539	Localiza Rent a Car SA			30,931,166		51,255,235
	3,452,471	NU Holdings Ltd., Cl A 1			27,415,443		25,030,415
	2,762,050	StoneCo Ltd., Cl A 1			29,414,847		29,471,074
	9,809,865	Suzano SA			90,902,523		105,933,388
	1,608,468	XP, Inc., Cl A			24,616,397		37,075,187
	Total Brazil				284,034,206		315,945,628
China (27.75%)
	2,164,239	Alibaba Group Holding Limited, ADR 1			188,446,068		187,726,091
	445,953	Baidu, Inc., ADR 1			54,270,073		59,913,785
	15,027,355	China Mengniu Dairy Co. Ltd. 3			33,030,134		50,124,411
	11,866,178	Estun Automation Co. Ltd., Cl A 3			40,905,498		35,920,873
	8,600,447	Full Truck Alliance Co. Ltd., ADR 1			65,623,510		60,547,147
	7,565,256	Galaxy Entertainment Group Ltd. 1,3			51,621,599		45,267,622
	8,575,193	Glodon Co. Ltd., Cl A 3			36,000,649		27,466,978
	505,356	JD.com, Inc., ADR			19,200,876		14,721,020
	7,207,548	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 3			60,578,620		63,211,997
	2,396,217	Kanzhun Ltd., ADR 1			41,760,532		36,350,612
	40,947,683	Kingdee International Software Group Co. Ltd. 1,3			38,560,081		50,114,809
	12,923,609	Kingsoft Corp. Ltd. 3			45,610,071		46,567,988
	139,488	Kweichow Moutai Co. Ltd., Cl A 3			36,514,593		34,594,773
	14,112,427	Lufax Holding Ltd., ADR			41,235,113		14,959,173
	7,564,240	Midea Group Co., Ltd., Cl A 3			44,148,840		57,703,409
	14,496,644	NARI Technology Co. Ltd., Cl A 3			46,508,474		44,107,673
	609,691	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 3			16,227,881		22,654,978
	4,566,457	Shenzhou International Group Holdings Ltd. 3			25,568,421		43,425,280
	3,714,839	Tencent Holdings Limited 3			94,794,328		144,001,766
	654,598	Tencent Holdings Limited, ADR			29,992,488		25,313,305
	8,569,178	Venustech Group, Inc., Cl A 3			41,696,787		33,121,419
	1,056,672	Wuliangye Yibin Co. Ltd., Cl A 3			26,736,598		22,770,004
	773,594	Yum China Holdings, Inc.			38,917,217		43,104,658
	529,493	Yum China Holdings, Inc. (Hong Kong) 3			27,996,433		29,634,828
	4,926,961	Yunnan Baiyao Group Co. Ltd., Cl A 3			48,454,349		36,029,516
	1,229,615	Zai Lab Limited, ADR 1			27,342,356		29,891,941
	Total China				1,221,741,589		1,259,246,056
France (0.62%)
	168,734	Pernod Ricard SA 3			35,923,131		28,092,507
Hong Kong (2.02%)
	3,732,736	AIA Group Ltd. 3			33,423,796		30,187,166
	15,907,442	Budweiser Brewing Co. APAC Ltd., 144A 3			48,932,394		31,261,484
	3,119,977	Techtronic Industries Co. Ltd. 3	��		12,188,713		30,118,964
	Total Hong Kong				94,544,903		91,567,614

Shares			Cost		Value
Common Stocks (continued)
India (23.46%)
	3,689,497	Aarti Industries Ltd. 3	$	37,045,522	$	21,782,818
	994,638	Aarti Pharmalabs Ltd. 1		5,806,905		5,533,070
	1,249,323	Bajaj Finance Limited 3		40,085,627		117,184,635
	5,948,476	Bharti Airtel Ltd. 3		43,087,868		66,244,149
	852,504	Bharti Airtel Ltd. PP 3		1,522,900		5,466,006
	651,291	Divi’s Laboratories Ltd. 3		6,166,257		29,462,054
	22,276,582	Edelweiss Financial Services Ltd. 3		12,615,422		16,374,044
	4,781,793	Godrej Consumer Products Ltd. 1,3		58,680,664		57,043,745
	2,079,441	Godrej Properties Ltd. 1,3		39,957,586		38,803,922
	5,183,132	HDFC Bank Ltd. 3		87,238,489		95,058,114
	2,740,440	Jio Financial Services Ltd. 1		4,516,327		7,629,819
	42,246,000	JM Financial Limited 3		58,578,992		43,849,941
	3,874,571	Jubilant FoodWorks Ltd. 3		31,860,038		24,801,404
	1,343,890	Mahindra & Mahindra Ltd. 3		25,012,548		25,095,579
	4,847,204	Max Financial Services Ltd. 1,3		34,698,758		53,009,325
	3,027,851	Max Healthcare Institute Ltd. 3		20,904,275		20,683,270
	1,530,484	Muthoot Finance Ltd. 3		21,908,568		23,041,295
	10,080,340	Nippon Life India Asset Management Ltd., 144A 3		34,283,180		39,755,482
	386,540	Nuvama Wealth Management Ltd. 1		18,961,540		11,219,220
	2,740,440	Reliance Industries Limited 3		46,243,753		77,156,146
	3,835,145	SBI Life Insurance Company Limited, 144A 3		39,934,642		60,158,530
	3,641,694	Tata Communications Ltd. 3		21,423,353		84,619,376
	619,295	Tata Consultancy Services Ltd. 3		26,152,876		26,222,300
	3,819,957	Tata Consumer Products Ltd. 3		21,393,246		40,262,072
	1,086,891	Titan Co. Ltd. 3		18,795,561		41,113,875
	1,325,381	Trent Ltd. 3		26,935,558		33,127,321
	Total India			783,810,455		1,064,697,512
Indonesia (1.73%)
	232,097,871	Bank Rakyat Indonesia (Persero) Tbk PT 3		67,998,122		78,387,058
Japan (0.71%)
	86,618	Keyence Corporation 3		29,680,710		32,033,552
Korea, Republic of (10.38%)
	3,209,789	Coupang, Inc., Cl A 1		42,184,463		54,566,413
	511,473	HD Hyundai Heavy Industries Co. Ltd. 1,3		26,802,079		45,869,775
	1,134,482	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,3		109,373,825		93,238,984
	897,527	Korea Aerospace Industries Ltd. 3		29,386,138		32,396,045
	4,096,647	Samsung Electronics Co., Ltd. 3		137,420,873		207,102,337
	45,695	Samsung SDI Co. Ltd. 3		26,219,725		17,268,710
	245,303	SK Hynix, Inc. 3		20,635,770		20,768,492
	Total Korea, Republic of			392,022,873		471,210,756
Mexico (2.58%)
	10,234,815	Grupo Mexico S.A.B. de C.V., Series B		26,773,229		48,368,347
	18,159,246	Wal-Mart de Mexico, S.A.B de C.V.		44,878,922		68,541,971
	Total Mexico			71,652,151		116,910,318

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (continued)
Peru (1.01%)
	359,102	Credicorp, Ltd.	$	44,686,739	$	45,954,283
Philippines (2.15%)
	60,685,765	Ayala Land, Inc. 3		44,301,724		31,533,663
	26,342,171	BDO Unibank, Inc. 3		46,211,387		65,931,058
	Total Philippines			90,513,111		97,464,721
Poland (1.78%)
	128,783	Dino Polska SA, 144A 1,3		11,650,389		10,437,037
	6,052,258	InPost SA 1,3		88,317,792		70,160,806
	Total Poland			99,968,181		80,597,843
Russia (0.01%)
	2,219,985	Fix Price Group PLC, GDR 1,2,4		21,632,103		221,999
	17,949,100	Sberbank of Russia PJSC 1,2,4		64,430,586		10,769
	Total Russia			86,062,689		232,768
South Africa (1.13%)
	753,214	Gold Fields Ltd. 3		7,703,121		8,163,932
	1,895,601	Gold Fields Ltd., ADR		18,632,453		20,586,227
	142,289	Naspers Ltd., Cl N 3		20,745,264		22,764,660
	Total South Africa			47,080,838		51,514,819
Spain (0.13%)
	1,791,760	Codere Online Luxembourg, S.A. Forward Shares 1,2,4		17,917,600		4,909,423
	358,352	Codere Online Luxembourg, S.A. Founders Share 1,2,4		3,116		981,885
	26,518	Codere Online Luxembourg, S.A. Private Shares, Cl A 1,2,4		265,181		72,659
	Total Spain			18,185,897		5,963,967
Taiwan (7.36%)
	6,758,875	Delta Electronics, Inc. 3		25,402,480		68,074,847
	5,560,617	Taiwan Semiconductor Manufacturing Co. Ltd. 3		96,568,165		90,672,716
	2,014,415	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		47,606,379		175,052,663
	Total Taiwan			169,577,024		333,800,226
United Arab Emirates (0.28%)
	2,713,426	Network International Holdings plc, 144A 1		15,171,762		12,918,160
	Total Common Stocks			3,552,654,381		4,086,537,788
Private Common Stocks (1.47%)
India (1.47%)
	27,027	Pine Labs PTE. Ltd., Series 1 1,2,4		10,077,362		16,827,821
	6,833	Pine Labs PTE. Ltd., Series A 1,2,4		2,547,771		4,254,431
	7,600	Pine Labs PTE. Ltd., Series B 1,2,4		2,833,757		4,731,988
	6,174	Pine Labs PTE. Ltd., Series B2 1,2,4		2,302,055		3,844,118
	9,573	Pine Labs PTE. Ltd., Series C 1,2,4		3,569,416		5,960,437
	1,932	Pine Labs PTE. Ltd., Series C1 1,2,4		720,371		1,202,921
	2,459	Pine Labs PTE. Ltd., Series D 1,2,4		916,870		1,531,047
	45,680	Pine Labs PTE. Ltd., Series J 1,2,4		17,032,398		28,441,738
	Total Private Common Stocks			40,000,000		66,794,501

Shares			Cost		Value
Private Convertible Preferred Stocks (2.27%)
India (2.27%)
	11,578	Bundl Technologies Private Ltd., Series K 1,2,4	$	76,776,872	$	74,437,574
	15,334	Think & Learn Private Limited, Series F 1,2,4		49,776,072		28,658,480
	Total Private Convertible Preferred Stocks			126,552,944		103,096,054
Rights (0.00%)
Brazil (0.00%)
	32,260	Localiza Rent a Car SA, Exp. 11/10/2023 1		0		102,687
Warrants (0.00%)
Spain (0.00%)
		Casinos & Gaming (0.00%)
	13,259	Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 1		0		1,326
Principal Amount
Short Term Investments (5.89%)
	$267,083,131	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $267,191,077; (Fully Collateralized by $300,251,100 U.S. Treasury Note, 0.75% due 3/31/2026 Market value – $272,424,807) 3		267,083,131		267,083,131
	Total Investments (99.69%)		$	3,986,290,456		4,523,615,487
	Cash and Other Assets Less Liabilities (0.31%)					13,980,759
	Net Assets				$	4,537,596,246

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At September 30, 2023, the market value of restricted and fair valued securities amounted to $176,087,290 or 3.88% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^GDR  Global Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the market value of Rule 144A securities amounted to $154,530,693 or 3.41% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Summary of Investments by Sector as of September 30, 2023	Percentage of Net Assets
Financials		20.1%
Consumer Discretionary		16.8%
Information Technology		16.5%
Industrials		11.6%
Communication Services		10.3%
Consumer Staples		7.6%
Materials		4.5%
Health Care		3.2%
Energy		1.7%
Real Estate		1.6%
Cash and Cash Equivalents*		6.2%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Portfolios of Investments.

Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (90.93%)
Argentina (10.95%)
	72,785	Globant S.A. 1	$	5,139,458	$	14,400,512
	47,561	MercadoLibre, Inc. 1		32,748,993		60,301,641
	Total Argentina			37,888,451		74,702,153
Brazil (1.65%)
	711,954	Afya Ltd., Cl A 1		13,603,721		11,248,873
Canada (5.81%)
	726,103	Shopify, Inc., Cl A 1		27,449,888		39,623,441
China (1.25%)
	589,874	Meituan Inc., Cl B, 144A 1,3		6,001,761		8,539,128
India (6.46%)
	374,371	Bajaj Finance Limited 3		22,573,509		35,115,442
	7,379,067	Zomato Ltd. 1,3		12,454,605		8,987,703
	Total India			35,028,114		44,103,145
Israel (3.24%)
	300,693	Fiverr International Ltd. 1		6,730,347		7,357,958
	160,877	Wix.com Ltd. 1		13,475,834		14,768,508
	Total Israel			20,206,181		22,126,466
Korea, Republic of (4.70%)
	1,888,346	Coupang, Inc., Cl A 1		38,144,517		32,101,882
	Netherlands (8.69%)
	9,791	Adyen N.V., 144A 1,3		7,637,695		7,259,378
	64,594	argenx SE, ADR 1		6,161,319		31,756,348
	34,499	ASML Holding N.V. 3		7,276,999		20,311,287
	Total Netherlands			21,076,013		59,327,013
Poland (2.06%)
	1,213,982	InPost SA 1,3		16,849,432		14,073,088
	Spain (0.67%)
	954,019	Codere Online Luxembourg S.A. 1		8,730,256		2,757,115
	550,445	Codere Online Luxembourg, S.A. Forward Shares 1,2,4		5,504,450		1,508,219
	104,612	Codere Online Luxembourg, S.A. Founders Share 1,2,4		910		286,637
	Total Spain			14,235,616		4,551,971
United Kingdom (5.53%)
	658,236	Endava plc, ADR 1		27,092,154		37,749,835
United States (39.92%)
	141,583	Bill.Com Holdings, Inc. 1		6,149,064		15,371,666
	180,421	Block, Inc. 1		14,648,531		7,985,434
	396,597	Cloudflare, Inc., Cl A 1		10,689,062		25,001,475
	95,654	Crowdstrike Holdings, Inc., Cl A 1		5,351,407		16,010,567
	204,792	Datadog, Inc., Cl A 1		10,220,356		18,654,503
	38,928	EPAM Systems, Inc. 1		4,860,760		9,953,500
	61,293	Illumina, Inc. 1		18,797,527		8,414,303
	146,664	NVIDIA Corp.		31,174,401		63,797,373
	634,936	Rivian Automotive, Inc., Cl A 1		13,602,870		15,416,246
	282,139	Schrödinger, Inc. 1		6,601,982		7,976,070
	239,827	Snowflake, Inc., Cl A 1		38,234,408		36,638,371
	129,415	Tesla, Inc. 1		36,323,325		32,382,221
	95,502	Zscaler, Inc. 1		4,917,239		14,859,156
	Total United States			201,570,932		272,460,885
	Total Common Stocks			459,146,780		620,607,880

Shares			Cost		Value
Private Common Stocks (3.67%)
United States (3.67%)
	299,761	Farmers Business Network, Inc. 1,2,4	$	12,250,006	$	557,555
	252,130	Space Exploration Technologies Corp., Cl A 1,2,4		11,571,518		18,882,016
	75,250	Space Exploration Technologies Corp., Cl C 1,2,4		3,428,124		5,635,473
	Total Private Common Stocks			27,249,648		25,075,044
Private Convertible Preferred Stocks (3.11%)
India (2.52%)
	9,201	Think & Learn Private Limited, Series F 1,2,4		29,867,591		17,196,209
United States (0.59%)
	69,926	Resident Home, Inc., Series B1 1,2,4		4,999,968		4,052,212
	Total Private Convertible Preferred Stocks			34,867,559		21,248,421
Private Preferred Stocks (1.54%)
United States (1.54%)
	461,004	GM Cruise Holdings, Cl G 1,2,4		12,147,455		10,478,621
Warrants (0.02%)
Israel (0.01%)
	68,986	Innovid Corp., Exp. 12/31/2027 1		117,942		4,829
	228,748	Taboola.com Ltd., Exp. 6/29/2026 1		417,100		98,339
	Total Israel			535,042		103,168
Spain (0.01%)
	502,360	Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 1		845,632		50,236
	Total Warrants			1,380,674		153,404
Principal Amount
Short Term Investments (0.79%)
	$5,368,869	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $5,371,039; (Fully Collateralized by $5,535,800 U.S. Treasury Note, 3.75% due 4/15/2026 Market value – $5,476,341) 3		5,368,869		5,368,869
	Total Investments (100.06%)		$	540,160,985		682,932,239
	Liabilities Less Cash and Other Assets (-0.06%)					(395,412	)
	Net Assets				$	682,536,827

% Represents percentage of net assets.

¹  Non-income producing securities.

²  At September 30, 2023, the market value of restricted and fair valued securities amounted to $58,596,942 or 8.59% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities.

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

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the market value of Rule 144A securities amounted to $15,798,506 or 2.31% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Summary of Investments by Sector as of September 30, 2023	Percentage of Net Assets
Information Technology		47.9%
Consumer Discretionary		28.5%
Industrials		8.3%
Financials		7.4%
Health Care		7.1%
Materials		0.1%
Communication Services		0.0%^
Cash and Cash Equivalents*		0.7%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

^ Rounds to less than 0.1%.

See Notes to Portfolios of Investments.

Baron Real Estate Income Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.45%)
Consumer Discretionary (8.46%)
		Casinos & Gaming (3.12%)
	43,978	Wynn Resorts Ltd.	$	4,617,465	$	4,064,007
		Home Improvement Retail (1.02%)
	6,363	Lowe’s Companies, Inc.		1,431,434		1,322,486
		Homebuilding (3.31%)
	58,165	Toll Brothers, Inc.		3,681,211		4,301,884
		Hotels, Resorts & Cruise Lines (1.01%)
	35,777	Travel & Leisure Co.		1,384,157		1,314,089
	Total Consumer Discretionary			11,114,267		11,002,466
Financials (3.73%)
		Asset Management & Custody Banks (3.73%)
	105,925	Brookfield Corp.		3,375,334		3,312,275
	46,081	Brookfield Asset Management Ltd., Cl A		1,428,368		1,536,340
	Total Financials			4,803,702		4,848,615
Real Estate (80.93%)
		Data Center REITs (19.19%)
	102,460	Digital Realty Trust, Inc.		11,445,347		12,399,709
	17,296	Equinix, Inc.		12,128,156		12,561,393
				23,573,503		24,961,102
		Health Care REITs (10.00%)
	74,205	Ventas, Inc.		3,384,379		3,126,257
	120,572	Welltower, Inc.		9,119,754		9,877,258
				12,504,133		13,003,515
		Hotel & Resort REITs (1.91%)
	308,524	DiamondRock Hospitality Co.		2,504,608		2,477,448
		Industrial REITs (20.96%)
	106,235	Americold Realty Trust		3,349,811		3,230,606
	16,806	EastGroup Properties, Inc.		2,465,890		2,798,703
	84,413	First Industrial Realty Trust, Inc.		4,405,983		4,017,215
	111,620	Prologis, Inc.		12,588,056		12,524,880
	75,273	Rexford Industrial Realty, Inc.		3,974,076		3,714,723
	17,085	Terreno Realty Corp.		956,831		970,428
				27,740,647		27,256,555
		Multi-Family Residential REITs (7.89%)
	34,675	AvalonBay Communities, Inc.		6,329,285		5,955,085
	73,300	Equity Residential		4,697,713		4,303,443
				11,026,998		10,258,528
		Office REITs (2.07%)
	26,843	Alexandria Real Estate Equities, Inc.		3,046,639		2,686,984

Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)
		Other Specialized REITs (0.88%)
	39,429	VICI Properties, Inc.	$	1,263,097	$	1,147,384
		Retail REITs (1.54%)
	88,725	Tanger Factory Outlet Centers, Inc.		1,852,390		2,005,185
		Self Storage REITs (5.92%)
	58,253	CubeSmart		2,441,809		2,221,187
	27,816	Extra Space Storage, Inc.		3,974,948		3,381,869
	7,941	Public Storage		2,034,155		2,092,612
				8,450,912		7,695,668
		Single-Family Residential REITs (10.57%)
	191,351	American Homes 4 Rent, Cl A		6,478,264		6,446,615
	230,319	Invitation Homes, Inc.		7,513,388		7,298,809
				13,991,652		13,745,424
	Total Real Estate			105,954,579		105,237,793
Utilities (0.33%)
		Multi-Utilities (0.33%)
	12,016	Brookfield Infrastructure Corp., Cl A 2		457,283		424,646
	Total Common Stocks			122,329,831		121,513,520
Principal Amount
Short Term Investments (5.29%)
	$6,883,155	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $6,885,937; (Fully Collateralized by $7,738,000 U.S. Treasury Note, 0.75% due 3/31/2026 Market value – $7,020,867) 3		6,883,155		6,883,155
	Total Investments (98.74%)		$	129,212,986		128,396,675
	Cash and Other Assets Less Liabilities (1.26%)					1,642,905
	Net Assets				$	130,039,580

% Represents percentage of net assets.

¹  Foreign corporation.

²  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).

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Health Care Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (93.59%)
Health Care (93.59%)
		Biotechnology (17.10%)
	50,000	Arcellx, Inc. 1	$	1,843,632	$	1,794,000
	18,455	argenx SE, ADR 1,2		5,943,301		9,073,032
	25,000	Cytokinetics, Incorporated 1		918,318		736,500
	10,000	Genmab A/S, ADR 1,2		340,316		352,700
	79,700	Legend Biotech Corp., ADR 1,2		4,716,644		5,353,449
	261,254	Rocket Pharmaceuticals, Inc. 1		4,842,850		5,353,094
	23,000	Vertex Pharmaceuticals, Incorporated 1		5,946,486		7,998,020
	100,100	Xenon Pharmaceuticals, Inc. 1,2		3,651,406		3,419,416
				28,202,953		34,080,211
		Health Care Distributors (2.36%)
	10,800	McKesson Corp.		2,651,423		4,696,380
		Health Care Equipment (16.92%)
	112,300	Boston Scientific Corp. 1		5,922,813		5,929,440
	67,924	DexCom, Inc. 1		7,119,638		6,337,309
	6,995	IDEXX Laboratories, Inc. 1		2,933,296		3,058,704
	19,736	Inspire Medical Systems, Inc. 1		3,262,019		3,916,412
	9,565	Insulet Corp. 1		2,270,025		1,525,522
	30,233	Intuitive Surgical, Inc. 1		7,267,519		8,836,803
	1,387,480	Opsens, Inc. (Canada) 1,2		2,019,084		1,808,091
	11,600	Shockwave Medical, Inc. 1		2,127,522		2,309,560
				32,921,916		33,721,841
		Health Care Facilities (2.26%)
	18,300	HCA Healthcare, Inc.		4,144,545		4,501,434
		Health Care Supplies (3.72%)
	128,000	Neogen Corp. 1		2,420,635		2,373,120
	15,850	The Cooper Companies, Inc.		5,478,798		5,040,458
				7,899,433		7,413,578
		Health Care Technology (1.97%)
	15,000	Schrödinger, Inc. 1		312,233		424,050
	17,250	Veeva Systems, Inc., Cl A 1		3,331,767		3,509,512
				3,644,000		3,933,562
		Life Sciences Tools & Services (17.40%)
	49,000	Bio-Techne Corporation		3,919,444		3,335,430
	11,800	Danaher Corp.		3,135,819		2,927,580
	40,000	Exact Sciences Corp. 1,3		2,735,175		2,728,800
	18,200	ICON plc 1,2		3,689,560		4,481,750
	3,610	Mettler-Toledo International, Inc. 1		4,090,788		4,000,133
	9,000	Repligen Corp. 1		1,491,499		1,431,090
	81,631	Stevanato Group SpA 1,2		1,923,580		2,426,073
	17,749	Thermo Fisher Scientific, Inc.		8,573,805		8,984,011
	11,650	West Pharmaceutical Services, Inc.		3,438,733		4,371,197
				32,998,403		34,686,064

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Managed Health Care (12.54%)
	6,700	Elevance Health, Inc.	$	2,975,916	$	2,917,314
	6,425	Humana, Inc.		2,788,059		3,125,891
	37,572	UnitedHealth Group, Incorporated		13,933,454		18,943,427
				19,697,429		24,986,632
		Pharmaceuticals (19.32%)
	80,000	AstraZeneca PLC, ADR 2		4,902,730		5,417,600
	34,592	Eli Lilly & Co.		8,224,141		18,580,401
	87,400	Merck & Co., Inc.		8,188,605		8,997,830
	31,700	Zoetis, Inc.		4,884,224		5,515,166
				26,199,700		38,510,997
	Total Common Stocks			158,359,802		186,530,699
Principal Amount
Short Term Investments (6.41%)
	$12,767,305	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $12,772,465; (Fully Collateralized by $14,352,900 U.S. Treasury Note, 0.75% due 3/31/2026 Market value – $13,022,720) 4		12,767,305		12,767,305
	Total Investments (100.00%)		$	171,127,107		199,298,004
	Cash and Other Assets Less Liabilities (0.00%)					4,930
	Net Assets				$	199,302,934

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron FinTech Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (98.57%)
Consumer Discretionary (3.38%)
		Broadline Retail (3.38%)
	1,400	MercadoLibre, Inc. 1	$	2,084,586	$	1,775,032
Financials (66.32%)
		Asset Management & Custody Banks (2.71%)
	2,200	BlackRock, Inc.		1,792,940		1,422,278
		Diversified Banks (1.38%)
	100,000	NU Holdings Ltd., Cl A 1,2		777,244		725,000
		Diversified Financial Services (3.94%)
	23,000	Apollo Global Management, Inc.		1,683,361		2,064,480
		Financial Exchanges & Data (20.74%)
	5,600	CME Group, Inc.		1,170,111		1,121,232
	3,700	FactSet Research Systems, Inc.		1,549,393		1,617,862
	4,300	Moody’s Corp.		1,526,122		1,359,531
	5,100	Morningstar, Inc.		1,114,127		1,194,624
	3,300	MSCI, Inc.		1,460,004		1,693,164
	6,500	S&P Global, Inc.		2,561,753		2,375,165
	19,000	Tradeweb Markets, Inc., Cl A		1,567,302		1,523,800
				10,948,812		10,885,378
		Insurance Brokers (0.44%)
	10,000	BRP Group, Inc., Cl A 1		286,809		232,300
		Investment Banking & Brokerage (8.91%)
	11,000	Houlihan Lokey, Inc.		843,251		1,178,320
	10,200	Interactive Brokers Group, Inc., Cl A		815,412		882,912
	8,000	LPL Financial Holdings, Inc.		1,383,440		1,901,200
	13,000	The Charles Schwab Corp.		972,539		713,700
				4,014,642		4,676,132
		Property & Casualty Insurance (7.10%)
	10,500	Arch Capital Group Ltd. 1,2		855,068		836,955
	2,600	Kinsale Capital Group, Inc.		458,703		1,076,738
	13,000	The Progressive Corp.		1,581,601		1,810,900
				2,895,372		3,724,593
		Transaction & Payment Processing Services (21.10%)
	14,000	Block, Inc. 1		2,535,138		619,640
	13,000	Fiserv, Inc. 1		1,385,192		1,468,480
	9,000	Global Payments, Inc.		1,133,471		1,038,510
	5,700	Jack Henry & Associates, Inc.		948,461		861,498
	6,700	MasterCard, Incorporated, Cl A		2,318,807		2,652,597
	6,500	Paymentus Holdings, Inc., Cl A 1		140,111		107,900
	14,000	Repay Holdings Corporation 1		275,620		106,260
	11,200	Visa, Inc., Cl A		2,382,161		2,576,112
	3,200	WEX, Inc. 1		636,784		601,888
	125,000	Wise PLC, Cl A (United Kingdom) 1,2,3		1,445,918		1,042,420
				13,201,663		11,075,305
	Total Financials			35,600,843		34,805,466

Shares			Cost		Value
Common Stocks (continued)
Industrials (5.39%)
		Research & Consulting Services (5.39%)
	2,300	Equifax, Inc.	$	491,672	$	421,314
	12,500	TransUnion		1,202,735		897,375
	6,400	Verisk Analytics, Inc.		1,229,237		1,511,936
	Total Industrials			2,923,644		2,830,625
Information Technology (22.02%)
		Application Software (13.29%)
	12,000	Alkami Technology, Inc. 1		304,549		218,640
	4,400	Bill.Com Holdings, Inc. 1		529,611		477,708
	20,000	Clearwater Analytics Holdings, Inc., Cl A 1		484,321		386,800
	2,300	Fair Isaac Corp. 1		1,088,254		1,997,619
	12,500	Guidewire Software, Inc. 1		1,403,950		1,125,000
	5,200	Intuit, Inc.		2,005,625		2,656,888
	3,500	nCino, Inc. 1		246,975		111,300
				6,063,285		6,973,955
		Internet Services & Infrastructure (1.25%)
	12,000	Shopify, Inc., Cl A 1,2		1,697,734		654,840
		IT Consulting & Other Services (7.48%)
	4,500	Accenture plc, Cl A 2		1,229,138		1,381,995
	35,000	CI&T, Inc., Cl A 1,2		517,710		227,500
	19,000	Endava plc, ADR 1,2		1,366,854		1,089,650
	6,200	Globant S.A. 1,2		1,545,350		1,226,670
				4,659,052		3,925,815
	Total Information Technology			12,420,071		11,554,610
Real Estate (1.46%)
		Real Estate Services (1.46%)
	10,000	CoStar Group, Inc. 1		863,804		768,900
	Total Common Stocks			53,892,948		51,734,633
Principal Amount
Short Term Investments (1.07%)
	$561,736	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $561,963; (Fully Collateralized by $579,200 U.S. Treasury Note, 3.75% due 4/15/2026 Market value –$572,979) 3		561,736		561,736
	Total Investments (99.64%)		$	54,454,684		52,296,369
	Cash and Other Assets Less Liabilities (0.36%)					188,576
	Net Assets				$	52,484,945

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron New Asia Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (91.61%)
China (29.32%)
	2,039	Alibaba Group Holding Limited, ADR 1	$	224,450	$	176,863
	349	Baidu, Inc., ADR 1		52,572		46,888
	838	Baidu, Inc., Cl A 1,2		13,648		14,104
	15,075	China Mengniu Dairy Co. Ltd. 2		59,004		50,283
	11,028	Estun Automation Co. Ltd., Cl A 2		41,227		33,384
	7,916	Full Truck Alliance Co. Ltd., ADR 1		56,352		55,729
	7,911	Galaxy Entertainment Group Ltd. 1,2		51,669		47,336
	1,000	Glodon Co. Ltd. 2		4,370		3,203
	5,902	Glodon Co. Ltd., Cl A (Hong Kong) 2		30,513		18,905
	465	JD.com, Inc., ADR		17,712		13,545
	6,889	Jiangsu Hengli Hydraulic Co. Ltd., Cl A 2		60,531		60,418
	2,308	Kanzhun Ltd., ADR 1		40,059		35,012
	36,038	Kingdee International Software Group Co. Ltd. 1,2		67,027		44,106
	12,357	Kingsoft Corp. Ltd. 2		53,908		44,526
	171	Kweichow Moutai Co. Ltd., Cl A 2		44,790		42,410
	15,182	Lufax Holding Ltd., ADR		46,566		16,093
	7,028	Midea Group Co., Ltd., Cl A 2		71,046		53,613
	14,677	NARI Technology Co. Ltd., Cl A 2		52,708		44,656
	566	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A 2		28,379		21,032
	3,239	Shenzhou International Group Holdings Ltd. 2		33,699		30,802
	4,648	Tencent Holdings Limited, ADR		241,224		179,738
	8,487	Venustech Group, Inc., Cl A 2		35,262		32,804
	1,160	Wuliangye Yibin Co. Ltd., Cl A 2		30,272		24,997
	1,512	Yum China Holdings, Inc. 2		88,213		84,624
	4,753	Yunnan Baiyao Group Co. Ltd., Cl A 2		46,195		34,757
	1,180	Zai Lab Limited, ADR 1		77,414		28,686
	Total China			1,568,810		1,238,514
France (0.60%)
	153	Pernod Ricard SA 2		34,222		25,473
Hong Kong (3.01%)
	6,102	AIA Group Ltd. 2		66,495		49,348
	14,963	Budweiser Brewing Co. APAC Ltd., 144A 2		40,631		29,405
	592	Hong Kong Exchanges & Clearing Ltd. 2		33,138		21,971
	2,755	Techtronic Industries Co. Ltd.2		44,656		26,596
	Total Hong Kong			184,920		127,320
India (35.50%)
	3,704	360 ONE WAM Ltd. 2		20,342		22,344
	4,904	Aarti Pharmalabs Ltd. 1		19,122		27,280
	1,120	Amber Enterprises India Ltd. 1		34,412		40,149
	402	Apollo Hospitals Enterprise Ltd. 2		26,281		24,823
	1,634	Bajaj Finance Limited 2		141,438		153,267
	7,639	Bharti Airtel Ltd. 2		72,046		85,070
	2,074	Cholamandalam Investment & Finance Co. Ltd. 2		28,983		30,337
	621	Divi’s Laboratories Ltd. 2		42,040		28,092

Shares			Cost		Value
Common Stocks (continued)
India (continued)
	552	Dixon Technologies India Ltd. 2	$	33,083	$	35,065
	7,042	Godrej Consumer Products Ltd. 1,2		87,152		84,007
	2,914	Godrej Properties Ltd. 1,2		59,319		54,377
	3,873	HDFC Bank Ltd. 2		75,535		71,030
	8,450	Jio Financial Services Ltd. 1		23,216		23,526
	24,738	JM Financial Limited 2		21,648		25,677
	5,194	Jubilant FoodWorks Ltd. 2		47,457		33,247
	1,210	Mahindra & Mahindra Ltd. 2		22,395		22,595
	2,538	Max Financial Services Ltd. 1,2		37,467		27,756
	4,964	Max Healthcare Institute Ltd. 2		34,901		33,909
	2,249	Neogen Chemicals Ltd. 2		34,982		47,554
	308	PI Industries Ltd. 2		13,053		12,793
	3,394	Reliance Industries Limited 2		96,525		95,557
	4,488	SBI Life Insurance Company Limited, 144A 2		72,504		70,399
	3,765	Tata Communications Ltd. 2		66,975		87,485
	554	Tata Consultancy Services Ltd. 2		23,385		23,458
	4,298	Tata Consumer Products Ltd. 2		43,687		45,301
	1,851	Titan Co. Ltd. 2		56,095		70,018
	3,604	Trent Ltd. 2		72,481		90,080
	715	Tube Investments of India Ltd. 2		25,719		25,659
	89,363	Zomato Ltd. 1,2		98,581		108,844
	Total India			1,430,824		1,499,699
Indonesia (1.82%)
	226,900	Bank Rakyat Indonesia (Persero) Tbk PT 2		66,793		76,631
Japan (2.72%)
	440	Hoya Corp. 2		61,199		45,064
	97	Keyence Corporation 2		52,421		35,873
	249	Tokyo Electron Limited 2		36,123		34,011
	Total Japan			149,743		114,948
Korea, Republic of (10.95%)
	3,374	Coupang, Inc., Cl A 1		47,753		57,358
	477	HD Hyundai Heavy Industries Co. Ltd. 1,2		38,751		42,778
	991	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 1,2		78,153		81,447
	872	Korea Aerospace Industries Ltd. 2		29,593		31,475
	4,062	Samsung Electronics Co., Ltd. 2		225,446		205,351
	50	Samsung SDI Co. Ltd. 2		28,476		18,895
	299	SK Hynix, Inc. 2		25,470		25,315
	Total Korea, Republic of			473,642		462,619
Taiwan (7.69%)
	5,878	Delta Electronics, Inc. 2		49,656		59,203
	5,121	Taiwan Semiconductor Manufacturing Co. Ltd. 2		88,911		83,504
	2,097	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		199,789		182,229
	Total Taiwan			338,356		324,936
	Total Common Stocks			4,247,310		3,870,140

See Notes to Portfolios of Investments.

Baron New Asia Fund

PORTFOLIO OF INVESTMENTS (CONTINUED)

SEPTEMBER 30, 2023 (UNAUDITED)

Principal Amount			Cost		Value
Short Term Investments (10.08%)
	$426,026	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $426,198; (Fully Collateralized by $479,000 U.S. Treasury Note, 0.75% due 3/31/2026 Market value – $434,608) 2	$	426,026	$	426,026
	Total Investments (101.69%)		$	4,673,336		4,296,166
	Liabilities Less Cash and Other Assets (-1.69%)					(71,598	)
	Net Assets				$	4,224,568

% Represents percentage of net assets.

¹  Non-income producing securities.

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

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the

Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2023, the market value of Rule 144A securities amounted to $99,804 or 2.36% of net assets.

All securities are Level 1, unless otherwise noted.

Summary of Investments by Sector as of September 30, 2023	Percentage of Net Assets
Consumer Discretionary		21.1%
Information Technology		18.1%
Financials		13.9%
Communication Services		11.7%
Industrials		8.9%
Consumer Staples		7.1%
Health Care		5.8%
Energy		2.3%
Materials		1.4%
Real Estate		1.3%
Cash and Cash Equivalents*		8.4%
		100.0%**

* Includes short term investments.

** Individual weights may not sum to 100% due to rounding.

See Notes to Portfolios of Investments.

Baron Technology Fund

PORTFOLIO OF INVESTMENTS

SEPTEMBER 30, 2023 (UNAUDITED)

Shares			Cost		Value
Common Stocks (96.93%)
Communication Services (8.23%)
		Advertising (1.01%)
	907	The Trade Desk, Inc., Cl A 1	$	71,064	$	70,882
		Interactive Home Entertainment (0.99%)
	496	Take-Two Interactive Software, Inc. 1		72,912		69,633
		Interactive Media & Services (6.23%)
	531	Alphabet, Inc., Cl C 1		69,508		70,012
	813	Meta Platforms, Inc., Cl A 1		134,126		244,071
	1,624	Tencent Holdings Ltd. (Hong Kong) 2,4		75,415		62,953
	3,780	ZoomInfo Technologies, Inc. 1		130,528		61,992
				409,577		439,028
	Total Communication Services			553,553		579,543
Consumer Discretionary (17.66%)
		Automobile Manufacturers (7.64%)
	4,000	Rivian Automotive, Inc., Cl A 1		59,041		97,120
	1,763	Tesla, Inc. 1		446,657		441,138
				505,698		538,258
		Automotive Parts & Equipment (1.01%)
	1,709	Mobileye Global, Inc., Cl A 1		67,616		71,009
		Broadline Retail (8.07%)
	4,468	Amazon.com, Inc. 1		634,904		567,972
		Hotels, Resorts & Cruise Lines (0.94%)
	9,750	eDreams ODIGEO SA (Spain) 1,2,4		85,429		66,580
	Total Consumer Discretionary			1,293,647		1,243,819
Financials (2.50%)
		Transaction & Payment Processing Services (2.50%)
	229	MasterCard, Incorporated, Cl A		84,993		90,663
	371	Visa, Inc., Cl A		82,135		85,334
	Total Financials			167,128		175,997
Industrials (2.88%)
		Human Resource & Employment Services (2.88%)
	2,985	Ceridian HCM Holding, Inc. 1		238,270		202,532
Information Technology (63.77%)
		Application Software (11.02%)
	207	Atlassian Corp. Ltd., Cl A 1,2		62,227		41,713
	1,551	Gitlab, Inc., Cl A 1,3		64,404		70,136
	199	HubSpot, Inc. 1		106,284		98,008
	376	Intuit, Inc.		201,447		192,113
	324	ServiceNow, Inc. 1,3		178,280		181,103
	897	Workday, Inc., Cl A 1		201,628		192,720
				814,270		775,793
		Electronic Equipment & Instruments (1.40%)
	2,551	PAR Technology Corp. 1		111,309		98,315
		Internet Services & Infrastructure (1.28%)
	1,652	Shopify, Inc., Cl A 1,2		139,918		90,150
		IT Consulting & Other Services (2.09%)
	429	Gartner, Inc. 1		142,622		147,409
		Semiconductor Materials & Equipment (4.48%)
	204	ASML Holding N.V. 2		134,265		120,087
	674	BE Semiconductor Industries NV (Netherlands) 2,4		78,394		65,921
	206	Lam Research Corp.		127,773		129,115
				340,432		315,123

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Semiconductors (23.53%)
	2,317	Advanced Micro Devices, Inc. 1	$	253,113	$	238,234
	700	ARM Holdings PLC, ADR 1,2		35,700		37,464
	173	Broadcom, Inc.		121,688		143,690
	17,726	indie Semiconductor, Inc., Cl A 1		138,400		111,674
	3,293	Marvell Technology, Inc.		171,841		178,250
	130	Monolithic Power Systems, Inc.		54,045		60,060
	1,613	NVIDIA Corp.		519,476		701,639
	5,666	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) 2,4		118,454		92,391
	1,072	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		97,751		93,157
				1,510,468		1,656,559
		Systems Software (15.07%)
	1,101	Cloudflare, Inc., Cl A 1,3		51,390		69,407
	919	Crowdstrike Holdings, Inc., Cl A 1		151,298		153,822
	719	Datadog, Inc., Cl A 1,3		57,721		65,494
	1,509	Dynatrace, Inc. 1,3		72,400		70,515
	2,224	Microsoft Corporation		724,288		702,228
				1,057,097		1,061,466
		Technology Hardware, Storage & Peripherals (4.90%)
	2,017	Apple, Inc.		357,759		345,331
	Total Information Technology			4,473,875		4,490,146
Real Estate (1.89%)
		Real Estate Services (1.89%)
	1,732	CoStar Group, Inc. 1		136,974		133,174
	Total Common Stocks			6,863,447		6,825,211
Principal Amount
Short Term Investments (4.19%)
	$294,952	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/29/2023, 4.85% due 10/2/2023; Proceeds at maturity $295,071; (Fully Collateralized by $304,200 U.S. Treasury Note, 3.75% due 4/15/2026 Market value – $300,933) 4		294,952		294,952
	Total Investments (101.12%)		$	7,158,399		7,120,163
	Liabilities Less Cash and Other Assets (-1.12%)					(79,019	)
	Net Assets				$	7,041,144

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

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

^ADR  American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Select Funds September 30, 2023

NOTESTO PORTFOLIOOF INVESTMENTS

1. ORGANIZATION

Baron Select Funds (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 Delaware statutory trust on April 30, 2003. The Trust currently offers 12 series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses, and eligibility requirements. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund’s investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.

Baron Partners Fund was organized originally as a limited partnership in January 1992 under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a series of the Trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

Baron Focused Growth Fund was organized originally as a limited partnership in May 1996 under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

The investment goals of the Funds are as follows:

Baron Partners Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. growth companies. The Fund may employ “leverage” by borrowing money and using it to purchase additional securities. Borrowing for investments increases both investment opportunity and investment risk.

Baron Focused Growth Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. small- and mid-sized growth companies.

Baron International Growth Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in non-U.S. growth companies.

Baron Real Estate Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in U.S. and non-U.S. real estate and real estate-related companies.

Baron Emerging Markets Fund is a diversified fund that seeks capital appreciation through investments primarily in growth companies in developing countries.

Baron Global Advantage Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities of established and emerging markets companies located throughout the world.

Baron Real Estate Income Fund is a non-diversified fund that seeks both capital appreciation and current income through investments primarily in real estate income-producing securities and other real estate securities.

Baron Health Care Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities engaged in research, development, production, sale, delivery or distribution of products and services related to the health care industry.

Baron FinTech Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities that develop, use, or rely on innovative technologies or services, in a significant way, for banking, lending, capital markets, financial data analytics, insurance, payments, asset management, or wealth management.

Baron New Asia Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities located in Asia, but including all other developed, developing, and frontier countries in the Asian region.

Baron Technology Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of U.S and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

a) Net Asset Value. The Funds’ share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange ) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets of the Fund represented by such class, less all liabilities, by the total number of Fund shares of such class outstanding.

Baron Select Funds September 30, 2023

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

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

Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

c) Single Issuer. Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer’s securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, Inc. (“Tesla”), 47% and 13%, respectively, of these Fund’s net assets as of September 30, 2023, the NAVs of the Funds will be materially impacted by the price of Tesla stock.

d) Non-Diversified Portfolio. Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.

e) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund’s and Baron Focused Growth Fund’s investments in Tesla, which represent about 47% and 13%, respectively, of these Funds’ net assets as of September 30, 2023, the Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

Baron Select Funds September 30, 2023

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

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

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

h) 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 September 30, 2023, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

i) 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.

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

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

Baron Select Funds September 30, 2023

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

3. RESTRICTED SECURITIES

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

	Baron Partners Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	188,611,963
StubHub Holdings, Inc.		12/22/2021		37,919,958
X Holdings I, Inc.		5/4/2022		44,490,000
Private Convertible Preferred Stocks
Northvolt AB		5/19/2021		7,741,224
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-8/4/2020		414,783,367
Total Restricted Securities:			$	693,546,512
(Cost $246,093,669)† (10.73% of Net Assets)
	Baron Focused Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	57,870,499
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-12/3/2021		30,230,384
Total Restricted Securities:			$	88,100,883
(Cost $39,949,596)† (7.70% of Net Assets)
	Baron International Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		1/24/2017-10/29/2021	$	293
Total Restricted Securities:
(Cost $1,650,983) (0.00% of Net Assets)*
	Baron Emerging Markets Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Codere Online Luxembourg, S.A.		12/10/2020	$	5,963,967
Fix Price Group Ltd.		3/5/2021		221,999
Sberbank of Russia PJSC		2/11/2016		10,769
Private Common Stocks
Pine Labs PTE. Ltd.		5/17/2021		66,794,501
Private Convertible Preferred Stocks
Bundl Technologies Private Ltd.		1/3/2022		74,437,574
Think & Learn Private Limited		3/31/2021		28,658,480
Total Restricted Securities:			$	176,087,290
(Cost $270,801,530)† (3.88 % of Net Assets)

† See Portfolio of Investments for cost of individual securities.

* Less than 0.01%.

Baron Select Funds September 30, 2023

	Baron Global Advantage Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Codere Online Luxembourg, S.A.		12/10/2020	$	1,794,856
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021		557,555
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		24,517,489
Private Convertible Preferred Stocks
Resident Home, Inc.		12/3/2020		4,052,212
Think & Learn Private Limited		3/31/2021		17,196,209
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		10,478,621
Total Restricted Securities:			$	58,596,942
(Cost $79,770,022)† (8.59% of Net Assets)

† See Portfolios of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

• Level 2 – prices determined using other inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

• Level 3 – prices determined using unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

The following is a summary of the inputs used as of September 30, 2023 in valuing the Funds’ investments carried at fair value:

	Baron Partners Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,717,875,006	$	—	$	—	$	6,717,875,006
Private Common Stocks†		—		—		271,021,921		271,021,921
Private Convertible Preferred Stocks		—		—		7,741,224		7,741,224
Private Preferred Stocks		—		—		414,783,367		414,783,367
Short Term Investments		—		272,021		—		272,021
Total Investments	$	6,717,875,006	$	272,021	$	693,546,512	$	7,411,693,539

† See Portfolio of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2023

	Baron Focused Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,030,174,441	$	—	$	—	$	1,030,174,441
Private Common Stocks		—		—		57,870,499		57,870,499
Private Preferred Stocks		—		—		30,230,384		30,230,384
Short Term Investments		—		24,115,119		—		24,115,119
Total Investments	$	1,030,174,441	$	24,115,119	$	88,100,883	$	1,142,390,443
	Baron International Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	159,061,572	$	284,695,898	$	293	$	443,757,763
Rights		5,102		—		—		5,102
Warrants†		24,395		—		—		24,395
Short Term Investments		—		35,613,255		—		35,613,255
Total Investments	$	159,091,069	$	320,309,153	$	293	$	479,400,515

	Baron Real Estate Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,379,462,712	$	—	$	—	$	1,379,462,712
Short Term Investments		—		108,286,243		—		108,286,243
Total Investments	$	1,379,462,712	$	108,286,243	$	—	$	1,487,748,955
	Baron Emerging Markets Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,238,843,533	$	2,841,497,520	$	6,196,735	$	4,086,537,788
Private Common Stocks		—		—		66,794,501		66,794,501
Private Convertible Preferred Stocks†		—		—		103,096,054		103,096,054
Rights		102,687						102,687
Warrants		1,326		—		—		1,326
Short Term Investments		—		267,083,131		—		267,083,131
Total Investments	$	1,238,947,546	$	3,108,580,651	$	176,087,290	$	4,523,615,487
	Baron Global Advantage Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	524,526,998	$	94,286,026		1,794,856	$	620,607,880
Private Common Stocks†		—		—		25,075,044		25,075,044
Private Convertible Preferred Stocks†		—		—		21,248,421		21,248,421
Private Preferred Stocks		—		—		10,478,621		10,478,621
Warrants†		153,404		—		—		153,404
Short Term Investments		—		5,368,869		—		5,368,869
Total Investments	$	524,680,402	$	99,654,895	$	58,596,942	$	682,932,239

† See Portfolio of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2023

	Baron Real Estate Income Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	121,513,520	$	—	$	—	$	121,513,520
Short Term Investments		—		6,883,155		—		6,883,155
Total Investments	$	121,513,520	$	6,883,155	$	—	$	128,396,675
	Baron Health Care Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	186,530,699	$	—	$	—	$	186,530,699
Short Term Investments		—		12,767,305		—		12,767,305
Total Investments	$	186,530,699	$	12,767,305	$	—	$	199,298,004
	Baron FinTech Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	50,692,213	$	1,042,420	$	—	$	51,734,633
Short Term Investments		—		561,736		—		561,736
Total Investments	$	50,692,213	$	1,604,156	$	—	$	52,296,369
	Baron New Asia Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	883,096	$	2,987,044	$	—	$	3,870,140
Short Term Investments		—		426,026		—		426,026
Total Investments	$	883,096	$	3,413,070	$	—	$	4,296,166
	Baron Technology Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,537,366	$	287,845	$	—	$	6,825,211
Short Term Investments		—		294,952		—		294,952
Total Investments	$	6,537,366	$	582,797	$	—	$	7,120,163

† See Portfolio of Investments for additional detailed categorizations.

Baron Select Funds September 30, 2023

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

	Baron Partners Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2023
Private Common Stocks
Communication Services1	$	64,260,385	$	—	$	—	$	18,149,573	$	—	$	—	$	—	$	—	$	82,409,958	$	18,149,573
Industrials		185,269,761		—		—		3,342,202		—		—		—		—		188,611,963		3,342,202
Private Convertible Preferred Stocks
Industrials		7,651,108		—		—		90,116		—		—		—		—		7,741,224		90,116
Private Preferred Stocks
Industrials		407,449,715		—		—		7,333,652		—		—		—		—		414,783,367		7,333,652
Total	$	664,630,969	$	—	$	—	$	28,915,543	$	—	$	—	$	—	$	—	$	693,546,512	$	28,915,543
	Baron Focused Growth Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2023
Private Common Stocks
Industrials	$	56,845,034	$	—	$	—	$	1,025,465	$	—	$	—	$	—	$	—	$	57,870,499	$	1,025,465
Private Preferred Stocks
Industrials		29,695,891		—		—		534,493		—		—		—		—		30,230,384		534,493
Total	$	86,540,925	$	—	$	—	$	1,559,958	$	—	$	—	$	—	$	—	$	88,100,883	$	1,559,958
	Baron International Growth Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2023
Common Stocks
Russia	$	383	$	—	$	—	$	(6,205)	$	6,115	$	—	$	—	$	—	$	293	$	(6,205)

See Footnotes on next page.

Baron Select Funds September 30, 2023

	Baron Emerging Markets Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30 2023
Common Stocks
India2	$	4,695,422	$	—	$	—	$	69,475	$	—	$	—	$	—	$	(4,764,897)	$	—	$	—
Russia		973,717		—		(103,126,958)		138,235,565		466,134		(36,315,690)		—		—		232,768		24,445,209
Spain3		895,880		—		—		(241,285)		—		—		5,309,372		—		5,963,967		376,930
Private Common Stocks
India		62,888,509		—		—		3,905,992		—		—		—		—		66,794,501		3,905,992
Private Convertible Preferred Stocks
India		124,493,494		—		—		(21,397,440)		—		—		—		—		103,096,054		(21,397,440)
Total	$	193,947,022	$	—	$	(103,126,958)	$	120,572,307	$	466,134	$	(36,315,690)	$	5,309,372	$	(4,764,897)	$	176,087,290	$	7,330,691
	Baron Global Advantage Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2023
Common Stocks
Spain3	$	292,283	$	—	$	38,840	$	(104,619)	$	—	$	(38,947)	$	1,607,299	$	—	$	1,794,856	$	335,717
Private Common Stocks
United States		24,083,038		—		—		434,451		—		—		557,5554		—		25,075,044		(12,181,589)
Private Convertible Preferred Stocks
India		44,144,184		—		—		(26,947,975)		—		—		—		—		17,196,209		(26,947,975)
United States		14,339,262		—		—		(9,729,495)		—		—		—		(557,555)4		4,052,212		2,886,545
Private Preferred Stocks
United States		11,087,146		—		—		(608,525)		—		—		—		—		10,478,621		(608,525)
Total	$	93,945,913	$	—	$	38,840	$	(36,956,163)	$	—	$	(38,947)	$	2,164,854		(557,555)	$	58,596,942	$	(36,515,827)
	Baron New Asia Fund
Investments in Securities	Balance as of December 31, 2022		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2023		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2023
Common Stocks
India2	$	5,070	$	—	$	—	$	75	$	—	$	—	$	—	$	(5,145)	$	—	$	—

¹ The GICS sector reclassification for StubHub Holdings, Inc. from Consumer Discretionary to Communication Services occurred on March 17, 2023.

² Aarti Pharmalabs Ltd. commenced trading on an exchange as of January 30, 2023.

³ Codere Online Luxembourg S.A. Founders shares transferred into Level 3 due to restriction on September 29, 2023.

⁴  Farmers Business Network, Inc. private preferred stock conversion to private common stock occurred on September 28, 2023.

Baron Select Funds September 30, 2023

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

Baron Partners Fund
Sector	Company	Fair Value as of September 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2023	Range used on September 30, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	37,919,958	Combination of valuation using multiples, current value via comparable companies, option- pricing, and scenario analysis methods	Enterprise Value / EBITDA Multiple	17.9x%	10.3x – 21.5x	Increase
					Change in the composite equity index of comparable companies	(0.10)%	(0.78)% – 1.30%	Increase
					Discount for lack of marketability	11.45%	8.98% – 11.58%	Decrease
					Estimated volatility of the returns of equity1	44.78%	28.12% – 53.38%	Decrease
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	95% / 4% / 1%	1% – 95%	n/a
Private Common Stocks: Communication Services	X Holdings I, Inc.	$	44,490,000	Combination of valuation using multiples and option-pricing methods	Enterprise Value / Free Cash Flow Multiple	28.8x	20.5x – 37.3x	Increase
					Discount for lack of marketability	26.33%	26.33%	Decrease
					Estimated volatility of the returns of equity3	66.80%	31.52% – 85.33%	Decrease
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	188,611,963	Combination of transaction price and current value via comparable companies	Observed Transaction Price	$81.00	$81.00	Increase
					Change in the composite equity index of comparable companies	0.43%	(1.12)% – 3.28%	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	414,783,367	Combination of transaction price and current value via comparable companies	Observed Transaction Price	$810.00	$810.00	Increase
					Change in the composite equity index of comparable companies	0.43%	(1.12)% – 3.28%	Increase
Private Convertible Preferred Stocks: Industrials	Northvolt AB	$	7,741,224	Combination of transaction price, current value via comparable companies, and option-pricing methods	Observed Transaction Price	$0.37	$0.37	Increase
					Change in the composite equity index of comparable companies	0.65%	(3.00)% – 3.17%	Increase
					Discount for lack of marketability	12.54%	12.54%	Decrease
					Estimated volatility of the returns of equity7	54.16%	28.17% – 82.62%	Decrease

See Footnotes on page 31.

Baron Select Funds September 30, 2023

Baron Focused Growth Fund
Sector	Company	Fair Value as of September 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2023	Range used on September 30, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	57,870,499	Combination of transaction price and current value via comparable companies	Observed Transaction Price	$81.00	$81.00	Increase
					Change in the composite equity index of comparable companies	0.43%	(1.12)% – 3.28%	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	30,230,384	Combination of transaction price and current value via comparable companies	Observed Transaction Price	$810.00	$810.00	Increase
					Change in the composite equity index of comparable companies	0.43%	(1.12)% – 3.28%	Increase
Baron Emerging Markets Fund
Sector	Company	Fair Value as of September 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2023	Range used on September 30, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Financials	Pine Labs PTE. Ltd.	$	66,794,501	Combination of transaction price, current value via comparable companies, scenario analysis, and option- pricing methods	Observed Transaction Price	$609.30	$609.30	Increase
					Change in the composite equity index of comparable companies	0.65%	0% – 0.71%	Increase
					Discount for lack of marketability	6.34%	6.34%	Decrease
					Estimated volatility of the returns of equity4	17.41%	14.60% – 42.62%	Decrease
					Scenario Probabilities: Scenario A / Scenario B5	100% / 0%	0% – 100%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Bundl Technologies Private Ltd.	$	74,437,574	Combination of transaction price, current value via comparable companies, scenario analysis, and option- pricing methods	Observed Transaction Price	INR 492,430.00	INR 492,430.00	Increase
					Change in the composite equity index of comparable companies	1.04%	(1.33)% – 1.59%	Increase
					Discount for lack of marketability	2.44%	2.44%	Decrease
					Estimated volatility of the returns of equity4	26.11%	7.99% – 35.53%	Decrease
					Scenario Probabilities: Scenario A / Scenario B5	100% / 0%	0% – 100%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	28,658,480	Combination of transaction price, current value via comparable companies, and option-pricing methods	Observed Transaction Price	INR 377,469.58	INR 377,469.58	Increase
					Change in the composite equity index of comparable companies	0.00%	0.00%	Increase until limit
					Discount for lack of marketability	8.87%	8.87%	Decrease
					Estimated volatility of the returns of equity4	21.28%	14.60% –  120.46%	Decrease

See Footnotes on page 31.

Baron Select Funds September 30, 2023

Baron Global Advantage Fund
Sector	Company	Fair Value as of September 30, 2023		Valuation Technique	Unobservable Input	Weighted Average used on September 30, 2023	Range used on September 30, 2023	Impact to Valuation from an Increase in Input*
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	24,517,489	Combination of transaction price and current value via comparable companies	Observed Transaction Price	$81.00	$81.00	Increase
					Change in the composite equity index of comparable companies	0.43%	(1.12)% – 3.28%	Increase
Private Common Stocks: Materials	Farmers Business Network, Inc.	$	557,555	Scenario analysis	Public Markets Event Scenario Probabilities6	9.1%	8% – 10%	n/a
					Liquidity Scenario Probabilities: Scenario A / Scenario B5	50.00%	50% – 50%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Resident Home, Inc.	$	4,052,212	Combination of third-party valuation, current value via comparable companies, option-pricing, and scenario analysis methods	Third-Party Valuation	$50.27	$50.27	Increase
					Change in the composite equity index of comparable companies	1.92%	(0.80)% – 3.64%	Increase
					Discount for lack of marketability	17.91%	17.91%	Decrease
					Estimated volatility of the returns of equity1	68.64%	37.14% – 85.35%	Decrease
					Scenario Probabilities: Scenario A / Scenario B5	75% /25%	25% – 75%	n/a
Private Convertible Preferred Stocks: Consumer Discretionary	Think & Learn Private Limited	$	17,196,209	Combination of transaction price, current value via comparable companies, and option-pricing methods	Observed Transaction Price	INR 377,469.58	INR 377,469.58	Increase
					Change in the composite equity index of comparable companies	0.00%	0.00%	Increase until limit
					Discount for lack of marketability	8.87%	8.87%	Decrease
					Estimated volatility of the returns of equity4	21.28%	14.60% – 120.46%	Decrease
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	10,478,621	Combination of transaction price, option-pricing, and scenario analysis methods	Observed Transaction Price	$23.56	$23.56	Increase
					Discount for lack of marketability	8.53%	8.53%	Decrease
					Estimated volatility of the returns of equity4	32.96%	25.36% – 76.73%	Decrease
					Scenario Probabilities: Scenario A / Scenario B5	70% /30%	30% – 70%	n/a

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

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

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

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

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

⁶  The probabilities are associated with a range of potential IPO valuations.

⁷  The volatility was calculated as a simple-average of the volatilities of the individual comparable companies.

* Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end.

A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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.

Baron Select Funds September 30, 2023

5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES

As of September 30, 2023, the Funds’ cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:

	Baron Partners Fund		Baron Focused Growth Fund		Baron International Growth Fund		Baron Real Estate Fund		Baron Emerging Markets Fund		Baron Global Advantage Fund
Cost of investments	$	1,784,614,932	$	769,457,039	$	422,258,272	$	1,287,121,971	$	3,986,290,456	$	540,160,985
Gross tax unrealized appreciation		5,698,884,336		417,925,047		96,167,987		217,375,012		914,499,195		218,551,260
Gross tax unrealized depreciation		(71,805,729)		(44,991,643)		(39,025,744)		(16,748,028)		(377,174,164)		(75,780,006)
Net tax unrealized appreciation (depreciation)	$	5,627,078,607	$	372,933,404	$	57,142,243	$	200,626,984	$	537,325,031	$	142,771,254
	Baron Real Estate Income Fund		Baron Health Care Fund		Baron FinTech Fund		Baron New Asia Fund		Baron Technology Fund
Cost of investments	$	129,212,986	$	171,127,107	$	54,454,684	$	4,673,336	$	7,158,399
Gross tax unrealized appreciation		3,431,409		31,866,309		5,138,122		163,826		422,140
Gross tax unrealized depreciation		(4,247,720)		(3,695,412)		(7,296,437)		(540,996)		(460,376)
Net tax unrealized appreciation (depreciation)	$	(816,311)	$	28,170,897	$	(2,158,315)	$	(377,170)	$	(38,236)

6. RECENT ACCOUNTING PRONOUNCEMENT

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