BARON INVESTMENT FUNDS TRUST NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-5032

BARON INVESTMENT FUNDS TRUST f/k/a BARON ASSET FUND

(Exact Name of Registrant as Specified in Charter)

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Address of Principal Executive Offices) (Zip Code)

Patrick M. Patalino, General Counsel

c/o Baron Investment Funds Trust

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Name and Address of Agent for Service)

(Registrant’s Telephone Number, including Area Code): 212-583-2000

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

Item 1.

Reports to Stockholders.

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Baron Discovery Fund

Baron Durable Advantage Fund

March 31, 2022

Baron Funds^®

Baron Investment Funds Trust

Semi-Annual Financial Report


Baron Asset Fund
Ticker Symbols:
Retail Shares: BARAX Institutional Shares: BARIX R6 Shares: BARUX
Performance			2
Top Ten Holdings			3
Sector Breakdown			3
Management’s Discussion of Fund Performance			3
Baron Growth Fund
Ticker Symbols:
Retail Shares: BGRFX Institutional Shares: BGRIX R6 Shares: BGRUX
Performance			4
Top Ten Holdings			5
Sector Breakdown			5
Management’s Discussion of Fund Performance			5
Baron Small Cap Fund
Ticker Symbols:
Retail Shares: BSCFX Institutional Shares: BSFIX R6 Shares: BSCUX
Performance			6
Top Ten Holdings			7
Sector Breakdown			7
Management’s Discussion of Fund Performance			7
Baron Opportunity Fund
Ticker Symbols:
Retail Shares: BIOPX Institutional Shares: BIOIX R6 Shares: BIOUX
Performance			8
Top Ten Holdings			9
Sector Breakdown			9
Management’s Discussion of Fund Performance			9
Baron Fifth Avenue Growth Fund
Ticker Symbols:
Retail Shares: BFTHX Institutional Shares: BFTIX R6 Shares: BFTUX
Performance			10
Top Ten Holdings			11
Sector Breakdown			11
Management’s Discussion of Fund Performance			11
Baron Discovery Fund
Ticker Symbols:
Retail Shares: BDFFX Institutional Shares: BDFIX R6 Shares: BDFUX
Performance			12
Top Ten Holdings			13
Sector Breakdown			13
Management’s Discussion of Fund Performance			13
Baron Durable Advantage Fund
Ticker Symbols:
Retail Shares: BDAFX Institutional Shares: BDAIX R6 Shares: BDAUX
Performance			14
Top Ten Holdings			15
Sector Breakdown			15
Management’s Discussion of Fund Performance			15
Financial Statements
Statements of Net Assets			16
Statements of Assets and Liabilities			28
Statements of Operations			30
Statements of Changes in Net Assets			32
Notes to Financial Statements			35
Financial Highlights			47
Fund Expenses			54

DEAR BARON INVESTMENT FUNDS SHAREHOLDER:

In this report, you will find unaudited financial statements for Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund (the “Funds”) for the six months ended March 31, 2022. The U.S. Securities and Exchange Commission (the “SEC”) requires mutual funds to furnish these statements semi-annually to their shareholders. We hope you find these statements informative and useful.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

Ronald Baron

Chief Executive Officer

May 27, 2022

Linda S. Martinson

Chairman, President and

Chief Operating Officer

May 27, 2022

Peggy Wong

Treasurer and

Chief Financial Officer

May 27, 2022

This Semi-Annual Financial Report is for the Baron Investment Funds Trust, which currently has seven series: Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund. If you are interested in Baron Select Funds, which contains the 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 series, please visit the Funds’ website at www.BaronFunds.com or contact us at 1-800-99BARON.

The Funds’ Proxy Voting Policy is available without charge and can be found on the Funds’ website at www.BaronFunds.com, by clicking on the “Regulatory Documents” link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the SEC’s website at www.sec.gov. The Funds’ most current proxy voting record, Form N-PX, is also available on the Funds’ website and on the SEC’s website.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. Schedules of portfolio holdings current to the most recent quarter are also available on the Funds’ website.

Some of the comments contained in this report are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “estimate,” “may,” “expect,” “should,” “could,” “believe,” “plan” and other similar terms. We cannot promise future returns and our opinions are a reflection of our best judgment at the time this report is compiled.

The views expressed in this report reflect those of BAMCO, Inc. (“BAMCO” or the “Adviser”) only through the end of the period stated in this report. The views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time without notice based on market and other conditions.

Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. For more complete information about Baron Funds, including charges and expenses, call, write or go to www.BaronFunds.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds’ current prospectus or summary prospectus.

LOGO


Baron Asset Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON ASSET FUND^† (RETAIL SHARES)

INRELATIONTOTHE RUSSELL MIDCAP GROWTH INDEXANDTHE S&P 500 INDEX

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AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (June 12, 1987)
Baron Asset Fund — Retail Shares^{1, 2}		(10.32)%		(1.59)%		13.96%		15.31%		13.83%		11.81%
Baron Asset Fund — Institutional Shares^{1, 2, 4}		(10.21)%		(1.34)%		14.26%		15.60%		14.14%		11.92%
Baron Asset Fund — R6 Shares^{1, 2, 4}		(10.21)%		(1.34)%		14.26%		15.60%		14.13%		11.92%
Russell Midcap Growth Index¹		(10.09)%		(0.89)%		14.81%		15.10%		13.52%		10.57%	³
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.64%		10.48%

*	Not Annualized

^†	The Fund’s 1-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell Midcap^TM Growth Index measures the performance of medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and the Fund are with dividends reinvested, which positively impact the performance results. The indexes are unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

³	For the period June 30, 1987 to March 31, 2022.

⁴

Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.


March 31, 2022 (Unaudited)		Baron Asset Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Gartner, Inc.		8.0%
IDEXX Laboratories, Inc.		6.8%
Mettler-Toledo International, Inc.		5.0%
Verisk Analytics, Inc.		3.8%
ANSYS, Inc.		3.4%
Bio-Techne Corporation		3.2%
West Pharmaceutical Services, Inc.		3.1%
CoStar Group, Inc.		3.0%
FactSet Research Systems, Inc.		3.0%
Vail Resorts, Inc.		2.9%

		42.2%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

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MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Asset Fund¹ declined 10.32%, while the Russell Midcap Growth Index fell 10.09% and the S&P 500 Index increased 5.92%.

Baron Asset Fund invests primarily in medium-sized growth companies for the long term, using a value-oriented purchase discipline. The Fund purchases companies that we believe have sustainable competitive advantages, strong financial characteristics, and exceptional management; and operate in industries with favorable growth characteristics.

The market continued its rally through mid-November 2021, when rapidly increasing inflation, rising rates, the regulatory crackdown in China, and the geopolitical crisis culminating with Russia’s invasion of Ukraine led to a dramatic shift in investors’ risk tolerance and time horizons. Inflation accelerated to 40-year highs, caused largely by an imbalance of supply and demand. Prior expansionary fiscal and monetary policies and pent-up post-COVID spending desires caused demand to surge against supply constrained by supply-chain issues, tight labor markets, and shortages of housing and goods. Russia’s late-February 2022 invasion of Ukraine caused a spike in energy, commodity, and food prices. The Federal Reserve shifted to a more aggressive stance, signaling multiple rate hikes to come. A wave of COVID spurred China to renew lockdown measures. All these factors led to a highly uncertain setting fraught with hard-to-measure risks, and investors rushed to the safety of defensive asset classes, sectors, and styles.

Financials holding contributed slightly. Information Technology, Health Care, and Consumer Discretionary investments detracted the most.

Specialty insurer Arch Capital Group, Ltd. was the top contributor on robust earnings and growth in book value per share. Pricing trends remain favorable in the property & casualty insurance market, and margins for the mortgage insurance business improved substantially as delinquencies decline. We continue to own the stock due to Arch’s strong management team and our expectation of solid growth in earnings and book value.

Ceridian HCM Holding, Inc. was the top detractor. Shares of this payroll software vendor fell as valuations for high-growth technology stocks compressed. We retain conviction. Growth in Ceridian’s flagship Dayforce platform is reaccelerating, helped by share gains, a move up-market, and the employment recovery. We expect Ceridian’s growth to be amplified by its Wallet suite, which allows all employees to request and receive wages as they are earned at no cost.

The economic and investment outlook remains uncertain. Headwinds, including supply-chain disruptions, workforce shortages, rising interest rates, and inflation, seem less likely to resolve quickly. The Federal Reserve has embarked on a less accommodating monetary policy. While this is unnerving, and causing the market to trade down, there is a lot that is still not certain. Against this, we believe that, for the most part, our holdings will weather any potentially challenging conditions well.

We continue to adhere to our longstanding investment methodology while working hard to identify beneficiaries of secular trends in technology and consumer preferences, many of which have been accelerated by the pandemic. We remain optimistic this approach will generate strong performance regardless of the economic climate.

^†

Sector levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. and Standard & Poor’s Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided “as is” with no warranties.

¹	Performance information reflects results of the Retail Shares.


Baron Growth Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON GROWTH FUND (RETAIL SHARES)

INRELATIONTOTHE RUSSELL 2000 GROWTH INDEXANDTHE S&P 500 INDEX

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AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (December 31, 1994)
Baron Growth Fund — Retail Shares^{1, 2}		(7.77)%		2.90%		16.66%		16.63%		14.06%		13.50%
Baron Growth Fund — Institutional Shares^{1, 2, 3}		(7.65)%		3.17%		16.96%		16.93%		14.35%		13.64%
Baron Growth Fund — R6 Shares^{1, 2, 3}		(7.66)%		3.16%		16.96%		16.93%		14.35%		13.64%
Russell 2000 Growth Index¹		(12.62)%		(14.33)%		9.88%		10.33%		11.21%		8.19%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.64%		10.85%

*	Not Annualized.

The Russell 2000^® Growth Index measures the performance of small-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and the Fund are with dividends reinvested, which positively impact the performance results. The indexes are unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.


March 31, 2022 (Unaudited)		Baron Growth Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Total Investments
MSCI, Inc.		9.9%
FactSet Research Systems, Inc.		6.3%
Vail Resorts, Inc.		6.3%
Gartner, Inc.		5.6%
Arch Capital Group Ltd.		5.4%
Choice Hotels International, Inc.		5.2%
IDEXX Laboratories, Inc.		4.3%
Bio-Techne Corporation		4.3%
CoStar Group, Inc.		4.3%
ANSYS, Inc.		4.1%

		55.7%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of total investments)

LOGO

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Growth Fund¹ declined 7.77%, while the Russell 2000 Growth Index fell 12.62% and the S&P 500 Index increased 5.92%.

Baron Growth Fund invests primarily in small-sized U.S. growth companies for the long term. Through independent research, we utilize an investment approach that we believe allows us to look at a business’s fundamental characteristics and beyond the current market environment. We invest based on the potential profitability of a business at what we believe are attractive valuations.

Real Estate holdings contributed slightly. Consumer Discretionary, Industrials, and Health Care detracted the most.

MSCI, Inc. was the top detractor. Shares of this leading provider of investment decision support tools fell in concert with the broader market rotation out of high-growth technology-related stocks. We retain long-term conviction as MSCI owns strong, “all weather” franchises and is positioned to benefit from numerous secular tailwinds in the investment community.

We continue to adhere to our longstanding investment methodology while working hard to identify beneficiaries of secular trends in consumer preferences and technology, many of which have been positively impacted by the pandemic. We remain optimistic that this approach will generate strong performance for our portfolio, regardless of the economic climate.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Small Cap Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON SMALL CAP FUND (RETAIL SHARES)

IN RELATIONTOTHE RUSSELL 2000 GROWTH INDEXANDTHE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (September 30, 1997)
Baron Small Cap Fund — Retail Shares^{1, 2}		(11.83)%		(5.11)%		14.30%		14.81%		12.63%		10.62%
Baron Small Cap Fund — Institutional Shares^{1, 2, 3}		(11.73)%		(4.87)%		14.59%		15.10%		12.92%		10.76%
Baron Small Cap Fund — R6 Shares^{1, 2, 3}		(11.71)%		(4.87)%		14.59%		15.10%		12.92%		10.76%
Russell 2000 Growth Index¹		(12.62)%		(14.33)%		9.88%		10.33%		11.21%		6.57%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.64%		8.60%

*	Not Annualized.


March 31, 2022 (Unaudited)		Baron Small Cap Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Gartner, Inc.		5.7%
ASGN Incorporated		3.9%
ICON Plc		3.7%
Aspen Technology, Inc.		2.9%
SiteOne Landscape Supply, Inc.		2.6%
Installed Building Products, Inc.		2.5%
Guidewire Software, Inc.		2.5%
Kinsale Capital Group, Inc.		2.5%
Red Rock Resorts, Inc.		2.4%
Floor & Decor Holdings, Inc.		2.2%

		30.9%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Small Cap Fund¹ declined 11.83%, while the Russell 2000 Growth Index fell 12.62% and the S&P 500 Index increased 5.92%.

Baron Small Cap Fund invests primarily in small-cap growth companies for the long term. The Fund invests in what we believe are well-run small-cap growth businesses that can be purchased at prices that represent a significant discount to our assessment of future value.

Communication Services holdings contributed slightly. Information Technology, Industrials, and Consumer Discretionary holdings detracted the most.

Process automation software company Aspen Technology, Inc. was the top contributor after it announced a transformative deal with industrial equipment manufacturer Emerson. We expect management to improve the growth, profitability, and cash flow of the acquired businesses by converting them to recurring revenue models while leveraging Emerson’s vast sales force to boost growth.

Vertiv Holdings, LLC was the top detractor. Shares of this provider of digital infrastructure and continuity solutions fell on disappointing earnings and 2022 guidance. A misstep involving insufficient price increases in the inflationary environment pressured profitability. The company has rectified the mistake and is on track to reach its original target margins by the second half of the year.

Even when the macroeconomic picture gets confusing, we stay focused on the actual performance of our holdings. We think our companies can handle near-term cost pressures and profits will revert to uptrends. None of the current macro uncertainty should obscure the fact that we are in an era of great opportunity, and we believe our companies will thrive and grow their value.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Opportunity Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON OPPORTUNITY FUND^† (RETAIL SHARES)

INRELATIONTOTHE RUSSELL 3000 GROWTH INDEXANDTHE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (February 29, 2000)
Baron Opportunity Fund — Retail Shares^{1, 2}		(13.48)%		(6.77)%		27.06%		26.86%		16.95%		9.63%
Baron Opportunity Fund — Institutional Shares^{1, 2, 3}		(13.37)%		(6.52)%		27.39%		27.19%		17.26%		9.80%
Baron Opportunity Fund — R6 Shares^{1, 2, 3}		(13.35)%		(6.51)%		27.40%		27.20%		17.27%		9.80%
Russell 3000 Growth Index¹		0.63%		12.86%		22.68%		20.16%		16.64%		6.82%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.64%		7.62%

*	Not Annualized.

†	The Fund’s 1-, 3-, 5-, and 10-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell 3000^® Growth Index measures the performance of those companies classified as growth among the largest 3,000 U.S. companies, and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and the Fund are with dividends reinvested, which positively impact the performance results. The indexes are unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher.


March 31, 2022 (Unaudited)		Baron Opportunity Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Microsoft Corporation		11.9%
Alphabet Inc.		8.5%
Amazon.com, Inc.		6.3%
Tesla, Inc.		4.5%
NVIDIA Corporation		4.2%
Rivian Automotive, Inc.		3.8%
ZoomInfo Technologies Inc.		3.7%
Gartner, Inc.		2.9%
argenx SE		2.7%
Visa, Inc.		2.5%

		51.0%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

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MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Opportunity Fund¹ declined 13.48%, while the Russell 3000 Growth Index increased 0.63% and the S&P 500 Index increased 5.92%.

Baron Opportunity Fund invests primarily in U.S. growth companies that we believe are driving or benefiting from innovation through development of pioneering, transformative, or technologically advanced products and services. The Fund invests in high-growth businesses of any market capitalization, selected for their capital appreciation potential.

No sector contributed. Information Technology, Health Care, and Consumer Discretionary holdings detracted the most.

Tesla, Inc. contributed the most. Shares of this electric vehicle company increased on continued strong growth and record profitability. Robust demand and operational optimization allowed Tesla to offset inflationary pressure, and vertical integration enabled flexibility around supply bottlenecks.

Rivian Automotive, Inc. detracted the most. Shares of this electric vehicle company fell as industry-wide supply-chain issues resulted in a slowed production ramp. In addition, Rivian launched a poorly communicated price increase plan that met with significant customer dissatisfaction. We expect management’s vision, product position, and liquidity to help overcome current challenges.

This continues to be a time of significant unknowns. However, we don’t have to answer the unanswerable to deliver strong investment returns. Rather, we are focusing our research, analysis, and investment decisions, as we always do, on what we can know and what matters: identifying the durable secular growth trends we believe will drive long-term economic growth and the companies with competitive advantages, profitable business models, and long-term-oriented managers driving or riding these trends. We establish and monitor short- and long-term price targets for holdings and target companies using projections of revenues, earnings, and free cash flow and appropriate multiples, and we buy or add to our shares at prices where we believe we can deliver substantial returns.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Fifth Avenue Growth Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON FIFTH AVENUE GROWTH FUND^†

(RETAIL SHARES)INRELATIONTOTHE RUSSELL 1000 GROWTH INDEXANDTHE S&P 500 INDEX

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AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Ten Years		Since Inception (April 30, 2004)
Baron Fifth Avenue Growth Fund — Retail Shares^{1, 2}		(20.56)%		(10.97)%		14.15%		16.86%		14.18%		10.01%
Baron Fifth Avenue Growth Fund — Institutional Shares^{1, 2, 3}		(20.46)%		(10.75)%		14.43%		17.15%		14.48%		10.21%
Baron Fifth Avenue Growth Fund — R6 Shares^{1, 2, 3}		(20.45)%		(10.73)%		14.44%		17.15%		14.48%		10.21%
Russell 1000 Growth Index¹		1.54%		14.98%		23.60%		20.88%		17.04%		12.04%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.64%		10.38%

*	Not Annualized.

^†	The Fund’s 1- and 3-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

The Russell 1000^® Growth Index measures the performance of large-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and the Fund are with dividends reinvested, which positively impact the performance results. The indexes are unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2022 (Unaudited)		Baron Fifth Avenue Growth Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Amazon.com, Inc.		9.2%
Alphabet Inc.		8.0%
NVIDIA Corporation		5.9%
ServiceNow, Inc.		5.5%
Mastercard Incorporated		5.3%
CrowdStrike, Inc.		4.5%
Rivian Automotive, Inc.		4.5%
Snowflake Inc.		4.1%
Shopify Inc.		4.0%
Tesla, Inc.		4.0%

		55.0%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Fifth Avenue Growth Fund¹ declined 20.56%, while the Russell 1000 Growth Index increased 1.54% and the S&P 500 Index increased 5.92%.

Baron Fifth Avenue Growth Fund focuses on identifying and investing in what we believe are unique companies with sustainable competitive advantages and the ability to redeploy capital at high rates of return. The portfolio is constructed on a bottom-up basis, with the quality of ideas and conviction level the most important determinants of the size of each investment.

We expect our highest conviction businesses to have meaningful weight in the portfolio. Sector weightings are incidental to portfolio construction, and sector exposure is a result of stock selection.

Real Estate holdings contributed slightly. Information Technology, Consumer Discretionary, and Health Care holdings detracted the most.

Tesla, Inc. was the top contributor. Shares of this electric vehicle company increased on continued strong growth and record profitability. Robust demand and operational optimization allowed Tesla to offset inflationary pressure, and vertical integration enabled flexibility around supply bottlenecks.

Our goal remains to maximize long-term returns without taking significant risks of a permanent loss of capital. We are optimistic about the prospects of our investments and continue searching for new ideas while remaining patient and investing only when we believe companies are trading significantly below their intrinsic values.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Discovery Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON DISCOVERY FUND^† (RETAIL SHARES)

INRELATIONTOTHE RUSSELL 2000 GROWTH INDEXANDTHE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Five Years		Since Inception (September 30, 2013)
Baron Discovery Fund — Retail Shares^{1, 2}		(19.05)%		(18.55)%		15.30%		17.45%		15.56%
Baron Discovery Fund — Institutional Shares^{1, 2}		(18.94)%		(18.31)%		15.62%		17.76%		15.86%
Baron Discovery Fund — R6 Shares^{1, 2, 3}		(18.94)%		(18.33)%		15.62%		17.76%		15.86%
Russell 2000 Growth Index¹		(12.62)%		(14.33)%		9.88%		10.33%		9.48%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.99%		14.56%

*	Not Annualized.

^†	The Fund’s 3- and 5-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

³	Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.


March 31, 2022 (Unaudited)		Baron Discovery Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Mercury Systems, Inc.		3.8%
Kinsale Capital Group, Inc.		3.7%
Rexford Industrial Realty, Inc.		3.1%
Boyd Gaming Corporation		2.8%
Progyny, Inc.		2.7%
Axonics, Inc.		2.6%
Endava plc		2.6%
Clearwater Analytics Holdings, Inc.		2.4%
Advanced Energy Industries, Inc.		2.4%
SailPoint Technologies Holdings, Inc.		2.3%

		28.4%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Discovery Fund¹ declined 19.05%, while the Russell 2000 Growth Index fell 12.62% and the S&P 500 Index increased 5.92%.

Baron Discovery Fund invests primarily in small-sized U.S. companies which at time of purchase have market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at June 30, or companies with market capitalizations up to $2.5 billion, whichever is larger.

Financials and Real Estate holdings contributed. Information Technology, Health Care, and Communication Services holdings detracted the most.

Specialty insurer Kinsale Capital Group, Inc. contributed the most on strong financial results. Market conditions remained favorable with rate increases well above loss cost trends, leading to better margins and favorable reserve development. We believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.

S4 Capital plc detracted the most. Shares of this global marketing services business were down on broader concerns about a weakening advertising environment. The company’s auditor, PwC, said it could not complete the work needed for S4 to release 2021 results. We believe the delay will not be material to S4’s long-term growth opportunities.

Over the longer term, we remain encouraged by the prospects for our investments. We try not to be sidetracked by the macro “noise” and instead focus our energies on managing our existing investments and finding new ones. We continue to find high-quality, fast-growing small companies with significant stock appreciation potential.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Durable Advantage Fund (Unaudited)		March 31, 2022

COMPARISONOFTHECHANGEIN VALUEOF $10,000INVESTMENTIN BARON DURABLE ADVANTAGE FUND

(RETAIL SHARES)INRELATIONTOTHE S&P 500 INDEX

LOGO


AVERAGE ANNUAL TOTAL RETURNSFORTHEPERIODSENDED MARCH 31, 2022
	Six Months*		One Year		Three Years		Since Inception (December 29, 2017)
Baron Durable Advantage Fund — Retail Shares^1,2		(0.46)%		14.81%		20.29%		15.55%
Baron Durable Advantage Fund — Institutional Shares^1,2		(0.35)%		15.07%		20.57%		15.81%
Baron Durable Advantage Fund — R6 Shares^1,2		(0.35)%		15.07%		20.57%		15.81%
S&P 500 Index¹		5.92%		15.65%		18.92%		15.25%

*	Not Annualized.

The S&P 500 Index measures the performance of 500 widely held large cap U.S. companies. The index and the Fund are with dividends reinvested, which positively impact the performance results. The index is unmanaged. The index performance is not Fund performance; one cannot invest directly into an index.

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2032, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.


March 31, 2022 (Unaudited)		Baron Durable Advantage Fund

TOP TEN HOLDINGSASOF MARCH 31, 2022


	Percent of Net Assets
Microsoft Corporation		9.3%
Alphabet Inc.		8.6%
Arch Capital Group Ltd.		5.2%
S&P Global Inc.		5.1%
UnitedHealth Group Incorporated		4.9%
Mastercard Incorporated		4.7%
Accenture plc		4.5%
Thermo Fisher Scientific Inc.		4.0%
Danaher Corporation		3.9%
Visa, Inc.		3.8%

		54.0%

SECTOR BREAKDOWNASOF MARCH 31, 2022^†

(as a percentage of net assets)

LOGO

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE

For the six months ended March 31, 2022, Baron Durable Advantage Fund¹ declined 0.46%, while the S&P 500 Index increased 5.92%.

Baron Durable Advantage Fund invests mainly in large-sized U.S. companies with competitive advantages and market capitalizations no smaller than the top 90^th percentile by market capitalization of the S&P 500 Index at June 30, or companies with market capitalizations above $10 billion, whichever is smaller. The Fund emphasizes businesses with excess free cash flow that can be returned to shareholders.

The market continued its rally through mid-November 2021, when rapidly increasing inflation, rising rates, the regulatory crackdown in China, and the geopolitical crisis culminating with Russia’s invasion of Ukraine led to a dramatic shift in investors’ risk tolerance and time horizons. Inflation accelerated to 40-year highs, caused largely by an imbalance of supply and demand. Prior expansionary fiscal and monetary policies and pent-up post-COVID spending desires caused demand to surge against supply constrained by supply-chain issues, tight labor markets, and shortages of housing and goods. Russia’s late-February 2022 invasion of Ukraine caused a spike in energy, commodity, and food prices. The Federal Reserve shifted to a more aggressive stance, signaling multiple rate hikes to come. All these factors led to a highly uncertain setting fraught with hard-to-measure risks, and investors rushed to the safety of defensive asset classes, sectors, and styles.

Financials, Consumer Staples, and Information Technology holdings contributed the most. Communication Services, Materials, and Industrials holdings detracted.

UnitedHealth Group Incorporated was the top contributor. Shares of this leading health insurer increased on robust earnings and guidance. We believe UnitedHealth leads the industry in innovation and execution, as evidenced by its Medicare Advantage share gains, cost controls, and leadership in the shift to value-based care.

Meta Platforms, Inc. was the top detractor. Shares of the owner of Facebook, Instagram, and WhatsApp fell on Apple’s new privacy changes that make it more difficult to measure advertising effectiveness. Management estimated a $10 billion revenue impact for the year. We are evaluating Facebook’s ability to hold its leadership in mobile and provide targeted advertising at scale.

The economic and investment outlook remains uncertain. Headwinds, including supply-chain disruptions, workforce shortages, rising interest rates, and inflation, seem less likely to resolve quickly. The Federal Reserve has embarked on a less accommodating monetary policy. While unnerving, and causing the market to trade down, there is much that is still not certain. Against this, we believe that, for the most part, our holdings will weather any potentially challenging conditions well.

We believe investing in great businesses at attractive valuations will enable us to earn excess risk-adjusted returns over the long term. We look for companies with strong and durable competitive advantages, track records of successful capital allocation, high returns on invested capital, and high free cash flow generation, a significant portion of which is returned to shareholders as dividends or share repurchases. We are optimistic about the prospects of the companies we own while continuing to search for new ideas.

^†

¹	Performance information reflects results of the Retail Shares.


Baron Asset Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (97.32%)
Communication Services (3.09%)
		Cable & Satellite (0.59%)
	235,000	Liberty Broadband Corporation, Cl C¹	$	16,481,956	$	31,800,200

		Interactive Media & Services (2.50%)
	1,127,141	Tripadvisor, Inc.¹		38,751,807		30,568,064
	1,735,709	ZoomInfo Technologies Inc., Cl A¹		43,840,818		103,691,256

				82,592,625		134,259,320

	Total Communication Services			99,074,581		166,059,520


Consumer Discretionary (6.19%)
		Automobile Manufacturers (0.40%)
	425,305	Rivian Automotive, Inc., Cl A¹		33,173,790		21,367,323

		Education Services (0.37%)
	150,000	Bright Horizons Family Solutions, Inc.¹		16,921,054		19,903,500

		Hotels, Resorts & Cruise Lines (2.41%)
	546,442	Choice Hotels International, Inc.		5,198,084		77,463,618
	543,233	Hyatt Hotels Corp., Cl A¹		16,817,762		51,851,590

				22,015,846		129,315,208

		Leisure Facilities (2.92%)
	603,538	Vail Resorts, Inc.		11,683,688		157,082,835

		Specialty Stores (0.09%)
	150,000	Warby Parker, Inc., Cl A¹		4,661,403		5,071,500

	Total Consumer Discretionary			88,455,781		332,740,366


Financials (12.30%)
		Asset Management & Custody Banks (0.67%)
	237,514	T. Rowe Price Group, Inc.		5,729,987		35,909,742

		Financial Exchanges & Data (5.44%)
	370,725	FactSet Research Systems, Inc.		19,898,420		160,950,259
	257,267	MarketAxess Holdings, Inc.		31,487,484		87,522,233
	30,000	MSCI, Inc.		7,783,774		15,086,400
	326,189	Tradeweb Markets, Inc., Cl A		11,978,713		28,662,228

				71,148,391		292,221,120

		Insurance Brokers (0.70%)
	158,421	Willis Towers Watson plc²		19,439,430		37,422,209

		Investment Banking & Brokerage (2.86%)
	1,825,936	The Charles Schwab Corp.		1,609,715		153,944,664

		Property & Casualty Insurance (1.98%)
	2,203,444	Arch Capital Group Ltd.^1,2		7,933,936		106,690,758

		Regional Banks (0.65%)
	216,421	First Republic Bank		5,518,736		35,081,844

	Total Financials			111,380,195		661,270,337


Shares			Cost		Value
Common Stocks (continued)
Health Care (26.77%)
		Biotechnology (0.34%)
	58,366	argenx SE, ADR^1,2	$	18,854,201	$	18,403,383

		Health Care Equipment (9.91%)
	173,000	DexCom, Inc.¹		55,276,880		88,506,800
	673,630	IDEXX Laboratories, Inc.¹		12,186,829		368,516,028
	213,644	Teleflex, Inc.		47,613,406		75,807,300

				115,077,115		532,830,128

		Health Care Supplies (1.67%)
	215,418	The Cooper Companies, Inc.		36,713,299		89,956,403

		Health Care Technology (1.82%)
	459,386	Veeva Systems, Inc., Cl A¹		27,115,596		97,601,150

		Life Sciences Tools & Services (13.03%)
	399,986	Bio-Techne Corporation		39,595,545		173,209,937
	314,000	Guardant Health, Inc.^1,4		27,540,662		20,799,360
	212,552	Illumina, Inc.¹		9,061,707		74,265,669
	194,117	Mettler-Toledo International, Inc.¹		11,674,111		266,559,523
	404,404	West Pharmaceutical Services, Inc.		17,498,069		166,092,767

				105,370,094		700,927,256

	Total Health Care			303,130,305		1,439,718,320


Industrials (14.62%)
		Environmental & Facilities Services (1.07%)
	1,643,418	Rollins, Inc.		24,597,482		57,601,801

		Industrial Conglomerates (2.26%)
	257,192	Roper Technologies, Inc.		26,184,327		121,453,778

		Industrial Machinery (1.22%)
	340,760	IDEX Corporation		24,525,881		65,333,915

		Research & Consulting Services (10.07%)
	1,480,474	Clarivate Plc^1,2		23,687,584		24,812,744
	2,439,930	CoStar Group, Inc.¹		59,005,227		162,523,737
	1,453,500	TransUnion		78,426,049		150,204,690
	951,206	Verisk Analytics, Inc.		23,582,787		204,157,344

				184,701,647		541,698,515

	Total Industrials			260,009,337		786,088,009


Information Technology (29.45%)
		Application Software (14.00%)
	571,856	ANSYS, Inc.¹		20,310,482		181,650,058
	395,300	Aspen Technology, Inc.¹		40,628,908		65,370,761
	400,000	Avalara, Inc.¹		57,489,016		39,804,000
	1,636,093	Ceridian HCM Holding, Inc.¹		64,026,866		111,843,317
	924,656	Clearwater Analytics Holdings, Inc., Cl A¹		20,534,625		19,417,776
	150,000	Fair Isaac Corp.¹		63,616,939		69,969,000
	1,421,809	Guidewire Software, Inc.¹		77,473,157		134,531,568
	65,861	HubSpot, Inc.¹		39,133,172		31,280,023
	771,076	SS&C Technologies Holdings, Inc.		20,933,204		57,846,122
	594,000	The Trade Desk, Inc., Cl A¹		11,554,017		41,134,500

				415,700,386		752,847,125


16		See Notes to Financial Statements.


March 31, 2022		Baron Asset Fund

STATEMENT OF NET ASSETS (Unaudited) (Continued)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (continued)

Information Technology (continued)

		Data Processing & Outsourced Services (1.10%)
	589,217	Fidelity National Information Services, Inc.	$	33,648,187	$	59,169,171

		Electronic Components (1.26%)
	900,000	Amphenol Corp., Cl A		42,881,684		67,815,000

		Internet Services & Infrastructure (3.16%)
	592,103	Verisign, Inc.¹		27,318,889		131,719,233
	365,000	Wix.com Ltd.^1,2		30,731,208		38,127,900

				58,050,097		169,847,133

		IT Consulting & Other Services (8.61%)
	115,000	EPAM Systems, Inc.¹		64,962,944		34,110,150
	1,441,323	Gartner, Inc.¹		31,107,253		428,735,940

				96,070,197		462,846,090

		Technology Distributors (1.32%)
	397,363	CDW Corp.		26,228,965		71,084,267

	Total Information Technology			672,579,516		1,583,608,786


Materials (0.21%)
		Specialty Chemicals (0.21%)
	1,503,529	Diversey Holdings Ltd.^1,2		22,552,935		11,381,715


Real Estate (4.69%)
		Real Estate Services (0.92%)
	542,323	CBRE Group, Inc., Cl A¹		6,067,334		49,633,401

		Specialized REITs (3.77%)
	205,000	Alexandria Real Estate Equities, Inc.⁴		30,958,643		41,256,250
	75,416	Equinix, Inc.		4,951,691		55,930,014
	306,856	SBA Communications Corp.		7,734,438		105,589,149

				43,644,772		202,775,413

	Total Real Estate			49,712,106		252,408,814

	Total Common Stocks			1,606,894,756		5,233,275,867



Private Common Stocks (0.71%)
Consumer Discretionary (0.71%)
		Internet & Direct Marketing Retail (0.71%)
	197,613	StubHub Holdings, Inc., Cl A^1,3,4,6		50,000,041		38,285,543



Private Preferred Stocks (1.03%)
Industrials (1.03%)
		Aerospace & Defense (1.03%)
	96,298	Space Exploration Technologies Corp., Cl N^1,3,4,6		26,000,460		55,285,163

Principal Amount

Cost

Value

Short Term Investments (0.65%)

$35,076,597

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2022, 0.00% due 4/1/2022; Proceeds at maturity - $35,076,597; (Fully collateralized by $35,907,200 U.S. Treasury Note, 2.375% due 03/31/2029 Market value - $35,778,150)⁵

35,076,597

Total Investments (99.71%)

1,717,971,854

5,361,923,170

Cash and Other Assets Less Liabilities (0.29%)

15,610,357

Net Assets

5,377,533,527

Retail Shares (Equivalent to $100.34 per share
based on 24,409,186 shares outstanding)

2,449,152,376

Institutional Shares (Equivalent to $105.75 per share
based on 26,052,993 shares outstanding)

2,754,993,423

R6 Shares (Equivalent to $105.72 per share
based on 1,639,993 shares outstanding)

173,387,728

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At March 31, 2022, the market value of restricted and fair valued securities amounted to $93,570,706 or 1.74% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities.

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

⁵	Level 2 security. See Note 7 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		17


Baron Growth Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (100.01%)
Communication Services (4.11%)
		Alternative Carriers (3.88%)
	7,900,000	Iridium Communications, Inc.^1,4	$	48,702,979	$	318,528,000

		Movies & Entertainment (0.23%)
	1,297,110	Manchester United plc, Cl A²		17,077,993		18,769,182

	Total Communication Services			65,780,972		337,297,182


Consumer Discretionary (20.47%)
		Casinos & Gaming (4.27%)
	440,000	Boyd Gaming Corporation		11,056,072		28,943,200
	5,650,000	Penn National Gaming, Inc.¹		70,123,607		239,673,000
	1,695,000	Red Rock Resorts, Inc., Cl A		31,464,689		82,309,200

				112,644,368		350,925,400

		Education Services (2.12%)
	1,310,000	Bright Horizons Family Solutions, Inc.¹		41,415,154		173,823,900

		Hotels, Resorts & Cruise Lines (7.59%)
	3,000,000	Choice Hotels International, Inc.⁴		72,782,127		425,280,000
	1,255,000	Marriott Vacations Worldwide Corp.		67,098,661		197,913,500

				139,880,788		623,193,500

		Leisure Facilities (6.34%)
	2,000,000	Vail Resorts, Inc.		56,102,209		520,540,000

		Restaurants (0.15%)
	600,000	Krispy Kreme, Inc.		10,015,645		8,910,000
	100,000	Sweetgreen, Inc., Cl A¹		2,839,373		3,199,000

				12,855,018		12,109,000

	Total Consumer Discretionary			362,897,537		1,680,591,800


Financials (34.49%)
		Asset Management & Custody Banks (3.12%)
	1,900,000	The Carlyle Group, Inc.		38,825,707		92,929,000
	1,900,000	Cohen & Steers, Inc.		41,176,154		163,191,000

				80,001,861		256,120,000

		Financial Exchanges & Data (19.50%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		520,980,000
	960,000	Morningstar, Inc.		19,610,765		262,243,200
	1,625,000	MSCI, Inc.		30,348,303		817,180,000

				109,913,643		1,600,403,200

		Investment Banking & Brokerage (0.77%)
	450,000	Houlihan Lokey, Inc.		19,625,873		39,510,000
	500,000	Moelis & Co., Cl A		9,070,381		23,475,000

				28,696,254		62,985,000

		Life & Health Insurance (2.67%)
	1,600,000	Primerica, Inc.		33,522,261		218,912,000

		Property & Casualty Insurance (8.17%)
	9,150,000	Arch Capital Group Ltd.^1,2		28,563,829		443,043,000
	1,000,000	Kinsale Capital Group, Inc.		35,007,763		228,020,000

				63,571,592		671,063,000

		Thrifts & Mortgage Finance (0.26%)
	520,000	Essent Group Ltd.²		14,300,210		21,429,200

	Total Financials			330,005,821		2,830,912,400


Shares			Cost		Value
Common Stocks (continued)
Health Care (13.59%)
		Biotechnology (0.14%)
	350,000	Denali Therapeutics, Inc.¹	$	6,236,522	$	11,259,500

		Health Care Equipment (4.36%)
	655,000	IDEXX Laboratories, Inc.¹		9,242,525		358,324,300

		Health Care Supplies (0.43%)
	1,147,434	Neogen Corp.¹		13,141,410		35,386,865

		Health Care Technology (0.10%)
	250,000	Schrödinger, Inc.¹		2,785,688		8,530,000

		Life Sciences Tools & Services (8.17%)
	820,000	Bio-Techne Corporation		43,273,300		355,092,800
	80,000	Mettler-Toledo International, Inc.¹		3,660,212		109,855,200
	500,000	West Pharmaceutical Services, Inc.		17,009,689		205,355,000

				63,943,201		670,303,000

		Pharmaceuticals (0.39%)
	598,076	Dechra Pharmaceuticals PLC (United Kingdom)^2,6		18,422,044		31,753,082

	Total Health Care			113,771,390		1,115,556,747


Industrials (6.44%)
		Building Products (1.23%)
	1,550,000	Trex Company, Inc.¹		13,965,800		101,261,500

		Environmental & Facilities Services (0.21%)
	1,253,077	BrightView Holdings, Inc.¹		15,579,166		17,054,378

		Industrial Machinery (0.68%)
	4,275,000	Marel hf (Netherlands)^2,6		18,281,670		24,925,616
	239,507	Velo3D, Inc.¹		1,943,249		2,229,810
	3,303,044	Velo3D, Inc. PIPE^1,3,7		33,030,440		28,934,665

				53,255,359		56,090,091

		Research & Consulting Services (4.32%)
	5,320,000	CoStar Group, Inc.¹		22,233,732		354,365,200

	Total Industrials			105,034,057		528,771,169


Information Technology (14.38%)
		Application Software (8.40%)
	725,000	Altair Engineering, Inc., Cl A¹		11,330,019		46,690,000
	1,075,000	ANSYS, Inc.¹		24,674,410		341,473,750
	1,025,000	Guidewire Software, Inc.¹		31,789,104		96,985,500
	1,000,000	Pegasystems, Inc.		13,997,009		80,650,000
	1,650,000	SS&C Technologies Holdings, Inc.		12,506,469		123,783,000

				94,297,011		689,582,250

		Electronic Components (0.18%)
	60,000	Littelfuse, Inc.		6,452,400		14,964,600

		Electronic Equipment & Instruments (0.15%)
	1,500,000	Mirion Technologies, Inc.¹		15,000,000		12,105,000

		IT Consulting & Other Services (5.65%)
	1,560,000	Gartner, Inc.¹		21,805,590		464,037,600

	Total Information Technology			137,555,001		1,180,689,450


18		See Notes to Financial Statements.


March 31, 2022		Baron Growth Fund

STATEMENT OF NET ASSETS (Unaudited) (Continued)

MARCH 31, 2022

Shares

Cost

Value

Common Stocks (continued)

Real Estate (6.53%)

Diversified REITs (0.09%)

200,000

American Assets Trust, Inc.

3,437,271

7,578,000

Office REITs (1.51%)

3,700,000

Douglas Emmett, Inc.

39,249,426

123,654,000

Specialized REITs (4.93%)

750,000

Alexandria Real Estate Equities, Inc.⁵

26,054,963

150,937,500

5,400,000

Gaming and Leisure Properties, Inc.

114,745,147

253,422,000

140,800,110

404,359,500

Total Real Estate

183,486,807

535,591,500

Total Common Stocks

1,298,531,585

8,209,410,248

Private Convertible Preferred Stocks (0.48%)

Industrials (0.21%)

Electrical Components & Equipment (0.21%)

��

59,407,006

Northvolt AB, Series E (Sweden)^2,3,5^,7

9,374,988

17,142,426

Materials (0.27%)

Fertilizers & Agricultural Chemicals (0.27%)

341,838

Farmers Business Network, Inc., Series F^1,3,5,7

11,300,002

18,120,833

80,440

Farmers Business Network, Inc., Series G^1,3,5,7

5,000,000

4,338,129

Total Materials

16,300,002

22,458,962

Total Private Convertible Preferred Stocks

25,674,990

39,601,388

Shares

Cost

Value

Warrants (0.01%)

Consumer Discretionary (0.01%)

Hotels, Resorts & Cruise Lines (0.01%)

96,515

OneSpaWorld Holdings Ltd.
Warrants, Exp 3/19/2024^1,2,5

289,545

Total Investments (100.50%)

1,324,206,575

8,249,301,181

Liabilities Less Cash and Other Assets (-0.50%)

(40,860,649

)

Net Assets

8,208,440,532

Retail Shares (Equivalent to $100.60 per share
based on 26,454,457 shares outstanding)

2,661,340,041

Institutional Shares (Equivalent to $105.43 per share
based on 50,629,807 shares outstanding)

5,338,023,364

R6 Shares (Equivalent to $105.44 per share
based on 1,982,845 shares outstanding)

209,077,127

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At March 31, 2022, the market value of restricted and fair valued securities amounted to $68,536,053 or 0.83% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities.

⁴	See Note 10 regarding “Affiliated” companies.

⁵	The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited).

⁶	Level 2 security. See Note 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		19


Baron Small Cap Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost			Value
Common Stocks (96.52%)
Communication Services (4.39%)
		Cable & Satellite (1.42%)
	75,000	Liberty Broadband Corporation, Cl A¹	$	298,828		$	9,829,500
	200,000	Liberty Broadband Corporation, Cl C¹		772,163			27,064,000
	625,000	Liberty Media Corp.-Liberty SiriusXM, Cl C¹		1,322,732			28,581,250

				2,393,723			65,474,750

		Movies & Entertainment (2.97%)
	1,200,000	Liberty Media Corporation-Liberty Formula One, Cl C¹		21,262,385			83,808,000
	150,000	Madison Square Garden Entertainment Corp.¹		2,346,185			12,496,500
	225,000	Madison Square Garden Sports Corp.¹		8,416,556			40,356,000

				32,025,126			136,660,500

	Total Communication Services			34,418,849			202,135,250


Consumer Discretionary (15.63%)
		Auto Parts & Equipment (1.28%)
	4,250,000	Holley, Inc.¹		42,725,069			59,117,500

		Casinos & Gaming (3.69%)
	875,000	DraftKings, Inc., Cl A¹		11,187,787			17,036,250
	1,025,000	Penn National Gaming, Inc.¹		18,170,393			43,480,500
	2,250,000	Red Rock Resorts, Inc., Cl A		56,514,491			109,260,000

				85,872,671			169,776,750

		Education Services (1.80%)
	625,000	Bright Horizons Family Solutions, Inc.¹		19,174,147			82,931,250

		Home Improvement Retail (2.20%)
	1,250,000	Floor & Decor Holdings, Inc., Cl A¹		44,151,665			101,250,000

		Homebuilding (2.52%)
	1,375,000	Installed Building Products, Inc.		73,961,325			116,173,750

		Hotels, Resorts & Cruise Lines (0.17%)
	1,000,000	Membership Collective Group, Inc., Cl A¹		13,900,478			7,760,000

		Leisure Facilities (1.47%)
	800,000	Planet Fitness, Inc., Cl A¹		28,416,505			67,584,000

		Restaurants (1.54%)
	1,300,000	The Cheesecake Factory, Inc.¹		34,336,169			51,727,000
	594,000	Sweetgreen, Inc., Cl A^1,5		17,963,876			19,002,060

				52,300,045	��		70,729,060

		Specialized Consumer Services (0.96%)
	1,500,000	European Wax Center, Inc., Cl A¹		29,559,506			44,340,000

	Total Consumer Discretionary			390,061,411			719,662,310


Consumer Staples (1.77%)
		Packaged Foods & Meats (1.04%)
	3,250,000	UTZ Brands, Inc.		52,760,273			48,035,000

		Personal Products (0.73%)
	2,000,000	The Beauty Health Co.¹		37,683,293			33,760,000

	Total Consumer Staples			90,443,566			81,795,000


Shares			Cost		Value
Common Stocks (continued)
Financials (5.41%)
		Insurance Brokers (1.75%)
	3,000,000	BRP Group, Inc., Cl A¹	$	48,364,954	$	80,490,000

		Investment Banking & Brokerage (1.19%)
	625,000	Houlihan Lokey, Inc.		28,909,333		54,875,000

		Property & Casualty Insurance (2.47%)
	500,000	Kinsale Capital Group, Inc.		72,425,817		114,010,000

	Total Financials			149,700,104		249,375,000


Health Care (14.51%)
		Health Care Equipment (5.92%)
	1,000,000	Axonics, Inc.¹		35,459,918		62,600,000
	300,000	CryoPort, Inc.¹		13,683,573		10,473,000
	175,000	DexCom, Inc.¹		2,321,073		89,530,000
	60,000	IDEXX Laboratories, Inc.¹		829,217		32,823,600
	300,000	Inspire Medical Systems, Inc.^1,3		15,398,159		77,007,000

				67,691,940		272,433,600

		Health Care Supplies (0.35%)
	750,000	Figs, Inc., Cl A¹		19,269,865		16,140,000

		Life Sciences Tools & Services (5.36%)
	250,000	Guardant Health, Inc.^1,3		4,953,266		16,560,000
	700,000	ICON plc^1,2		38,492,341		170,254,000
	2,186,090	MaxCyte, Inc.¹		25,381,884		15,280,769
	32,500	Mettler-Toledo International, Inc.¹		1,571,421		44,628,675

				70,398,912		246,723,444

		Managed Health Care (1.73%)
	800,000	HealthEquity, Inc.¹		13,208,487		53,952,000
	500,000	Progyny, Inc.¹		21,183,189		25,700,000

				34,391,676		79,652,000

		Pharmaceuticals (1.15%)
	1,000,000	Dechra Pharmaceuticals PLC (United Kingdom)^2,4		28,027,985		53,092,051

	Total Health Care			219,780,378		668,041,095


Industrials (23.83%)
		Aerospace & Defense (4.35%)
	2,350,000	Kratos Defense & Security Solutions, Inc.¹		35,335,984		48,128,000
	1,100,000	Mercury Systems, Inc.¹		32,157,703		70,895,000
	125,000	TransDigm Group, Inc.¹		0		81,442,500

				67,493,687		200,465,500

		Building Products (2.67%)
	1,500,000	The AZEK Co., Inc.¹		37,683,893		37,260,000
	4,250,000	Janus International Group, Inc.¹		42,271,540		38,250,000
	725,000	Trex Company, Inc.¹		27,101,408		47,364,250

				107,056,841		122,874,250

		Diversified Support Services (1.14%)
	2,000,000	Driven Brands Holdings, Inc.¹		49,781,951		52,560,000

		Electrical Components & Equipment (2.27%)
	1,000,000	Shoals Technologies Group, Inc., Cl A¹		26,144,538		17,040,000
	6,250,000	Vertiv Holdings Co.		61,620,882		87,500,000

				87,765,420		104,540,000


20		See Notes to Financial Statements.


March 31, 2022		Baron Small Cap Fund

STATEMENT OF NET ASSETS (Unaudited) (Continued)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (continued)

Industrials (continued)

		Environmental & Facilities Services (1.37%)
	450,000	Waste Connections, Inc.²	$	19,650,000	$	62,865,000

		Human Resource & Employment Services (5.22%)
	1,550,000	ASGN, Inc.¹		34,021,695		180,900,500
	2,950,000	First Advantage Corp.¹		49,805,039		59,560,500

				83,826,734		240,461,000

		Industrial Machinery (2.34%)
	500,000	John Bean Technologies Corp.		42,775,111		59,235,000
	250,000	RBC Bearings, Incorporated¹		28,984,544		48,470,000

				71,759,655		107,705,000

		Research & Consulting Services (1.00%)
	2,750,000	Clarivate Plc^1,2		29,075,838		46,090,000

		Trading Companies & Distributors (3.47%)
	3,241,500	Hillman Solutions Corp.^1,3		37,070,531		38,509,020
	750,000	SiteOne Landscape Supply, Inc.¹		17,970,318		121,267,500

				55,040,849		159,776,520

	Total Industrials			571,450,975		1,097,337,270


Information Technology (25.48%)
		Application Software (10.97%)
	750,000	Altair Engineering, Inc., Cl A¹		11,935,619		48,300,000
	800,000	Aspen Technology, Inc.¹		29,983,938		132,296,000
	850,000	Ceridian HCM Holding, Inc.¹		23,711,721		58,106,000
	850,000	Clearwater Analytics Holdings, Inc., Cl A¹		17,993,951		17,850,000
	6,886,792	E2open Parent Holdings, Inc.¹		70,859,467		60,672,638
	1,225,000	Guidewire Software, Inc.¹		31,269,359		115,909,500
	4,000,000	SmartRent, Inc.^1,3		44,329,709		20,240,000
	750,000	The Trade Desk, Inc., Cl A¹		2,662,500		51,937,500

				232,746,264		505,311,638

		Data Processing & Outsourced Services (3.50%)
	750,000	Nuvei Corp., 144A (Canada) ^1,2		20,780,312		56,542,500
	768,150	Paya Holdings, Inc., Cl A¹		7,913,082		4,501,359
	3,750,000	Repay Holdings Corporation¹		33,928,047		55,387,500
	250,000	WEX, Inc.¹		10,329,020		44,612,500

				72,950,461		161,043,859

		Electronic Equipment & Instruments (2.01%)
	1,200,000	Cognex Corp.		9,420,069		92,580,000

		Internet Services & Infrastructure (0.51%)
	225,000	Wix.com Ltd.^1,2		11,474,117		23,503,500

		IT Consulting & Other Services (8.36%)
	750,000	Endava plc (United Kingdom), ADR^1,2		23,557,249		99,772,500
	875,000	Gartner, Inc.¹		12,606,753		260,277,500
	1,750,000	Grid Dynamics Holdings, Inc.¹		17,114,054		24,640,000

				53,278,056		384,690,000

		Systems Software (0.13%)
	175,000	Jamf Holding Corp.^1,3		4,591,479		6,091,750

	Total Information Technology			384,460,446		1,173,220,747


Materials (2.57%)
		Metal & Glass Containers (0.69%)
	550,000	Berry Global Group, Inc.¹		8,652,147		31,878,000

		Specialty Chemicals (1.88%)
	1,800,000	Avient Corp.		57,431,587		86,400,000

	Total Materials			66,083,734		118,278,000

Shares

Cost

Value

Common Stocks (continued)

Real Estate (2.93%)

Specialized REITs (2.93%)

1,750,000

Americold Realty Trust³

31,429,914

48,790,000

250,000

SBA Communications Corp.

1,006,880

86,025,000

Total Real Estate

32,436,794

134,815,000

Total Common Stocks

1,938,836,257

4,444,659,672

Principal Amount

Short Term Investments (3.75%)

Repurchase Agreement (3.32%)

$152,961,566

Repurchase Agreement with Fixed Income Clearing Corp., dated 03/31/2022, 0.00% due 4/1/2022; Proceeds at maturity - $152,961,566; (Fully collateralized by $122,315,200 U.S. Treasury Bond, 4.375% due 2/15/2038 Market value - $154,164,977) and $1,486,800 U.S. Treasury Bond, 4.25% due 5/15/2039 Market value - $1,855,828)⁴

152,961,566

Securities Lending Collateral (0.43%)

19,848,400

State Street Navigator Securities Lending Prime Portfolio^4,6

19,848,400

Total Short Term Investments

172,809,966

Total Investments (100.27%)

2,111,646,223

4,617,469,638

Liabilities Less Cash and Other Assets (-0.27%)

(12,490,277

)

Net Assets

4,604,979,361

Retail Shares (Equivalent to $31.89 per share
based on 48,225,821 shares outstanding)

1,537,850,841

Institutional Shares (Equivalent to $34.09 per share
based on 82,752,906 shares outstanding)

2,821,065,473

R6 Shares (Equivalent to $34.08 per share
based on 7,220,576 shares outstanding)

246,063,047

%	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 7 regarding Fair Value Measurements.

⁵	The value of all securities loaned at March 31, 2022 amounted to $17,760,848 or 0.39% of net assets. See Note 2d regarding Securities Lending.

⁶	Represents investment of cash collateral received from securities lending transactions. See Note 2d regarding Securities Lending.

^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 March 31, 2022, the market value of Rule 144A securities amounted to $56,542,500 or 1.23% of net assets.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		21


Baron Opportunity Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (96.10%)
Communication Services (18.88%)
		Advertising (0.76%)
	1,600,000	Innovid Corp.¹	$	16,000,000	$	9,664,000

		Interactive Home Entertainment (2.33%)
	129,000	Electronic Arts, Inc.		15,273,979		16,319,790
	85,000	Take-Two Interactive Software, Inc.¹		11,392,892		13,067,900

				26,666,871		29,387,690

		Interactive Media & Services (13.55%)
	38,550	Alphabet, Inc., Cl C¹		51,063,702		107,669,764
	473,000	Snap, Inc., Cl A¹		8,695,816		17,023,270
	778,369	ZoomInfo Technologies Inc., Cl A¹		25,572,629		46,499,764

				85,332,147		171,192,798

		Movies & Entertainment (2.24%)
	650,000	Endeavor Group Holdings, Inc., Cl A¹		15,600,000		19,188,000
	24,425	Netflix, Inc.¹		3,966,732		9,149,361

				19,566,732		28,337,361

	Total Communication Services			147,565,750		238,581,849


Consumer Discretionary (15.73%)
		Automobile Manufacturers (8.30%)
	391,829	Rivian Automotive, Inc., Cl A¹		30,562,662		19,685,489
	606,300	Rivian Automotive, Inc., Cl A^1,3,6		12,000,006		28,192,950
	52,900	Tesla, Inc.¹		3,163,928		57,005,040

				45,726,596		104,883,479

		Hotels, Resorts & Cruise Lines (0.32%)
	458,333	eDreams ODIGEO SA (Spain)^1,2,5		4,447,092		4,045,059

		Internet & Direct Marketing Retail (7.11%)
	24,275	Amazon.com, Inc.¹		29,742,116		79,135,286
	9,029	MercadoLibre, Inc.¹		5,446,863		10,739,815

				35,188,979		89,875,101

	Total Consumer Discretionary			85,362,667		198,803,639


Health Care (11.73%)
		Biotechnology (4.29%)
	108,639	argenx SE, ADR^1,2		11,575,600		34,254,963
	432,600	Arrowhead Pharmaceuticals, Inc.¹		17,960,006		19,895,274

				29,535,606		54,150,237

		Health Care Equipment (4.39%)
	125,300	Edwards Lifesciences Corp.¹		7,054,705		14,750,316
	49,505	Intuitive Surgical, Inc.¹		6,724,756		14,934,669
	124,600	Shockwave Medical, Inc.¹		6,169,288		25,837,056

				19,948,749		55,522,041

		Health Care Supplies (1.15%)
	675,779	Figs, Inc., Cl A¹		19,966,710		14,542,764

		Life Sciences Tools & Services (1.90%)
	282,500	CareDx, Inc.^1,4		10,217,675		10,449,675
	38,715	Illumina, Inc.¹		9,409,204		13,527,021

				19,626,879		23,976,696

	Total Health Care			89,077,944		148,191,738


Shares			Cost		Value
Common Stocks (continued)
Industrials (1.86%)
		Research & Consulting Services (1.86%)
	353,330	CoStar Group, Inc.¹	$	14,974,268	$	23,535,311


Information Technology (47.07%)
		Application Software (12.31%)
	23,700	Adobe, Inc.¹		4,199,063		10,798,194
	49,000	Atlassian Corp. PLC, Cl A^1,2		11,935,490		14,397,670
	383,070	Ceridian HCM Holding, Inc.¹		28,971,891		26,186,665
	183,600	Guidewire Software, Inc.¹		6,634,335		17,372,232
	32,200	HubSpot, Inc.¹		16,682,167		15,293,068
	42,200	ServiceNow, Inc.^1,4		11,057,710		23,500,758
	993,086	SimilarWeb Ltd.^1,2		17,059,115		12,860,464
	152,410	The Trade Desk, Inc., Cl A¹		2,846,756		10,554,393
	102,900	Workday, Inc., Cl A¹		25,384,358		24,640,434

				124,770,885		155,603,878

		Data Processing & Outsourced Services (4.98%)
	3,000	Adyen N.V., (Netherlands), 144A^1,2,5		2,422,754		5,942,080
	69,800	MasterCard Incorporated, Cl A		15,595,187		24,945,124
	144,300	Visa, Inc., Cl A		23,990,038		32,001,411

				42,007,979		62,888,615

		Electronic Equipment & Instruments (0.95%)
	297,133	PAR Technology Corp.¹		12,121,242		11,986,345

		Internet Services & Infrastructure (1.25%)
	13,000	Shopify, Inc., Cl A^1,2		10,927,630		8,787,480
	67,043	Wix.com Ltd.^1,2		3,803,923		7,003,312

				14,731,553		15,790,792

		IT Consulting & Other Services (4.99%)
	196,368	Endava plc, ADR^1,2		6,765,549		26,122,835
	124,087	Gartner, Inc.¹		5,794,585		36,910,919

				12,560,134		63,033,754

		Semiconductors (5.85%)
	1,770,000	indie Semiconductor, Inc., Cl A¹		17,169,776		13,823,700
	720,000	Navitas Semiconductor Corp.¹		8,324,990		7,401,600
	193,400	NVIDIA Corp.		16,952,127		52,771,124

				42,446,893		73,996,424

		Systems Software (16.74%)
	83,223	Crowdstrike Holdings, Inc., Cl A¹		7,258,503		18,898,279
	86,000	Datadog, Inc., Cl A^1,4		13,092,843		13,026,420
	488,900	Microsoft Corporation		77,215,554		150,732,759
	35,700	MongoDB, Inc.^1,4		13,796,186		15,836,163
	57,008	Snowflake, Inc., Cl A^1,4		9,565,302		13,062,243

				120,928,388		211,555,864

	Total Information Technology			369,567,074		594,855,672


Real Estate (0.83%)
		Specialized REITs (0.83%)
	14,225	Equinix, Inc.		2,122,124		10,549,544

	Total Common Stocks			708,669,827		1,214,517,753


22		See Notes to Financial Statements.


March 31, 2022		Baron Opportunity Fund

STATEMENT OF NET ASSETS (Unaudited) (Continued)

MARCH 31, 2022

Shares

Cost

Value

Private Common Stocks (0.62%)

Industrials (0.62%)

Aerospace & Defense (0.62%)

105,020

Space Exploration
Technologies Corp., Cl A^1,3,4,6

4,607,169

6,029,303

31,890

Space Exploration
Technologies Corp., Cl C^1,3,4,6

1,392,972

1,830,837

Total Private Common Stocks

6,000,141

7,860,140

Private Convertible Preferred Stocks (0.92%)

Materials (0.92%)

Fertilizers & Agricultural Chemicals (0.92%)

219,321

Farmers Business Network, Inc., Series F^1,3,4,6

7,250,007

11,626,206

Private Preferred Stocks (1.27%)

Industrials (1.27%)

Aerospace & Defense (0.84%)

18,519

Space Exploration
Technologies Corp., Cl N^1,3,4,6

5,000,130

10,631,851

Trucking (0.43%)

266,956

GM Cruise Holdings, Cl G^1,3,4,6

7,034,290

5,363,146

Total Private Preferred Stocks

12,034,420

15,994,997

Principal Amount

Cost

Value

Short Term Investments (1.23%)

$15,562,709

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2022, 0.00% due 4/1/2022; Proceeds at maturity - $15,562,709; (Fully collateralized by $15,786,800 U.S. Treasury Note, 2.375% due 5/15/2029 Market value - $15,874,017)⁵

15,562,709

Total Investments (100.14%)

749,517,104

1,265,561,805

Liabilities Less Cash and Other Assets (-0.14%)

(1,776,295

)

Net Assets

1,263,785,510

Retail Shares (Equivalent to $34.71 per share
based on 19,587,427 shares outstanding)

679,918,233

Institutional Shares (Equivalent to $36.80 per share
based on 15,001,781 shares outstanding)

552,068,172

R6 Shares (Equivalent to $36.85 per share
based on 863,047 shares outstanding)

31,799,105

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At March 31, 2022, the market value of restricted and fair valued securities amounted to $63,674,293 or 5.04% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities.

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

⁵	Level 2 security. See Note 7 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

^144A

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		23


Baron Fifth Avenue Growth Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (98.79%)
Communication Services (13.63%)
		Interactive Media & Services (13.63%)
	11,490	Alphabet, Inc., Cl A¹	$	17,696,237	$	31,957,712
	4,994	Alphabet, Inc., Cl C¹		1,245,172		13,948,192
	52,815	Meta Platforms Inc., Cl A¹		1,282,259		11,743,943
	348,023	ZoomInfo Technologies Inc., Cl A¹		12,177,461		20,790,894

	Total Communication Services			32,401,129		78,440,741


Consumer Discretionary (19.97%)
		Automobile Manufacturers (8.48%)
	439,572	Rivian Automotive, Inc., Cl A¹		34,286,616		22,084,097
	81,411	Rivian Automotive, Inc., Cl A^1,4,6		2,999,995		3,785,612
	21,275	Tesla, Inc.¹		18,118,441		22,925,940

				55,405,052		48,795,649

		Internet & Direct Marketing Retail (11.49%)
	16,190	Amazon.com, Inc.¹		3,277,033		52,778,590
	11,172	MercadoLibre, Inc.¹		6,296,449		13,288,871

				9,573,482		66,067,461

	Total Consumer Discretionary			64,978,534		114,863,110


Health Care (12.45%)
		Biotechnology (2.23%)
	40,756	argenx SE, ADR^1,2		12,223,325		12,850,774

		Health Care Equipment (3.84%)
	73,176	Intuitive Surgical, Inc.¹		8,405,327		22,075,736

		Health Care Technology (2.90%)
	78,616	Veeva Systems, Inc., Cl A¹		5,541,991		16,702,755

		Life Sciences Tools & Services (3.48%)
	75,455	10X Genomics, Inc., Cl A¹		6,999,703		5,739,862
	40,799	Illumina, Inc.¹		4,178,618		14,255,171

				11,178,321		19,995,033

	Total Health Care			37,348,964		71,624,298


Information Technology (52.74%)
		Application Software (9.86%)
	46,661	Adobe, Inc.¹		23,251,749		21,259,685
	66,675	Gitlab, Inc., Cl A^1,3		5,133,975		3,630,454
	57,199	ServiceNow, Inc.^1,3		22,291,419		31,853,551

				50,677,143		56,743,690

		Data Processing & Outsourced Services (10.22%)
	6,218	Adyen N.V., 144A (Netherlands)^1,2,5		4,711,862		12,315,952
	119,978	Block, Inc., Cl A¹		24,977,891		16,269,017
	84,535	MasterCard Incorporated, Cl A		9,859,109		30,211,118

				39,548,862		58,796,087

		Internet Services & Infrastructure (4.04%)
	34,355	Shopify, Inc., Cl A^1,2		41,427,934		23,222,606

		IT Consulting & Other Services (4.47%)
	87,068	Endava plc, ADR^1,2		10,484,110		11,582,656
	47,658	EPAM Systems, Inc.¹		4,533,338		14,135,839

				15,017,448		25,718,495

		Semiconductor Equipment (2.41%)
	20,813	ASML Holding N.V.²		1,293,130		13,901,627


Shares			Cost		Value
Common Stocks (continued)

Information Technology (continued)

		Semiconductors (5.92%)
	124,857	NVIDIA Corp.	$	19,486,945	$	34,068,481

		Systems Software (15.82%)
	82,239	Cloudflare, Inc., Cl A^1,3		9,174,782		9,844,008
	114,467	Crowdstrike Holdings, Inc., Cl A¹		9,838,034		25,993,167
	112,074	Datadog, Inc., Cl A^1,3		6,351,200		16,975,849
	101,579	Snowflake, Inc., Cl A^1,3		19,565,695		23,274,796
	90,472	Twilio, Inc., Cl A^1,3		12,400,515		14,910,690

				57,330,226		90,998,510

	Total Information Technology			224,781,688		303,449,496

	Total Common Stocks			359,510,315		568,377,645


Private Common Stocks (0.53%)
Industrials (0.53%)
		Aerospace & Defense (0.53%)
	41,330	Space Exploration Technologies Corp., Cl A^1,3,4,6		1,932,253		2,372,796
	12,240	Space Exploration Technologies Corp., Cl C^1,3,4,6		567,691		702,711

	Total Private Common Stocks			2,499,944		3,075,507


Private Preferred Stocks (0.47%)
Industrials (0.47%)
		Trucking (0.47%)
	133,288	GM Cruise Holdings, Cl G^1,3,4,6		3,512,139		2,677,756

	Total Investments (99.79%)		$	365,522,398		574,130,908

	Cash and Other Assets Less Liabilities (0.21%)					1,214,353

	Net Assets				$	575,345,261

	Retail Shares (Equivalent to $42.65 per share based on 3,199,645 shares outstanding)				$	136,477,352

	Institutional Shares (Equivalent to $43.89 per share based on 9,280,656 shares outstanding)				$	407,359,932

	R6 Shares (Equivalent to $43.91 per share based on 717,547 shares outstanding)				$	31,507,977

%	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	At March 31, 2022, the market value of restricted and fair valued securities amounted to $9,538,875 or 1.66% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities.

⁵	Level 2 security. See Note 7 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

^144A

All securities are Level 1, unless otherwise noted.


24		See Notes to Financial Statements.


March 31, 2022		Baron Discovery Fund

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (97.94%)
Communication Services (4.30%)
		Advertising (1.04%)
	4,250,000	S4 Capital PLC (United Kingdom)^1,2,4	$	15,642,611	$	16,008,625

		Interactive Media & Services (1.40%)
	2,250,000	Nextdoor Holdings, Inc.¹		22,682,922		13,477,500
	300,000	Tripadvisor, Inc.¹		9,989,047		8,136,000

				32,671,969		21,613,500

		Movies & Entertainment (0.76%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A¹		5,634,811		11,679,050

		Publishing (1.10%)
	500,000	Future PLC (United Kingdom)^2,4		8,704,278		16,989,866

	Total Communication Services			62,653,669		66,291,041


Consumer Discretionary (9.73%)
		Casinos & Gaming (3.80%)
	650,000	Boyd Gaming Corporation		42,549,481		42,757,000
	325,000	Red Rock Resorts, Inc., Cl A		8,497,295		15,782,000

				51,046,776		58,539,000

		Home Improvement Retail (2.02%)
	385,000	Floor & Decor Holdings, Inc., Cl A¹		14,814,971		31,185,000

		Restaurants (1.81%)
	700,000	The Cheesecake Factory, Inc.¹		25,634,342		27,853,000

		Specialty Stores (2.10%)
	1,650,000	Petco Health & Wellness Co., Inc.¹		33,697,235		32,290,500

	Total Consumer Discretionary			125,193,324		149,867,500


Consumer Staples (4.39%)
		Packaged Foods & Meats (1.44%)
	1,500,000	UTZ Brands, Inc.		24,154,227		22,170,000

		Personal Products (2.19%)
	2,000,000	The Beauty Health Co.¹		21,322,653		33,760,000

		Soft Drinks (0.76%)
	500,000	Fevertree Drinks PLC (United Kingdom)^2,4		14,434,277		11,674,422

	Total Consumer Staples			59,911,157		67,604,422


Financials (4.92%)
		Insurance Brokers (1.22%)
	700,007	BRP Group, Inc., Cl A¹		13,660,901		18,781,188

		Property & Casualty Insurance (3.70%)
	250,000	Kinsale Capital Group, Inc.		20,250,978		57,005,000

	Total Financials			33,911,879		75,786,188


Shares			Cost		Value
Common Stocks (continued)
Health Care (20.63%)
		Health Care Equipment (9.04%)
	637,982	Axonics, Inc.¹	$	28,878,670	$	39,937,673
	202,500	CryoPort, Inc.¹		5,127,704		7,069,275
	114,823	Inari Medical, Inc.¹		4,216,755		10,407,557
	822,985	Inogen, Inc.¹		35,599,745		26,681,174
	50,000	Inspire Medical Systems, Inc.^1,3		2,923,748		12,834,500
	640,208	Silk Road Medical, Inc.^1,3		27,145,351		26,434,188
	4,060,000	ViewRay, Inc.¹		20,943,586		15,915,200

				124,835,559		139,279,567

		Health Care Services (1.07%)
	936,763	Accolade, Inc.¹		27,799,030		16,449,558

		Health Care Supplies (1.28%)
	2,629,967	Cerus Corp.¹		14,027,651		14,438,519
	2,365,363	Sientra, Inc.¹		17,781,625		5,251,106

				31,809,276		19,689,625

		Health Care Technology (1.61%)
	1,003,543	Definitive Healthcare Corp.¹		26,561,705		24,737,335

		Life Sciences Tools & Services (3.30%)
	749,029	CareDx, Inc.^1,3		24,236,579		27,706,583
	68,980	Seer, Inc.¹		1,310,620		1,051,255
	803,790	Veracyte, Inc.^1,3		23,046,062		22,160,490

				48,593,261		50,918,328

		Managed Health Care (2.70%)
	808,279	Progyny, Inc.¹		22,837,832		41,545,541

		Pharmaceuticals (1.63%)
	1,291,732	Revance Therapeutics, Inc.¹		28,479,368		25,188,774

	Total Health Care			310,916,031		317,808,728


Industrials (18.16%)
		Aerospace & Defense (7.27%)
	176,095	Axon Enterprise, Inc.¹		23,622,686		24,253,564
	1,402,370	Kratos Defense & Security Solutions, Inc.¹		26,203,698		28,720,538
	916,300	Mercury Systems, Inc.¹		48,998,573		59,055,535

				98,824,957		112,029,637

		Building Products (0.93%)
	220,000	Trex Company, Inc.¹		7,416,878		14,372,600

		Diversified Support Services (1.15%)
	1,200,000	ACV Auctions, Inc., Cl A¹		31,541,757		17,772,000

		Environmental & Facilities Services (2.06%)
	599,642	Montrose Environmental Group, Inc.¹		10,554,326		31,739,051

		Industrial Machinery (4.96%)
	90,000	Chart Industries, Inc.¹		13,540,492		15,459,300
	100,000	Helios Technologies, Inc.		3,611,648		8,025,000
	253,105	Kornit Digital Ltd.^1,2		8,856,307		20,929,253
	1,705,185	Markforged Holding Corp.¹		14,565,523		6,803,688
	50,000	RBC Bearings, Inc.¹		10,475,838		9,694,000
	1,658,272	Velo3D, Inc.¹		16,824,565		15,438,512

				67,874,373		76,349,753

		Trading Companies & Distributors (1.79%)
	170,000	SiteOne Landscape Supply, Inc.¹		9,122,861		27,487,300

	Total Industrials			225,335,152		279,750,341


See Notes to Financial Statements.		25


Baron Discovery Fund		March 31, 2022

STATEMENT OF NET ASSETS (Unaudited) (Continued)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (continued)
Information Technology (30.57%)
		Application Software (5.36%)
	1,100,000	Alkami Technology, Inc.¹	$	33,522,023	$	15,741,000
	155,000	Braze, Inc., Cl A¹		9,891,842		6,427,850
	1,750,000	Clearwater Analytics Holdings, Inc., Cl A¹		35,629,586		36,750,000
	483,389	Enfusion, Inc., Cl A¹		8,553,714		6,148,708
	135,000	Gitlab, Inc., Cl A^1,3		8,093,614		7,350,750
	2,000,000	SmartRent, Inc.^1,3		24,766,329		10,120,000

				120,457,108		82,538,308

		Electronic Equipment & Instruments (4.11%)
	425,321	Advanced Energy Industries, Inc.		30,735,779		36,611,632
	10,431	Novanta, Inc.^1,2		272,590		1,484,227
	625,000	PAR Technology Corp.¹		24,408,205		25,212,500

				55,416,574		63,308,359

		IT Consulting & Other Services (2.59%)
	300,000	Endava plc, ADR^1,2		7,125,604		39,909,000

		Semiconductor Equipment (3.24%)
	160,000	Azenta, Inc.		16,765,323		13,260,800
	490,800	Ichor Holdings Ltd.^1,2		11,435,027		17,482,296
	175,000	Nova Ltd.^1,2		4,080,927		19,054,000

				32,281,277		49,797,096

		Semiconductors (3.98%)
	725,000	Allegro MicroSystems, Inc.¹		10,150,000		20,590,000
	2,910,000	indie Semiconductor, Inc., Cl A¹		27,712,225		22,727,100
	1,750,000	Navitas Semiconductor Corp.¹		18,425,978		17,990,000

				56,288,203		61,307,100

		Systems Software (11.29%)
	1,741,910	Couchbase, Inc.^1,3		46,720,663		30,344,072
	278,775	Dynatrace, Inc.^1,3		5,035,211		13,130,303
	657,759	ForgeRock, Inc., Cl A^1,3		19,865,094		14,418,077
	759,531	Ping Identity Holding Corp.¹		13,954,936		20,833,935
	215,000	Qualys, Inc.¹		18,211,240		30,618,150
	685,000	Sailpoint Technologies Holdings, Inc.¹		35,897,180		35,058,300
	621,000	Varonis Systems, Inc.¹		19,427,813		29,522,340

				159,112,137		173,925,177

	Total Information Technology			430,680,903		470,785,040


Real Estate (5.24%)
		Industrial REITs (3.15%)
	650,000	Rexford Industrial Realty, Inc.		31,657,136		48,483,500

		Residential REITs (2.09%)
	575,000	American Campus Communities, Inc.		30,969,183		32,182,750

	Total Real Estate			62,626,319		80,666,250

	Total Common Stocks			1,311,228,434		1,508,559,510

Principal Amount

Cost

Value

Short Term Investments (2.04%)

$31,429,907

Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2022, 0.00% due 4/1/2022; Proceeds at maturity - $31,429,907; (Fully collateralized by $31,882,400 U.S. Treasury Note, 2.375% due 5/15/2029 Market value - $32,058,539)⁴

31,429,907

Total Investments (99.98%)

1,342,658,341

1,539,989,417

Cash and Other Assets Less Liabilities (0.02%)

335,820

Net Assets

1,540,325,237

Retail Shares (Equivalent to $28.83 per share
based on 7,043,555 shares outstanding)

203,098,072

Institutional Shares (Equivalent to $29.48 per share
based on 43,609,570 shares outstanding)

1,285,494,803

R6 Shares (Equivalent to $29.48 per share
based on 1,754,797 shares outstanding)

51,732,362

%	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 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


26		See Notes to Financial Statements.


March 31, 2022		Baron Durable Advantage Fund

STATEMENT OF NET ASSETS (Unaudited)

MARCH 31, 2022


Shares			Cost		Value
Common Stocks (94.10%)
Communication Services (9.61%)
		Interactive Media & Services (9.61%)
	512	Alphabet, Inc., Cl A¹	$	1,487,246	$	1,424,051
	958	Alphabet, Inc., Cl C¹		1,610,666		2,675,684
	2,257	Meta Platforms, Inc., Cl A¹		469,129		501,867

	Total Communication Services			3,567,041		4,601,602


Consumer Staples (4.18%)
		Hypermarkets & Super Centers (3.22%)
	2,676	Costco Wholesale Corp.		1,023,813		1,540,975

		Personal Products (0.96%)
	1,690	The Estée Lauder Companies, Inc., Cl A		427,446		460,221

	Total Consumer Staples			1,451,259		2,001,196


Financials (22.37%)
		Asset Management & Custody Banks (3.01%)
	963	BlackRock, Inc.		643,869		735,896
	12,450	Brookfield Asset Management, Inc., Cl A²		743,216		704,296

				1,387,085		1,440,192

		Financial Exchanges & Data (14.11%)
	6,529	CME Group, Inc.		1,275,979		1,552,988
	4,232	Moody’s Corp.		1,137,523		1,427,919
	2,700	MSCI, Inc.		1,255,011		1,357,776
	5,905	S&P Global, Inc.		1,774,729		2,422,113

				5,443,242		6,760,796

		Property & Casualty Insurance (5.25%)
	51,898	Arch Capital Group Ltd.^1,2		2,099,909		2,512,901

	Total Financials			8,930,236		10,713,889


Health Care (15.94%)
		Life Sciences Tools & Services (11.05%)
	6,617	Agilent Technologies, Inc.		868,656		875,628
	6,397	Danaher Corp.		1,322,291		1,876,432
	442	Mettler-Toledo International, Inc.¹		472,780		606,950
	3,276	Thermo Fisher Scientific, Inc.		1,528,319		1,934,969

				4,192,046		5,293,979

		Managed Health Care (4.89%)
	4,596	UnitedHealth Group, Incorporated		1,635,925		2,343,822

	Total Health Care			5,827,971		7,637,801


Industrials (2.30%)
		Aerospace & Defense (2.30%)
	8,696	HEICO Corp., Cl A		983,395		1,102,914


Information Technology (38.51%)
		Application Software (8.83%)
	3,095	Adobe, Inc.¹		1,380,898		1,410,144
	1,396	Fair Isaac Corp.¹		566,434		651,178
	2,594	Intuit, Inc.		1,170,839		1,247,299
	2,293	NICE Ltd. ADR ^1,2		667,925		502,167
	5,604	SS&C Technologies Holdings, Inc.		320,645		420,412

				4,106,741		4,231,200


Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)

		Data Processing & Outsourced Services (8.54%)
	6,288	MasterCard Incorporated, Cl A	$	2,043,831	$	2,247,205
	8,302	Visa, Inc., Cl A		1,841,721		1,841,135

				3,885,552		4,088,340

		Electronic Manufacturing Services (2.60%)
	9,489	TE Connectivity Ltd.²		1,274,950		1,242,869

		IT Consulting & Other Services (4.48%)
	6,369	Accenture plc, Cl A ²		1,783,778		2,147,818

		Semiconductors (4.78%)
	2,088	Monolithic Power Systems, Inc.		809,016		1,014,100
	6,948	Texas Instruments, Inc.		1,207,846		1,274,819

				2,016,862		2,288,919

		Systems Software (9.28%)
	14,420	Microsoft Corporation		3,354,283		4,445,830

	Total Information Technology			16,422,166		18,444,976


Materials (1.19%)
		Specialty Chemicals (1.19%)
	3,232	Ecolab, Inc.		687,543		570,642

	Total Common Stocks			37,869,611		45,073,020



Principal Amount
Short Term Investments (5.48%)
	$2,625,141	Repurchase Agreement with Fixed Income Clearing Corp., dated 3/31/2022, 0.00% due 4/1/2022; Proceeds at maturity - $2,625,141; (Fully collateralized by $2,687,400 U.S. Treasury Note, 2.375% due 3/31/2029 Market value - $2,677,741)³		2,625,141		2,625,141

	Total Investments (99.58%)		$	40,494,752		47,698,161

	Cash and Other Assets Less Liabilities (0.42%)					203,421

	Net Assets				$	47,901,582

	Retail Shares (Equivalent to $18.33 per share based on 626,738 shares outstanding)				$	11,485,114

	Institutional Shares (Equivalent to $18.51 per share based on 1,734,817 shares outstanding)				$	32,107,039

	R6 Shares (Equivalent to $18.51 per share based on 232,860 shares outstanding)				$	4,309,429

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	Level 2 security. See Note 7 regarding Fair Value Measurements.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.


See Notes to Financial Statements.		27


Baron Funds		March 31, 2022

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

MARCH 31, 2022


	Baron Asset Fund		Baron Growth Fund		Baron Small Cap Fund		Baron Opportunity Fund
Assets:
Investments in securities, at value†*
Unaffiliated investments	$	5,361,923,170	$	7,505,493,181	$	4,617,469,638	$	1,265,561,805
“Affiliated” investments		—		743,808,000		—		—

Total investments, at value		5,361,923,170		8,249,301,181		4,617,469,638		1,265,561,805
Foreign currency, at value**		—		193,709		—		—
Cash		—		19,693		—		—
Receivable for securities sold		18,783,976		—		40,686,096		2,767,344
Receivable for shares sold		3,548,885		4,711,978		3,781,982		2,449,714
Dividends and interest receivable		1,828,193		7,991		1,896,962		—
Prepaid expenses		55,755		86,023		48,301		13,503

		5,386,139,979		8,262,303,671		4,663,882,979		1,270,792,366

Liabilities:
Payable for securities purchased		4,250,384		—		20,780,312		5,752,893
Payable for shares redeemed		3,802,543		18,716,779		15,508,598		1,089,384
Trustee fees payable (Note 4)		69,073		101,589		59,750		18,111
Investment advisory fees payable (Note 4)		602		281		51		89
Distribution fees payable (Note 4)		123		473		672		802
Due to custodian bank		—		—		2,276,950		—
Payable for borrowings against line of credit		—		34,500,000		—		—
Payable for collateral on loaned securities		—		—		19,848,400		—
Accrued expenses and other payables		483,727		544,017		428,885		145,577

		8,606,452		53,863,139		58,903,618		7,006,856

Net Assets	$	5,377,533,527	$	8,208,440,532	$	4,604,979,361	$	1,263,785,510

Net Assets consist of:
Paid-in capital	$	1,759,547,050	$	1,157,727,064	$	1,915,771,411	$	770,818,661
Distributable earnings/(losses)		3,617,986,477		7,050,713,468		2,689,207,950		492,966,849

Net Assets	$	5,377,533,527	$	8,208,440,532	$	4,604,979,361	$	1,263,785,510

Retail Shares:
Net Assets	$	2,449,152,376	$	2,661,340,041	$	1,537,850,841	$	679,918,233
Shares Outstanding ($0.01 par value; indefinite shares authorized)		24,409,186		26,454,457		48,225,821		19,587,427

Net Asset Value and Offering Price Per Share	$	100.34	$	100.60	$	31.89	$	34.71

Institutional Shares:
Net Assets	$	2,754,993,423	$	5,338,023,364	$	2,821,065,473	$	552,068,172
Shares Outstanding ($0.01 par value; indefinite shares authorized)		26,052,993		50,629,807		82,752,906		15,001,781

Net Asset Value and Offering Price Per Share	$	105.75	$	105.43	$	34.09	$	36.80

R6 Shares:
Net Assets	$	173,387,728	$	209,077,127	$	246,063,047	$	31,799,105
Shares Outstanding ($0.01 par value; indefinite shares authorized)		1,639,993		1,982,845		7,220,576		863,047

Net Asset Value and Offering Price Per Share	$	105.72	$	105.44	$	34.08	$	36.85


†Securities on loan, at value:
Unaffiliated investments	$	—	$	—	$	17,760,848	$	—


*Investments in securities, at cost:
Unaffiliated investments	$	1,717,971,854	$	1,202,721,469	$	2,111,646,223	$	749,517,104
“Affiliated” investments		—		121,485,106		—		—

Total investments, at cost	$	1,717,971,854	$	1,324,206,575	$	2,111,646,223	$	749,517,104


**Foreign currency, at cost:	$	—	$	195,285	$	—	$	—


28		See Notes to Financial Statements.


March 31, 2022		Baron Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

MARCH 31, 2022


	Baron Fifth Avenue Growth Fund		Baron Discovery Fund		Baron Durable Advantage Fund
Assets:
Investments in securities, at value†*
Unaffiliated investments	$	574,130,908	$	1,539,989,417	$	47,698,161
“Affiliated” investments		—		—		—

Total investments, at value		574,130,908		1,539,989,417		47,698,161
Foreign currency, at value**		—		—		—
Cash		65,397		—		397
Receivable for securities sold		6,244,021		—		—
Receivable for shares sold		183,791		2,818,966		570,519
Dividends and interest receivable		—		320,754		5,594
Prepaid expenses		6,826		15,926		558

		580,630,943		1,543,145,063		48,275,229

Liabilities:
Payable for securities purchased		2,467,699		—		319,988
Payable for shares redeemed		226,484		2,618,873		7,196
Trustee fees payable (Note 4)		9,760		24,262		435
Investment advisory fees payable (Note 4)		804		327		—
Distribution fees payable (Note 4)		618		918		200
Due to custodian bank		—		261		—
Payable for borrowings against line of credit		2,500,000		—		—
Payable for collateral on loaned securities		—		—		—
Accrued expenses and other payables		80,317		175,185		45,828

		5,285,682		2,819,826		373,647

Net Assets	$	575,345,261	$	1,540,325,237	$	47,901,582

Net Assets consist of:
Paid-in capital	$	337,777,617	$	1,371,055,783	$	41,930,980
Distributable earnings/(losses)		237,567,644		169,269,454		5,970,602

Net Assets	$	575,345,261	$	1,540,325,237	$	47,901,582

Retail Shares:
Net Assets	$	136,477,352	$	203,098,072	$	11,485,114
Shares Outstanding ($0.01 par value; indefinite shares authorized)		3,199,645		7,043,555		626,738

Net Asset Value and Offering Price Per Share	$	42.65	$	28.83	$	18.33

Institutional Shares:
Net Assets	$	407,359,932	$	1,285,494,803	$	32,107,039
Shares Outstanding ($0.01 par value; indefinite shares authorized)		9,280,656		43,609,570		1,734,817

Net Asset Value and Offering Price Per Share	$	43.89	$	29.48	$	18.51

R6 Shares:
Net Assets	$	31,507,977	$	51,732,362	$	4,309,429
Shares Outstanding ($0.01 par value; indefinite shares authorized)		717,547		1,754,797		232,860

Net Asset Value and Offering Price Per Share	$	43.91	$	29.48	$	18.51


†Securities on loan, at value:
Unaffiliated investments	$	—	$	—	$	—


*Investments in securities, at cost:
Unaffiliated investments	$	365,522,398	$	1,342,658,341	$	40,494,752
“Affiliated” investments		—		—		—

Total investments, at cost	$	365,522,398	$	1,342,658,341	$	40,494,752


**Foreign currency, at cost:	$	—	$	—	$	—


See Notes to Financial Statements.		29


Baron Funds		March 31, 2022

STATEMENTS OF OPERATIONS (Unaudited)

FORTHE SIX MONTHS ENDED MARCH 31, 2022


	Baron Asset Fund			Baron Growth Fund			Baron Small Cap Fund			Baron Opportunity Fund
Investment income:
Income:
Dividends — Unaffiliated investments	$	10,586,645		$	45,802,315		$	11,362,007		$	936,066
Dividends — “Affiliated” investments		—			1,425,000			2,120,625			—
Interest		846			4,237			—			—
Securities lending income, net		—			161,502			954,873			—
Foreign taxes withheld on dividends		—			(36,274	)		(33,551	)		—

Total income		10,587,491			47,356,780			14,403,954			936,066

Expenses:
Investment advisory fees (Note 4)		29,242,265			44,642,198			25,374,794			7,476,464
Distribution fees — Retail Shares (Note 4)		3,375,424			3,645,160			2,156,699			998,080
Shareholder servicing agent fees and expenses — Retail Shares		169,380			124,495			93,215			53,000
Shareholder servicing agent fees and expenses — Institutional Shares		50,865			84,015			44,415			15,353
Shareholder servicing agent fees and expenses — R6 Shares		4,089			5,135			6,022			782
Reports to shareholders		379,700			431,100			361,800			91,850
Trustee fees and expenses (Note 4)		143,150			211,678			123,624			37,695
Custodian and fund accounting fees		70,910			140,675			123,305			21,516
Professional fees		65,200			90,880			56,580			29,890
Registration and filing fees		58,220			78,680			76,360			105,700
Line of credit fees		29,927			45,165			25,767			8,045
Insurance expense		28,492			41,222			23,618			8,502
Administration fees		27,286			29,776			26,872			23,284
Miscellaneous expenses		2,425			2,425			2,432			2,457

Total operating expenses		33,647,333			49,572,604			28,495,503			8,872,618
Interest expense on borrowings		—			130,790			—			357

Total expenses		33,647,333			49,703,394			28,495,503			8,872,975
Reimbursement of expenses by Adviser — Retail Shares (Note 4)		—			—			—			—
Reimbursement of expenses by Adviser — Institutional Shares (Note 4)		—			—			—			—
Reimbursement of expenses by Adviser — R6 Shares (Note 4)		—			—			—			—

Net expenses		33,647,333			49,703,394			28,495,503			8,872,975

Net investment income (loss)		(23,059,842	)		(2,346,614	)		(14,091,549	)		(7,936,909	)

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold — Unaffiliated investments		29,096,264			185,631,423			196,404,851			(13,498,993	)
Net realized gain (loss) on investments sold — “Affiliated” investments		—			—			8,338,400			—
Net realized gain (loss) on foreign currency transactions		—			(4,869	)		(10,627	)		3,944
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		(622,335,157	)		(926,688,188	)		(768,352,359	)		(197,661,821	)
Investments — “Affiliated” investments		—			49,883,000			(35,460,052	)		—
Unfunded commitments		346,731			746,100			—			299,342
Foreign currency translations		—			(2,919	)		(2,246	)		—

Net gain (loss) on investments		(592,892,162	)		(690,435,453	)		(599,082,033	)		(210,857,528	)

Net increase (decrease) in net assets resulting from operations	$	(615,952,004	)	$	(692,782,067	)	$	(613,173,582	)	$	(218,794,437	)


30		See Notes to Financial Statements.


March 31, 2022		Baron Funds

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

FORTHE SIX MONTHS ENDED MARCH 31, 2022


	Baron Fifth Avenue Growth Fund			Baron Discovery Fund			Baron Durable Advantage Fund
Investment income:
Income:
Dividends — Unaffiliated investments	$	273,724		$	2,188,121		$	196,235
Dividends — “Affiliated” investments		—			—			—
Interest		199			—			—
Securities lending income, net		—			6,235			—
Foreign taxes withheld on dividends		(11,518	)		—			(192	)

Total income		262,405			2,194,356			196,043

Expenses:
Investment advisory fees (Note 4)		2,622,175			9,005,331			166,849
Distribution fees — Retail Shares (Note 4)		208,504			294,059			13,298
Shareholder servicing agent fees and expenses — Retail Shares		20,439			20,806			8,143
Shareholder servicing agent fees and expenses — Institutional Shares		12,595			34,765			5,880
Shareholder servicing agent fees and expenses — R6 Shares		822			1,017			99
Reports to shareholders		27,600			163,690			2,906
Trustee fees and expenses (Note 4)		20,403			51,829			920
Custodian and fund accounting fees		18,838			55,531			6,776
Professional fees		25,235			30,246			26,700
Registration and filing fees		28,500			61,410			45,734
Line of credit fees		4,234			9,643			235
Insurance expense		3,920			8,264			155
Administration fees		22,936			23,650			22,420
Miscellaneous expenses		2,425			2,457			2,457

Total operating expenses		3,018,626			9,762,698			302,572
Interest expense on borrowings		10,509			—			—

Total expenses		3,029,135			9,762,698			302,572
Reimbursement of expenses by Adviser — Retail Shares (Note 4)		(13,232	)		—			(28,643	)
Reimbursement of expenses by Adviser — Institutional Shares (Note 4)		—			—			(72,591	)
Reimbursement of expenses by Adviser — R6 Shares (Note 4)		—			—			(8,357	)

Net expenses		3,015,903			9,762,698			192,981

Net investment income (loss)		(2,753,498	)		(7,568,342	)		3,062

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments sold — Unaffiliated investments		36,336,548			(13,402,730	)		(1,206,441	)
Net realized gain (loss) on investments sold — “Affiliated” investments		—			—			—
Net realized gain (loss) on foreign currency transactions		—			(20,953	)		—
Change in net unrealized appreciation (depreciation) of:
Investments — Unaffiliated investments		(201,614,769	)		(367,611,560	)		(421,961	)
Investments — “Affiliated” investments		—			—			—
Unfunded commitments		—			170,095			—
Foreign currency translations		—			(1,073	)		—

Net gain (loss) on investments		(165,278,221	)		(380,866,221	)		(1,628,402	)

Net increase (decrease) in net assets resulting from operations	$	(168,031,719	)	$	(388,434,563	)	$	(1,625,340	)


See Notes to Financial Statements.		31


Baron Funds		March 31, 2022

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	Baron Asset Fund						Baron Growth Fund						Baron Small Cap Fund
	For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(23,059,842	)	$	(52,388,091	)	$	(2,346,614	)	$	(50,695,424	)	$	(14,091,549	)	$	(12,058,845	)
Net realized gain (loss)		29,096,264			521,599,222			185,626,554			664,645,492			204,732,624			620,294,953
Change in net unrealized appreciation (depreciation)		(621,988,426	)		810,984,133			(876,062,007	)		1,980,361,279			(803,814,657	)		692,619,300
Voluntary payment from Adviser¹		—			—			—			739,525			—			—

Increase (decrease) in net assets resulting from operations		(615,952,004	)		1,280,195,264			(692,782,067	)		2,595,050,872			(613,173,582	)		1,300,855,408

Distributions to shareholders from:
Distributable earnings — Retail Shares		(211,618,696	)		(83,393,943	)		(230,029,244	)		(129,694,548	)		(210,707,973	)		(172,031,316	)
Distributable earnings — Institutional Shares		(220,163,521	)		(82,971,616	)		(433,480,993	)		(238,672,050	)		(351,209,477	)		(301,283,099	)
Distributable earnings — R6 Shares		(13,219,215	)		(4,853,119	)		(16,496,073	)		(8,726,380	)		(30,096,709	)		(23,695,921	)

Decrease in net assets from distributions to shareholders		(445,001,432	)		(171,218,678	)		(680,006,310	)		(377,092,978	)		(592,014,159	)		(497,010,336	)

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		43,641,529			117,901,509			91,134,955			143,409,884			56,787,337			205,450,106
Proceeds from the sale of shares — Institutional Shares		244,403,501			521,269,301			358,783,396			748,201,621			316,218,606			736,976,454
Proceeds from the sale of shares — R6 Shares		13,510,186			18,911,470			30,320,772			28,050,223			36,448,153			51,146,197
Net asset value of shares issued in reinvestment of distributions — Retail Shares		203,592,886			80,591,772			223,933,348			126,441,145			205,550,096			167,569,328
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		211,373,368			79,896,649			416,089,869			229,865,089			328,720,072			283,821,699
Net asset value of shares issued in reinvestment of distribution — R6 Shares		13,219,239			4,853,119			16,492,041			8,726,380			30,096,285			23,695,921
Cost of shares redeemed — Retail Shares		(172,126,858	)		(345,577,646	)		(239,664,880	)		(495,912,634	)		(134,076,112	)		(312,878,639	)
Cost of shares redeemed — Institutional Shares		(278,109,640	)		(554,212,105	)		(489,042,535	)		(1,085,044,504	)		(316,089,910	)		(1,036,493,218	)
Cost of shares redeemed — R6 Shares		(6,688,457	)		(18,242,712	)		(28,789,481	)		(31,188,227	)		(29,943,972	)		(61,101,320	)

Increase (decrease) in net assets derived from capital share transactions		272,815,754			(94,608,643	)		379,257,485			(327,451,023	)		493,710,555			58,186,528

Net increase (decrease) in net assets		(788,137,682	)		1,014,367,943			(993,530,892	)		1,890,506,871			(711,477,186	)		862,031,600

Net Assets:
Beginning of period		6,165,671,209			5,151,303,266			9,201,971,424			7,311,464,553			5,316,456,547			4,454,424,947

End of period	$	5,377,533,527		$	6,165,671,209		$	8,208,440,532		$	9,201,971,424		$	4,604,979,361		$	5,316,456,547

Capital share transactions — Retail Shares
Shares sold		391,096			1,048,197			829,933			1,329,997			1,546,709			5,246,358
Shares issued in reinvestment of distributions		1,763,778			772,248			1,960,887			1,288,172			5,422,055			4,833,266
Shares redeemed		(1,558,488	)		(3,083,230	)		(2,188,828	)		(4,734,275	)		(3,726,197	)		(8,200,073	)

Net increase (decrease)		596,386			(1,262,785	)		601,992			(2,116,106	)		3,242,567			1,879,551

Capital share transactions — Institutional Shares
Shares sold		2,155,539			4,448,129			3,161,954			6,802,398			8,545,658			17,916,951
Shares issued in reinvestment of distributions		1,738,983			731,587			3,479,594			2,249,676			8,118,549			7,737,778
Shares redeemed		(2,417,950	)		(4,674,173	)		(4,367,562	)		(9,642,068	)		(8,458,666	)		(25,023,899	)

Net increase (decrease)		1,476,572			505,543			2,273,986			(589,994	)		8,205,541			630,830

Capital share transactions — R6 Shares
Shares sold		120,036			163,468			268,621			250,257			950,674			1,255,551
Shares issued in reinvestment of distributions		108,782			44,447			137,905			85,387			743,485			646,194
Shares redeemed		(57,953	)		(153,961	)		(263,059	)		(278,643	)		(802,787	)		(1,502,914	)

Net increase (decrease)		170,865			53,954			143,467			57,001			891,372			398,831

¹	See Note 4f.


32		See Notes to Financial Statements.


March 31, 2022		Baron Funds

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron Opportunity Fund						Baron Fifth Avenue Growth Fund
	For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(7,936,909	)	$	(16,056,597	)	$	(2,753,498	)	$	(5,228,369	)
Net realized gain (loss)		(13,495,049	)		146,597,992			36,336,548			25,179,122
Change in net unrealized appreciation (depreciation)		(197,362,479	)		242,030,208			(201,614,769	)		106,431,535
Voluntary payment from Adviser		—			—			—			—

Increase (decrease) in net assets resulting from operations		(218,794,437	)		372,571,603			(168,031,719	)		126,382,288

Distributions to shareholders from:
Distributable earnings — Retail Shares		(71,908,828	)		(52,365,778	)		(5,787,989	)		(689,834	)
Distributable earnings — Institutional Shares		(56,443,664	)		(32,020,901	)		(18,618,604	)		(1,548,437	)
Distributable earnings — R6 Shares		(2,851,069	)		(1,947,521	)		(1,194,492	)		(124,992	)

Decrease in net assets from distributions to shareholders		(131,203,561	)		(86,334,200	)		(25,601,085	)		(2,363,263	)

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		67,328,230			281,790,567			12,032,687			40,552,091
Proceeds from the sale of shares — Institutional Shares		163,305,631			436,910,712			38,791,549			279,779,017
Proceeds from the sale of shares — R6 Shares		997,202			2,145,302			154,529			434,811
Net asset value of shares issued in reinvestment of distributions — Retail Shares		67,945,176			50,408,936			5,516,266			664,220
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		55,956,931			31,726,872			17,875,277			1,456,269
Net asset value of shares issued in reinvestment of distribution — R6 Shares		2,844,939			1,942,787			1,194,492			124,992
Cost of shares redeemed — Retail Shares		(135,229,510	)		(278,264,972	)		(26,310,344	)		(61,114,480	)
Cost of shares redeemed — Institutional Shares		(222,939,004	)		(278,557,907	)		(117,336,234	)		(108,821,753	)
Cost of shares redeemed — R6 Shares		(462,170	)		(434,249	)		(150,477	)		(382,769	)

Increase (decrease) in net assets derived from capital share transactions		(252,575	)		247,668,048			(68,232,255	)		152,692,398

Net increase (decrease) in net assets		(350,250,573	)		533,905,451			(261,865,059	)		276,711,423

Net Assets:
Beginning of period		1,614,036,083			1,080,130,632			837,210,320			560,498,897

End of period	$	1,263,785,510		$	1,614,036,083		$	575,345,261		$	837,210,320

Capital share transactions — Retail Shares
Shares sold		1,675,242			6,929,242			250,866			791,323
Shares issued in reinvestment of distributions		1,585,282			1,418,771			98,049			14,013
Shares redeemed		(3,595,137	)		(6,795,284	)		(544,734	)		(1,204,230	)

Net increase (decrease)		(334,613	)		1,552,729			(195,819	)		(398,894	)

Capital share transactions — Institutional Shares
Shares sold		3,921,543			9,947,143			739,735			5,405,985
Shares issued in reinvestment of distributions		1,232,803			848,766			309,047			29,983
Shares redeemed		(5,668,834	)		(6,411,277	)		(2,500,170	)		(2,044,977	)

Net increase (decrease)		(514,488	)		4,384,632			(1,451,388	)		3,390,991

Capital share transactions — R6 Shares
Shares sold		24,841			46,717			3,340			7,771
Shares issued in reinvestment of distributions		62,595			51,918			20,645			2,572
Shares redeemed		(11,700	)		(9,648	)		(2,497	)		(7,020	)

Net increase (decrease)		75,736			88,987			21,488			3,323


See Notes to Financial Statements.		33


Baron Funds		March 31, 2022

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)


	Baron Discovery Fund						Baron Durable Advantage Fund
	For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022			For the Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(7,568,342	)	$	(15,963,324	)	$	3,062		$	(25,602	)
Net realized gain (loss)		(13,423,683	)		91,808,001			(1,206,441	)		249,381
Change in net unrealized appreciation (depreciation)		(367,442,538	)		276,354,754			(421,961	)		4,673,983
Voluntary payment from Adviser		—			—			—			—

Increase (decrease) in net assets resulting from operations		(388,434,563	)		352,199,431			(1,625,340	)		4,897,762

Distributions to shareholders from:
Distributable earnings — Retail Shares		(9,414,668	)		(6,337,567	)		(30,878	)		(4,063	)
Distributable earnings — Institutional Shares		(60,239,989	)		(29,923,673	)		(113,095	)		(7,750	)
Distributable earnings — R6 Shares		(1,452,600	)		(741,937	)		(13,889	)		(1,663	)

Decrease in net assets from distributions to shareholders		(71,107,257	)		(37,003,177	)		(157,862	)		(13,476	)

Capital share transactions:
Proceeds from the sale of shares — Retail Shares		34,565,669			139,737,935			7,739,668			9,806,360
Proceeds from the sale of shares — Institutional Shares		390,657,613			920,664,644			18,236,099			18,222,606
Proceeds from the sale of shares — R6 Shares		29,174,125			24,318,756			46,439			1,038,549
Net asset value of shares issued in reinvestment of distributions — Retail Shares		9,287,250			6,287,081			30,578			4,026
Net asset value of shares issued in reinvestment of distributions — Institutional Shares		57,450,593			28,249,535			113,095			7,750
Net asset value of shares issued in reinvestment of distribution — R6 Shares		1,452,600			741,937			13,889			1,663
Cost of shares redeemed — Retail Shares		(51,626,440	)		(94,280,977	)		(5,803,184	)		(5,279,107	)
Cost of shares redeemed — Institutional Shares		(494,975,600	)		(242,852,333	)		(11,849,693	)		(2,007,425	)
Cost of shares redeemed — R6 Shares		(5,718,137	)		(8,132,869	)		(21	)		(16,324	)

Increase (decrease) in net assets derived from capital share transactions		(29,732,327	)		774,733,709			8,526,870			21,778,098

Net increase (decrease) in net assets		(489,274,147	)		1,089,929,963			6,743,668			26,662,384

Net Assets:
Beginning of period		2,029,599,384			939,669,421			41,157,914			14,495,530

End of period	$	1,540,325,237		$	2,029,599,384		$	47,901,582		$	41,157,914

Capital share transactions — Retail Shares
Shares sold		1,091,989			3,870,281			411,307			564,903
Shares issued in reinvestment of distributions		264,594			203,927			1,524			212
Shares redeemed		(1,633,017	)		(2,619,489	)		(313,835	)		(311,407	)

Net increase (decrease)		(276,434	)		1,454,719			98,996			253,708

Capital share transactions — Institutional Shares
Shares sold		12,180,155			24,844,227			937,125			1,011,124
Shares issued in reinvestment of distributions		1,602,527			900,240			5,588			405
Shares redeemed		(15,857,572	)		(6,561,498	)		(664,636	)		(108,630	)

Net increase (decrease)		(2,074,890	)		19,182,969			278,077			902,899

Capital share transactions — R6 Shares
Shares sold		882,508			678,416			2,603			60,974
Shares issued in reinvestment of distributions		40,519			23,636			686			87
Shares redeemed		(178,634	)		(223,403	)		(1	)		(970	)

Net increase (decrease)		744,393			478,649			3,288			60,091


34		See Notes to Financial Statements.


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. ORGANIZATION

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

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, “Qualified Plans”), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the “Adviser”), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund’s investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class. The investment goals of the Funds are as follows:

Baron Asset Fund seeks capital appreciation through long-term investments primarily in securities of medium-sized companies with undervalued assets or favorable growth prospects.

Baron Growth Fund seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies.

Baron Small Cap Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Opportunity Fund seeks capital appreciation through investments primarily in growth companies that benefit from technology advances.

Baron Fifth Avenue Growth Fund seeks capital appreciation through investments primarily in securities of large-sized growth companies.

Baron Discovery Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Durable Advantage Fund seeks capital appreciation through long-term investments primarily in securities of large-sized companies.

2. SIGNIFICANT ACCOUNTING POLICIES

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 preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates. Events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements have been evaluated for adjustment to or disclosure in the financial statements.

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

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


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

b) Securities Transactions, Investment Income and Expense Allocation. Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer. The Funds are charged for those expenses of the Trust that are directly attributable to each Fund, such as advisory and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

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

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

d) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders’ fees, both of which are included in securities lending income in the Statements of Operations. 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.

Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund participated in securities lending activities during the six months ended March 31, 2022. At March 31, 2022, Baron Small Cap Fund had securities on loan with values of $17,760,848 and held $19,848,400 of short term investments as collateral for these loans.

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

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

g) Special Purpose Acquisition Company. The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering (“IPO”), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund’s performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

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

Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer’s common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

As of March 31, 2022, the Funds did not have any commitments to purchase when-issued securities through PIPE transactions with SPACs.

i) Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

The Funds may be subject to foreign taxes on income and gains on investments that are accrued based upon the Funds’ understanding of the tax rules and regulations that exist in the countries in which the Funds invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

j) Restricted Securities. The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board.

k) Distributions to Shareholders. Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, late-year loss deferral, post-October loss deferral, and wash sale loss deferral.

l) Commitments and Contingencies. In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

m) Cash and Cash Equivalents. The Funds consider all short term liquid investments with a maturity of three months or less when purchased to be cash equivalents.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities, other than short term securities, for the six months ended March 31, 2022 were as follows:



Fund	Purchases		Sales
Baron Asset Fund	$	181,838,413	$	391,627,917
Baron Growth Fund		15,601,703		282,144,845
Baron Small Cap Fund		226,699,379		495,686,534
Baron Opportunity Fund		240,887,627		377,485,076
Baron Fifth Avenue Growth Fund		156,344,825		246,162,714
Baron Discovery Fund		382,007,542		389,376,174
Baron Durable Advantage Fund		15,825,143		9,335,927

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a) Investment Advisory Fees. The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (“BCG”), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee payable monthly from Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, and Baron Discovery Fund equal to 1% per annum of the average daily net assets of the respective Funds. The Adviser receives a fee payable monthly from Baron Fifth Avenue Growth Fund and Baron Durable Advantage Fund equal to 0.70% per annum and 0.65% per annum of each Fund’s average daily net assets, respectively.


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

For Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, the Adviser has contractually agreed to reduce its fee or reimburse Fund expenses, to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest, dividend and extraordinary expenses), as follows:



	Annual Operating Expense Ratio Cap

Fund	Retail Shares			Institutional Shares			R6 Shares
Baron Opportunity Fund		1.50	%		1.25	%		1.24	%
Baron Fifth Avenue Growth Fund		1.00	%		0.75	%		0.75	%
Baron Discovery Fund		1.35	%		1.10	%		1.09	%
Baron Durable Advantage Fund		0.95	%		0.70	%		0.70	%

b) Distribution Fees. Baron Capital, Inc. (“BCI”), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds’ shares. The Funds are authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares’ average daily net assets of the respective Funds.

c) Trustee Fees. Certain Trustees of the Trust are interested persons (as defined by the 1940 Act) of the Trust. None of these Trustees received compensation for his or her services as a Trustee of the Trust. None of the Funds’ officers received compensation from the Funds for their services as an officer.

d) Fund Accounting and Administration Fees. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street”) to perform accounting and certain administrative services. State Street is compensated for fund accounting services based on a percentage of the Funds’ net assets, plus fixed annual fees for the administrative services.

e) Cross Trades. The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Select Funds, and other entities advised or subadvised by the Adviser, pursuant to “Cross-Trading Procedures” adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. Pursuant to these procedures, for the six months ended March 31, 2022, the Funds engaged in the following cross-trades:



	Purchases		Sales		Net Realized Gains (Losses)
Baron Asset Fund	$	1,187,949	$	—	$	—
Baron Small Cap Fund		1,093,572		655,481		2,327
Baron Opportunity Fund		—		8,332,353		2,295,761

f) Voluntary Payment. During the year ended September 30, 2021, the Adviser made a voluntary payment to Baron Growth Fund in the amount of $739,525 to compensate the Fund for a loss incurred due to a pricing error. The impact of this payment increased the Fund’s total return by 0.01%.

5. LINE OF CREDIT

The Funds, together with other funds in Baron Select Funds (except Baron Partners Fund), participate in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund’s prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate plus 0.10% or the Overnight Federal Funds Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets. During the six months ended March 31, 2022, Baron Growth Fund, Baron Opportunity Fund, and Baron Fifth Avenue Growth Fund had borrowings under the line of credit and incurred interest expense of $130,790, $357, and $10,509, respectively. For the 123 days during which there were borrowings, Baron Growth Fund had an average daily balance on the line of credit of $33.4 million at a weighted average interest rate of 1.16%. For the 7 days during which there were borrowings, Baron Opportunity Fund had an average daily balance on the line of credit of $1.6 million at a weighted average interest rate of 1.20%. For the 58 days during which there were borrowings, Baron Fifth Avenue Growth Fund had an average daily balance on the line of credit of $5.5 million at a weighted average interest rate of 1.20%. At March 31, 2022, Baron Growth Fund and Baron Fifth Avenue Fund had outstanding balances in the amounts of $34,500,000 and $2,500,000, respectively.


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

6. RESTRICTED SECURITIES

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



	Baron Asset Fund

Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
StubHub Holdings, Inc.		12/22/2021	$	38,285,543

Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		55,285,163


Total Restricted Securities			$	93,570,706

(Cost $76,000,501)^†(1.74% of Net Assets)

	Baron Growth Fund

Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Velo3D, Inc.		4/30/2021	$	28,934,665

Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021		22,458,962
Northvolt AB		9/21/2020		17,142,426


Total Restricted Securities			$	68,536,053

(Cost $58,705,430)^†(0.83% of Net Assets)

	Baron Opportunity Fund

Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Rivian Automotive, Inc.		7/10/2020-1/19/2021	$	28,192,950

Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021		7,860,140

Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020		11,626,206

Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		5,363,146
Space Exploration Technologies Corp.		8/4/2020		10,631,851


Total Restricted Securities			$	63,674,293

(Cost $37,284,574)^†(5.04% of Net Assets)

	Baron Fifth Avenue Growth Fund

Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Rivian Automotive, Inc.		1/19/2021	$	3,785,612

Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		3,075,507

Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		2,677,756


Total Restricted Securities			$	9,538,875

(Cost $9,012,078)^†(1.66% of Net Assets)

^†	See Statements of Net Assets for cost of individual securities.


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. 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 March 31, 2022 in valuing the Funds’ investments carried at fair value:



	Baron Asset Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	5,233,275,867	$	—	$	—	$	5,233,275,867
Private Common Stocks		—		—		38,285,543		38,285,543
Private Preferred Stocks		—		—		55,285,163		55,285,163
Short Term Investments		—		35,076,597		—		35,076,597

Total Investments	$	5,233,275,867	$	35,076,597	$	93,570,706	$	5,361,923,170


	Baron Growth Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	8,123,796,885	$	56,678,698	$	28,934,665	$	8,209,410,248
Private Convertible Preferred Stocks^†		—		—		39,601,388		39,601,388
Warrants		289,545		—		—		289,545

Total Investments	$	8,124,086,430	$	56,678,698	$	68,536,053	$	8,249,301,181


	Baron Small Cap Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	4,391,567,621	$	53,092,051	$	—	$	4,444,659,672
Short Term Investments^†		—		172,809,966		—		172,809,966

Total Investments	$	4,391,567,621	$	225,902,017	$	—	$	4,617,469,638

†	See Statements of Net Assets for additional detailed categorizations.


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)



	Baron Opportunity Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	1,176,337,664	$	9,987,139	$	28,192,950	$	1,214,517,753
Private Common Stocks		—		—		7,860,140		7,860,140
Private Convertible Preferred Stocks		—		—		11,626,206		11,626,206
Private Preferred Stocks^†		—		—		15,994,997		15,994,997
Short Term Investments		—		15,562,709		—		15,562,709

Total Investments	$	1,176,337,664	$	25,549,848	$	63,674,293	$	1,265,561,805


	Baron Fifth Avenue Growth Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	552,276,081	$	12,315,952	$	3,785,612	$	568,377,645
Private Common Stocks		—		—		3,075,507		3,075,507
Private Preferred Stocks		—		—		2,677,756		2,677,756

Total Investments	$	552,276,081	$	12,315,952	$	9,538,875	$	574,130,908


	Baron Discovery Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	1,463,886,597	$	44,672,913	$	—	$	1,508,559,510
Short Term Investments		—		31,429,907		—		31,429,907

Total Investments	$	1,463,886,597	$	76,102,820	$	—	$	1,539,989,417


	Baron Durable Advantage Fund

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks^†	$	45,073,020	$	—	$	—	$	45,073,020
Short Term Investments		—		2,625,141		—		2,625,141

Total Investments	$	45,073,020	$	2,625,141	$	—	$	47,698,161

†	See Statements of Net Assets for additional detailed categorizations.


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

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



	Baron Asset Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Private Common Stocks
Consumer Discretionary	$	—		$	—	$	—		$	(11,714,498	)	$	50,000,041	$	—		$	—	$	—		$	38,285,543	$	(11,714,498	)

Private Preferred Stock
Industrials		39,979,078			—		—			15,306,085			—		—			—		—			55,285,163		15,306,085

Total	$	39,979,078		$	—	$	—		$	3,591,587		$	50,000,041	$	—		$	—	$	—		$	93,570,706	$	3,591,587

Unfunded Commitments	$	(346,731	)	$	—	$	—		$	346,731		$	—	$	—		$	—	$	—		$	—	$	—


	Baron Growth Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Common Stocks
Industrials	$	27,018,900		$	—	$	—		$	1,915,765		$	—	$	—		$	—	$	—		$	28,934,665	$	1,915,765
Materials		4,979,259			—		(4,875,825	)		4,370,741			—		(4,474,175	)		—		—			—		—
Private Convertible Preferred Stocks
Industrials		16,346,194			—		—			796,232			—		—			—		—			17,142,426		796,232
Materials		24,842,016			—		—			(2,383,054	)		—		—			—		—			22,458,962		(2,383,054	)

Total	$	73,186,369		$	—	$	(4,875,825	)	$	4,699,684		$	—	$	(4,474,175	)	$	—	$	—		$	68,536,053	$	328,943

Unfunded Commitments	$	(746,100	)	$	—	$	—		$	746,100		$	—	$	—		$	—	$	—		$	—	$	—


	Baron Small Cap Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Common Stocks
Information Technology¹	$	20,547,165		$	—	$	—		$	660,377		$	—	$	—		$	—	$	(21,207,542	)	$	—	$	—

¹	E2 Open, Inc. restriction on resale was lifted on October 12, 2021.


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)



	Baron Opportunity Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Common Stock
Consumer Discretionary¹	$	—		$	—	$	—	$	(13,162,773	)	$	—	$	—		$	41,355,723	$	—		$	28,192,950	$	6,327,030
Private Common Stocks
Industrials		4,942,480			—		—		1,917,500			1,000,160		—			—		—			7,860,140		1,917,500
Private Convertible Preferred Stocks
Consumer Discretionary¹		21,865,920			—		—		19,489,803			—		—			—		(41,355,723	)		—		—
Materials		12,869,756			—		—		(1,243,550	)		—		—			—		—			11,626,206		(1,243,550	)
Private Preferred Stocks
Industrials		14,167,370			—		—		1,827,627			—		—			—		—			15,994,997		1,827,627

Total	$	53,845,526		$	—	$	—	$	8,828,607		$	1,000,160	$	—		$	41,355,723	$	(41,355,723	)	$	63,674,293	$	8,828,607

Unfunded Commitments	$	(299,342	)	$	—	$	—	$	299,342		$	—	$	—		$	—	$	—		$	—	$	—


	Baron Fifth Avenue Growth Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Common Stocks
Consumer Discretionary¹	$	—		$	—	$	—	$	(1,767,432	)	$	—	$	—		$	5,553,044	$	—		$	3,785,612	$	825,508

Private Common Stocks
Industrials		1,482,536			—		—		592,811			1,000,160		—			—		—			3,075,507		592,811

Private Convertible Preferred Stocks
Consumer Discretionary¹		2,960,104			—		—		2,592,940			—		—			—		(5,553,044	)		—		—

Private Preferred Stocks
Industrials		3,234,900			—		—		(557,144	)		—		—			—		—			2,677,756		(557,144	)

Total	$	7,677,540		$	—	$	—	$	861,175		$	1,000,160	$	—		$	5,553,044	$	(5,553,044	)	$	9,538,875	$	861,175


	Baron Discovery Fund

Investments in Securities	Balance as of September 30, 2021			Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales/ Distributions			Transfers Into Level 3		Transfers Out of Level 3			Balance as of March 31, 2022		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at March 31, 2022
Common Stocks
Industrials	$	5,057,465		$	—	$	1,519,673	$	1,125,255		$	—	$	(7,702,393	)	$	—	$	—		$	—	$	—

Unfunded Commitments	$	(170,095	)	$	—	$	—	$	170,095		$	—	$	—		$	—	$	—		$	—	$	—

¹	Rivian Automotive, Series E and F Private Preferred Stock converted into Common Stock on November 9, 2021.


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

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

Baron Asset Fund

Sector

Company

Fair Value as of
March 31, 2022

Valuation Technique

Unobservable Input

Weighted Average
used on
March 31, 2022

Range used on
March 31, 2022

Private Common Stocks: Consumer Discretionary

StubHub Holdings, Inc.

$38,285,543

Combination of recent
transaction, current
value via
comparable companies,
option-pricing, and
scenario analysis
methods

Change in the composite
equity index of comparable
companies

(2.33)%

(7.64)% - 0.88%

Discount for lack of
marketability

10.41%

9.71% - 12.53%

Estimated volatility of the
returns of equity¹

48.39%

35.54% - 61.92%

Scenario Probabilities:
Scenario A / Scenario B /
Scenario C²

90% / 9% / 1%

1% - 90%

Private Preferred Stocks:
Industrials

Space Exploration
Technologies Corp.

$55,285,163

Combination of recent
transaction, current
value via comparable
companies, and
option-pricing methods

Change in the composite
equity index of comparable
companies

(0.61)%

(1.75)% - 1.13%

Discount for lack of
marketability

3.73%

Estimated volatility of the
returns of equity³

32.62%

18.32% - 43.21%

Baron Opportunity Fund

Sector

Company

Fair Value as of
March 31, 2022

Valuation Technique

Unobservable Input

Weighted Average
used on
March 31, 2022

Range used on
March 31, 2022

Common Stocks: Consumer Discretionary

Rivian Automotive,
Inc.

$28,192,950

Discount for lack of
marketability
calculated using option
pricing

Discount for lack of
marketability

7.45%

Estimated volatility of the
returns of equity⁴

98.84%

Private Common Stocks and Private Preferred Stocks:
Industrials

Space Exploration
Technologies Corp.

$18,491,991

Combination of recent
transaction, current
value via comparable
companies, and
option-pricing methods

Change in the composite
equity index of comparable
companies

(0.61)%

(1.75)% - 1.13%

Discount for lack of
marketability

3.73%

Estimated volatility of the
returns of equity³

32.62%

18.32% - 43.21%

Private Convertible Preferred Stocks:
Materials

Farmers Business
Network, Inc.

$11,626,206

Combination of recent
transaction, current
value via comparable
companies, option-
pricing, and scenario
analysis methods

Change in the composite
equity index of comparable
companies

(2.65)%

(8.80)% - 1.89%

Discount for lack of
marketability

8.32%

Estimated volatility of the
returns of equity³

42.93%

21.75% - 79.64%

Scenario Probabilities:
Scenario A / Scenario B²

90% / 10%

10% - 90%

Private Preferred Stocks:
Industrials

GM Cruise Holdings

$5,363,146

Combination of recent
transaction, current
value via comparable
companies, option-
pricing, and scenario
analysis methods

Change in the composite
equity index of comparable
companies

(2.25)%

(6.23)% - (0.65)%

Discount for lack of
marketability

9.21%

Estimated volatility of the
returns of equity¹

30.12%

23.65% - 55.91%

Scenario Probabilities:
Scenario A / Scenario B²

70% / 30%

30% - 70%

See footnotes on page 45.


March 31, 2022		Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

Baron Fifth Avenue Growth Fund

Sector

Company

Fair Value as of
March 31, 2022

Valuation Technique

Unobservable Input

Weighted Average
used on
March 31, 2022

Range used on
March 31, 2022

Common Stocks: Consumer Discretionary

Rivian Automotive,
Inc.

$3,785,612

Discount for lack of
marketability
calculated using option
pricing

Discount for lack of
marketability

7.45%

Estimated volatility of the
returns of equity⁴

98.84%

Private Common Stocks:
Industrials

Space Exploration
Technologies Corp.

$3,075,507

Combination of recent
transaction, current
value via comparable
companies, and option-
pricing methods

Change in the composite
equity index of comparable
companies

(0.61)%

(1.75)% - 1.13%

Discount for lack of
marketability

3.73%

Estimated volatility of the
returns of equity³

32.62%

18.32% - 43.21%

Private Preferred Stocks:
Industrials

GM Cruise Holdings

$2,677,756

Combination of recent
transaction, current
value via comparable
companies, option-
pricing, and scenario
analysis methods

Change in the composite
equity index of comparable
companies

(2.25)%

(6.23)% - (0.65)%

Discount for lack of
marketability

9.21%

Estimated volatility of the
returns of equity¹

30.12%

23.65% - 55.91%

Scenario Probabilities:
Scenario A / Scenario B²

70% / 30%

30% - 70%

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

²	Scenario A represents an IPO event, while Scenario B represents a Liquidation/M&A event.

³	The volatility was calculated as a weighted-average of the volatilities of two 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 using the daily returns of the publicly traded stock of the company.

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) differ for financial statement and tax purposes due to differing treatments of net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

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



	Baron Asset Fund			Baron Growth Fund			Baron Small Cap Fund			Baron Opportunity Fund			Baron Fifth Avenue Growth Fund			Baron Discovery Fund			Baron Durable Advantage Fund
Cost of investments	$	1,717,971,854		$	1,324,206,575		$	2,111,646,223		$	749,517,104		$	365,522,398		$	1,342,658,341		$	40,494,752

Gross tax unrealized appreciation		3,751,527,172			6,933,852,896			2,588,436,197			556,482,832			253,315,041			353,665,183			7,620,849
Gross tax unrealized depreciation		(107,575,856	)		(8,758,290	)		(82,612,782	)		(40,438,131	)		(44,706,531	)		(156,334,107	)		(417,440	)

Net tax unrealized appreciation (depreciation)		3,643,951,316			6,925,094,606			2,505,823,415			516,044,701			208,608,510			197,331,076			7,203,409
Net tax unrealized currency appreciation (depreciation)		—			(2,919	)		(2,214	)		—			—			(389	)		—
Undistributed (accumulated) net investment income (loss)		(54,331,204	)		(20,818,718	)		(15,503,780	)		(81,039,690	)		(6,946,653	)		(50,371,089	)		(20,908	)
Undistributed (accumulated) net realized gain (loss)		28,366,365			146,440,499			198,890,529			57,961,838			35,905,787			22,309,856			(1,211,899	)
Paid-in capital		1,759,547,050			1,157,727,064			1,915,771,411			770,818,661			337,777,617			1,371,055,783			41,930,980

Net Assets	$	5,377,533,527		$	8,208,440,532		$	4,604,979,361		$	1,263,785,510		$	575,345,261		$	1,540,325,237		$	47,901,582


Baron Funds		March 31, 2022

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

As of September 30, 2021, the Funds had no capital loss carryforwards.

The tax character of distributions paid during the six months ended March 31, 2022 and for the year ended September 30, 2021 was as follows:



	Six Months Ended March 31, 2022				Year Ended September 30, 2021

Fund	Ordinary¹		Long Term Capital Gain		Ordinary¹		Long Term Capital Gain
Baron Asset Fund	$	—	$	445,001,432	$	—	$	171,218,678
Baron Growth Fund		—		680,006,310		—		377,092,978
Baron Small Cap Fund		—		592,014,159		—		497,010,336
Baron Opportunity Fund		73,102,781		58,100,780		5,801,202		80,532,998
Baron Fifth Avenue Growth Fund		—		25,601,085		—		2,363,263
Baron Discovery Fund		42,802,747		28,304,510		—		37,003,177
Baron Durable Advantage Fund		—		157,862		13,454		22

¹	For tax purposes, short-term capital gains are considered ordinary income distributions.

The Funds follow the provisions of FASB Codification Section 740 (“ASC Section 740”) “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a “more likely than not” standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. At March 31, 2022, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds’ federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. OWNERSHIP CONCENTRATION

As of March 31, 2022, the officers, trustees, and portfolio managers owned, directly or indirectly, 11.30% of Baron Fifth Avenue Growth Fund and 17.13% of Baron Durable Advantage Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Fifth Avenue Growth Fund and Baron Durable Advantage Fund shareholders.

10. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND



Name of Issuer	Value at September 30, 2021		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at March 31, 2022		Value at March 31, 2022		% of Net Assets at March 31, 2022
“Affiliated” Company as of March 31, 2022:
Choice Hotels International, Inc.	$	379,110,000	$	—	$	—	$	46,170,000	$	—	$	1,425,000		3,000,000	$	425,280,000		5.18	%
Iridium Communications Inc.		314,815,000		—		—		3,713,000		—		—		7,900,000		318,528,000		3.88	%

	$	693,925,000	$	—	$	—	$	49,883,000	$	—	$	1,425,000			$	743,808,000

BARON SMALL CAP FUND



Name of Issuer	Value at September 30, 2021		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)			Realized Gains/ (Losses)		Dividend Income		Shares Held at March 31, 2022		Value at March 31, 2022		% of Net Assets at March 31, 2022
No longer an “Affiliated” Company as of March 31, 2022:
Installed Building Products, Inc.	$	160,725,000	$	—	$	17,429,598	$	(35,460,052	)	$	8,338,400	$	2,120,625		1,375,000	$	116,173,750		2.52	%

¹	An “Affiliated” company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the six months ended March 31, 2022.


March 31, 2022		Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited)

BARON ASSET FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			Net investment income ($)		Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		120.59		(0.51	)		(10.76	)		(11.27	)		0.00		(8.98	)		(8.98	)		100.34		(10.32	)²		2,449.1		1.29	³		(0.93	)³		3.11	²

Year Ended September 30,

2021		99.64		(1.16	)		25.50			24.34			0.00		(3.39	)		(3.39	)		120.59		24.96			2,871.7		1.29	⁴		(1.02	)		9.54

2020		82.28		(0.72	)		19.58			18.86			0.00		(1.50	)		(1.50	)		99.64		23.22			2,498.6		1.31			(0.82	)		9.28

2019		81.43		(0.56	)		6.17			5.61			0.00		(4.76	)		(4.76	)		82.28		7.82			2,242.0		1.30			(0.73	)		11.83

2018		70.87		(0.59	)		16.09			15.50			0.00		(4.94	)		(4.94	)		81.43		23.11			2,259.7		1.30			(0.79	)		9.87

2017		60.67		(0.48	)		13.48			13.00			0.00		(2.80	)		(2.80	)		70.87		22.41			1,979.1		1.31			(0.75	)		10.35

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		126.47		(0.39	)		(11.35	)		(11.74	)		0.00		(8.98	)		(8.98	)		105.75		(10.21	)²		2,755.0		1.03	³		(0.67	)³		3.11	²

Year Ended September 30,

2021		104.08		(0.91	)		26.69			25.78			0.00		(3.39	)		(3.39	)		126.47		25.29			3,108.2		1.03	⁴		(0.76	)		9.54

2020		85.67		(0.52	)		20.43			19.91			0.00		(1.50	)		(1.50	)		104.08		23.53			2,505.4		1.05			(0.57	)		9.28

2019		84.36		(0.38	)		6.45			6.07			0.00		(4.76	)		(4.76	)		85.67		8.11			1,979.7		1.05			(0.48	)		11.83

2018		73.07		(0.41	)		16.64			16.23			0.00		(4.94	)		(4.94	)		84.36		23.43			1,315.7		1.04			(0.53	)		9.87

2017		62.30		(0.33	)		13.90			13.57			0.00		(2.80	)		(2.80	)		73.07		22.76			1,021.0		1.04			(0.50	)		10.35

R6 SHARES

Six Months Ended March 31,

2022		126.45		(0.39	)		(11.36	)		(11.75	)		0.00		(8.98	)		(8.98	)		105.72		(10.21	)²		173.4		1.03	³		(0.67	)³		3.11	²

Year Ended September 30,

2021		104.07		(0.91	)		26.68			25.77			0.00		(3.39	)		(3.39	)		126.45		25.28			185.8		1.04	⁴		(0.76	)		9.54

2020		85.65		(0.52	)		20.44			19.92			0.00		(1.50	)		(1.50	)		104.07		23.55			147.3		1.05			(0.57	)		9.28

2019		84.35		(0.38	)		6.44			6.06			0.00		(4.76	)		(4.76	)		85.65		8.09			109.0		1.05			(0.47	)		11.83

2018		73.06		(0.41	)		16.64			16.23			0.00		(4.94	)		(4.94	)		84.35		23.43			73.5		1.04			(0.54	)		9.87

2017		62.30		(0.34	)		13.90			13.56			0.00		(2.80	)		(2.80	)		73.06		22.74			22.5		1.04			(0.51	)		10.35

¹	Based on average shares outstanding.

²	Not Annualized.

³	Annualized.

⁴	Interest expense rounds to less than 0.01%.


See Notes to Financial Statements.		47


Baron Funds		March 31, 2022

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON GROWTH FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			Net investment income ($)		Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		117.64		(0.12	)		(7.95	)		(8.07	)		0.00		(8.97	)		(8.97	)		100.60		(7.77	)³		2,661.3		1.29	^2,4		(0.23	)⁴		0.17	³

Year Ended September 30,

2021		90.65		(0.81	)		32.65			31.84			0.00		(4.85	)		(4.85	)		117.64		36.19	⁷		3,041.4		1.29	²		(0.75	)		1.37

2020		78.95		(0.35	)		15.10			14.75			0.00		(3.05	)		(3.05	)		90.65		19.08			2,535.3		1.30	²		(0.44	)		1.63

2019		80.68		(0.16	)		3.56			3.40			0.00		(5.13	)		(5.13	)		78.95		5.09			2,507.0		1.29	²		(0.21	)		1.93

2018		71.77		(0.17	)		16.98			16.81			0.00		(7.90	)		(7.90	)		80.68		25.55			2,747.8		1.29	²		(0.24	)		2.92

2017		67.13		(0.16	)		12.44			12.28			0.00		(7.64	)		(7.64	)		71.77		20.47			2,666.6		1.30	²		(0.25	)		3.32

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		122.73		0.02			(8.35	)		(8.33	)		0.00		(8.97	)		(8.97	)		105.43		(7.65	)³		5,338.0		1.03	^2,4		0.03	⁴		0.17	³

Year Ended September 30,

2021		94.15		(0.56	)		33.39			33.43			0.00		(4.85	)		(4.85	)		122.73		36.55	⁷		5,934.8		1.03	²		(0.50	)		1.37

2020		81.69		(0.16	)		15.67			15.51			0.00		(3.05	)		(3.05	)		94.15		19.38			4,608.4		1.04	²		(0.20	)		1.63

2019		83.09		0.03			3.70			3.73			0.00		(5.13	)		(5.13	)		81.69		5.36			4,150.9		1.04	²		0.03			1.93

2018		73.52		0.01			17.46			17.47			0.00		(7.90	)		(7.90	)		83.09		25.86			4,134.2		1.03	²		0.01			2.92

2017		68.42		0.00	⁵		12.74			12.74			0.00		(7.64	)		(7.64	)		73.52		20.79			3,433.5		1.04	²		0.00	⁶		3.32

R6 SHARES

Six Months Ended March 31,

2022		122.75		0.02			(8.36	)		(8.34	)		0.00		(8.97	)		(8.97	)		105.44		(7.66	)³		209.1		1.03	^2,4		0.03	⁴		0.17	³

Year Ended September 30,

2021		94.16		(0.56	)		34.00			33.44			0.00		(4.85	)		(4.85	)		122.75		36.56	⁷		225.8		1.03	²		(0.50	)		1.37

2020		81.70		(0.17	)		15.68			15.51			0.00		(3.05	)		(3.05	)		94.16		19.38			167.8		1.04	²		(0.20	)		1.63

2019		83.10		0.00	⁵		3.73			3.73			0.00		(5.13	)		(5.13	)		81.70		5.36			131.6		1.04	²		0.00	⁶		1.93

2018		73.52		(0.00	)⁵		17.48			17.48			0.00		(7.90	)		(7.90	)		83.10		25.88			107.4		1.04	²		(0.00	)⁶		2.92

2017		68.42		(0.11	)		12.85			12.74			0.00		(7.64	)		(7.64	)		73.52		20.79			12.5		1.05	²		(0.15	)		3.32

¹	Based on average shares outstanding.

²	Interest expense rounds to less than 0.01%.

³	Not Annualized.

⁴	Annualized.

⁵	Less than $0.01 per share.

⁶	Less than 0.01%.

⁷	The Adviser made a voluntary payment to the Fund in the amount of $739,525 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund’s total return by 0.01%.


48		See Notes to Financial Statements.


March 31, 2022		Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON SMALL CAP FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			Net investment income ($)		Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		40.67		(0.14	)		(3.92	)		(4.06	)		0.00		(4.72	)		(4.72	)		31.89		(11.83	)²		1,537.8		1.29	³		(0.77	)³		4.52	²

Year Ended September 30,

2021		35.06		(0.16	)		9.89			9.73			0.00		(4.12	)		(4.12	)		40.67		29.77			1,829.5		1.29			(0.40	)		15.70

2020		29.44		(0.29	)		8.73			8.44			0.00		(2.82	)		(2.82	)		35.06		30.60			1,511.3		1.31			(0.98	)		16.93

2019		33.68		(0.27	)		(1.36	)		(1.63	)		0.00		(2.61	)		(2.61	)		29.44		(4.17	)		1,451.9		1.31			(0.95	)		13.44

2018		30.64		(0.32	)		7.21			6.89			0.00		(3.85	)		(3.85	)		33.68		25.00			1,831.3		1.30			(1.05	)		14.19

2017		30.59		(0.04	)		5.77			5.73			0.00		(5.68	)		(5.68	)		30.64		22.45			1,730.3		1.31	⁴		(0.15	)		28.95

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		43.12		(0.09	)		(4.22	)		(4.31	)		0.00		(4.72	)		(4.72	)		34.09		(11.73	)²		2,821.1		1.04	³		(0.45	)³		4.52	²

Year Ended September 30,

2021		36.86		(0.06	)		10.44			10.38			0.00		(4.12	)		(4.12	)		43.12		30.11			3,214.2		1.03			(0.15	)		15.70

2020		30.74		(0.23	)		9.17			8.94			0.00		(2.82	)		(2.82	)		36.86		30.96			2,724.6		1.05			(0.74	)		16.93

2019		34.95		(0.21	)		(1.39	)		(1.60	)		0.00		(2.61	)		(2.61	)		30.74		(3.91	)		2,267.3		1.05			(0.69	)		13.44

2018		31.58		(0.25	)		7.47			7.22			0.00		(3.85	)		(3.85	)		34.95		25.33			2,696.7		1.04			(0.79	)		14.19

2017		31.29		0.02			5.95			5.97			0.00		(5.68	)		(5.68	)		31.58		22.76			2,404.6		1.05	⁴		0.06			28.95

R6 SHARES

Six Months Ended March 31,

2022		43.10		(0.08	)		(4.22	)		(4.30	)		0.00		(4.72	)		(4.72	)		34.08		(11.71	)²		246.1		1.04	³		(0.43	)³		4.52	²

Year Ended September 30,

2021		36.85		(0.06	)		10.43			10.37			0.00		(4.12	)		(4.12	)		43.10		30.09			272.8		1.04			(0.16	)		15.70

2020		30.73		(0.23	)		9.17			8.94			0.00		(2.82	)		(2.82	)		36.85		30.97			218.5		1.05			(0.74	)		16.93

2019		34.94		(0.21	)		(1.39	)		(1.60	)		0.00		(2.61	)		(2.61	)		30.73		(3.91	)		161.9		1.05			(0.70	)		13.44

2018		31.57		(0.26	)		7.48			7.22			0.00		(3.85	)		(3.85	)		34.94		25.34			155.2		1.05			(0.82	)		14.19

2017		31.29		(0.08	)		6.04			5.96			0.00		(5.68	)		(5.68	)		31.57		22.72			101.8		1.06	⁴		(0.28	)		28.95

¹	Based on average shares outstanding.

²	Not Annualized

³	Annualized.

⁴	Interest expense rounds to less than 0.01%.


See Notes to Financial Statements.		49


Baron Funds		March 31, 2022

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON OPPORTUNITY FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:													Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			Net investment income ($)		Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		43.49		(0.23	)		(4.95	)		(5.18	)		0.00		(3.60	)		(3.60	)		34.71		(13.48	)³		679.9		1.31	^2,4		(1.18	)⁴		16.23	³

Year Ended September 30,

2021		35.11		(0.49	)		11.65			11.16			0.00		(2.78	)		(2.78	)		43.49		33.58			866.5		1.31	²		(1.19	)		38.74

2020		21.53		(0.30	)		15.56			15.26			0.00		(1.68	)		(1.68	)		35.11		75.25			644.9		1.34	²		(1.14	)		42.52

2019		22.02		(0.22	)		0.66			0.44			0.00		(0.93	)		(0.93	)		21.53		2.51			302.6		1.34	²		(1.07	)		37.10

2018		18.53		(0.22	)		6.36			6.14			0.00		(2.65	)		(2.65	)		22.02		37.41			363.6		1.37	²		(1.13	)		23.97

2017		16.87		(0.20	)		3.75			3.55			0.00		(1.89	)		(1.89	)		18.53		24.32			201.4		1.41	²		(1.18	)		32.62

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		45.85		(0.19	)		(5.26	)		(5.45	)		0.00		(3.60	)		(3.60	)		36.80		(13.37	)³		552.1		1.05	^2,4		(0.92	)⁴		16.23	³

Year Ended September 30,

2021		36.79		(0.41	)		12.25			11.84			0.00		(2.78	)		(2.78	)		45.85		33.91			711.4		1.05	²		(0.93	)		38.74

2020		22.42		(0.25	)		16.30			16.05			0.00		(1.68	)		(1.68	)		36.79		75.82			409.5		1.08	²		(0.88	)		42.52

2019		22.83		(0.18	)		0.70			0.52			0.00		(0.93	)		(0.93	)		22.42		2.78			94.4		1.09	²		(0.82	)		37.10

2018		19.08		(0.18	)		6.58			6.40			0.00		(2.65	)		(2.65	)		22.83		37.73			96.4		1.11	²		(0.88	)		23.97

2017		17.27		(0.16	)		3.86			3.70			0.00		(1.89	)		(1.89	)		19.08		24.65			51.7		1.14	²		(0.92	)		32.62

R6 SHARES

Six Months Ended March 31,

2022		45.90		(0.19	)		(5.26	)		(5.45	)		0.00		(3.60	)		(3.60	)		36.85		(13.35	)³		31.8		1.05	^2,4		(0.92	)⁴		16.23	³

Year Ended September 30,

2021		36.82		(0.41	)		12.27			11.86			0.00		(2.78	)		(2.78	)		45.90		33.94			36.1		1.05	²		(0.93	)		38.74

2020		22.45		(0.24	)		16.29			16.05			0.00		(1.68	)		(1.68	)		36.82		75.71			25.7		1.08	²		(0.87	)		42.52

2019		22.86		(0.18	)		0.70			0.52			0.00		(0.93	)		(0.93	)		22.45		2.78			14.5		1.08	²		(0.81	)		37.10

2018		19.09		(0.17	)		6.59			6.42			0.00		(2.65	)		(2.65	)		22.86		37.83			14.0		1.09	²		(0.82	)		23.97

2017		17.28		(0.16	)		3.86			3.70			0.00		(1.89	)		(1.89	)		19.09		24.64			1.0		1.12	²		(0.89	)		32.62

¹	Based on average shares outstanding.

²	Interest expense rounds to less than 0.01%.

³	Not Annualized.

⁴	Annualized.


50		See Notes to Financial Statements.


March 31, 2022		Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON FIFTH AVENUE GROWTH FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:														Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			From net investment income ($)			Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Less: Reimbursement of expenses by Adviser (%)			Ratio of net operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		55.33		(0.23	)		(10.73	)		(10.96	)		0.00			(1.72	)		(1.72	)		42.65		(20.56	)^2,4		136.5		1.02	^3,5		(0.02	)⁵		1.00	⁵		(0.93	)⁵		20.90	⁴

Year Ended September 30,

2021		46.62		(0.46	)		9.35			8.89			0.00			(0.18	)		(0.18	)		55.33		19.13	²		187.8		1.02			(0.02	)		1.00			(0.88	)		15.87

2020		32.10		(0.26	)		15.77			15.51			0.00			(0.99	)		(0.99	)		46.62		49.56	²		176.9		1.05			(0.05	)		1.00			(0.70	)		11.57

2019		31.02		0.07			1.01			1.08			0.00			0.00			0.00			32.10		3.48	²		115.5		1.06			(0.06	)		1.00			0.23			21.24

2018		24.04		(0.17	)		7.15			6.98			0.00			0.00			0.00			31.02		29.03	²		132.2		1.09			(0.08	)		1.01			(0.61	)		8.81

2017		19.35		(0.11	)		4.80			4.69			0.00			0.00			0.00			24.04		24.24	²		87.5		1.12	³		(0.02	)		1.10			(0.50	)		13.94

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		56.82		(0.18	)		(11.03	)		(11.21	)		0.00			(1.72	)		(1.72	)		43.89		(20.46	)⁴		407.3		0.75	^3.5		0.00			0.75	⁵		(0.68	)⁵		20.90	⁴

Year Ended September 30,

2021		47.75		(0.34	)		9.59			9.25			0.00			(0.18	)		(0.18	)		56.82		19.44	²		609.8		0.75			(0.00	)⁶		0.75			(0.63	)		15.87

2020		32.80		(0.17	)		16.15			15.98			(0.04	)		(0.99	)		(1.03	)		47.75		49.93	²		350.5		0.78			(0.03	)		0.75			(0.45	)		11.57

2019		31.62		0.17			1.01			1.18			0.00			0.00			0.00			32.80		3.73	²		170.4		0.80			(0.05	)		0.75			0.56			21.24

2018		24.44		(0.10	)		7.28			7.18			0.00			0.00			0.00			31.62		29.38	²		152.2		0.82			(0.06	)		0.76			(0.36	)		8.81

2017		19.62		(0.05	)		4.87			4.82			0.00			0.00			0.00			24.44		24.57			89.5		0.84	³		0.00			0.84			(0.24	)		13.94

R6 SHARES

Six Months Ended March 31,

2022		56.84		(0.18	)		(11.03	)		(11.21	)		0.00			(1.72	)		(1.72	)		43.91		(20.45	)⁴		31.5		0.75	^3.5		0.00			0.75	⁵		(0.68	)⁵		20.90	⁴

Year Ended September 30,

2021		47.76		(0.34	)		9.60			9.26			0.00			(0.18	)		(0.18	)		56.84		19.45	²		39.6		0.75			(0.00	)⁶		0.75			(0.63	)		15.87

2020		32.81		(0.17	)		16.15			15.98			(0.04	)		(0.99	)		(1.03	)		47.76		49.92	²		33.1		0.78			(0.03	)		0.75			(0.45	)		11.57

2019		31.63		0.17			1.01			1.18			0.00			0.00			0.00			32.81		3.73	²		22.5		0.79			(0.04	)		0.75			0.54			21.24

2018		24.45		(0.11	)		7.29			7.18			0.00			0.00			0.00			31.63		29.37	²		21.4		0.80			(0.05	)		0.75			(0.37	)		8.81

2017		19.63		(0.06	)		4.88			4.82			0.00			0.00			0.00			24.45		24.55			4.7		0.84	³		0.00			0.84			(0.27	)		13.94

¹	Based on average shares outstanding.

²	The total returns would have been lower had certain expenses not been reduced during the period shown.

³	Interest expense rounds to less than 0.01%.

⁴	Not Annualized.

⁵	Annualized.

⁶	Less than 0.01%.


See Notes to Financial Statements.		51


Baron Funds		March 31, 2022

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON DISCOVERY FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:															Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investments ($)			Total from investment operations ($)			Net investment income ($)			Net realized gain on investments ($)			Total distributions ($)				Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Less: Reimbursement of expenses by Adviser (%)			Ratio of net operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		36.93		(0.17	)		(6.64	)		(6.81	)		0.00			(1.29	)		(1.29	)			28.83		(19.05	)³		203.1		1.31	⁴		0.00			1.31	⁴		(1.07	)⁴		22.11	³

Year Ended September 30,

2021		28.17		(0.43	)		10.25			9.82			0.00			(1.06	)		(1.06	)			36.93		35.61			270.3		1.31			0.00			1.31			(1.20	)		36.52

2020		19.41		(0.24	)		9.03			8.79			0.00			(0.03	)		(0.03	)			28.17		45.33			165.2		1.35			0.00			1.35			(1.09	)		43.36

2019		23.77		(0.22	)		(2.64	)		(2.86	)		0.00			(1.50	)		(1.50	)			19.41		(11.93	)²		122.7		1.36			(0.01	)		1.35			(1.10	)		55.94

2018		17.56		0.09			6.13			6.22			(0.01	)		0.00			(0.01	)			23.77		35.41	²		108.2		1.40	⁵		(0.05	)		1.35			0.45			72.25

2017		13.40		(0.17	)		4.33			4.16			0.00			0.00			0.00				17.56		31.04	²		131.2		1.47			(0.12	)		1.35			(1.11	)		40.97

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		37.68		(0.13	)		(6.78	)		(6.91	)		0.00			(1.29	)		(1.29	)			29.48		(18.94	)³		1,285.5		1.05	⁴		0.00			1.05	⁴		(0.81	)⁴		22.11	³

Year Ended September 30,

2021		28.65		(0.35	)		10.44			10.09			0.00			(1.06	)		(1.06	)			37.68		35.97			1,721.2		1.05			0.00			1.05			(0.94	)		36.52

2020		19.68		(0.19	)		9.19			9.00			0.00			(0.03	)		(0.03	)			28.65		45.77			759.2		1.08			0.00			1.08			(0.82	)		43.36

2019		24.03		(0.18	)		(2.67	)		(2.85	)		0.00			(1.50	)		(1.50	)			19.68		(11.75	)		409.4		1.10			0.00			1.10			(0.88	)		55.94

2018		17.74		0.01			6.32			6.33			(0.04	)		0.00			(0.04	)			24.03		35.74	²		280.2		1.12	⁵		(0.02	)		1.10			0.05			72.25

2017		13.50		(0.13	)		4.37			4.24			0.00			0.00			0.00				17.74		31.41	²		113.6		1.23			(0.13	)		1.10			(0.85	)		40.97

R6 SHARES

Six Months Ended March 31,

2022		37.68		(0.13	)		(6.78	)		(6.91	)		0.00			(1.29	)		(1.29	)			29.48		(18.94	)³		51.7		1.06	⁴		0.00	⁴		1.06	⁴		(0.82	)⁴		22.11	³

Year Ended September 30,

2021		28.65		(0.35	)		10.44			10.09			0.00			(1.06	)		(1.06	)			37.68		35.97			38.1		1.05			0.00			1.05			(0.94	)		36.52

2020		19.68		(0.19	)		9.19			9.00			0.00			(0.03	)		(0.03	)			28.65		45.77			15.3		1.08			0.00			1.08			(0.83	)		43.36

2019		24.03		(0.18	)		(2.67	)		(2.85	)		0.00			(1.50	)		(1.50	)			19.68		(11.75	)		6.8		1.09			0.00			1.09			(0.88	)		55.94

2018		17.74		0.03			6.30			6.33			(0.04	)		0.00			(0.04	)	��		24.03		35.75	²		5.6		1.10	⁵		(0.01	)		1.09			0.15			72.25

2017		13.50		(0.12	)		4.36			4.24			0.00			0.00			0.00				17.74		31.41	²		3.2		1.22			(0.13	)		1.09			(0.79	)		40.97

¹	Based on average shares outstanding.

²	The total returns would have been lower had certain expenses not been reduced during the period shown.

³	Not Annualized.

⁴	Annualized.

⁵	Interest expense rounds to less than 0.01%.


52		See Notes to Financial Statements.


March 31, 2022		Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

BARON DURABLE ADVANTAGE FUND

Selected data for a share outstanding throughout each period:



			Income (loss) from investment operations:									Less distributions to shareholders from:														Ratios/Supplemental Data:

	Net asset value, beginning of period ($)		Net investment income (loss) ($)¹			Net realized and unrealized gain (loss) on investment ($)			Total from investment operations ($)			From net investment income ($)			Net realized gain on investments ($)			Total distributions ($)			Net asset value, end of period ($)		Total return (%)			Net assets (in millions), end of period ($)		Ratio of operating expenses to average net assets (%)			Less: Reimbursement of expenses by Adviser (%)			Ratio of net operating expenses to average net assets (%)			Ratio of net investment income (loss) to average net assets (%)			Portfolio turnover rate (%)

RETAIL SHARES

Six Months Ended March 31,

2022		18.47		(0.02	)		(0.06	)		(0.08	)		0.00			(0.06	)		(0.06	)		18.33		(0.46	)^3,4		11.5		1.49	⁵		(0.54	)⁵		0.95	⁵		(0.20	)⁵		18.73	⁴

Year Ended September 30,

2021		14.47		(0.05	)		4.06			4.01			(0.01	)		0.00			(0.01	)		18.47		27.70	³		9.8		1.91			(0.96	)		0.95			(0.29	)		10.58

2020		11.77		(0.00	)²		2.72			2.72			(0.02	)		0.00			(0.02	)		14.47		23.10	³		4.0		2.80			(1.85	)		0.95			(0.01	)		16.55

2019		10.74		0.03			1.03			1.06			(0.03	)		0.00			(0.03	)		11.77		9.97	³		1.9		6.22			(5.27	)		0.95			0.25			13.23

2018⁶		10.00		0.01			0.73			0.74			0.00			0.00			0.00			10.74		7.40	^3,4		0.6		7.45	⁵		(6.50	)⁵		0.95	⁵		0.19	⁵		5.85	⁴

INSTITUTIONAL SHARES

Six Months Ended March 31,

2022		18.63		0.01			(0.07	)		(0.06	)		0.00			(0.06	)		(0.06	)		18.51		(0.35	)^3,4		32.1		1.10	⁵		(0.40	)⁵		0.70	⁵		0.07	⁵		18.73	⁴

Year Ended September 30,

2021		14.56		(0.01	)		4.09			4.08			(0.01	)		0.00			(0.01	)		18.63		28.01	³		27.1		1.48			(0.78	)		0.70			(0.05	)		10.58

2020		11.82		0.03			2.73			2.76			(0.02	)		0.00			(0.02	)		14.56		23.34	³		8.0		2.40			(1.70	)		0.70			0.22			16.55

2019		10.76		0.06			1.03			1.09			(0.03	)		0.00			(0.03	)		11.82		10.23	³		4.7		4.91			(4.21	)		0.70			0.52			13.23

2018⁶		10.00		0.04			0.72			0.76			0.00			0.00			0.00			10.76		7.60	^3,4		3.0		5.71	⁵		(5.01	)⁵		0.70	⁵		0.46	⁵		5.85	⁴

R6 SHARES

Six Months Ended March 31,

2022		18.63		0.00	²		(0.06	)		(0.06	)		0.00			(0.06	)		(0.06	)		18.51		(0.35	)^3,4		4.3		1.08	⁵		(0.38	)⁵		0.70	⁵		0.05	⁵		18.73	⁴

Year Ended September 30,

2021		14.56		(0.01	)		4.09			4.08			(0.01	)		0.00			(0.01	)		18.63		28.01	³		4.3		1.47			(0.77	)		0.70			(0.04	)		10.58

2020		11.82		0.03			2.73			2.76			(0.02	)		0.00			(0.02	)		14.56		23.34	³		2.5		1.93			(1.23	)		0.70			0.23			16.55

2019		10.75		0.06			1.04			1.10			(0.03	)		0.00			(0.03	)		11.82		10.34	³		0.5		4.65			(3.95	)		0.70			0.53			13.23

2018⁶		10.00		0.04			0.71			0.75			0.00			0.00			0.00			10.75		7.50	^3,4		0.4		5.24	⁵		(4.54	)⁵		0.70	⁵		0.46	⁵		5.85	⁴

¹	Based on average shares outstanding.

²	Less than $0.01 per share.

³	The total returns would have been lower had certain expenses not been reduced during the period shown.

⁴	Not Annualized.

⁵	Annualized.

⁶	For the period January 2, 2018 (commencement of operations) to September 30, 2018.


See Notes to Financial Statements.		53


Baron Funds		March 31, 2022

FUND EXPENSES (Unaudited)

As a shareholder of the Funds, you incur ongoing expenses. Ongoing expenses include advisory fees, distribution and service (12b-1) fees and other Fund expenses. The information on this page is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The information in the following table is based on an investment of $1,000 invested on October 1, 2021 and held for the six months ended March 31, 2022.

ACTUAL EXPENSES

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading titled “Expenses Paid During the Period”.

BASED ON ACTUAL TOTAL RETURN FOR THE SIX MONTHS ENDED MARCH 31, 2022¹



	Actual Total Return			Beginning Account Value October 1, 2021		Ending Account Value March 31, 2022			Annualized Expense Ratio			Expenses Paid During the Period²
Baron Asset Fund — Retail Shares		(10.32	)%	$	1,000.00	$	896.80			1.29	%	$	6.10
Baron Asset Fund — Institutional Shares		(10.21	)%	$	1,000.00	$	897.90			1.03	%	$	4.87
Baron Asset Fund — R6 Shares		(10.21	)%	$	1,000.00	$	897.90			1.03	%	$	4.87
Baron Growth Fund — Retail Shares		(7.77	)%	$	1,000.00	$	922.30			1.29	%	$	6.18
Baron Growth Fund — Institutional Shares		(7.65	)%	$	1,000.00	$	923.50			1.03	%	$	4.94
Baron Growth Fund — R6 Shares		(7.66	)%	$	1,000.00	$	923.40			1.03	%	$	4.94
Baron Small Cap Fund — Retail Shares		(11.83	)%	$	1,000.00	$	881.70			1.29	%	$	6.05
Baron Small Cap Fund — Institutional Shares		(11.73	)%	$	1,000.00	$	882.70			1.04	%	$	4.88
Baron Small Cap Fund — R6 Shares		(11.71	)%	$	1,000.00	$	882.90			1.04	%	$	4.88
Baron Opportunity Fund — Retail Shares		(13.48	)%	$	1,000.00	$	865.20			1.31	%	$	6.09
Baron Opportunity Fund — Institutional Shares		(13.37	)%	$	1,000.00	$	866.30			1.05	%	$	4.89
Baron Opportunity Fund — R6 Shares		(13.35	)%	$	1,000.00	$	866.50			1.05	%	$	4.89
Baron Fifth Avenue Growth Fund — Retail Shares		(20.56	)%	$	1,000.00	$	794.40	³		1.00	%⁴	$	4.47
Baron Fifth Avenue Growth Fund — Institutional Shares		(20.46	)%	$	1,000.00	$	795.40			0.75	%	$	3.36
Baron Fifth Avenue Growth Fund — R6 Shares		(20.45	)%	$	1,000.00	$	795.50			0.75	%	$	3.36
Baron Discovery Fund — Retail Shares		(19.05	)%	$	1,000.00	$	809.50			1.31	%	$	5.91
Baron Discovery Fund — Institutional Shares		(18.94	)%	$	1,000.00	$	810.60			1.05	%	$	4.74
Baron Discovery Fund — R6 Shares		(18.94	)%	$	1,000.00	$	810.60			1.06	%	$	4.78
Baron Durable Advantage Fund — Retail Shares		(0.46	)%	$	1,000.00	$	995.40	³		0.95	%⁴	$	4.73
Baron Durable Advantage Fund — Institutional Shares		(0.35	)%	$	1,000.00	$	996.50	³		0.70	%⁴	$	3.48
Baron Durable Advantage Fund — R6 Shares		(0.35	)%	$	1,000.00	$	996.50	³		0.70	%⁴	$	3.48

¹	Assumes reinvestment of all dividends and capital gain distributions, if any.

²	Expenses are equal to each share class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

³	Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

⁴	Annualized expense ratios are adjusted to reflect fee waiver.


March 31, 2022		Baron Funds

FUND EXPENSES (Unaudited) (Continued)

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account values and expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.

BASED ON HYPOTHETICAL TOTAL RETURN FOR THE SIX MONTHS ENDED MARCH 31, 2022



	Hypothetical Annualized Total Return			Beginning Account Value October 1, 2021		Ending Account Value March 31, 2022			Annualized Expense Ratio			Expenses Paid During the Period²
Baron Asset Fund — Retail Shares		5.00	%	$	1,000.00	$	1,018.50			1.29	%	$	6.49
Baron Asset Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,019.80			1.03	%	$	5.19
Baron Asset Fund — R6 Shares		5.00	%	$	1,000.00	$	1.019.80			1.03	%	$	5.19
Baron Growth Fund — Retail Shares		5.00	%	$	1,000.00	$	1,018.50			1.29	%	$	6.49
Baron Growth Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,019.80			1.03	%	$	5.19
Baron Growth Fund — R6 Shares		5.00	%	$	1,000.00	$	1,019.80			1.03	%	$	5.19
Baron Small Cap Fund — Retail Shares		5.00	%	$	1,000.00	$	1,018.50			1.29	%	$	6.49
Baron Small Cap Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,019.75			1.04	%	$	5.24
Baron Small Cap Fund — R6 Shares		5.00	%	$	1,000.00	$	1,019.75			1.04	%	$	5.24
Baron Opportunity Fund — Retail Shares		5.00	%	$	1,000.00	$	1,018.40			1.31	%	$	6.59
Baron Opportunity Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,019.70			1.05	%	$	5.29
Baron Opportunity Fund — R6 Shares		5.00	%	$	1,000.00	$	1,019.70			1.05	%	$	5.29
Baron Fifth Avenue Growth Fund — Retail Shares		5.00	%	$	1,000.00	$	1,019.95	³		1.00	%⁴	$	5.04
Baron Fifth Avenue Growth Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,021.19			0.75	%	$	3.78
Baron Fifth Avenue Growth Fund — R6 Shares		5.00	%	$	1,000.00	$	1,021.19			0.75	%	$	3.78
Baron Discovery Fund — Retail Shares		5.00	%	$	1,000.00	$	1,018.40			1.31	%	$	6.59
Baron Discovery Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,019.70			1.05	%	$	5.29
Baron Discovery Fund — R6 Shares		5.00	%	$	1,000.00	$	1,019.65			1.06	%	$	5.34
Baron Durable Advantage Fund — Retail Shares		5.00	%	$	1,000.00	$	1,020.19	³		0.95	%⁴	$	4.78
Baron Durable Advantage Fund — Institutional Shares		5.00	%	$	1,000.00	$	1,021.44	³		0.70	%⁴	$	3.53
Baron Durable Advantage Fund — R6 Shares		5.00	%	$	1,000.00	$	1,021.44	³		0.70	%⁴	$	3.53

¹	Assumes reinvestment of all dividends and capital gain distributions, if any.

²	Expenses are equal to each share class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

³	Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

⁴	Annualized expense ratios are adjusted to reflect fee waiver.

Privacy Notice

The Funds collect nonpublic personal information about you from the following sources:

∎

Information we receive from you on applications or other forms;

∎

Information about your transactions with us, our Adviser or others; and

∎

Information we receive from third parties, such as credit reporting agencies.

“Nonpublic personal information” is private information about you that we obtain in connection with providing a financial product or service to you.

We may share your name and address with other Baron Funds and the Adviser and its affiliates for the purpose of sending you information about our products that we believe may be of interest to you and informing you of our upcoming Baron Investment Conference and for sending required information.

We do not disclose any nonpublic personal information about our customers to anyone, except as permitted or required by law. Examples of permitted disclosures under the law include sharing with companies that work for us to provide you services, such as the Transfer Agent or mailing house. All such companies that act on our behalf are contractually obligated to keep the information that we provide to them confidential and to use the information only to provide the services that we have asked them to perform for you and us.

We restrict access to nonpublic information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to guard your nonpublic personal information.

This privacy notice is also available at all times on the Baron Funds^® website, www.BaronFunds.com or by calling 1-800-99BARON.

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MARCH 31

SEMITRUST 3/31/2022

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included herein under Item 1.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1) Not applicable.

(a)(2) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.

(b) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BARON INVESTMENT FUNDS TRUST

By:		/s/ Ronald Baron
		Ronald Baron
		Chief Executive Officer

Date: May 31, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Ronald Baron
		Ronald Baron
		Chief Executive Officer

Date: May 31, 2022

By:		/s/ Peggy Wong
		Peggy Wong
		Treasurer and Chief Financial Officer

Date: May 31, 2022

BARON INVESTMENT FUNDS TRUST N-CSRSCertified semi-annual shareholder report (management investment company)