BARON INVESTMENT FUNDS TRUST NPORT-P Baron Small Cap Fund (Jun 2024 report)

Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (94.94%)
Communication Services (1.94%)
		Advertising (1.20%)
	524,000	The Trade Desk, Inc., Cl A 1	$	10,100,894	$	51,179,080
		Movies & Entertainment (0.74%)
	100,000	Spotify Technology SA 1,2		24,563,323		31,379,000
	Total Communication Services			34,664,217		82,558,080
Consumer Discretionary (7.53%)
		Footwear (1.39%)
	351,069	Birkenstock Holding PLC 1,2		16,149,174		19,101,664
	1,037,000	On Holding AG, Cl A 1,2		30,424,600		40,235,600
				46,573,774		59,337,264
		Home Improvement Retail (0.49%)
	211,000	Floor & Decor Holdings, Inc., Cl A 1		18,452,772		20,975,510
		Hotels, Resorts & Cruise Lines (3.35%)
	503,442	Choice Hotels International, Inc.		2,156,126		59,909,598
	31,000	Hilton Worldwide Holdings, Inc.		6,489,341		6,764,200
	500,233	Hyatt Hotels Corp., Cl A		13,700,166		75,995,398
				22,345,633		142,669,196
		Leisure Facilities (2.30%)
	545,538	Vail Resorts, Inc.		10,547,752		98,267,760
	Total Consumer Discretionary			97,919,931		321,249,730
Financials (13.43%)
		Financial Exchanges & Data (5.03%)
	274,725	FactSet Research Systems, Inc.		14,622,164		112,161,976
	156,000	Morningstar, Inc.		32,512,227		46,152,600
	47,000	MSCI, Inc.		15,780,557		22,642,250
	316,189	Tradeweb Markets, Inc., Cl A		12,240,920		33,516,034
				75,155,868		214,472,860
		Insurance Brokers (0.52%)
	84,421	Willis Towers Watson PLC 2		10,305,610		22,130,121
		Investment Banking & Brokerage (3.08%)
	1,578,936	The Charles Schwab Corp.		1,389,671		116,351,794
	54,000	LPL Financial Holdings, Inc.		12,105,109		15,082,200
				13,494,780		131,433,994
		Property & Casualty Insurance (4.80%)
	2,031,444	Arch Capital Group Ltd. 1,2		7,307,977		204,952,385
	Total Financials			106,264,235		572,989,360
Health Care (21.50%)
		Biotechnology (0.39%)
	38,366	argenx SE, ADR 1,2		12,332,714		16,498,915
		Health Care Equipment (7.02%)
	343,000	DexCom, Inc. 1		21,683,691		38,889,340
	534,630	IDEXX Laboratories, Inc. 1		9,471,856		260,471,736
				31,155,547		299,361,076

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Health Care Supplies (1.58%)
	773,672	The Cooper Companies, Inc.	$	30,234,022	$	67,541,565
		Health Care Technology (1.49%)
	347,386	Veeva Systems, Inc., Cl A 1		19,262,150		63,575,112
		Life Sciences Tools & Services (11.02%)
	1,394,944	Bio-Techne Corporation		33,521,319		99,947,738
	184,000	ICON plc 1,2		39,500,431		57,678,480
	152,117	Mettler-Toledo International, Inc. 1		8,858,446		212,597,198
	302,404	West Pharmaceutical Services, Inc.		13,012,900		99,608,853
				94,893,096		469,832,269
	Total Health Care			187,877,529		916,808,937
Industrials (15.14%)
		Aerospace & Defense (0.39%)
	57,000	Axon Enterprise, Inc. 1		11,338,430		16,771,680
		Construction & Engineering (1.70%)
	285,000	Quanta Services, Inc.		47,697,751		72,415,650
		Data Processing & Outsourced Services (0.67%)
	455,076	SS&C Technologies Holdings, Inc.		12,215,821		28,519,613
		Environmental & Facilities Services (1.73%)
	1,514,418	Rollins, Inc.		21,152,732		73,888,454
		Human Resource & Employment Services (1.69%)
	1,458,093	Dayforce, Inc. 1		54,559,959		72,321,413
		Industrial Machinery & Supplies & Components (1.29%)
	272,760	IDEX Corp.		19,464,652		54,879,312
		Research & Consulting Services (7.67%)
	200,000	Booz Allen Hamilton Holding Corp.		22,670,902		30,780,000
	827,500	TransUnion		34,946,379		61,367,400
	871,206	Verisk Analytics, Inc.		21,340,017		234,833,577
				78,957,298		326,980,977
	Total Industrials			245,386,643		645,777,099
Information Technology (29.07%)
		Application Software (14.35%)
	301,250	ANSYS, Inc. 1		7,995,893		96,851,875
	146,026	Aspen Technology, Inc. 1		26,598,636		29,005,144
	100,000	Fair Isaac Corp. 1		39,372,024		148,866,000
	1,280,809	Guidewire Software, Inc. 1		64,100,097		176,610,753
	400,000	Procore Technologies, Inc. 1		29,185,970		26,524,000
	238,192	Roper Technologies, Inc.		19,882,431		134,259,303
				187,135,051		612,117,075

See Notes to Portfolios of Investments.

Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Electronic Components (2.62%)
	1,658,000	Amphenol Corp., Cl A	$	39,080,301	$	111,699,460
		Internet Services & Infrastructure (0.73%)
	176,173	Verisign, Inc. 1		7,916,941		31,323,560
		IT Consulting & Other Services (9.50%)
	902,323	Gartner, Inc. 1		18,428,905		405,197,166
		Technology Distributors (1.87%)
	355,363	CDW Corp.		22,129,556		79,544,454
	Total Information Technology			274,690,754		1,239,881,715
Materials (0.23%)
		Construction Materials (0.23%)
	40,000	Vulcan Materials Co.		10,064,071		9,947,200
Real Estate (6.10%)
		Data Center REITs (0.86%)
	48,416	Equinix, Inc.		3,085,999		36,631,545
		Real Estate Services (4.99%)
	516,323	CBRE Group, Inc., Cl A 1		5,774,214		46,009,543
	2,248,930	CoStar Group, Inc. 1		47,365,826		166,735,670
				53,140,040		212,745,213
		Telecom Tower REITs (0.25%)
	53,856	SBA Communications Corp.		1,210,360		10,571,933
	Total Real Estate			57,436,399		259,948,691
	Total Common Stocks			1,014,303,779		4,049,160,812
Private Common Stocks (1.53%)
Communication Services (1.10%)
		Movies & Entertainment (1.10%)
	197,613	StubHub Holdings, Inc., Cl A 1,3,4,6		50,000,041		47,162,319
Industrials (0.43%)
		Aerospace & Defense (0.43%)
	92,406	Space Exploration Technologies Corp., Cl A 1,3,4,6		7,115,262		10,349,472
	69,932	Space Exploration Technologies Corp., Cl C 1,3,4,6		5,384,764		7,832,384
	Total Industrials			12,500,026		18,181,856
	Total Private Common Stocks			62,500,067		65,344,175

Shares			Cost		Value
Private Preferred Stocks (3.47%)
Industrials (2.53%)
		Aerospace & Defense (2.53%)
	96,298	Space Exploration Technologies Corp., Series N 1,3,4,6	$	26,000,461	$	107,853,760
Information Technology (0.94%)
		Application Software (0.94%)
	3,341,687	X.AI Corp. 1,3,4,6		39,999,993		39,999,993
	Total Private Preferred Stocks			66,000,454		147,853,753
Principal Amount
Short-Term Investments (0.20%)
	$8,605,817	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $8,609,296; (Fully Collateralized by $8,700,900 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $8,778,099) 5		8,605,817		8,605,817
	Total Investments (100.14%)		$	1,151,410,117		4,270,964,557
	Liabilities Less Cash and Other Assets (-0.14%)					(5,949,917	)
	Net Assets				$	4,265,014,640

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2024, the market value of restricted securities amounted to $213,197,928 or 5.00% of net assets. See Note 3 regarding Restricted Securities.

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

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

⁶  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (100.96%)
Communication Services (2.63%)
		Alternative Carriers (2.63%)
	7,000,000	Iridium Communications, Inc. 4	$	42,700,005	$	186,340,000
Consumer Discretionary (14.43%)
		Apparel, Accessories & Luxury Goods (0.89%)
	11,750,000	Figs, Inc., Cl A 1		83,703,524		62,627,500
		Casinos & Gaming (1.55%)
	1,998,635	Red Rock Resorts, Inc., Cl A		45,018,173		109,785,021
		Education Services (1.17%)
	750,000	Bright Horizons Family Solutions, Inc. 1		23,769,054		82,560,000
		Hotels, Resorts & Cruise Lines (5.04%)
	3,000,000	Choice Hotels International, Inc. 4		75,582,685		357,000,000
		Leisure Facilities (5.09%)
	2,000,000	Vail Resorts, Inc. 4		56,102,210		360,260,000
		Restaurants (0.69%)
	4,540,000	Krispy Kreme, Inc.		65,918,556		48,850,400
	Total Consumer Discretionary			350,094,202		1,021,082,921
Financials (47.65%)
		Asset Management & Custody Banks (2.62%)
	1,600,000	The Carlyle Group, Inc.		32,614,747		64,240,000
	1,675,000	Cohen & Steers, Inc.		34,663,648		121,538,000
				67,278,395		185,778,000
		Commercial & Residential Mortgage Finance (0.40%)
	500,000	Essent Group Ltd. 2		13,485,138		28,095,000
		Financial Exchanges & Data (20.65%)
	1,200,000	FactSet Research Systems, Inc.		59,954,575		489,924,000
	925,000	Morningstar, Inc.		18,840,637		273,661,250
	1,450,000	MSCI, Inc.		26,549,735		698,537,500
				105,344,947		1,462,122,750
		Investment Banking & Brokerage (1.14%)
	450,000	Houlihan Lokey, Inc.		19,625,873		60,687,000
	350,000	Moelis & Co., Cl A		4,682,331		19,901,000
				24,308,204		80,588,000
		Life & Health Insurance (4.84%)
	1,450,000	Primerica, Inc.		30,040,595		343,041,000
		Property & Casualty Insurance (18.00%)
	9,000,000	Arch Capital Group Ltd. 1,2		28,031,463		908,010,000
	950,000	Kinsale Capital Group, Inc.		31,558,873		366,016,000
				59,590,336		1,274,026,000
	Total Financials			300,047,615		3,373,650,750

Shares			Cost		Value
Common Stocks (continued)
Health Care (8.27%)
		Health Care Equipment (3.10%)
	450,000	IDEXX Laboratories, Inc. 1	$	6,274,381	$	219,240,000
		Health Care Supplies (0.29%)
	1,342,434	Neogen Corp. 1		17,026,471		20,982,243
		Life Sciences Tools & Services (4.88%)
	2,500,000	Bio-Techne Corporation		32,579,028		179,125,000
	60,000	Mettler-Toledo International, Inc. 1		2,742,937		83,855,400
	250,000	West Pharmaceutical Services, Inc.		8,406,196		82,347,500
				43,728,161		345,327,900
	Total Health Care			67,029,013		585,550,143
Industrials (1.05%)
		Building Products (1.05%)
	1,000,000	Trex Co., Inc. 1		8,972,042		74,120,000
Information Technology (16.48%)
		Application Software (7.16%)
	725,000	Altair Engineering, Inc., Cl A 1		11,330,019		71,108,000
	960,000	ANSYS, Inc. 1		21,829,895		308,640,000
	305,000	Clearwater Analytics Holdings, Inc., Cl A 1		4,682,009		5,648,600
	880,000	Guidewire Software, Inc. 1		26,354,105		121,343,200
				64,196,028		506,739,800
		IT Consulting & Other Services (9.32%)
	1,470,000	Gartner, Inc. 1		20,307,641		660,118,200
	Total Information Technology			84,503,669		1,166,858,000
Real Estate (10.45%)
		Health Care REITs (0.95%)
	575,000	Alexandria Real Estate Equities, Inc.		19,560,096		67,257,750
		Office REITs (0.75%)
	4,000,000	Douglas Emmett, Inc.		35,524,932		53,240,000
		Other Specialized REITs (3.39%)
	5,300,000	Gaming and Leisure Properties, Inc.		110,905,425		239,613,000
		Real Estate Services (5.36%)
	5,120,000	CoStar Group, Inc. 1		21,375,117		379,596,800
	Total Real Estate			187,365,570		739,707,550
	Total Common Stocks			1,040,712,116		7,147,309,364

See Notes to Portfolios of Investments.

Baron Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2024

Shares			Cost		Value
Private Common Stocks (0.01%)
Materials (0.01%)
		Fertilizers & Agricultural Chemicals (0.01%)
	422,278	Farmers Business Network, Inc. 1,3,5,6	$	16,300,002	$	785,437
Private Convertible Preferred Stocks (0.15%)
Industrials (0.15%)
		Electrical Components & Equipment (0.15%)
	59,407,006	Northvolt AB, Series E1 (Sweden) 1,2,3,5,6		9,374,988		10,963,385
	Total Investments (101.12%)		$	1,066,387,106		7,159,058,186
	Liabilities Less Cash and Other Assets (-1.12%)					(79,395,327	)
	Net Assets				$	7,079,662,859

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2024, the market value of restricted securities amounted to $11,748,822 or 0.17% of net assets. See Note 3 regarding Restricted Securities.

⁴  See Note 5 regarding “Affiliated” companies.

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

⁶  Level 3 security. See Note 4 regarding Fair Value Measurements.

  All securities are Level 1, unless otherwise noted.

 

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (96.88%)
Communication Services (5.21%)
		Advertising (2.20%)
	350,000	Ibotta, Inc., Cl A 1	$	33,918,217	$	26,306,000
	750,000	The Trade Desk, Inc., Cl A 1		2,662,500		73,252,500
				36,580,717		99,558,500
		Movies & Entertainment (3.01%)
	1,200,000	Liberty Media Corp.-Liberty Formula One, Cl C 1		20,511,579		86,208,000
	207,610	Liberty Media Corporation-Liberty Live, Cl C 1		680,178		7,945,234
	225,000	Madison Square Garden Sports Corp. 1		8,416,557		42,329,250
				29,608,314		136,482,484
	Total Communication Services			66,189,031		236,040,984
Consumer Discretionary (15.77%)
		Automotive Parts & Equipment (1.11%)
	675,000	Fox Factory Holding Corp. 1		40,490,751		32,528,250
	5,000,000	Holley, Inc. 1		40,431,893		17,900,000
				80,922,644		50,428,250
		Casinos & Gaming (4.38%)
	875,000	DraftKings, Inc., Cl A 1		11,187,787		33,398,750
	3,000,000	Red Rock Resorts, Inc., Cl A		86,392,310		164,790,000
				97,580,097		198,188,750
		Education Services (1.52%)
	625,000	Bright Horizons Family Solutions, Inc. 1		19,174,147		68,800,000
		Home Improvement Retail (1.87%)
	850,000	Floor & Decor Holdings, Inc., Cl A 1		30,054,925		84,498,500
		Homebuilding (2.39%)
	525,000	Installed Building Products, Inc.		22,611,370		107,982,000
		Leisure Facilities (2.15%)
	1,325,000	Planet Fitness, Inc., Cl A 1		58,847,373		97,506,750
		Restaurants (1.91%)
	2,200,000	The Cheesecake Factory, Inc.		60,116,924		86,438,000
		Specialized Consumer Services (0.44%)
	2,000,000	European Wax Center, Inc., Cl A 1		32,154,375		19,860,000
	Total Consumer Discretionary			401,461,855		713,702,250
Consumer Staples (2.17%)
		Packaged Foods & Meats (1.19%)
	3,250,000	UTZ Brands, Inc. 1		51,593,467		54,080,000
		Personal Care Products (0.98%)
	1,125,000	Oddity Tech Ltd., Cl A 1,2		41,428,946		44,167,500
	Total Consumer Staples			93,022,413		98,247,500
Financials (10.34%)
		Insurance Brokers (2.55%)
	3,250,000	Baldwin Insurance Group, Inc. Cl A (formerly BRP Group, Inc.) 1		54,388,028		115,277,500
		Investment Banking & Brokerage (1.86%)
	625,000	Houlihan Lokey, Inc.		28,909,333		84,287,500

Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Property & Casualty Insurance (4.04%)
	475,000	Kinsale Capital Group, Inc.	$	69,271,272	$	183,008,000
		Transaction & Payment Processing Services (1.89%)
	3,900,000	Repay Holdings Corporation 1		33,541,410		41,184,000
	250,000	WEX, Inc. 1		10,329,020		44,285,000
				43,870,430		85,469,000
	Total Financials			196,439,063		468,042,000
Health Care (11.39%)
		Health Care Equipment (2.29%)
	550,000	DexCom, Inc. 1		1,823,402		62,359,000
	30,000	IDEXX Laboratories, Inc. 1		414,061		14,616,000
	200,000	Inspire Medical Systems, Inc. 1		10,019,389		26,766,000
				12,256,852		103,741,000
		Health Care Supplies (1.73%)
	5,000,000	Neogen Corp. 1		90,021,499		78,150,000
		Life Sciences Tools & Services (5.85%)
	700,000	ICON plc 1,2		38,492,341		219,429,000
	32,500	Mettler-Toledo International, Inc. 1		1,571,421		45,421,675
				40,063,762		264,850,675
		Managed Health Care (1.52%)
	800,000	HealthEquity, Inc. 1		13,208,486		68,960,000
	Total Health Care			155,550,599		515,701,675
Industrials (27.46%)
		Aerospace & Defense (4.08%)
	2,250,000	Kratos Defense & Security Solutions, Inc. 1		34,436,698		45,022,500
	224,198	Loar Holdings, Inc. 1		6,277,544		11,974,415
	100,000	TransDigm Group, Inc. 1		0		127,761,000
				40,714,242		184,757,915
		Building Products (2.66%)
	6,000,000	Janus International Group, Inc. 1		59,406,533		75,780,000
	600,000	Trex Co., Inc. 1		21,427,914		44,472,000
				80,834,447		120,252,000
		Diversified Support Services (0.84%)
	3,000,000	Driven Brands Holdings, Inc. 1		58,809,753		38,190,000
		Electrical Components & Equipment (7.27%)
	3,800,000	Vertiv Holdings Co., Cl A		38,486,646		328,966,000
		Environmental & Facilities Services (1.36%)
	350,000	Waste Connections, Inc. 2		15,283,333		61,376,000
		Human Resource & Employment Services (2.37%)
	950,000	Dayforce, Inc. 1		29,430,555		47,120,000
	3,750,000	First Advantage Corp. 1		60,629,977		60,262,500
				90,060,532		107,382,500

See Notes to Portfolios of Investments.

Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)
		Industrial Machinery & Supplies & Components (5.84%)
	875,000	Chart Industries, Inc. 1	$	134,646,826	$	126,297,500
	675,000	John Bean Technologies Corp.		60,915,177		64,104,750
	275,000	RBC Bearings, Incorporated 1		32,617,037		74,189,500
				228,179,040		264,591,750
		Research & Consulting Services (0.56%)
	265,000	Exponent, Inc.		20,189,458		25,206,800
		Trading Companies & Distributors (2.48%)
	925,000	SiteOne Landscape Supply, Inc. 1		40,106,104		112,304,250
	Total Industrials			612,663,555		1,243,027,215
Information Technology (22.07%)
		Application Software (10.20%)
	500,000	Altair Engineering, Inc., Cl A 1		7,667,854		49,040,000
	350,000	Aspen Technology, Inc. 1		32,534,028		69,520,500
	2,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		44,280,887		46,300,000
	1,225,000	Guidewire Software, Inc. 1		31,269,359		168,915,250
	1,900,000	Intapp, Inc. 1		75,158,999		69,673,000
	1,000,000	nCino, Inc. 1		32,908,778		31,450,000
	750,000	Sprout Social, Inc., Cl A 1		41,544,916		26,760,000
				265,364,821		461,658,750
		Electronic Equipment & Instruments (1.55%)
	1,500,000	Cognex Corp.		25,832,809		70,140,000
		IT Consulting & Other Services (9.64%)
	1,650,000	ASGN, Inc. 1		43,789,175		145,480,500
	800,000	Endava plc, ADR 1,2		27,430,574		23,392,000
	525,000	Gartner, Inc. 1		6,820,144		235,756,500
	3,000,000	Grid Dynamics Holdings, Inc. 1		36,322,597		31,530,000
				114,362,490		436,159,000
		Semiconductors (0.68%)
	5,000,000	indie Semiconductor, Inc., Cl A 1		35,279,146		30,850,000
	Total Information Technology			440,839,266		998,807,750

Shares			Cost		Value
Common Stocks (continued)
Materials (1.64%)
		Specialty Chemicals (1.64%)
	1,700,000	Avient Corp.	$	53,733,696	$	74,205,000
Real Estate (0.83%)
		Industrial REITs (0.48%)
	850,000	Americold Realty Trust, Inc.		12,961,598		21,709,000
		Telecom Tower REITs (0.35%)
	80,000	SBA Communications Corp.		322,222		15,704,000
	Total Real Estate			13,283,820		37,413,000
	Total Common Stocks			2,033,183,298		4,385,187,374
Principal Amount
Short-Term Investments (3.19%)
	$144,351,861	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $144,410,203; (Fully Collateralized by $145,945,400 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $147,238,936) 3		144,351,861		144,351,861
	Total Investments (100.07%)		$	2,177,535,159		4,529,539,235
	Liabilities Less Cash and Other Assets (-0.07%)					(3,247,369	)
	Net Assets				$	4,526,291,866

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (95.46%)
Communication Services (8.70%)
		Advertising (1.95%)
	266,510	The Trade Desk, Inc., Cl A 1	$	7,966,213	$	26,030,032
		Interactive Media & Services (4.66%)
	123,000	Meta Platforms, Inc., Cl A		24,382,735		62,019,060
		Movies & Entertainment (2.09%)
	88,700	Spotify Technology SA 1,2		21,873,061		27,833,173
	Total Communication Services			54,222,009		115,882,265
Consumer Discretionary (11.39%)
		Automobile Manufacturers (3.49%)
	235,200	Tesla, Inc. 1		13,081,836		46,541,376
		Automotive Parts & Equipment (0.86%)
	405,200	Mobileye Global, Inc., Cl A 1		12,581,122		11,380,042
		Broadline Retail (7.04%)
	485,500	Amazon.com, Inc. 1		29,742,116		93,822,875
	Total Consumer Discretionary			55,405,074		151,744,293
Financials (4.42%)
		Transaction & Payment Processing Services (4.42%)
	62,300	MasterCard, Incorporated, Cl A		13,361,059		27,484,268
	119,900	Visa, Inc., Cl A		18,936,666		31,470,153
	Total Financials			32,297,725		58,954,421
Health Care (7.75%)
		Biotechnology (6.16%)
	220,000	Arcellx, Inc. 1		14,378,346		12,141,800
	64,739	argenx SE, ADR 1,2		9,490,491		27,840,360
	235,500	Legend Biotech Corp., ADR 1,2		13,246,784		10,430,295
	690,270	Rocket Pharmaceuticals, Inc. 1		12,666,542		14,861,513
	316,600	Viking Therapeutics, Inc. 1		4,645,174		16,782,966
				54,427,337		82,056,934
		Health Care Equipment (1.59%)
	47,705	Intuitive Surgical, Inc. 1		6,193,832		21,221,569
	Total Health Care			60,621,169		103,278,503
Industrials (0.83%)
		Human Resource & Employment Services (0.83%)
	223,570	Dayforce, Inc. 1		10,877,867		11,089,072
Information Technology (59.94%)
		Application Software (6.72%)
	14,500	Cadence Design Systems, Inc. 1		4,022,831		4,462,375
	226,500	Gitlab, Inc., Cl A 1,4		9,190,621		11,261,580
	175,100	Guidewire Software, Inc. 1		5,058,280		24,144,539
	20,600	HubSpot, Inc. 1		6,992,891		12,149,674
	329,900	Samsara, Inc., Cl A 1		9,861,435		11,117,630
	33,500	ServiceNow, Inc. 1,4		6,318,061		26,353,445
				41,444,119		89,489,243
		Internet Services & Infrastructure (1.38%)
	279,000	Shopify, Inc., Cl A 1,2		11,961,246		18,427,950

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		IT Consulting & Other Services (2.67%)
	79,187	Gartner, Inc. 1	$	2,029,908	$	35,559,714
		Semiconductor Materials & Equipment (2.47%)
	21,300	ASML Holding N.V. 2		10,043,235		21,784,149
	10,400	Lam Research Corp.		7,886,287		11,074,440
				17,929,522		32,858,589
		Semiconductors (24.22%)
	207,400	Advanced Micro Devices, Inc. 1		16,528,436		33,642,354
	26,400	Broadcom, Inc.		35,240,647		42,385,992
	3,242,600	indie Semiconductor, Inc., Cl A 1		21,817,224		20,006,842
	181,000	Marvell Technology, Inc.		7,267,339		12,651,900
	19,500	Monolithic Power Systems, Inc.		7,321,998		16,022,760
	1,440,500	NVIDIA Corp.		9,765,898		177,959,370
	115,000	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		13,356,263		19,988,150
				111,297,805		322,657,368
		Systems Software (18.20%)
	110,800	Cloudflare, Inc., Cl A 1,4		4,372,897		9,177,564
	57,423	Crowdstrike Holdings, Inc., Cl A 1		3,453,213		22,003,919
	152,500	Datadog, Inc., Cl A 1,4		13,554,114		19,777,725
	428,400	Microsoft Corporation		63,017,175		191,473,380
				84,397,399		242,432,588
		Technology Hardware, Storage & Peripherals (4.28%)
	271,000	Apple, Inc.		51,792,161		57,078,020
	Total Information Technology			320,852,160		798,503,472
Real Estate (2.43%)
		Real Estate Services (2.43%)
	436,130	CoStar Group, Inc. 1		21,363,737		32,334,678
	Total Common Stocks			555,639,741		1,271,786,704
Private Common Stocks (1.28%)
Communication Services (0.10%)
		Interactive Media & Services (0.10%)
	50,000	X Holdings I, Inc., Cl A 1,3,4,6		5,000,000		1,366,000
Industrials (1.15%)
		Aerospace & Defense (1.15%)
	105,020	Space Exploration Technologies Corp., Cl A 1,3,4,6		4,607,169		11,762,240
	31,890	Space Exploration Technologies Corp., Cl C 1,3,4,6		1,392,972		3,571,680
				6,000,141		15,333,920
		Passenger Ground Transportation (0.00%)^
	3,571	GM Cruise Holdings LLC, Cl B 1,3,4,6		103,563		21,676
	Total Industrials			6,103,704		15,355,596

See Notes to Portfolios of Investments.

Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2024

Shares			Cost		Value
Private Common Stocks (continued)
Materials (0.03%)
		Fertilizers & Agricultural Chemicals (0.03%)
	182,067	Farmers Business Network, Inc. 1,3,4,6	$	2,394,652	$	338,645
	Total Private Common Stocks			13,498,356		17,060,241
Private Convertible Preferred Stocks (0.21%)
Materials (0.21%)
		Fertilizers & Agricultural Chemicals (0.21%)
	37,254	Farmers Business Network, Inc. Series F 1,3,4,6		4,855,355		684,729
	615,761	Farmers Business Network, Inc., Units 1,3,4,6		615,761		2,081,272
	Total Private Convertible Preferred Stocks			5,471,116		2,766,001
Private Preferred Stocks (1.68%)
Industrials (1.68%)
		Aerospace & Defense (1.56%)
	18,519	Space Exploration Technologies Corp., Series N 1,3,4,6		5,000,130		20,741,280
		Passenger Ground Transportation (0.12%)
	266,956	GM Cruise Holdings LLC, Cl G 1,3,4,6		7,034,290		1,620,423
	Total Private Preferred Stocks			12,034,420		22,361,703

Principal Amount		Cost		Value
Short-Term Investments (1.43%)
$18,989,064	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $18,996,738; (Fully Collateralized by $19,198,700 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $19,368,872) 5	$	18,989,064	$	18,989,064
Total Investments (100.06%)		$	605,632,697		1,332,963,713
Liabilities Less Cash and Other Assets (-0.06%)					(737,356	)
Net Assets				$	1,332,226,357

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2024, the market value of restricted securities amounted to $42,187,945 or 3.17% of net assets. See Note 3 regarding Restricted Securities.

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

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

⁶  Level 3 security. See Note 4 regarding Fair Value Measurements.

^{^}  Rounds to less than 0.01%.

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (97.97%)
Communication Services (14.15%)
		Advertising (3.92%)
	252,622	The Trade Desk, Inc., Cl A 1	$	14,551,081	$	24,673,591
		Interactive Media & Services (10.23%)
	102,421	Alphabet, Inc., Cl A		15,129,363		18,655,985
	90,909	Meta Platforms Inc., Cl A		6,630,519		45,838,136
				21,759,882		64,494,121
	Total Communication Services			36,310,963		89,167,712
Consumer Discretionary (19.95%)
		Automobile Manufacturers (4.17%)
	471,580	Rivian Automotive, Inc., Cl A 1		12,257,318		6,328,604
	100,800	Tesla, Inc. 1		25,608,908		19,946,304
				37,866,226		26,274,908
		Automotive Parts & Equipment (1.10%)
	247,230	Mobileye Global, Inc., Cl A 1		6,228,941		6,943,454
		Broadline Retail (14.68%)
	287,686	Amazon.com, Inc. 1		2,726,880		55,595,319
	680,704	Coupang, Inc., Cl A 1		12,159,012		14,260,749
	13,817	MercadoLibre, Inc. 1		9,299,061		22,706,858
				24,184,953		92,562,926
	Total Consumer Discretionary			68,280,120		125,781,288
Financials (5.20%)
		Transaction & Payment Processing Services (5.20%)
	7,058	Adyen N.V., 144A (Netherlands) 1,2,5		6,021,276		8,382,614
	158,925	Block, Inc. 1		9,529,261		10,249,073
	32,067	MasterCard Incorporated, Cl A		1,161,898		14,146,678
	Total Financials			16,712,435		32,778,365
Health Care (9.65%)
		Biotechnology (2.24%)
	32,834	argenx SE, ADR 1,2		10,908,180		14,119,933
		Health Care Equipment (5.28%)
	74,792	Intuitive Surgical, Inc. 1		8,845,700		33,271,221
		Health Care Technology (1.17%)
	40,309	Veeva Systems, Inc., Cl A 1		2,538,180		7,376,950
		Life Sciences Tools & Services (0.96%)
	9,484	GRAIL, Inc. 1		181,014		145,769
	56,909	Illumina, Inc. 1		6,192,532		5,940,162
				6,373,546		6,085,931
	Total Health Care			28,665,606		60,854,035
Information Technology (49.02%)
		Application Software (8.62%)
	34,349	Atlassian Corp., Cl A 1		8,918,541		6,075,651
	108,633	Gitlab, Inc., Cl A 1,4		6,989,883		5,401,233
	54,458	ServiceNow, Inc. 1,4		20,815,805		42,840,475
				36,724,229		54,317,359
		Internet Services & Infrastructure (4.94%)
	471,283	Shopify, Inc., Cl A 1,2		19,346,878		31,128,242
		IT Consulting & Other Services (0.93%)
	201,215	Endava plc, ADR 1,2		18,269,297		5,883,527
		Semiconductor Materials & Equipment (3.17%)
	19,541	ASML Holding N.V. 2		1,203,894		19,985,167
		Semiconductors (12.08%)
	616,431	NVIDIA Corp.		8,133,633		76,153,886

Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)
		Systems Software (19.28%)
	240,341	Cloudflare, Inc., Cl A 1,4	$	18,218,660	$	19,907,445
	87,980	Crowdstrike Holdings, Inc., Cl A 1		4,891,583		33,713,056
	151,618	Datadog, Inc., Cl A 1,4		9,184,124		19,663,338
	67,243	Microsoft Corporation		26,470,987		30,054,259
	134,832	Snowflake, Inc., Cl A 1,4		23,497,594		18,214,455
				82,262,948		121,552,553
	Total Information Technology			165,940,879		309,020,734
	Total Common Stocks			315,910,003		617,602,134
Private Common Stocks (0.95%)
Industrials (0.95%)
		Aerospace & Defense (0.95%)
	41,330	Space Exploration Technologies Corp., Cl A 1,3,4,6		1,932,253		4,628,960
	12,240	Space Exploration Technologies Corp., Cl C 1,3,4,6		567,691		1,370,880
	Total Private Common Stocks			2,499,944		5,999,840
Private Preferred Stocks (0.13%)
Industrials (0.13%)
		Passenger Ground Transportation (0.13%)
	133,288	GM Cruise Holdings LLC, Cl G 1,3,4,6		3,512,139		809,058
Principal Amount
Short-Term Investments (0.91%)
	$5,751,733	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $5,754,058; (Fully Collateralized by $5,815,300 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $5,866,915)5		5,751,733		5,751,733
	Total Investments (99.96%)		$	327,673,819		630,162,765
	Cash and Other Assets Less Liabilities (0.04%)					245,508
	Net Assets				$	630,408,273

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

³  At June 30, 2024, the market value of restricted securities amounted to $6,808,898 or 1.08% of net assets. See Note 3 regarding Restricted Securities.

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

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

⁶  Level 3 security. See Note 4 regarding Fair Value Measurements.

^ADR  American Depositary Receipt.

^144A  Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At June 30, 2024, the market value of Rule 144A securities amounted to $8,382,614 or 1.33% of net assets.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (97.25%)
Communication Services (3.80%)
		Advertising (0.81%)
	150,000	Ibotta, Inc., Cl A 1	$	14,649,029	$	11,274,000
		Interactive Media & Services (0.63%)
	138,143	Reddit, Inc., Cl A 1		4,696,862		8,825,956
		Movies & Entertainment (2.36%)
	185,000	Liberty Media Corporation-Liberty Formula One, Cl A 1		5,408,362		11,882,550
	550,000	Liberty Media Corporation-Liberty Live, Cl C 1		18,822,683		21,048,500
				24,231,045		32,931,050
	Total Communication Services			43,576,936		53,031,006
Consumer Discretionary (11.18%)
		Casinos & Gaming (4.94%)
	1,235,000	DraftKings, Inc., Cl A 1		23,984,451		47,139,950
	395,000	Red Rock Resorts, Inc., Cl A		14,152,337		21,697,350
				38,136,788		68,837,300
		Footwear (1.11%)
	400,000	On Holding AG, Cl A 1,2		9,327,516		15,520,000
		Home Improvement Retail (2.14%)
	300,000	Floor & Decor Holdings, Inc., Cl A 1		9,074,455		29,823,000
		Homefurnishing Retail (0.53%)
	30,000	RH 1		7,459,296		7,333,200
		Restaurants (2.46%)
	200,000	Texas Roadhouse, Inc.		17,901,519		34,342,000
	Total Consumer Discretionary			81,899,574		155,855,500
Financials (2.29%)
		Asset Management & Custody Banks (0.22%)
	25,000	Hamilton Lane, Inc., Cl A		2,946,204		3,089,500
		Property & Casualty Insurance (2.07%)
	75,000	Kinsale Capital Group, Inc.		3,355,498		28,896,000
	Total Financials			6,301,702		31,985,500
Health Care (20.56%)
		Health Care Equipment (8.65%)
	596,078	Inari Medical, Inc. 1		30,435,721		28,701,156
	104,000	Inspire Medical Systems, Inc. 1		22,298,541		13,918,320
	158,000	Integer Holdings Corp. 1		18,388,085		18,294,820
	265,000	Masimo Corp. 1		35,939,618		33,374,100
	973,406	Silk Road Medical, Inc. 1		18,405,410		26,320,898
				125,467,375		120,609,294
		Health Care Supplies (1.07%)
	329,000	Establishment Labs Holdings, Inc. 1,2		20,105,992		14,949,760
		Health Care Technology (1.05%)
	2,684,590	Definitive Healthcare Corp. 1		48,189,355		14,657,861

Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)
		Life Sciences Tools & Services (9.64%)
	240,000	10X Genomics, Inc., Cl A 1	$	10,693,795	$	4,668,000
	1,433,622	CareDx, Inc. 1,3		14,322,669		22,264,150
	480,000	Exact Sciences Corp. 1,3		20,906,055		20,280,000
	1,629,676	Maravai LifeSciences Holdings, Inc., Cl A 1		15,496,854		11,668,480
	122,500	Repligen Corp. 1		19,531,284		15,442,350
	1,181,429	Stevanato Group SpA 2		30,544,201		21,667,408
	560,775	Tempus AI, Inc. Cl A 1		19,197,220		19,627,125
	868,790	Veracyte, Inc. 1,3		22,690,855		18,826,679
				153,382,933		134,444,192
		Pharmaceuticals (0.15%)
	775,832	Revance Therapeutics, Inc. 1		11,448,086		1,993,888
	Total Health Care			358,593,741		286,654,995
Industrials (21.75%)
		Aerospace & Defense (7.87%)
	144,095	Axon Enterprise, Inc. 1		15,830,703		42,398,513
	1,942,158	Kratos Defense & Security Solutions, Inc. 1		26,482,410		38,862,582
	69,330	Loar Holdings, Inc. 1		1,941,240		3,702,915
	920,380	Mercury Systems, Inc. 1		33,144,240		24,841,056
				77,398,593		109,805,066
		Building Products (2.31%)
	200,000	AAON, Inc.		14,505,982		17,448,000
	200,000	Trex Co., Inc. 1		7,842,211		14,824,000
				22,348,193		32,272,000
		Diversified Support Services (0.19%)
	146,576	ACV Auctions, Inc., Cl A 1		2,937,630		2,675,012
		Environmental & Facilities Services (2.78%)
	869,583	Montrose Environmental Group, Inc. 1		19,287,297		38,748,618
		Human Resource & Employment Services (1.96%)
	550,000	Dayforce, Inc. 1		29,611,829		27,280,000
		Industrial Machinery & Supplies & Components (4.68%)
	250,000	Chart Industries, Inc. 1		34,324,239		36,085,000
	375,000	Enerpac Tool Group Corp. Cl A		14,358,665		14,317,500
	55,000	RBC Bearings, Inc. 1		11,183,890		14,837,900
				59,866,794		65,240,400
		Trading Companies & Distributors (1.96%)
	225,000	SiteOne Landscape Supply, Inc. 1		16,625,881		27,317,250
	Total Industrials			228,076,217		303,338,346

See Notes to Portfolios of Investments.

Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (continued)
Information Technology (35.59%)
		Application Software (11.15%)
	600,000	Alkami Technology, Inc. 1	$	13,160,839	$	17,088,000
	1,500,000	Clearwater Analytics Holdings, Inc., Cl A 1		25,944,978		27,780,000
	677,889	Gitlab, Inc., Cl A 1,3		25,647,628		33,704,641
	235,357	Guidewire Software, Inc. 1		18,259,547		32,453,377
	625,000	Intapp, Inc. 1		22,553,288		22,918,750
	325,000	Procore Technologies, Inc. 1		21,170,513		21,550,750
				126,736,793		155,495,518
		Electronic Equipment & Instruments (6.49%)
	395,321	Advanced Energy Industries, Inc.		27,937,769		42,995,112
	74,131	Novanta, Inc. 1,2		8,196,882		12,091,507
	750,000	PAR Technology Corp. 1		25,153,503		35,317,500
				61,288,154		90,404,119
		IT Consulting & Other Services (2.06%)
	326,131	ASGN, Inc. 1		31,749,731		28,754,970
		Semiconductor Materials & Equipment (2.27%)
	135,000	Nova Ltd. 1,2		3,115,172		31,661,550
		Semiconductors (2.72%)
	4,057,493	indie Semiconductor, Inc., Cl A 1		34,900,206		25,034,732
	104,000	SiTime Corp. 1		10,725,454		12,935,520
				45,625,660		37,970,252
		Systems Software (10.90%)
	1,444,900	Couchbase, Inc. 1,3		31,053,248		26,383,874
	160,200	CyberArk Software Ltd. 1,2		20,574,697		43,801,884
	430,775	Dynatrace, Inc. 1,3		10,425,484		19,272,874
	1,575,000	SentinelOne, Inc., Cl A 1		24,893,625		33,153,750
	611,000	Varonis Systems, Inc. 1		13,653,727		29,309,670
				100,600,781		151,922,052
	Total Information Technology			369,116,291		496,208,461
Real Estate (2.08%)
		Industrial REITs (2.08%)
	650,000	Rexford Industrial Realty, Inc.		31,657,135		28,983,500
	Total Common Stocks			1,119,221,596		1,356,057,308

Principal Amount		Cost		Value
Short-Term Investments (2.36%)
$32,958,379	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $32,971,699; (Fully Collateralized by $33,322,300 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $33,617,726) 4	$	32,958,379	$	32,958,379
Total Investments (99.61%)		$	1,152,179,975		1,389,015,687
Cash and Other Assets Less Liabilities (0.39%)					5,416,084
Net Assets				$	1,394,431,771

% 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.

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

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Durable Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2024

Shares			Cost		Value
Common Stocks (98.62%)
Communication Services (11.57%)
		Interactive Media & Services (11.57%)
	110,791	Alphabet, Inc., Cl C	$	14,618,145	$	20,321,285
	57,053	Meta Platforms, Inc., Cl A		17,492,254		28,767,264
	Total Communication Services			32,110,399		49,088,549
Consumer Discretionary (6.94%)
		Broadline Retail (6.94%)
	152,252	Amazon.com, Inc. 1		21,633,953		29,422,699
Consumer Staples (1.55%)
		Consumer Staples Merchandise Retail (1.55%)
	7,715	Costco Wholesale Corp.		4,325,406		6,557,673
Financials (29.34%)
		Asset Management & Custody Banks (5.23%)
	97,516	Blackstone, Inc.		11,176,824		12,072,481
	243,973	Brookfield Corp., Cl A 2		9,333,394		10,134,638
				20,510,218		22,207,119
		Diversified Financial Services (3.09%)
	111,016	Apollo Global Management, Inc.		11,564,568		13,107,659
		Financial Exchanges & Data (10.74%)
	31,966	CME Group, Inc.		6,454,069		6,284,516
	32,164	Moody’s Corp.		11,452,985		13,538,792
	18,665	MSCI, Inc.		9,425,530		8,991,864
	37,554	S&P Global, Inc.		14,972,478		16,749,084
				42,305,062		45,564,256
		Investment Banking & Brokerage (2.09%)
	31,747	LPL Financial Holdings, Inc.		7,499,126		8,866,937
		Property & Casualty Insurance (2.10%)
	88,182	Arch Capital Group Ltd. 1,2		5,523,458		8,896,682
		Transaction & Payment Processing Services (6.09%)
	23,590	MasterCard, Incorporated, Cl A		9,517,135		10,406,965
	58,875	Visa, Inc., Cl A		14,889,289		15,452,921
				24,406,424		25,859,886
	Total Financials			111,808,856		124,502,539
Health Care (10.57%)
		Life Sciences Tools & Services (7.89%)
	40,224	Agilent Technologies, Inc.		5,219,982		5,214,237
	42,419	Danaher Corp.		9,735,317		10,598,387
	4,230	Mettler-Toledo International, Inc. 1		5,197,489		5,911,806
	21,288	Thermo Fisher Scientific, Inc.		11,256,524		11,772,264
				31,409,312		33,496,694
		Managed Health Care (2.68%)
	22,301	UnitedHealth Group, Incorporated		10,663,848		11,357,007
	Total Health Care			42,073,160		44,853,701
Industrials (2.60%)
		Aerospace & Defense (2.60%)
	62,126	HEICO Corp., Cl A		8,755,019		11,028,608

Shares			Cost		Value
Common Stocks (continued)
Information Technology (33.92%)
		Application Software (6.17%)
	24,802	Adobe, Inc. 1	$	12,959,856	$	13,778,503
	18,890	Intuit, Inc.		10,232,021		12,414,697
				23,191,877		26,193,200
		Electronic Manufacturing Services (0.24%)
	6,675	TE Connectivity Ltd. 2		831,183		1,004,120
		IT Consulting & Other Services (1.74%)
	24,323	Accenture plc, Cl A 2		7,822,054		7,379,841
		Semiconductors (16.51%)
	10,762	Broadcom, Inc.		14,476,414		17,278,714
	8,503	Monolithic Power Systems, Inc.		3,697,232		6,986,745
	168,290	NVIDIA Corp.		6,045,484		20,790,547
	107,193	Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2		14,037,032		18,631,215
	32,673	Texas Instruments, Inc.		5,738,398		6,355,879
				43,994,560		70,043,100
		Systems Software (9.26%)
	87,961	Microsoft Corporation		30,893,594		39,314,169
	Total Information Technology			106,733,268		143,934,430
Real Estate (2.13%)
		Real Estate Services (2.13%)
	121,795	CoStar Group, Inc. 1		10,673,237		9,029,881
	Total Common Stocks			338,113,298		418,418,080
Principal Amount
Short-Term Investments (3.16%)
	$13,413,149	Repurchase Agreement with Fixed Income Clearing Corp., dated 6/28/2024, 4.85% due 7/1/2024; Proceeds at maturity $13,418,571; (Fully Collateralized by $13,561,300 U.S. Treasury Floating Rate Note, 5.385% due 4/30/2026 Market value – $13,681,576)3		13,413,149		13,413,149
	Total Investments (101.78%)		$	351,526,447		431,831,229
	Liabilities Less Cash and Other Assets (-1.78%)					(7,535,729	)
	Net Assets				$	424,295,500

% Represents percentage of net assets.

¹  Non-income producing securities.

²  Foreign corporation.

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

^ADR  American Depositary Receipt.

  All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

Baron Investment Funds Trust June 30, 2024

NOTESTO PORTFOLIOSOF INVESTMENTS (UNAUDITED)

1. ORGANIZATION

Baron Investment Funds Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987. The Trust currently offers seven series (individually, a Fund and collectively, the Funds): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund.

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

Each Fund is diversified. The investment goals of the Funds are as follows:

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

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

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

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

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

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

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

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds’ investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)

available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

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

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

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

There were no securities on loan at June 30, 2024.

e) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds’ investments in repurchase agreements at June 30, 2024, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund’s Portfolio of Investments.

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 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.

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)

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 the market price of an issuer’s common stock and classified as Level 2 in the fair value hierarchy. As of June 30, 2024, the Funds did not have any commitments to purchase when-issued securities through PIPE transactions with SPACs.

3. RESTRICTED SECURITIES

At June 30, 2024, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e – 4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

At June 30, 2024, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:

	Baron Asset Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		1/25/2023	$	18,181,856
StubHub Holdings, Inc.		12/22/2021		47,162,319
Private Preferred Stocks
Space Exploration Technologies Corp.		8/4/2020		107,853,760
X.AI Corp.		6/11/2024		39,999,993
Total Restricted Securities			$	213,197,928
(Cost $128,500,521)† (5.00% of Net Assets)
	Baron Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc		7/31/2020	$	785,437
Private Convertible Preferred Stocks
Northvolt AB		9/21/2020		10,963,385
Total Restricted Securities			$	11,748,822
(Cost $25,674,990)† (0.17% of Net Assets)
	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	338,645
GM Cruise Holdings LLC		5/19/2022		21,676
Space Exploration Technologies Corp.		3/25/2021		15,333,920
X Holdings I, Inc.		5/4/2022		1,366,000
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020-9/28/2023		2,766,001
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		1,620,423
Space Exploration Technologies Corp.		8/4/2020		20,741,280
Total Restricted Securities			$	42,187,945
(Cost $31,003,892)† (3.17% of Net Assets)

^†  See Portfolios of Investments for cost of individual securities.

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (CONTINUED)

	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		3/25/2021-12/3/2021	$	5,999,840
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		809,058
Total Restricted Securities			$	6,808,898
(Cost $6,012,083)† (1.08% of Net Assets)

^†  See Portfolios of Investments for cost of individual securities.

4. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used as of June 30, 2024 in valuing the Funds’ investments carried at fair value:

	Baron Asset Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,049,160,812	$	—	$	—	$	4,049,160,812
Private Common Stocks†		—		—		65,344,175		65,344,175
Private Preferred Stocks†		—		—		147,853,753		147,853,753
Short-Term Investments		—		8,605,817		—		8,605,817
Total Investments	$	4,049,160,812	$	8,605,817	$	213,197,928	$	4,270,964,557

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	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†	$	7,147,309,364	$	—	$	—	$	7,147,309,364
Private Common Stocks		—		—		785,437		785,437
Private Convertible Preferred Stocks		—		—		10,963,385		10,963,385
Total Investments	$	7,147,309,364	$	—	$	11,748,822	$	7,159,058,186
	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†	$	4,385,187,374	$	—	$	—	$	4,385,187,374
Short-Term Investments		—		144,351,861		—		144,351,861
Total Investments	$	4,385,187,374	$	144,351,861	$	—	$	4,529,539,235
	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†	$	1,271,786,704	$	—	$	—	$	1,271,786,704
Private Common Stocks†		—		—		17,060,241		17,060,241
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001
Private Preferred Stocks†		—		—		22,361,703		22,361,703
Short-Term Investments		—		18,989,064		—		18,989,064
Total Investments	$	1,271,786,704	$	18,989,064	$	42,187,945	$	1,332,963,713
	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†	$	609,219,520	$	8,382,614	$	—	$	617,602,134
Private Common Stocks		—		—		5,999,840		5,999,840
Private Preferred Stocks		—		—		809,058		809,058
Short-Term Investments		—		5,751,733		—		5,751,733
Total Investments	$	609,219,520	$	14,134,347	$	6,808,898	$	630,162,765
	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†	$	1,356,057,308	$	—	$	—	$	1,356,057,308
Short-Term Investments		—		32,958,379		—		32,958,379
Total Investments	$	1,356,057,308	$	32,958,379	$	—	$	1,389,015,687

† See Portfolios of Investments for additional detailed categorizations.

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	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†	$	418,418,080	$	—	$	—	$	418,418,080
Short-Term Investments		—		13,413,149		—		13,413,149
Total Investments	$	418,418,080	$	13,413,149	$	—	$	431,831,229

† See Portfolios of Investments for additional detailed categorizations.

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

	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2023		Accrued Premiums (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of June 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2024
Private Common Stocks
Communication Services	$	37,919,959	$	—	$	—	$	9,242,360	$	—	$	—	$	—	$	—	$	47,162,319	$	9,242,360
Industrials		12,157,493		—		—		6,024,363		—		—		—		—		18,181,856		6,024,363
Private Preferred Stocks
Industrials		72,114,683		—		—		35,739,077		—		—		—		—		107,853,760		35,739,077
Information Technology		—		—		—		—		39,999,993		—		—		—		39,999,993		—
Total	$	122,192,135	$	—	$	—	$	51,005,800	$	39,999,993	$	—	$	—	$	—	$	213,197,928	$	51,005,800
	Baron Growth Fund
Investments in Securities	Balance as of September 30, 2023		Accrued Premiums (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of June 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2024
Private Common Stocks
Materials	$	785,437	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	785,437	$	—
Private Convertible Preferred Stocks
Industrials		13,867,853		—		—		(2,904,468)		—		—		—		—		10,963,385		(2,904,468)
Total	$	14,653,290	$	—	$	—	$	(2,904,468)	$	—	$	—	$	—	$	—	$	11,748,822	$	(2,904,468)

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2023		Accrued Premiums (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of June 30, 2024		Change in  Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2024
Private Common Stocks
Communication Services	$	3,707,500	$	—	$	—	$	(2,341,500)	$	—	$	—	$	—	$	—	$	1,366,000	$	(2,341,500)
Industrials		10,330,148		—		—		5,025,448		—		—		—		—		15,355,596		5,025,448
Materials		338,645		—		—		—		—		—		—		—		338,645		—
Private Convertible Preferred Stocks
Materials		2,766,001		—		—		—		—		—		—		—		2,766,001		—
Private Preferred Stocks
Industrials		19,936,233						2,425,470										22,361,703		2,425,470
Total	$	37,078,527	$	—	$	—	$	5,109,418	$	—	$	—	$	—	$	—	$	42,187,945	$	5,109,418
	Baron Fifth Avenue Fund
Investments in Securities	Balance as of September 30, 2023		Accrued Premiums (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3		Transfers Out of Level 3		Balance as of June 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2024
Private Common Stocks
Industrials	$	4,011,857	$	—	$	—	$	1,987,983	$	—	$	—	$	—	$	—	$	5,999,840	$	1,987,983
Private Preferred Stocks
Industrials		3,029,637		—		—		(2,220,579)		—		—		—		—		809,058		(2,220,579)
Total	$	7,041,494	$	—	$	—	$	(232,596)	$	—	$	—	$	—	$	—	$	6,808,898	$	(232,596)

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of June 30, 2024 were as follows:

Baron Asset Fund
Sector	Company	Fair Value as of June 30, 2024		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2024	Range used on June 30, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	StubHub Holdings, Inc.	$	47,162,319	Combination of valuation using multiples, current value via comparable companies, and option-pricing analysis methods	Projected Company EBITDA (2025)	$989 million	$989 million	Increase
					Enterprise Value / EBITDA Multiple	17.9x	10.3x – 21.5x	Increase
					Change in the composite equity	(0.35)%	(1.19)% – 3.23%	Increase
					Discount for lack of marketability	6.42%	6.42%	Decrease
					Estimated volatility of the returns of equity1	34.07%	25.68% – 45.54%	Decrease
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	18,181,856	Observed Transaction	Observed Transaction Price	$112.00	$112.00	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	107,853,760	Observed Transaction	Observed Transaction Price	$1,120.00	$1,120.00	Increase
Private Preferred Stocks: Information Technology	X.AI Corp.	$	39,999,993	Observed Transaction	Observed Transaction Price	$11.97	$11.97	Increase

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Baron Opportunity Fund
Sector	Company	Fair Value as of June 30, 2024		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2024	Range used on June 30, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks: Communication Services	X Holdings I, Inc.	$	1,366,000	Recent valuation for employee grants	Enterprise Value Estimate	$19 billion	$19 billion	n/a
Private Common Stocks: Industrials	Space Exploration Technologies Corp.	$	15,333,920	Observed Transaction	Observed Transaction Price	$112.00	$112.00	Increase
Private Preferred Stocks: Industrials	Space Exploration Technologies Corp.	$	20,741,280	Observed Transaction	Observed Transaction Price	$1,120.00	$1,120.00	Increase
Private Common Stocks: Industrials	GM Cruise Holdings LLC	$	21,676	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C3	50% / 50% /0%	0% – 50%	n/a
Private Preferred Stocks: Industrials	GM Cruise Holdings LLC	$	1,620,423	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	50% / 50% /0%	0% – 50%	n/a
Private Common Stocks: Materials	Farmers Business Network, Inc.	$	338,645	Scenario analysis	Public Markets Event Scenario Probabilities3	9.1%	8% – 10%	n/a
					Liquidity Scenario Probabilities: Scenario A / Scenario B4	50.00%	50% – 50%	n/a
Private Convertible Preferred Stocks: Materials	Farmers Business Network, Inc.	$	2,766,001	Scenario analysis	Public Markets Event Scenario Probabilities3	9.1%	8% – 10%	n/a
					Liquidity Scenario Probabilities: Scenario A / Scenario B4	50.00%	50% – 50%	n/a

Baron Investment Funds Trust June 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS  (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Baron Fifth Avenue Growth Fund
Sector	Company	Fair Value as of June 30, 2024		Valuation Technique	Unobservable Input	Weighted Average used on June 30, 2024	Range used on June 30, 2024	Impact to Valuation from an Increase in Input*
Private Common Stocks:  Industrials	Space Exploration Technologies Corp.	$	5,999,840	Observed Transaction	Observed Transaction Price	$112.00	$112.00	Increase
Private Preferred Stocks:  Industrials	GM Cruise Holdings LLC	$	809,058	Combination of observed transaction price and scenario analysis methods	Observed Transaction Price	$24.27	$24.27	Increase
					Scenario Probabilities: Scenario A / Scenario B / Scenario C2	50% / 5% / 0%	0% – 50%	n/a

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

²  Scenario A represents a worst case scenario. Scenario B represents a negative scenario that is better than the worst case. Scenario C represents a positive scenario.

³  The probabilities are associated with a range of potential IPO valuations.

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

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

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

5. TRANSACTIONS IN “AFFILIATED” COMPANIES¹

BARON GROWTH FUND

Name of Issuer	Value at September 30, 2023		Purchase Cost		Sales Proceeds/ Return of Capital		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains/ (Losses)		Dividend Income		Shares Held at June 30, 2024		Value at June 30, 2024		% of Net Assets at June 30, 2024
“Affiliated” Company as of June 30, 2024:
Choice Hotels International, Inc.	$	363,242,150	$	6,787,395	$	3,133,836	$	(10,175,961)	$	280,252	$	1,732,188		3,000,000	$	357,000,000		5.04%
Iridium Communications, Inc		355,959,250		—		26,169,025		(164,167,257)		20,717,032		2,973,223		7,000,000		186,340,000		2.63%
Vail Resorts, Inc.		443,780,000		—		—		(83,520,000)		—		17,120,000		2,000,000		360,260,000		5.09%
	$	1,162,981,400	$	6,787,395	$	29,302,861	$	(257,863,218)	$	20,997,284	$	21,825,411			$	903,600,000

¹  An “Affiliated” company (“affiliated person” as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended June 30, 2024.