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Baron Partners Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (101.39%)
Communication Services (2.12%)
		Alternative Carriers (0.84%)
	1,800,000	Iridium Communications, Inc. ⁶	$	43,744,159	$	54,810,000

		Movies & Entertainment (1.28%)
	225,000	Spotify Technology SA ^1,2,6		36,152,863		82,919,250

	Total Communication Services			79,897,022		137,729,250

Consumer Discretionary (53.05%)
		Automobile Manufacturers (38.46%)
	9,520,000	Tesla, Inc. ^1,5,6		139,052,710		2,490,717,600

		Casinos & Gaming (1.60%)
	1,904,558	Red Rock Resorts, Inc., Cl A ⁶		68,465,660		103,684,138

		Footwear (1.31%)
	1,725,000	Birkenstock Holding PLC ^1,2,6		78,199,680		85,025,250

		Hotels, Resorts & Cruise Lines (7.78%)
	3,310,000	Hyatt Hotels Corp., Cl A ⁶		114,517,357		503,782,000

		Leisure Facilities (3.90%)
	1,450,000	Vail Resorts, Inc. ⁶		143,600,315		252,720,500

	Total Consumer Discretionary			543,835,722		3,435,929,488

Financials (22.53%)
		Financial Exchanges & Data (7.04%)
	675,000	FactSet Research Systems, Inc. ⁶		43,504,529		310,398,750
	250,000	MSCI, Inc. ⁶		88,967,758		145,732,500

				132,472,287		456,131,250

		Investment Banking & Brokerage (4.41%)
	4,400,000	The Charles Schwab Corp. ⁶		113,630,269		285,164,000

		Property & Casualty Insurance (11.08%)
	6,415,000	Arch Capital Group Ltd. ^1,2,6		29,148,125		717,710,200

	Total Financials			275,250,681		1,459,005,450

Health Care (5.19%)
		Health Care Equipment (5.19%)
	665,000	IDEXX Laboratories, Inc. ^1,6		29,061,261		335,971,300

Industrials (0.87%)
		Aerospace & Defense (0.87%)
	125,625	HEICO Corp. ⁶		9,632,520		32,848,425
	116,875	HEICO Corp., Cl A ⁶		7,586,429		23,814,450

	Total Industrials			17,218,949		56,662,875

Information Technology (7.77%)
		Application Software (2.49%)
	880,000	Guidewire Software, Inc. ^1,6		71,023,556		160,987,200

		IT Consulting & Other Services (5.28%)
	675,000	Gartner, Inc. ^1,6		80,865,424		342,063,000

	Total Information Technology			151,888,980		503,050,200

Real Estate (9.86%)
		Other Specialized REITs (1.43%)
	1,800,000	Gaming and Leisure Properties, Inc. ⁶		56,364,978		92,610,000

		Real Estate Services (8.43%)
	7,235,000	CoStar Group, Inc. ^1,6		97,094,119		545,808,400

	Total Real Estate			153,459,097		638,418,400

	Total Common Stocks			1,250,611,712		6,566,766,963

Shares

Cost

Value

Private Common Stocks (5.37%)

Communication Services (1.01%)

Interactive Media & Services (0.25%)

600,000

X Holdings I, Inc., Cl A ^1,3,4,7

60,000,000

16,392,000

Movies & Entertainment (0.76%)

197,613

StubHub Holdings, Inc., Cl A ^1,3,4,7

50,000,041

49,136,472

Total Communication Services

110,000,041

65,528,472

Industrials (4.36%)

Aerospace & Defense (4.36%)

2,216,310

Space Exploration
Technologies Corp., Cl A ^1,3,4,7

29,920,185

248,226,720

302,210

Space Exploration
Technologies Corp., Cl C ^1,3,4,7

4,079,835

33,847,520

Total Industrials

34,000,020

282,074,240

Total Private Common Stocks

144,000,061

347,602,712

Private Convertible Preferred Stocks (0.04%)

Industrials (0.04%)

Electrical Components & Equipment (0.04%)

21,213,656

Northvolt AB, Series E2 (Sweden)^1,2,3,4,7

7,843,621

2,326,077

Private Preferred Stocks (8.42%)

Industrials (8.42%)

Aerospace & Defense (8.42%)

311,111

Space Exploration
Technologies Corp., Cl H ^1,3,4,7

41,999,985

348,444,320

131,657

Space Exploration
Technologies Corp., Cl I ^1,3,4,7

22,250,032

147,455,840

44,146

Space Exploration
Technologies Corp., Series N ^1,3,4,7

11,919,420

49,443,520

Total Private Preferred Stocks

76,169,437

545,343,680

Total Investments (115.22%)

1,478,624,831

7,462,039,432

Liabilities Less Cash and Other Assets (-15.22%)

(985,431,514

)

Net Assets

6,476,607,918

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At September 30, 2024, the market value of restricted securities amounted to $895,272,469 or 13.82% 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.

⁵

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

⁶	All or a portion of this security is pledged with the custodian in connection with the Fund’s loans payable outstanding. At September 30, 2024, the total market value of pledged securities amounted to $1,952,783,189 or 30.15% of net assets.

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (87.79%)
Communication Services (7.29%)
		Alternative Carriers (1.42%)
	770,000	Iridium Communications, Inc.	$	17,550,617	$	23,446,500

		Movies & Entertainment (5.87%)
	262,000	Spotify Technology SA^1,2		35,016,218		96,554,860

	Total Communication Services			52,566,835		120,001,360

Consumer Discretionary (40.17%)
		Apparel, Accessories & Luxury Goods (3.33%)
	8,000,000	Figs, Inc., Cl A¹		62,411,157		54,720,000

		Automobile Manufacturers (9.78%)
	615,000	Tesla, Inc.¹		8,168,271		160,902,450

		Casinos & Gaming (4.83%)
	410,000	Las Vegas Sands Corp.		17,975,256		20,639,400
	1,082,100	Red Rock Resorts, Inc., Cl A		39,427,046		58,909,524

				57,402,302		79,548,924

		Footwear (6.70%)
	675,000	Birkenstock Holding PLC^1,2		30,906,103		33,270,750
	1,535,000	On Holding AG, Cl A^1,2		43,531,637		76,980,250

				74,437,740		110,251,000

		Hotels, Resorts & Cruise Lines (8.83%)
	134,000	Airbnb, Inc., Cl A¹		15,295,942		16,992,540
	400,000	Choice Hotels International, Inc.		33,100,258		52,120,000
	500,000	Hyatt Hotels Corp., Cl A		24,424,809		76,100,000

				72,821,009		145,212,540

		Leisure Facilities (4.22%)
	398,842	Vail Resorts, Inc.		69,704,795		69,514,172

		Restaurants (2.48%)
	3,800,000	Krispy Kreme, Inc.		51,188,154		40,812,000

	Total Consumer Discretionary			396,133,428		660,961,086

Financials (18.31%)
		Financial Exchanges & Data (6.68%)
	125,000	FactSet Research Systems, Inc.		25,848,440		57,481,250
	90,000	MSCI, Inc.		43,089,524		52,463,700

				68,937,964		109,944,950

		Investment Banking & Brokerage (5.51%)
	540,000	Interactive Brokers Group, Inc., Cl A		47,496,720		75,254,400
	250,000	Jefferies Financial Group, Inc.		7,732,070		15,387,500

				55,228,790		90,641,900

		Property & Casualty Insurance (6.12%)
	900,000	Arch Capital Group Ltd.^1,2		25,104,585		100,692,000

	Total Financials			149,271,339		301,278,850

Health Care (3.12%)
		Health Care Equipment (1.05%)
	34,000	IDEXX Laboratories, Inc.¹		15,205,826		17,177,480

		Life Sciences Tools & Services (2.07%)
	261,200	Illumina, Inc.¹		28,524,417		34,063,092

	Total Health Care			43,730,243		51,240,572


Shares			Cost		Value
Common Stocks (continued)
Industrials (2.61%)
		Research & Consulting Services (2.61%)
	160,000	Verisk Analytics, Inc.	$	28,339,398	$	42,873,600

Information Technology (10.98%)
		Application Software (7.69%)
	95,000	ANSYS, Inc.¹		24,133,643		30,269,850
	526,300	Guidewire Software, Inc.¹		48,175,978		96,281,322

				72,309,621		126,551,172

		Internet Services & Infrastructure (3.29%)
	675,000	Shopify, Inc., Cl A^1,2		34,732,649		54,094,500

	Total Information Technology			107,042,270		180,645,672

Real Estate (5.31%)
		Office REITs (1.60%)
	1,500,000	Douglas Emmett, Inc.		21,662,219		26,355,000

		Real Estate Services (3.16%)
	690,000	CoStar Group, Inc.¹		19,274,979		52,053,600

		Single-Family Residential REITs (0.55%)
	235,000	American Homes 4 Rent, Cl A		5,062,679		9,021,650

	Total Real Estate			45,999,877		87,430,250

	Total Common Stocks			823,083,390		1,444,431,390



Private Common Stocks (5.26%)
Industrials (5.26%)
		Aerospace & Defense (5.26%)
	629,570	Space Exploration Technologies Corp., Cl A^1,3,4,6		26,390,845		70,511,840
	143,170	Space Exploration Technologies Corp., Cl C^1,3,4,6		6,808,820		16,035,040

	Total Private Common Stocks			33,199,665		86,546,880



Private Preferred Stocks (4.80%)
Industrials (3.59%)
		Aerospace & Defense (3.59%)
	29,630	Space Exploration Technologies Corp., Cl H^1,3,4,6		4,000,050		33,185,600
	1,479	Space Exploration Technologies Corp., Cl I^1,3,4,6		249,951		1,656,480
	12,346	Space Exploration Technologies Corp., Series K^1,3,4,6		10,000,260		13,827,520
	9,259	Space Exploration Technologies Corp., Series N^1,3,4,6		2,499,930		10,370,080

	Total Industrials			16,750,191		59,039,680

Information Technology (1.21%)
		Application Software (1.21%)
	1,670,843	X.AI Corp.^1,3,4,6		19,999,991		19,999,991

	Total Private Preferred Stocks			36,750,182		79,039,671

See Notes to Portfolios of Investments.


Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024


Principal Amount		Cost		Value
Short-Term Investments (1.94%)
$31,926,585	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $31,930,443; (Fully Collateralized by $38,487,100 U.S. Treasury Note, 0.625% due 8/15/2030 Market value – $32,565,279)⁵	$	31,926,585	$	31,926,585

Total Investments (99.79%)		$	924,959,822		1,641,944,526

Cash and Other Assets Less Liabilities (0.21%)					3,411,432

Net Assets				$	1,645,355,958

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At September 30, 2024, the market value of restricted securities amounted to $165,586,551 or 10.06% 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.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (97.32%)
Australia (1.16%)
	537,675	Lynas Rare Earths Ltd.^1,3	$	2,275,407	$	2,949,971
	11,223	WiseTech Global Ltd.³		990,597		1,062,777

	Total Australia			3,266,004		4,012,748

Brazil (2.10%)
	114,213	Afya Ltd., Cl A¹		1,528,333		1,949,616
	277,837	Localiza Rent a Car SA		3,109,710		2,091,032
	104,503	NU Holdings Ltd., Cl A¹		853,294		1,426,466
	182,733	Suzano SA		1,501,218		1,826,089

	Total Brazil			6,992,555		7,293,203

Canada (3.89%)
	52,746	Agnico Eagle Mines Ltd.		2,523,994		4,249,218
	2,836	Constellation Software, Inc.¹		64,687		9,226,515

	Total Canada			2,588,681		13,475,733

China (8.61%)
	30,414	Alibaba Group Holding Limited, ADR		2,574,644		3,227,534
	971,319	China Mengniu Dairy Co. Ltd.³		1,624,067		2,278,376
	60,881	Contemporary Amperex Technology Co. Ltd., Cl A^1,3		1,775,576		2,139,602
	516,336	Full Truck Alliance Co. Ltd., ADR		3,595,595		4,652,187
	284,497	Fuyao Glass Industry Group Co. Ltd., Cl A		1,726,923		2,359,962
	20,695	JD.com, Inc., ADR		737,228		827,800
	1,641,202	Kingdee International Software Group Co. Ltd.^1,3		1,274,300		1,850,866
	154,169	Meituan, Cl B, 144A^1,3		2,205,889		3,273,837
	32,231	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A³		1,331,805		1,329,120
	41,645	Tencent Holdings Limited³		593,090		2,315,664
	31,390	Tencent Holdings Limited, ADR		1,285,943		1,739,006
	114,565	Tencent Music Entertainment Group, ADR		1,055,354		1,380,508
	101,738	Zai Lab Limited, ADR¹		2,257,642		2,455,955

	Total China			22,038,056		29,830,417

Denmark (1.68%)
	72,374	Genmab A/S, ADR¹		2,602,240		1,764,478
	33,995	Novo Nordisk AS, ADR		3,347,648		4,047,785

	Total Denmark			5,949,888		5,812,263

France (6.13%)
	87,784	BNP Paribas S.A.³		3,113,028		6,023,882
	82,817	Eurofins Scientific SE³		1,570,783		5,250,688
	3,439	LVMH Moët Hennessy Louis Vuitton SE³		768,943		2,637,285
	17,623	Pernod Ricard SA³		3,099,108		2,666,225
	272,881	Waga Energy SA^1,3		7,210,843		4,651,233

	Total France			15,762,705		21,229,313

Germany (2.85%)
	66,171	Befesa SA, 144A³		2,644,251		1,917,352
	57,389	Symrise AG³		4,599,683		7,942,029

	Total Germany			7,243,934		9,859,381


Shares			Cost		Value
Common Stocks (continued)
Hong Kong (0.92%)
	213,504	Techtronic Industries Co. Ltd.³	$	1,572,953	$	3,187,278

India (10.46%)
	350,977	Bharti Airtel Ltd. PP³		1,865,822		5,471,670
	159,625	Godrej Consumer Products Ltd.³		1,979,040		2,649,727
	54,869	Godrej Properties Ltd.^1,3		608,954		2,069,312
	329,870	Indus Towers Ltd.^1,3		1,218,249		1,545,483
	38,903	InterGlobe Aviation Ltd., 144A^1,3		1,538,521		2,219,057
	467,276	Jio Financial Services Ltd.^1,3		1,108,121		1,951,391
	1,176,065	JM Financial Limited³		1,261,067		2,118,192
	44,968	Kaynes Technology India Ltd.^1,3		1,491,066		2,908,923
	165,157	Max Healthcare Institute Ltd.³		1,106,306		1,939,926
	261,435	Nippon Life India Asset Management Ltd., 144A³		837,390		2,034,079
	120,613	Reliance Industries Limited³		2,078,659		4,243,521
	78,284	Trent Ltd.³		1,809,463		7,082,479

	Total India			16,902,658		36,233,760

Ireland (1.42%)
	440,826	Bank of Ireland Group PLC³		3,306,150		4,922,930

Israel (4.07%)
	14,733	CyberArk Software Ltd.¹		2,665,597		4,296,290
	121,046	Oddity Tech Ltd., Cl A¹		4,031,548		4,887,837
	29,369	Wix.com Ltd.¹		2,121,011		4,909,616

Total Israel			8,818,156		14,093,743

Italy (0.72%)
	125,584	Stevanato Group SpA		2,649,721		2,511,680

Japan (10.12%)
	134,050	Ajinomoto Co., Inc.³		4,968,597		5,187,992
	40,006	Japan Airport Terminal Co. Ltd.³		1,650,839		1,443,680
	145,252	Japan Exchange Group, Inc.³		1,312,805		1,887,740
	10,118	Keyence Corporation³		2,600,374		4,849,173
	851,966	LY Corp.³		2,327,705		2,483,306
	295,681	Mitsubishi UFJ Financial Group, Inc., ADR		2,104,691		3,010,032
	81,200	Recruit Holdings Co, Ltd.³		1,329,344		4,933,094
	227,200	SMS Co. Ltd.³		6,237,826		3,414,064
	229,191	Sumitomo Mitsui Financial Group, Inc.³		3,245,628		4,897,035
	16,616	Tokyo Electron Limited³		1,228,784		2,963,225

	Total Japan			27,006,593		35,069,341

Korea, Republic of (5.85%)
	142,001	Coupang, Inc., Cl A¹		1,772,026		3,486,125
	21,392	HD Hyundai Heavy Industries Co. Ltd.^1,3		1,971,006		3,007,898
	49,682	HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^1,3		3,577,625		7,096,422
	25,892	ISC Co. Ltd.³		1,058,506		1,146,899
	19,960	Park Systems Corp.³		2,635,287		2,952,678
	35,448	Samsung Electronics Co., Ltd.³		1,892,966		1,656,796
	6,831	SK Hynix, Inc.³		868,959		914,239

	Total Korea, Republic of			13,776,375		20,261,057

See Notes to Portfolios of Investments.


Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (continued)
Netherlands (8.14%)
	172,735	AMG Critical Materials NV³	$	4,369,079	$	3,285,964
	16,519	argenx SE, ADR¹		463,028		8,954,620
	8,622	BE Semiconductor Industries NV³		1,108,847		1,099,654
	56,551	DSM-Firmenich AG³		7,177,151		7,804,444
	45,628	Prosus NV		1,600,969		1,994,046
	194,063	Universal Music Group NV³		4,137,782		5,076,923

	Total Netherlands			18,856,856		28,215,651

Peru (0.95%)
	18,162	Credicorp, Ltd.		2,564,129		3,286,777

Poland (3.40%)
	37,029	Dino Polska SA, 144A¹		2,666,535		3,373,881
	444,491	InPost SA^1,3		4,086,824		8,392,041

	Total Poland			6,753,359		11,765,922

Russia (0.00%)^{^}
	487,800	Sberbank of Russia PJSC^2,4		1,650,983		304

Spain (4.35%)
	1,033,243	eDreams ODIGEO SA¹		7,196,118		7,832,548
	122,025	Industria de Diseno Textil, S.A.³		3,552,716		7,227,102

	Total Spain			10,748,834		15,059,650

Sweden (2.22%)
	265,359	Epiroc AB, Cl A³		4,367,765		5,747,531
	56,172	EQT AB³		1,787,822		1,928,269

	Total Sweden			6,155,587		7,675,800

Switzerland (1.73%)
	18,903	Compagnie Financiere Richemont SA, Cl A³		2,430,677		3,001,877
	29,618	Nestle S.A.³		2,617,877		2,976,384

	Total Switzerland			5,048,554		5,978,261

Taiwan (3.69%)
	21,843	eMemory Technology, Inc.³		1,682,565		1,797,759
	316,093	Taiwan Semiconductor Manufacturing Co., Ltd.³		6,418,552		9,531,508
	8,409	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		686,099		1,460,391

	Total Taiwan			8,787,216		12,789,658

United Kingdom (8.37%)
	98,244	AstraZeneca PLC, ADR		3,740,977		7,654,190
	311,104	B&M European Value Retail S.A.³		1,158,741		1,732,658
	66,426	Endava plc, ADR¹		2,165,267		1,696,520
	140,802	Experian plc³		2,722,320		7,415,987
	22,038	Linde Public Limited Company³		3,213,542		10,512,235

	Total United Kingdom			13,000,847		29,011,590

Shares

Cost

Value

Common Stocks (continued)

United States (4.49%)

42,137

Agilent Technologies, Inc.

1,642,510

6,256,502

83,212

Arch Capital Group Ltd.¹

1,253,629

9,309,758

Total United States

2,896,139

15,566,260

Total Common Stocks

214,336,933

337,142,720

Warrants (0.00%)

Canada (0.00%)

5,029

Constellation Software, Inc. Exp. 3/31/2040^1,2,4

Principal Amount

Short-Term Investments (3.02%)

$10,455,289

Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $10,456,553; (Fully Collateralized by $12,603,700 U.S. Treasury Note, 0.625% due 8/15/2030 Market value – $10,664,413)³

10,455,289

Total Investments (100.34%)

224,792,222

347,598,009

Liabilities Less Cash and Other Assets (-0.34%)

(1,173,372

)

Net Assets

346,424,637

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	At September 30, 2024, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $304 or less than 0.01% of net assets. See Note 3 regarding Restricted Securities.

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

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

^{^}	Rounds to less than 0.01%.

^ADR	American Depositary Receipt.

^144A

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2024, the market value of Rule 144A securities amounted to $12,818,206 or 3.70% of net assets.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024


Summary of Investments by Sector as of September 30, 2024	Percentage of Net Assets
Industrials		16.6%
Information Technology		15.7%
Consumer Discretionary		13.5%
Financials		12.4%
Health Care		12.2%
Materials		11.1%
Consumer Staples		6.9%
Communication Services		5.8%
Energy		2.6%
Real Estate		0.6%
Cash and Cash Equivalents*		2.7%

		100.0%**

*	Includes short-term investments, other assets and liabilities-net.

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

See Notes to Portfolios of Investments.


Baron Real Estate Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (98.95%)
Consumer Discretionary (36.87%)
		Casinos & Gaming (8.78%)
	1,457,945	Caesars Entertainment, Inc. ¹	$	53,540,225	$	60,854,624
	1,151,850	Las Vegas Sands Corp.		48,854,223		57,984,129
	989,805	MGM Resorts International ¹		35,434,555		38,691,477
	584,049	Red Rock Resorts, Inc., Cl A		9,776,427		31,795,628

				147,605,430		189,325,858

		Home Improvement Retail (3.93%)
	93,950	Floor & Decor Holdings, Inc., Cl A ¹		6,620,059		11,665,772
	270,050	Lowe’s Companies, Inc.		57,264,095		73,143,042

				63,884,154		84,808,814

		Homebuilding (18.95%)
	636,250	D.R. Horton, Inc.		55,434,225		121,377,413
	117,100	Installed Building Products, Inc.		16,206,880		28,838,217
	674,449	Lennar Corp., Cl A		59,312,567		126,445,699
	853,550	Toll Brothers, Inc.		39,436,110		131,864,939

				170,389,782		408,526,268

		Hotels, Resorts & Cruise Lines (5.21%)
	251,250	Hilton Worldwide Holdings, Inc.		40,878,665		57,913,125
	357,250	Hyatt Hotels Corp., Cl A		45,046,753		54,373,450

				85,925,418		112,286,575

	Total Consumer Discretionary			467,804,784		794,947,515

Financials (10.14%)
		Asset Management & Custody Banks (10.14%)
	618,550	Blackstone, Inc.		61,147,609		94,718,562
	960,056	Brookfield Asset Management Ltd., Cl A ²		34,704,710		45,401,048
	1,478,275	Brookfield Corp., Cl A ²		55,637,785		78,570,316

	Total Financials			151,490,104		218,689,926

Industrials (4.70%)
		Building Products (2.09%)
	184,350	Builders FirstSource, Inc. ¹		27,938,514		35,738,091
	104,586	Fortune Brands Innovations, Inc.		5,348,225		9,363,585

				33,286,739		45,101,676

		Trading Companies & Distributors (2.61%)
	372,785	SiteOne Landscape Supply, Inc. ¹		46,211,029		56,256,984

	Total Industrials			79,497,768		101,358,660

Information Technology (3.82%)
		Internet Services & Infrastructure (3.82%)
	4,031,798	GDS Holdings Ltd., ADR ^1,2		48,489,685		82,248,679

Materials (5.49%)
		Construction Materials (2.96%)
	9,901	Martin Marietta Materials, Inc.		5,548,386		5,329,213
	233,295	Vulcan Materials Co.		52,012,505		58,424,067

				57,560,891		63,753,280

		Forest Products (2.53%)
	508,002	Louisiana-Pacific Corp.		45,215,972		54,589,895

	Total Materials			102,776,863		118,343,175

Real Estate (37.93%)
		Data Center REITs (9.93%)
	474,054	Digital Realty Trust, Inc.		57,138,768		76,716,159
	154,835	Equinix, Inc.		102,357,732		137,436,191

				159,496,500		214,152,350


Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)

		Health Care REITs (3.72%)
	626,300	Welltower, Inc.	$	52,032,548	$	80,185,189

		Industrial REITs (3.71%)
	189,628	Lineage, Inc.		14,993,699		14,863,043
	298,050	Prologis, Inc.		24,008,048		37,637,754
	544,659	Rexford Industrial Realty, Inc.		24,828,805		27,401,794

				63,830,552		79,902,591

		Multi-Family Residential REITs (3.35%)
	138,065	AvalonBay Communities, Inc.		26,602,674		31,099,141
	551,067	Equity Residential		32,966,118		41,032,449

				59,568,792		72,131,590

		Office REITs (2.72%)
	1,489,400	Vornado Realty Trust		48,948,663		58,682,360

		Other Specialized REITs (0.63%)
	115,050	Iron Mountain, Inc.		13,691,910		13,671,391

		Real Estate Services (10.07%)
	717,206	CBRE Group, Inc., Cl A ¹		58,496,896		89,277,803
	588,163	CoStar Group, Inc. ¹		28,490,746		44,371,017
	309,542	Jones Lang LaSalle, Inc. ¹		52,855,856		83,517,527

				139,843,498		217,166,347

		Retail REITs (0.87%)
	1,029,912	The Macerich Co.		18,309,004		18,785,595

		Single-Family Residential REITs (1.27%)
	776,793	Invitation Homes, Inc.		22,145,266		27,389,721

		Telecom Tower REITs (1.66%)
	153,401	American Tower Corp.		21,114,472		35,674,937

	Total Real Estate			598,981,205		817,742,071

	Total Common Stocks			1,449,040,409		2,133,330,026

Principal Amount
Short-Term Investments (1.02%)
	$21,977,680	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $21,980,336; (Fully Collateralized by $22,442,700 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $22,417,320)³		21,977,680		21,977,680

	Total Investments (99.97%)		$	1,471,018,089		2,155,307,706

	Cash and Other Assets Less Liabilities (0.03%)					656,382

	Net Assets				$	2,155,964,088

%	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 Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (95.87%)
Brazil (5.78%)
	1,256,286	Afya Ltd., Cl A¹	$	27,054,409	$	21,444,802
	2,817,798	Banco BTG Pactual SA		19,695,238		17,208,756
	2,249,527	Inter & Co., Inc. BDR		9,222,202		15,076,130
	6,414,776	Localiza Rent a Car SA		46,486,893		48,278,322
	2,672,556	NU Holdings Ltd., Cl A¹		20,809,107		36,480,389
	4,490,064	Suzano SA		36,757,768		44,870,144
	2,653,612	WEG SA		21,217,336		26,493,742
	1,249,150	XP, Inc., Cl A		15,671,938		22,409,751

	Total Brazil			196,914,891		232,262,036

China (25.55%)
	1,073,998	Alibaba Group Holding Limited, ADR		88,365,031		113,972,668
	22,325,564	China Mengniu Dairy Co. Ltd.³		41,310,153		52,367,996
	1,696,962	Contemporary Amperex Technology Co. Ltd., Cl A³		46,288,531		59,638,043
	7,607,870	Full Truck Alliance Co. Ltd., ADR		55,893,317		68,546,909
	4,894,629	Fuyao Glass Industry Group Co. Ltd., Cl A		29,301,415		40,601,959
	2,598,707	Galaxy Entertainment Group Ltd.³		15,949,635		12,832,902
	606,053	JD.com, Inc., ADR		21,983,334		24,242,120
	3,806,051	Jiangsu Hengli Hydraulic Co. Ltd., Cl A³		28,994,160		33,944,997
	1,687,683	Kanzhun Ltd., ADR¹		27,052,716		29,298,177
	36,366,230	Kingdee International Software Group Co. Ltd.^1,3		26,563,012		41,012,033
	3,066,001	Kingsoft Corp. Ltd.³		9,682,070		11,489,996
	137,329	Kweichow Moutai Co. Ltd., Cl A³		33,562,736		33,651,974
	3,786,563	Meituan, Cl B, 144A^1,3		57,366,253		80,409,081
	2,049,573	Midea Group Co. Ltd.		15,502,434		19,575,988
	1,650,188	Midea Group Co., Ltd., Cl A³		9,493,929		17,781,417
	10,899,727	NARI Technology Co. Ltd., Cl A³		34,121,089		42,505,695
	96,500	PDD Holdings, Inc., ADR¹		10,088,047		13,009,165
	604,724	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A³		17,433,983		24,937,200
	4,897,874	Shenzhou International Group Holdings Ltd.³		26,508,241		43,360,646
	2,604,345	Tencent Holdings Limited³		50,322,171		144,814,186
	524,527	Tencent Holdings Limited, ADR		22,089,197		29,058,796
	2,285,348	Tencent Music Entertainment Group, ADR		21,576,878		27,538,443
	302,024	Yum China Holdings, Inc.		14,182,448		13,597,120
	311,135	Yum China Holdings, Inc., (Hong Kong)³		16,174,196		14,481,453
	1,388,497	Zai Lab Limited, ADR¹		27,835,607		33,518,317

	Total China			747,640,583		1,026,187,281

Hong Kong (1.59%)
	15,857,592	Budweiser Brewing Co. APAC Ltd., 144A³		41,481,902		20,926,020
	2,870,865	Techtronic Industries Co. Ltd.³		11,188,725		42,857,486

	Total Hong Kong			52,670,627		63,783,506

India (26.65%)
	2,730,228	Aarti Industries Ltd.³		27,404,147		18,992,148
	433,864	Bajaj Finance Limited³		12,343,775		39,862,537
	3,888,150	Bharti Airtel Ltd.³		27,508,899		79,265,563
	1,366,939	Bharti Airtel Ltd. PP³		5,728,127		21,310,341


Shares			Cost		Value
Common Stocks (continued)
India (continued)
	714,588	Cholamandalam Investment & Finance Co. Ltd.³	$	11,436,744	$	13,716,402
	373,254	Cummins India Ltd.³		16,829,251		16,970,212
	7,031,903	DCW Ltd.^1,3		7,955,403		7,909,001
	3,091,146	Godrej Consumer Products Ltd.³		35,518,957		51,312,104
	1,099,330	Godrej Properties Ltd.^1,3		20,348,266		41,459,782
	937,495	HDFC Bank Ltd.³		12,813,022		19,307,077
	15,028,190	Indus Towers Ltd.^1,3		44,201,564		70,408,975
	679,516	InterGlobe Aviation Ltd., 144A^1,3		25,779,910		38,760,108
	9,012,521	Jio Financial Services Ltd.^1,3		21,977,617		37,637,174
	28,406,359	JM Financial Limited³		33,419,608		51,162,231
	638,228	Kaynes Technology India Ltd.^1,3		21,425,432		41,286,163
	1,140,721	Mahindra & Mahindra Ltd.³		21,227,068		42,102,254
	2,484,408	Max Healthcare Institute Ltd.³		17,487,778		29,181,741
	5,096,650	Nippon Life India Asset Management Ltd., 144A³		16,324,830		39,654,182
	302,587	Nuvama Wealth Management Ltd.³		11,870,926		24,419,127
	12,588,436	Power Grid Corp. of India Ltd.³		48,130,464		53,092,747
	2,033,266	Reliance Industries Limited³		33,787,877		71,536,286
	2,432,366	SBI Life Insurance Company Limited, 144A³		24,901,799		53,418,816
	568,766	SRF Ltd.³		17,877,309		16,959,217
	1,582,187	Tata Communications Ltd.³		8,295,663		40,296,957
	2,129,236	Tata Consumer Products Ltd.³		7,429,355		30,394,025
	646,886	Titan Co. Ltd.³		8,906,299		29,501,583
	1,001,769	Trent Ltd.³		19,718,251		90,631,652

	Total India			560,648,341		1,070,548,405

Indonesia (1.12%)
	138,419,571	Bank Rakyat Indonesia (Persero) Tbk PT³		40,361,290		45,271,818

Korea, Republic of (13.03%)
	2,887,651	Coupang, Inc., Cl A¹		37,142,168		70,891,832
	330,964	HD Hyundai Heavy Industries Co. Ltd.^1,3		17,343,092		46,536,364
	739,094	HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^1,3		66,088,993		105,569,875
	525,137	HPSP Co. Ltd.³		11,726,443		12,484,561
	268,848	Hyundai Rotem Co. Ltd.³		9,662,455		11,001,424
	545,666	ISC Co. Ltd.³		20,558,301		24,170,556
	644,584	KB Financial Group, Inc.³		31,676,430		39,772,288
	781,716	Korea Aerospace Industries Ltd.³		26,406,591		31,154,580
	144,363	Park Systems Corp.³		19,058,553		21,355,585
	25,946	Samsung Biologics Co. Ltd., 144A^1,3		20,434,057		19,298,766
	1,908,919	Samsung Electronics Co., Ltd.³		47,006,825		89,220,540
	70,957	Samsung SDI Co. Ltd.³		26,846,718		20,487,788
	235,673	SK Hynix, Inc.³		20,293,246		31,541,713

	Total Korea, Republic of			354,243,872		523,485,872

Mexico (1.70%)
	7,253,938	Grupo Mexico S.A.B. de C.V., Series B		17,719,504		40,524,794
	9,162,700	Wal-Mart de Mexico, S.A.B de C.V.		20,473,164		27,646,318

	Total Mexico			38,192,668		68,171,112

See Notes to Portfolios of Investments.


Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (continued)
Peru (1.30%)
	288,322	Credicorp, Ltd.	$	36,080,276	$	52,177,632

Philippines (1.77%)
	35,413,065	Ayala Land, Inc.³		23,215,723		23,064,184
	16,923,021	BDO Unibank, Inc.³		29,908,779		47,920,414

	Total Philippines			53,124,502		70,984,598

Poland (2.83%)
	308,253	Dino Polska SA, 144A¹		27,526,581		28,086,341
	4,529,358	InPost SA^1,3		56,134,898		85,514,795

	Total Poland			83,661,479		113,601,136

Russia (0.00%)^{^}
	17,949,100	Sberbank of Russia PJSC^1,2,4		64,430,586		11,175

South Africa (1.40%)
	657,754	Gold Fields Ltd.³		7,034,853		10,200,373
	1,554,197	Gold Fields Ltd., ADR		15,780,385		23,856,924
	91,001	Naspers Ltd., Cl N³		12,865,755		22,068,897

	Total South Africa			35,680,993		56,126,194

Spain (0.43%)
	1,791,760	Codere Online Luxembourg, S.A. Forward Shares¹		17,917,600		14,316,162
	358,352	Codere Online Luxembourg, S.A. Founders Shares¹		3,116		2,863,233
	26,518	Codere Online Luxembourg, S.A. Private Shares, Cl A¹		265,181		211,879

	Total Spain			18,185,897		17,391,274

Taiwan (12.72%)
	160,286	ASPEED Technology, Inc.³		17,671,183		21,674,435
	1,376,562	Chroma ATE, Inc.³		13,924,500		16,162,132
	4,931,040	Delta Electronics, Inc.³		17,885,755		58,832,526
	2,781,525	E Ink Holdings, Inc.³		23,213,467		25,784,245
	310,954	eMemory Technology, Inc.³		25,724,446		25,592,656
	9,547,705	Taiwan Semiconductor Manufacturing Co., Ltd.³		172,621,476		287,902,700
	431,085	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		7,937,091		74,866,532

	Total Taiwan			278,977,918		510,815,226

	Total Common Stocks			2,560,813,923		3,850,817,265

Private Common Stocks (1.08%)

India (1.08%)
	27,027	Pine Labs PTE. Ltd., Series 1^1,2,4		10,077,362		10,907,286
	6,833	Pine Labs PTE. Ltd., Series A^1,2,4		2,547,771		2,757,594
	7,600	Pine Labs PTE. Ltd., Series B^1,2,4		2,833,757		3,067,132
	6,174	Pine Labs PTE. Ltd., Series B2^1,2,4		2,302,055		2,491,641
	9,573	Pine Labs PTE. Ltd., Series C^1,2,4		3,569,416		3,863,376
	1,932	Pine Labs PTE. Ltd., Series C1^1,2,4		720,371		779,697
	2,459	Pine Labs PTE. Ltd., Series D^1,2,4		916,870		992,379
	45,680	Pine Labs PTE. Ltd., Series J^1,2,4		17,032,398		18,435,078

	Total Private Common Stocks			40,000,000		43,294,183

Shares

Cost

Value

Private Convertible Preferred Stocks (3.23%)

India (3.23%)

11,578

Swiggy Private Ltd., Series K (formerly, Bundl Technologies Private Ltd.)^1,2,4

76,776,872

129,605,556

15,334

Think & Learn Private
Limited, Series F^1,2,4

49,776,072

75,127

Total Private Convertible Preferred Stocks

126,552,944

129,680,683

Warrants (0.00%)^{^}

Spain (0.00%)^{^}

13,259

Codere Online Luxembourg S.A.
Private Shares Exp. 11/30/2026
exercise price USD 11.50¹

13,126

Principal Amount

Cost

Value

Short-Term Investments (1.17%)

$47,165,107

Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $47,170,806; (Fully Collateralized by $48,909,200 U.S. Treasury Note, 0.625% due 8/15/2030 Market value – $41,383,716 and Fully Collateralized by $6,732,400 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $6,724,779)³

47,165,107

Total Investments (101.35%)

2,774,531,974

4,070,970,364

Liabilities Less Cash and Other Assets (-1.35%)

(54,291,230

)

Net Assets

4,016,679,134

%	Represents percentage of net assets.

^{^}	Rounds to less than 0.01%.

¹	Non-income producing securities.

²	At September 30, 2024, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $172,986,041 or 4.31% of net assets. See Note 3 regarding Restricted Securities.

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

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

^ADR	American Depositary Receipt.

^144A

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024


Summary of Investments by Sector as of September 30, 2024	Percentage of Total Investments
Consumer Discretionary		20.3%
Information Technology		19.7%
Industrials		16.3%
Financials		14.9%
Communication Services		11.3%
Consumer Staples		6.1%
Materials		4.1%
Health Care		2.7%
Energy		1.8%
Real Estate		1.6%
Utilities		1.3%

		100.0%**

*	Includes short-term investments, other assets and liabilities-net.

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

See Notes to Portfolios of Investments.


Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (92.50%)
Argentina (11.97%)
	65,378	Globant S.A.¹	$	4,366,418	$	12,953,997
	26,391	MercadoLibre, Inc.¹		13,740,358		54,153,276

	Total Argentina			18,106,776		67,107,273

Brazil (1.72%)
	565,202	Afya Ltd., Cl A¹		10,371,820		9,647,998

Canada (8.69%)
	608,074	Shopify, Inc., Cl A¹		22,565,096		48,731,050

China (1.01%)
	42,192	PDD Holdings, Inc.¹		5,957,107		5,687,904

India (7.16%)
	203,149	Bajaj Finance Limited³		11,299,075		18,664,915
	6,607,712	Zomato Ltd.^1,3		10,977,766		21,507,241

	Total India			22,276,841		40,172,156

Israel (4.41%)
	325,519	Fiverr International Ltd.¹		7,393,738		8,421,177
	97,394	Wix.com Ltd.¹		8,241,014		16,281,355

	Total Israel			15,634,752		24,702,532

Korea, Republic of (6.97%)
	1,592,430	Coupang, Inc., Cl A¹		29,467,669		39,094,156

Netherlands (10.67%)
	8,934	Adyen N.V., 144A^1,3		6,863,044		13,987,239
	48,827	argenx SE, ADR¹		2,918,653		26,468,140
	23,273	ASML Holding N.V.³		4,319,539		19,359,874

	Total Netherlands			14,101,236		59,815,253

Poland (2.47%)
	733,515	InPost SA^1,3		8,201,625		13,848,847

Spain (1.72%)
	827,902	Codere Online Luxembourg S.A.¹		7,576,156		6,614,937
	271,380	Codere Online Luxembourg, S.A. Forward Shares¹		2,713,800		2,168,326
	104,612	Codere Online Luxembourg, S.A. Founders Shares¹		910		835,850

	Total Spain			10,290,866		9,619,113

Taiwan (1.02%)
	33,094	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		5,389,735		5,747,435

United Kingdom (2.48%)
	544,180	Endava plc, ADR¹		21,242,862		13,898,357

United States (32.21%)
	139,157	Bill.Com Holdings, Inc.¹		5,551,114		7,341,923
	175,366	Block, Inc.¹		14,194,089		11,772,320
	352,587	Cloudflare, Inc., Cl A¹		7,887,400		28,520,763
	28,837	Crowdstrike Holdings, Inc., Cl A¹		1,475,262		8,087,913
	164,029	Datadog, Inc., Cl A¹		6,822,070		18,873,177
	387,028	GDS Holdings Ltd., ADR¹		4,436,268		7,895,371
	154	GRAIL, Inc.¹		7,341		2,119


Shares			Cost		Value
Common Stocks (continued)
United States (continued)
	49,941	Illumina, Inc.¹	$	6,073,385	$	6,512,806
	1,038,736	indie Semiconductor, Inc., Cl A¹		6,502,698		4,144,557
	417,545	NVIDIA Corp.		7,913,089		50,706,665
	121,956	Snowflake, Inc., Cl A¹		14,634,720		14,007,866
	22,053	Tesla, Inc.¹		5,086,633		5,769,726
	74,811	Viking Therapeutics, Inc.¹		4,953,838		4,736,284
	71,662	Zscaler, Inc.¹		3,298,074		12,249,902

	Total United States			88,835,981		180,621,392

	Total Common Stocks			272,442,366		518,693,466


Private Common Stocks (6.64%)
United States (6.64%)
	299,761	Farmers Business Network, Inc.^1,2,4		12,250,007		557,556
	252,130	Space Exploration Technologies Corp., Cl A^1,2,4		11,571,518		28,238,560
	75,250	Space Exploration Technologies Corp., Cl C^1,2,4		3,428,124		8,428,000

	Total Private Common Stocks			27,249,649		37,224,116


Private Convertible Preferred Stocks (0.01%)
India (0.01%)
	9,201	Think & Learn Private Limited, Series F^1,2,4		29,867,591		45,078


Private Preferred Stocks (0.60%)
United States (0.60%)
	461,004	GM Cruise Holdings LLC, Cl G^1,2,4		12,147,455		3,356,109


Warrants (0.09%)
Israel (0.01%)
	68,986	Innovid Corp., Exp. 12/31/2027 exercise price USD 11.50¹		117,942		2,773
	228,748	Taboola.com Ltd., Exp. 6/29/2026 exercise price USD 11.50¹		417,100		29,738

	Total Israel			535,042		32,511

	Spain (0.08%)
	502,360	Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 exercise price USD 11.50¹		845,632		497,336

	Total Warrants			1,380,674		529,847

See Notes to Portfolios of Investments.


Baron Global Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024

Principal Amount

Cost

Value

Short-Term Investments (0.33%)

$1,874,137

Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $1,874,364; (Fully Collateralized by $1,852,000 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $1,911,653)³

1,874,137

Total Investments (100.17%)

344,961,872

561,722,753

Liabilities Less Cash and Other Assets (-0.17%)

(967,912

)

Net Assets

560,754,841

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	At September 30, 2024, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $40,625,303 or 7.24% of net assets. See Note 3 regarding Restricted Securities.

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

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

^ADR	American Depositary Receipt.

^144A

All securities are Level 1, unless otherwise noted.


Summary of Investments by Sector as of September 30, 2024	Percentage of Net Assets
Information Technology		47.9%
Consumer Discretionary		26.0%
Industrials		11.1%
Financials		7.9%
Health Care		6.7%
Materials		0.1%
Communication Services		0.0%^
Cash and Cash Equivalents*		0.2%

		100.0%**

^	Rounds to less than 0.1%.

*	Includes short-term investments, other assets and liabilities-net.

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

See Notes to Portfolios of Investments.


Baron Real Estate Income Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (98.42%)
Consumer Discretionary (6.24%)
		Home Improvement Retail (1.54%)
	10,017	Lowe’s Companies, Inc.	$	2,378,126	$	2,713,104

		Homebuilding (3.40%)
	16,324	Lennar Corp., Cl A		2,469,899		3,060,424
	19,119	Toll Brothers, Inc.		1,249,663		2,953,694

				3,719,562		6,014,118

		Hotels, Resorts & Cruise Lines (1.30%)
	9,937	Hilton Worldwide Holdings, Inc.		1,944,442		2,290,479

	Total Consumer Discretionary			8,042,130		11,017,701

Financials (7.07%)
		Asset Management & Custody Banks (7.07%)
	28,288	Blackstone, Inc.		3,722,286		4,331,741
	89,917	Brookfield Corp., Cl A ²		3,768,831		4,779,089
	71,395	Brookfield Asset Management Ltd., Cl A ²		2,577,527		3,376,270

	Total Financials			10,068,644		12,487,100

Information Technology (4.98%)
		Internet Services & Infrastructure (4.98%)
	431,208	GDS Holdings Ltd., ADR ^1,2		3,840,212		8,796,643

Real Estate (80.13%)
		Data Center REITs (14.74%)
	56,491	Digital Realty Trust, Inc.		6,408,002		9,141,938
	19,036	Equinix, Inc.		14,323,890		16,896,925

				20,731,892		26,038,863

		Health Care REITs (15.61%)
	192,913	Healthpeak Properties, Inc.		3,531,198		4,411,920
	127,028	Ventas, Inc.		6,828,904		8,146,306
	117,281	Welltower, Inc.		9,126,708		15,015,486

				19,486,810		27,573,712

		Hotel & Resort REITs (4.21%)
	319,294	Park Hotels & Resorts, Inc.		4,790,345		4,502,045
	27,320	Ryman Hospitality Properties, Inc.		2,887,107		2,929,797

				7,677,452		7,431,842
		Industrial REITs (10.27%)
	58,770	First Industrial Realty Trust, Inc.		3,074,277		3,289,945
	24,352	Lineage, Inc.		1,927,329		1,908,710
	50,891	Prologis, Inc.		5,249,674		6,426,515
	78,776	Rexford Industrial Realty, Inc.		3,798,127		3,963,220
	218,202	Segro PLC (United Kingdom^2,3		2,629,588		2,557,437

				16,678,995		18,145,827


Shares			Cost		Value
Common Stocks (continued)
Real Estate (continued)
		Multi-Family Residential REITs (8.38%)
	23,965	AvalonBay Communities, Inc.	$	4,288,529	$	5,398,116
	82,338	Equity Residential		4,908,872		6,130,887
	159,249	Independence Realty Trust, Inc.		2,651,673		3,264,605

				11,849,074		14,793,608

		Office REITs (5.72%)
	256,494	Vornado Realty Trust		8,132,851		10,105,864

		Other Specialized REITs (1.83%)
	27,155	Iron Mountain, Inc.		3,204,769		3,226,829

		Retail REITs (11.87%)
	61,236	Agree Realty Corp.		4,205,633		4,612,908
	164,285	Brixmor Property Group, Inc.		4,352,517		4,576,980
	11,548	Federal Realty Investment Trust		1,210,879		1,327,673
	417,136	Macerich Co.		6,576,536		7,608,561
	16,846	Simon Property Group, Inc.		2,200,133		2,847,311

				18,545,698		20,973,433

		Single-Family Residential REITs (4.38%)
	132,869	American Homes 4 Rent, Cl A		4,523,131		5,100,841
	74,803	Invitation Homes, Inc.		2,435,427		2,637,554

				6,958,558		7,738,395

		Telecom Tower REITs (3.12%)
	23,670	American Tower Corp.		3,932,103		5,504,695

	Total Real Estate			117,198,202		141,533,068

	Total Common Stocks			139,149,188		173,834,512

Principal Amount
Short-Term Investments (1.41%)
	$2,484,638	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $2,484,938; (Fully Collateralized by $2,537,300 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $2,534,521)³		2,484,638		2,484,638

	Total Investments (99.83%)		$	141,633,826		176,319,150

	Cash and Other Assets Less Liabilities (0.17%)					303,636

	Net Assets				$	176,622,786

%	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 Health Care Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (96.33%)
Health Care (96.33%)
		Biotechnology (26.09%)
	110,000	Arcellx, Inc. ¹	$	5,504,329	$	9,186,100
	23,555	argenx SE, ADR ^1,2		8,176,329		12,768,694
	45,000	Biohaven Ltd. ^1,2		1,621,272		2,248,650
	10,000	BioNTech SE, ADR ^1,2		1,231,135		1,187,700
	30,000	Immunovant, Inc. ¹		1,018,301		855,300
	40,500	Insmed, Inc. ¹		2,999,147		2,956,500
	25,000	Kymera Therapeutics, Inc. ¹		1,170,441		1,183,250
	32,500	Legend Biotech Corp., ADR ^1,2		1,588,706		1,583,725
	4,500	Regeneron Pharmaceuticals, Inc. ¹		5,075,854		4,730,580
	155,000	Rocket Pharmaceuticals, Inc. ¹		2,608,904		2,862,850
	48,000	Ultragenyx Pharmaceutical, Inc. ¹		2,749,735		2,666,400
	31,000	Vaxcyte, Inc. ¹		3,492,315		3,542,370
	23,000	Vertex Pharmaceuticals, Incorporated ¹		5,946,486		10,696,840
	27,500	Viking Therapeutics, Inc. ¹		617,174		1,741,025
	100,100	Xenon Pharmaceuticals, Inc. ^1,2		3,651,406		3,940,937

				47,451,534		62,150,921

		Health Care Equipment (19.22%)
	159,000	Boston Scientific Corp. ¹		8,552,673		13,324,200
	15,000	DexCom, Inc. ¹		1,665,388		1,005,600
	20,000	Glaukos Corp. ¹		1,931,207		2,605,600
	6,995	IDEXX Laboratories, Inc. ¹		2,933,297		3,534,014
	12,000	Inspire Medical Systems, Inc. ¹		1,660,719		2,532,600
	30,233	Intuitive Surgical, Inc. ¹		7,267,519		14,852,566
	22,000	Stryker Corp.		6,547,461		7,947,720

				30,558,264		45,802,300

		Health Care Facilities (5.41%)
	18,300	HCA Healthcare, Inc.		4,144,546		7,437,669
	40,000	Surgery Partners, Inc. ¹		1,228,760		1,289,600
	25,000	Tenet Healthcare Corp. ¹		3,432,096		4,155,000

				8,805,402		12,882,269

		Health Care Services (1.02%)
	35,000	RadNet, Inc. ¹		1,643,218		2,428,650

		Health Care Supplies (3.24%)
	70,000	The Cooper Companies, Inc. ¹		6,104,272		7,723,800

		Life Sciences Tools & Services (16.64%)
	32,000	Bio-Techne Corporation		2,382,808		2,557,760
	30,000	Danaher Corp.		7,535,467		8,340,600
	23,000	ICON plc ^1,2		4,993,430		6,608,130
	2,150	Mettler-Toledo International, Inc. ¹		2,131,520		3,224,355
	35,000	Natera, Inc. ^1,3		2,256,724		4,443,250
	20,000	Thermo Fisher Scientific, Inc.		10,039,092		12,371,400
	7,000	West Pharmaceutical Services, Inc.		1,944,516		2,101,120

				31,283,557		39,646,615


Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)

		Managed Health Care (11.12%)
	11,600	Elevance Health, Inc.	$	5,523,931	$	6,032,000
	35,000	UnitedHealth Group, Incorporated		12,983,927		20,463,800

				18,507,858		26,495,800

		Pharmaceuticals (13.59%)
	35,000	AstraZeneca PLC, ADR ²		2,030,211		2,726,850
	23,000	Eli Lilly & Co.		5,011,209		20,376,620
	52,400	Merck & Co., Inc.		4,424,126		5,950,544
	17,000	Zoetis, Inc.		2,512,788		3,321,460

				13,978,334		32,375,474

	Total Common Stocks			158,332,439		229,505,829

Principal Amount
Short-Term Investments (4.22%)
	$10,060,707	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $10,061,923; (Fully Collateralized by $9,941,800 U.S. Treasury Note, 4.375% due 7/15/2027 Market value – $10,261,953)⁴		10,060,707		10,060,707

	Total Investments (100.55%)		$	168,393,146		239,566,536

	Liabilities Less Cash and Other Assets (-0.55%)					(1,312,886	)

	Net Assets				$	238,253,650

%	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.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron FinTech Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (98.59%)
Consumer Discretionary (4.20%)
		Broadline Retail (4.20%)
	1,360	MercadoLibre, Inc. ¹	$	2,009,501	$	2,790,665


Financials (69.62%)
		Asset Management & Custody Banks (5.05%)
	1,200	BlackRock, Inc.		897,601		1,139,412
	17,000	KKR & Co., Inc.		1,886,896		2,219,860

				2,784,497		3,359,272

		Diversified Banks (2.67%)
	130,000	NU Holdings Ltd., Cl A ^1,2		1,051,999		1,774,500

		Diversified Financial Services (3.76%)
	20,000	Apollo Global Management, Inc.		1,447,751		2,498,200

		Financial Exchanges & Data (20.27%)
	5,000	CME Group, Inc.		1,025,662		1,103,250
	3,000	FactSet Research Systems, Inc.		1,238,688		1,379,550
	4,000	Moody’s Corp.		1,417,488		1,898,360
	5,200	Morningstar, Inc.		1,144,198		1,659,424
	3,150	MSCI, Inc.		1,353,379		1,836,229
	6,430	S&P Global, Inc.		2,525,093		3,321,867
	18,379	Tradeweb Markets, Inc., Cl A		1,504,323		2,272,931

				10,208,831		13,471,611

		Insurance Brokers (1.35%)
	10,000	Baldwin Insurance Group, Inc. Cl A ¹		287,121		498,000
	14,800	TWFG, Inc. ¹		253,845		401,376

				540,966		899,376

		Investment Banking & Brokerage (7.74%)
	10,400	Houlihan Lokey, Inc.		783,437		1,643,408
	10,000	Interactive Brokers Group, Inc., Cl A		802,280		1,393,600
	5,700	LPL Financial Holdings, Inc.		951,560		1,325,991
	12,000	The Charles Schwab Corp.		890,643		777,720

				3,427,920		5,140,719

		Life & Health Insurance (0.84%)
	2,100	Primerica, Inc.		532,495		556,815

		Property & Casualty Insurance (8.66%)
	18,500	Arch Capital Group Ltd. ^1,2		1,532,657		2,069,780
	1,600	Kinsale Capital Group, Inc.		270,056		744,912
	11,600	The Progressive Corp.		1,397,264		2,943,616

				3,199,977		5,758,308

		Transaction & Payment Processing Services (19.28%)
	13,908	Block, Inc. ¹		2,510,342		933,644
	13,300	Fiserv, Inc. ¹		1,426,580		2,389,345
	8,000	Global Payments, Inc.		977,388		819,360
	6,000	Jack Henry & Associates, Inc.		999,874		1,059,240
	6,000	MasterCard, Incorporated, Cl A		2,060,483		2,962,800
	8,000	Repay Holdings Corporation ¹		141,092		65,280
	10,000	Visa, Inc., Cl A		2,101,899		2,749,500
	3,500	WEX, Inc. ¹		713,140		734,055
	122,000	Wise PLC, Cl A (United Kingdom) ^1,2,3		1,404,362		1,096,980

				12,335,160		12,810,204

	Total Financials			35,529,596		46,269,005


Shares			Cost		Value
Common Stocks (continued)
Industrials (5.36%)
		Research & Consulting Services (5.36%)
	2,900	Equifax, Inc.	$	633,359	$	852,194
	10,000	TransUnion		967,668		1,047,000
	6,200	Verisk Analytics, Inc.		1,183,525		1,661,352

	Total Industrials			2,784,552		3,560,546

Information Technology (18.39%)
		Application Software (14.63%)
	12,000	Alkami Technology, Inc. ¹		304,616		378,480
	4,000	Bill.Com Holdings, Inc. ¹		452,074		211,040
	20,000	Clearwater Analytics Holdings, Inc., Cl A ¹		483,870		505,000
	1,400	Fair Isaac Corp. ¹		609,882		2,720,928
	13,500	Guidewire Software, Inc. ¹		1,517,347		2,469,690
	14,700	Intapp, Inc. ¹		645,301		703,101
	4,400	Intuit, Inc.		1,634,342		2,732,400

				5,647,432		9,720,639

		Internet Services & Infrastructure (1.45%)
	12,000	Shopify, Inc., Cl A ^1,2		1,691,746		961,680

		IT Consulting & Other Services (2.31%)
	1,600	Accenture plc, Cl A ²		383,949		565,568
	25,830	CI&T, Inc., Cl A ^1,2		377,142		175,386
	8,000	Endava plc, ADR ^1,2		431,104		204,320
	3,000	Globant S.A. ^1,2		684,576		594,420

				1,876,771		1,539,694

	Total Information Technology			9,215,949		12,222,013

Real Estate (1.02%)
		Real Estate Services (1.02%)
	9,000	CoStar Group, Inc. ¹		771,264		678,960

	Total Common Stocks			50,310,862		65,521,189

Principal Amount
Short-Term Investments (1.60%)
	$1,060,838	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $1,060,966; (Fully Collateralized by $1,083,300 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $1,082,091)³		1,060,838		1,060,838

	Total Investments (100.19%)		$	51,371,700		66,582,027

	Liabilities Less Cash and Other Assets (-0.19%)					(126,717	)

	Net Assets				$	66,455,310

%	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 India Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (96.79%)
Communication Services (16.73%)
		Integrated Telecommunication Services (6.90%)
	76,959	Indus Towers Ltd. ^1,2	$	292,143	$	360,563
	5,958	Tata Communications Ltd. ²		125,775		151,745

				417,918		512,308

		Movies & Entertainment (1.22%)
	10,949	Tips Industries Ltd. ²		68,319		90,614

		Wireless Telecommunication Services (8.61%)
	40,974	Bharti Airtel Ltd. PP ²		440,786		638,778

	Total Communication Services			927,023		1,241,700

Consumer Discretionary (15.35%)
		Apparel Retail (7.37%)
	6,050	Trent Ltd. ²		302,458		547,353

		Apparel, Accessories & Luxury Goods (0.74%)
	1,212	Titan Co. Ltd. ²		37,080		55,274

		Automobile Manufacturers (2.10%)
	4,216	Mahindra & Mahindra Ltd. ²		117,233		155,606

		Automotive Parts & Equipment (0.69%)
	984	Tube Investments of India Ltd. ²		39,348		50,934

		Consumer Electronics (0.70%)
	314	Dixon Technologies India Ltd. ²		26,345		51,665

		Restaurants (3.75%)
	85,597	Zomato Ltd. (India)^1,2		116,375		278,607

	Total Consumer Discretionary			638,839		1,139,439

Consumer Staples (5.36%)
		Food Retail (0.92%)
	1,129	Avenue Supermarts Ltd., 144A ^1,2		72,474		68,651

		Packaged Foods & Meats (1.90%)
	9,874	Tata Consumer Products Ltd. ²		122,271		140,948

		Personal Care Products (2.54%)
	11,350	Godrej Consumer Products Ltd. ²		157,129		188,407

	Total Consumer Staples			351,874		398,006

Energy (5.93%)
		Oil & Gas Refining & Marketing (5.93%)
	12,517	Reliance Industries Limited ²		431,233		440,385

Financials (25.64%)
		Asset Management & Custody Banks (0.90%)
	5,371	360 ONE WAM Ltd. ²		37,143		66,603

		Consumer Finance (5.04%)
	1,968	Bajaj Finance Limited (India)²		167,708		180,816
	10,068	Cholamandalam Investment & Finance Co. Ltd. ²		166,463		193,253

				334,171		374,069


Shares			Cost		Value
Common Stocks (continued)
Financials (continued)
		Diversified Banks (9.50%)
	17,281	HDFC Bank Ltd. ²	$	347,198	$	355,890
	23,006	ICICI Bank Ltd. ²		338,940		349,129

				686,138		705,019

		Diversified Financial Services (2.42%)
	43,057	Jio Financial Services Ltd. ^1,2		129,950		179,810

		Investment Banking & Brokerage (3.97%)
	140,285	JM Financial Limited ²		194,575		252,665
	521	Nuvama Wealth Management Ltd. ²		34,454		42,045

				229,029		294,710

		Life & Health Insurance (2.30%)
	7,788	SBI Life Insurance Company Limited, 144A ²		148,525		171,038

		Specialized Finance (1.51%)
	9,897	CSL Finance Ltd. ²		55,202		50,453
	9,296	REC Ltd. ²		62,333		61,540

				117,535		111,993

	Total Financials			1,682,491		1,903,242

Health Care (4.16%)
		Health Care Facilities (4.16%)
	35,407	Aster DM Healthcare Ltd., 144A ²		173,294		175,436
	11,348	Max Healthcare Institute Ltd. ²		107,028		133,293

	Total Health Care			280,322		308,729

Industrials (9.52%)
		Aerospace & Defense (1.39%)
	30,295	Bharat Electronics Ltd. ²		110,750		103,222

		Construction & Engineering (1.66%)
	64,402	GMR Power & Urban Infra Ltd. ^1,2		59,827		122,979

		Construction & Machinery & Heavy Trucks (0.64%)
	1,043	Cummins India Ltd. ²		47,282		47,421

		Electrical Components & Equipment (0.98%)
	31,450	Precision Wires India Ltd. ²		55,857		72,842

		Industrial Conglomerates (0.99%)
	855	Siemens Ltd. ²		70,968		73,905

		Industrial Machinery & Supplies & Components (2.46%)
	6,025	Kirloskar Oil Engines Ltd. ²		64,647		88,361
	3,727	Shaily Engineering Plastics Ltd. ²		44,764		44,966
	811	Thermax Ltd. ²		41,579		49,255

				150,990		182,582

		Passenger Airlines (1.40%)
	1,819	InterGlobe Aviation Ltd., 144A ^1,2		82,069		103,757

	Total Industrials			577,743		706,708

See Notes to Portfolios of Investments.


Baron India Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

SEPTEMBER 30, 2024

Shares

Cost

Value

Common Stocks (continued)

Information Technology (7.21%)

Electronic Manufacturing
Services (2.89%)

3,312

Kaynes Technology India Ltd. ^1,2

133,552

214,249

IT Consulting & Other Services (4.32%)

6,306

Tata Consultancy Services Ltd. ²

325,331

321,092

Total Information Technology

458,883

535,341

Materials (3.43%)

Commodity Chemicals (2.38%)

157,432

DCW Ltd. ^1,2

159,690

177,069

Diversified Chemicals (0.45%)

1,121

SRF Ltd. ²

35,446

33,426

Specialty Chemicals (0.60%)

1,797

Neogen Chemicals Ltd. ²

25,932

44,256

Total Materials

221,068

254,751

Real Estate (1.19%)

Real Estate Development (1.19%)

2,342

Godrej Properties Ltd. (India)^1,2

50,852

88,325

Utilities (2.27%)

Electric Utilities (2.27%)

39,980

Power Grid Corp. of India Ltd. ²

151,642

168,619

Total Common Stocks

5,771,970

7,185,245

Principal Amount

Short-Term Investments (3.51%)

$260,632

Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $260,664; (Fully Collateralized by $266,200 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $265,952)²

260,632

Total Investments (100.30%)

6,032,602

7,445,877

Liabilities Less Cash and Other Assets (-0.30%)

(22,076

)

Net Assets

7,423,801

%	Represents percentage of net assets.

¹	Non-income producing securities.

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

^144A

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Technology Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

SEPTEMBER 30, 2024


Shares			Cost		Value
Common Stocks (96.13%)
Communication Services (10.98%)
		Advertising (2.28%)
	4,664	Ibotta, Inc., Cl A ¹	$	387,209	$	287,349
	5,885	The Trade Desk, Inc., Cl A ¹		431,339		645,290

				818,548		932,639

		Interactive Media & Services (3.84%)
	1,319	Meta Platforms, Inc., Cl A		359,681		755,048
	12,319	Reddit, Inc., Cl A ¹		712,071		812,069

				1,071,752		1,567,117

		Movies & Entertainment (4.86%)
	5,392	Spotify Technology SA ^1,2		1,419,288		1,987,114

	Total Communication Services			3,309,588		4,486,870

Consumer Discretionary (15.98%)
		Automobile Manufacturers (3.31%)
	5,166	Tesla, Inc. ¹		992,336		1,351,581

		Broadline Retail (8.59%)
	18,859	Amazon.com, Inc. ¹		3,134,264		3,513,997

		Education Services (3.22%)
	4,669	Duolingo, Inc. ¹		915,924		1,316,751

		Hotels, Resorts & Cruise Lines (0.86%)
	46,359	eDreams ODIGEO SA (Spain)^1,2		339,190		351,427

	Total Consumer Discretionary			5,381,714		6,533,756

Industrials (2.20%)
		Aerospace & Defense (1.23%)
	1,259	Axon Enterprise, Inc. ¹		392,753		503,096

		Construction & Engineering (0.97%)
	1,326	Quanta Services, Inc.		340,873		395,347

	Total Industrials			733,626		898,443

Information Technology (64.78%)
		Application Software (7.56%)
	2,279	Cadence Design Systems, Inc. ¹		646,978		617,677
	9,910	Gitlab, Inc., Cl A ^1,3		528,879		510,761
	2,812	Guidewire Software, Inc. ¹		317,766		514,427
	348	HubSpot, Inc. ¹		172,706		184,997
	1,136	Intuit, Inc.		681,123		705,456
	625	ServiceNow, Inc. ^1,3		420,701		558,994

				2,768,153		3,092,312

		Electronic Equipment & Instruments (2.96%)
	15,856	PAR Technology Corp. ¹		714,089		825,781
	2,589	Park Systems Corp. (Korea, Republic of)^2,4		342,878		382,990

				1,056,967		1,208,771

		Internet Services & Infrastructure (4.22%)
	46,855	GDS Holdings Ltd., ADR ^1,2		599,070		955,842
	9,628	Shopify, Inc., Cl A ^1,2		708,271		771,588

				1,307,341		1,727,430

		IT Consulting & Other Services (2.01%)
	1,618	Gartner, Inc. ¹		680,160		819,938

		Semiconductor Materials & Equipment (3.61%)
	956	ASML Holding N.V. ²		803,285		796,587
	831	Lam Research Corp.		665,228		678,162

				1,468,513		1,474,749


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

		Semiconductors (23.75%)
	4,964	Advanced Micro Devices, Inc. ¹	$	640,335	$	814,493
	12,550	Broadcom, Inc.		1,519,430		2,164,875
	4,318	eMemory Technology, Inc. (Taiwan)^2,4		334,663		355,387
	95,336	indie Semiconductor, Inc., Cl A ¹		638,678		380,391
	228	Monolithic Power Systems, Inc.		116,873		210,786
	34,510	NVIDIA Corp.		1,958,202		4,190,895
	7,884	Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)^2,4		161,540		237,735
	7,802	Taiwan Semiconductor Manufacturing Co., Ltd., ADR ²		1,013,096		1,354,973

				6,382,817		9,709,535

		Systems Software (13.12%)
	5,409	Cloudflare, Inc., Cl A ^1,3		427,647		437,534
	2,118	Crowdstrike Holdings, Inc., Cl A ¹		528,080		594,035
	5,945	Datadog, Inc., Cl A ^1,3		703,253		684,032
	7,777	Dynatrace, Inc. ^1,3		379,206		415,836
	7,515	Microsoft Corporation		2,878,893		3,233,705

				4,917,079		5,365,142

		Technology Hardware, Storage & Peripherals (7.55%)
	13,240	Apple, Inc.		2,542,029		3,084,920

	Total Information Technology			21,123,059		26,482,797

Real Estate (2.19%)
		Real Estate Services (2.19%)
	11,885	CoStar Group, Inc. ¹		976,222		896,604

	Total Common Stocks			31,524,209		39,298,470

Principal Amount
Short-Term Investments (3.90%)
	$1,594,913	Repurchase Agreement with Fixed Income Clearing Corp., dated 9/30/2024, 4.35% due 10/1/2024; Proceeds at maturity $1,595,105; (Fully Collateralized by $1,628,700 U.S. Treasury Note, 3.50% due 9/30/2026 Market value – $1,626,899)⁴		1,594,913		1,594,913

	Total Investments (100.03%)		$	33,119,122		40,893,383

	Liabilities Less Cash and Other Assets (-0.03%)					(11,210	)

	Net Assets				$	40,882,173

%	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.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED)

1. ORGANIZATION

Baron Select Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Delaware statutory trust on April 30, 2003. The Trust currently offers 12 series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron India Fund (formerly, Baron New Asia Fund), and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.

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

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

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

The investment goals of the Funds are as follows:

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

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

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

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

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

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

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

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

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

Baron India Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities located in India.

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


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

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

a) Net Asset Value. The Funds’ share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds’ NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets 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 available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

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

c) Single Issuer. Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer’s securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund’s investment in Tesla, Inc. (Tesla), 38% of the Fund’s net assets as of September 30, 2024, the NAV of the Fund will be materially impacted by the price of Tesla stock.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (continued)

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

e) Industry Concentration. From time to time, market fluctuations in the value of a Fund’s investments, combined with a Fund’s non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund’s investment in Tesla, which represents about 38% of the Fund’s net assets as of September 30, 2024, the Fund will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

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

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

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

h) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short-term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by GAAP for the Funds’ investments in repurchase agreements at September 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.

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


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (continued)

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

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

Publicly traded securities acquired via a PIPE transaction are typically valued at the market price of an issuer’s common stock and classified as Level 2 in the fair value hierarchy.

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

3. RESTRICTED SECURITIES

At September 30, 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 September 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 Partners Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	282,074,240
StubHub Holdings, Inc.		12/22/2021		49,136,472
X Holdings I, Inc.		5/4/2022		16,392,000
Private Convertible Preferred Stocks
Northvolt AB		5/19/2021		2,326,077
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-8/4/2020		545,343,680

Total Restricted Securities:			$	895,272,469

(Cost $228,013,119)†(13.82% of Net Assets)

†	See Portfolios of Investments for cost of individual securities.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (continued)


	Baron Focused Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Space Exploration Technologies Corp.		9/13/2017	$	86,546,880
Private Preferred Stocks
Space Exploration Technologies Corp.		11/15/2017-11/29/2023		59,039,680
X.AI Corp.		6/11/2024		19,999,991

Total Restricted Securities:			$	165,586,551

(Cost $69,949,847)^†(10.06% of Net Assets)
	Baron International Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		1/24/2017-10/29/2021	$	304
Warrants
Constellation Software, Inc. Exp. 3/31/2040		8/23/2023		—

Total Restricted Securities:			$	304

(Cost $1,650,983)^†(0.00%^{^} of Net Assets)
	Baron Emerging Markets Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Sberbank of Russia PJSC		2/11/2016	$	11,175
Private Common Stocks
Pine Labs PTE. Ltd.		5/17/2021		43,294,183
Private Convertible Preferred Stocks
Swiggy Private Ltd. (formerly, Bundl Technologies Private Ltd.)		1/3/2022		129,605,556
Think & Learn Private Limited		3/31/2021		75,127

Total Restricted Securities:			$	172,986,041

(Cost $230,983,530^†(4.31% of Net Assets)
	Baron Global Advantage Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020-9/15/2021	$	557,556
Space Exploration Technologies Corp.		3/25/2021-12/3/2021		36,666,560
Private Convertible Preferred Stocks
Think & Learn Private Limited		3/31/2021		45,078
Private Preferred Stocks
GM Cruise Holdings LLC		1/19/2021		3,356,109

Total Restricted Securities:			$	40,625,303

(Cost $69,264,695)^†(7.24% of Net Assets)

†	See Portfolios of Investments for cost of individual securities.

^	Rounds to less than 0.01%


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS

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

•

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

•

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

•

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

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

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

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


	Baron Partners Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,566,766,963	$	—	$	—	$	6,566,766,963
Private Common Stocks†		—		—		347,602,712		347,602,712
Private Convertible Preferred Stocks		—		—		2,326,077		2,326,077
Private Preferred Stocks		—		—		545,343,680		545,343,680

Total Investments	$	6,566,766,963	$	—	$	895,272,469	$	7,462,039,432


	Baron Focused Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,444,431,390	$	—	$	—	$	1,444,431,390
Private Common Stocks		—		—		86,546,880		86,546,880
Private Preferred Stocks†		—		—		79,039,671		79,039,671
Short-Term Investments		—		31,926,585		—		31,926,585

Total Investments	$	1,444,431,390	$	31,926,585	$	165,586,551	$	1,641,944,526

†	See Portfolios of Investments for additional detailed categorizations.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)


	Baron International Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	118,144,964	$	218,997,452	$	304	$	337,142,720
Warrants		—		—		—		—
Short-Term Investments		—		10,455,289		—		10,455,289

Total Investments	$	118,144,964	$	229,452,741	$	304	$	347,598,009


	Baron Real Estate Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	2,133,330,026	$	—	$	—	$	2,133,330,026
Short-Term Investments		—		21,977,680		—		21,977,680

Total Investments	$	2,133,330,026	$	21,977,680	$	—	$	2,155,307,706


	Baron Emerging Markets Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	980,663,345	$	2,870,142,745	$	11,175	$	3,850,817,265
Private Common Stocks		—		—		43,294,183		43,294,183
Private Convertible Preferred Stocks†		—		—		129,680,683		129,680,683
Warrants		13,126		—		—		13,126
Short-Term Investments		—		47,165,107		—		47,165,107

Total Investments	$	980,676,471	$	2,917,307,852	$	172,986,041	$	4,070,970,364


	Baron Global Advantage Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	431,325,350	$	87,368,116	$	—	$	518,693,466
Private Common Stocks†		—		—		37,224,116		37,224,116
Private Convertible Preferred Stocks		—		—		45,078		45,078
Private Preferred Stocks		—		—		3,356,109		3,356,109
Warrants†		529,847		—		—		529,847
Short-Term Investments		—		1,874,137		—		1,874,137

Total Investments	$	431,855,197	$	89,242,253	$	40,625,303	$	561,722,753

†	See Portfolios of Investments for additional detailed categorizations.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)


	Baron Real Estate Income Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	171,277,075	$	2,557,437	$	—	$	173,834,512
Short-Term Investments		—		2,484,638		—		2,484,638

Total Investments	$	171,277,075	$	5,042,075	$	—	$	176,319,150


	Baron Health Care Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	229,505,829	$	—	$	—	$	229,505,829
Short-Term Investments		—		10,060,707		—		10,060,707

Total Investments	$	229,505,829	$	10,060,707	$	—	$	239,566,536


	Baron FinTech Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	64,424,209	$	1,096,980	$	—	$	65,521,189
Short-Term Investments		—		1,060,838		—		1,060,838

Total Investments	$	64,424,209	$	2,157,818	$	—	$	66,582,027


	Baron India Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	—	$	7,185,245	$	—	$	7,185,245
Short-Term Investments		—		260,632		—		260,632

Total Investments	$	—	$	7,445,877	$	—	$	7,445,877


	Baron Technology Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	38,322,358	$	976,112	$	—	$	39,298,470
Short-Term Investments		—		1,594,913		—		1,594,913

Total Investments	$	38,322,358	$	2,571,025	$	—	$	40,893,383

†	See Portfolios of Investments for additional detailed categorizations.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)

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


	Baron Partners Fund
Investments in Securities	Balance as of December 31, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2024
Private Common Stocks
Communication Services	$	60,040,760	$	—	$	—	$	5,487,712	$	—	$	—	$	—	$	—	$	65,528,472	$	5,487,712
Industrials		244,296,440		—		—		37,777,800		—		—		—		—		282,074,240		37,777,800
Private Convertible Preferred Stocks
Industrials		7,361,160		—		—		(5,035,083)		—		—		—		—		2,326,077		(5,035,083)
Private Preferred Stocks
Industrials		537,262,630		—		56,920,250		26,161,600		—		(75,000,800)		—		—		545,343,680		26,161,600

Total	$	848,960,990	$	—	$	56,920,250	$	64,392,029	$	—	$	(75,000,800)	$	—	$	—	$	895,272,469	$	64,392,029


	Baron Focused Growth Fund
Investments in Securities	Balance as of December 31, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2024
Private Common Stocks
Industrials	$	74,955,780	$	—	$	—	$	11,591,100	$	—	$	—	$	—	$	—	$	86,546,880	$	11,591,100
Private Preferred Stocks
Industrials		51,132,580		—		—		7,907,100										59,039,680		7,907,100
Information Technology		—		—		—		—		19,999,991		—		—		—		19,999,991		—

Total	$	126,088,360	$	—	$	—	$	19,498,200	$	19,999,991	$	—	$	—	$	—	$	165,586,551	$	19,498,200


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)



	Baron Emerging Markets Fund
Investments in Securities	Balance as of December 31, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2024
Common Stocks
Russia	$	11,644		—	$	—	$	(469)	$	—	$	—	$	—	$	—	$	11,175	$	(469)
Private Common Stocks
India		74,029,330		—		—		(30,735,147)		—		—		—		—		43,294,183		(30,735,147)
Private Convertible Preferred Stocks
India		96,887,511		—		—		32,793,172		—		—		—		—		129,680,683		32,793,172

Total	$	170,928,485	$	—	$	—	$	2,057,556	$	—	$	—	$	—	$	—	$	172,986,041	$	2,057,556


	Baron Global Advantage Fund
Investments in Securities	Balance as of December 31, 2023		Accrued Premiums/ Discounts		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2024		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at September 30, 2024
Private Common Stocks
United States	$	32,313,416	$	—	$	—	$	4,910,700	$	—	$	—	$	—	$	—	$	37,224,116	$	4,910,700
Private Convertible Preferred Stocks
India		5,784,290		—		—		(5,739,212)		—		—		—		—		45,078		(5,739,212)
United States		3,601,189		—		2,674,305		1,398,779		—		(7,674,273)		—		—		—		—
Private Preferred Stocks
United States		2,798,294		—		—		557,815		—		—		—		—		3,356,109		557,815

Total	$	44,497,189	$	—	$	2,674,305	$	1,128,082	$	—	$	(7,674,273)	$	—	$	—	$	40,625,303	$	(270,697)


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)

Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of September 30, 2024 were as follows:

Baron Partners Fund

Sector

Company

Fair Value as of
September 30,
2024

Valuation Technique

Unobservable Input

Weighted Average

used on

September 30, 2024

Range used on
September 30, 2024*

Impact to

Valuation

from an

Increase
in
input**

Private Common Stocks:

Communication Services

StubHub

Holdings,
Inc.

49,136,472

Combination of
valuation using
discounted cash flows,
current value via
comparable
companies, and
option-pricing
methods

Weighted average cost of
capital

10.50%

N/A

Decrease

Change in the composite
equity index of
comparable companies

(0.54)%

N/A

Increase

Discount for lack of

marketability

7.79%

N/A

Decrease

Estimated volatility of the
returns of equity¹

33.90%

N/A

Decrease

Private Common Stocks:

Communication Services

X Holdings,
Inc

16,392,000

Recent valuation for
employee grants

Enterprise Value Estimate

$19 billion

N/A

Increase

Private Common Stocks:

Industrials

Space
Exploration
Technologies
Corp.

282,074,240

Observed transaction

Observed Transaction
Price

$112.00

N/A

Increase

Private Preferred Stocks:

Industrials

Space
Exploration
Technologies
Corp.

545,343,680

Observed transaction

Observed Transaction
Price

$1,120.00

N/A

Increase

Private Convertible Preferred Stocks:

Industrials

Northvolt
AB

2,326,077

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

Observed Transaction
Price

$0.37

N/A

Increase

Change in the composite
equity index of
comparable companies

(0.45)%

N/A

Increase

Discount for lack of
marketability

13.93%

N/A

Decrease

Estimated volatility of the
returns of equity²

53.83%

N/A

Decrease

Scenario Probabilities:
Scenario A / Scenario B³

70% / 30%

N/A

Baron Focused Growth Fund

Sector

Company

Fair Value as of
September 30,
2024

Valuation Technique

Unobservable Input

Weighted Average

used on

September 30, 2024

Range used on

September 30, 2024*

Impact to

Valuation

from an

Increase

in
input**

Private Common Stocks:

Industrials

Space
Exploration
Technologies
Corp.

86,546,880

Observed Transaction

Observed Transaction
Price

$112.00

N/A

Increase

Private Preferred Stocks:

Industrials

Space
Exploration
Technologies
Corp.

59,039,680

Observed Transaction

Observed Transaction
Price

$1,120.00

N/A

Increase

Private Preferred Stocks:

Information Technology

X.AI Corp.

19,999,991

Observed Transaction

Observed Transaction
Price

$19 billion

N/A

See footnotes on page 31.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)

Baron Emerging Markets Fund

Sector

Company

Fair Value as of
September 30,
2024

Valuation Technique

Unobservable Input

Weighted Average

used on

September 30, 2024

Range used on

September 30, 2024*

Impact to

Valuation

from an

Increase

in
input**

Private Common Stocks:

Financials

Pine Labs PTE.
Ltd.

$ 43,294,183

Combination of
valuation using
multiples, current value
via comparable
companies,

scenario analysis,

and option-pricing
methods

Projected Company Sales

(2024)

$247 million

N/A

Increase

Projected Company Sales

(2025)

$309 million

N/A

Increase

Price / Sales Multiple

13.65x

N/A

Increase

Equity valuation
Scenario Weights⁴

50%

N/A

Change in the composite
equity index of
comparable companies

(0.85)%

N/A

Increase

Discount for lack of
marketability

9.37%

N/A

Decrease

Estimated volatility of
the returns of equity²

40.57%

N/A

Decrease

Scenario Probabilities:
Scenario A / Scenario B⁵

100% / 0%

N/A

Private Convertible Preferred Stocks:

Consumer Discretionary

Swiggy Private
Ltd.

$ 129,605,556

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

Projected Company Sales
(2023)

$976 million

N/A

Increase

Projected Company Sales
(2024)

$1,260 million

N/A

Increase

Price / Sales Multiple
(2023)

13.94x

N/A

Increase

Price / Sales Multiple
(2024)

10.34x

N/A

Increase

Valuation Scenario
Probabilities: Scenario A
/ Scenario B⁶

50.00%

N/A

Change in the composite

equity index of

comparable companies

(1.55)%

N/A

Increase

Discount for lack of

marketability

2.85%

N/A

Decrease

Estimated volatility of
the

returns of equity⁷

30.50%

N/A

Decrease

Exit Scenario
Probabilities: Scenario A
/ Scenario B⁵

100% / 0%

N/A

Private Convertible Preferred Stocks:

Consumer Discretionary

Think & Learn
Private Limited

$ 75,127

Recent Transaction

Rights Offering Price

INR 410.57

N/A

Increase

See footnotes on page 31.


Baron Select Funds		September 30, 2024

NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (continued)

Baron Global Advantage Fund

Sector

Company

Fair Value as of
September 30, 2024

Valuation Technique

Unobservable Input

Weighted Average

used on

September 30, 2024

Range used on

September 30, 2024*

Impact to

Valuation

from an

Increase

in input**

Private Common Stocks:

Industrials

Space
Exploration
Technologies
Corp.

36,666,560

Observed transaction

Observed
Transaction Price

$112.00

N/A

Increase

Private Common

Stocks:

Materials

Farmers
Business
Network, Inc.

557,556

Scenario analysis

Projected IPO
Valuation

$900 million

N/A

Increase

Probability for
IPO Outcome

50%

N/A

Increase

Discount in event
of liquidation
outcome

100%

N/A

Decrease

Private Convertible

Preferred Stocks:

Consumer Discretionary

Think & Learn
Private Limited

45,078

Recent Transaction

Rights Offering
Price

INR 410.57

N/A

Increase

Private Preferred Stocks:

Industrials

GM Cruise
Holdings, LLC

3,356,109

Combination of
observed transaction
price and scenario
analysis methods

Discount to
observed
transaction price
based on
Scenario
Probability
analysis

$24.27

N/A

Increase

70%

N/A

Decrease

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

3)	Scenario A represents total loss for equity holders, while Scenario B represents going concern.

4)	The company’s equity value was estimated in two different scenarios, each of which was given a 50% weight in the final equity value calculation.

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

6)	Scenario A is based on 2023 multiples while Scenario B is based on 2024 multiples.

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

*	Range used is not applicable as unobservable inputs are disclosed at the security level.

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