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Baron Funds

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Baron

Baron Funds Portfolio Market Capitalization (Unaudited) Baron Asset Fund Baron Asset Fund invests in mid-sized growth companies with market capitalizations above $2.5 billion or the smallest market cap stock in the Russell Midcap Growth Index at reconstitution, whichever is larger, and below the largest market cap stock in the Russell Midcap Growth Index at reconstitution. Company Equity Market Cap (in millions) %of Net Assets The Priceline Group, Inc. ..................... $72,343 1.9% The Charles Schwab Corp. ................... 52,324 4.1 Equinix, Inc. ............................... 25,512 2.2 Concho Resources, Inc. ...................... 19,366 0.6 Illumina, Inc. .............................. 18,809 1.8 Quintiles IMS Holdings, Inc. .................. 18,722 0.4 Roper Technologies Inc. ..................... 18,571 1.8 T. Rowe Price Group, Inc. .................... 18,321 0.7 Expedia, Inc. .............................. 16,995 0.9 Willis Towers Watson Public Limited Company .. 16,721 2.3 Nielsen Holdings plc ........................ 14,994 1.3 First Republic Bank ......................... 14,155 1.8 Verisk Analytics, Inc. ........................ 13,592 4.3 Fastenal Co. .............................. 13,579 1.3 FleetCor Technologies, Inc. ................... 13,132 2.6 SBA Communications Corp. .................. 12,612 2.7 Advance Auto Parts, Inc. ..................... 12,456 0.6 CarMax, Inc. .............................. 12,255 1.0 Henry Schein, Inc. .......................... 12,211 2.1 Vantiv, Inc. ............................... 11,693 1.6 Mettler-Toledo International, Inc. ............. 10,981 4.2 CBRE Group, Inc. ........................... 10,621 2.4 Arch Capital Group Ltd. ..................... 10,587 4.4 IDEXX Laboratories, Inc. ..................... 10,514 6.5 Universal Health Services, Inc. ................ 10,314 0.6 Tractor Supply Co. ......................... 9,950 0.9 Tiffany & Co. .............................. 9,637 0.8 CDK Global, Inc. ........................... 8,924 0.5 Company Equity Market Cap (in millions) %of Net Assets The Cooper Companies, Inc. .................. $8,534 1.8% Mobileye N.V. ............................. 8,357 0.5 Gartner, Inc. .............................. 8,349 6.3 A. O. Smith Corporation ..................... 8,235 0.3 ANSYS, Inc. ............................... 8,003 2.0 Verisign, Inc. .............................. 7,955 2.0 Ralph Lauren Corp. ......................... 7,424 0.1 The Middleby Corp. ......................... 7,412 1.2 Westinghouse Air Brake Technologies Corporation ............................. 7,395 1.7 Rollins, Inc. ............................... 7,358 0.8 Hyatt Hotels Corp. ......................... 7,231 1.1 Teleflex Incorporated ....................... 7,099 0.7 IDEX Corporation .......................... 6,866 1.6 Zillow Group, Inc. .......................... 6,609 1.3 FactSet Research Systems, Inc. ................ 6,527 3.0 Vail Resorts, Inc. ........................... 6,445 5.0 West Pharmaceutical Services, Inc. ............ 6,208 2.3 CoStar Group, Inc. .......................... 6,144 1.3 WABCO Holdings Inc. ....................... 5,847 0.4 SS&C Technologies Holdings, Inc. ............. 5,801 1.1 MarketAxess Holdings Inc. ................... 5,521 1.4 Bio-Techne Corporation ..................... 3,837 1.6 Guidewire Software, Inc. ..................... 3,626 2.4 MAXIMUS, Inc. ............................ 3,614 0.9 Choice Hotels International, Inc. .............. 3,144 1.2 Alexander’s, Inc. ........................... 2,180 1.1 99.4% 86

Baron Funds Baron Growth Fund Baron Growth Fund invests in small-sized growth companies with market capitalizations up to the largest market cap stock in the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $2.5 billion, whichever is larger. Company Equity Market Cap (in millions) %of Net Assets Under Armour, Inc. ......................... $11,808 3.3% Church & Dwight Co., Inc. ................... 11,428 1.7 Mettler-Toledo International, Inc. ............. 10,981 1.6 Arch Capital Group Ltd. ..................... 10,587 6.0 IDEXX Laboratories, Inc. ..................... 10,514 3.4 Alexandria Real Estate Equities, Inc. ............ 8,825 1.5 Gartner, Inc. .............................. 8,349 4.9 ANSYS, Inc. ............................... 8,003 3.0 MSCI, Inc. ................................ 7,415 2.8 The Middleby Corp. ......................... 7,412 2.4 FactSet Research Systems, Inc. ................ 6,527 4.4 Vail Resorts, Inc. ........................... 6,445 6.3 Gaming and Leisure Properties, Inc. ............ 6,342 3.0 West Pharmaceutical Services, Inc. ............ 6,208 1.5 CoStar Group, Inc. .......................... 6,144 3.4 Dick’s Sporting Goods, Inc. ................... 5,982 1.5 SS&C Technologies Holdings, Inc. ............. 5,801 2.8 Douglas Emmett, Inc. ....................... 5,540 2.4 Booz Allen Hamilton Holding Corp. ............ 5,392 0.8 Panera Bread Co. ........................... 4,761 1.6 Bright Horizons Family Solutions, Inc. .......... 4,163 2.7 TreeHouse Foods, Inc. ....................... 4,095 0.8 Bio-Techne Corporation ..................... 3,837 1.7 Guidewire Software, Inc. ..................... 3,626 1.0 MAXIMUS, Inc. ............................ 3,614 2.7 Air Lease Corp. ............................ 3,531 0.6 Littelfuse, Inc. ............................. 3,420 0.8 Morningstar, Inc. ........................... 3,167 1.6 Primerica, Inc. ............................. 3,167 2.7 Choice Hotels International, Inc. .............. 3,144 3.0 Essent Group Ltd. .......................... 3,014 0.2 Company Equity Market Cap (in millions) %of Net Assets Pegasystems, Inc. .......................... $2,748 0.6% Red Rock Resorts, Inc. ....................... 2,688 0.7 Neogen Corp. ............................. 2,506 0.4 Performance Food Group Company ............ 2,481 0.5 Nord Anglia Education Inc. ................... 2,426 1.0 Oaktree Capital Group, LLC .................. 2,359 1.0 Manchester United plc ...................... 2,337 1.4 Marriott Vacations Worldwide Corp. ........... 2,291 2.4 Financial Engines, Inc. ....................... 2,275 1.5 Virtu Financial, Inc. ......................... 2,214 0.1 Alexander’s, Inc. ........................... 2,180 0.9 Masonite International Corp. ................. 1,974 1.7 American Assets Trust, Inc. ................... 1,966 0.5 Trex Company, Inc. ......................... 1,893 1.2 Wix.com Ltd. .............................. 1,892 0.1 Moelis & Company ......................... 1,845 0.5 Cohen & Steers, Inc. ........................ 1,542 1.3 Inovalon Holdings, Inc. ...................... 1,514 0.4 The Carlyle Group .......................... 1,290 0.4 Penn National Gaming, Inc. .................. 1,152 1.0 Glaukos Corporation ........................ 1,151 0.2 Smart & Final Stores, Inc. .................... 1,024 0.6 Caesarstone Ltd. ........................... 1,008 1.0 AO World plc ............................. 941 0.5 ClubCorp Holdings, Inc. ..................... 941 0.3 Iridium Communications Inc. ................. 919 1.6 Benefitfocus, Inc. .......................... 884 1.2 Pinnacle Entertainment, Inc. .................. 807 0.7 Kinsale Capital Group, Inc. ................... 713 0.1 99.9% 87