List<DerivedClass> result =
listBaseClass.ConvertAll(instance => (DerivedClass)instance);
Actually ConvertAll is good when you need to create new objects based on the original, when you just need to cast you can use the following
List<DerivedClass> result =
listBaseClass.Cast<DerivedClass>().ToList();
If not all of the items in your list can be cast to DerivedClass then use OfType instead
List<DerivedClass> result =
listBaseClass.OfType<DerivedClass>().ToList();