# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-26-021323
**Filing Date:** 2026-3
**Character Count:** 133278
**Document Hash:** 2b07cfaee99d905cb11361b2197986ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021323.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021323

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
- **CENTRAL INDEX KEY:** 0000810902

**ORGANIZATION NAME:**
- **EIN:** 136891420
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 26704663

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 2125832000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARON ASSET FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BARON DISCOVERY FUND (Series ID: S000042178)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000130959 | BARON DISCOVERY FUND | BDFFX           |
| C000130960 | Institutional Shares | BDFIX           |
| C000174754 | R6 Shares            | BDFUX           |

## Nport-Ex

**Baron Asset Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (79.68%)** | **Common Stocks (79.68%)** | **Common Stocks (79.68%)** | **Common Stocks (79.68%)** |
| **Communication Services (2.01%)** | **Communication Services (2.01%)** | **Communication Services (2.01%)** | **Communication Services (2.01%)** |
|  | **Movies & Entertainment (2.01%)** | **Movies & Entertainment (2.01%)** | **Movies & Entertainment (2.01%)** |
| 90030 | Spotify Technology SA <sup>1,2</sup> | $22203025 | $52281321 |
| 778700 | StubHub Holdings, Inc., Cl A <sup>1</sup> | 18279267 | 10535811 |
| 988065 | StubHub Holdings, Inc., Cl A <sup>1,3</sup> | 50000041 | 13368520 |
| **Total Communication Services** | **Total Communication Services** | **90482333** | **76185652** |
| **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** |
|  | **Casinos & Gaming (0.91%)** |  |  |
| 1000000 | DraftKings, Inc., Cl A <sup>1</sup> | 39108590 | 34460000 |
|  | **Footwear (2.05%)** | **Footwear (2.05%)** | **Footwear (2.05%)** |
| 591069 | Birkenstock Holding PLC <sup>1,2</sup> | 26321038 | 24174722 |
| 1147000 | On Holding AG, Cl A <sup>1,2</sup> | 35496145 | 53312560 |
|  |  | 61817183 | 77487282 |
|  | **Home Improvement Retail (0.56%)** | **Home Improvement Retail (0.56%)** | **Home Improvement Retail (0.56%)** |
| 350000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 30525144 | 21311500 |
|  | **Hotels, Resorts & Cruise Lines (3.34%)** | **Hotels, Resorts & Cruise Lines (3.34%)** | **Hotels, Resorts & Cruise Lines (3.34%)** |
| 388682 | Choice Hotels International, Inc. | 1672734 | 37025847 |
| 31000 | Hilton Worldwide Holdings, Inc. | 6489341 | 8904750 |
| 500233 | Hyatt Hotels Corp., Cl A | 13700166 | 80197355 |
|  |  | 21862241 | 126127952 |
|  | **Leisure Facilities (1.22%)** | **Leisure Facilities (1.22%)** | **Leisure Facilities (1.22%)** |
| 348231 | Vail Resorts, Inc. | 6717609 | 46245077 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **160030767** | **305631811** |
| **Financials (11.18%)** | **Financials (11.18%)** | **Financials (11.18%)** | **Financials (11.18%)** |
|  | **Financial Exchanges & Data (3.71%)** |  |  |
| 162719 | FactSet Research Systems, Inc. | 8640434 | 47219426 |
| 131070 | Morningstar, Inc. | 27625493 | 28482822 |
| 53000 | MSCI, Inc. | 19223355 | 30407690 |
| 316189 | Tradeweb Markets, Inc., Cl A | 12240921 | 34002965 |
|  |  | 67730203 | 140112903 |
|  | **Insurance Brokers (0.65%)** | **Insurance Brokers (0.65%)** | **Insurance Brokers (0.65%)** |
| 74451 | Willis Towers Watson PLC <sup>2</sup> | 9189144 | 24464599 |
|  | **Investment Banking & Brokerage (2.96%)** | **Investment Banking & Brokerage (2.96%)** | **Investment Banking & Brokerage (2.96%)** |
| 943394 | The Charles Schwab Corp. | 832744 | 94254494 |
| 50000 | LPL Financial Holdings, Inc. | 19152950 | 17858500 |
|  |  | 19985694 | 112112994 |
|  | **Property & Casualty Insurance (3.86%)** | **Property & Casualty Insurance (3.86%)** | **Property & Casualty Insurance (3.86%)** |
| 1523417 | Arch Capital Group Ltd. <sup>1,2</sup> | 5499102 | 146126159 |
| **Total Financials** | **Total Financials** | **102404143** | **422816655** |
| **Health Care (13.77%)** | **Health Care (13.77%)** | **Health Care (13.77%)** | **Health Care (13.77%)** |
|  | **Health Care Equipment (5.39%)** |  |  |
| 301176 | IDEXX Laboratories, Inc. <sup>1</sup> | 5704987 | 203754599 |
|  | **Health Care Supplies (1.32%)** | **Health Care Supplies (1.32%)** | **Health Care Supplies (1.32%)** |
| 611198 | The Cooper Companies, Inc. <sup>1</sup> | 23501499 | 50093788 |
|  | **Health Care Technology (1.37%)** | **Health Care Technology (1.37%)** | **Health Care Technology (1.37%)** |
| 231728 | Veeva Systems, Inc., Cl A <sup>1</sup> | 12911823 | 51728642 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  | **Life Sciences Tools & Services (5.69%)** | **Life Sciences Tools & Services (5.69%)** | **Life Sciences Tools & Services (5.69%)** |
| 562344 | Bio-Techne Corporation | $13904934 | $33071451 |
| 93147 | Mettler-Toledo International, Inc. <sup>1</sup> | 5490384 | 129864616 |
| 144000 | Repligen Corp. <sup>1</sup> | 23336583 | 23595840 |
| 104474 | West Pharmaceutical Services, Inc. | 4464401 | 28744976 |
|  |  | 47196302 | 215276883 |
| **Total Health Care** | **Total Health Care** | **89314611** | **520853912** |
| **Industrials (14.87%)** | **Industrials (14.87%)** | **Industrials (14.87%)** | **Industrials (14.87%)** |
|  | **Aerospace & Defense (1.89%)** |  |  |
| 60000 | Axon Enterprise, Inc. <sup>1</sup> | 15677319 | 34075800 |
| 550000 | Loar Holdings, Inc. <sup>1</sup> | 40056269 | 37400000 |
|  |  | 55733588 | 71475800 |
|  | **Construction & Engineering (2.85%)** | **Construction & Engineering (2.85%)** | **Construction & Engineering (2.85%)** |
| 255080 | Quanta Services, Inc. | 43127971 | 107659065 |
|  | **Data Processing & Outsourced Services (0.93%)** | **Data Processing & Outsourced Services (0.93%)** | **Data Processing & Outsourced Services (0.93%)** |
| 403076 | SS&C Technologies Holdings, Inc. | 10805709 | 35236904 |
|  | **Electrical Components & Equipment (1.24%)** | **Electrical Components & Equipment (1.24%)** | **Electrical Components & Equipment (1.24%)** |
| 290000 | Vertiv Holdings Co., Cl A | 27408197 | 46982900 |
|  | **Environmental & Facilities Services (1.71%)** | **Environmental & Facilities Services (1.71%)** |  |
| 1080558 | Rollins, Inc. | 13829296 | 64855091 |
|  | **Industrial Machinery & Supplies &<br>Components (0.23%)** | **Industrial Machinery & Supplies &<br>Components (0.23%)** | **Industrial Machinery & Supplies &<br>Components (0.23%)** |
| 48460 | IDEX Corp. | 3498538 | 8622972 |
|  | **Research & Consulting Services (6.02%)** | **Research & Consulting Services (6.02%)** | **Research & Consulting Services (6.02%)** |
| 325000 | Booz Allen Hamilton Holding Corp. | 33928523 | 27417000 |
| 725500 | TransUnion | 30419913 | 62211625 |
| 616476 | Verisk Analytics, Inc. | 15033469 | 137899516 |
|  |  | 79381905 | 227528141 |
| **Total Industrials** | **Total Industrials** | **233785204** | **562360873** |
| **Information Technology (22.13%)** | **Information Technology (22.13%)** | **Information Technology (22.13%)** | **Information Technology (22.13%)** |
|  | **Application Software (11.90%)** | **Application Software (11.90%)** | **Application Software (11.90%)** |
| 58547 | Fair Isaac Corp. <sup>1</sup> | 22819600 | 98980729 |
| 862495 | Guidewire Software, Inc. <sup>1</sup> | 43112662 | 173370120 |
| 515000 | Procore Technologies, Inc. <sup>1</sup> | 37516513 | 37461100 |
| 185692 | Roper Technologies, Inc. | 15624264 | 82657080 |
| 850000 | Samsara, Inc., Cl A <sup>1</sup> | 33416962 | 30132500 |
| 256493 | ServiceTitan, Inc., Cl A <sup>1</sup> | 20395336 | 27316505 |
|  |  | 172885337 | 449918034 |
|  | **Electronic Components (5.30%)** | **Electronic Components (5.30%)** | **Electronic Components (5.30%)** |
| 1483270 | Amphenol Corp., Cl A | 35151622 | 200449108 |
|  | **Internet Services & Infrastructure (0.06%)** | **Internet Services & Infrastructure (0.06%)** | **Internet Services & Infrastructure (0.06%)** |
| 9333 | Verisign, Inc. | 418183 | 2267452 |
|  | **IT Consulting & Other Services (3.84%)** | **IT Consulting & Other Services (3.84%)** | **IT Consulting & Other Services (3.84%)** |
| 575973 | Gartner, Inc. <sup>1</sup> | 12046961 | 145306468 |
|  | **Systems Software (0.31%)** | **Systems Software (0.31%)** | **Systems Software (0.31%)** |
| 586717 | SailPoint, Inc. <sup>1,4</sup> | 13377788 | 11869285 |
|  | **Technology Distributors (0.72%)** | **Technology Distributors (0.72%)** | **Technology Distributors (0.72%)** |
| 200011 | CDW Corp. | 12043287 | 27241498 |
| **Total Information Technology** | **Total Information Technology** | **245923178** | **837051845** |

---

See Notes to Portfolios of Investments.

------

**Baron Asset Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (7.64%)** | **Real Estate (7.64%)** | **Real Estate (7.64%)** | **Real Estate (7.64%)** |
|  | **Data Center REITs (0.93%)** | **Data Center REITs (0.93%)** | **Data Center REITs (0.93%)** |
| 46116 | Equinix, Inc. | $2965260 | $35332235 |
|  | **Health Care REITs (1.08%)** | **Health Care REITs (1.08%)** | **Health Care REITs (1.08%)** |
| 220000 | Welltower, Inc. | 31846794 | 40834200 |
|  | **Real Estate Services (5.63%)** | **Real Estate Services (5.63%)** | **Real Estate Services (5.63%)** |
| 496323 | CBRE Group, Inc., Cl A <sup>1</sup> | 5552580 | 79803775 |
| 1979901 | CoStar Group, Inc. <sup>1</sup> | 39551950 | 133128543 |
|  |  | 45104530 | 212932318 |
| **Total Real Estate** | **Total Real Estate** | **79916584** | **289098753** |
| **Total Common Stocks** | **Total Common Stocks** | **1001856820** | **3013999501** |
| **Private Common Stocks (1.80%)** | **Private Common Stocks (1.80%)** | **Private Common Stocks (1.80%)** | **Private Common Stocks (1.80%)** |
| **Industrials (1.80%)** | **Industrials (1.80%)** | **Industrials (1.80%)** | **Industrials (1.80%)** |
|  | **Aerospace & Defense (1.80%)** | **Aerospace & Defense (1.80%)** | **Aerospace & Defense (1.80%)** |
| 92406 | Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,5</sup> | 7115262 | 38902926 |
| 69932 | Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,5</sup> | 5384764 | 29441372 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **12500026** | **68344298** |
| **Private Preferred Stocks (17.59%)** | **Private Preferred Stocks (17.59%)** | **Private Preferred Stocks (17.59%)** | **Private Preferred Stocks (17.59%)** |
| **Communication Services (6.67%)** | **Communication Services (6.67%)** | **Communication Services (6.67%)** | **Communication Services (6.67%)** |
|  | **Interactive Media & Services (6.67%)** | **Interactive Media & Services (6.67%)** | **Interactive Media & Services (6.67%)** |
| 3341687 | X.AI Holdings Corp., Cl B <sup>1,3,4,5</sup> | **39999994** | **252163701** |
| **Industrials (10.92%)** | **Industrials (10.92%)** | **Industrials (10.92%)** | **Industrials (10.92%)** |
|  | **Aerospace & Defense (10.92%)** | **Aerospace & Defense (10.92%)** | **Aerospace & Defense (10.92%)** |
| 277529 | Skyryse, Inc. <sup>1,3,4,5</sup> | 7499999 | 7704205 |
| 96298 | Space Exploration<br>Technologies Corp., Series N <sup>1,3,4,5</sup> | 26000460 | 405414580 |
| **Total Industrials** | **Total Industrials** | **33500459** | **413118785** |
| **Total Private Preferred Stocks** | **Total Private Preferred Stocks** | **73500453** | **665282486** |
| **Total Investments (99.07%)** | **Total Investments (99.07%)** | $**1087857299** | **3747626285** |
| **Cash and Other Assets Less Liabilities (0.93%)** | **Cash and Other Assets Less Liabilities (0.93%)** | **Cash and Other Assets Less Liabilities (0.93%)** | **35008230** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**3782634515** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities amounted to $746,995,304 or 19.75% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> 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 Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (104.58%)** | **Common Stocks (104.58%)** | **Common Stocks (104.58%)** | **Common Stocks (104.58%)** |
| **Consumer Discretionary (18.05%)** | **Consumer Discretionary (18.05%)** | **Consumer Discretionary (18.05%)** | **Consumer Discretionary (18.05%)** |
|  | **Apparel, Accessories & Luxury Goods (3.60%)** | **Apparel, Accessories & Luxury Goods (3.60%)** | **Apparel, Accessories & Luxury Goods (3.60%)** |
| 12368569 | Figs, Inc., Cl A <sup>1</sup> | $87745510 | $140506944 |
|  | **Casinos & Gaming (3.73%)** | **Casinos & Gaming (3.73%)** | **Casinos & Gaming (3.73%)** |
| 2347802 | Red Rock Resorts, Inc., Cl A | 61849524 | 145446334 |
|  | **Hotels, Resorts & Cruise Lines (7.32%)** | **Hotels, Resorts & Cruise Lines (7.32%)** | **Hotels, Resorts & Cruise Lines (7.32%)** |
| 3000000 | Choice Hotels International, Inc. <sup>4</sup> | 75582685 | 285780000 |
|  | **Leisure Facilities (3.40%)** | **Leisure Facilities (3.40%)** | **Leisure Facilities (3.40%)** |
| 1000000 | Vail Resorts, Inc. | 39623250 | 132800000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **264800969** | **704533278** |
| **Financials (61.87%)** | **Financials (61.87%)** | **Financials (61.87%)** | **Financials (61.87%)** |
|  | **Financial Exchanges & Data (27.04%)** | **Financial Exchanges & Data (27.04%)** | **Financial Exchanges & Data (27.04%)** |
| 723000 | FactSet Research Systems, Inc. | 41880418 | 209807370 |
| 776000 | Morningstar, Inc. | 16063699 | 168632560 |
| 1180000 | MSCI, Inc. | 21297386 | 677001400 |
|  |  | 79241503 | 1055441330 |
|  | **Investment Banking &<br>Brokerage (2.62%)** | **Investment Banking &<br>Brokerage (2.62%)** | **Investment Banking &<br>Brokerage (2.62%)** |
| 450000 | Houlihan Lokey, Inc. | 19625873 | 78385500 |
| 350000 | Moelis & Co., Cl A | 3209979 | 24059000 |
|  |  | 22835852 | 102444500 |
|  | **Life & Health Insurance (5.56%)** | **Life & Health Insurance (5.56%)** | **Life & Health Insurance (5.56%)** |
| 840000 | Primerica, Inc. | 18042590 | 217022400 |
|  | **Property & Casualty Insurance (26.65%)** | **Property & Casualty Insurance (26.65%)** | **Property & Casualty Insurance (26.65%)** |
| 7135000 | Arch Capital Group Ltd. <sup>1,2</sup> | 22531191 | 684389200 |
| 910000 | Kinsale Capital Group, Inc. | 29951419 | 355919200 |
|  |  | 52482610 | 1040308400 |
| **Total Financials** | **Total Financials** | **172602555** | **2415216630** |
| **Health Care (5.20%)** | **Health Care (5.20%)** | **Health Care (5.20%)** | **Health Care (5.20%)** |
|  | **Health Care Equipment (5.20%)** | **Health Care Equipment (5.20%)** | **Health Care Equipment (5.20%)** |
| 300000 | IDEXX Laboratories, Inc. <sup>1</sup> | **4166402** | **202959000** |
| **Information Technology (11.80%)** | **Information Technology (11.80%)** | **Information Technology (11.80%)** | **Information Technology (11.80%)** |
|  | **Application Software (4.05%)** | **Application Software (4.05%)** | **Application Software (4.05%)** |
| 305000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 4682009 | 7356600 |
| 750000 | Guidewire Software, Inc. <sup>1</sup> | 22750078 | 150757500 |
|  |  | 27432087 | 158114100 |
|  | **IT Consulting & Other Services (7.75%)** | **IT Consulting & Other Services (7.75%)** | **IT Consulting & Other Services (7.75%)** |
| 1200000 | Gartner, Inc. <sup>1</sup> | 16543497 | 302736000 |
| **Total Information Technology** | **Total Information Technology** | **43975584** | **460850100** |
| **Real Estate (7.66%)** | **Real Estate (7.66%)** | **Real Estate (7.66%)** | **Real Estate (7.66%)** |
|  | **Real Estate Services (7.66%)** | **Real Estate Services (7.66%)** | **Real Estate Services (7.66%)** |
| 4450000 | CoStar Group, Inc. <sup>1</sup> | **18553457** | **299218000** |
| **Total Common Stocks** | **Total Common Stocks** | **504098967** | **4082777008** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Common Stocks (0.02%)** | **Private Common Stocks (0.02%)** | **Private Common Stocks (0.02%)** |
| **Unclassified (0.02%)** | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
|  | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
| 422278 Farmers Business<br>Network, Inc. <sup>1,3,5,6,8</sup> | $**16300002** | $**785437** |
| **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** |
| **Unclassified (0.00%)** | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
|  | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
| 59407006 Northvolt AB (Sweden)<sup>1,2,3,5,7,8</sup> | **9374988** | **0** |
| **Total Investments (104.60%)** | $**529773957** | **4083562445** |
| **Liabilities Less Cash and Other Assets (-4.60%)** | **Liabilities Less Cash and Other Assets (-4.60%)** | **(179549306)** |
| **Net Assets** | **Net Assets** | $**3904013139** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities amounted to $785,437 or 0.02% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> See Note 5 regarding "Affiliated" companies.

<sup>5</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). 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. 

<sup>6</sup> The Adviser reclassified sector and sub-industry to Unclassified due to ongoing principal business activity restructuring.

<sup>7</sup> The Adviser reclassified sector and sub-industry to Unclassified as a result of the company declaring bankruptcy and no longer having a principal business activity.

<sup>8</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Small Cap Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (98.83%)** | **Common Stocks (98.83%)** | **Common Stocks (98.83%)** | **Common Stocks (98.83%)** |
| **Communication Services (6.15%)** | **Communication Services (6.15%)** | **Communication Services (6.15%)** | **Communication Services (6.15%)** |
|  | **Advertising (0.55%)** | **Advertising (0.55%)** | **Advertising (0.55%)** |
| 500000 | The Trade Desk, Inc., Cl A <sup>1</sup> | $1775000 | $18980000 |
|  | **Movies & Entertainment (5.60%)** | **Movies & Entertainment (5.60%)** | **Movies & Entertainment (5.60%)** |
| 650000 | Liberty Live Holdings, Inc., Cl C <sup>1</sup> | 34147487 | 54054000 |
| 900000 | Liberty Media Corp.-Liberty<br>Formula One, Cl C <sup>1</sup> | 15481364 | 88659000 |
| 200000 | Madison Square Garden<br>Sports Corp. <sup>1</sup> | 7500582 | 51730000 |
|  |  | 57129433 | 194443000 |
| **Total Communication Services** | **Total Communication Services** | **58904433** | **213423000** |
| **Consumer Discretionary (19.57%)** | **Consumer Discretionary (19.57%)** |  |  |
|  | **Automotive Parts &<br>Equipment (0.39%)** | **Automotive Parts &<br>Equipment (0.39%)** | **Automotive Parts &<br>Equipment (0.39%)** |
| 3250000 | Holley, Inc. <sup>1</sup> | 15612642 | 13422500 |
|  | **Casinos & Gaming (6.23%)** | **Casinos & Gaming (6.23%)** | **Casinos & Gaming (6.23%)** |
| 875000 | DraftKings, Inc., Cl A <sup>1</sup> | 11187787 | 30152500 |
| 3000000 | Red Rock Resorts, Inc., Cl A | 88857958 | 185850000 |
|  |  | 100045745 | 216002500 |
|  | **Education Services (2.26%)** | **Education Services (2.26%)** | **Education Services (2.26%)** |
| 775000 | Bright Horizons Family<br>Solutions, Inc. <sup>1</sup> | 36960447 | 78585000 |
|  | **Home Improvement Retail (0.79%)** | **Home Improvement Retail (0.79%)** | **Home Improvement Retail (0.79%)** |
| 450000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 14749690 | 27400500 |
|  | **Homebuilding (2.35%)** | **Homebuilding (2.35%)** | **Homebuilding (2.35%)** |
| 315000 | Installed Building Products, Inc. | 12654100 | 81707850 |
|  | **Leisure Facilities (3.59%)** | **Leisure Facilities (3.59%)** | **Leisure Facilities (3.59%)** |
| 1150000 | Planet Fitness, Inc., Cl A <sup>1</sup> | 47029230 | 124740500 |
|  | **Restaurants (1.82%)** | **Restaurants (1.82%)** | **Restaurants (1.82%)** |
| 1250000 | The Cheesecake Factory, Inc. | 30023502 | 63100000 |
|  | **Specialized Consumer Services (2.14%)** | **Specialized Consumer Services (2.14%)** | **Specialized Consumer Services (2.14%)** |
| 5000000 | Driven Brands Holdings, Inc. <sup>1</sup> | 90115067 | 74100000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **347190423** | **679058850** |
| **Consumer Staples (1.30%)** | **Consumer Staples (1.30%)** |  |  |
|  | **Personal Care Products (1.30%)** | **Personal Care Products (1.30%)** | **Personal Care Products (1.30%)** |
| 1125000 | Oddity Tech Ltd., Cl A <sup>1,2</sup> | **41428946** | **45202500** |
| **Financials (11.46%)** | **Financials (11.46%)** |  |  |
|  | **Asset Management &<br>Custody Banks (0.72%)** | **Asset Management &<br>Custody Banks (0.72%)** | **Asset Management &<br>Custody Banks (0.72%)** |
| 2200000 | GCM Grosvenor, Inc., Cl A | 24160896 | 24904000 |
|  | **Insurance Brokers (3.23%)** | **Insurance Brokers (3.23%)** | **Insurance Brokers (3.23%)** |
| 1200000 | Accelerant Holdings, Cl A <sup>1,2</sup> | 26436576 | 19620000 |
| 3000000 | Baldwin Insurance Group, Inc., Cl A <sup>1</sup> | 46953071 | 72090000 |
| 700000 | Neptune Insurance<br>Holdings, Inc., Cl A <sup>1,3</sup> | 14860182 | 20412000 |
|  |  | 88249829 | 112122000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | | |
|  | **Investment Banking &<br>Brokerage (2.51%)** | **Investment Banking &<br>Brokerage (2.51%)** | **Investment Banking &<br>Brokerage (2.51%)** |
| 500000 | Houlihan Lokey, Inc. | $23001811 | $87095000 |
|  | **Property & Casualty Insurance (4.79%)** | **Property & Casualty Insurance (4.79%)** | **Property & Casualty Insurance (4.79%)** |
| 425000 | Kinsale Capital Group, Inc. | 59991815 | 166226000 |
|  | **Transaction & Payment Processing<br>Services (0.21%)** | **Transaction & Payment Processing<br>Services (0.21%)** | **Transaction & Payment Processing<br>Services (0.21%)** |
| 2000000 | Repay Holdings Corporation <sup>1</sup> | 14541410 | 7300000 |
| **Total Financials** | **Total Financials** | **209945761** | **397647000** |
| **Health Care (9.37%)** | **Health Care (9.37%)** |  |  |
|  | **Health Care Equipment (0.88%)** | **Health Care Equipment (0.88%)** | **Health Care Equipment (0.88%)** |
| 250000 | DexCom, Inc. <sup>1</sup> | 829089 | 16592500 |
| 150000 | Inspire Medical Systems, Inc. <sup>1</sup> | 7414367 | 13834500 |
|  |  | 8243456 | 30427000 |
|  | **Health Care Services (2.34%)** | **Health Care Services (2.34%)** | **Health Care Services (2.34%)** |
| 600000 | Hinge Health, Inc., Cl A <sup>1</sup> | 20066580 | 27870000 |
| 750000 | RadNet, Inc. <sup>1</sup> | 44042531 | 53512500 |
|  |  | 64109111 | 81382500 |
|  | **Health Care Supplies (1.11%)** | **Health Care Supplies (1.11%)** | **Health Care Supplies (1.11%)** |
| 5500000 | Neogen Corp. <sup>1</sup> | 58747291 | 38445000 |
|  | **Life Sciences Tools & Services (3.06%)** | **Life Sciences Tools & Services (3.06%)** | **Life Sciences Tools & Services (3.06%)** |
| 507000 | ICON plc <sup>1,2</sup> | 23768382 | 92385540 |
| 10000 | Mettler-Toledo International, Inc. <sup>1</sup> | 482569 | 13941900 |
|  |  | 24250951 | 106327440 |
|  | **Managed Health Care (1.98%)** | **Managed Health Care (1.98%)** | **Managed Health Care (1.98%)** |
| 750000 | HealthEquity, Inc. <sup>1</sup> | 12292452 | 68707500 |
| **Total Health Care** | **Total Health Care** | **167643261** | **325289440** |
| **Industrials (27.71%)** | **Industrials (27.71%)** | **Industrials (27.71%)** | **Industrials (27.71%)** |
|  | **Aerospace & Defense (6.23%)** | **Aerospace & Defense (6.23%)** | **Aerospace & Defense (6.23%)** |
| 850000 | Karman Holdings, Inc. <sup>1</sup> | 22158746 | 62194500 |
| 800000 | Kratos Defense & Security<br>Solutions, Inc. <sup>1</sup> | 15528793 | 60728000 |
| 70000 | TransDigm Group, Inc. <sup>1</sup> | 0 | 93089500 |
|  |  | 37687539 | 216012000 |
|  | **Construction & Engineering (1.55%)** | **Construction & Engineering (1.55%)** | **Construction & Engineering (1.55%)** |
| 1250000 | Legence Corp., Cl A <sup>1</sup> | 35000000 | 53800000 |
|  | **Electrical Components &<br>Equipment (5.60%)** | **Electrical Components &<br>Equipment (5.60%)** | **Electrical Components &<br>Equipment (5.60%)** |
| 1200000 | Vertiv Holdings Co., Cl A | 13438757 | 194412000 |
|  | **Environmental & Facilities<br>Services (1.01%)** | **Environmental & Facilities<br>Services (1.01%)** | **Environmental & Facilities<br>Services (1.01%)** |
| 200000 | Waste Connections, Inc. <sup>2</sup> | 8733333 | 35072000 |

---

See Notes to Portfolios of Investments.

------

**Baron Small Cap Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
|  | **Human Resource & Employment<br>Services (1.57%)** | **Human Resource & Employment<br>Services (1.57%)** | **Human Resource & Employment<br>Services (1.57%)** |
| 3750000 | First Advantage Corp. <sup>1</sup> | $60629977 | $54487500 |
|  | **Industrial Machinery & Supplies &<br>Components (7.18%)** | **Industrial Machinery & Supplies &<br>Components (7.18%)** | **Industrial Machinery & Supplies &<br>Components (7.18%)** |
| 200000 | Enpro, Inc. | 34459729 | 42826000 |
| 700000 | JBT Marel Corp. | 63192030 | 105469000 |
| 225000 | RBC Bearings, Inc. <sup>1</sup> | 26430095 | 100896750 |
|  |  | 124081854 | 249191750 |
|  | **Research & Consulting Services (0.98%)** | **Research & Consulting Services (0.98%)** | **Research & Consulting Services (0.98%)** |
| 499966 | Andersen Group, Inc., Cl A <sup>1</sup> | 8250941 | 12964118 |
| 300000 | Exponent, Inc. | 22851915 | 20838000 |
|  |  | 31102856 | 33802118 |
|  | **Trading Companies &<br>Distributors (3.59%)** | **Trading Companies &<br>Distributors (3.59%)** | **Trading Companies &<br>Distributors (3.59%)** |
| 1000000 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 48997808 | 124560000 |
| **Total Industrials** | **Total Industrials** | **359672124** | **961337368** |
| **Information Technology (22.37%)** | **Information Technology (22.37%)** | **Information Technology (22.37%)** | **Information Technology (22.37%)** |
|  | **Application Software (10.03%)** | **Application Software (10.03%)** | **Application Software (10.03%)** |
| 3250000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 60623313 | 78390000 |
| 750000 | Guidewire Software, Inc. <sup>1</sup> | 19187566 | 150757500 |
| 1700000 | Intapp, Inc. <sup>1</sup> | 66231698 | 77894000 |
| 1600000 | nCino, Inc. <sup>1</sup> | 51018174 | 41024000 |
|  |  | 197060751 | 348065500 |
|  | **Electric Equipment (0.99%)** | **Electric Equipment (0.99%)** | **Electric Equipment (0.99%)** |
| 950000 | PAR Technology Corp. <sup>1</sup> | 59213961 | 34466000 |
|  | **Electronic Equipment &<br>Instruments (3.87%)** | **Electronic Equipment &<br>Instruments (3.87%)** | **Electronic Equipment &<br>Instruments (3.87%)** |
| 1900000 | Cognex Corp. | 39755701 | 68362000 |
| 650000 | Mirion Technologies, Inc. <sup>1</sup> | 14487795 | 15223000 |
| 425000 | Novanta, Inc. <sup>1,2</sup> | 47007738 | 50570750 |
|  |  | 101251234 | 134155750 |
|  | **IT Consulting & Other<br>Services (5.61%)** | **IT Consulting & Other<br>Services (5.61%)** | **IT Consulting & Other<br>Services (5.61%)** |
| 1250000 | ASGN, Inc. <sup>1</sup> | 27559666 | 60212500 |
| 425000 | Gartner, Inc. <sup>1</sup> | 5502186 | 107219000 |
| 3000000 | Grid Dynamics Holdings, Inc. <sup>1</sup> | 36322597 | 27090000 |
|  |  | 69384449 | 194521500 |
|  | **Semiconductors (0.61%)** | **Semiconductors (0.61%)** | **Semiconductors (0.61%)** |
| 6000000 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 37247069 | 21180000 |
|  | **Systems Software (1.26%)** | **Systems Software (1.26%)** | **Systems Software (1.26%)** |
| 700000 | JFrog Ltd. <sup>1,2</sup> | 22404055 | 43722000 |
| **Total Information Technology** | **Total Information Technology** | **486561519** | **776110750** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials (0.90%)** | **Materials (0.90%)** | **Materials (0.90%)** | **Materials (0.90%)** |
|  | **Specialty Chemicals (0.90%)** | **Specialty Chemicals (0.90%)** | **Specialty Chemicals (0.90%)** |
| 1000000 | Avient Corp. | $**29173594** | $**31240000** |
| **Total Investments (98.83%)** | **Total Investments (98.83%)** | $**1700520061** | **3429308908** |
| **Cash and Other Assets Less Liabilities (1.17%)** | **Cash and Other Assets Less Liabilities (1.17%)** | **Cash and Other Assets Less Liabilities (1.17%)** | **40433031** |
| **Net Assets** | **Net Assets** |  | $**3469741939** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Opportunity Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (87.19%)** | **Common Stocks (87.19%)** | **Common Stocks (87.19%)** | **Common Stocks (87.19%)** |
| **Communication Services (8.30%)** | **Communication Services (8.30%)** | **Communication Services (8.30%)** | **Communication Services (8.30%)** |
|  | **Interactive Media & Services (4.02%)** | **Interactive Media & Services (4.02%)** | **Interactive Media & Services (4.02%)** |
| 109500 | Meta Platforms, Inc., Cl A | $20892361 | $72279855 |
|  | **Movies & Entertainment (4.28%)** | **Movies & Entertainment (4.28%)** | **Movies & Entertainment (4.28%)** |
| 132500 | Spotify Technology SA <sup>1,2</sup> | 43037447 | 76944075 |
| **Total Communication Services** | **Total Communication Services** | **63929808** | **149223930** |
| **Consumer Discretionary (14.25%)** | **Consumer Discretionary (14.25%)** | **Consumer Discretionary (14.25%)** | **Consumer Discretionary (14.25%)** |
|  | **Automobile Manufacturers (5.98%)** | **Automobile Manufacturers (5.98%)** | **Automobile Manufacturers (5.98%)** |
| 239200 | Tesla, Inc. <sup>1</sup> | 15546000 | 107573024 |
|  | **Broadline Retail (6.23%)** | **Broadline Retail (6.23%)** | **Broadline Retail (6.23%)** |
| 485500 | Amazon.com, Inc. <sup>1</sup> | 29742116 | 112063110 |
|  | **Casinos & Gaming (1.05%)** | **Casinos & Gaming (1.05%)** | **Casinos & Gaming (1.05%)** |
| 548000 | DraftKings, Inc., Cl A <sup>1</sup> | 16971943 | 18884080 |
|  | **Footwear (0.99%)** | **Footwear (0.99%)** | **Footwear (0.99%)** |
| 382000 | On Holding AG, Cl A <sup>1,2</sup> | 14700015 | 17755360 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **76960074** | **256275574** |
| **Consumer Staples (0.30%)** | **Consumer Staples (0.30%)** | **Consumer Staples (0.30%)** | **Consumer Staples (0.30%)** |
|  | **Personal Care Products (0.30%)** | **Personal Care Products (0.30%)** | **Personal Care Products (0.30%)** |
| 136700 | Oddity Tech Ltd., Cl A <sup>1,2</sup> | **8281369** | **5492606** |
| **Financials (4.78%)** | **Financials (4.78%)** | **Financials (4.78%)** | **Financials (4.78%)** |
|  | **Investment Banking &<br>Brokerage (1.04%)** | **Investment Banking &<br>Brokerage (1.04%)** | **Investment Banking &<br>Brokerage (1.04%)** |
| 52600 | LPL Financial Holdings, Inc. | 17393000 | 18787142 |
|  | **Transaction & Payment<br>Processing Services (3.74%)** | **Transaction & Payment<br>Processing Services (3.74%)** | **Transaction & Payment<br>Processing Services (3.74%)** |
| 56400 | Mastercard, Incorporated, Cl A | 12019014 | 32197632 |
| 99800 | Visa, Inc., Cl A | 15336164 | 35000858 |
|  |  | 27355178 | 67198490 |
| **Total Financials** | **Total Financials** | **44748178** | **85985632** |
| **Health Care (9.80%)** | **Health Care (9.80%)** | **Health Care (9.80%)** | **Health Care (9.80%)** |
|  | **Biotechnology (3.08%)** | **Biotechnology (3.08%)** | **Biotechnology (3.08%)** |
| 244000 | Arcellx, Inc. <sup>1</sup> | 15864812 | 15908800 |
| 46869 | argenx SE, ADR <sup>1,2</sup> | 5811341 | 39414486 |
|  |  | 21676153 | 55323286 |
|  | **Health Care Equipment (1.29%)** |  |  |
| 41105 | Intuitive Surgical, Inc. <sup>1</sup> | 4585816 | 23280228 |
|  | **Health Care Services (0.86%)** |  |  |
| 331785 | Hinge Health, Inc., Cl A <sup>1</sup> | 11775073 | 15411413 |
|  | **Health Care Technology (0.85%)** |  |  |
| 522287 | HeartFlow, Inc. <sup>1</sup> | 13088320 | 15224666 |
|  | **Life Sciences Tools & Services (0.19%)** |  |  |
| 42803 | BillionToOne, Inc., Cl A <sup>1,4</sup> | 2568180 | 3502997 |
|  | **Pharmaceuticals (3.53%)** |  |  |
| 59100 | Eli Lilly & Co. | 45476856 | 63513588 |
| **Total Health Care** | **Total Health Care** | **99170398** | **176256178** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (1.54%)** | **Industrials (1.54%)** | **Industrials (1.54%)** | **Industrials (1.54%)** |
|  | **Aerospace & Defense (0.95%)** |  |  |
| 30200 | Axon Enterprise, Inc. <sup>1</sup> | $17102732 | $17151486 |
|  | **Construction & Engineering (0.59%)** |  |  |
| 25000 | Quanta Services, Inc. | 6003860 | 10551500 |
| **Total Industrials** | **Total Industrials** | **23106592** | **27702986** |
| **Information Technology (46.48%)** | **Information Technology (46.48%)** | **Information Technology (46.48%)** | **Information Technology (46.48%)** |
|  | **Application Software (5.86%)** | **Application Software (5.86%)** | **Application Software (5.86%)** |
| 144400 | Atlassian Corp., Cl A <sup>1,2</sup> | 25487321 | 23413016 |
| 120100 | Guidewire Software, Inc. <sup>1</sup> | 7741897 | 24141301 |
| 737000 | Samsara, Inc., Cl A <sup>1</sup> | 25030736 | 26126650 |
| 120500 | ServiceNow, Inc. <sup>1,4</sup> | 3170684 | 18459395 |
| 19000 | Synopsys, Inc. <sup>1</sup> | 8780793 | 8924680 |
| 150577 | Via Transportation, Inc., Cl A <sup>1</sup> | 6926542 | 4368239 |
|  |  | 77137973 | 105433281 |
|  | **Communications Equipment (0.45%)** | **Communications Equipment (0.45%)** | **Communications Equipment (0.45%)** |
| 61097 | Arista Networks, Inc. <sup>1</sup> | 9229717 | 8005540 |
|  | **Internet Services & Infrastructure (2.90%)** | **Internet Services & Infrastructure (2.90%)** | **Internet Services & Infrastructure (2.90%)** |
| 642000 | GDS Holdings Ltd., ADR <sup>1,2</sup> | 11352830 | 22405800 |
| 184200 | Shopify, Inc., Cl A <sup>1,2</sup> | 7388975 | 29650674 |
|  |  | 18741805 | 52056474 |
|  | **IT Consulting & Other Services (1.48%)** | **IT Consulting & Other Services (1.48%)** | **IT Consulting & Other Services (1.48%)** |
| 105387 | Gartner, Inc. <sup>1</sup> | 10666481 | 26587032 |
|  | **Semiconductor Materials &<br>Equipment (1.04%)** | **Semiconductor Materials &<br>Equipment (1.04%)** | **Semiconductor Materials &<br>Equipment (1.04%)** |
| 57000 | Nova Ltd. <sup>1,2</sup> | 11343542 | 18718230 |
|  | **Semiconductors (23.19%)** | **Semiconductors (23.19%)** | **Semiconductors (23.19%)** |
| 330200 | Broadcom, Inc. | 46185139 | 114282220 |
| 5260865 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 25534345 | 18570853 |
| 19500 | Monolithic Power Systems, Inc. | 11338786 | 17674020 |
| 1229900 | NVIDIA Corp. | 7077559 | 229376350 |
| 122200 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR <sup>2</sup> | 14811451 | 37135358 |
|  |  | 104947280 | 417038801 |
|  | **Systems Software (11.56%)** | **Systems Software (11.56%)** | **Systems Software (11.56%)** |
| 105600 | Cloudflare, Inc., Cl A <sup>1,4</sup> | 6681505 | 20819040 |
| 121000 | Datadog, Inc., Cl A <sup>1,4</sup> | 12963856 | 16454790 |
| 254000 | Microsoft Corporation | 27363758 | 122839480 |
| 178138 | Netskope, Inc., Cl A <sup>1</sup> | 3384622 | 3124541 |
| 119100 | Snowflake, Inc., Cl A <sup>1,4</sup> | 20035929 | 26125776 |
| 82500 | Zscaler, Inc. <sup>1</sup> | 15575854 | 18555900 |
|  |  | 86005524 | 207919527 |
| **Total Information Technology** | **Total Information Technology** | **318072322** | **835758885** |
| **Real Estate (1.74%)** | **Real Estate (1.74%)** | **Real Estate (1.74%)** | **Real Estate (1.74%)** |
|  | **Real Estate Services (1.74%)** | **Real Estate Services (1.74%)** | **Real Estate Services (1.74%)** |
| 465130 | CoStar Group, Inc. <sup>1</sup> | **23649851** | **31275341** |
| **Total Common Stocks** | **Total Common Stocks** | **657918592** | **1567971132** |

---

See Notes to Portfolios of Investments.

------

**Baron Opportunity Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Common Stocks (5.07%)** | **Private Common Stocks (5.07%)** | **Private Common Stocks (5.07%)** |
| **Communication Services (0.58%)** | **Communication Services (0.58%)** | **Communication Services (0.58%)** |
|  | **Interactive Media & Services (0.58%)** | **Interactive Media & Services (0.58%)** |
| 138812 X.AI Holdings Corp., Cl A <sup>1,3,4,6</sup> | $**5000000** | $**10474753** |
| **Industrials (4.47%)** | **Industrials (4.47%)** | **Industrials (4.47%)** |
|  | **Aerospace & Defense (4.47%)** | **Aerospace & Defense (4.47%)** |
| 107376 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,6</sup> | 5043029 | 45205296 |
| 83588 Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,6</sup> | 10957102 | 35190548 |
|  | **16000131** | **80395844** |
| **Unclassified (0.02%)** | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
|  | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
| 182067 Farmers Business<br>Network, Inc. <sup>1,3,4,5,6</sup> | **2394652** | **338645** |
| **Total Private Common Stocks** | **23394783** | **91209242** |
| **Private Convertible Preferred Stocks (0.16%)** | **Private Convertible Preferred Stocks (0.16%)** | **Private Convertible Preferred Stocks (0.16%)** |
| **Unclassified (0.16%)** | **Unclassified (0.16%)** | **Unclassified (0.16%)** |
|  | **Unclassified (0.16%)** | **Unclassified (0.16%)** |
| 37254 Farmers Business Network, Inc.,<br>Series F <sup>1,3,4,5,6</sup> | 4855355 | 684729 |
| 615761 Farmers Business Network, Inc.,<br>Units <sup>1,3,4,5,6</sup> | 615761 | 2081272 |
| **Total Private Convertible Preferred Stocks** | **5471116** | **2766001** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Preferred Stocks (6.55%)** | **Private Preferred Stocks (6.55%)** | **Private Preferred Stocks (6.55%)** |
| **Communication Services (2.22%)** | **Communication Services (2.22%)** | **Communication Services (2.22%)** |
|  | **Interactive Media & Services (2.22%)** | **Interactive Media & Services (2.22%)** |
| 461893 X.AI Holdings Corp., Series C <sup>1,3,4,6</sup> | $9999984 | $34854446 |
| 66260 X.AI Holdings Corp., Series E <sup>1,3,4,6</sup> | 4999979 | 4999979 |
| **Total Communication Services** | **14999963** | **39854425** |
| **Industrials (4.33%)** | **Industrials (4.33%)** | **Industrials (4.33%)** |
|  | **Aerospace & Defense (4.33%)** | **Aerospace & Defense (4.33%)** |
| 18519 Space Exploration<br>Technologies Corp., Series N <sup>1,3,4,6</sup> | **5000130** | **77964990** |
| **Total Private Preferred Stocks** | **20000093** | **117819415** |
| **Total Investments (98.97%)** | $**706784584** | **1779765790** |
| **Cash and Other Assets Less Liabilities (1.03%)** | **Cash and Other Assets Less Liabilities (1.03%)** | **18511247** |
| **Net Assets** | **Net Assets** | $**1798277037** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities amounted to $211,794,658 or 11.78% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> The Adviser reclassified sector and sub-industry to Unclassified due to ongoing principal business activity restructuring.

<sup>6</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Fifth Avenue Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (93.73%)** | **Common Stocks (93.73%)** | **Common Stocks (93.73%)** | **Common Stocks (93.73%)** |
| **Communication Services (13.55%)** | **Communication Services (13.55%)** | **Communication Services (13.55%)** | **Communication Services (13.55%)** |
|  | **Interactive Media & Services (13.55%)** | **Interactive Media & Services (13.55%)** | **Interactive Media & Services (13.55%)** |
| 154207 | Alphabet, Inc., Cl A | $25748132 | $48266791 |
| 89102 | Meta Platforms, Inc., Cl A | 6261802 | 58815339 |
| **Total Communication Services** | **Total Communication Services** | **32009934** | **107082130** |
| **Consumer Discretionary (18.09%)** | **Consumer Discretionary (18.09%)** | **Consumer Discretionary (18.09%)** | **Consumer Discretionary (18.09%)** |
|  | **Automobile Manufacturers (4.23%)** |  |  |
| 74227 | Tesla, Inc. <sup>1</sup> | 16024679 | 33381366 |
|  | **Broadline Retail (13.86%)** |  |  |
| 284121 | Amazon.com, Inc. <sup>1</sup> | 2673396 | 65580809 |
| 668651 | Coupang, Inc. <sup>1</sup> | 12056062 | 15773477 |
| 13982 | MercadoLibre, Inc. <sup>1</sup> | 9633147 | 28163384 |
|  |  | 24362605 | 109517670 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **40387284** | **142899036** |
| **Financials (5.32%)** | **Financials (5.32%)** | **Financials (5.32%)** | **Financials (5.32%)** |
|  | **Asset Management & Custody Banks (3.58%)** | **Asset Management & Custody Banks (3.58%)** |  |
| 221570 | KKR & Co., Inc. | 27698623 | 28245744 |
|  | **Transaction & Payment<br>Processing Services (1.74%)** | **Transaction & Payment<br>Processing Services (1.74%)** |  |
| 1207 | Adyen N.V., 144A (Netherlands)<sup>1,2,5</sup> | 1848410 | 1946377 |
| 181324 | Block, Inc. <sup>1</sup> | 11182919 | 11802379 |
|  |  | 13031329 | 13748756 |
| **Total Financials** | **Total Financials** | **40729952** | **41994500** |
| **Health Care (9.10%)** | **Health Care (9.10%)** |  |  |
|  | **Biotechnology (3.40%)** | **Biotechnology (3.40%)** |  |
| 31913 | argenx SE, ADR <sup>1,2</sup> | 10452575 | 26837237 |
|  | **Health Care Equipment (3.11%)** | **Health Care Equipment (3.11%)** |  |
| 43393 | Intuitive Surgical, Inc. <sup>1</sup> | 5068231 | 24576060 |
|  | **Life Sciences Tools & Services (1.55%)** | **Life Sciences Tools & Services (1.55%)** | **Life Sciences Tools & Services (1.55%)** |
| 4609 | GRAIL, Inc. <sup>1,4</sup> | 28246 | 394484 |
| 90524 | Illumina, Inc. <sup>1</sup> | 6777437 | 11873128 |
|  |  | 6805683 | 12267612 |
|  | **Pharmaceuticals (1.04%)** | **Pharmaceuticals (1.04%)** | **Pharmaceuticals (1.04%)** |
| 7654 | Eli Lilly & Co. | 5255146 | 8225601 |
| **Total Health Care** | **Total Health Care** | **27581635** | **71906510** |
| **Information Technology (47.67%)** | **Information Technology (47.67%)** | **Information Technology (47.67%)** | **Information Technology (47.67%)** |
|  | **Application Software (6.63%)** |  |  |
| 65629 | Atlassian Corp., Cl A <sup>1,2</sup> | 9734665 | 10641086 |
| 47676 | Figma, Inc., Cl A <sup>1</sup> | 1573308 | 1781652 |
| 776874 | Samsara, Inc., Cl A <sup>1</sup> | 29003918 | 27540184 |
| 81075 | ServiceNow, Inc. <sup>1,4</sup> | 4775366 | 12419879 |
|  |  | 45087257 | 52382801 |
|  | **Internet Services & Infrastructure (5.43%)** | **Internet Services & Infrastructure (5.43%)** |  |
| 266539 | Shopify, Inc., Cl A <sup>1,2</sup> | 12692489 | 42904783 |
|  | **Semiconductor Materials & Equipment (2.06%)** | **Semiconductor Materials & Equipment (2.06%)** |  |
| 15222 | ASML Holding N.V. <sup>2</sup> | 2954474 | 16285409 |
|  | **Semiconductors (21.97%)** | **Semiconductors (21.97%)** |  |
| 53852 | Broadcom, Inc. | 18465447 | 18638177 |
| 17279 | Monolithic Power Systems, Inc. | 16192052 | 15660994 |
| 519452 | NVIDIA Corp. | 6777240 | 96877798 |
| 139558 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR <sup>2</sup> | 26454594 | 42410281 |
|  |  | 67889333 | 173587250 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Systems Software (11.58%)** |  |
| 136622 Cloudflare, Inc., Cl A <sup>1,4</sup> | $10915868 | $26935027 |
| 36869 Crowdstrike Holdings, Inc., Cl A <sup>1</sup> | 6131149 | 17282712 |
| 167782 Datadog, Inc., Cl A <sup>1,4</sup> | 11033720 | 22816674 |
| 111629 Snowflake, Inc., Cl A <sup>1,4</sup> | 14448366 | 24486938 |
|  | 42529103 | 91521351 |
| **Total Information Technology** | **171152656** | **376681594** |
| **Total Common Stocks** | **311861461** | **740563770** |
| **Private Common Stocks (2.85%)** | **Private Common Stocks (2.85%)** | **Private Common Stocks (2.85%)** |
| **Industrials (2.85%)** | **Industrials (2.85%)** | **Industrials (2.85%)** |
|  | **Aerospace & Defense (2.85%)** |  |
| 41330 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,6</sup> | 1932253 | 17399930 |
| 12240 Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,6</sup> | 567691 | 5153040 |
| **Total Private Common Stocks** | **2499944** | **22552970** |
| **Private Preferred Stocks (2.81%)** | **Private Preferred Stocks (2.81%)** | **Private Preferred Stocks (2.81%)** |
| **Communication Services (2.81%)** | **Communication Services (2.81%)** | **Communication Services (2.81%)** |
|  | **Interactive Media & Services (2.81%)** |  |
| 161662 X.AI Holdings Corp., Series C <sup>1,3,4,6</sup> | 3499982 | 12199015 |
| 132520 X.AI Holdings Corp., Series E <sup>1,3,4,6</sup> | 9999959 | 9999959 |
| **Total Private Preferred Stocks** | **13499941** | **22198974** |
| **Total Investments (99.39%)** | $**327861346** | **785315714** |
| **Cash and Other Assets Less Liabilities (0.61%)** | **Cash and Other Assets Less Liabilities (0.61%)** | **4815714** |
| **Net Assets** |  | $**790131428** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $44,751,944 or 5.66% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>6</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> 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 December 31, 2025, the market value of Rule 144A securities amounted to $1,946,377 or 0.25% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Discovery Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (96.70%)** | **Common Stocks (96.70%)** | **Common Stocks (96.70%)** | **Common Stocks (96.70%)** |
| **Communication Services (5.08%)** | **Communication Services (5.08%)** | **Communication Services (5.08%)** | **Communication Services (5.08%)** |
|  | **Integrated Telecommunication<br>Services (1.13%)** | **Integrated Telecommunication<br>Services (1.13%)** | **Integrated Telecommunication<br>Services (1.13%)** |
| 575000 | GCI Liberty, Inc., Cl C <sup>1</sup> | $20318351 | $21395750 |
|  | **Movies & Entertainment (3.95%)** | **Movies & Entertainment (3.95%)** | **Movies & Entertainment (3.95%)** |
| 700000 | Liberty Live Holdings, Inc., Cl C <sup>1</sup> | 24701179 | 58212000 |
| 185000 | Liberty Media Corporation-Liberty Formula One, Cl A <sup>1</sup> | 5408362 | 16535300 |
|  |  | 30109541 | 74747300 |
| **Total Communication Services** | **Total Communication Services** | **50427892** | **96143050** |
| **Consumer Discretionary (13.80%)** | **Consumer Discretionary (13.80%)** | **Consumer Discretionary (13.80%)** | **Consumer Discretionary (13.80%)** |
|  | **Apparel, Accessories &<br>Luxury Goods (1.18%)** | **Apparel, Accessories &<br>Luxury Goods (1.18%)** | **Apparel, Accessories &<br>Luxury Goods (1.18%)** |
| 1950000 | Brunello Cucinelli SpA, ADR <sup>2</sup> | 20218822 | 22366044 |
|  | **Casinos & Gaming (5.05%)** | **Casinos & Gaming (5.05%)** | **Casinos & Gaming (5.05%)** |
| 1550000 | DraftKings, Inc., Cl A <sup>1</sup> | 33848042 | 53413000 |
| 350000 | Wynn Resorts Ltd. | 26407091 | 42115500 |
|  |  | 60255133 | 95528500 |
|  | **Footwear (2.70%)** | **Footwear (2.70%)** | **Footwear (2.70%)** |
| 850000 | Birkenstock Holding PLC <sup>1,2</sup> | 41577113 | 34765000 |
| 350000 | On Holding AG, Cl A <sup>1,2</sup> | 7945300 | 16268000 |
|  |  | 49522413 | 51033000 |
|  | **Home Improvement Retail (1.12%)** | **Home Improvement Retail (1.12%)** | **Home Improvement Retail (1.12%)** |
| 350000 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 13151955 | 21311500 |
|  | **Restaurants (3.75%)** | **Restaurants (3.75%)** | **Restaurants (3.75%)** |
| 205000 | Texas Roadhouse, Inc. | 19789735 | 34030000 |
| 155000 | Wingstop, Inc. | 36263204 | 36965950 |
|  |  | 56052939 | 70995950 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **199201262** | **261234994** |
| **Consumer Staples (1.36%)** | **Consumer Staples (1.36%)** | **Consumer Staples (1.36%)** | **Consumer Staples (1.36%)** |
|  | **Soft Drinks & Non-Alcoholic<br>Beverages (1.36%)** | **Soft Drinks & Non-Alcoholic<br>Beverages (1.36%)** | **Soft Drinks & Non-Alcoholic<br>Beverages (1.36%)** |
| 1575000 | Primo Brands Corp. | **37995724** | **25751250** |
| **Financials (5.05%)** | **Financials (5.05%)** | **Financials (5.05%)** | **Financials (5.05%)** |
|  | **Asset Management &<br>Custody Banks (1.70%)** | **Asset Management &<br>Custody Banks (1.70%)** | **Asset Management &<br>Custody Banks (1.70%)** |
| 500000 | StepStone Group, Inc., Cl A | 29862837 | 32085000 |
|  | **Insurance Brokers (1.19%)** | **Insurance Brokers (1.19%)** | **Insurance Brokers (1.19%)** |
| 785000 | TWFG, Inc. <sup>1</sup> | 16660641 | 22584450 |
|  | **Property & Casualty Insurance (2.16%)** | **Property & Casualty Insurance (2.16%)** | **Property & Casualty Insurance (2.16%)** |
| 550000 | Ategrity Specialty Holdings LLC <sup>1</sup> | 9452264 | 11555500 |
| 75000 | Kinsale Capital Group, Inc. | 3355498 | 29334000 |
|  |  | 12807762 | 40889500 |
| **Total Financials** | **Total Financials** | **59331240** | **95558950** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (21.74%)** | **Health Care (21.74%)** | **Health Care (21.74%)** | **Health Care (21.74%)** |
|  | **Biotechnology (1.95%)** | **Biotechnology (1.95%)** | **Biotechnology (1.95%)** |
| 233217 | Arcellx, Inc. <sup>1</sup> | $16909477 | $15205748 |
| 320000 | Arcutis Biotherapeutics, Inc. <sup>1</sup> | 9905985 | 9292800 |
| 1074609 | ARS Pharmaceuticals, Inc. <sup>1</sup> | 19202095 | 12519195 |
|  |  | 46017557 | 37017743 |
|  | **Health Care Equipment (2.52%)** | **Health Care Equipment (2.52%)** | **Health Care Equipment (2.52%)** |
| 141567 | Inspire Medical Systems, Inc. <sup>1</sup> | 16750962 | 13056724 |
| 267000 | Masimo Corp. <sup>1</sup> | 36952018 | 34726020 |
|  |  | 53702980 | 47782744 |
|  | **Health Care Supplies (2.66%)** | **Health Care Supplies (2.66%)** | **Health Care Supplies (2.66%)** |
| 689845 | Establishment Labs Holdings, Inc. <sup>1,2</sup> | 36099001 | 50275904 |
|  | **Health Care Technology (2.99%)** | **Health Care Technology (2.99%)** | **Health Care Technology (2.99%)** |
| 809724 | HeartFlow, Inc. <sup>1</sup> | 21679450 | 23603455 |
| 1005000 | Waystar Holding Corp. <sup>1</sup> | 36001360 | 32913750 |
|  |  | 57680810 | 56517205 |
|  | **Life Sciences Tools & Services (11.62%)** | **Life Sciences Tools & Services (11.62%)** | **Life Sciences Tools & Services (11.62%)** |
| 45085 | BillionToOne, Inc., Cl A, Cl A <sup>1,3</sup> | 2705100 | 3689756 |
| 2270437 | CareDx, Inc. <sup>1,3</sup> | 27440847 | 42775033 |
| 645119 | Exact Sciences Corp. <sup>1,3</sup> | 33234606 | 65518286 |
| 273653 | Repligen Corp. <sup>1</sup> | 39509511 | 44840781 |
| 1281429 | Stevanato Group SpA <sup>2</sup> | 32667703 | 25782351 |
| 297139 | Tempus AI, Inc., Cl A <sup>1</sup> | 13262029 | 17546058 |
| 468790 | Veracyte, Inc. <sup>1,3</sup> | 11556243 | 19736059 |
|  |  | 160376039 | 219888324 |
| **Total Health Care** | **Total Health Care** | **353876387** | **411481920** |
| **Industrials (17.14%)** | **Industrials (17.14%)** | **Industrials (17.14%)** | **Industrials (17.14%)** |
|  | **Aerospace & Defense (8.29%)** | **Aerospace & Defense (8.29%)** | **Aerospace & Defense (8.29%)** |
| 517345 | Karman Holdings, Inc. <sup>1</sup> | 15392271 | 37854134 |
| 342158 | Kratos Defense & Security<br>Solutions, Inc. <sup>1</sup> | 3320736 | 25973214 |
| 729000 | Loar Holdings, Inc. <sup>1</sup> | 48976911 | 49572000 |
| 594838 | Mercury Systems, Inc. <sup>1</sup> | 23024497 | 43429122 |
|  |  | 90714415 | 156828470 |
|  | **Building Products (1.27%)** | **Building Products (1.27%)** | **Building Products (1.27%)** |
| 315000 | AAON, Inc. | 23661924 | 24018750 |
|  | **Environmental & Facilities Services (3.54%)** | **Environmental & Facilities Services (3.54%)** | **Environmental & Facilities Services (3.54%)** |
| 325000 | Casella Waste Systems, Inc., Cl A <sup>1</sup> | 30986002 | 31830500 |
| 1419000 | Montrose Environmental Group, Inc. <sup>1</sup> | 32832103 | 35233770 |
|  |  | 63818105 | 67064270 |
|  | **Industrial Machinery & Supplies &<br>Components (2.06%)** | **Industrial Machinery & Supplies &<br>Components (2.06%)** | **Industrial Machinery & Supplies &<br>Components (2.06%)** |
| 375000 | Enerpac Tool Group Corp. | 14358665 | 14340000 |
| 55000 | RBC Bearings, Inc. <sup>1</sup> | 11183890 | 24663650 |
|  |  | 25542555 | 39003650 |
|  | **Trading Companies & Distributors (1.98%)** | **Trading Companies & Distributors (1.98%)** | **Trading Companies & Distributors (1.98%)** |
| 300000 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 26536239 | 37368000 |
| **Total Industrials** | **Total Industrials** | **230273238** | **324283140** |

---

See Notes to Portfolios of Investments.

------

**Baron Discovery Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (32.53%)** | **Information Technology (32.53%)** | **Information Technology (32.53%)** | **Information Technology (32.53%)** |
|  | **Application Software (14.96%)** | **Application Software (14.96%)** | **Application Software (14.96%)** |
| 2150000 | Alkami Technology, Inc. <sup>1</sup> | $49235984 | $49600500 |
| 1850000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 32731155 | 44622000 |
| 1018125 | Gitlab, Inc., Cl A <sup>1,3</sup> | 41346172 | 38210231 |
| 165357 | Guidewire Software, Inc. <sup>1</sup> | 12700732 | 33238411 |
| 850000 | Intapp, Inc. <sup>1</sup> | 33745754 | 38947000 |
| 500000 | Procore Technologies, Inc. <sup>1</sup> | 32493235 | 36370000 |
| 395000 | ServiceTitan, Inc., Cl A <sup>1</sup> | 37281538 | 42067500 |
|  |  | 239534570 | 283055642 |
|  | **Electronic Equipment &<br>Instruments (5.48%)** | **Electronic Equipment &<br>Instruments (5.48%)** | **Electronic Equipment &<br>Instruments (5.48%)** |
| 191980 | Advanced Energy Industries, Inc. | 12868980 | 40194853 |
| 165000 | Badger Meter, Inc. | 31027818 | 28777650 |
| 292550 | Novanta, Inc. <sup>1,2</sup> | 33293951 | 34810524 |
|  |  | 77190749 | 103783027 |
|  | **Semiconductor Materials &<br>Equipment (1.30%)** | **Semiconductor Materials &<br>Equipment (1.30%)** | **Semiconductor Materials &<br>Equipment (1.30%)** |
| 75129 | Nova Ltd. <sup>1,2</sup> | 11919362 | 24671612 |
|  | **Semiconductors (2.54%)** | **Semiconductors (2.54%)** | **Semiconductors (2.54%)** |
| 5252665 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 14359110 | 18541907 |
| 83600 | SiTime Corp. <sup>1</sup> | 14237964 | 29526684 |
|  |  | 28597074 | 48068591 |
|  | **Systems Software (8.25%)** | **Systems Software (8.25%)** | **Systems Software (8.25%)** |
| 1071775 | Dynatrace, Inc. <sup>1,3</sup> | 39921770 | 46450729 |
| 410000 | JFrog Ltd. <sup>1,2</sup> | 19296223 | 25608600 |
| 1564460 | Netskope, Inc., Cl A <sup>1</sup> | 33719323 | 27440628 |
| 1835000 | SentinelOne, Inc., Cl A <sup>1</sup> | 29312554 | 27525000 |
| 886000 | Varonis Systems, Inc. <sup>1</sup> | 31005932 | 29060800 |
|  |  | 153255802 | 156085757 |
| **Total Information Technology** | **Total Information Technology** | **510497557** | **615664629** |
| **Total Investments (96.70%)** | **Total Investments (96.70%)** | $**1441603300** | **1830117933** |
| **Cash and Other Assets Less Liabilities (3.30%)** | **Cash and Other Assets Less Liabilities (3.30%)** | **Cash and Other Assets Less Liabilities (3.30%)** | **62521679** |
| **Net Assets** | **Net Assets** |  | $**1892639612** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Durable Advantage Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (99.90%)** | **Common Stocks (99.90%)** | **Common Stocks (99.90%)** | **Common Stocks (99.90%)** |
| **Communication Services (14.05%)** | **Communication Services (14.05%)** | **Communication Services (14.05%)** | **Communication Services (14.05%)** |
|  | **Interactive Media & Services (14.05%)** | **Interactive Media & Services (14.05%)** | **Interactive Media & Services (14.05%)** |
| 116092 | Alphabet, Inc., Cl C | $15513531 | $36429669 |
| 57053 | Meta Platforms, Inc., Cl A | 17492254 | 37660115 |
| **Total Communication Services** | **Total Communication Services** | **33005785** | **74089784** |
| **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** | **Consumer Discretionary (8.08%)** |
|  | **Broadline Retail (7.09%)** | **Broadline Retail (7.09%)** | **Broadline Retail (7.09%)** |
| 161969 | Amazon.com, Inc. <sup>1</sup> | 23545746 | 37385685 |
|  | **Restaurants (0.99%)** | **Restaurants (0.99%)** | **Restaurants (0.99%)** |
| 31516 | Texas Roadhouse, Inc. | 5290548 | 5231656 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **28836294** | **42617341** |
| **Consumer Staples (1.04%)** | **Consumer Staples (1.04%)** | **Consumer Staples (1.04%)** | **Consumer Staples (1.04%)** |
|  | **Consumer Staples Merchandise<br>Retail (1.04%)** | **Consumer Staples Merchandise<br>Retail (1.04%)** | **Consumer Staples Merchandise<br>Retail (1.04%)** |
| 6349 | Costco Wholesale Corp. | **3325829** | **5474997** |
| **Financials (30.07%)** | **Financials (30.07%)** | **Financials (30.07%)** | **Financials (30.07%)** |
|  | **Asset Management & Custody<br>Banks (5.83%)** | **Asset Management & Custody<br>Banks (5.83%)** | **Asset Management & Custody<br>Banks (5.83%)** |
| 94599 | Blackstone, Inc. | 10626026 | 14581490 |
| 351402 | Brookfield Corp., Cl A <sup>2</sup> | 9240138 | 16125838 |
|  |  | 19866164 | 30707328 |
|  | **Diversified Financial Services (3.07%)** | **Diversified Financial Services (3.07%)** | **Diversified Financial Services (3.07%)** |
| 111830 | Apollo Global Management, Inc. | 11700402 | 16188511 |
|  | **Financial Exchanges & Data (11.01%)** | **Financial Exchanges & Data (11.01%)** | **Financial Exchanges & Data (11.01%)** |
| 45561 | CME Group, Inc. | 10424756 | 12441798 |
| 32029 | Moody's Corp. | 11398217 | 16362014 |
| 21438 | MSCI, Inc. | 10972480 | 12299624 |
| 32446 | S&P Global, Inc. | 13855269 | 16955955 |
|  |  | 46650722 | 58059391 |
|  | **Investment Banking & Brokerage (3.22%)** | **Investment Banking & Brokerage (3.22%)** | **Investment Banking & Brokerage (3.22%)** |
| 47584 | LPL Financial Holdings, Inc. | 12563196 | 16995577 |
|  | **Property & Casualty Insurance (1.16%)** | **Property & Casualty Insurance (1.16%)** | **Property & Casualty Insurance (1.16%)** |
| 63527 | Arch Capital Group Ltd. <sup>1,2</sup> | 4579278 | 6093510 |
|  | **Transaction & Payment Processing<br>Services (5.78%)** | **Transaction & Payment Processing<br>Services (5.78%)** | **Transaction & Payment Processing<br>Services (5.78%)** |
| 15077 | Mastercard, Incorporated, Cl A | 6626772 | 8607158 |
| 62415 | Visa, Inc., Cl A | 15919404 | 21889564 |
|  |  | 22546176 | 30496722 |
| **Total Financials** | **Total Financials** | **117905938** | **158541039** |
| **Health Care (4.66%)** | **Health Care (4.66%)** | **Health Care (4.66%)** | **Health Care (4.66%)** |
|  | **Life Sciences Tools & Services (4.66%)** | **Life Sciences Tools & Services (4.66%)** | **Life Sciences Tools & Services (4.66%)** |
| 41209 | Danaher Corp. | 8648094 | 9433564 |
| 4318 | Mettler-Toledo International, Inc. <sup>1</sup> | 5274877 | 6020113 |
| 15694 | Thermo Fisher Scientific, Inc. | 7391995 | 9093888 |
| **Total Health Care** | **Total Health Care** | **21314966** | **24547565** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (5.21%)** | **Industrials (5.21%)** | **Industrials (5.21%)** | **Industrials (5.21%)** |
|  | **Aerospace & Defense (4.96%)** | **Aerospace & Defense (4.96%)** | **Aerospace & Defense (4.96%)** |
| 63732 | HEICO Corp., Cl A | $9083174 | $16087869 |
| 7592 | TransDigm Group, Inc. <sup>1</sup> | 10170656 | 10096221 |
|  |  | 19253830 | 26184090 |
|  | **Construction & Engineering (0.25%)** | **Construction & Engineering (0.25%)** | **Construction & Engineering (0.25%)** |
| 3115 | Quanta Services, Inc. | 1326089 | 1314717 |
| **Total Industrials** | **Total Industrials** | **20579919** | **27498807** |
| **Information Technology (33.07%)** | **Information Technology (33.07%)** | **Information Technology (33.07%)** | **Information Technology (33.07%)** |
|  | **Application Software (2.11%)** | **Application Software (2.11%)** | **Application Software (2.11%)** |
| 16783 | Intuit, Inc. | 9600751 | 11117395 |
|  | **Electronic Components (1.43%)** | **Electronic Components (1.43%)** | **Electronic Components (1.43%)** |
| 55623 | Amphenol Corp., Cl A | 3538949 | 7516892 |
|  | **Semiconductors (24.46%)** | **Semiconductors (24.46%)** | **Semiconductors (24.46%)** |
| 85209 | Broadcom, Inc. | 11551497 | 29490835 |
| 24555 | Monolithic Power Systems, Inc. | 13272290 | 22255670 |
| 228416 | NVIDIA Corp. | 12523204 | 42599584 |
| 113945 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR <sup>2</sup> | 15262651 | 34626746 |
|  |  | 52609642 | 128972835 |
|  | **Systems Software (5.07%)** | **Systems Software (5.07%)** | **Systems Software (5.07%)** |
| 55304 | Microsoft Corporation | 17392273 | 26746120 |
| **Total Information Technology** | **Total Information Technology** | **83141615** | **174353242** |
| **Real Estate (3.72%)** | **Real Estate (3.72%)** | **Real Estate (3.72%)** | **Real Estate (3.72%)** |
|  | **Health Care REITs (2.21%)** | **Health Care REITs (2.21%)** | **Health Care REITs (2.21%)** |
| 62787 | Welltower, Inc. | 8520157 | 11653895 |
|  | **Real Estate Services (1.51%)** | **Real Estate Services (1.51%)** | **Real Estate Services (1.51%)** |
| 118751 | CoStar Group, Inc. <sup>1</sup> | 10322523 | 7984817 |
| **Total Real Estate** | **Total Real Estate** | **18842680** | **19638712** |
| **Total Investments (99.90%)** | **Total Investments (99.90%)** | $**326953026** | **526761487** |
| **Cash and Other Assets Less Liabilities (0.10%)** | **Cash and Other Assets Less Liabilities (0.10%)** | **Cash and Other Assets Less Liabilities (0.10%)** | **530915** |
| **Net Assets** | **Net Assets** |  | $**527292402** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

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| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

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**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**1. ORGANIZATION** 

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

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

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

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

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

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

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

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

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS** 

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting 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 less all liabilities of the Fund represented by such class, 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.

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| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (continued)** 

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

**c) Foreign Currency Translations.** The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized 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 and foreign currency translations. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

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

There were no securities on loan at December 31, 2025.

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

There were no repurchase agreements at December 31, 2025.

**3. RESTRICTED SECURITIES**

At December 31, 2025, 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.

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| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**3. RESTRICTED SECURITIES (Continued)** 

**At December 31, 2025, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:** 

---

| | | |
|:---|:---|:---|
|  | **Baron Asset Fund** | **Baron Asset Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc.\* | 12/22/2021 | $13368520 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 1/25/2023 | 68344298 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 405414580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyryse Inc. | 9/16/2025 | 7704205 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 6/11/2024 | 252163701 |
|  **Total Restricted Securities** |  | $746995304 |
|  (Cost $136,000,520)<sup>†</sup> (19.75% of Net Assets) |  |  |
|  | **Baron Growth Fund** | **Baron Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 | $785437 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 9/21/2020 | 0 |
|  **Total Restricted Securities** |  | $785437 |
|  (Cost $25,674,990)<sup>†</sup> (0.02% of Net Assets) |  |  |
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 | $338645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021, 1/16/2025 | 80395844 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 5/4/2022 | 10474753 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020, 9/28/2023 | 2766001 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 77964990 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 11/22/2024, 12/19/2025 | 39854425 |
|  **Total Restricted Securities** |  | $211794658 |
|  (Cost $48,865,992)<sup>†</sup> (11.78% of Net Assets) |  |  |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | $22552970 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 11/22/2024, 12/19/2025 | 22198974 |
|  **Total Restricted Securities** |  | $44751944 |
|  (Cost $15,999,885)<sup>†</sup> (5.66% of Net Assets) |  |  |

---

\* StubHub Holdings, Inc. went public via an initial public offering on 9/17/2025. The publicly traded shares are subject to a lock-up period, expiring on 3/16/2026.

<sup>†</sup> See Portfolios of Investments for cost of individual securities.

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| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

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**NOTES TO FINANCIAL STATEMENTS (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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 December 31, 2025 in valuing the Funds' investments carried at fair value:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Description** | **Quoted Prices in<br>Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | $3013999501 | $— | $— | $3013999501 |
|  **Private Common Stocks** |  |  | 68344298 | 68344298 |
|  **Private Preferred Stocks†** |  |  | 665282486 | 665282486 |
|  **Total Investments** | $**3013999501** | $**—** | $**733626784** | $**3747626285** |
|  | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** | **Baron Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3) <sup>(1)</sup>** | **Total** |
|  **Common Stocks†** | $4082777008 | $— | $— | $4082777008 |
|  **Private Common Stocks** |  |  | 785437 | 785437 |
|  **Private Convertible Preferred Stocks** |  |  | 0 | 0 |
|  **Total Investments** | $**4082777008** | $**—** | $**785437** | $**4083562445** |

---

† See Portfolios of Investments for additional detailed categorization.

<sup>1</sup> The reconciliation between beginning and ending balances of Level 3 investments in which significant unobservable valuation inputs were used in determining fair value is not presented as Level 3 assets were not significant to the Fund.

------

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| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Small Cap Fund** | **Baron Small Cap Fund** | **Baron Small Cap Fund** | **Baron Small Cap Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | 3429308908 | $— | $— | $3429308908 |
|  **Total Investments** | $**3429308908** | $**—** | $**—** | $**3429308908** |
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | $1567971132 | $— | $— | $1567971132 |
|  **Private Common Stocks†** |  |  | 91209242 | 91209242 |
|  **Private Convertible Preferred Stocks** |  |  | 2766001 | 2766001 |
|  **Private Preferred Stocks†** |  |  | 117819415 | 117819415 |
|  **Total Investments** | $**1567971132** | $**—** | $**211794658** | $**1779765790** |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | $738617393 | $1946377 | $— | $740563770 |
|  **Private Common Stocks** |  |  | 22552970 | 22552970 |
|  **Private Preferred Stocks** |  |  | 22198974 | 22198974 |
|  **Total Investments** | $**738617393** | $**1946377** | $**44751944** | $**785315714** |
|  | **Baron Discovery Fund** | **Baron Discovery Fund** | **Baron Discovery Fund** | **Baron Discovery Fund** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other**<br>**Observable<br>Inputs**<br>**(Level 2)** | **Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | $1830117933 | $— | $— | $1830117933 |
|  **Total Investments** | $**1830117933** | $**—** | $**—** | $**1830117933** |
|  | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** | **Baron Durable Advantage Fund** |
| **Description** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Other<br>Observable**<br>**Inputs<br>(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks†** | $526761487 | $— | $— | $526761487 |
|  **Total Investments** | $**526761487** | $**—** | $**—** | $**526761487** |

---

† See Portfolios of Investments for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (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 Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Investments in<br>Securities** | **Balance**<br>**as of<br>September 30,<br>2025** | **Accrued<br>Premiums/<br>(Discounts)** | **Net Realized<br>Gain (Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2025** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  Industrials | 34415656 |  |  | 33928642 |  |  |  |  | 68344298 | 33928642 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
|  Communication Services | 122172077 |  |  | 129991624 |  |  |  |  | 252163701 | 129991624 |
|  Industrials | 211651759 |  |  | 201467026 |  |  |  |  | 413118785 | 201467026 |
|  **Total** | $**368239492** | $**—** | $**—** | $**365387292** | $**—** | $**—** | $**—** | $**—** | $**733626784** | $**365387292** |
|  | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>September 30,<br>2025** | **Accrued<br>Premiums/<br>(Discounts)** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance**<br>**as of<br>December 31,<br>2025** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  Communication Services | $5074966 | $— | $— | $5399787 | $— | $— | $— | $— | $10474753 | $5399787 |
|  Industrials | 40487939 |  | (90171) | 40011468 |  | (13392) |  |  | 80395844 | 39911476 |
|  Unclassified | 338645 |  |  |  |  |  |  |  | 338645 |  |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
|  Unclassified | 2766001 |  |  |  |  |  |  |  | 2766001 |  |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
|  Communication Services | 16886808 |  |  | 17967638 | 4999979 |  |  |  | 39854425 | 17967638 |
|  Industrials | 39527236 |  |  | 39527236 |  | (1001085) |  |  | 77964990 | 38704710 |
|  **Total** | $**105081595** | $**—** | $**(90171)** | $**105081595** | $**4999979** | $**(1014477)** | $**—** | $**—** | $**211794658** | $**101983611** |
|  | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>September 30,<br>2025** | **Accrued<br>Premiums/<br>(Discounts)** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales/**<br>**Distributions** | **Transfers<br>Into<br>Level 3** | **<br>Transfers<br>Out of<br>Level 3** | **Balance**<br>**as of<br>December 31,<br>2025** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  Industrials | $11356840 | $— | $— | $11196130 | $— | $— | $— | $— | $22552970 | $11196130 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
|  Communication Services | 5910363 |  |  | 6288652 | 9999959 |  |  |  | 22198974 | 6288652 |
|  Industrials | 133288 |  |  | 3378851 |  | (499830) |  |  | 0 | 0 |
|  **Total** | $**17400491** | $**—** | $**—** | $**20863633** | $**9999959** | $**(499830)** | $**—** | $**—** | $**44751944** | $**17484782** |

---

------

---

| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (Continued)** 

**Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of December 31, 2025 were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** | **Baron Asset Fund** |
| **Sector** | **Fair Value as of<br>December 31,**<br> **2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2025** | **Range used on**<br> **December 31, 2025\*** | **Impact to**<br> **Valuation**<br> **from an**<br> **Increase in**<br> **Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $**68344298** | Observed<br>Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:** <br> Communication Services | $**252163701** | Observed<br>Transaction | Observed<br>Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:**<br> Industials | $**7704205** | Combination of<br>current value<br>via comparable<br>companies,<br>scenario<br>analysis, and<br>option-pricing<br>methods | Change in the<br>composite<br>equity index of<br>comparable<br>companies  | 0.20% | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:**<br> Industials | $**7704205** | Combination of<br>current value<br>via comparable<br>companies,<br>scenario<br>analysis, and<br>option-pricing<br>methods | Estimated<br>volatility of the<br>returns of<br>equity<sup>1</sup>  | 64.61% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:**<br> Industials | $**7704205** | Combination of<br>current value<br>via comparable<br>companies,<br>scenario<br>analysis, and<br>option-pricing<br>methods | Scenario<br>Probabilities:<br>Scenario A /<br>Scenario<sup>2</sup>  | 90.00% / 10.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:** <br> Industrials | $**405414580** | Observed<br>Transaction | Observed<br>Transaction<br>Price | $4210.00 | N/A | Increase |

---

See Footnotes on page 19.

------

---

| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** | **Baron Opportunity Fund** |
| **Sector** | **Fair Value as of<br>December 31,**<br> **2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2025** | **Range used on**<br> **December 31, 2025\*** | **Impact to**<br> **Valuation**<br> **from an**<br> **Increase in<br>Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | $**10474753** | Observed Transaction | Observed Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $**80395844** | Observed Transaction | Observed Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $**338645** | Scenario Analysis | Projected IPO<br>Valuation  | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $**338645** | Scenario Analysis | Probability for IPO<br>Outcome  | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $**338645** | Scenario Analysis | Discount in Event of<br>Liquidation Outcome  | 100.00% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $**2081272** | Scenario Analysis | Projected IPO<br>Valuation  | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $**2081272** | Scenario Analysis | Probability for IPO<br>Outcome  | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $**684729** | Scenario Analysis | Projected IPO<br>Valuation  | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $**684729** | Scenario Analysis | Probability for IPO<br>Outcome  | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $**39854425** | Observed Transaction | Observed Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | **77964990** | Observed Transaction | Observed Transaction<br>Price | $4210.00 | N/A | Increase |
| **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** | **Baron Fifth Avenue Growth Fund** |
| **Sector** | **Fair Value as of<br>December 31,**<br> **2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2025** | **Range used on**<br> **December 31, 2025\*** | **Impact to**<br> **Valuation**<br> **from an**<br> **Increase in<br>Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $**22552970** | Observed Transaction | Observed Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $**22198974** | Observed Transaction | Observed Transaction<br>Price | $75.46 | N/A | Increase |

---

\* N/A indicates that the 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. 

<sup>1</sup> The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies.

<sup>2</sup> Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

------

---

| | |
|:---|:---|
| **Baron Investment Funds Trust** | **December 31, 2025** |

---

**5. TRANSACTIONS IN "AFFILIATED" COMPANIES<sup>1</sup>** 

**BARON GROWTH FUND** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Shares**<br>**held at**<br>**September**<br>**30, 2025** | **Value at<br>September 30,<br>2025** | **Purchase**<br>**Cost** | **Sales<br>Proceeds/**<br>**Return of<br>Capital** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized**<br>**Gains/**<br>**(Losses)** | **Dividend<br>Income** | **Shares Held<br>at December 31,<br>2025** | **Value at<br>December 31,<br>2025** | **% of Net<br>Assets at<br>December 31,<br>2025** |
|  **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** | **"Affiliated" Company as<br>of December 31, 2025:** |
|  Choice Hotels International, Inc. | 3000000 | $320730000 | $— | $— | $(34950000) | $— | $862500 | 3000000 | $285780000 | 7.32% |
|  **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** | **No longer an "Affiliated"<br>Company as of<br>December 31, 2025:** |
|  Vail Resorts, Inc. | 2000000 | $299140000 | $— | $133210000 | $(149861041) | $116731041 | $8880000 | 1000000 | $132800000 | 3.40% |

---

<sup>1</sup> An "Affiliated" company ("affiliated person" as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company's outstanding voting securities at any time during the three months ended December 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

- **b. Investment Company Act file number:** 811-05032

- **c. CIK number of Registrant:** 0000810902

- **d. LEI of Registrant:** 549300QG0RSSKFZ1ZK02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 FIFTH AVE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** BARON DISCOVERY FUND

- **b. EDGAR series identifier (if any):** S000042178

- **c. LEI of Series:** 549300BBGGOLONVYLL69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1893172021.66

**Total Liabilities:** $186023.49

**Net Assets:** $1892985998.17

**Cash Not Reported:** $62161379.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130959 | -0.23%               | 1.26%                | -0.91%               |
| Class ID C000130960 | -0.19%               | 1.28%                | -0.88%               |
| Class ID C000174754 | -0.22%               | 1.31%                | -0.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38611746.33             | $-43625519.31                              |
| Month 2  | $32305225.49             | $-7198817.94                               |
| Month 3  | $21781586.58             | $-36736664.17                              |

### Schedule of Portfolio Investments

| Name                                    | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                                | AAON Inc                                | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315000 | NS      | $24018750.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc          | Advanced Energy Industries Inc          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    191980 | NS      | $40194852.60  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                   | Alkami Technology Inc                   | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |   2150000 | NS      | $49600500.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                             | Arcellx Inc                             | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233217 | NS      | $15205748.40  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc             | Arcutis Biotherapeutics Inc             | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    320000 | NS      | $9292800.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LLC         | Ategrity Specialty Holdings LLC         | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |    550000 | NS      | $11555500.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                        | Badger Meter Inc                        | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |    165000 | NS      | $28777650.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Billiontoone Inc                        | Billiontoone Inc                        | CUSIP: 090168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45085 | NS      | $3689756.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                  | Brunello Cucinelli SpA                  | CUSIP: 11687Q109<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |   1950000 | NS      | $22366043.70  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                              | CareDx Inc                              | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |   2270437 | NS      | $42775033.08  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc               | Casella Waste Systems Inc               | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    325000 | NS      | $31830500.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc       | Clearwater Analytics Holdings Inc       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1850000 | NS      | $44622000.00  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                          | DraftKings Inc                          | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |   1550000 | NS      | $53413000.00  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                           | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |   1071775 | NS      | $46450728.50  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                 | Enerpac Tool Group Corp                 | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    375000 | NS      | $14340000.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                     | Exact Sciences Corp                     | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    645119 | NS      | $65518285.64  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc              | Floor & Decor Holdings Inc              | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    350000 | NS      | $21311500.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                         | GCI Liberty Inc                         | CUSIP: 36164V800<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |    566811 | NS      | $21091037.31  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                              | Gitlab Inc                              | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |   1018125 | NS      | $38210231.25  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                  | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    165357 | NS      | $33238410.57  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                           | HeartFlow Inc                           | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    809724 | NS      | $23603454.60  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                 | indie Semiconductor Inc                 | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   5252665 | NS      | $18541907.45  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc             | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    141567 | NS      | $13056724.41  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                              | Intapp Inc                              | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    850000 | NS      | $38947000.00  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                     | Karman Holdings Inc                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517345 | NS      | $37854133.65  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc               | Kinsale Capital Group Inc               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     75000 | NS      | $29334000.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    342158 | NS      | $25973213.78  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Live Holdings Inc               | Liberty Live Holdings Inc               | CUSIP: 530909308<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    700000 | NS      | $58212000.00  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One  | Liberty Media Corp-Liberty Formula One  | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    185000 | NS      | $16535300.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                       | Loar Holdings Inc                       | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    729000 | NS      | $49572000.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                             | Masimo Corp                             | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |    267000 | NS      | $34726020.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                     | Mercury Systems Inc                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    594838 | NS      | $43429122.38  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc        | Montrose Environmental Group Inc        | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |   1419000 | NS      | $35233770.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                            | Netskope Inc                            | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |   1564460 | NS      | $27440628.40  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                             | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    292550 | NS      | $34810524.50  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                       | Primo Brands Corp                       | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |   1575000 | NS      | $25751250.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                | Procore Technologies Inc                | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    500000 | NS      | $36370000.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                        | RBC Bearings Inc                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $24663650.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                           | Repligen Corp                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    273653 | NS      | $44840780.58  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                         | SentinelOne Inc                         | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |   1835000 | NS      | $27525000.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                        | ServiceTitan Inc                        | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    395000 | NS      | $42067500.00  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                 | ARS Pharmaceuticals Inc                 | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1074609 | NS      | $12519194.85  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc            | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    300000 | NS      | $37368000.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                             | SiTime Corp                             | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83600 | NS      | $29526684.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                     | StepStone Group Inc                     | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $32085000.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                | TWFG Inc                                | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    785000 | NS      | $22584450.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                           | Tempus AI Inc                           | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |    297139 | NS      | $17546057.95  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                     | Texas Roadhouse Inc                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    205000 | NS      | $34030000.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                     | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    886000 | NS      | $29060800.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                            | Veracyte Inc                            | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    468790 | NS      | $19736059.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                    | Waystar Holding Corp                    | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1005000 | NS      | $32913750.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                            | Wingstop Inc                            | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    155000 | NS      | $36965950.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                        | Wynn Resorts Ltd                        | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    350000 | NS      | $42115500.00  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc         | Establishment Labs Holdings Inc         | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | VG        |    689845 | NS      | $50275903.60  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                           | On Holding AG                           | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    350000 | NS      | $16268000.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                 | Birkenstock Holding Plc                 | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    850000 | NS      | $34765000.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                               | JFrog Ltd                               | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |    410000 | NS      | $25608600.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                | Nova Ltd                                | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     75129 | NS      | $24671612.31  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                     | Stevanato Group SpA                     | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |   1281429 | NS      | $25782351.48  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer