# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-26-049913
**Filing Date:** 2026-5
**Character Count:** 22217
**Document Hash:** 9e66f562d0d81ac8fad1b8ba12ab80f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-049913.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001410368-26-049913

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**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:** 261011513

**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           |

## 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:** 2026-03-31

**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:** $1636355720.11

**Total Liabilities:** $138212.47

**Net Assets:** $1636217507.64

**Cash Not Reported:** $120354572.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130959 | -1.37%               | 0.06%                | -9.55%               |
| Class ID C000130960 | -1.36%               | 0.08%                | -9.50%               |
| Class ID C000174754 | -1.33%               | 0.06%                | -9.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $80216292.74             | $-105496420.49                             |
| Month 2  | $-13652600.25            | $15748264.45                               |
| Month 3  | $35126409.23             | $-208447617.16                             |

### 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      | $26066250.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc          | Advanced Energy Industries Inc          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    191980 | NS      | $61953865.80  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                   | Alkami Technology Inc                   | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |   1650000 | NS      | $25855500.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc             | Arcutis Biotherapeutics Inc             | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    710000 | NS      | $16727600.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axogen Inc                              | Axogen Inc                              | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    385310 | NS      | $12765320.30  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                        | Badger Meter Inc                        | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |    165000 | NS      | $25137750.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Billiontoone Inc                        | Billiontoone Inc                        | CUSIP: 090168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    286830 | NS      | $22642360.20  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                  | Brunello Cucinelli SpA                  | CUSIP: 11687Q109<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |   2500000 | NS      | $21848545.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                              | CareDx Inc                              | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |   2394236 | NS      | $41563936.96  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc               | Casella Waste Systems Inc               | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    405000 | NS      | $32132700.00  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                          | DraftKings Inc                          | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |   1250000 | NS      | $27025000.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                           | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |   1611975 | NS      | $59610835.50  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                 | Enerpac Tool Group Corp                 | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    375000 | NS      | $13676250.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                               | Enpro Inc                               | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     95256 | NS      | $23875916.40  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc              | Floor & Decor Holdings Inc              | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    380000 | NS      | $19304000.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Forgent Power Solutions Inc             | Forgent Power Solutions Inc             | CUSIP: 34631F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1375000 | NS      | $40246250.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                         | GCI Liberty Inc                         | CUSIP: 36164V800<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |    575000 | NS      | $21395750.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                  | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    300000 | NS      | $44868000.00  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                           | HeartFlow Inc                           | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1604894 | NS      | $39047071.02  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IRhythm Holdings Inc                    | IRhythm Holdings Inc                    | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |    130000 | NS      | $15342600.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                 | indie Semiconductor Inc                 | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   5252665 | NS      | $16913581.30  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc             | Inspire Medical Systems Inc             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    215211 | NS      | $11100583.38  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                     | Karman Holdings Inc                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    361845 | NS      | $28965692.25  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc               | Kinsale Capital Group Inc               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     75000 | NS      | $25624500.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    174558 | NS      | $12308084.58  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Live Holdings Inc               | Liberty Live Holdings Inc               | CUSIP: 530909308<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    665000 | NS      | $62583150.00  | 3.82%             |  |  |  | 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      | $14444800.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                       | Loar Holdings Inc                       | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    799000 | NS      | $45774710.00  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                     | Mercury Systems Inc                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    395939 | NS      | $28867912.49  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc        | Montrose Environmental Group Inc        | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |   1419000 | NS      | $31061910.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                            | Netskope Inc                            | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |   1886441 | NS      | $16015884.09  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                             | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    292550 | NS      | $34553080.50  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                       | Primo Brands Corp                       | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |   1575000 | NS      | $29657250.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                | Procore Technologies Inc                | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    500000 | NS      | $28500000.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                        | RBC Bearings Inc                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $16293600.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                           | Repligen Corp                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    273653 | NS      | $32241796.46  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                         | SentinelOne Inc                         | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |   1370100 | NS      | $17646888.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                        | ServiceTitan Inc                        | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    395000 | NS      | $25066700.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                 | ARS Pharmaceuticals Inc                 | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1074609 | NS      | $8629110.27   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc            | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    300000 | NS      | $39933000.00  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                             | SiTime Corp                             | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83600 | NS      | $28871260.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                     | StepStone Group Inc                     | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    575000 | NS      | $27439000.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                | TWFG Inc                                | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    935000 | NS      | $17194650.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                           | Tempus AI Inc                           | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |    639474 | NS      | $28917014.28  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                     | Texas Roadhouse Inc                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    205000 | NS      | $33853700.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                     | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    886000 | NS      | $19022420.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                            | Veracyte Inc                            | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    468790 | NS      | $15099725.90  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                    | Waystar Holding Corp                    | CUSIP: 946784105<br>LEI: 529900QJLKXDYU36MH89 | Long             | EC               | CORP              | US        |   1650000 | NS      | $39781500.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                            | Wingstop Inc                            | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |    150000 | NS      | $23245500.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                        | Wynn Resorts Ltd                        | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    350000 | NS      | $35542500.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc         | Establishment Labs Holdings Inc         | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | VG        |    689845 | NS      | $39169399.10  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                           | On Holding AG                           | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    425000 | NS      | $14458500.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                 | Birkenstock Holding Plc                 | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |    850000 | NS      | $30455500.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                | Nova Ltd                                | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     50329 | NS      | $21856878.12  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                     | Stevanato Group SpA                     | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |   1681429 | NS      | $23119648.75  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-22

**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