# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001193125-26-233915
**Filing Date:** 2026-5
**Character Count:** 370717
**Document Hash:** c54d57dbef22829e882e2f0610f6924f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-233915.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001193125-26-233915

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**EFFECTIVENESS DATE**: 20260521

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 261006845

**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 ASSET FUND (Series ID: S000000582)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001635 | BARON ASSET FUND     | BARAX           |
| C000077818 | Institutional Shares | BARIX           |
| C000165210 | R6 Shares            | BARUX           |

### BARON GROWTH FUND (Series ID: S000000583)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001636 | BARON GROWTH FUND    | BGRFX           |
| C000077819 | Institutional Shares | BGRIX           |
| C000165211 | R6 Shares            | BGRUX           |

### BARON SMALL CAP FUND (Series ID: S000000584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001637 | BARON SMALL CAP FUND | BSCFX           |
| C000077820 | Institutional Shares | BSFIX           |
| C000165212 | R6 Shares            | BSCUX           |

### BARON OPPORTUNITY FUND (Series ID: S000000585)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000001638 | BARON OPPORTUNITY FUND | BIOPX           |
| C000077821 | Institutional Shares   | BIOIX           |
| C000174753 | R6 Shares              | BIOUX           |

### BARON FIFTH AVENUE GROWTH FUND (Series ID: S000000586)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000001639 | BARON FIFTH AVENUE GROWTH FUND | BFTHX           |
| C000077822 | Institutional Shares           | BFTIX           |
| C000165213 | R6 Shares                      | BFTUX           |

### 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           |

### Baron Durable Advantage Fund (Series ID: S000060168)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000196921 | Baron Durable Advantage Fund | BDAFX           |
| C000196922 | Institutional Shares         | BDAIX           |
| C000196923 | R6 Shares                    | BDAUX           |

?xml version='1.0' encoding='ASCII'? BARON INVESTMENT FUNDS TRUST

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-5032

## BARON INVESTMENT FUNDS TRUST

## f/k/a BARON ASSET FUND

#### (Exact Name of Registrant as Specified in Charter)

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

#### (Address of Principal Executive Offices) (Zip Code)

#### Kristine Treglia, Chief Legal Officer

#### c/o Baron Investment Funds Trust

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

#### (Name and Address of Agent for Service)

#### (Registrant's Telephone Number, including Area Code): 212-583-2000

#### Date of fiscal year end: September 30

#### Date of reporting period: March 31, 2026

------

Item 1. Reports to Stockholders.

![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Asset Fund

# Retail: BARAX
This semi-annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g30o27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10274 | $10156 | $10263 |
| **09/30/16** | $10793 | $10623 | $10714 |
| **12/31/16** | $10795 | $10671 | $11165 |
| **03/31/17** | $11882 | $11407 | $11807 |
| **06/30/17** | $12790 | $11888 | $12163 |
| **09/30/17** | $13213 | $12516 | $12719 |
| **12/31/17** | $13615 | $13367 | $13525 |
| **03/31/18** | $14242 | $13658 | $13438 |
| **06/30/18** | $15053 | $14089 | $13960 |
| **09/30/18** | $16266 | $15157 | $14955 |
| **12/31/18** | $13596 | $12732 | $12816 |
| **03/31/19** | $16362 | $15231 | $14616 |
| **06/30/19** | $17973 | $16053 | $15214 |
| **09/30/19** | $17537 | $15945 | $15391 |
| **12/31/19** | $18710 | $17249 | $16791 |
| **03/31/20** | $15587 | $13792 | $13282 |
| **06/30/20** | $19944 | $17966 | $16207 |
| **09/30/20** | $21610 | $19650 | $17700 |
| **12/31/20** | $24881 | $23387 | $20298 |
| **03/31/21** | $24610 | $23255 | $21587 |
| **06/30/21** | $27060 | $25829 | $23365 |
| **09/30/21** | $27006 | $25633 | $23342 |
| **12/31/21** | $28347 | $26363 | $25507 |
| **03/31/22** | $24218 | $23047 | $24161 |
| **06/30/22** | $19096 | $18190 | $20126 |
| **09/30/22** | $18690 | $18072 | $19227 |
| **12/31/22** | $20961 | $19319 | $20608 |
| **03/31/23** | $22067 | $21084 | $22088 |
| **06/30/23** | $22853 | $22398 | $23940 |
| **09/30/23** | $21830 | $21228 | $23161 |
| **12/31/23** | $24532 | $24316 | $25957 |
| **03/31/24** | $25989 | $26625 | $28558 |
| **06/30/24** | $25060 | $25770 | $29476 |
| **09/30/24** | $27132 | $27455 | $31313 |
| **12/31/24** | $27103 | $29691 | $32137 |
| **03/31/25** | $26304 | $27577 | $30620 |
| **06/30/25** | $28350 | $32596 | $33985 |
| **09/30/25** | $27133 | $33502 | $36764 |
| **12/31/25** | $29254 | $32261 | $37647 |
| **03/31/26** | $26952 | $30213 | $36157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 2.46% | 1.83% | 10.42% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3312667104 |
| # of Issuers | 50 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $18319245 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 25.5% |
| Amphenol Corp. | 5.3% |
| IDEXX Laboratories, Inc. | 4.6% |
| Arch Capital Group Ltd. | 4.4% |
| Quanta Services, Inc. | 4.2% |
| Guidewire Software, Inc. | 3.9% |
| Verisk Analytics, Inc. | 3.6% |
| Mettler-Toledo International, Inc. | 3.3% |
| Gartner, Inc. | 2.8% |
| Charles Schwab Corp. | 2.5% |
| Total | 60.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g62n24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 42.7% |
| Information Technology | 18.3% |
| Financials | 11.0% |
| Health Care | 10.4% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.0% |
| Communication Services | 1.7% |
| Materials | 0.6% |
| Cash and Cash Equivalents | 0.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BARAX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Asset Fund

# Institutional: BARIX
This semi-annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g02n04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1027935 | $1015626 | $1026305 |
| **09/30/16** | $1080850 | $1062263 | $1071439 |
| **12/31/16** | $1081490 | $1067109 | $1116540 |
| **03/31/17** | $1191528 | $1140676 | $1180665 |
| **06/30/17** | $1283407 | $1188757 | $1216269 |
| **09/30/17** | $1326805 | $1251558 | $1271869 |
| **12/31/17** | $1368001 | $1336741 | $1352471 |
| **03/31/18** | $1432062 | $1365809 | $1343754 |
| **06/30/18** | $1514566 | $1408936 | $1396011 |
| **09/30/18** | $1637641 | $1515657 | $1495462 |
| **12/31/18** | $1369859 | $1273237 | $1281578 |
| **03/31/19** | $1649367 | $1523064 | $1461555 |
| **06/30/19** | $1812981 | $1605336 | $1521407 |
| **09/30/19** | $1770367 | $1594522 | $1539094 |
| **12/31/19** | $1889882 | $1724852 | $1679111 |
| **03/31/20** | $1575532 | $1379194 | $1328182 |
| **06/30/20** | $2017009 | $1796551 | $1620748 |
| **09/30/20** | $2187002 | $1964950 | $1769979 |
| **12/31/20** | $2519727 | $2338671 | $2029840 |
| **03/31/21** | $2493728 | $2325451 | $2158672 |
| **06/30/21** | $2743967 | $2582926 | $2336542 |
| **09/30/21** | $2740067 | $2563299 | $2334166 |
| **12/31/21** | $2878097 | $2636338 | $2550719 |
| **03/31/22** | $2460226 | $2304678 | $2416081 |
| **06/30/22** | $1941378 | $1819042 | $2012567 |
| **09/30/22** | $1901258 | $1807167 | $1922714 |
| **12/31/22** | $2133476 | $1931886 | $2060804 |
| **03/31/23** | $2247491 | $2108381 | $2208776 |
| **06/30/23** | $2329163 | $2239820 | $2394022 |
| **09/30/23** | $2226317 | $2122814 | $2316125 |
| **12/31/23** | $2503589 | $2431601 | $2595724 |
| **03/31/24** | $2653819 | $2662523 | $2855799 |
| **06/30/24** | $2560647 | $2576962 | $2947641 |
| **09/30/24** | $2774195 | $2745531 | $3131253 |
| **12/31/24** | $2773112 | $2969059 | $3213708 |
| **03/31/25** | $2692880 | $2757661 | $3061959 |
| **06/30/25** | $2904197 | $3259602 | $3398506 |
| **09/30/25** | $2781305 | $3350197 | $3676374 |
| **12/31/25** | $3000662 | $3226090 | $3764712 |
| **03/31/26** | $2766309 | $3021264 | $3615729 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 2.73% | 2.10% | 10.71% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3312667104 |
| # of Issuers | 50 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $18319245 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 25.5% |
| Amphenol Corp. | 5.3% |
| IDEXX Laboratories, Inc. | 4.6% |
| Arch Capital Group Ltd. | 4.4% |
| Quanta Services, Inc. | 4.2% |
| Guidewire Software, Inc. | 3.9% |
| Verisk Analytics, Inc. | 3.6% |
| Mettler-Toledo International, Inc. | 3.3% |
| Gartner, Inc. | 2.8% |
| Charles Schwab Corp. | 2.5% |
| Total | 60.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g62n24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 42.7% |
| Information Technology | 18.3% |
| Financials | 11.0% |
| Health Care | 10.4% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.0% |
| Communication Services | 1.7% |
| Materials | 0.6% |
| Cash and Cash Equivalents | 0.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BARIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Asset Fund

# R6: BARUX
This semi-annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $52 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g01c27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5140545 | $5078130 | $5131524 |
| **09/30/16** | $5404251 | $5311316 | $5357196 |
| **12/31/16** | $5407451 | $5335543 | $5582700 |
| **03/31/17** | $5956731 | $5703380 | $5903327 |
| **06/30/17** | $6416128 | $5943785 | $6081346 |
| **09/30/17** | $6633116 | $6257791 | $6359346 |
| **12/31/17** | $6839096 | $6683706 | $6762357 |
| **03/31/18** | $7159405 | $6829044 | $6718772 |
| **06/30/18** | $7571925 | $7044679 | $6980055 |
| **09/30/18** | $8187308 | $7578283 | $7477309 |
| **12/31/18** | $6847345 | $6366186 | $6407888 |
| **03/31/19** | $8245943 | $7615319 | $7307777 |
| **06/30/19** | $9062996 | $8026680 | $7607037 |
| **09/30/19** | $8849920 | $7972612 | $7695471 |
| **12/31/19** | $9448559 | $8624260 | $8395555 |
| **03/31/20** | $7875726 | $6895968 | $6640909 |
| **06/30/20** | $10084207 | $8982756 | $8103739 |
| **09/30/20** | $10934188 | $9824751 | $8849893 |
| **12/31/20** | $12596799 | $11693355 | $10149200 |
| **03/31/21** | $12466801 | $11627256 | $10793361 |
| **06/30/21** | $13716948 | $12914628 | $11682711 |
| **09/30/21** | $13698532 | $12816494 | $11670828 |
| **12/31/21** | $14388783 | $13181690 | $12753596 |
| **03/31/22** | $12299338 | $11523389 | $12080404 |
| **06/30/22** | $9704983 | $9095209 | $10062836 |
| **09/30/22** | $9505537 | $9035833 | $9613570 |
| **12/31/22** | $10665515 | $9659432 | $10304022 |
| **03/31/23** | $11234452 | $10541907 | $11043882 |
| **06/30/23** | $11643992 | $11199099 | $11970111 |
| **09/30/23** | $11128576 | $10614069 | $11580624 |
| **12/31/23** | $12515004 | $12158005 | $12978620 |
| **03/31/24** | $13264989 | $13312614 | $14278993 |
| **06/30/24** | $12800311 | $12884810 | $14738204 |
| **09/30/24** | $13866903 | $13727654 | $15656267 |
| **12/31/24** | $13861466 | $14845297 | $16068541 |
| **03/31/25** | $13460257 | $13788304 | $15309793 |
| **06/30/25** | $14516961 | $16298011 | $16992529 |
| **09/30/25** | $13902434 | $16750985 | $18381869 |
| **12/31/25** | $14999493 | $16130452 | $18823562 |
| **03/31/26** | $13827536 | $15106320 | $18078647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 2.73% | 2.09% | 10.71% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3312667104 |
| # of Issuers | 50 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $18319245 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 25.5% |
| Amphenol Corp. | 5.3% |
| IDEXX Laboratories, Inc. | 4.6% |
| Arch Capital Group Ltd. | 4.4% |
| Quanta Services, Inc. | 4.2% |
| Guidewire Software, Inc. | 3.9% |
| Verisk Analytics, Inc. | 3.6% |
| Mettler-Toledo International, Inc. | 3.3% |
| Gartner, Inc. | 2.8% |
| Charles Schwab Corp. | 2.5% |
| Total | 60.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g62n24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 42.7% |
| Information Technology | 18.3% |
| Financials | 11.0% |
| Health Care | 10.4% |
| Consumer Discretionary | 7.7% |
| Real Estate | 7.0% |
| Communication Services | 1.7% |
| Materials | 0.6% |
| Cash and Cash Equivalents | 0.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Asset Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BARUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Growth Fund

# Retail: BGRFX
This semi-annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $71 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g47e06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10331 | $10324 | $10263 |
| **09/30/16** | $10592 | $11276 | $10714 |
| **12/31/16** | $10577 | $11679 | $11165 |
| **03/31/17** | $11670 | $12303 | $11807 |
| **06/30/17** | $12369 | $12843 | $12163 |
| **09/30/17** | $12760 | $13642 | $12719 |
| **12/31/17** | $13436 | $14267 | $13525 |
| **03/31/18** | $13760 | $14596 | $13438 |
| **06/30/18** | $14852 | $15651 | $13960 |
| **09/30/18** | $16020 | $16516 | $14955 |
| **12/31/18** | $13044 | $12939 | $12816 |
| **03/31/19** | $15861 | $15158 | $14616 |
| **06/30/19** | $16963 | $15574 | $15214 |
| **09/30/19** | $16835 | $14925 | $15391 |
| **12/31/19** | $18280 | $16625 | $16791 |
| **03/31/20** | $14193 | $12342 | $13282 |
| **06/30/20** | $18081 | $16116 | $16207 |
| **09/30/20** | $20047 | $17270 | $17700 |
| **12/31/20** | $24261 | $22383 | $20298 |
| **03/31/21** | $24472 | $23474 | $21587 |
| **06/30/21** | $26363 | $24394 | $23365 |
| **09/30/21** | $27303 | $23015 | $23342 |
| **12/31/21** | $29075 | $23017 | $25507 |
| **03/31/22** | $25182 | $20111 | $24161 |
| **06/30/22** | $20461 | $16239 | $20126 |
| **09/30/22** | $20121 | $16278 | $19227 |
| **12/31/22** | $22505 | $16950 | $20608 |
| **03/31/23** | $24265 | $17980 | $22088 |
| **06/30/23** | $24906 | $19248 | $23940 |
| **09/30/23** | $23979 | $17839 | $23161 |
| **12/31/23** | $25808 | $20113 | $25957 |
| **03/31/24** | $27217 | $21638 | $28558 |
| **06/30/24** | $24961 | $21006 | $29476 |
| **09/30/24** | $27724 | $22773 | $31313 |
| **12/31/24** | $27035 | $23161 | $32137 |
| **03/31/25** | $25871 | $20587 | $30620 |
| **06/30/25** | $26079 | $23050 | $33985 |
| **09/30/25** | $23798 | $25861 | $36764 |
| **12/31/25** | $23141 | $26175 | $37647 |
| **03/31/26** | $20339 | $25440 | $36157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | (21.38)% | (3.63)% | 7.36% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2610585577 |
| # of Issuers | 17 |
| Portfolio Turnover Rate | 0%<sup>Footnote Reference#,</sup><sup>Footnote Reference†</sup> |
| Total Advisory Fees Paid | $19207945 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.5%. |

---

# Baron Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Arch Capital Group Ltd. | 22.0% |
| MSCI, Inc. | 18.4% |
| Kinsale Capital Group, Inc. | 11.3% |
| Choice Hotels International, Inc. | 10.9% |
| Figs, Inc. | 7.0% |
| Gartner, Inc. | 6.4% |
| FactSet Research Systems, Inc. | 5.6% |
| Primerica, Inc. | 5.5% |
| Red Rock Resorts, Inc. | 4.8% |
| IDEXX Laboratories, Inc. | 4.3% |
| Total | 96.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g32p22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 68.6% |
| Consumer Discretionary | 26.4% |
| Information Technology | 10.7% |
| Health Care | 4.3% |
| Real Estate | 4.1% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | (14.1%)<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BGRFX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Growth Fund

# Institutional: BGRIX
This semi-annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $58 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g37r93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1033793 | $1032410 | $1026305 |
| **09/30/16** | $1060611 | $1127613 | $1071439 |
| **12/31/16** | $1059810 | $1167871 | $1116540 |
| **03/31/17** | $1170112 | $1230337 | $1180665 |
| **06/30/17** | $1241034 | $1284335 | $1216269 |
| **09/30/17** | $1281112 | $1364199 | $1271869 |
| **12/31/17** | $1349704 | $1426749 | $1352471 |
| **03/31/18** | $1383083 | $1459556 | $1343754 |
| **06/30/18** | $1493893 | $1565119 | $1396011 |
| **09/30/18** | $1612465 | $1651564 | $1495462 |
| **12/31/18** | $1313687 | $1293949 | $1281578 |
| **03/31/19** | $1598385 | $1515794 | $1461555 |
| **06/30/19** | $1710684 | $1557447 | $1521407 |
| **09/30/19** | $1698830 | $1492454 | $1539094 |
| **12/31/19** | $1845785 | $1662510 | $1679111 |
| **03/31/20** | $1434151 | $1234166 | $1328182 |
| **06/30/20** | $1827907 | $1611624 | $1620748 |
| **09/30/20** | $2028016 | $1726985 | $1769979 |
| **12/31/20** | $2455900 | $2238276 | $2029840 |
| **03/31/21** | $2478913 | $2347397 | $2158672 |
| **06/30/21** | $2672271 | $2439355 | $2336542 |
| **09/30/21** | $2769245 | $2301468 | $2334166 |
| **12/31/21** | $2950809 | $2301726 | $2550719 |
| **03/31/22** | $2557368 | $2011077 | $2416081 |
| **06/30/22** | $2079271 | $1623858 | $2012567 |
| **09/30/22** | $2045797 | $1627786 | $1922714 |
| **12/31/22** | $2289914 | $1695049 | $2060804 |
| **03/31/23** | $2470313 | $1797984 | $2208776 |
| **06/30/23** | $2537355 | $1924788 | $2394022 |
| **09/30/23** | $2444388 | $1783920 | $2316125 |
| **12/31/23** | $2632719 | $2011318 | $2595724 |
| **03/31/24** | $2778056 | $2163813 | $2855799 |
| **06/30/24** | $2549373 | $2100648 | $2947641 |
| **09/30/24** | $2833533 | $2277314 | $3131253 |
| **12/31/24** | $2765004 | $2316118 | $3213708 |
| **03/31/25** | $2647542 | $2058664 | $3061959 |
| **06/30/25** | $2670398 | $2304996 | $3398506 |
| **09/30/25** | $2438365 | $2586061 | $3676374 |
| **12/31/25** | $2372896 | $2617509 | $3764712 |
| **03/31/26** | $2086679 | $2544019 | $3615729 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | (21.18)% | (3.39)% | 7.63% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2610585577 |
| # of Issuers | 17 |
| Portfolio Turnover Rate | 0%<sup>Footnote Reference#,</sup><sup>Footnote Reference†</sup> |
| Total Advisory Fees Paid | $19207945 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.5%. |

---

# Baron Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Arch Capital Group Ltd. | 22.0% |
| MSCI, Inc. | 18.4% |
| Kinsale Capital Group, Inc. | 11.3% |
| Choice Hotels International, Inc. | 10.9% |
| Figs, Inc. | 7.0% |
| Gartner, Inc. | 6.4% |
| FactSet Research Systems, Inc. | 5.6% |
| Primerica, Inc. | 5.5% |
| Red Rock Resorts, Inc. | 4.8% |
| IDEXX Laboratories, Inc. | 4.3% |
| Total | 96.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g32p22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 68.6% |
| Consumer Discretionary | 26.4% |
| Information Technology | 10.7% |
| Health Care | 4.3% |
| Real Estate | 4.1% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | (14.1%)<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BGRIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Growth Fund

# R6: BGRUX
This semi-annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $60 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g10q92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5168940 | $5162050 | $5131524 |
| **09/30/16** | $5302232 | $5638064 | $5357196 |
| **12/31/16** | $5299100 | $5839354 | $5582700 |
| **03/31/17** | $5849655 | $6151687 | $5903327 |
| **06/30/17** | $6205078 | $6421677 | $6081346 |
| **09/30/17** | $6404567 | $6820994 | $6359346 |
| **12/31/17** | $6748346 | $7133745 | $6762357 |
| **03/31/18** | $6915211 | $7297781 | $6718772 |
| **06/30/18** | $7469166 | $7825597 | $6980055 |
| **09/30/18** | $8061926 | $8257820 | $7477309 |
| **12/31/18** | $6568300 | $6469743 | $6407888 |
| **03/31/19** | $7991535 | $7578969 | $7307777 |
| **06/30/19** | $8552929 | $7787237 | $7607037 |
| **09/30/19** | $8493670 | $7462268 | $7695471 |
| **12/31/19** | $9228313 | $8312552 | $8395555 |
| **03/31/20** | $7170517 | $6170830 | $6640909 |
| **06/30/20** | $9140014 | $8058118 | $8103739 |
| **09/30/20** | $10139299 | $8634923 | $8849893 |
| **12/31/20** | $12279397 | $11191379 | $10149200 |
| **03/31/21** | $12394442 | $11736984 | $10793361 |
| **06/30/21** | $13359921 | $12196777 | $11682711 |
| **09/30/21** | $13845824 | $11507340 | $11670828 |
| **12/31/21** | $14752338 | $11508629 | $12753596 |
| **03/31/22** | $12785521 | $10055387 | $12080404 |
| **06/30/22** | $10395512 | $8119292 | $10062836 |
| **09/30/22** | $10228175 | $8138929 | $9613570 |
| **12/31/22** | $11448523 | $8475246 | $10304022 |
| **03/31/23** | $12350334 | $8989921 | $11043882 |
| **06/30/23** | $12685475 | $9623938 | $11970111 |
| **09/30/23** | $12220734 | $8919600 | $11580624 |
| **12/31/23** | $13162199 | $10056590 | $12978620 |
| **03/31/24** | $13888730 | $10819063 | $14278993 |
| **06/30/24** | $12744248 | $10503241 | $14738204 |
| **09/30/24** | $14164760 | $11386571 | $15656267 |
| **12/31/24** | $13822186 | $11580592 | $16068541 |
| **03/31/25** | $13234992 | $10293319 | $15309793 |
| **06/30/25** | $13349249 | $11524980 | $16992529 |
| **09/30/25** | $12189325 | $12930306 | $18381869 |
| **12/31/25** | $11862118 | $13087546 | $18823562 |
| **03/31/26** | $10431319 | $12720094 | $18078647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | (21.18)% | (3.39)% | 7.63% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2610585577 |
| # of Issuers | 17 |
| Portfolio Turnover Rate | 0%<sup>Footnote Reference#,</sup><sup>Footnote Reference†</sup> |
| Total Advisory Fees Paid | $19207945 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.5%. |

---

# Baron Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Arch Capital Group Ltd. | 22.0% |
| MSCI, Inc. | 18.4% |
| Kinsale Capital Group, Inc. | 11.3% |
| Choice Hotels International, Inc. | 10.9% |
| Figs, Inc. | 7.0% |
| Gartner, Inc. | 6.4% |
| FactSet Research Systems, Inc. | 5.6% |
| Primerica, Inc. | 5.5% |
| Red Rock Resorts, Inc. | 4.8% |
| IDEXX Laboratories, Inc. | 4.3% |
| Total | 96.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g32p22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 68.6% |
| Consumer Discretionary | 26.4% |
| Information Technology | 10.7% |
| Health Care | 4.3% |
| Real Estate | 4.1% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | (14.1%)<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BGRUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Small Cap Fund

# Retail: BSCFX
This semi-annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $63 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g32y40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10493 | $10324 | $10263 |
| **09/30/16** | $11168 | $11276 | $10714 |
| **12/31/16** | $11315 | $11679 | $11165 |
| **03/31/17** | $12274 | $12303 | $11807 |
| **06/30/17** | $13096 | $12843 | $12163 |
| **09/30/17** | $13676 | $13642 | $12719 |
| **12/31/17** | $14385 | $14267 | $13525 |
| **03/31/18** | $14791 | $14596 | $13438 |
| **06/30/18** | $15735 | $15651 | $13960 |
| **09/30/18** | $17095 | $16516 | $14955 |
| **12/31/18** | $13322 | $12939 | $12816 |
| **03/31/19** | $16394 | $15158 | $14616 |
| **06/30/19** | $17196 | $15574 | $15214 |
| **09/30/19** | $16383 | $14925 | $15391 |
| **12/31/19** | $17918 | $16625 | $16791 |
| **03/31/20** | $13732 | $12342 | $13282 |
| **06/30/20** | $18626 | $16116 | $16207 |
| **09/30/20** | $21397 | $17270 | $17700 |
| **12/31/20** | $25145 | $22383 | $20298 |
| **03/31/21** | $25800 | $23474 | $21587 |
| **06/30/21** | $27425 | $24394 | $23365 |
| **09/30/21** | $27767 | $23015 | $23342 |
| **12/31/21** | $29050 | $23017 | $25507 |
| **03/31/22** | $24482 | $20111 | $24161 |
| **06/30/22** | $19914 | $16239 | $20126 |
| **09/30/22** | $19177 | $16278 | $19227 |
| **12/31/22** | $19979 | $16950 | $20608 |
| **03/31/23** | $21853 | $17980 | $22088 |
| **06/30/23** | $23248 | $19248 | $23940 |
| **09/30/23** | $22518 | $17839 | $23161 |
| **12/31/23** | $25349 | $20113 | $25957 |
| **03/31/24** | $28323 | $21638 | $28558 |
| **06/30/24** | $26480 | $21006 | $29476 |
| **09/30/24** | $29027 | $22773 | $31313 |
| **12/31/24** | $28715 | $23161 | $32137 |
| **03/31/25** | $26101 | $20587 | $30620 |
| **06/30/25** | $28791 | $23050 | $33985 |
| **09/30/25** | $28924 | $25861 | $36764 |
| **12/31/25** | $28458 | $26175 | $37647 |
| **03/31/26** | $26188 | $25440 | $36157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 0.33% | 0.30% | 10.11% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2698686352 |
| # of Issuers | 53 |
| Portfolio Turnover Rate | 3%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $17233499 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Vertiv Holdings Co. | 7.9% |
| Red Rock Resorts, Inc. | 5.0% |
| SiteOne Landscape Supply, Inc. | 4.8% |
| Kinsale Capital Group, Inc. | 4.7% |
| Guidewire Software, Inc. | 4.2% |
| Planet Fitness, Inc. | 3.3% |
| Cognex Corp. | 3.2% |
| JBT Marel Corp. | 3.1% |
| TransDigm Group Incorporated | 3.0% |
| RBC Bearings, Inc. | 2.8% |
| Total | 42.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g52z85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 33.2% |
| Consumer Discretionary | 21.2% |
| Information Technology | 18.4% |
| Financials | 11.5% |
| Health Care | 9.1% |
| Communication Services | 4.5% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Cash and Cash Equivalents | 0.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BSCFX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Small Cap Fund

# Institutional: BSFIX
This semi-annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $50 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g07l40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1050036 | $1032410 | $1026305 |
| **09/30/16** | $1118299 | $1127613 | $1071439 |
| **12/31/16** | $1133748 | $1167871 | $1116540 |
| **03/31/17** | $1230690 | $1230337 | $1180665 |
| **06/30/17** | $1313721 | $1284335 | $1216269 |
| **09/30/17** | $1372843 | $1364199 | $1271869 |
| **12/31/17** | $1444937 | $1426749 | $1352471 |
| **03/31/18** | $1486291 | $1459556 | $1343754 |
| **06/30/18** | $1582784 | $1565119 | $1396011 |
| **09/30/18** | $1720632 | $1651564 | $1495462 |
| **12/31/18** | $1341893 | $1293949 | $1281578 |
| **03/31/19** | $1652761 | $1515794 | $1461555 |
| **06/30/19** | $1734511 | $1557447 | $1521407 |
| **09/30/19** | $1653298 | $1492454 | $1539094 |
| **12/31/19** | $1809774 | $1662510 | $1679111 |
| **03/31/20** | $1387435 | $1234166 | $1328182 |
| **06/30/20** | $1883786 | $1611624 | $1620748 |
| **09/30/20** | $2165150 | $1726985 | $1769979 |
| **12/31/20** | $2545915 | $2238276 | $2029840 |
| **03/31/21** | $2613858 | $2347397 | $2158672 |
| **06/30/21** | $2780450 | $2439355 | $2336542 |
| **09/30/21** | $2817035 | $2301468 | $2334166 |
| **12/31/21** | $2949081 | $2301726 | $2550719 |
| **03/31/22** | $2486623 | $2011077 | $2416081 |
| **06/30/22** | $2024165 | $1623858 | $2012567 |
| **09/30/22** | $1950493 | $1627786 | $1922714 |
| **12/31/22** | $2033260 | $1695049 | $2060804 |
| **03/31/23** | $2225222 | $1797984 | $2208776 |
| **06/30/23** | $2369578 | $1924788 | $2394022 |
| **09/30/23** | $2295864 | $1783920 | $2316125 |
| **12/31/23** | $2586074 | $2011318 | $2595724 |
| **03/31/24** | $2891435 | $2163813 | $2855799 |
| **06/30/24** | $2705529 | $2100648 | $2947641 |
| **09/30/24** | $2967380 | $2277314 | $3131253 |
| **12/31/24** | $2938100 | $2316118 | $3213708 |
| **03/31/25** | $2671566 | $2058664 | $3061959 |
| **06/30/25** | $2948762 | $2304996 | $3398506 |
| **09/30/25** | $2964754 | $2586061 | $3676374 |
| **12/31/25** | $2918568 | $2617509 | $3764712 |
| **03/31/26** | $2687900 | $2544019 | $3615729 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 0.61% | 0.56% | 10.39% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2698686352 |
| # of Issuers | 53 |
| Portfolio Turnover Rate | 3%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $17233499 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Vertiv Holdings Co. | 7.9% |
| Red Rock Resorts, Inc. | 5.0% |
| SiteOne Landscape Supply, Inc. | 4.8% |
| Kinsale Capital Group, Inc. | 4.7% |
| Guidewire Software, Inc. | 4.2% |
| Planet Fitness, Inc. | 3.3% |
| Cognex Corp. | 3.2% |
| JBT Marel Corp. | 3.1% |
| TransDigm Group Incorporated | 3.0% |
| RBC Bearings, Inc. | 2.8% |
| Total | 42.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g52z85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 33.2% |
| Consumer Discretionary | 21.2% |
| Information Technology | 18.4% |
| Financials | 11.5% |
| Health Care | 9.1% |
| Communication Services | 4.5% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Cash and Cash Equivalents | 0.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BSFIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Small Cap Fund

# R6: BSCUX
This semi-annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $51 | 1.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g30i80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5250179 | $5162050 | $5131524 |
| **09/30/16** | $5591494 | $5638064 | $5357196 |
| **12/31/16** | $5668738 | $5839354 | $5582700 |
| **03/31/17** | $6153450 | $6151687 | $5903327 |
| **06/30/17** | $6566433 | $6421677 | $6081346 |
| **09/30/17** | $6862042 | $6820994 | $6359346 |
| **12/31/17** | $7222513 | $7133745 | $6762357 |
| **03/31/18** | $7431755 | $7297781 | $6718772 |
| **06/30/18** | $7911778 | $7825597 | $6980055 |
| **09/30/18** | $8601043 | $8257820 | $7477309 |
| **12/31/18** | $6707248 | $6469743 | $6407888 |
| **03/31/19** | $8261695 | $7578969 | $7307777 |
| **06/30/19** | $8670476 | $7787237 | $7607037 |
| **09/30/19** | $8264384 | $7462268 | $7695471 |
| **12/31/19** | $9046820 | $8312552 | $8395555 |
| **03/31/20** | $6934916 | $6170830 | $6640909 |
| **06/30/20** | $9416917 | $8058118 | $8103739 |
| **09/30/20** | $10823873 | $8634923 | $8849893 |
| **12/31/20** | $12727905 | $11191379 | $10149200 |
| **03/31/21** | $13067664 | $11736984 | $10793361 |
| **06/30/21** | $13897461 | $12196777 | $11682711 |
| **09/30/21** | $14080408 | $11507340 | $11670828 |
| **12/31/21** | $14740338 | $11508629 | $12753596 |
| **03/31/22** | $12431347 | $10055387 | $12080404 |
| **06/30/22** | $10118708 | $8119292 | $10062836 |
| **09/30/22** | $9750291 | $8138929 | $9613570 |
| **12/31/22** | $10164183 | $8475246 | $10304022 |
| **03/31/23** | $11124155 | $8989921 | $11043882 |
| **06/30/23** | $11846054 | $9623938 | $11970111 |
| **09/30/23** | $11477425 | $8919600 | $11580624 |
| **12/31/23** | $12928855 | $10056590 | $12978620 |
| **03/31/24** | $14455947 | $10819063 | $14278993 |
| **06/30/24** | $13526241 | $10503241 | $14738204 |
| **09/30/24** | $14831786 | $11386571 | $15656267 |
| **12/31/24** | $14685328 | $11580592 | $16068541 |
| **03/31/25** | $13352318 | $10293319 | $15309793 |
| **06/30/25** | $14738648 | $11524980 | $16992529 |
| **09/30/25** | $14818629 | $12930306 | $18381869 |
| **12/31/25** | $14587643 | $13087546 | $18823562 |
| **03/31/26** | $13433954 | $12720094 | $18078647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 0.61% | 0.55% | 10.39% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2698686352 |
| # of Issuers | 53 |
| Portfolio Turnover Rate | 3%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $17233499 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Vertiv Holdings Co. | 7.9% |
| Red Rock Resorts, Inc. | 5.0% |
| SiteOne Landscape Supply, Inc. | 4.8% |
| Kinsale Capital Group, Inc. | 4.7% |
| Guidewire Software, Inc. | 4.2% |
| Planet Fitness, Inc. | 3.3% |
| Cognex Corp. | 3.2% |
| JBT Marel Corp. | 3.1% |
| TransDigm Group Incorporated | 3.0% |
| RBC Bearings, Inc. | 2.8% |
| Total | 42.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g52z85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 33.2% |
| Consumer Discretionary | 21.2% |
| Information Technology | 18.4% |
| Financials | 11.5% |
| Health Care | 9.1% |
| Communication Services | 4.5% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Cash and Cash Equivalents | 0.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BSCUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Opportunity Fund

# Retail: BIOPX
This semi-annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $63 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g19g81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10332 | $10080 | $10246 |
| **09/30/16** | $10997 | $10576 | $10640 |
| **12/31/16** | $10322 | $10703 | $11047 |
| **03/31/17** | $11872 | $11627 | $11717 |
| **06/30/17** | $13229 | $12168 | $12079 |
| **09/30/17** | $13672 | $12890 | $12620 |
| **12/31/17** | $14504 | $13870 | $13459 |
| **03/31/18** | $15835 | $14076 | $13357 |
| **06/30/18** | $17421 | $14902 | $13815 |
| **09/30/18** | $18786 | $16226 | $14881 |
| **12/31/18** | $15672 | $13576 | $12869 |
| **03/31/19** | $19017 | $15773 | $14625 |
| **06/30/19** | $20180 | $16483 | $15255 |
| **09/30/19** | $19259 | $16665 | $15514 |
| **12/31/19** | $21985 | $18443 | $16921 |
| **03/31/20** | $20505 | $15704 | $13605 |
| **06/30/20** | $28638 | $20100 | $16399 |
| **09/30/20** | $33752 | $22684 | $17864 |
| **12/31/20** | $41498 | $25499 | $20034 |
| **03/31/21** | $41840 | $25803 | $21271 |
| **06/30/21** | $46049 | $28740 | $23089 |
| **09/30/21** | $45085 | $28939 | $23224 |
| **12/31/21** | $46481 | $32091 | $25785 |
| **03/31/22** | $39008 | $29121 | $24599 |
| **06/30/22** | $28466 | $23056 | $20638 |
| **09/30/22** | $27781 | $22280 | $19631 |
| **12/31/22** | $26511 | $22795 | $21115 |
| **03/31/23** | $31242 | $25953 | $22698 |
| **06/30/23** | $36322 | $29190 | $24682 |
| **09/30/23** | $34467 | $28213 | $23874 |
| **12/31/23** | $39648 | $32189 | $26665 |
| **03/31/24** | $45694 | $35803 | $29480 |
| **06/30/24** | $47683 | $38594 | $30743 |
| **09/30/24** | $49583 | $39913 | $32553 |
| **12/31/24** | $55463 | $42637 | $33337 |
| **03/31/25** | $48802 | $38375 | $31913 |
| **06/30/25** | $60123 | $45110 | $35405 |
| **09/30/25** | $63347 | $49808 | $38281 |
| **12/31/25** | $66238 | $50375 | $39298 |
| **03/31/26** | $60312 | $45569 | $37594 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 23.58% | 7.59% | 19.69% |
| Russell 3000 Growth Index | 18.75% | 12.05% | 16.38% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616959499 |
| # of Issuers | 46 |
| Portfolio Turnover Rate | 10%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $8720625 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 15.4% |
| NVIDIA Corp. | 13.3% |
| Broadcom, Inc. | 6.3% |
| Amazon.com, Inc. | 6.3% |
| Tesla, Inc. | 5.4% |
| Spotify Technology SA | 4.0% |
| Meta Platforms, Inc. | 3.9% |
| Alphabet, Inc. | 3.8% |
| Eli Lilly & Co. | 3.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2.6% |
| Total | 64.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g19m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 41.7% |
| Industrials | 18.5% |
| Consumer Discretionary | 12.5% |
| Communication Services | 11.6% |
| Health Care | 9.0% |
| Financials | 4.2% |
| Real Estate | 1.4% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Opportunity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BIOPX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Opportunity Fund

# Institutional: BIOIX
This semi-annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g13f81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1034439 | $1007996 | $1024554 |
| **09/30/16** | $1101403 | $1057625 | $1064018 |
| **12/31/16** | $1034715 | $1070330 | $1104709 |
| **03/31/17** | $1190857 | $1162736 | $1171722 |
| **06/30/17** | $1327572 | $1216840 | $1207908 |
| **09/30/17** | $1372904 | $1288962 | $1262027 |
| **12/31/17** | $1457693 | $1387010 | $1345885 |
| **03/31/18** | $1591867 | $1407582 | $1335668 |
| **06/30/18** | $1753373 | $1490246 | $1381533 |
| **09/30/18** | $1890860 | $1622625 | $1488060 |
| **12/31/18** | $1579425 | $1357618 | $1286878 |
| **03/31/19** | $1917502 | $1577272 | $1462509 |
| **06/30/19** | $2036262 | $1648281 | $1525454 |
| **09/30/19** | $1943508 | $1666473 | $1551361 |
| **12/31/19** | $2220744 | $1844274 | $1692069 |
| **03/31/20** | $2073066 | $1570368 | $1360457 |
| **06/30/20** | $2897834 | $2009971 | $1639941 |
| **09/30/20** | $3417029 | $2268437 | $1786376 |
| **12/31/20** | $4203524 | $2549931 | $2003390 |
| **03/31/21** | $4240449 | $2580335 | $2127097 |
| **06/30/21** | $4670582 | $2873972 | $2308940 |
| **09/30/21** | $4575773 | $2893934 | $2322379 |
| **12/31/21** | $4720338 | $3209059 | $2578471 |
| **03/31/22** | $3964136 | $2912143 | $2459899 |
| **06/30/22** | $2895543 | $2305639 | $2063827 |
| **09/30/22** | $2826602 | $2227957 | $1963058 |
| **12/31/22** | $2698413 | $2279524 | $2111487 |
| **03/31/23** | $3183158 | $2595265 | $2269786 |
| **06/30/23** | $3702374 | $2918968 | $2468215 |
| **09/30/23** | $3516017 | $2821340 | $2387420 |
| **12/31/23** | $4047082 | $3218905 | $2666547 |
| **03/31/24** | $4667555 | $3580263 | $2948026 |
| **06/30/24** | $4874380 | $3859364 | $3074312 |
| **09/30/24** | $5071509 | $3991289 | $3255283 |
| **12/31/24** | $5676126 | $4263676 | $3333709 |
| **03/31/25** | $4996835 | $3837492 | $3191288 |
| **06/30/25** | $6159727 | $4511030 | $3540491 |
| **09/30/25** | $6494874 | $4980772 | $3828138 |
| **12/31/25** | $6795840 | $5037546 | $3929775 |
| **03/31/26** | $6192597 | $4556863 | $3759447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 23.93% | 7.87% | 20.00% |
| Russell 3000 Growth Index | 18.75% | 12.05% | 16.38% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616959499 |
| # of Issuers | 46 |
| Portfolio Turnover Rate | 10%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $8720625 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 15.4% |
| NVIDIA Corp. | 13.3% |
| Broadcom, Inc. | 6.3% |
| Amazon.com, Inc. | 6.3% |
| Tesla, Inc. | 5.4% |
| Spotify Technology SA | 4.0% |
| Meta Platforms, Inc. | 3.9% |
| Alphabet, Inc. | 3.8% |
| Eli Lilly & Co. | 3.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2.6% |
| Total | 64.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g19m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 41.7% |
| Industrials | 18.5% |
| Consumer Discretionary | 12.5% |
| Communication Services | 11.6% |
| Health Care | 9.0% |
| Financials | 4.2% |
| Real Estate | 1.4% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Opportunity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BIOIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Opportunity Fund

# R6: BIOUX
This semi-annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g60u80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5172194 | $5039982 | $5122770 |
| **09/30/16** | $5510204 | $5288124 | $5320092 |
| **12/31/16** | $5173574 | $5351652 | $5523546 |
| **03/31/17** | $5957885 | $5813678 | $5858612 |
| **06/30/17** | $6641459 | $6084198 | $6039539 |
| **09/30/17** | $6868117 | $6444808 | $6310136 |
| **12/31/17** | $7292062 | $6935048 | $6729424 |
| **03/31/18** | $7967022 | $7037908 | $6678341 |
| **06/30/18** | $8774491 | $7451231 | $6907666 |
| **09/30/18** | $9461874 | $8113126 | $7440300 |
| **12/31/18** | $7900515 | $6788091 | $6434390 |
| **03/31/19** | $9595030 | $7886360 | $7312547 |
| **06/30/19** | $10188761 | $8241405 | $7627269 |
| **09/30/19** | $9729378 | $8332365 | $7756803 |
| **12/31/19** | $11110730 | $9221368 | $8460346 |
| **03/31/20** | $10377134 | $7851842 | $6802286 |
| **06/30/20** | $14500130 | $10049853 | $8199703 |
| **09/30/20** | $17095574 | $11342184 | $8931879 |
| **12/31/20** | $21036701 | $12749654 | $10016950 |
| **03/31/21** | $21221277 | $12901676 | $10635484 |
| **06/30/21** | $23371341 | $14369860 | $11544702 |
| **09/30/21** | $22897429 | $14469670 | $11611896 |
| **12/31/21** | $23619740 | $16045293 | $12892353 |
| **03/31/22** | $19840151 | $14560716 | $12299496 |
| **06/30/22** | $14488425 | $11528194 | $10319136 |
| **09/30/22** | $14143847 | $11139785 | $9815291 |
| **12/31/22** | $13503148 | $11397619 | $10557433 |
| **03/31/23** | $15925961 | $12976326 | $11348929 |
| **06/30/23** | $18526448 | $14594840 | $12341077 |
| **09/30/23** | $17589627 | $14106700 | $11937100 |
| **12/31/23** | $20249338 | $16094524 | $13332735 |
| **03/31/24** | $23350539 | $17901314 | $14740131 |
| **06/30/24** | $24384273 | $19296818 | $15371562 |
| **09/30/24** | $25374934 | $19956443 | $16276416 |
| **12/31/24** | $28402331 | $21318382 | $16668543 |
| **03/31/25** | $25001696 | $19187459 | $15956441 |
| **06/30/25** | $30824932 | $22555150 | $17702454 |
| **09/30/25** | $32499956 | $24903862 | $19140691 |
| **12/31/25** | $34004369 | $25187730 | $19648874 |
| **03/31/26** | $30983706 | $22784317 | $18797233 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 23.93% | 7.86% | 20.01% |
| Russell 3000 Growth Index | 18.75% | 12.05% | 16.38% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616959499 |
| # of Issuers | 46 |
| Portfolio Turnover Rate | 10%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $8720625 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Space Exploration Technologies Corp. | 15.4% |
| NVIDIA Corp. | 13.3% |
| Broadcom, Inc. | 6.3% |
| Amazon.com, Inc. | 6.3% |
| Tesla, Inc. | 5.4% |
| Spotify Technology SA | 4.0% |
| Meta Platforms, Inc. | 3.9% |
| Alphabet, Inc. | 3.8% |
| Eli Lilly & Co. | 3.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2.6% |
| Total | 64.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g19m35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 41.7% |
| Industrials | 18.5% |
| Consumer Discretionary | 12.5% |
| Communication Services | 11.6% |
| Health Care | 9.0% |
| Financials | 4.2% |
| Real Estate | 1.4% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Opportunity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BIOUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Fifth Avenue Growth Fund

# Retail: BFTHX
This semi-annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $48 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g13v51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10000 | $10061 | $10246 |
| **09/30/16** | $11013 | $10522 | $10640 |
| **12/31/16** | $10307 | $10629 | $11047 |
| **03/31/17** | $11867 | $11576 | $11717 |
| **06/30/17** | $12874 | $12116 | $12079 |
| **09/30/17** | $13682 | $12831 | $12620 |
| **12/31/17** | $14496 | $13840 | $13459 |
| **03/31/18** | $15561 | $14036 | $13357 |
| **06/30/18** | $16665 | $14844 | $13815 |
| **09/30/18** | $17655 | $16205 | $14881 |
| **12/31/18** | $14656 | $13630 | $12869 |
| **03/31/19** | $17388 | $15825 | $14625 |
| **06/30/19** | $18526 | $16559 | $15255 |
| **09/30/19** | $18270 | $16806 | $15514 |
| **12/31/19** | $19634 | $18591 | $16921 |
| **03/31/20** | $17758 | $15969 | $13605 |
| **06/30/20** | $24475 | $20415 | $16399 |
| **09/30/20** | $27323 | $23113 | $17864 |
| **12/31/20** | $29534 | $25747 | $20034 |
| **03/31/21** | $29051 | $25989 | $21271 |
| **06/30/21** | $33040 | $29091 | $23089 |
| **09/30/21** | $32552 | $29427 | $23224 |
| **12/31/21** | $32760 | $32852 | $25785 |
| **03/31/22** | $25860 | $29882 | $24599 |
| **06/30/22** | $17947 | $23630 | $20638 |
| **09/30/22** | $17420 | $22780 | $19631 |
| **12/31/22** | $16177 | $23280 | $21115 |
| **03/31/23** | $19348 | $26624 | $22698 |
| **06/30/23** | $22428 | $30035 | $24682 |
| **09/30/23** | $21634 | $29095 | $23874 |
| **12/31/23** | $25429 | $33215 | $26665 |
| **03/31/24** | $28619 | $37007 | $29480 |
| **06/30/24** | $30231 | $40091 | $30743 |
| **09/30/24** | $31292 | $41370 | $32553 |
| **12/31/24** | $34934 | $44295 | $33337 |
| **03/31/25** | $30230 | $39879 | $31913 |
| **06/30/25** | $37744 | $46993 | $35405 |
| **09/30/25** | $39924 | $51932 | $38281 |
| **12/31/25** | $41221 | $52516 | $39298 |
| **03/31/26** | $36928 | $47382 | $37594 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 22.16% | 4.92% | 13.96% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $669672184 |
| # of Issuers | 26 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $2671283 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 13.5% |
| Amazon.com, Inc. | 8.8% |
| Space Exploration Technologies Corp. | 7.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.0% |
| Alphabet, Inc. | 6.6% |
| Meta Platforms, Inc. | 6.5% |
| Shopify, Inc. | 4.7% |
| Cloudflare, Inc. | 4.2% |
| Tesla, Inc. | 4.1% |
| Samsara, Inc. | 3.7% |
| Total | 66.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g69c91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.1% |
| Consumer Discretionary | 17.5% |
| Communication Services | 13.1% |
| Health Care | 8.4% |
| Industrials | 7.5% |
| Financials | 2.9% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Fifth Avenue Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BFTHX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Fifth Avenue Growth Fund

# Institutional: BFTIX
This semi-annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $36 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g63s33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1001124 | $1006141 | $1024554 |
| **09/30/16** | $1102867 | $1052237 | $1064018 |
| **12/31/16** | $1033165 | $1062872 | $1104709 |
| **03/31/17** | $1189994 | $1157562 | $1171722 |
| **06/30/17** | $1291737 | $1211627 | $1207908 |
| **09/30/17** | $1373806 | $1283104 | $1262027 |
| **12/31/17** | $1456436 | $1383998 | $1345885 |
| **03/31/18** | $1564362 | $1403589 | $1335668 |
| **06/30/18** | $1676785 | $1484383 | $1381533 |
| **09/30/18** | $1777403 | $1620506 | $1488060 |
| **12/31/18** | $1476672 | $1363048 | $1286878 |
| **03/31/19** | $1752670 | $1582515 | $1462509 |
| **06/30/19** | $1868465 | $1655947 | $1525454 |
| **09/30/19** | $1843732 | $1680573 | $1551361 |
| **12/31/19** | $1982401 | $1859054 | $1692069 |
| **03/31/20** | $1794400 | $1596942 | $1360457 |
| **06/30/20** | $2474675 | $2041507 | $1639941 |
| **09/30/20** | $2764359 | $2311331 | $1786376 |
| **12/31/20** | $2989623 | $2574664 | $2003390 |
| **03/31/21** | $2942556 | $2598918 | $2127097 |
| **06/30/21** | $3349308 | $2909092 | $2308940 |
| **09/30/21** | $3301660 | $2942727 | $2322379 |
| **12/31/21** | $3325159 | $3285186 | $2578471 |
| **03/31/22** | $2626260 | $2988165 | $2459899 |
| **06/30/22** | $1823841 | $2362953 | $2063827 |
| **09/30/22** | $1771184 | $2277973 | $1963058 |
| **12/31/22** | $1646124 | $2327979 | $2111487 |
| **03/31/23** | $1969844 | $2662407 | $2269786 |
| **06/30/23** | $2285187 | $3003474 | $2468215 |
| **09/30/23** | $2205603 | $2909453 | $2387420 |
| **12/31/23** | $2593947 | $3321520 | $2666547 |
| **03/31/24** | $2921258 | $3700652 | $2948026 |
| **06/30/24** | $3088204 | $4009094 | $3074312 |
| **09/30/24** | $3198304 | $4136952 | $3255283 |
| **12/31/24** | $3573230 | $4429458 | $3333709 |
| **03/31/25** | $3093505 | $3987942 | $3191288 |
| **06/30/25** | $3864923 | $4699335 | $3540491 |
| **09/30/25** | $4086102 | $5193226 | $3828138 |
| **12/31/25** | $4221307 | $5251583 | $3929775 |
| **03/31/26** | $3784577 | $4738165 | $3759447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 22.34% | 5.16% | 14.24% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $669672184 |
| # of Issuers | 26 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $2671283 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 13.5% |
| Amazon.com, Inc. | 8.8% |
| Space Exploration Technologies Corp. | 7.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.0% |
| Alphabet, Inc. | 6.6% |
| Meta Platforms, Inc. | 6.5% |
| Shopify, Inc. | 4.7% |
| Cloudflare, Inc. | 4.2% |
| Tesla, Inc. | 4.1% |
| Samsara, Inc. | 3.7% |
| Total | 66.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g69c91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.1% |
| Consumer Discretionary | 17.5% |
| Communication Services | 13.1% |
| Health Care | 8.4% |
| Industrials | 7.5% |
| Financials | 2.9% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Fifth Avenue Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BFTIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Fifth Avenue Growth Fund

# R6: BFTUX
This semi-annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $36 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g81e38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5005621 | $5030703 | $5122770 |
| **09/30/16** | $5517144 | $5261187 | $5320092 |
| **12/31/16** | $5165823 | $5314359 | $5523546 |
| **03/31/17** | $5952782 | $5787810 | $5858612 |
| **06/30/17** | $6461495 | $6058134 | $6039539 |
| **09/30/17** | $6871838 | $6415519 | $6310136 |
| **12/31/17** | $7284992 | $6919992 | $6729424 |
| **03/31/18** | $7824621 | $7017944 | $6678341 |
| **06/30/18** | $8386734 | $7421915 | $6907666 |
| **09/30/18** | $8889826 | $8102531 | $7440300 |
| **12/31/18** | $7386172 | $6815241 | $6434390 |
| **03/31/19** | $8766161 | $7912576 | $7312547 |
| **06/30/19** | $9345138 | $8279736 | $7627269 |
| **09/30/19** | $9221473 | $8402866 | $7756803 |
| **12/31/19** | $9917708 | $9295268 | $8460346 |
| **03/31/20** | $8974817 | $7984712 | $6802286 |
| **06/30/20** | $12379058 | $10207537 | $8199703 |
| **09/30/20** | $13827465 | $11556657 | $8931879 |
| **12/31/20** | $14953777 | $12873321 | $10016950 |
| **03/31/21** | $14718445 | $12994592 | $10635484 |
| **06/30/21** | $16752182 | $14545459 | $11544702 |
| **09/30/21** | $16513944 | $14713635 | $11611896 |
| **12/31/21** | $16631448 | $16425931 | $12892353 |
| **03/31/22** | $13137019 | $14940825 | $12299496 |
| **06/30/22** | $9122016 | $11814763 | $10319136 |
| **09/30/22** | $8858737 | $11389863 | $9815291 |
| **12/31/22** | $8227466 | $11639895 | $10557433 |
| **03/31/23** | $9849024 | $13312033 | $11348929 |
| **06/30/23** | $11422714 | $15017370 | $12341077 |
| **09/30/23** | $11027796 | $14547265 | $11937100 |
| **12/31/23** | $12969478 | $16607598 | $13332735 |
| **03/31/24** | $14603004 | $18503262 | $14740131 |
| **06/30/24** | $15437717 | $20045470 | $15371562 |
| **09/30/24** | $15988210 | $20684759 | $16276416 |
| **12/31/24** | $17859808 | $22147289 | $16668543 |
| **03/31/25** | $15464237 | $19939710 | $15956441 |
| **06/30/25** | $19318243 | $23496675 | $17702454 |
| **09/30/25** | $20448229 | $25966131 | $19140691 |
| **12/31/25** | $21124238 | $26257915 | $19648874 |
| **03/31/26** | $18937568 | $23690825 | $18797233 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 22.46% | 5.17% | 14.24% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $669672184 |
| # of Issuers | 26 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $2671283 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 13.5% |
| Amazon.com, Inc. | 8.8% |
| Space Exploration Technologies Corp. | 7.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.0% |
| Alphabet, Inc. | 6.6% |
| Meta Platforms, Inc. | 6.5% |
| Shopify, Inc. | 4.7% |
| Cloudflare, Inc. | 4.2% |
| Tesla, Inc. | 4.1% |
| Samsara, Inc. | 3.7% |
| Total | 66.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g69c91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.1% |
| Consumer Discretionary | 17.5% |
| Communication Services | 13.1% |
| Health Care | 8.4% |
| Industrials | 7.5% |
| Financials | 2.9% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Fifth Avenue Growth Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BFTUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Discovery Fund

# Retail: BDFFX
This semi-annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $62 | 1.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g83u18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $11012 | $10324 | $10263 |
| **09/30/16** | $12689 | $11276 | $10714 |
| **12/31/16** | $12679 | $11679 | $11165 |
| **03/31/17** | $14156 | $12303 | $11807 |
| **06/30/17** | $15794 | $12843 | $12163 |
| **09/30/17** | $16628 | $13642 | $12719 |
| **12/31/17** | $17183 | $14267 | $13525 |
| **03/31/18** | $16956 | $14596 | $13438 |
| **06/30/18** | $19797 | $15651 | $13960 |
| **09/30/18** | $22526 | $16516 | $14955 |
| **12/31/18** | $17256 | $12939 | $12816 |
| **03/31/19** | $20638 | $15158 | $14616 |
| **06/30/19** | $20852 | $15574 | $15214 |
| **09/30/19** | $19830 | $14925 | $15391 |
| **12/31/19** | $21822 | $16625 | $16791 |
| **03/31/20** | $17463 | $12342 | $13282 |
| **06/30/20** | $24277 | $16116 | $16207 |
| **09/30/20** | $28819 | $17270 | $17700 |
| **12/31/20** | $36161 | $22383 | $20298 |
| **03/31/21** | $38838 | $23474 | $21587 |
| **06/30/21** | $41166 | $24394 | $23365 |
| **09/30/21** | $39082 | $23015 | $23342 |
| **12/31/21** | $37835 | $23017 | $25507 |
| **03/31/22** | $31635 | $20111 | $24161 |
| **06/30/22** | $24448 | $16239 | $20126 |
| **09/30/22** | $24437 | $16278 | $19227 |
| **12/31/22** | $24481 | $16950 | $20608 |
| **03/31/23** | $27213 | $17980 | $22088 |
| **06/30/23** | $28157 | $19248 | $23940 |
| **09/30/23** | $26642 | $17839 | $23161 |
| **12/31/23** | $29934 | $20113 | $25957 |
| **03/31/24** | $31284 | $21638 | $28558 |
| **06/30/24** | $28815 | $21006 | $29476 |
| **09/30/24** | $32711 | $22773 | $31313 |
| **12/31/24** | $34708 | $23161 | $32137 |
| **03/31/25** | $32546 | $20587 | $30620 |
| **06/30/25** | $37330 | $23050 | $33985 |
| **09/30/25** | $38362 | $25861 | $36764 |
| **12/31/25** | $38417 | $26175 | $37647 |
| **03/31/26** | $34291 | $25440 | $36157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 5.36% | (2.46)% | 13.11% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616946848 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 16%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $9299350 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Liberty Live Holdings, Inc. | 3.9% |
| Advanced Energy Industries, Inc. | 3.8% |
| Dynatrace, Inc. | 3.7% |
| Loar Holdings, Inc. | 2.8% |
| Guidewire Software, Inc. | 2.8% |
| CareDx, Inc. | 2.6% |
| Forgent Power Solutions, Inc. | 2.5% |
| SiteOne Landscape Supply, Inc. | 2.5% |
| Waystar Holding Corp. | 2.5% |
| Establishment Labs Holdings, Inc. | 2.4% |
| Total | 29.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g03s87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.3% |
| Health Care | 21.6% |
| Industrials | 21.0% |
| Consumer Discretionary | 16.6% |
| Financials | 4.3% |
| Communication Services | 2.2% |
| Consumer Staples | 1.8% |
| Cash and Cash Equivalents | 6.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Discovery Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BDFFX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Discovery Fund

# Institutional: BDFIX
This semi-annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $50 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g29a07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $1000000 | $1000000 | $1000000 |
| **06/30/16** | $1101583 | $1032410 | $1026305 |
| **09/30/16** | $1271057 | $1127613 | $1071439 |
| **12/31/16** | $1271057 | $1167871 | $1116540 |
| **03/31/17** | $1419818 | $1230337 | $1180665 |
| **06/30/17** | $1584584 | $1284335 | $1216269 |
| **09/30/17** | $1670263 | $1364199 | $1271869 |
| **12/31/17** | $1726538 | $1426749 | $1352471 |
| **03/31/18** | $1704838 | $1459556 | $1343754 |
| **06/30/18** | $1991651 | $1565119 | $1396011 |
| **09/30/18** | $2267142 | $1651564 | $1495462 |
| **12/31/18** | $1737532 | $1293949 | $1281578 |
| **03/31/19** | $2080158 | $1515794 | $1461555 |
| **06/30/19** | $2102525 | $1557447 | $1521407 |
| **09/30/19** | $2000856 | $1492454 | $1539094 |
| **12/31/19** | $2204084 | $1662510 | $1679111 |
| **03/31/20** | $1764285 | $1234166 | $1328182 |
| **06/30/20** | $2454525 | $1611624 | $1620748 |
| **09/30/20** | $2916721 | $1726985 | $1769979 |
| **12/31/20** | $3661603 | $2238276 | $2029840 |
| **03/31/21** | $3935250 | $2347397 | $2158672 |
| **06/30/21** | $4174165 | $2439355 | $2336542 |
| **09/30/21** | $3964720 | $2301468 | $2334166 |
| **12/31/21** | $3840741 | $2301726 | $2550719 |
| **03/31/22** | $3214794 | $2011077 | $2416081 |
| **06/30/22** | $2486340 | $1623858 | $2012567 |
| **09/30/22** | $2486340 | $1627786 | $1922714 |
| **12/31/22** | $2491793 | $1695049 | $2060804 |
| **03/31/23** | $2770961 | $1797984 | $2208776 |
| **06/30/23** | $2870196 | $1924788 | $2394022 |
| **09/30/23** | $2716436 | $1783920 | $2316125 |
| **12/31/23** | $3054491 | $2011318 | $2595724 |
| **03/31/24** | $3194075 | $2163813 | $2855799 |
| **06/30/24** | $2945441 | $2100648 | $2947641 |
| **09/30/24** | $3344564 | $2277314 | $3131253 |
| **12/31/24** | $3551759 | $2316118 | $3213708 |
| **03/31/25** | $3332568 | $2058664 | $3061959 |
| **06/30/25** | $3824384 | $2304996 | $3398506 |
| **09/30/25** | $3933434 | $2586061 | $3676374 |
| **12/31/25** | $3941067 | $2617509 | $3764712 |
| **03/31/26** | $3521225 | $2544019 | $3615729 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 5.66% | (2.20)% | 13.41% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616946848 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 16%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $9299350 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Liberty Live Holdings, Inc. | 3.9% |
| Advanced Energy Industries, Inc. | 3.8% |
| Dynatrace, Inc. | 3.7% |
| Loar Holdings, Inc. | 2.8% |
| Guidewire Software, Inc. | 2.8% |
| CareDx, Inc. | 2.6% |
| Forgent Power Solutions, Inc. | 2.5% |
| SiteOne Landscape Supply, Inc. | 2.5% |
| Waystar Holding Corp. | 2.5% |
| Establishment Labs Holdings, Inc. | 2.4% |
| Total | 29.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g03s87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.3% |
| Health Care | 21.6% |
| Industrials | 21.0% |
| Consumer Discretionary | 16.6% |
| Financials | 4.3% |
| Communication Services | 2.2% |
| Consumer Staples | 1.8% |
| Cash and Cash Equivalents | 6.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Discovery Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BDFIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Discovery Fund

# R6: BDFUX
This semi-annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $50 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61932g89g88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **03/31/16** | $5000000 | $5000000 | $5000000 |
| **06/30/16** | $5507913 | $5162050 | $5131524 |
| **09/30/16** | $6355284 | $5638064 | $5357196 |
| **12/31/16** | $6355284 | $5839354 | $5582700 |
| **03/31/17** | $7099088 | $6151687 | $5903327 |
| **06/30/17** | $7922921 | $6421677 | $6081346 |
| **09/30/17** | $8351314 | $6820994 | $6359346 |
| **12/31/17** | $8633818 | $7133745 | $6762357 |
| **03/31/18** | $8525306 | $7297781 | $6718772 |
| **06/30/18** | $9959558 | $7825597 | $6980055 |
| **09/30/18** | $11337194 | $8257820 | $7477309 |
| **12/31/18** | $8688797 | $6469743 | $6407888 |
| **03/31/19** | $10402152 | $7578969 | $7307777 |
| **06/30/19** | $10514003 | $7787237 | $7607037 |
| **09/30/19** | $10005589 | $7462268 | $7695471 |
| **12/31/19** | $11021862 | $8312552 | $8395555 |
| **03/31/20** | $8827671 | $6170830 | $6640909 |
| **06/30/20** | $12274230 | $8058118 | $8103739 |
| **09/30/20** | $14585512 | $8634923 | $8849893 |
| **12/31/20** | $18315485 | $11191379 | $10149200 |
| **03/31/21** | $19683883 | $11736984 | $10793361 |
| **06/30/21** | $20873337 | $12196777 | $11682711 |
| **09/30/21** | $19831249 | $11507340 | $11670828 |
| **12/31/21** | $19211474 | $11508629 | $12753596 |
| **03/31/22** | $16075908 | $10055387 | $12080404 |
| **06/30/22** | $12433199 | $8119292 | $10062836 |
| **09/30/22** | $12433199 | $8138929 | $9613570 |
| **12/31/22** | $12460465 | $8475246 | $10304022 |
| **03/31/23** | $13861926 | $8989921 | $11043882 |
| **06/30/23** | $14352710 | $9623938 | $11970111 |
| **09/30/23** | $13589268 | $8919600 | $11580624 |
| **12/31/23** | $15274294 | $10056590 | $12978620 |
| **03/31/24** | $15972298 | $10819063 | $14278993 |
| **06/30/24** | $14728978 | $10503241 | $14738204 |
| **09/30/24** | $16724834 | $11386571 | $15656267 |
| **12/31/24** | $17760934 | $11580592 | $16068541 |
| **03/31/25** | $16664849 | $10293319 | $15309793 |
| **06/30/25** | $19129676 | $11524980 | $16992529 |
| **09/30/25** | $19674992 | $12930306 | $18381869 |
| **12/31/25** | $19707711 | $13087546 | $18823562 |
| **03/31/26** | $17608245 | $12720094 | $18078647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 5.66% | (2.20)% | 13.42% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1616946848 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 16%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $9299350 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| Liberty Live Holdings, Inc. | 3.9% |
| Advanced Energy Industries, Inc. | 3.8% |
| Dynatrace, Inc. | 3.7% |
| Loar Holdings, Inc. | 2.8% |
| Guidewire Software, Inc. | 2.8% |
| CareDx, Inc. | 2.6% |
| Forgent Power Solutions, Inc. | 2.5% |
| SiteOne Landscape Supply, Inc. | 2.5% |
| Waystar Holding Corp. | 2.5% |
| Establishment Labs Holdings, Inc. | 2.4% |
| Total | 29.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g03s87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.3% |
| Health Care | 21.6% |
| Industrials | 21.0% |
| Consumer Discretionary | 16.6% |
| Financials | 4.3% |
| Communication Services | 2.2% |
| Consumer Staples | 1.8% |
| Cash and Cash Equivalents | 6.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Discovery Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BDFUX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Durable Advantage Fund

# Retail: BDAFX
This semi-annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $46 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g61932g89a26.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail** | **S&P 500 Index** |
| **12/29/17** | $10000 | $10000 |
| **3/31/18** | $10130 | $9924 |
| **6/30/18** | $10310 | $10265 |
| **9/30/18** | $10740 | $11056 |
| **12/31/18** | $9252 | $9562 |
| **3/31/19** | $10617 | $10867 |
| **6/30/19** | $11460 | $11334 |
| **9/30/19** | $11811 | $11527 |
| **12/31/19** | $13025 | $12572 |
| **3/31/20** | $10938 | $10108 |
| **6/30/20** | $13357 | $12185 |
| **9/30/20** | $14539 | $13273 |
| **12/31/20** | $15645 | $14885 |
| **3/31/21** | $16097 | $15804 |
| **6/30/21** | $18207 | $17156 |
| **9/30/21** | $18576 | $17255 |
| **12/31/21** | $20619 | $19158 |
| **3/31/22** | $18481 | $18277 |
| **6/30/22** | $15577 | $15334 |
| **9/30/22** | $14781 | $14586 |
| **12/31/22** | $15467 | $15688 |
| **3/31/23** | $17937 | $16865 |
| **6/30/23** | $19842 | $18339 |
| **9/30/23** | $19711 | $17739 |
| **12/31/23** | $22444 | $19813 |
| **3/31/24** | $24874 | $21904 |
| **6/30/24** | $26155 | $22842 |
| **9/30/24** | $27617 | $24187 |
| **12/31/24** | $28476 | $24770 |
| **3/31/25** | $26459 | $23711 |
| **6/30/25** | $30573 | $26306 |
| **9/30/25** | $32267 | $28443 |
| **12/31/25** | $33104 | $29198 |
| **3/31/26** | $30099 | $27933 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Retail | 13.76% | 13.33% | 14.30% |
| S&P 500 Index | 17.80% | 12.06% | 13.27% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $482633640 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $1659152 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Durable Advantage Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 8.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8.0% |
| Amazon.com, Inc. | 7.0% |
| Alphabet, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| Monolithic Power Systems, Inc. | 5.0% |
| Broadcom, Inc. | 4.9% |
| Microsoft Corporation | 4.9% |
| Visa, Inc. | 4.1% |
| Welltower, Inc. | 3.3% |
| Total | 59.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g70p19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.7% |
| Financials | 29.1% |
| Communication Services | 13.7% |
| Consumer Discretionary | 8.1% |
| Industrials | 5.9% |
| Real Estate | 3.3% |
| Health Care | 2.5% |
| Consumer Staples | 1.3% |
| Cash and Cash Equivalents | 0.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Durable Advantage Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Retail: BDAFX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Durable Advantage Fund

# Institutional: BDAIX
This semi-annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $34 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g61932g61i48.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **S&P 500 Index** |
| **12/29/17** | $1000000 | $1000000 |
| **3/31/18** | $1013000 | $992409 |
| **6/30/18** | $1032000 | $1026487 |
| **9/30/18** | $1076000 | $1105637 |
| **12/31/18** | $927226 | $956158 |
| **3/31/19** | $1064704 | $1086653 |
| **6/30/19** | $1150001 | $1133421 |
| **9/30/19** | $1186127 | $1152670 |
| **12/31/19** | $1308553 | $1257217 |
| **3/31/20** | $1099827 | $1010827 |
| **6/30/20** | $1343675 | $1218485 |
| **9/30/20** | $1462968 | $1327287 |
| **12/31/20** | $1574499 | $1488530 |
| **3/31/21** | $1621724 | $1580445 |
| **6/30/21** | $1834739 | $1715556 |
| **9/30/21** | $1873695 | $1725541 |
| **12/31/21** | $2080936 | $1915818 |
| **3/31/22** | $1866189 | $1827719 |
| **6/30/22** | $1573809 | $1533435 |
| **9/30/22** | $1495169 | $1458563 |
| **12/31/22** | $1564735 | $1568846 |
| **3/31/23** | $1815778 | $1686464 |
| **6/30/23** | $2009354 | $1833898 |
| **9/30/23** | $1998264 | $1773866 |
| **12/31/23** | $2276890 | $1981259 |
| **3/31/24** | $2524158 | $2190400 |
| **6/30/24** | $2655362 | $2284231 |
| **9/30/24** | $2806751 | $2418694 |
| **12/31/24** | $2894886 | $2476964 |
| **3/31/25** | $2691576 | $2371145 |
| **6/30/25** | $3112356 | $2630605 |
| **9/30/25** | $3287344 | $2844328 |
| **12/31/25** | $3374333 | $2919845 |
| **3/31/26** | $3069874 | $2793290 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Institutional | 14.05% | 13.61% | 14.57% |
| S&P 500 Index | 17.80% | 12.06% | 13.27% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $482633640 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $1659152 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Durable Advantage Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 8.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8.0% |
| Amazon.com, Inc. | 7.0% |
| Alphabet, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| Monolithic Power Systems, Inc. | 5.0% |
| Broadcom, Inc. | 4.9% |
| Microsoft Corporation | 4.9% |
| Visa, Inc. | 4.1% |
| Welltower, Inc. | 3.3% |
| Total | 59.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g70p19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.7% |
| Financials | 29.1% |
| Communication Services | 13.7% |
| Consumer Discretionary | 8.1% |
| Industrials | 5.9% |
| Real Estate | 3.3% |
| Health Care | 2.5% |
| Consumer Staples | 1.3% |
| Cash and Cash Equivalents | 0.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Durable Advantage Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Institutional: BDAIX
![Image](g61932g44c44.jpg)

#### Semi-Annual Shareholder Report - March 31, 2026

# Baron Durable Advantage Fund

# R6: BDAUX
This semi-annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the period?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $34 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g61932g97s58.jpg)

---

| | | |
|:---|:---|:---|
| | **R6** | **S&P 500 Index** |
| **12/29/17** | $5000000 | $5000000 |
| **3/31/18** | $5065000 | $4962045 |
| **6/30/18** | $5160000 | $5132435 |
| **9/30/18** | $5375000 | $5528185 |
| **12/31/18** | $4636130 | $4780788 |
| **3/31/19** | $5323522 | $5433264 |
| **6/30/19** | $5750006 | $5667103 |
| **9/30/19** | $5930634 | $5763348 |
| **12/31/19** | $6542764 | $6286085 |
| **3/31/20** | $5499133 | $5054136 |
| **6/30/20** | $6718375 | $6092425 |
| **9/30/20** | $7314841 | $6636436 |
| **12/31/20** | $7872497 | $7442650 |
| **3/31/21** | $8108621 | $7902225 |
| **6/30/21** | $9173694 | $8577778 |
| **9/30/21** | $9363447 | $8627704 |
| **12/31/21** | $10404682 | $9579091 |
| **3/31/22** | $9330943 | $9138595 |
| **6/30/22** | $7869045 | $7667176 |
| **9/30/22** | $7470804 | $7292816 |
| **12/31/22** | $7823676 | $7844232 |
| **3/31/23** | $9078892 | $8432318 |
| **6/30/23** | $10046769 | $9169490 |
| **9/30/23** | $9991318 | $8869332 |
| **12/31/23** | $11384447 | $9906297 |
| **3/31/24** | $12625837 | $10952000 |
| **6/30/24** | $13281855 | $11421157 |
| **9/30/24** | $14033754 | $12093469 |
| **12/31/24** | $14479487 | $12384821 |
| **3/31/25** | $13462939 | $11855725 |
| **6/30/25** | $15566840 | $13153023 |
| **9/30/25** | $16436722 | $14221641 |
| **12/31/25** | $16876720 | $14599224 |
| **3/31/26** | $15354427 | $13966450 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| R6 | 14.05% | 13.62% | 14.57% |
| S&P 500 Index | 17.80% | 12.06% | 13.27% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $482633640 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 2%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $1659152 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Durable Advantage Fund
March 31, 2026

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (3/31/26)\*** |
| NVIDIA Corp. | 8.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8.0% |
| Amazon.com, Inc. | 7.0% |
| Alphabet, Inc. | 6.9% |
| Meta Platforms, Inc. | 6.8% |
| Monolithic Power Systems, Inc. | 5.0% |
| Broadcom, Inc. | 4.9% |
| Microsoft Corporation | 4.9% |
| Visa, Inc. | 4.1% |
| Welltower, Inc. | 3.3% |
| Total | 59.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61932g70p19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.7% |
| Financials | 29.1% |
| Communication Services | 13.7% |
| Consumer Discretionary | 8.1% |
| Industrials | 5.9% |
| Real Estate | 3.3% |
| Health Care | 2.5% |
| Consumer Staples | 1.3% |
| Cash and Cash Equivalents | 0.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61932g76r66.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61932g44c44.jpg)

# Baron Durable Advantage Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# R6: BDAUX

------

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information is disclosed as part of the Financial Statements and Other Important Information included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Baron Discovery Fund

Baron Durable Advantage Fund

March 31, 2026

## Baron Funds<sup>®</sup>

## Baron Investment Funds Trust

## Semi-Annual Financial Statements

## and Other Important Information

---

| | |
|:---|:---|
| Baron Asset Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BARAX Institutional Shares: BARIX R6 Shares: BARUX* |  |
| Baron Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BGRFX Institutional Shares: BGRIX R6 Shares: BGRUX* |  |
| Baron Small Cap Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BSCFX Institutional Shares: BSFIX R6 Shares: BSCUX* |  |
| Baron Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BIOPX Institutional Shares: BIOIX R6 Shares: BIOUX* |  |
| Baron Fifth Avenue Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFTHX Institutional Shares: BFTIX R6 Shares: BFTUX* |  |
| Baron Discovery Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BDFFX Institutional Shares: BDFIX R6 Shares: BDFUX* |  |
| Baron Durable Advantage Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BDAFX Institutional Shares: BDAIX R6 Shares: BDAUX* |  |
| Financial Statements |  |
| [Portfolios of Investments](#cov61932_1) | 2 |
| [Statements of Assets and Liabilities](#cov61932_2) | 13 |
| [Statements of Operations](#cov61932_3) | 15 |
| [Statements of Changes in Net Assets](#cov61932_4) | 17 |
| [Statement of Cash Flows](#cov61932_44) | 20 |
| [Notes to Financial Statements](#cov61932_5) | 21 |
| [Financial Highlights](#cov61932_6) | 33 |
| [Changes in and Disagreements with Accountants](#cov61932_7) | 40 |
| [Results of Meeting(s) of Shareholders](#cov61932_8) | 40 |
| [Remuneration Paid to Directors, Officers, and Others](#cov61932_9) | 40 |

---

DEAR BARON INVESTMENT FUNDS TRUST SHAREHOLDER:

In this report, you will find unaudited semi-annual financial statements for 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 (the Funds) for the six months ended March 31, 2026.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g61932rbaron_sig158.jpg) <br>| ![LOGO](g61932g01k07.jpg) <br>| ![LOGO](g61932g25i74.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> May 21, 2026 | Patrick M. Patalino<br> Chief Operating Officer<br> May 21, 2026 | Christopher Snively<br> Chief Financial Officer and Treasurer<br> May 21, 2026 |

---

These Semi-Annual Financial Statements are for the Baron Investment Funds Trust, which currently has seven series: 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. If you are interested in Baron Select Funds, which contains the Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, and Baron India Fund, or Baron ETF Trust, which contains Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, Baron Technology ETF, and Baron Emerging Markets Select ETF, please visit the Funds' website at BaronCapitalGroup.com or contact us at 1-800-99BARON.

The Funds' Proxy Voting Policy is available without charge and can be found on the Funds' website at BaronCapitalGroup.com, by clicking on the "Regulatory Documents" link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the Securities and Exchange Commissions's (SEC) website at sec.gov. The Funds' most current proxy voting record, Form N-PX, is also available on the Funds' website and on the SEC's website.

The Funds file their complete Portfolios of Investments with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at sec.gov. Portfolios of Investments current to the most recent first and third quarters are also available on the Funds' website.

**Past performance is no guarantee of future results.** The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. For more complete information about Baron Funds, including charges and expenses, call, write or go to BaronCapitalGroup.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds' current prospectus or summary prospectus.

![LOGO](g61932g22m01.jpg)

------

Baron Asset Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (73.62%) | Common Stocks (73.62%) | Common Stocks (73.62%) | Common Stocks (73.62%) |
| Communication Services (1.65%) | Communication Services (1.65%) | Communication Services (1.65%) | Communication Services (1.65%) |
|  | **Movies & Entertainment (1.65%)** | **Movies & Entertainment (1.65%)** | **Movies & Entertainment (1.65%)** |
| 90030 | Spotify Technology SA<sup>1,2</sup> | $22203025 | $43656447 |
| 1766765 | StubHub Holdings, Inc., Cl A<sup>1,4</sup> | 68279309 | 11024614 |
| **Total Communication Services** | **Total Communication Services** | 90482334 | 54681061 |
| Consumer Discretionary (7.72%) | Consumer Discretionary (7.72%) | Consumer Discretionary (7.72%) | Consumer Discretionary (7.72%) |
|  | **Casinos & Gaming (0.62%)** |  |  |
| 950000 | DraftKings, Inc., Cl A<sup>1</sup> | 36748925 | 20539000 |
|  | **Footwear (1.82%)** |  |  |
| 591069 | Birkenstock Holding PLC<sup>1,2</sup> | 26321038 | 21178002 |
| 1147000 | On Holding AG, Cl A<sup>1,2</sup> | 35496145 | 39020940 |
|  |  | 61817183 | 60198942 |
|  | **Home Improvement Retail (0.46%)** |  |  |
| 300000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 26497918 | 15240000 |
|  | **Hotels, Resorts & Cruise Lines (3.67%)** |  |  |
| 388682 | Choice Hotels International, Inc. | 1672734 | 40228587 |
| 31000 | Hilton Worldwide Holdings, Inc. | 6489341 | 9426480 |
| 500233 | Hyatt Hotels Corp., Cl A | 13700166 | 71928503 |
|  |  | 21862241 | 121583570 |
|  | **Leisure Facilities (1.15%)** |  |  |
| 298231 | Vail Resorts, Inc. | 5755019 | 38269002 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 152681286 | 255830514 |
| Financials (11.00%) | Financials (11.00%) | Financials (11.00%) | Financials (11.00%) |
|  | **Financial Exchanges & Data (2.97%)** |  |  |
| 152719 | FactSet Research Systems, Inc. | 8111765 | 33138496 |
| 53000 | MSCI, Inc. | 19223355 | 28567530 |
| 311189 | Tradeweb Markets, Inc., Cl A | 12937284 | 36614497 |
|  |  | 40272404 | 98320523 |
|  | **Insurance Brokers (0.65%)** |  |  |
| 74451 | Willis Towers Watson PLC<sup>2</sup> | 9189144 | 21642906 |
|  | **Investment Banking & Brokerage (2.96%)** |  |  |
| 868394 | The Charles Schwab Corp. | 767067 | 81611668 |
| 55000 | LPL Financial Holdings, Inc. | 20659483 | 16545650 |
|  |  | 21426550 | 98157318 |
|  | **Property & Casualty Insurance (4.42%)** |  |  |
| 1523417 | Arch Capital Group Ltd.<sup>1,2</sup> | 5499102 | 146232798 |
| **Total Financials** | **Total Financials** | 76387200 | 364353545 |
| Health Care (10.43%) | Health Care (10.43%) | Health Care (10.43%) | Health Care (10.43%) |
|  | **Health Care Equipment (4.56%)** |  |  |
| 269176 | IDEXX Laboratories, Inc.<sup>1</sup> | 5106120 | 151247303 |
|  | **Health Care Supplies (0.89%)** |  |  |
| 411198 | The Cooper Companies, Inc.<sup>1</sup> | 17222441 | 29400657 |
|  | **Health Care Technology (0.78%)** |  |  |
| 146728 | Veeva Systems, Inc., Cl A<sup>1</sup> | 8211614 | 25774240 |
|  | **Life Sciences Tools & Services (4.20%)** |  |  |
| 85647 | Mettler-Toledo International, Inc.<sup>1</sup> | 5094628 | 108017997 |
| 144000 | Repligen Corp.<sup>1</sup> | 23336583 | 16966080 |
| 56474 | West Pharmaceutical Services, Inc. | 2439756 | 14154643 |
|  |  | 30870967 | 139138720 |
| **Total Health Care** | **Total Health Care** | 61411142 | 345560920 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Industrials (17.00%) | Industrials (17.00%) | Industrials (17.00%) | Industrials (17.00%) |
|  | **Aerospace & Defense (1.72%)** | **Aerospace & Defense (1.72%)** | **Aerospace & Defense (1.72%)** |
| 60000 | Axon Enterprise, Inc.<sup>1</sup> | $15677319 | $25481400 |
| 550000 | Loar Holdings, Inc.<sup>1</sup> | 40056269 | 31509500 |
|  |  | 55733588 | 56990900 |
|  | **Construction & Engineering (4.23%)** |  |  |
| 255080 | Quanta Services, Inc. | 43127971 | 140044022 |
|  | **Data Processing & Outsourced Services (0.82%)** |  |  |
| 403076 | SS&C Technologies Holdings, Inc. | 10805709 | 27235845 |
|  | **Electrical Components & Equipment (2.97%)** |  |  |
| 873738 | Forgent Power Solutions, Inc.<sup>1,4</sup> | 24824448 | 25574311 |
| 290000 | Vertiv Holdings Co., Cl A | 27408196 | 72668200 |
|  |  | 52232644 | 98242511 |
|  | **Environmental & Facilities Services (1.46%)** |  |  |
| 905558 | Rollins, Inc. | 11646413 | 48365853 |
|  | **Industrial Machinery & Supplies & Components (0.19%)** |  |  |
| 33460 | IDEX Corp. | 2409866 | 6342343 |
|  | **Research & Consulting Services (5.61%)** |  |  |
| 360000 | Booz Allen Hamilton Holding Corp. | 37329077 | 28090800 |
| 575500 | TransUnion | 24489693 | 39818845 |
| 621476 | Verisk Analytics, Inc. | 16077901 | 117925071 |
|  |  | 77896671 | 185834716 |
| **Total Industrials** | **Total Industrials** | 253852862 | 563056190 |
| Information Technology (18.28%) | Information Technology (18.28%) | Information Technology (18.28%) | Information Technology (18.28%) |
|  | **Application Software (9.55%)** | **Application Software (9.55%)** | **Application Software (9.55%)** |
| 51047 | Fair Isaac Corp.<sup>1</sup> | 20148932 | 54494714 |
| 862495 | Guidewire Software, Inc.<sup>1</sup> | 43112663 | 128994752 |
| 515000 | Procore Technologies, Inc.<sup>1</sup> | 37516513 | 29355000 |
| 170692 | Roper Technologies, Inc. | 14441721 | 60401071 |
| 850000 | Samsara, Inc., Cl A<sup>1</sup> | 33416962 | 26936500 |
| 256493 | ServiceTitan, Inc., Cl A<sup>1</sup> | 20395336 | 16277046 |
|  |  | 169032127 | 316459083 |
|  | **Electronic Components (5.34%)** |  |  |
| 1398270 | Amphenol Corp., Cl A | 33277000 | 176671415 |
|  | **IT Consulting & Other Services (2.75%)** |  |  |
| 575973 | Gartner, Inc.<sup>1</sup> | 12046961 | 91199565 |
|  | **Technology Distributors (0.64%)** |  |  |
| 175011 | CDW Corp. | 10561989 | 21179831 |
| **Total Information Technology** | **Total Information Technology** | 224918077 | 605509894 |
| Materials (0.57%) | Materials (0.57%) | Materials (0.57%) | Materials (0.57%) |
|  | **Construction Materials (0.57%)** |  |  |
| 70000 | Vulcan Materials Co. | 18696217 | 19061000 |
| Real Estate (6.97%) | Real Estate (6.97%) | Real Estate (6.97%) | Real Estate (6.97%) |
|  | **Data Center REITs (1.37%)** | **Data Center REITs (1.37%)** | **Data Center REITs (1.37%)** |
| 46116 | Equinix, Inc. | 2965260 | 45204748 |
|  | **Health Care REITs (1.31%)** |  |  |
| 220000 | Welltower, Inc. | 31846794 | 43496200 |

---

2 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Asset Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Shares |  | Cost | Cost | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Real Estate (continued) | Real Estate (continued) | Real Estate (continued) | Real Estate (continued) | Real Estate (continued) | Real Estate (continued) |
|  | **Real Estate Services (4.29%)** |  |  |  |  |
| 496323 | CBRE Group, Inc., Cl A<sup>1</sup> | $| 5552581 | $| 67231914 |
| 1854901 | CoStar Group, Inc.<sup>1</sup> |  | 37631527 |  | 74826706 |
|  |  |  | 43184108 |  | 142058620 |
| **Total Real Estate** | **Total Real Estate** |  | 77996162 |  | 230759568 |
| **Total Common Stocks** | **Total Common Stocks** |  | 956425280 |  | 2438812692 |
| Private Common Stocks (10.19%) | Private Common Stocks (10.19%) | Private Common Stocks (10.19%) | Private Common Stocks (10.19%) | Private Common Stocks (10.19%) | Private Common Stocks (10.19%) |
| Industrials (10.19%) | Industrials (10.19%) | Industrials (10.19%) | Industrials (10.19%) | Industrials (10.19%) | Industrials (10.19%) |
|  | **Aerospace & Defense (10.19%)** | **Aerospace & Defense (10.19%)** | **Aerospace & Defense (10.19%)** | **Aerospace & Defense (10.19%)** | **Aerospace & Defense (10.19%)** |
| 571270 | Space Exploration Technologies Corp., Cl A<sup>1,3,4,5</sup> |  | 47115255 |  | 300825069 |
| 69932 | Space Exploration Technologies Corp., Cl C<sup>1,3,4,5</sup> |  | 5384764 |  | 36825492 |
| **Total Private Common Stocks** | **Total Private Common Stocks** |  | 52500019 |  | 337650561 |

---

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Private Preferred Stocks (15.50%) | Private Preferred Stocks (15.50%) | Private Preferred Stocks (15.50%) |
| Industrials (15.50%) | Industrials (15.50%) | Industrials (15.50%) |
|  | **Aerospace & Defense (15.50%)** | **Aerospace & Defense (15.50%)** |
| 277529 Skyryse, Inc., Series C<sup>1,3,4,5</sup> | $7499999 | $6299909 |
| 96298 Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,5</sup> | 26000460 | 507095638 |
| **Total Private Preferred Stocks** | 33500459 | 513395547 |
| Total Investments (99.31%) | $1042425758 | 3289858800 |
| Cash and Other Assets Less Liabilities (0.69%) | Cash and Other Assets Less Liabilities (0.69%) | 22808304 |
| Net Assets |  | $3312667104 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $851,046,108 or 25.69% of net assets. See Note 6 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 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 3

------

Baron Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Cost | Value | Value |
| Common Stocks (114.12%) | Common Stocks (114.12%) | Common Stocks (114.12%) |  |  |
| Consumer Discretionary (26.41%) | Consumer Discretionary (26.41%) | Consumer Discretionary (26.41%) |  |  |
|  | **Apparel, Accessories & Luxury Goods (7.00%)** |  |  |  |
| 12368569 | Figs, Inc., Cl A<sup>1,6</sup> | $87745510 | $| 182683764 |
|  | **Casinos & Gaming (4.80%)** |  |  |  |
| 2347802 | Red Rock Resorts, Inc., Cl A<sup>6</sup> | 61849524 |  | 125278715 |
|  | **Hotels, Resorts & Cruise Lines (10.90%)** |  |  |  |
| 2750000 | Choice Hotels International, Inc.<sup>4,6</sup> | 74401886 |  | 284625000 |
|  | **Leisure Facilities (3.71%)** |  |  |  |
| 755000 | Vail Resorts, Inc.<sup>6</sup> | 34344189 |  | 96881600 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 258341109 |  | 689469079 |
| Financials (68.58%) | Financials (68.58%) | Financials (68.58%) | Financials (68.58%) | Financials (68.58%) |
|  | **Financial Exchanges & Data (27.52%)** |  |  |  |
| 675000 | FactSet Research Systems, Inc.<sup>6</sup> | 39552157 |  | 146468250 |
| 535000 | Morningstar, Inc.<sup>6</sup> | 11283789 |  | 90441750 |
| 893400 | MSCI, Inc.<sup>6</sup> | 17037791 |  | 481551534 |
|  |  | 67873737 |  | 718461534 |
|  | **Investment Banking & Brokerage (2.20%)** |  |  |  |
| 400000 | Houlihan Lokey, Inc.<sup>6</sup> | 17562923 |  | 57448000 |
|  | **Life & Health Insurance (5.53%)** |  |  |  |
| 576000 | Primerica, Inc.<sup>6</sup> | 12443393 |  | 144276480 |
|  | **Property & Casualty Insurance (33.33%)** |  |  |  |
| 5991000 | Arch Capital Group Ltd.<sup>1,2,6</sup> | 19245668 |  | 575076090 |
| 863900 | Kinsale Capital Group, Inc.<sup>6</sup> | 28683670 |  | 295160074 |
|  |  | 47929338 |  | 870236164 |
| **Total Financials** | **Total Financials** | 145809391 |  | 1790422178 |
| Health Care (4.30%) | Health Care (4.30%) | Health Care (4.30%) | Health Care (4.30%) | Health Care (4.30%) |
|  | **Health Care Equipment (4.30%)** | **Health Care Equipment (4.30%)** | **Health Care Equipment (4.30%)** | **Health Care Equipment (4.30%)** |
| 200000 | IDEXX Laboratories, Inc.<sup>1,6</sup> | 2814668 |  | 112378000 |
| Information Technology (10.73%) | Information Technology (10.73%) | Information Technology (10.73%) | Information Technology (10.73%) | Information Technology (10.73%) |
|  | **Application Software (4.30%)** |  |  |  |
| 750000 | Guidewire Software, Inc.<sup>1,6</sup> | 22750078 |  | 112170000 |
|  | **IT Consulting & Other<br>Services (6.43%)** |  |  |  |
| 1060000 | Gartner, Inc.<sup>1,6</sup> | 15058991 |  | 167840400 |
| **Total Information Technology** | **Total Information Technology** | 37809069 |  | 280010400 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |  |
| Real Estate (4.10%) | Real Estate (4.10%) | Real Estate (4.10%) | Real Estate (4.10%) |
|  | **Real Estate Services (4.10%)** | **Real Estate Services (4.10%)** | **Real Estate Services (4.10%)** |
| 2650000 | CoStar Group, Inc.<sup>1,6</sup> | $11168482 | $106901000 |
| **Total Common Stocks** | **Total Common Stocks** | 455942719 | 2979180657 |
| Private Common Stocks (0.03%) | Private Common Stocks (0.03%) | Private Common Stocks (0.03%) | Private Common Stocks (0.03%) |
| Unclassified (0.03%) | Unclassified (0.03%) | Unclassified (0.03%) | Unclassified (0.03%) |
|  | **Unclassified (0.03%)** | **Unclassified (0.03%)** | **Unclassified (0.03%)** |
| 422278 | Farmers Business Network, Inc.<sup>1,3,5,7,9</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>1,2,3,5,8,9</sup> | 9374988 | 0 |
| Total Investments (114.15%) | Total Investments (114.15%) | $481617709 | 2979966094 |
| Liabilities Less Cash and Other Assets (-14.15%) | Liabilities Less Cash and Other Assets (-14.15%) | Liabilities Less Cash and Other Assets (-14.15%) | (369380517) |
| Net Assets | Net Assets |  | $2610585577 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $785,437 or 0.03% of net assets. See Note 6 regarding Restricted Securities. 

<sup>4</sup> See Note 4 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 (unaudited). 

<sup>6</sup> All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable outstanding. At March 31, 2026, the total market value of pledged securities amounted to $746,022,984 or 28.58% of net assets. 

<sup>7</sup> The Adviser reclassified sector and sub-industry to Unclassified due to ongoing principal business activity restructuring.

<sup>8</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>9</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

4 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (99.78%) | Common Stocks (99.78%) | Common Stocks (99.78%) | Common Stocks (99.78%) |
| Communication Services (4.48%) | Communication Services (4.48%) | Communication Services (4.48%) | Communication Services (4.48%) |
|  | **Movies & Entertainment (4.48%)** |  |  |
| 800000 | Liberty Media Corp.-Liberty Formula One, Cl C<sup>1</sup> | $15267597 | $68016000 |
| 165000 | Madison Square Garden<br>Sports Corp.<sup>1</sup> | 6210197 | 53031000 |
| **Total Communication Services** | **Total Communication Services** | 21477794 | 121047000 |
| Consumer Discretionary (21.17%) | Consumer Discretionary (21.17%) | Consumer Discretionary (21.17%) | Consumer Discretionary (21.17%) |
|  | **Automotive Parts & Equipment (0.37%)** | **Automotive Parts & Equipment (0.37%)** | **Automotive Parts & Equipment (0.37%)** |
| 3250000 | Holley, Inc.<sup>1</sup> | 15612642 | 9977500 |
|  | **Casinos & Gaming (6.24%)** |  |  |
| 1500000 | DraftKings, Inc., Cl A<sup>1</sup> | 27760213 | 32430000 |
| 2550000 | Red Rock Resorts, Inc., Cl A | 80807313 | 136068000 |
|  |  | 108567526 | 168498000 |
|  | **Education Services (2.59%)** |  |  |
| 850000 | Bright Horizons Family<br>Solutions, Inc.<sup>1</sup> | 41901355 | 69810500 |
|  | **Home Improvement<br>Retail (0.72%)** |  |  |
| 380000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 12604199 | 19304000 |
|  | **Homebuilding (1.72%)** |  |  |
| 175000 | Installed Building Products, Inc. | 7629502 | 46401250 |
|  | **Leisure Facilities (3.31%)** |  |  |
| 1200000 | Planet Fitness, Inc., Cl A<sup>1</sup> | 51236511 | 89256000 |
|  | **Restaurants (2.03%)** |  |  |
| 1000000 | The Cheesecake Factory, Inc. | 25222081 | 54750000 |
|  | **Specialized Consumer<br>Services (4.19%)** |  |  |
| 4500000 | Driven Brands Holdings, Inc.<sup>1</sup> | 76882119 | 56745000 |
| 600000 | Liberty Live Holdings, Inc., Cl C<sup>1</sup> | 34070759 | 56466000 |
|  |  | 110952878 | 113211000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 373726694 | 571208250 |
| Consumer Staples (0.91%) | Consumer Staples (0.91%) | Consumer Staples (0.91%) | Consumer Staples (0.91%) |
|  | **Packaged Foods &<br>Meats (0.91%)** |  |  |
| 1500000 | Once Upon a Farm PBC<sup>1</sup> | 27847079 | 24525000 |
| Financials (11.51%) | Financials (11.51%) | Financials (11.51%) | Financials (11.51%) |
|  | **Asset Management & Custody Banks (0.80%)** |  |  |
| 2200000 | GCM Grosvenor, Inc., Cl A | 24160896 | 21560000 |
|  | **Insurance Brokers (3.42%)** |  |  |
| 1200000 | Accelerant Holdings, Cl A<sup>1,2</sup> | 26436576 | 16032000 |
| 2700000 | Baldwin Insurance<br>Group, Inc., Cl A<sup>1</sup> | 38913842 | 59238000 |
| 700000 | Neptune Insurance<br>Holdings, Inc., Cl A<sup>1,3</sup> | 14860182 | 16933000 |
|  |  | 80210600 | 92203000 |
|  | **Investment Banking &<br>Brokerage (2.61%)** |  |  |
| 490000 | Houlihan Lokey, Inc. | 22571571 | 70373800 |
|  | **Property & Casualty<br>Insurance (4.68%)** |  |  |
| 370000 | Kinsale Capital Group, Inc. | 54889638 | 126414200 |
| **Total Financials** | **Total Financials** | 181832705 | 310551000 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (9.13%) | Health Care (9.13%) | Health Care (9.13%) | Health Care (9.13%) |
|  | **Health Care Equipment (0.52%)** | **Health Care Equipment (0.52%)** | **Health Care Equipment (0.52%)** |
| 225000 | DexCom, Inc.<sup>1</sup> | $746235 | $14130000 |
|  | **Health Care Services (2.55%)** |  |  |
| 700000 | Hinge Health, Inc., Cl A<sup>1</sup> | 23746715 | 26992000 |
| 750000 | RadNet, Inc.<sup>1</sup> | 44042531 | 41917500 |
|  |  | 67789246 | 68909500 |
|  | **Health Care Supplies (1.72%)** |  |  |
| 5000000 | Neogen Corp.<sup>1</sup> | 50262368 | 46450000 |
|  | **Life Sciences Tools & Services (2.02%)** |  |  |
| 400000 | ICON plc<sup>1,2</sup> | 11417367 | 44264000 |
| 8000 | Mettler-Toledo International, Inc.<sup>1</sup> | 386055 | 10089600 |
|  |  | 11803422 | 54353600 |
|  | **Managed Health Care (2.32%)** |  |  |
| 750000 | HealthEquity, Inc.<sup>1</sup> | 12292452 | 62677500 |
| **Total Health Care** | **Total Health Care** | 142893723 | 246520600 |
| Industrials (33.17%) | Industrials (33.17%) | Industrials (33.17%) | Industrials (33.17%) |
|  | **Aerospace & Defense (6.08%)** | **Aerospace & Defense (6.08%)** | **Aerospace & Defense (6.08%)** |
| 445000 | Karman Holdings, Inc.<sup>1</sup> | 13208896 | 35622250 |
| 475000 | Kratos Defense & Security Solutions, Inc.<sup>1</sup> | 10313729 | 33492250 |
| 70000 | TransDigm Group, Inc.<sup>1</sup> | 0 | 81127200 |
| 75000 | VSE Corp. | 14100061 | 13830000 |
|  |  | 37622686 | 164071700 |
|  | **Construction &<br>Engineering (2.30%)** |  |  |
| 1100000 | Legence Corp., Cl A<sup>1</sup> | 30800000 | 62106000 |
|  | **Electrical Components & Equipment (7.89%)** |  |  |
| 850000 | Vertiv Holdings Co., Cl A | 9617072 | 212993000 |
|  | **Environmental & Facilities<br>Services (1.14%)** |  |  |
| 190000 | Waste Connections, Inc.<sup>2</sup> | 8296667 | 30863600 |
|  | **Human Resource & Employment<br>Services (1.64%)** |  |  |
| 3750000 | First Advantage Corp.<sup>1</sup> | 60629977 | 44100000 |
|  | **Industrial Machinery & Supplies & Components (7.62%)** |  |  |
| 180000 | Enpro, Inc. | 31537948 | 45117000 |
| 660000 | JBT Marel Corp. | 59851004 | 84394200 |
| 140000 | RBC Bearings, Inc.<sup>1</sup> | 21040660 | 76036800 |
|  |  | 112429612 | 205548000 |
|  | **Research & Consulting<br>Services (1.69%)** |  |  |
| 900000 | Andersen Group, Inc., Cl A<sup>1</sup> | 16676713 | 24480000 |
| 325000 | Exponent, Inc. | 24588630 | 21206250 |
|  |  | 41265343 | 45686250 |
|  | **Trading Companies &<br>Distributors (4.81%)** |  |  |
| 975000 | SiteOne Landscape Supply, Inc.<sup>1</sup> | 48472808 | 129782250 |
| **Total Industrials** | **Total Industrials** | 349134165 | 895150800 |

---

See Notes to Financial Statements. 5

------

Baron Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (18.36%) | Information Technology (18.36%) | Information Technology (18.36%) | Information Technology (18.36%) |
|  | **Application Software (7.05%)** | **Application Software (7.05%)** | **Application Software (7.05%)** |
| 750000 | Guidewire Software, Inc.<sup>1</sup> | $19187566 | $112170000 |
| 1675000 | Intapp, Inc.<sup>1</sup> | 65120759 | 43030750 |
| 1550000 | nCino, Inc.<sup>1</sup> | 49646801 | 23219000 |
| 900000 | PAR Technology Corp.<sup>1</sup> | 55901507 | 11997000 |
|  |  | 189856633 | 190416750 |
|  | **Electronic Equipment & Instruments (5.42%)** |  |  |
| 1740000 | Cognex Corp. | 38600852 | 85242600 |
| 750000 | Mirion Technologies, Inc.<sup>1</sup> | 16605355 | 13942500 |
| 400000 | Novanta, Inc.<sup>1,2</sup> | 44477575 | 47244000 |
|  |  | 99683782 | 146429100 |
|  | **IT Consulting & Other<br>Services (4.27%)** |  |  |
| 1000000 | ASGN, Inc.<sup>1</sup> | 20162788 | 38710000 |
| 375000 | Gartner, Inc.<sup>1</sup> | 5045128 | 59377500 |
| 3000000 | Grid Dynamics Holdings, Inc.<sup>1</sup> | 36322597 | 17100000 |
|  |  | 61530513 | 115187500 |
|  | **Semiconductors (0.66%)** |  |  |
| 5500000 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 33521133 | 17710000 |
|  | **Systems Software (0.96%)** |  |  |
| 550000 | JFrog Ltd.<sup>1,2</sup> | 17628411 | 25811500 |
| **Total Information Technology** | **Total Information Technology** | 402220472 | 495554850 |
| Materials (1.05%) | Materials (1.05%) | Materials (1.05%) | Materials (1.05%) |
|  | **Specialty Chemicals (1.05%)** | **Specialty Chemicals (1.05%)** | **Specialty Chemicals (1.05%)** |
| 778000 | Avient Corp. | 24540793 | 28241400 |
| Total Investments (99.78%) | Total Investments (99.78%) | $1523673425 | 2692798900 |
| Cash and Other Assets Less Liabilities (0.22%) | Cash and Other Assets Less Liabilities (0.22%) | Cash and Other Assets Less Liabilities (0.22%) | 5887452 |
| Net Assets | Net Assets | Net Assets | $2698686352 |

---

---

| | |
|:---|:---|
| % | 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.

6 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (83.48%) | Common Stocks (83.48%) | Common Stocks (83.48%) | Common Stocks (83.48%) |
| Communication Services (11.64%) | Communication Services (11.64%) | Communication Services (11.64%) | Communication Services (11.64%) |
|  | **Interactive Media &<br>Services (7.67%)** | **Interactive Media &<br>Services (7.67%)** | **Interactive Media &<br>Services (7.67%)** |
| 214000 | Alphabet, Inc., Cl A | $72135042 | $61537840 |
| 109200 | Meta Platforms, Inc., Cl A | 22795646 | 62476596 |
|  |  | 94930688 | 124014436 |
|  | **Movies & Entertainment (3.97%)** |  |  |
| 132500 | Spotify Technology SA<sup>1,2</sup> | 43037447 | 64250575 |
| **Total Communication Services** | **Total Communication Services** | 137968135 | 188265011 |
| Consumer Discretionary (12.47%) | Consumer Discretionary (12.47%) | Consumer Discretionary (12.47%) | Consumer Discretionary (12.47%) |
|  | **Automobile Manufacturers (5.41%)** | **Automobile Manufacturers (5.41%)** | **Automobile Manufacturers (5.41%)** |
| 235200 | Tesla, Inc.<sup>1</sup> | 15496090 | 87435600 |
|  | **Broadline Retail (6.25%)** | **Broadline Retail (6.25%)** | **Broadline Retail (6.25%)** |
| 485500 | Amazon.com, Inc.<sup>1</sup> | 29742116 | 101115085 |
|  | **Footwear (0.81%)** | **Footwear (0.81%)** | **Footwear (0.81%)** |
| 382000 | On Holding AG, Cl A<sup>1,2</sup> | 14700015 | 12995640 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 59938221 | 201546325 |
| Financials (4.22%) | Financials (4.22%) | Financials (4.22%) | Financials (4.22%) |
|  | **Investment Banking &<br>Brokerage (0.61%)** |  |  |
| 106000 | The Charles Schwab Corp. | 10125077 | 9961880 |
|  | **Transaction & Payment Processing<br>Services (3.61%)** |  |  |
| 56400 | Mastercard, Incorporated, Cl A | 12019014 | 28180824 |
| 99800 | Visa, Inc., Cl A | 15336163 | 30163552 |
|  |  | 27355177 | 58344376 |
| **Total Financials** | **Total Financials** | 37480254 | 68306256 |
| Health Care (8.96%) | Health Care (8.96%) | Health Care (8.96%) | Health Care (8.96%) |
|  | **Biotechnology (2.12%)** | **Biotechnology (2.12%)** | **Biotechnology (2.12%)** |
| 46869 | argenx SE, ADR<sup>1,2</sup> | 5811341 | 34226087 |
|  | **Health Care Equipment (1.17%)** | **Health Care Equipment (1.17%)** | **Health Care Equipment (1.17%)** |
| 41105 | Intuitive Surgical, Inc.<sup>1</sup> | 4585816 | 18948994 |
|  | **Health Care Services (0.85%)** | **Health Care Services (0.85%)** | **Health Care Services (0.85%)** |
| 356785 | Hinge Health, Inc., Cl A<sup>1</sup> | 12727678 | 13757630 |
|  | **Health Care Technology (0.98%)** | **Health Care Technology (0.98%)** | **Health Care Technology (0.98%)** |
| 652259 | HeartFlow, Inc.<sup>1</sup> | 16691543 | 15869461 |
|  | **Life Sciences Tools &<br>Services (0.43%)** | **Life Sciences Tools &<br>Services (0.43%)** | **Life Sciences Tools &<br>Services (0.43%)** |
| 87803 | BillionToOne, Inc., Cl A<sup>1,4</sup> | 6241877 | 6931169 |
|  | **Pharmaceuticals (3.41%)** | **Pharmaceuticals (3.41%)** | **Pharmaceuticals (3.41%)** |
| 59900 | Eli Lilly & Co. | 46313970 | 55094223 |
| **Total Health Care** | **Total Health Care** | 92372225 | 144827564 |
| Industrials (3.15%) | Industrials (3.15%) | Industrials (3.15%) | Industrials (3.15%) |
|  | **Aerospace & Defense (1.05%)** | **Aerospace & Defense (1.05%)** | **Aerospace & Defense (1.05%)** |
| 39900 | Axon Enterprise, Inc.<sup>1</sup> | 22012993 | 16945131 |
|  | **Construction & Engineering (0.85%)** | **Construction & Engineering (0.85%)** | **Construction & Engineering (0.85%)** |
| 25000 | Quanta Services, Inc. | 6003860 | 13725500 |
|  | **Electrical Components &<br>Equipment (1.25%)** | **Electrical Components &<br>Equipment (1.25%)** | **Electrical Components &<br>Equipment (1.25%)** |
| 691290 | Forgent Power Solutions, Inc.<sup>1,4</sup> | 19005798 | 20234058 |
| **Total Industrials** | **Total Industrials** | 47022651 | 50904689 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (41.68%) | Information Technology (41.68%) | Information Technology (41.68%) | Information Technology (41.68%) |
|  | **Application Software (4.34%)** | **Application Software (4.34%)** | **Application Software (4.34%)** |
| 152100 | Guidewire Software, Inc.<sup>1</sup> | $12497459 | $22748076 |
| 933000 | Samsara, Inc., Cl A<sup>1</sup> | 30988156 | 29566770 |
| 120500 | ServiceNow, Inc.<sup>1,4</sup> | 3170684 | 12598275 |
| 350577 | Via Transportation, Inc., Cl A<sup>1</sup> | 12055943 | 5258655 |
|  |  | 58712242 | 70171776 |
|  | **Communications Equipment (1.28%)** |  |  |
| 83097 | Arista Networks, Inc.<sup>1</sup> | 12383993 | 10202650 |
| 15000 | Lumentum Holdings, Inc.<sup>1</sup> | 6763850 | 10541400 |
|  |  | 19147843 | 20744050 |
|  | **Electronic Components (0.59%)** | **Electronic Components (0.59%)** | **Electronic Components (0.59%)** |
| 40000 | Coherent Corp.<sup>1</sup> | 9101220 | 9528400 |
|  | **Internet Services &<br>Infrastructure (3.09%)** | **Internet Services &<br>Infrastructure (3.09%)** | **Internet Services &<br>Infrastructure (3.09%)** |
| 622000 | GDS Holdings Ltd., ADR<sup>1,2</sup> | 11046841 | 25060380 |
| 209200 | Shopify, Inc., Cl A<sup>1,2</sup> | 10216257 | 24815304 |
|  |  | 21263098 | 49875684 |
|  | **IT Consulting & Other Services (0.81%)** |  |  |
| 82887 | Gartner, Inc.<sup>1</sup> | 3628227 | 13124327 |
|  | **Semiconductor Materials &<br>Equipment (1.47%)** | **Semiconductor Materials &<br>Equipment (1.47%)** | **Semiconductor Materials &<br>Equipment (1.47%)** |
| 9400 | ASML Holding N.V.<sup>2</sup> | 13186287 | 12415802 |
| 53200 | Lam Research Corp. | 12120991 | 11366712 |
|  |  | 25307278 | 23782514 |
|  | **Semiconductors (24.72%)** | **Semiconductors (24.72%)** | **Semiconductors (24.72%)** |
| 328400 | Broadcom, Inc. | 45961515 | 101643084 |
| 6500000 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 28706932 | 20930000 |
| 19500 | Monolithic Power Systems, Inc. | 11338786 | 21320325 |
| 1229900 | NVIDIA Corp. | 7077559 | 214494560 |
| 122200 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR<sup>2</sup> | 14811451 | 41297490 |
|  |  | 107896243 | 399685459 |
|  | **Systems Software (5.38%)** | **Systems Software (5.38%)** | **Systems Software (5.38%)** |
| 105600 | Cloudflare, Inc., Cl A<sup>1,4</sup> | 6681505 | 21789504 |
| 10000 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 4110591 | 3904100 |
| 186000 | Datadog, Inc., Cl A<sup>1,4</sup> | 20837091 | 21957300 |
| 278138 | Netskope, Inc., Cl A<sup>1</sup> | 4583371 | 2361392 |
| 220500 | Rubrik, Inc., Cl A<sup>1</sup> | 11574490 | 10797885 |
| 119100 | Snowflake, Inc., Cl A<sup>1,4</sup> | 20035929 | 17962662 |
| 58500 | Zscaler, Inc.<sup>1</sup> | 10827409 | 8206965 |
|  |  | 78650386 | 86979808 |
| **Total Information Technology** | **Total Information Technology** | 323706537 | 673892018 |
| Real Estate (1.36%) | Real Estate (1.36%) | Real Estate (1.36%) | Real Estate (1.36%) |
|  | **Health Care REITs (0.25%)** | **Health Care REITs (0.25%)** | **Health Care REITs (0.25%)** |
| 21000 | Welltower, Inc. | 4099171 | 4151910 |
|  | **Real Estate Services (1.11%)** | **Real Estate Services (1.11%)** | **Real Estate Services (1.11%)** |
| 443730 | CoStar Group, Inc.<sup>1</sup> | 21674450 | 17900068 |
| **Total Real Estate** | **Total Real Estate** | 25773621 | 22051978 |
| **Total Common Stocks** | **Total Common Stocks** | 724261644 | 1349793841 |

---

See Notes to Financial Statements. 7

------

Baron Opportunity Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Private Common Stocks (9.35%) | Private Common Stocks (9.35%) | Private Common Stocks (9.35%) | Private Common Stocks (9.35%) |
| Industrials (9.33%) | Industrials (9.33%) | Industrials (9.33%) | Industrials (9.33%) |
|  | **Aerospace & Defense (9.33%)** | **Aerospace & Defense (9.33%)** | **Aerospace & Defense (9.33%)** |
| 202952 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,6</sup> | $25042992 | $106872493 |
| 83588 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,6</sup> | 10957102 | 44016605 |
| **Total Industrials** | **Total Industrials** | 36000094 | 150889098 |
| 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> | 2394651 | 338645 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | 38394745 | 151227743 |
| Private Convertible Preferred Stocks (0.17%) | Private Convertible Preferred Stocks (0.17%) | Private Convertible Preferred Stocks (0.17%) | Private Convertible Preferred Stocks (0.17%) |
| Unclassified (0.17%) | Unclassified (0.17%) | Unclassified (0.17%) | Unclassified (0.17%) |
|  | **Unclassified (0.17%)** | **Unclassified (0.17%)** | **Unclassified (0.17%)** |
| 37254 | Farmers Business<br>Network, Inc., Series F<sup>1,3,4,5,6</sup> | 4855355 | 684729 |
| 615761 | Farmers Business<br>Network, Inc., Units<sup>1,3,4,5,6</sup> | 615761 | 2081272 |
| **Total Private Convertible Preferred Stocks** | **Total Private Convertible Preferred Stocks** | 5471116 | 2766001 |
| Private Preferred Stocks (6.03%) | Private Preferred Stocks (6.03%) | Private Preferred Stocks (6.03%) | Private Preferred Stocks (6.03%) |
| Industrials (6.03%) | Industrials (6.03%) | Industrials (6.03%) | Industrials (6.03%) |
|  | **Aerospace & Defense (6.03%)** |  |  |
| 18519 | Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,6</sup> | 5000130 | 97519202 |
| Total Investments (99.03%) | Total Investments (99.03%) | $773127635 | 1601306787 |
| Cash and Other Assets Less Liabilities (0.97%) | Cash and Other Assets Less Liabilities (0.97%) | Cash and Other Assets Less Liabilities (0.97%) | 15652712 |
| Net Assets | Net Assets | Net Assets | $1616959499 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $251,512,946 or 15.55% of net assets. See Note 6 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 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.

8 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (92.03%) | Common Stocks (92.03%) | Common Stocks (92.03%) | Common Stocks (92.03%) |
| Communication Services (13.10%) | Communication Services (13.10%) | Communication Services (13.10%) | Communication Services (13.10%) |
|  | **Interactive Media &<br>Services (13.10%)** | **Interactive Media &<br>Services (13.10%)** | **Interactive Media &<br>Services (13.10%)** |
| 154207 | Alphabet, Inc., Cl A | $25748132 | $44343765 |
| 75852 | Meta Platforms, Inc., Cl A | 5985553 | 43397205 |
| **Total Communication Services** | **Total Communication Services** | 31733685 | 87740970 |
| Consumer Discretionary (17.51%) | Consumer Discretionary (17.51%) | Consumer Discretionary (17.51%) | Consumer Discretionary (17.51%) |
|  | **Automobile Manufacturers (4.12%)** | **Automobile Manufacturers (4.12%)** | **Automobile Manufacturers (4.12%)** |
| 74227 | Tesla, Inc.<sup>1</sup> | 16024679 | 27593887 |
|  | **Broadline Retail (13.39%)** | **Broadline Retail (13.39%)** | **Broadline Retail (13.39%)** |
| 284121 | Amazon.com, Inc.<sup>1</sup> | 2673396 | 59173881 |
| 580389 | Coupang, Inc.<sup>1</sup> | 10557520 | 10957744 |
| 11282 | MercadoLibre, Inc.<sup>1</sup> | 8336830 | 19506804 |
|  |  | 21567746 | 89638429 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 37592425 | 117232316 |
| Financials (2.88%) | Financials (2.88%) | Financials (2.88%) | Financials (2.88%) |
|  | **Asset Management &<br>Custody Banks (2.88%)** | **Asset Management &<br>Custody Banks (2.88%)** | **Asset Management &<br>Custody Banks (2.88%)** |
| 208498 | KKR & Co., Inc. | 25934424 | 19286065 |
| Health Care (8.43%) | Health Care (8.43%) | Health Care (8.43%) | Health Care (8.43%) |
|  | **Biotechnology (2.69%)** | **Biotechnology (2.69%)** | **Biotechnology (2.69%)** |
| 24676 | argenx SE, ADR<sup>1,2</sup> | 8466336 | 18019649 |
|  | **Health Care Equipment (2.99%)** | **Health Care Equipment (2.99%)** | **Health Care Equipment (2.99%)** |
| 43393 | Intuitive Surgical, Inc.<sup>1</sup> | 5068231 | 20003739 |
|  | **Life Sciences Tools & Services (1.70%)** | **Life Sciences Tools & Services (1.70%)** | **Life Sciences Tools & Services (1.70%)** |
| 4609 | GRAIL, Inc.<sup>1,4</sup> | 28246 | 238193 |
| 90524 | Illumina, Inc.<sup>1</sup> | 6777437 | 11157988 |
|  |  | 6805683 | 11396181 |
|  | **Pharmaceuticals (1.05%)** | **Pharmaceuticals (1.05%)** | **Pharmaceuticals (1.05%)** |
| 7654 | Eli Lilly & Co. | 5255146 | 7039920 |
| **Total Health Care** | **Total Health Care** | 25595396 | 56459489 |
| Information Technology (50.11%) | Information Technology (50.11%) | Information Technology (50.11%) | Information Technology (50.11%) |
|  | **Application Software (3.83%)** | **Application Software (3.83%)** | **Application Software (3.83%)** |
| 47676 | Figma, Inc., Cl A<sup>1</sup> | 1573308 | 1007871 |
| 776874 | Samsara, Inc., Cl A<sup>1</sup> | 29003919 | 24619137 |
|  |  | 30577227 | 25627008 |
|  | **Electronic Components (0.93%)** | **Electronic Components (0.93%)** | **Electronic Components (0.93%)** |
| 49381 | Amphenol Corp., Cl A | 7189255 | 6239289 |
|  | **Internet Services &<br>Infrastructure (4.72%)** | **Internet Services &<br>Infrastructure (4.72%)** | **Internet Services &<br>Infrastructure (4.72%)** |
| 266539 | Shopify, Inc., Cl A<sup>1,2</sup> | 12692489 | 31616856 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (continued) | Information Technology (continued) | Information Technology (continued) | Information Technology (continued) |
|  | **Semiconductor Materials &<br>Equipment (3.00%)** | **Semiconductor Materials &<br>Equipment (3.00%)** | **Semiconductor Materials &<br>Equipment (3.00%)** |
| 15222 | ASML Holding N.V.<sup>2</sup> | $2954473 | $20105674 |
|  | **Semiconductors (25.88%)** | **Semiconductors (25.88%)** | **Semiconductors (25.88%)** |
| 53852 | Broadcom, Inc. | 18465447 | 16667732 |
| 17279 | Monolithic Power Systems, Inc. | 16192052 | 18891995 |
| 519452 | NVIDIA Corp. | 6777240 | 90592429 |
| 139558 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR<sup>2</sup> | 26454594 | 47163626 |
|  |  | 67889333 | 173315782 |
|  | **Systems Software (11.75%)** | **Systems Software (11.75%)** | **Systems Software (11.75%)** |
| 136622 | Cloudflare, Inc., Cl A<sup>1</sup> | 10915868 | 28190584 |
| 36869 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 6131149 | 14394026 |
| 163005 | Datadog, Inc., Cl A<sup>1</sup> | 10904741 | 19242740 |
| 111629 | Snowflake, Inc., Cl A<sup>1</sup> | 14448366 | 16835886 |
|  |  | 42400124 | 78663236 |
| **Total Information Technology** | **Total Information Technology** | **163702901** | **335567845** |
| **Total Common Stocks** | **Total Common Stocks** | **284558831** | **616286685** |
| Private Common Stocks (7.53%) | Private Common Stocks (7.53%) | Private Common Stocks (7.53%) | Private Common Stocks (7.53%) |
| Industrials (7.53%) | Industrials (7.53%) | Industrials (7.53%) | Industrials (7.53%) |
|  | **Aerospace & Defense (7.53%)** |  |  |
| 83486 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | 15432194 | 43962893 |
| 12240 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,5</sup> | 567692 | 6445461 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **15999886** | **50408354** |
| Total Investments (99.56%) | Total Investments (99.56%) | $300558717 | 666695039 |
| Cash and Other Assets Less Liabilities (0.44%) | Cash and Other Assets Less Liabilities (0.44%) | Cash and Other Assets Less Liabilities (0.44%) | 2977145 |
| Net Assets | Net Assets | Net Assets | $669672184 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $50,408,354 or 7.53% of net assets. See Note 6 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 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 9

------

Baron Discovery Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) |
| Communication Services (2.22%) | Communication Services (2.22%) | Communication Services (2.22%) | Communication Services (2.22%) |
|  | **Integrated Telecommunication<br>Services (1.32%)** |  |  |
| 575000 | GCI Liberty, Inc., Cl C<sup>1</sup> | $20318351 | $21395750 |
|  | **Movies & Entertainment (0.90%)** | **Movies & Entertainment (0.90%)** |  |
| 185000 | Liberty Media Corporation-Liberty Formula One, Cl A<sup>1</sup> | 5408362 | 14444800 |
| **Total Communication Services** | **Total Communication Services** | 25726713 | 35840550 |
| Consumer Discretionary (16.59%) | Consumer Discretionary (16.59%) | Consumer Discretionary (16.59%) | Consumer Discretionary (16.59%) |
|  | **Apparel, Accessories &<br>Luxury Goods (1.35%)** | **Apparel, Accessories &<br>Luxury Goods (1.35%)** | **Apparel, Accessories &<br>Luxury Goods (1.35%)** |
| 2500000 | Brunello Cucinelli SpA, ADR<sup>2</sup> | 25485806 | 21848545 |
|  | **Casinos & Gaming (3.87%)** | **Casinos & Gaming (3.87%)** | **Casinos & Gaming (3.87%)** |
| 1250000 | DraftKings, Inc., Cl A<sup>1</sup> | 24444362 | 27025000 |
| 350000 | Wynn Resorts Ltd. | 26407091 | 35542500 |
|  |  | 50851453 | 62567500 |
|  | **Footwear (2.78%)** | **Footwear (2.78%)** | **Footwear (2.78%)** |
| 850000 | Birkenstock Holding PLC<sup>1,2</sup> | 41577112 | 30455500 |
| 425000 | On Holding AG, Cl A<sup>1,2</sup> | 11207655 | 14458500 |
|  |  | 52784767 | 44914000 |
|  | **Home Improvement<br>Retail (1.19%)** | **Home Improvement<br>Retail (1.19%)** | **Home Improvement<br>Retail (1.19%)** |
| 380000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 15077919 | 19304000 |
|  | **Restaurants (3.53%)** | **Restaurants (3.53%)** | **Restaurants (3.53%)** |
| 205000 | Texas Roadhouse, Inc. | 19789735 | 33853700 |
| 150000 | Wingstop, Inc. | 34334307 | 23245500 |
|  |  | 54124042 | 57099200 |
|  | **Specialized Consumer<br>Services (3.87%)** | **Specialized Consumer<br>Services (3.87%)** | **Specialized Consumer<br>Services (3.87%)** |
| 665000 | Liberty Live Holdings, Inc., Cl C<sup>1</sup> | 23321810 | 62583150 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 221645797 | 268316395 |
| Consumer Staples (1.83%) | Consumer Staples (1.83%) | Consumer Staples (1.83%) | Consumer Staples (1.83%) |
|  | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** |
| 1575000 | Primo Brands Corp. | 37995724 | 29657250 |
| Financials (4.35%) | Financials (4.35%) | Financials (4.35%) | Financials (4.35%) |
|  | **Asset Management &<br>Custody Banks (1.70%)** | **Asset Management &<br>Custody Banks (1.70%)** | **Asset Management &<br>Custody Banks (1.70%)** |
| 575000 | StepStone Group, Inc., Cl A | 33394902 | 27439000 |
|  | **Insurance Brokers (1.06%)** | **Insurance Brokers (1.06%)** | **Insurance Brokers (1.06%)** |
| 935000 | TWFG, Inc.<sup>1</sup> | 19676939 | 17194650 |
|  | **Property & Casualty Insurance (1.59%)** |  |  |
| 75000 | Kinsale Capital Group, Inc. | 3355498 | 25624500 |
| **Total Financials** | **Total Financials** | 56427339 | 70258150 |
| Health Care (21.56%) | Health Care (21.56%) | Health Care (21.56%) | Health Care (21.56%) |
|  | **Biotechnology (1.57%)** | **Biotechnology (1.57%)** | **Biotechnology (1.57%)** |
| 710000 | Arcutis Biotherapeutics, Inc.<sup>1</sup> | 20088489 | 16727600 |
| 1074609 | ARS Pharmaceuticals, Inc.<sup>1</sup> | 19202095 | 8629110 |
|  |  | 39290584 | 25356710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) |
| Health Care (continued) | Health Care (continued) | Health Care (continued) | Health Care (continued) |
|  | **Health Care Equipment (2.58%)** | **Health Care Equipment (2.58%)** | **Health Care Equipment (2.58%)** |
| 461776 | Axogen, Inc.<sup>1</sup> | $14867922 | $15298639 |
| 215211 | Inspire Medical Systems, Inc.<sup>1</sup> | 21559322 | 11100583 |
| 130000 | IRhythm Holdings, Inc.<sup>1</sup> | 15433088 | 15342600 |
|  |  | 51860332 | 41741822 |
|  | **Health Care Supplies (2.42%)** | **Health Care Supplies (2.42%)** | **Health Care Supplies (2.42%)** |
| 689845 | Establishment Labs Holdings, Inc.<sup>1,2</sup> | 36099001 | 39169399 |
|  | **Health Care Technology (4.87%)** | **Health Care Technology (4.87%)** | **Health Care Technology (4.87%)** |
| 1604894 | HeartFlow, Inc.<sup>1</sup> | 42210882 | 39047071 |
| 1650000 | Waystar Holding Corp.<sup>1</sup> | 55518125 | 39781500 |
|  |  | 97729007 | 78828571 |
|  | **Life Sciences Tools & Services (10.12%)** |  |  |
| 286830 | BillionToOne, Inc., Cl A<sup>1,3</sup> | 22089321 | 22642360 |
| 2394236 | CareDx, Inc.<sup>1,3</sup> | 29718372 | 41563937 |
| 273653 | Repligen Corp.<sup>1</sup> | 39509512 | 32241797 |
| 1681429 | Stevanato Group SpA<sup>2</sup> | 38898057 | 23119649 |
| 639474 | Tempus AI, Inc., Cl A<sup>1</sup> | 28854871 | 28917014 |
| 468790 | Veracyte, Inc.<sup>1,3</sup> | 11556243 | 15099726 |
|  |  | 170626376 | 163584483 |
| **Total Health Care** | **Total Health Care** | **395605300** | **348680985** |
| Industrials (20.98%) | Industrials (20.98%) | Industrials (20.98%) | Industrials (20.98%) |
|  | **Aerospace & Defense (7.17%)** |  |  |
| 361845 | Karman Holdings, Inc.<sup>1</sup> | 10800404 | 28965692 |
| 174558 | Kratos Defense & Security Solutions, Inc.<sup>1</sup> | 1770429 | 12308085 |
| 799000 | Loar Holdings, Inc.<sup>1</sup> | 53821428 | 45774710 |
| 395939 | Mercury Systems, Inc.<sup>1</sup> | 16317798 | 28867912 |
|  |  | 82710059 | 115916399 |
|  | **Building Products (1.61%)** | **Building Products (1.61%)** | **Building Products (1.61%)** |
| 315000 | AAON, Inc. | 23661925 | 26066250 |
|  | **Electrical Components &<br>Equipment (2.49%)** | **Electrical Components &<br>Equipment (2.49%)** | **Electrical Components &<br>Equipment (2.49%)** |
| 1375000 | Forgent Power Solutions, Inc.<sup>1,3</sup> | 38179272 | 40246250 |
|  | **Environmental &<br>Facilities Services (3.91%)** | **Environmental &<br>Facilities Services (3.91%)** | **Environmental &<br>Facilities Services (3.91%)** |
| 405000 | Casella Waste Systems, Inc., Cl A<sup>1</sup> | 38176402 | 32132700 |
| 1419000 | Montrose Environmental Group, Inc.<sup>1</sup> | 32832103 | 31061910 |
|  |  | 71008505 | 63194610 |
|  | **Industrial Machinery &<br>Supplies & Components (3.33%)** | **Industrial Machinery &<br>Supplies & Components (3.33%)** |  |
| 375000 | Enerpac Tool Group Corp. | 14358665 | 13676250 |
| 95256 | Enpro, Inc. | 23782405 | 23875917 |
| 30000 | RBC Bearings, Inc.<sup>1</sup> | 5885616 | 16293600 |
|  |  | 44026686 | 53845767 |
|  | **Trading Companies &<br>Distributors (2.47%)** | **Trading Companies &<br>Distributors (2.47%)** | **Trading Companies &<br>Distributors (2.47%)** |
| 300000 | SiteOne Landscape Supply, Inc.<sup>1</sup> | 26536239 | 39933000 |
| **Total Industrials** | **Total Industrials** | **286122686** | **339202276** |
| Information Technology (26.34%) | Information Technology (26.34%) | Information Technology (26.34%) | Information Technology (26.34%) |
|  | **Application Software (7.69%)** | **Application Software (7.69%)** | **Application Software (7.69%)** |
| 1650000 | Alkami Technology, Inc.<sup>1</sup> | 35542566 | 25855500 |
| 300000 | Guidewire Software, Inc.<sup>1</sup> | 30067960 | 44868000 |
| 500000 | Procore Technologies, Inc.<sup>1</sup> | 32493235 | 28500000 |
| 395000 | ServiceTitan, Inc., Cl A<sup>1</sup> | 37281538 | 25066700 |
|  |  | 135385299 | 124290200 |

---

10 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) | Common Stocks (93.87%) |
| Information Technology (continued) | Information Technology (continued) | Information Technology (continued) | Information Technology (continued) |
|  | **Electronic Equipment &<br>Instruments (7.52%)** | **Electronic Equipment &<br>Instruments (7.52%)** | **Electronic Equipment &<br>Instruments (7.52%)** |
| 191980 | Advanced Energy Industries, Inc. | $12868980 | $61953866 |
| 165000 | Badger Meter, Inc. | 31027818 | 25137750 |
| 292550 | Novanta, Inc.<sup>1,2</sup> | 33293951 | 34553080 |
|  |  | 77190749 | 121644696 |
|  | **Semiconductor Materials & Equipment (1.35%)** |  |  |
| 50329 | Nova Ltd.<sup>1,2</sup> | 11364234 | 21856878 |
|  | **Semiconductors (2.83%)** | **Semiconductors (2.83%)** | **Semiconductors (2.83%)** |
| 5252665 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 14359110 | 16913581 |
| 83600 | SiTime Corp.<sup>1</sup> | 14237964 | 28871260 |
|  |  | 28597074 | 45784841 |
|  | **Systems Software (6.95%)** | **Systems Software (6.95%)** | **Systems Software (6.95%)** |
| 1611975 | Dynatrace, Inc.<sup>1,3</sup> | 60641675 | 59610836 |
| 1886441 | Netskope, Inc., Cl A<sup>1</sup> | 38560688 | 16015884 |
| 1370100 | SentinelOne, Inc., Cl A<sup>1</sup> | 21235592 | 17646888 |
| 886000 | Varonis Systems, Inc.<sup>1</sup> | 31005932 | 19022420 |
|  |  | 151443887 | 112296028 |
| **Total Information Technology** | **Total Information Technology** | 403981243 | 425872643 |
| Total Investments (93.87%) | Total Investments (93.87%) | $1427504802 | 1517828249 |
| Cash and Other Assets Less Liabilities (6.13%) | Cash and Other Assets Less Liabilities (6.13%) | Cash and Other Assets Less Liabilities (6.13%) | 99118599 |
| Net Assets | Net Assets | Net Assets | $1616946848 |

---

---

| | |
|:---|:---|
| % | 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 Financial Statements. 11

------

Baron Durable Advantage Fund &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

PORTFOLIO OF INVESTMENTS (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (99.55%) | Common Stocks (99.55%) | Common Stocks (99.55%) | Common Stocks (99.55%) |
| Communication Services (13.66%) | Communication Services (13.66%) | Communication Services (13.66%) | Communication Services (13.66%) |
|  | **Interactive Media &<br>Services (13.66%)** | **Interactive Media &<br>Services (13.66%)** | **Interactive Media &<br>Services (13.66%)** |
| 116092 | Alphabet, Inc., Cl C | $15513532 | $33302151 |
| 57053 | Meta Platforms, Inc., Cl A | 17492254 | 32641733 |
| **Total Communication Services** | **Total Communication Services** | 33005786 | 65943884 |
| Consumer Discretionary (8.07%) | Consumer Discretionary (8.07%) | Consumer Discretionary (8.07%) | Consumer Discretionary (8.07%) |
|  | **Broadline Retail (6.99%)** | **Broadline Retail (6.99%)** | **Broadline Retail (6.99%)** |
| 161969 | Amazon.com, Inc.<sup>1</sup> | 23545745 | 33733284 |
|  | **Restaurants (1.08%)** | **Restaurants (1.08%)** | **Restaurants (1.08%)** |
| 31516 | Texas Roadhouse, Inc. | 5290548 | 5204552 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 28836293 | 38937836 |
| Consumer Staples (1.31%) | Consumer Staples (1.31%) | Consumer Staples (1.31%) | Consumer Staples (1.31%) |
|  | **Consumer Staples Merchandise<br>Retail (1.31%)** |  |  |
| 6349 | Costco Wholesale Corp. | 3325829 | 6326334 |
| Financials (29.13%) | Financials (29.13%) | Financials (29.13%) | Financials (29.13%) |
|  | **Asset Management & Custody Banks (5.27%)** |  |  |
| 94599 | Blackstone, Inc. | 10626026 | 10877939 |
| 359163 | Brookfield Corp., Cl A<sup>2</sup> | 9609425 | 14535326 |
|  |  | 20235451 | 25413265 |
|  | **Diversified Financial Services (2.26%)** |  |  |
| 98059 | Apollo Global Management, Inc. | 10389815 | 10925734 |
|  | **Financial Exchanges & Data (11.74%)** |  |  |
| 45561 | CME Group, Inc. | 10424756 | 13456441 |
| 32680 | Moody's Corp. | 11707714 | 14256650 |
| 28077 | MSCI, Inc. | 14712855 | 15133784 |
| 32446 | S&P Global, Inc. | 13855268 | 13800582 |
|  |  | 50700593 | 56647457 |
|  | **Investment Banking &<br>Brokerage (2.97%)** | **Investment Banking &<br>Brokerage (2.97%)** | **Investment Banking &<br>Brokerage (2.97%)** |
| 47584 | LPL Financial Holdings, Inc. | 12563197 | 14314694 |
|  | **Property & Casualty Insurance (1.26%)** |  |  |
| 63527 | Arch Capital Group Ltd.<sup>1,2</sup> | 4579278 | 6097957 |
|  | **Transaction & Payment Processing<br>Services (5.63%)** | **Transaction & Payment Processing<br>Services (5.63%)** | **Transaction & Payment Processing<br>Services (5.63%)** |
| 15077 | Mastercard, Incorporated, Cl A | 6626773 | 7533374 |
| 64967 | Visa, Inc., Cl A | 16730005 | 19635626 |
|  |  | 23356778 | 27169000 |
| **Total Financials** | **Total Financials** | 121825112 | 140568107 |
| Health Care (2.45%) | Health Care (2.45%) | Health Care (2.45%) | Health Care (2.45%) |
|  | **Life Sciences Tools & Services (2.45%)** |  |  |
| 4318 | Mettler-Toledo International, Inc.<sup>1</sup> | 5274877 | 5445861 |
| 13011 | Thermo Fisher Scientific, Inc. | 6420194 | 6395297 |
| **Total Health Care** | **Total Health Care** | 11695071 | 11841158 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Industrials (5.91%) | Industrials (5.91%) | Industrials (5.91%) | Industrials (5.91%) |
|  | **Aerospace & Defense (4.71%)** | **Aerospace & Defense (4.71%)** | **Aerospace & Defense (4.71%)** |
| 63732 | HEICO Corp., Cl A | $9083173 | $13453188 |
| 8006 | TransDigm Group, Inc.<sup>1</sup> | 10159934 | 9278634 |
|  |  | 19243107 | 22731822 |
|  | **Construction & Engineering (1.20%)** | **Construction & Engineering (1.20%)** | **Construction & Engineering (1.20%)** |
| 10562 | Quanta Services, Inc. | 4707300 | 5798749 |
| **Total Industrials** | **Total Industrials** | 23950407 | 28530571 |
| Information Technology (35.72%) | Information Technology (35.72%) | Information Technology (35.72%) | Information Technology (35.72%) |
|  | **Application Software (1.51%)** | **Application Software (1.51%)** | **Application Software (1.51%)** |
| 16783 | Intuit, Inc. | 9600752 | 7256633 |
|  | **Electronic Components (2.11%)** | **Electronic Components (2.11%)** | **Electronic Components (2.11%)** |
| 80619 | Amphenol Corp., Cl A | 6994854 | 10186211 |
|  | **Semiconductor Materials & Equipment (1.00%)** |  |  |
| 22660 | Lam Research Corp. | 5026128 | 4841536 |
|  | **Semiconductors (26.22%)** | **Semiconductors (26.22%)** | **Semiconductors (26.22%)** |
| 77086 | Broadcom, Inc. | 10488717 | 23858888 |
| 22273 | Monolithic Power Systems, Inc. | 12480024 | 24352184 |
| 228416 | NVIDIA Corp. | 12523204 | 39835750 |
| 113945 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR<sup>2</sup> | 15262651 | 38507713 |
|  |  | 50754596 | 126554535 |
|  | **Systems Software (4.88%)** |  |  |
| 63628 | Microsoft Corporation | 20886951 | 23553177 |
| **Total Information Technology** | **Total Information Technology** | 93263281 | 172392092 |
| Real Estate (3.30%) | Real Estate (3.30%) | Real Estate (3.30%) | Real Estate (3.30%) |
|  | **Health Care REITs (3.30%)** | **Health Care REITs (3.30%)** | **Health Care REITs (3.30%)** |
| 80512 | Welltower, Inc. | 12129290 | 15918028 |
| Total Investments (99.55%) | Total Investments (99.55%) | $328031069 | 480458010 |
| Cash and Other Assets Less Liabilities (0.45%) | Cash and Other Assets Less Liabilities (0.45%) |  | 2175630 |
| Net Assets | Net Assets |  | $482633640 |

---

---

| | |
|:---|:---|
| % | 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.

12 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Asset<br>Fund | Baron Growth<br>Fund | Baron Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $3289858800 | $2695341094 | $2692798900 | $1601306787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  | 284625000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 3289858800 | 2979966094 | 2692798900 | 1601306787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24760930 | 106059 | 7620800 | 15393615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1083113 | 1676100 | 282375 | 154483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 816996 | 3171199 | 1343294 | 1613268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 47900 | 243030 | 45139 | 24992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from investment adviser |  |  |  |  |
|  | 3316567739 | 2985162482 | 2702090508 | 1618493145 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 3335399 | 5509010 | 2723462 | 1416485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 4) | 45627 | 90809 | 48383 | 14331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 310 | 451 | 691 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 309 | 1 | 984 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for borrowings against line of credit |  | 366800000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 518990 | 2176634 | 630636 | 101954 |
|  | 3900635 | 374576905 | 3404156 | 1533646 |
|  **Net Assets** | $3312667104 | $2610585577 | $2698686352 | $1616959499 |
|  **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $735990149 | $(1008469283) | $1059592378 | $709095941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 2576676955 | 3619054860 | 1639093974 | 907863558 |
|  **Net Assets** | $3312667104 | $2610585577 | $2698686352 | $1616959499 |
|  **Retail Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1727058227 | $989359234 | $922148274 | $662658988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 21220372 | 17750676 | 36663396 | 13479089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $81.39 | $55.74 | $25.15 | $49.16 |
|  **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1484611160 | $1465109193 | $1549620234 | $909402753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 16769472 | 24330575 | 55646595 | 17169781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $88.53 | $60.22 | $27.85 | $52.97 |
|  **R6 Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $100997717 | $156117150 | $226917844 | $44897758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 1141358 | 2592547 | 8153435 | 846705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $88.49 | $60.22 | $27.83 | $53.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $1042425758 | $407215823 | $1523673425 | $773127635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  | 74401886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $1042425758 | $481617709 | $1523673425 | $773127635 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $— | $— | $— | $— |

---

See Notes to Financial Statements. 13

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

&nbsp;&nbsp; <br> **MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery Fund | Baron Durable<br>Advantage Fund |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $666695039 | $1517828249 | $480458010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 666695039 | 1517828249 | 480458010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† | 257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2964823 | 120366202 | 3375148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 157467 | 19333 | 160392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 204122 | 1751826 | 351255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10394 | 25272 | 7351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from investment adviser | 194 |  |  |
|  | 670032296 | 1639990882 | 484352156 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 299743 | 20380161 | 545451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 4) | 7197 | 16898 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 44 | 443 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) |  | 831 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  | 2525660 | 1113527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for borrowings against line of credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 53128 | 120041 | 52521 |
|  | 360112 | 23044034 | 1718516 |
|  **Net Assets** | $669672184 | $1616946848 | $482633640 |
|  **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $277820796 | $1356101312 | $338253292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 391851388 | 260845536 | 144380348 |
|  **Net Assets** | $669672184 | $1616946848 | $482633640 |
|  **Retail Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $138047255 | $111327110 | $79382373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 2377515 | 3562262 | 2659143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $58.06 | $31.25 | $29.85 |
|  **Institutional Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $501698164 | $1453238522 | $347584993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 8306093 | 45012227 | 11450760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $60.40 | $32.29 | $30.35 |
|  **R6 Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $29926765 | $52381216 | $55666274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 495040 | 1622327 | 1833605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $60.45 | $32.29 | $30.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $300558717 | $1427504802 | $328031069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $300558717 | $1427504802 | $328031069 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $258 | $— | $— |

---

14 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF OPERATIONS (Unaudited)

&nbsp;&nbsp; <br> **FOR THE SIX MONTHS ENDED MARCH 31, 2026**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Asset<br>Fund | Baron Growth<br>Fund | Baron Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Investment income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments<sup>1</sup> | $8397953 | $24503139 | $8318906 | $1532884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — "Affiliated" investments |  | 1725000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1054519 | 100847 | 1086352 | 294457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 9452472 | 26328986 | 9405258 | 1827341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 18319245 | 19207945 | 17233499 | 8720625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 2358017 | 1566751 | 1329161 | 903833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 197092 | 123159 | 102318 | 65951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 55345 | 96196 | 61948 | 26073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 3162 | 4753 | 7260 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 276542 | 445872 | 548170 | 92037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 106616 | 139711 | 103840 | 47058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 97289 | 42308 | 66940 | 48956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 86146 | 94100 | 54013 | 48167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 68076 | 88313 | 65961 | 30189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 30999 | 32969 | 30730 | 27631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 25192 | 36757 | 25209 | 10065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 16849 | 36700 | 16358 | 7351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2700 | 166546 | 2724 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 21643270 | 22082080 | 19648131 | 10032560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** |  | 3933006 | 89428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 21643270 | 26015086 | 19737559 | 10032560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Retail Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Institutional Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — R6 Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Retail Shares (Note 4)** | (92691) | (48348) | (41854) | (27044) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Institutional Shares (Note 4)** | (25865) | (50399) | (21309) | (8940) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 21524714 | 25916339 | 19674396 | 9996576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (12072242) | 412647 | (10269138) | (8169235) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | (8716450) | (174718606) | (84758246) | (41452374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — "Affiliated" investments |  | 168461557 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind | 373151201 | 1131457476 | 575483559 | 142503597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  | (68) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (357770021) | (1462486017) | (795771121) | (173778891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  | (215424581) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  |  |  |
|  **Net gain (loss) on investments** | 6664730 | (552710171) | (305045876) | (72727668) |
|  **Net increase (decrease) in net assets resulting from operations** | $(5407512) | $(552297524) | $(315315014) | $(80896903) |
|  <br> **<sup>1</sup> Net of foreign taxes withheld on dividends of** | $— | $— | $21012 | $45103 |

---

See Notes to Financial Statements. 15

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

&nbsp;&nbsp; <br> **FOR THE SIX MONTHS ENDED MARCH 31, 2026**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery Fund | Baron Durable<br>Advantage Fund |
|  **Investment income (loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments<sup>1</sup> | $668763 | $1441828 | $2014962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 317682 | 2059236 | 66696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 27888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 1014333 | 3501064 | 2081658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 2681177 | 9299350 | 1699990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 190576 | 178803 | 119419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 26845 | 22161 | 16157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 15039 | 54556 | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 999 | 1702 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 27928 | 181500 | 37873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 21273 | 51062 | 14465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 16413 | 20645 | 13414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 37530 | 66026 | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 16928 | 37065 | 12281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 26354 | 27838 | 26064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 4952 | 10341 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 11447 | 7967 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 5275 | 2953 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 3082736 | 9961969 | 1997550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 6781 |  | 7410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 3089517 | 9961969 | 2004960 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Retail Shares (Note 4)** | (9894) |  | (14631) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Institutional Shares (Note 4)** |  |  | (22561) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — R6 Shares (Note 4)** |  |  | (3646) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Retail Shares (Note 4)** | (10655) | (6959) | (4030) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Institutional Shares (Note 4)** | (3068) | (25334) | (2444) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 3065900 | 9929676 | 1957648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (2051567) | (6428612) | 124010 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | (9529484) | (8520196) | (5561462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind | 41399693 | 209685491 | 14483071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | (1186) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (85625816) | (392437358) | (44299923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1) | (305) |  |
|  **Net gain (loss) on investments** | (53756794) | (191272368) | (35378314) |
|  **Net increase (decrease) in net assets resulting from operations** | $(55808361) | $(197700980) | $(35254304) |
|  <br> **<sup>1</sup> Net of foreign taxes withheld on dividends of** | $62068 | $— | $48984 |

---

16 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Asset Fund | Baron Asset Fund | Baron Growth Fund | Baron Growth Fund | Baron Small Cap Fund | Baron Small Cap Fund |
|  | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(12072242) | $(20225361) | $412647 | $37562076 | $(10269138) | $(25754917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 364434751 | 778217580 | 1125200427 | 1458380392 | 490725245 | 672681360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (357770021) | (744367750) | (1677910598) | (2414847628) | (795771121) | (677345283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (5407512) | 13624469 | (552297524) | (918905160) | (315315014) | (30418840) |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (206312994) | (355665534) | (236753437) | (224988355) | (94842458) | (164521944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (167409185) | (302567839) | (434280587) | (491580086) | (173844467) | (315704652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (10961645) | (21768312) | (38062012) | (23435037) | (20316408) | (34776757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (384683824) | (680001685) | (709096036) | (740003478) | (289003333) | (515003353) |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 17449556 | 37596348 | 51882149 | 54522136 | 18990561 | 60077770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 648717769 | 640420493 | 1479921278 | 1282596123 | 887986455 | 977507149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 3641247 | 11367974 | 97594387 | 20822534 | 13729870 | 24718846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 197102471 | 339643419 | 229715311 | 217199876 | 92089872 | 159684409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 161918383 | 292027558 | 419595645 | 474049294 | 167848054 | 302512483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 10958233 | 21762420 | 37880191 | 23429255 | 19949843 | 34183652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (217692850) | (325562749) | (360768822) | (488104703) | (153645137) | (261019681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (894181237) | (955564895) | (2954127307) | (2491803512) | (1470738666) | (1442495493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (14855507) | (46737138) | (79147360) | (71106055) | (30473661) | (68053990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (86941935) | 14953430 | (1077454528) | (978395052) | (454262809) | (212884855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (477033271) | (651423786) | (2338848088) | (2637303690) | (1058581156) | (758307048) |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3789700375 | 4441124161 | 4949433665 | 7586737355 | 3757267508 | 4515574556 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3312667104 | $3789700375 | $2610585577 | $4949433665 | $2698686352 | $3757267508 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 197953 | 395801 | 717313 | 613277 | 677483 | 1928797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2235229 | 3608621 | 3630141 | 2377146 | 3385657 | 5096853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2452526) | (3440491) | (5516648) | (5580141) | (5487424) | (8615262) |
|  **Net increase (decrease)** | (19344) | 563931 | (1169194) | (2589718) | (1424284) | (1589612) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6593819 | 6361217 | 21043970 | 14241787 | 29098873 | 29447201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1689289 | 2885648 | 6142522 | 4865537 | 5578200 | 8824751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9155674) | (9418567) | (41940230) | (27216109) | (48886274) | (43822273) |
|  **Net increase (decrease)** | (872566) | (171702) | (14753738) | (8108785) | (14209201) | (5550321) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 38348 | 114464 | 1242658 | 219307 | 439433 | 722798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 114386 | 215129 | 554534 | 240473 | 663447 | 997771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (150001) | (465324) | (1137412) | (754757) | (969915) | (2025092) |
|  **Net increase (decrease)** | 2733 | (135731) | 659780 | (294977) | 132965 | (304523) |

---

See Notes to Financial Statements. 17

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Opportunity Fund | Baron Opportunity Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
|  | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8169235) | $(13781004) | $(2051567) | $(4360254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 101051223 | 132534486 | 31869023 | 72803420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser (Note 4) |  | 1025040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (173778891) | 255383064 | (85625817) | 103807158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (80896903) | 375161586 | (55808361) | 172250324 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (30730521) | (33106290) | (6247423) | (1154226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (37940525) | (33977048) | (23065411) | (4105039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (1918527) | (1975395) | (1314057) | (290941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (70589573) | (69058733) | (30626891) | (5550206) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 24865347 | 51116895 | 7518466 | 12767646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 328716835 | 281771600 | 106203002 | 121062557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 571066 | 646444 | 51298 | 176124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 28932866 | 31108486 | 5906910 | 1091994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 37128177 | 33683823 | 22389357 | 3963875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 957929 | 996441 | 1314057 | 290941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (61650644) | (120175124) | (10482626) | (26806420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (348960427) | (180181803) | (133195709) | (148431933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (1413828) | (1948947) | (6321672) | (4501030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 9147321 | 97017815 | (6616917) | (40386246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (142339155) | 403120668 | (93052169) | 126313872 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1759298654 | 1356177986 | 762724353 | 636410481 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1616959499 | $1759298654 | $669672184 | $762724353 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 467784 | 1061995 | 115832 | 220523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 537986 | 629344 | 91452 | 17946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1163803) | (2491285) | (164067) | (466820) |
|  **Net increase (decrease)** | (158033) | (799946) | 43217 | (228351) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5756738 | 5381325 | 1580173 | 2019662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 641247 | 636505 | 333473 | 62849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6133917) | (3533592) | (2040301) | (2439528) |
|  **Net increase (decrease)** | 264068 | 2484238 | (126655) | (357017) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9967 | 12555 | 762 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16527 | 18808 | 19555 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (24579) | (40333) | (91317) | (84254) |
|  **Net increase (decrease)** | 1915 | (8970) | (71000) | (76627) |

---

18 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Discovery Fund | Baron Discovery Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund |
|  | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 | For the Six<br>Months Ended<br>March 31,<br>2026 | For the Year<br>Ended<br>September 30,<br>2025 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6428612) | $(10974513) | $124010 | $450418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 201165295 | 253230646 | 8921609 | (13924515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (392437663) | 31903157 | (44299923) | 91628841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (197700980) | 274159290 | (35254304) | 78154744 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares |  |  |  | (7692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares |  |  |  | (744804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares |  |  |  | (123766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders |  |  |  | (876262) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 9754476 | 45465597 | 8673943 | 40056199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 591772919 | 565469739 | 95064833 | 81705632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 6562645 | 10888363 | 4082766 | 11650817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares |  |  |  | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares |  |  |  | 725260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares |  |  |  | 113920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (38009048) | (49204206) | (23023088) | (52563006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (648308738) | (436285423) | (85833955) | (93438164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (7811629) | (13359714) | (6378568) | (12499915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (86039375) | 122974356 | (7414069) | (24241604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (283740355) | 397133646 | (42668373) | 53036878 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1900687203 | 1503553557 | 525302013 | 472265135 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1616946848 | $1900687203 | $482633640 | $525302013 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 279773 | 1378311 | 266973 | 1400070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1107078) | (1509012) | (721067) | (1894193) |
|  **Net increase (decrease)** | (827305) | (130701) | (454094) | (493860) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16461846 | 16788942 | 2899758 | 2850230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  | 24552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (18228123) | (12902214) | (2642358) | (3182492) |
|  **Net increase (decrease)** | (1766277) | 3886728 | 257400 | (307710) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 183554 | 323217 | 124589 | 398903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (219445) | (403031) | (194995) | (427649) |
|  **Net increase (decrease)** | (35891) | (79814) | (70406) | (24889) |

---

See Notes to Financial Statements. 19

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

STATEMENT OF CASH FLOWS (Unaudited)

&nbsp;&nbsp; <br> **FOR THE SIX MONTHS ENDED MARCH 31, 2026**<br>

---

| | |
|:---|:---|
|  | Baron Asset Fund |
|  **Increase (Decrease) in Cash:** |  |
|  **Cash Provided (Used) from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(5407512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of portfolio securities | (122398035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of portfolio securities | 56492459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable | (736001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | (28799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued expenses | 48737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (364434751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized (appreciation) depreciation of investments | 357770021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities | $(78693881) |
|  **Cash Provided in Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders (net of dividend reinvestments) (Note 2(l)) | (14704737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 669779521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (623632202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) in financing activities | 31442582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash | (47251299) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at beginning of period** | 72012229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at end of period** | $24760930 |
|  **Supplemental cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | $369979087 |
|  In-Kind redemptions of portfolio securities for shares redeemed | $502240503 |

---

20 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

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.

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,

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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) Securities Transactions and Investment Income.** Fund **s**ecurities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Dividend income (net of withholding taxes, if any) is recognized on the ex-dividend date, except in the case of certain dividends from foreign securities which are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Non-cash dividends received in the form of stock are recognized and recorded at fair value as non-cash dividend income.

Distributions received from certain investments such as real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. Since the classification of such payments are generally not known until after the end of the calendar year, the Funds estimate the expected classification of such payments based upon available information which may include the previous year's allocation. Recharacterizations will be reflected in the following year as additional information becomes available from the issuers. The Funds record as dividend income the amounts characterized as ordinary income and as realized gain the amounts characterized as capital gain in the accompanying Statements of Operations. The amounts characterized as a return of capital are reflected as a reduction of cost of the related investment in the accompanying Portfolios of Investments.

**d) Expense Allocation.** The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodian fees. Expenses of the Trust, Baron Select Funds, and Baron ETF Trust (collectively, the Fund Complex), not directly chargeable to one or more specific Baron Funds are typically allocated among the funds in the Fund Complex in proportion to their respective net assets. The Funds accrue distribution and service (12b-1) fees to Retail Shares.

**e) Single Issuer Risk.** Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer's securities and therefore the NAV of the Fund. Due to the size of Baron Asset Fund's investment in Space Exploration Technologies Corp. (SpaceX), the NAV of the Baron Asset Fund will be materially impacted by the price of SpaceX stock.

**f) Industry Concentration.** From time to time, market fluctuations in the value of a Fund's investments, combined with a Fund's non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Asset Fund's investment in SpaceX, which represents about 26% of the Fund's net assets as of March 31, 2026, the Fund will be more adversely impacted by negative developments affecting the energy industry, as well as governmental environmental regulations.

**g) Use of Estimates.** The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

**h) 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 on the Statements of Operations. 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.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

**i) 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, both of which are included in securities lending income in the Statements of Operations. 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 March 31, 2026.

**j) Federal and Foreign Income Taxes.** The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

The Funds are subject to foreign tax on capital gains and withholding taxes on income from foreign investments that are accrued based upon the Funds' understanding of the tax rules and regulations that exist in the countries in which they invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

The Funds attempt to qualify for reduced tax rates or exemptions in countries with which the United States has a tax treaty and may file withholding tax reclaims in certain countries to recover portions of amounts previously withheld.

Further, as a result of several court cases across the European Union, the Funds may also file tax reclaims for previously withheld taxes in those countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities, as well as several related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded as a reduction of foreign taxes withheld on dividends, or as dividend income to the extent such claims exceed the foreign taxes withheld on dividends included within dividend income on the Statements of Operations. Such amounts, if and when recorded, could result in an increase in the respective Funds' NAV per share and, if material, would be reported separately in the Statements of Operations.

**k) Restricted Securities.** The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board. Refer to Note 6 for additional information.

**i) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Income dividends are normally declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Funds, if not distributed. The Funds intend to declare and distribute these amounts, at least annually, to shareholders, but may distribute more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

**m) Commitments and Contingencies.** In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**n) In-Kind Redemptions.** In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (In-Kind Redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the six months ended March 31, 2026, the Funds realized gains on in-kind redemptions in securities as follows:

---

| | | |
|:---|:---|:---|
| Fund | Gains | Proceeds |
|  Baron Asset Fund | $373151201 | $502240503 |
|  Baron Growth Fund | 1131457476 | 1309819121 |
|  Baron Small Cap Fund | 575483559 | 758551672 |
|  Baron Opportunity Fund | 142503597 | 219237961 |
|  Baron Fifth Avenue Growth Fund | 41399693 | 68912693 |
|  Baron Discovery Fund | 209685491 | 402539618 |
|  Baron Durable Advantage Fund | 14483071 | 31675726 |

---

**m) Segment Reporting.** The Adviser's Management Committee acts as each Fund's chief operating decision maker (CODM), as defined in GAAP, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Financial Statements.

3. PURCHASES AND SALES OF SECURITIES

**Purchases and sales of securities, other than short-term securities and in-kind transactions, if any, for the six months ended March 31, 2026 were as follows:**

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Baron Asset Fund | $122398035 | $56486622 |
|  Baron Growth Fund | 6343395 | 15464781 |
|  Baron Small Cap Fund | 147608951 | 111096840 |
|  Baron Opportunity Fund | 316638289 | 174755558 |
|  Baron Fifth Avenue Growth Fund | 77418705 | 14600823 |
|  Baron Discovery Fund | 575525444 | 273225128 |
|  Baron Durable Advantage Fund | 33857925 | 10943011 |

---

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee accrued daily as a percentage of each Fund's average daily net assets and payable monthly, at an annual rate set forth below.

---

| | |
|:---|:---|
| Fund | Annual Rate |
|  Baron Asset Fund | 1.00% |
|  Baron Growth Fund | 1.00% |
|  Baron Small Cap Fund | 1.00% |
|  Baron Opportunity Fund | 1.00% |
|  Baron Fifth Avenue Growth Fund | 0.70% |
|  Baron Discovery Fund | 1.00% |
|  Baron Durable Advantage Fund | 0.65% |

---

For certain of the Funds, the Adviser has contractually agreed to waive its fee or reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses, and expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement) pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap |
| Fund | Retail<br> Shares | Institutional<br> Shares | R6<br> Shares |
|  Baron Opportunity Fund | 1.50% | 1.25% | 1.24% |
|  Baron Fifth Avenue Growth Fund | 1.00% | 0.75% | 0.75% |
|  Baron Discovery Fund | 1.35% | 1.10% | 1.09% |
|  Baron Durable Advantage Fund | 0.95% | 0.70% | 0.70% |

---

**During the six months ended March 31, 2026, the Adviser waived its management fees and reimbursed other expenses, if applicable, as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Retail Shares | Retail Shares | Institutional Shares | Institutional Shares | R6 Shares | R6 Shares |
| Fund | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed |
|  Baron Fifth Avenue Growth Fund | $9894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Baron Durable Advantage Fund | 14631 |  | 22561 |  | 3646 |  |

---

The aforementioned fee waivers and reimbursements, if applicable, are not subject to recoupment by the Adviser.

**b) Expense offset arrangement.** The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended March 31, 2026, the Funds received credits from this arrangement, which resulted in the reduction of the Funds' total expenses as follows:

---

| | | |
|:---|:---|:---|
| Fund | Retail<br>Shares | Institutional<br>Shares |
|  Baron Asset Fund | $92691 | $25865 |
|  Baron Growth Fund | 48348 | 50399 |
|  Baron Small Cap Fund | 41854 | 21309 |
|  Baron Opportunity Fund | 27044 | 8940 |
|  Baron Fifth Avenue Growth Fund | 10655 | 3068 |
|  Baron Discovery Fund | 6959 | 25334 |
|  Baron Durable Advantage Fund | 4030 | 2444 |

---

**c) Distribution Fees.** Baron Capital, Inc. (BCI), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds' shares. The Funds are authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares' average daily net assets of the respective Funds.

**d) Trustee Fees.** Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an interested person (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $225,000 with the Chairman of the Trust receiving an additional $50,000. An additional $65,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

**e) Custody, Fund Accounting and Administration Fees.** The Funds have entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

**f) Cross Trades.** The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Select Funds, and other entities advised or subadvised by the Adviser, pursuant to "Cross-Trading Procedures" adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. For the six months ended March 31, 2026, the Funds did not engage in cross trading.

**g) Transactions in "Affiliated" Companies.** An "Affiliated" company (affiliated person as defined in the 1940 Act) is a company in which Fund held 5% or more of the company's outstanding voting securities at any time during the six months ended March 31, 2026.

BARON GROWTH FUND

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Issuer | Shares<br> Held at<br>September 30,<br>2025 | Value at<br>September 30,<br>2025 | Purchase<br>Cost | Sales<br>Proceeds | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br> Gains<br> (Losses) | Dividend<br>Income | Shares<br>Held at<br>March 31,<br>2026 | Value at<br>March 31,<br>2026 |
|  Choice Hotels International, Inc. | 3000000 | $320730000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24332500 | $(34924201) | $23151701 | $1725000 | 2750000 | $284625000 |
|  Vail Resorts, Inc.\* | 2000000 | $299140000 | $— | $167067876 | $(180500380) | $145309856 | $10556100 | 755000 | $96881600 |

---

\* This security was deemed to no longer meet the criteria of an affiliated company at the reporting date.

5. LINE OF CREDIT

Starting February 26, 2026, Baron Growth Fund of Baron Investment Funds Trust participates in a committed line of credit agreement with State Street as lender. Baron Growth Fund may borrow up to the lesser of $400 million or the maximum amount Baron Growth Fund may borrow under the limitations included in Baron Growth Fund's prospectus, or any limit or restriction under any law or regulation to which Baron Growth Fund is subject or any agreement to which Baron Growth Fund is a party. Interest is charged to Baron Growth Fund at a rate equal to the higher of the One-Month Term Secured Overnight Financing Rate, the Federal Funds Effective Rate, or the Overnight Bank Funding Rate; plus a margin of 0.95%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit.

The Fund Complex (except Baron Partners Fund and Baron Growth Fund, and Baron ETF Trust), participates in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund's prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate (OBFR) plus 0.10% or the Federal Funds Effective Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets.

The term is 364 days from the closing date, renewable on an annual basis. The line of credit shall expire on June 25, 2026.

**During the six months ended March 31, 2026, the following Funds had borrowings under the line of credit as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br> Daily Loan<br> Balance\* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest Rate | Number of<br> Days Borrowing<br> Outstanding | Outstanding<br> Balance as<br> of 3/31/2026 |
|  Baron Growth Fund | $184.0 million | $400.0 million | 4.82% | 162 | $366.8 million |
|  Baron Small Cap Fund | 113.2 million | 114.1 million | 4.81% | 6 |  |
|  Baron Fifth Avenue Growth Fund | 5.7 million | 13.4 million | 4.81% | 9 |  |
|  Baron Durable Advantage Fund | 2.0 million | 3.9 million | 4.89% | 28 |  |

---

\* For the days borrowings were outstanding.

The Adviser believes that the fair value of the liabilities under each line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates over time. A Fund's outstanding balance under the line of credit, if any, would be categorized as Level 2 in the fair value hierarchy, which is further discussed in Note 7.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

6. RESTRICTED SECURITIES

At March 31, 2026, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

**At March 31, 2026, 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 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 1/25/2023 | 337650561 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020, 2/2/2026 | 507095638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyryse Inc. | 9/16/2025 | 6299909 |
|  **Total Restricted Securities** |  | $851046108 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $86,000,478)<sup>†</sup> (25.69% 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,674,990)<sup>†</sup> (0.03% 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. | 3/25/2021-2/2/2026 | 150889098 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020,<br>9/28/2023 | 2766001 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 97519202 |
|  **Total Restricted Securities** |  | $251512946 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $48,865,991)<sup>†</sup> (15.55% 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. | 3/25/2021-2/2/2026 | $50408354 |
|  **Total Restricted Securities** |  | $50408354 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,999,886)<sup>†</sup> (7.53% of Net Assets) |  |  |

---

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

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

**The following is a summary of the inputs used as of March 31, 2026 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<sup>†</sup>** | $2438812692 | $— | $— | $2438812692 |
|  **Private Common Stocks** |  |  | 337650561 | 337650561 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 513395547 | 513395547 |
|  **Total Investments** | $2438812692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $851046108 | $3289858800 |
|  | 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<sup>†</sup>** | $2979180657 | $— | $— | $2979180657 |
|  **Private Common Stocks** |  |  | 785437 | 785437 |
|  **Private Convertible Preferred Stocks** |  |  | 0 | 0 |
|  **Total Investments** | $2979180657 | $— | $785437 | $2979966094 |
|  | 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<sup>†</sup>** | $2692798900 | $— | $— | $2692798900 |
|  **Total Investments** | $2692798900 | $— | $— | $2692798900 |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

<sup>1</sup> The reconciliation between beginning and ending balances of Level 3 securities 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.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund |
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br> (Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br> (Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $1349793841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $1349793841 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 151227743 | 151227743 |
|  **Private Convertible Preferred Stocks** |  |  | 2766001 | 2766001 |
|  **Private Preferred Stocks** |  |  | 97519202 | 97519202 |
|  **Total Investments** | $1349793841 | $— | $251512946 | $1601306787 |
|  | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br> (Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br> (Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $616286685 | $— | $— | $616286685 |
|  **Private Common Stocks** |  |  | 50408354 | 50408354 |
|  **Total Investments** | $616286685 | $— | $50408354 | $666695039 |
|  | Baron Discovery Fund | Baron Discovery Fund | Baron Discovery Fund | Baron Discovery Fund |
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br> (Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br> (Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $1517828249 | $— | $— | $1517828249 |
|  **Total Investments** | $1517828249 | $— | $— | $1517828249 |
|  | Baron Durable Advantage Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund |
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br> (Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br> (Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $480458010 | $— | $— | $480458010 |
|  **Total Investments** | $480458010 | $— | $— | $480458010 |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. 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 as of<br>September 30,<br>2025 | Accrued<br>Premiums/<br>Discounts | Net<br>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>March 31,<br>2026 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>March 31,<br> 2026 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $34415656 | $— | $— | $51071204 |  |  | $252163701 \* |  | $337650561 | $181062828 |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 122172077 |  |  | 129991624 |  |  |  | (252163701) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 211651759 |  |  | 301743788 |  |  |  |  | 513395547 | 301743788 |
|  **Total** | $368239492 | $— | $— | $482806616 | $— | $— | $252163701 | $(252163701) | $851046108 | $482806616 |
|  | 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<br>Securities | Balance as of<br>September 30,<br>2025 | Accrued<br>Premiums/<br>Discounts | Net<br>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>March 31,<br>2026 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>March 31,<br> 2026 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $5074966 | $— | $— | $5399788 | $— | $— | $— | $(10474754) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 40487939 |  | (90171) | 60175543 |  | (13392) | 50329179 \* |  | 150889098 | 83442976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unclassified | 338645 |  |  |  |  |  |  |  | 338645 |  |
|  **Private Convertible**<br> **Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unclassified | 2766001 |  |  |  |  |  |  |  | 2766001 |  |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 16886808 |  |  | 17967637 | 4999980 |  |  | (39854425) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 39527236 |  | (6033205) | 65026256 |  | (1001085) |  |  | 97519202 | 58258922 |
|  **Total** | $105081595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(6123376) | $148569224 | $4999980 | $(1014477) | $50329179 | $(50329179) | $251512946 | $141701898 |

---

\* X.AI Holdings Corp. private preferred and private common stock converted into Space Exploration Technologies Corp. Class A, private common stock on February 2, 2026.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br>Securities | Balance as of<br>September 30,<br>2025 | Accrued<br>Premiums/<br>Discounts | Net<br>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> March 31,<br> 2026 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>March 31,<br> 2026 |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $11356840 | $— | $— | $16852540 | $— | $— | $22198974 \* | $— | $50408354 | $23141192 |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 5910363 |  |  | 6288652 | 9999959 |  |  | (22198974) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 133288 |  | (3012309) | 3378851 |  | (499830) |  |  |  |  |
|  **Total** | $17400491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3012309) | $26520043 | $9999959 | $(499830) | $22198974 | $(22198974) | $50408354 | $23141192 |

---

\* X.AI Holdings Corp. private preferred stock converted into Space Exploration Technologies Corp. Class A, private common stock on February 2, 2026.

**Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of March 31, 2026 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>March 31, 2026 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> March 31, 2026 | Range used on<br> March 31, 2026\* | Impact to<br> Valuation from an<br> Increase in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $337650561 | Observed<br>Transaction | Observed<br>Transaction<br>Price | $526.59 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br>Industrials | $6299909 | Combination of<br>current value<br>via<br>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 | 5.86% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br>Industrials | $6299909 | Combination of<br>current value<br>via<br>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> | 63.60% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br>Industrials | $6299909 | Combination of<br>current value<br>via<br>comparable<br>companies,<br>scenario<br>analysis, and<br>option-pricing<br>methods | Scenario<br>Probabilities:<br>Scenario A /<br>Scenario B<sup>2</sup> | 90.00% /10.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br>Industrials | $507095638 | Observed<br>Transaction | Observed<br>Transaction<br>Price | $5265.90 | 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.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7. 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>March 31, 2026 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> March 31, 2026 | Range used on<br> March 31, 2026\* | Impact to<br> Valuation from an<br> Increase in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $150889098 | Observed Transaction | Observed Transaction<br>Price | $526.59 | 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<br>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> Industrials | $97519202 | Observed Transaction | Observed Transaction<br>Price | $5265.90 | 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>March 31, 2026 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> March 31, 2026 | Range used on<br> March 31, 2026\* | Impact to<br> Valuation from an<br> Increase in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $50408354 | Observed Transaction | Observed Transaction<br>Price | $526.59 | 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. 

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) may differ for financial statement and tax purposes due to differing treatments of in-kind transactions, net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, income from passive foreign investment companies, foreign capital gains tax, late year loss deferral, post-October loss deferral, wash sale loss deferral, and certain corporate actions of a Fund's investments, including issuer mergers, spin-offs, and other reorganization events. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

**As of March 31, 2026, the Funds' cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br> Asset Fund | Baron<br> Growth Fund | Baron<br> Small<br> Cap Fund | Baron<br>Opportunity<br>Fund |
|  Cost of investments | $1042425758 | $481617709 | $1523673425 | $773127635 |
|  Gross tax unrealized appreciation | 2385528354 | 2523237938 | 1367464006 | 884135385 |
|  Gross tax unrealized depreciation | (138095312) | (24889553) | (198338531) | (55956233) |
|  Net tax unrealized appreciation (depreciation) | $2247433042 | $2498348385 | $1169125475 | $828179152 |

---

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue<br>Growth Fund | Baron<br>Discovery<br>Fund | Baron Durable<br>Advantage Fund |
|  Cost of investments | $300558717 | $1427504802 | $328031069 |
|  Gross tax unrealized appreciation | 380482581 | 286853547 | 156002532 |
|  Gross tax unrealized depreciation | (14346259) | (196530100) | (3575591) |
|  Net tax unrealized appreciation (depreciation) | $366136322 | $90323447 | $152426941 |

---

**As of September 30, 2025 the Funds had capital loss carryforwards with no expiration dates, as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Asset Fund | Baron<br>Growth Fund | Baron<br>Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Short-Term** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Long-Term** | $— | $— | $— | $— |
|  Capital loss carryforward utilized during the year ended September 30, 2025 | $— | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue<br>Growth Fund | Baron<br>Discovery<br>Fund | Baron Durable<br>Advantage Fund |
|  **Short-Term** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $15700916 | $8889798 |
|  **Long-Term** | $— | $— | $8162095 |
|  Capital loss carryforward utilized during the year ended September 30, 2025 | $— | $187036159 | $— |

---

**The estimated tax character of distributions paid during the six months ended March 31, 2026 and the year ended September 30, 2025 was as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>March 31, 2026 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2025 |
| Fund | Ordinary<sup>1</sup> | Long-Term<br> Capital Gain | Ordinary<sup>1</sup> | Long-Term<br> Capital Gain |
|  Baron Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $384683824 | $— | $680001685 |
|  Baron Growth Fund | 29521771 | 679574265 |  | 740003478 |
|  Baron Small Cap Fund |  | 289003333 |  | 515003353 |
|  Baron Opportunity Fund |  | 70589573 |  | 69058733 |
|  Baron Fifth Avenue Growth Fund |  | 30626891 |  | 5550206 |
|  Baron Discovery Fund |  |  |  |  |
|  Baron Durable Advantage Fund |  |  | 876262 |  |

---

<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

GAAP sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. At March 31, 2026**,** the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements except as noted below.

Effective June 1, 2026, Baron Growth Fund's name will change to Baron Generational Growth Fund. Please refer to the supplement to the prospectus dated April 2, 2026, for additional information.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited)

#### BARON ASSET FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions<br>($) | Net<br>asset <br>value,<br>end <br>of period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Gross <br>expenses<br>(%) | Net<br>investment <br>income<br>(loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 91.38 | (0.35) | 0.53 | 0.18 | 0.00 | (10.17) | (10.17) | 81.39 | (0.66)<sup>3</sup> | 1.31<sup>4,5</sup> | (0.78)<sup>4</sup> | 1727.1 | 2<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.42 | (0.59) | 1.10 | 0.51 | 0.00 | (17.55) | (17.55) | 91.38 | 0.00 | 1.31<sup>5,7</sup> | (0.62) | 1940.8 | 6<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90.44 | (0.83) | 22.22 | 21.39 | 0.00 | (3.41) | (3.41) | 108.42 | 24.29 | 1.29 | (0.84) | 2241.6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77.43 | (0.72) | 13.73 | 13.01 | 0.00 | 0.00 | 0.00 | 90.44 | 16.80 | 1.30 | (0.80) | 1987.1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 120.59 | (0.90) | (33.27) | (34.17) | 0.00 | (8.99) | (8.99) | 77.43 | (30.79) | 1.29 | (0.91) | 1824.8 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 99.64 | (1.16) | 25.50 | 24.34 | 0.00 | (3.39) | (3.39) | 120.59 | 24.96 | 1.29<sup>7</sup> | (1.02) | 2871.7 | 10 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 98.45 | (0.25) | 0.50 | 0.25 | 0.00 | (10.17) | (10.17) | 88.53 | (0.54)<sup>3</sup> | 1.05<sup>4,8</sup> | (0.53)<sup>4</sup> | 1484.6 | 2<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115.23 | (0.37) | 1.14 | 0.77 | 0.00 | (17.55) | (17.55) | 98.45 | 0.26 | 1.05<sup>7,8</sup> | (0.36) | 1736.8 | 6<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.68 | (0.60) | 23.56 | 22.96 | 0.00 | (3.41) | (3.41) | 115.23 | 24.61 | 1.04 | (0.58) | 2052.7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 81.71 | (0.52) | 14.49 | 13.97 | 0.00 | 0.00 | 0.00 | 95.68 | 17.10 | 1.05 | (0.54) | 2236.6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 126.47 | (0.68) | (35.09) | (35.77) | 0.00 | (8.99) | (8.99) | 81.71 | (30.61) | 1.04 | (0.65) | 1968.9 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104.08 | (0.91) | 26.69 | 25.78 | 0.00 | (3.39) | (3.39) | 126.47 | 25.29 | 1.03<sup>7</sup> | (0.76) | 3108.2 | 10 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 98.41 | (0.25) | 0.50 | 0.25 | 0.00 | (10.17) | (10.17) | 88.49 | (0.54)<sup>3</sup> | 1.04<sup>4</sup> | (0.53)<sup>4</sup> | 101 | 2<sup>3,6</sup> |
|  **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115.19 | (0.36) | 1.13 | 0.77 | 0.00 | (17.55) | (17.55) | 98.41 | 0.26 | 1.05<sup>7</sup> | (0.35) | 112.1 | 6<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.65 | (0.60) | 23.55 | 22.95 | 0.00 | (3.41) | (3.41) | 115.19 | 24.61 | 1.04 | (0.58) | 146.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 81.70 | (0.52) | 14.47 | 13.95 | 0.00 | 0.00 | 0.00 | 95.65 | 17.07 | 1.05 | (0.55) | 146.7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 126.45 | (0.67) | (35.09) | (35.76) | 0.00 | (8.99) | (8.99) | 81.70 | (30.61) | 1.04 | (0.65) | 132.5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104.07 | (0.91) | 26.68 | 25.77 | 0.00 | (3.39) | (3.39) | 126.45 | 25.28 | 1.04<sup>7</sup> | (0.76) | 185.8 | 10 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distribution, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> Annualized

<sup>5</sup> Gross expenses were 1.30% for the six months ended March 31, 2026, after adjusting for certain transfer agency credits. 

<sup>6</sup> Excludes impact of in-kind transactions.

<sup>7</sup> Interest expense rounds to less than 0.01%. 

<sup>8</sup> Gross expenses were 1.04% for the six months ended March 31, 2026, after adjusting for certain transfer agency credits. 

See Notes to Financial Statements. 33

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON GROWTH FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions <br>($) | Net<br>asset <br>value,<br>end of<br>period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Operating<br>expenses<br>(%) | Interest<br>expense<br>(%) | Gross <br>expenses <br>(%) | Net<br>investment <br>income (loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 78.89 | (0.06) | (9.83) | (9.89) | (0.40) | (12.86) | (13.26) | 55.74 | (14.54)<sup>3</sup> | 1.32<sup>4</sup> | 0.22<sup>4</sup> | 1.54<sup>4</sup> | (0.17)<sup>4</sup> | 989.4 | 0<sup>3,5,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 102.76 | 0.35<sup>7</sup> | (13.42) | (13.07) | 0.00 | (10.80) | (10.80) | 78.89 | (14.16) | 1.30 | 0.09 | 1.39<sup>8</sup> | 0.40<sup>7</sup> | 1492.5 | 1<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90.55 | (0.33) | 14.24 | 13.91 | 0.00 | (1.70) | (1.70) | 102.76 | 15.62 | 1.29 | 0.05 | 1.34 | (0.35) | 2210.3 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80.38 | (0.22) | 15.52 | 15.30 | 0.00 | (5.13) | (5.13) | 90.55 | 19.17 | 1.29 | 0.01 | 1.30 | (0.24) | 2211.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 117.64 | (0.35) | (27.94) | (28.29) | 0.00 | (8.97) | (8.97) | 80.38 | (26.31) | 1.29 | 0.01 | 1.30 | (0.36) | 2015.6 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 90.65 | (0.81) | 32.65 | 31.84 | 0.00 | (4.85) | (4.85) | 117.64 | 36.19<sup>9</sup> | 1.29 | 0.00 | 1.29 | (0.75) | 3.041.4 | 1 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 84.28 | 0.04 | (10.60) | (10.56) | (0.64) | (12.86) | (13.50) | 60.22 | (14.42)<sup>3</sup> | 1.06<sup>4</sup> | 0.20<sup>4</sup> | 1.26<sup>4</sup> | 0.11<sup>4</sup> | 1465.1 | 0<sup>3,5,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.79 | 0.64<sup>7</sup> | (14.35) | (13.71) | 0.00 | (10.80) | (10.80) | 84.28 | (13.95) | 1.04 | 0.09 | 1.13 | 0.67<sup>7</sup> | 3294 | 1<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.52 | (0.10) | 15.07 | 14.97 | 0.00 | (1.70) | (1.70) | 108.79 | 15.92 | 1.03 | 0.05 | 1.08 | (0.09) | 5134 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 84.34 | 0.01 | 16.30 | 16.31 | 0.00 | (5.13) | (5.13) | 95.52 | 19.48<sup>7</sup> | 1.04 | 0.01 | 1.05 | 0.01 | 5007.2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122.73 | (0.10) | (29.32) | (29.42) | 0.00 | (8.97) | (8.97) | 84.34 | (26.12) | 1.03 | 0.01 | 1.04 | (0.10) | 4073.5 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94.15 | (0.56) | 33.99 | 33.43 | 0.00 | (4.85) | (4.85) | 122.73 | 36.55<sup>9</sup> | 1.03 | 0.00 | 1.03 | (0.50) | 5934.8 | 1 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |  |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 84.28 | 0.03 | (10.59) | (10.56) | (0.64) | (12.86) | (13.50) | 60.22 | (14.42)<sup>3</sup> | 1.07<sup>4</sup> | 0.23<sup>4</sup> | 1.30<sup>4</sup> | 0.10<sup>4</sup> | 156.1 | 0<sup>3,5,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.79 | 0.63<sup>7</sup> | (14.34) | (13.71) | 0.00 | (10.80) | (10.80) | 84.28 | (13.95) | 1.04 | 0.09 | 1.13 | 0.66<sup>7</sup> | 162.9 | 1<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.53 | (0.10) | 15.06 | 14.96 | 0.00 | (1.70) | (1.70) | 108.79 | 15.91 | 1.04 | 0.05 | 1.09 | (0.10) | 242.4 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 84.35 | 0.01 | 16.30 | 16.31 | 0.00 | (5.13) | (5.13) | 95.53 | 19.48 | 1.04 | 0.01 | 1.05 | 0.01 | 225.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122.75 | (0.11) | (29.32) | (29.43) | 0.00 | (8.97) | (8.97) | 84.35 | (26.13) | 1.03 | 0.01 | 1.04 | (0.10) | 169.1 | 0<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94.16 | (0.56) | 34.00 | 33.44 | 0.00 | (4.85) | (4.85) | 122.75 | 36.56<sup>9</sup> | 1.03 | 0.00 | 1.03 | (0.50) | 225.8 | 1 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Excludes impact of in-kind transactions.

<sup>6</sup> Less than 0.5%. 

<sup>7</sup> Includes a special dividend. Both the net investment income (loss) per share dollar amounts and ratios would have been negative excluding the effect of the special dividend. The net investment income (loss) per share amounts and ratios would have been reduced by approximately $0.65 and 0.70%, respectively, excluding the effect of the special dividend. 

<sup>8</sup> Gross expenses were 1.38% for the year ended September 30, 2025, after adjusting for certain transfer agency credits. 

<sup>9</sup> The Adviser made a voluntary payment to the Fund in the amount of $739,525 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by 0.01%. 

34 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON SMALL CAP FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions <br>($) | Net<br>asset <br>value,<br>end of<br>period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Gross <br>expenses <br>(%) | Net<br>investment <br>income<br>(loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 30.43 | (0.11) | (2.57) | (2.68) | 0.00 | (2.60) | (2.60) | 25.15 | (9.46)<sup>3</sup> | 1.33<sup>4,5,6</sup> | (0.77)<sup>4</sup> | 922.2 | 3<sup>3,7</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34.65 | (0.25) | 0.25 | 0.00 | 0.00 | (4.22) | (4.22) | 30.43 | (0.35) | 1.32<sup>5,6</sup> | (0.80) | 1158.9 | 13<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27.76 | (0.21) | 8.02 | 7.81 | 0.00 | (0.92) | (0.92) | 34.65 | 28.90 | 1.30 | (0.69) | 1374.9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.98 | (0.15) | 4.38 | 4.23 | 0.00 | (1.45) | (1.45) | 27.76 | 17.42<sup>8</sup> | 1.31 | (0.56) | 1187.8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40.67 | (0.23) | (10.74) | (10.97) | 0.00 | (4.72) | (4.72) | 24.98 | (30.93) | 1.30 | (0.72) | 1135.1 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.06 | (0.16) | 9.89 | 9.73 | 0.00 | (4.12) | (4.12) | 40.67 | 29.77 | 1.29 | (0.40) | 1829.5 | 16 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 33.37 | (0.08) | (2.84) | (2.92) | 0.00 | (2.60) | (2.60) | 27.85 | (9.34)<sup>3</sup> | 1.06<sup>4,5</sup> | (0.52)<sup>4</sup> | 1549.6 | 3<sup>3,7</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37.51 | (0.18) | 0.26 | 0.08 | 0.00 | (4.22) | (4.22) | 33.37 | (0.09) | 1.06<sup>5</sup> | (0.54) | 2330.9 | 13<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29.90 | (0.14) | 8.67 | 8.53 | 0.00 | (0.92) | (0.92) | 37.51 | 29.25 | 1.05 | (0.43) | 2828.6 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.74 | (0.09) | 4.70 | 4.61 | 0.00 | (1.45) | (1.45) | 29.90 | 17.71<sup>8</sup> | 1.05 | (0.31) | 2821 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.12 | (0.15) | (11.51) | (11.66) | 0.00 | (4.72) | (4.72) | 26.74 | (30.76) | 1.04 | (0.44) | 2613 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.86 | (0.06) | 10.44 | 10.38 | 0.00 | (4.12) | (4.12) | 43.12 | 30.11 | 1.03 | (0.15) | 3214.2 | 16 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 33.35 | (0.08) | (2.84) | (2.92) | 0.00 | (2.60) | (2.60) | 27.83 | (9.34)<sup>3</sup> | 1.07<sup>4,5</sup> | (0.51)<sup>4</sup> | 226.9 | 3<sup>3,7</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37.49 | (0.19) | 0.27 | 0.08 | 0.00 | (4.22) | (4.22) | 33.35 | (0.09) | 1.06<sup>5</sup> | (0.55) | 267.5 | 13<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29.89 | (0.15) | 8.67 | 8.52 | 0.00 | (0.92) | (0.92) | 37.49 | 29.23 | 1.05 | (0.45) | 312.1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.73 | (0.09) | 4.70 | 4.61 | 0.00 | (1.45) | (1.45) | 29.89 | 17.71<sup>8</sup> | 1.06 | (0.31) | 206.3 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.10 | (0.14) | (11.51) | (11.65) | 0.00 | (4.72) | (4.72) | 26.73 | (30.75) | 1.04 | (0.41) | 184.4 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.85 | (0.06) | 10.43 | 10.37 | 0.00 | (4.12) | (4.12) | 43.10 | 30.09 | 1.04 | (0.16) | 272.8 | 16 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Interest expense rounds to less than 0.01%. 

<sup>6</sup> Gross expenses were 1.32% and 1.31% for the six months ended March 31, 2026 and the year ended September 30, 2025, respectively, after adjusting for certain transfer agency credits. 

<sup>7</sup> Excludes impact of in-kind transactions.

<sup>8</sup> The Adviser made a voluntary payment to the Fund in the amount of $573 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund's total return by less than 0.01%. 

See Notes to Financial Statements. 35

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON OPPORTUNITY FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data | Supplemental Data |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions <br>($) | Net<br>asset <br>value,<br>end of<br>period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Gross <br>expenses <br>(%) | Net<br>investment<br>income<br>(loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 53.83 | (0.29) | (2.09) | (2.38) | 0.00 | (2.29) | (2.29) | 49.16 | (4.79)<sup>3</sup> | 1.30<sup>4</sup> | (1.09)<sup>4</sup> | 662.7 | 10<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 44.12 | (0.50) | 12.54 | 12.04 | 0.00 | (2.33) | (2.33) | 53.83 | 27.76<sup>7</sup> | 1.31<sup>5</sup> | (1.04) | 734.1 | 30<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30.67 | (0.39) | 13.84 | 13.45 | 0.00 | 0.00 | 0.00 | 44.12 | 43.85 | 1.31 | (1.02) | 637 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.72 | (0.27) | 6.22 | 5.95 | 0.00 | 0.00 | 0.00 | 30.67 | 24.07 | 1.32<sup>8</sup> | (0.96) | 497.4 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.49 | (0.39) | (14.78) | (15.17) | 0.00 | (3.60) | (3.60) | 24.72 | (38.38) | 1.31<sup>8</sup> | (1.15) | 448.5 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.11 | (0.49) | 11.65 | 11.16 | 0.00 | (2.78) | (2.78) | 43.49 | 33.58 | 1.31<sup>8</sup> | (1.19) | 866.5 | 39 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 57.75 | (0.24) | (2.25) | (2.49) | 0.00 | (2.29) | (2.29) | 52.97 | (4.65)<sup>3</sup> | 1.04<sup>4</sup> | (0.83)<sup>4</sup> | 909.4 | 10<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47.08 | (0.40) | 13.40 | 13.00 | 0.00 | (2.33) | (2.33) | 57.75 | 28.07<sup>7</sup> | 1.05<sup>9</sup> | (0.78) | 976.4 | 30<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32.64 | (0.31) | 14.75 | 14.44 | 0.00 | 0.00 | 0.00 | 47.08 | 44.24 | 1.05 | (0.76) | 679 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.24 | (0.21) | 6.61 | 6.40 | 0.00 | 0.00 | 0.00 | 32.64 | 24.39 | 1.06<sup>8</sup> | (0.70) | 473.2 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45.85 | (0.32) | (15.69) | (16.01) | 0.00 | (3.60) | (3.60) | 26.24 | (38.23) | 1.05<sup>8</sup> | (0.90) | 375.3 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.79 | (0.41) | 12.25 | 11.84 | 0.00 | (2.78) | (2.78) | 45.85 | 33.91 | 1.05<sup>8</sup> | (0.93) | 711.4 | 39 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 57.82 | (0.24) | (2.26) | (2.50) | 0.00 | (2.29) | (2.29) | 53.03 | (4.67)<sup>3</sup> | 1.04<sup>4</sup> | (0.83)<sup>4</sup> | 44.9 | 10<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47.13 | (0.40) | 13.42 | 13.02 | 0.00 | (2.33) | (2.33) | 57.82 | 28.08<sup>7</sup> | 1.04 | (0.78) | 48.8 | 30<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32.67 | (0.31) | 14.77 | 14.46 | 0.00 | 0.00 | 0.00 | 47.13 | 44.26 | 1.05 | (0.76) | 40.2 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.27 | (0.21) | 6.61 | 6.40 | 0.00 | 0.00 | 0.00 | 32.67 | 24.36 | 1.07<sup>8</sup> | (0.70) | 28.8 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45.90 | (0.32) | (15.71) | (16.03) | 0.00 | (3.60) | (3.60) | 26.27 | (38.23) | 1.05<sup>8</sup> | (0.89) | 23.4 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.82 | (0.41) | 12.27 | 11.86 | 0.00 | (2.78) | (2.78) | 45.90 | 33.94 | 1.05<sup>8</sup> | (0.93) | 36.1 | 39 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Gross expenses were 1.30% for the year ended September 30, 2025, after adjusting for certain transfer agency credits. 

<sup>6</sup> Excludes impact of in-kind transactions.

<sup>7</sup> The Adviser made a voluntary payment to the Fund in the amount of $1,025,040 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund's total return by 0.06%. 

<sup>8</sup> Includes interest expense of less than 0.01%. 

<sup>9</sup> Gross expenses were 1.04% for the year ended September 30, 2025, after adjusting for certain transfer agency credits. 

36 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON FIFTH AVENUE GROWTH FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions <br>($) | Net<br>asset <br>value,<br>end of<br>period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Gross <br>expenses <br>(%) | <br>Net<br>expenses<br>(%) | Net<br>investment <br>income<br>(loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 65.36 | (0.24) | (4.40) | (4.64) | 0.00 | (2.66) | (2.66) | 58.06 | (7.50)<sup>3,4</sup> | 1.03<sup>5,6</sup><sup>,7</sup> | 1.00<sup>5,6</sup> | (0.74)<sup>5</sup> | 138.1 | 2<sup>3.</sup><sup>8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 51.61 | (0.47) | 14.67 | 14.20 | 0.00 | (0.45) | (0.45) | 65.36 | 27.58<sup>4</sup> | 1.03<sup>6</sup> | 1.00<sup>6</sup> | (0.81) | 152.6 | 19<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 35.68 | (0.37) | 16.30 | 15.93 | 0.00 | 0.00 | 0.00 | 51.61 | 44.65<sup>4</sup> | 1.03<sup>6</sup> | 1.00<sup>6</sup> | (0.84) | 132.3 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28.73 | (0.28) | 7.23 | 6.95 | 0.00 | 0.00 | 0.00 | 35.68 | 24.19<sup>4</sup> | 1.06<sup>9</sup> | 1.01<sup>9</sup> | (0.88) | 103 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 55.33 | (0.39) | (24.49) | (24.88) | 0.00 | (1.72) | (1.72) | 28.73 | (46.49)<sup>4,10</sup> | 1.03<sup>6</sup> | 1.00<sup>6</sup> | (0.92) | 84.2 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46.62 | (0.46) | 9.35 | 8.89 | 0.00 | (0.18) | (0.18) | 55.33 | 19.13<sup>4</sup> | 1.02 | 1.00 | (0.88) | 187.8 | 16 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 67.80 | (0.16) | (4.58) | (4.74) | 0.00 | (2.66) | (2.66) | 60.40 | (7.38)<sup>3</sup> | 0.75<sup>5,6</sup> | 0.75<sup>5,6</sup> | (0.48)<sup>5</sup> | 501.7 | 2<sup>3.8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53.45 | (0.34) | 15.14 | 14.80 | 0.00 | (0.45) | (0.45) | 67.80 | 27.76<sup>4</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.56) | 571.7 | 19<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36.86 | (0.27) | 16.86 | 16.59 | 0.00 | 0.00 | 0.00 | 53.45 | 45.01<sup>4</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.59) | 469.8 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.60 | (0.21) | 7.47 | 7.26 | 0.00 | 0.00 | 0.00 | 36.86 | 24.53<sup>4</sup> | 0.78<sup>9</sup> | 0.76<sup>9</sup> | (0.63) | 332.9 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56.82 | (0.29) | (25.21) | (25.50) | 0.00 | (1.72) | (1.72) | 29.60 | (46.35)<sup>4,10</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.68) | 281.8 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47.75 | (0.34) | 9.59 | 9.25 | 0.00 | (0.18) | (0.18) | 56.82 | 19.44<sup>4</sup> | 0.75 | 0.75 | (0.63) | 609.8 | 16 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 67.86 | (0.16) | (4.59) | (4.75) | 0.00 | (2.66) | (2.66) | 60.45 | (7.39)<sup>3</sup> | 0.75<sup>5,6</sup> | 0.75<sup>5,6</sup> | (0.48)<sup>5</sup> | 29.9 | 2<sup>3.8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53.44 | (0.34) | 15.21 | 14.87 | 0.00 | (0.45) | (0.45) | 67.86 | 27.90<sup>4</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.56) | 38.4 | 19<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36.86 | (0.27) | 16.85 | 16.58 | 0.00 | 0.00 | 0.00 | 53.44 | 44.98<sup>4</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.59) | 34.3 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.61 | (0.21) | 7.46 | 7.25 | 0.00 | 0.00 | 0.00 | 36.86 | 24.49<sup>4</sup> | 0.78<sup>9</sup> | 0.76<sup>9</sup> | (0.63) | 25.5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56.84 | (0.29) | (25.22) | (25.51) | 0.00 | (1.72) | (1.72) | 29.61 | (46.36)<sup>4,10</sup> | 0.76<sup>6</sup> | 0.75<sup>6</sup> | (0.68) | 21.1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47.76 | (0.34) | 9.60 | 9.26 | 0.00 | (0.18) | (0.18) | 56.84 | 19.45<sup>4</sup> | 0.75 | 0.75 | (0.63) | 39.6 | 16 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense of less than 0.01%. 

<sup>7</sup> Gross expenses were 1.02% for the six months ended March 31, 2026, after adjusting for certain transfer agency credits. 

<sup>8</sup> Excludes impact of in-kind transactions.

<sup>9</sup> Includes interest expense of 0.01%. 

<sup>10</sup> The Adviser made a voluntary payment to the Fund in the amount of $2,806 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by less than 0.01%. 

See Notes to Financial Statements. 37

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON DISCOVERY FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of period<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gain<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>period<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 34.96 | (0.16) | (3.55) | (3.71) | 0.00 | 0.00 | 0.00 | 31.25 | (10.64)<sup>3</sup> | 1.32<sup>4,5</sup> | (0.94)<sup>4</sup> | 111.3 | 16<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 29.81 | (0.29) | 5.44 | 5.15 | 0.00 | 0.00 | 0.00 | 34.96 | 17.28 | 1.33<sup>5</sup> | (0.90) | 153.5 | 41<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.28 | (0.24) | 5.77 | 5.53 | 0.00 | 0.00 | 0.00 | 29.81 | 22.78 | 1.32 | (0.89) | 134.8 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.27 | (0.22) | 2.23 | 2.01 | 0.00 | 0.00 | 0.00 | 24.28 | 9.03 | 1.33 | (0.90) | 131.6 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 36.93 | (0.32) | (13.05) | (13.37) | 0.00 | (1.29) | (1.29) | 22.27 | (37.47) | 1.32 | (1.11) | 146.9 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.17 | (0.43) | 10.25 | 9.82 | 0.00 | (1.06) | (1.06) | 36.93 | 35.61 | 1.31 | (1.20) | 270.3 | 37 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 36.07 | (0.12) | (3.66) | (3.78) | 0.00 | 0.00 | 0.00 | 32.29 | (10.48)<sup>3</sup> | 1.05<sup>4</sup> | (0.67)<sup>4</sup> | 1453.2 | 16<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30.67 | (0.21) | 5.61 | 5.40 | 0.00 | 0.00 | 0.00 | 36.07 | 17.61 | 1.05 | (0.63) | 1687.4 | 41<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.91 | (0.17) | 5.93 | 5.76 | 0.00 | 0.00 | 0.00 | 30.67 | 23.12 | 1.05 | (0.63) | 1315.5 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.80 | (0.16) | 2.27 | 2.11 | 0.00 | 0.00 | 0.00 | 24.91 | 9.25 | 1.06 | (0.64) | 1098.7 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37.68 | (0.25) | (13.34) | (13.59) | 0.00 | (1.29) | (1.29) | 22.80 | (37.31) | 1.06 | (0.84) | 955.6 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.65 | (0.35) | 10.44 | 10.09 | 0.00 | (1.06) | (1.06) | 37.68 | 35.97 | 1.05 | (0.94) | 1721.2 | 37 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 36.08 | (0.12) | (3.67) | (3.79) | 0.00 | 0.00 | 0.00 | 32.29 | (10.50)<sup>3</sup> | 1.05<sup>4</sup> | (0.67)<sup>4</sup> | 52.4 | 16<sup>3,6</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30.67 | (0.21) | 5.62 | 5.41 | 0.00 | 0.00 | 0.00 | 36.08 | 17.64 | 1.05 | (0.63) | 59.8 | 41<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.92 | (0.17) | 5.92 | 5.75 | 0.00 | 0.00 | 0.00 | 30.67 | 23.07 | 1.05 | (0.63) | 53.3 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.80 | (0.16) | 2.28 | 2.12 | 0.00 | 0.00 | 0.00 | 24.92 | 9.30 | 1.06 | (0.64) | 46.4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37.68 | (0.24) | (13.35) | (13.59) | 0.00 | (1.29) | (1.29) | 22.80 | (37.30) | 1.06 | (0.85) | 41.3 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.65 | (0.35) | 10.44 | 10.09 | 0.00 | (1.06) | (1.06) | 37.68 | 35.97 | 1.05 | (0.94) | 38.1 | 37 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect investment of all dividends and distributions, if any. 

<sup>3</sup> Not Annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Gross expenses were 1.31% and 1.32% for the six months ended March 31, 2026 and the year ended September 30, 2025, respectively, after adjusting for certain transfer agency credits. 

<sup>6</sup> Excludes impact of in-kind transactions.

38 See Notes to Financial Statements.

------

March 31, 2026 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

#### BARON DURABLE ADVANTAGE FUND
Selected data for a share outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br>asset<br>value, <br>beginning <br>of period <br>($) | Net<br>investment <br>income <br>(loss) <br>($)<sup>1</sup> | Net<br>realized<br>and <br>unrealized <br>gain (loss) <br>($) | Total<br>from <br>investment <br>operations <br>($) | Net<br>investment <br>income <br>($) | Net<br>realized <br>gains <br>($) | Total<br>distributions <br>($) | Net<br>asset <br>value,<br>end of<br>period <br>($) | Total<br>return <br>(%)<sup>2</sup> | Gross <br>expenses <br>(%) | Net <br>expenses <br>(%) | Net<br>investment <br>income<br>(loss) <br>(%) | Net<br>assets (in<br>millions),<br>end of<br>period <br>($) | Portfolio <br>turnover <br>rate <br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 32.00 | (0.03) | (2.12) | (2.15) | 0.00 | 0.00 | 0.00 | 29.85 | (6.72)<sup>3,4</sup> | 0.99<sup>5,6</sup><sup>,7</sup> | 0.95<sup>5</sup> | (0.17)<sup>5</sup> | 79.4 | 2<sup>4,8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.39 | (0.03) | 4.64 | 4.61 | (0.00)<sup>8</sup> | 0.00 | (0.00)<sup>8</sup> | 32.00 | 16.84<sup>3</sup> | 1.00 | 0.95 | (0.10) | 99.6 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.55 | (0.02) | 7.86 | 7.84 | (0.00)<sup>8</sup> | 0.00 | (0.00)<sup>8</sup> | 27.39 | 40.10<sup>3</sup> | 1.04 | 0.95 | (0.06) | 98.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.66 | (0.00)<sup>9</sup> | 4.89 | 4.89 | 0.00 | 0.00 | 0.00 | 19.55 | 33.36<sup>3</sup> | 1.40 | 0.95 | (0.02) | 16.6 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.47 | (0.04) | (3.71) | (3.75) | 0.00 | (0.06) | (0.06) | 14.66 | (20.39)<sup>3</sup> | 1.49<sup>6</sup> | 0.95 | (0.23) | 7.6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.47 | (0.05) | 4.06 | 4.01 | (0.01) | 0.00 | (0.01) | 18.47 | 27.70<sup>3</sup> | 1.91 | 0.95 | (0.29) | 9.8 | 11 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 32.50 | 0.02 | (2.17) | (2.15) | 0.00 | 0.00 | 0.00 | 30.35 | (6.62)<sup>3,4</sup> | 0.72<sup>5,6</sup> | 0.70<sup>5</sup> | 0.10<sup>5</sup> | 347.6 | 2<sup>4,8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.81 | 0.04 | 4.72 | 4.76 | (0.07) | 0.00 | (0.07) | 32.50 | 17.12<sup>3</sup> | 0.73 | 0.70 | 0.14 | 363.8 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.82 | 0.05 | 7.96 | 8.01 | (0.02) | 0.00 | (0.02) | 27.81 | 40.46<sup>3</sup> | 0.77 | 0.70 | 0.19 | 319.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.82 | 0.04 | 4.96 | 5.00 | 0.00 | 0.00 | 0.00 | 19.82 | 33.74<sup>3</sup> | 1.00 | 0.70 | 0.22 | 78.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.63 | 0.01 | (3.76) | (3.75) | 0.00 | (0.06) | (0.06) | 14.82 | (20.21)<sup>3</sup> | 1.10<sup>6</sup> | 0.70 | 0.03 | 23.6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.56 | (0.01) | 4.09 | 4.08 | (0.01) | 0.00 | (0.01) | 18.63 | 28.01<sup>3</sup> | 1.48 | 0.70 | (0.05) | 27.1 | 11 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026 | 32.50 | 0.02 | (2.16) | (2.14) | 0.00 | 0.00 | 0.00 | 30.36 | (6.61)<sup>3,4</sup> | 0.71<sup>5,6</sup> | 0.70<sup>5</sup> | 0.09<sup>5</sup> | 55.6 | 2<sup>4,8</sup> |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.81 | 0.04 | 4.72 | 4.76 | (0.07) | 0.00 | (0.07) | 32.50 | 17.12<sup>3</sup> | 0.73 | 0.70 | 0.14 | 61.9 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.82 | 0.04 | 7.97 | 8.01 | (0.02) | 0.00 | (0.02) | 27.81 | 40.46<sup>3</sup> | 0.74 | 0.70 | 0.15 | 53.7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.82 | 0.04 | 4.96 | 5.00 | 0.00 | 0.00 | 0.00 | 19.82 | 33.74<sup>3</sup> | 1.01 | 0.70 | 0.23 | 4.9 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.63 | 0.00<sup>9</sup> | (3.75) | (3.75) | 0.00 | (0.06) | (0.06) | 14.82 | (20.21)<sup>3</sup> | 1.07<sup>6</sup> | 0.70 | 0.02 | 3.5 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.56 | (0.01) | 4.09 | 4.08 | (0.01) | 0.00 | (0.01) | 18.63 | 28.01<sup>3</sup> | 1.47 | 0.70 | (0.04) | 4.3 | 11 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Not Annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense of less than 0.01%. 

<sup>7</sup> Gross expenses were 0.98% for the six months ended March 31, 2026, after adjusting for certain transfer agency credits. 

<sup>8</sup> Excludes impact of in-kind transactions.

<sup>9</sup> Less than $0.01 per share. 

See Notes to Financial Statements. 39

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026

---

| | |
|:---|:---|
| <u>Changes In and Disagreements with Accountants</u> | For the period covered by this report |
| Not applicable. |  |
| <u>Results of Meeting(s) of Shareholders</u> | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. |  |

---

------

Privacy Notice

The Funds collect nonpublic personal information about you from the following sources:

∎ Information we receive from you on applications or other forms;

∎ Information about your transactions with us, our Adviser or others; and

∎ Information we receive from third parties, such as credit reporting agencies.

"Nonpublic personal information" is private information about you that we obtain in connection with providing a financial product or service to you.

We may share your name and address with other Baron Funds and the Adviser and its affiliates for the purpose of sending you information about our products that we believe may be of interest to you and informing you of our upcoming Baron Investment Conference and for sending required information.

We do not disclose any nonpublic personal information about our customers to anyone, except as permitted or required by law. Examples of permitted disclosures under the law include sharing with companies that work for us to provide you services, such as the Transfer Agent or mailing house. All such companies that act on our behalf are contractually obligated to keep the information that we provide to them confidential and to use the information only to provide the services that we have asked them to perform for you and us.

We restrict access to nonpublic information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to guard your nonpublic personal information.

This privacy notice is also available at all times on the Baron Funds<sup>®</sup> website, BaronCapitalGroup.com or by calling 1-800-99BARON.

Go Paperless!

It's fast, simple and a smart way to help the environment.

Enjoy the speed and convenience of receiving Fund documents electronically.

For more information, and to enroll today, go to BaronCapitalGroup.com/resources-and-information.

![LOGO](g61932g72v75.jpg)

767 Fifth Avenue, 48<sup>th</sup> Fl.

New York, NY 10153

1-800-99BARON

212-583-2000

#### BaronCapitalGroup.com

------

![LOGO](g61932g72v75.jpg)

#### SEMITRUST 3/31/2026

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.](d61932dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.](d61932dex99906ct.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  BARON INVESTMENT FUNDS TRUST | BARON INVESTMENT FUNDS TRUST |
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
|  Date: May 21, 2026 | Date: May 21, 2026 |

---

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
|  Date: May 21, 2026 | Date: May 21, 2026 |
| By: | /s/ Christopher Snively |
|  | Christopher Snively |
|  | Principal Financial Officer |
|  Date: May 21, 2026 | Date: May 21, 2026 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Ronald Baron**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Investment Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
|  Date: May 21, 2026 |
| /s/ Ronald Baron |
|  Ronald Baron |
|  Principal Executive Officer |

---

------

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Christopher Snively**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Investment Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
|  Date: May 21, 2026 |
| /s/ Christopher Snively |
|  Christopher Snively |
|  Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON INVESTMENT FUNDS TRUST (the "Issuer") and its separate series for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
| By: | /s/ Ronald Baron | Date: May 21, 2026 |
|  | Ronald Baron<br> Principal Executive Officer |  |

---

------

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON INVESTMENT FUNDS TRUST (the "Issuer") and its separate series for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
| By: | /s/ Christopher Snively | Date: May 21, 2026 |
|  | Christopher Snively<br> Principal Financial Officer |  |

---