# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001410368-25-032565
**Filing Date:** 2025-11
**Character Count:** 11757
**Document Hash:** b1db5a294332a904cdfaec6d71f843a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032565.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032565

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 251529780

**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 GROWTH FUND (Series ID: S000000583)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

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

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

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

- **b. EDGAR series identifier (if any):** S000000583

- **c. LEI of Series:** 5493003RB1W6V2NH4T78

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4965863327.16

**Total Liabilities:** $981384.07

**Net Assets:** $4964881943.09

**Cash Not Reported:** $113624242.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001636 | -3.55%               | -0.59%               | -4.83%               |
| Class ID C000077819 | -3.53%               | -0.56%               | -4.81%               |
| Class ID C000165211 | -3.53%               | -0.56%               | -4.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $182840740.29            | $-385357464.74                             |
| Month 2  | $0.00                    | $-31981829.25                              |
| Month 3  | $364109101.06            | $-626116518.56                             |

### Schedule of Portfolio Investments

| Name                              | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Neogen Corp                       | Neogen Corp                       | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |   1342434 | NS      | $7665298.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                          | MSCI Inc                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |   1180000 | NS      | $669543800.00 | 13.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                     | Primerica Inc                     | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |   1090000 | NS      | $302573100.00 | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FARMERS BUSINESS NETWORK COMMO    | FARMERS BUSINESS NETWORK COMMO    | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EC               | CORP              | US        |    422278 | NS      | $785437.08    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arch Capital Group Ltd            | Arch Capital Group Ltd            | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   7690000 | NS      | $697713700.00 | 14.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                | Cohen & Steers Inc                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |   1429400 | NS      | $93782934.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc              | Red Rock Resorts Inc              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2347802 | NS      | $143356790.12 | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                  | Vail Resorts Inc                  | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |   2000000 | NS      | $299140000.00 | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc | Gaming and Leisure Properties Inc | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |   3000000 | NS      | $139830000.00 | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                | Houlihan Lokey Inc                | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |    450000 | NS      | $92394000.00  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                       | Gartner Inc                       | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |   1200000 | NS      | $315444000.00 | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc            | Guidewire Software Inc            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    775500 | NS      | $178256430.00 | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                  | CoStar Group Inc                  | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   4465000 | NS      | $376712050.00 | 7.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc      | FactSet Research Systems Inc      | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    700000 | NS      | $200543000.00 | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                   | Bio-Techne Corp                   | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |   1100000 | NS      | $61193000.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc | Clearwater Analytics Holdings Inc | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    305000 | NS      | $5496100.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                          | Figs Inc                          | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  12368569 | NS      | $82745726.61  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc         | Kinsale Capital Group Inc         | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |    910000 | NS      | $386986600.00 | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc   | Choice Hotels International Inc   | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |   3000000 | NS      | $320730000.00 | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                       | Moelis & Co                       | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    350000 | NS      | $24962000.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHVOLT AB                      | NORTHVOLT AB RESTRICTED           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |  59407006 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mettler-Toledo International Inc  | Mettler-Toledo International Inc  | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     38000 | NS      | $46649180.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                   | Morningstar Inc                   | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |    920000 | NS      | $213449200.00 | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc            | IDEXX Laboratories Inc            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    300000 | NS      | $191667000.00 | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-14

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

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer