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Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (100.32%)
Communication Services (35.84%)
		Alternative Carriers (34.30%)
	8,020,910	Space Exploration Technologies Corp., Cl A ^1,3,†	$	78,500,479	$	1,370,452,683

		Movies & Entertainment (1.54%)
	90,030	Spotify Technology SA ^1,2		22,203,025		41,335,474
	1,566,765	StubHub Holdings, Inc., Cl A ^1,4		58,158,509		20,164,265

				80,361,534		61,499,739

	Total Communication Services			158,862,013		1,431,952,422

Consumer Discretionary (7.06%)
		Casinos & Gaming (0.52%)
	825,000	DraftKings, Inc., Cl A ¹		31,102,313		20,839,500

		Footwear (1.66%)
	591,069	Birkenstock Holding PLC ^1,2,7		26,321,038		25,433,699
	1,147,000	On Holding AG, Cl A ^1,2		35,496,145		40,626,740

				61,817,183		66,060,439

		Hotels, Resorts & Cruise Lines (3.83%)
	363,682	Choice Hotels International, Inc.		1,567,025		40,103,214
	63,000	Hilton Worldwide Holdings, Inc.		17,295,535		20,818,980
	475,233	Hyatt Hotels Corp., Cl A		13,075,166		92,119,165

				31,937,726		153,041,359

		Leisure Facilities (1.05%)
	308,124	Vail Resorts, Inc.		7,091,924		41,951,083

	Total Consumer Discretionary			131,949,146		281,892,381

Financials (9.47%)
		Financial Exchanges & Data (2.95%)
	152,719	FactSet Research Systems, Inc.		8,111,765		35,137,587
	69,896	MSCI, Inc.		29,383,505		39,144,556
	438,189	Tradeweb Markets, Inc., Cl A		26,490,483		43,669,916

				63,985,753		117,952,059

		Insurance Brokers (0.49%)
	74,451	Willis Towers Watson PLC ²		9,189,143		19,459,258

		Investment Banking & Brokerage (2.39%)
	868,394	The Charles Schwab Corp.		767,067		80,126,714
	55,000	LPL Financial Holdings, Inc.		20,659,483		15,492,400

				21,426,550		95,619,114

		Property & Casualty Insurance (3.64%)
	1,498,417	Arch Capital Group Ltd. ^1,2		5,410,177		145,436,354

	Total Financials			100,011,623		378,466,785

Health Care (9.45%)
		Health Care Equipment (3.80%)
	169,000	Edwards Lifesciences Corp. ¹		15,187,294		15,287,740
	259,176	IDEXX Laboratories, Inc. ¹		4,918,796		136,440,613

				20,106,090		151,728,353


Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)

		Health Care Supplies (0.74%)
	411,198	The Cooper Companies, Inc. ¹	$	17,222,441	$	29,487,009

		Health Care Technology (0.65%)
	146,728	Veeva Systems, Inc., Cl A ¹		8,211,614		26,039,818

		Life Sciences Tools & Services (4.26%)
	94,647	Mettler-Toledo International, Inc. ¹		21,295,157		120,912,489
	230,000	Repligen Corp. ¹		33,794,491		31,381,200
	49,974	West Pharmaceutical Services, Inc.		2,163,306		17,940,666

				57,252,954		170,234,355

	Total Health Care			102,793,099		377,489,535

Industrials (16.54%)
		Aerospace & Defense (2.35%)
	85,000	Axon Enterprise, Inc. ¹		27,732,330		47,651,850
	575,000	Loar Holdings, Inc. ¹		41,680,085		46,350,750

				69,412,415		94,002,600

		Construction & Engineering (4.53%)
	251,580	Quanta Services, Inc.		42,589,931		181,147,663

		Data Processing & Outsourced Services (0.63%)
	403,076	SS&C Technologies Holdings, Inc.		10,805,708		25,010,866

		Electrical Components & Equipment (3.66%)
	878,738	Forgent Power Solutions, Inc., Cl A ^1,4		25,106,799		49,086,305
	290,000	Vertiv Holdings Co., Cl A		27,408,196		97,097,800

				52,514,995		146,184,105

		Environmental & Facilities Services (0.95%)
	910,558	Rollins, Inc.		11,879,733		38,006,691

		Industrial Machinery & Supplies & Components (0.19%)
	33,460	IDEX Corp.		2,409,866		7,593,747

		Research & Consulting Services (4.23%)
	200,000	Booz Allen Hamilton Holding Corp.		19,807,656		12,134,000
	500,500	TransUnion		21,354,565		36,106,070
	672,476	Verisk Analytics, Inc.		24,880,838		120,729,616

				66,043,059		168,969,686

	Total Industrials			255,655,707		660,915,358

Information Technology (15.34%)
		Application Software (6.32%)
	26,047	Fair Isaac Corp. ¹		9,900,177		31,120,434
	862,495	Guidewire Software, Inc. ¹		43,112,663		106,130,010
	430,000	Procore Technologies, Inc. ¹		30,763,897		17,466,600
	160,692	Roper Technologies, Inc.		13,653,341		54,376,566
	770,000	Samsara, Inc., Cl A ¹		30,094,271		24,971,100
	261,493	ServiceTitan, Inc., Cl A ¹		19,670,404		18,490,170

				147,194,753		252,554,880

See Notes to Portfolios of Investments.


Baron Asset Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)

		Electronic Components (5.91%)
	1,338,270	Amphenol Corp., Cl A	$	31,948,435	$	235,963,767

		Internet Services & Infrastructure (0.84%)
	151,248	Cerebras Systems, Inc., Cl A ^1,4		29,864,726		33,425,808

		IT Consulting & Other Services (1.71%)
	525,973	Gartner, Inc. ¹		11,175,237		68,176,620

		Technology Distributors (0.56%)
	160,011	CDW Corp.		9,672,214		22,503,947

	Total Information Technology			229,855,365		612,625,022

Materials (1.18%)
		Construction Materials (1.18%)
	160,000	Vulcan Materials Co.		44,278,302		47,201,600

Real Estate (5.44%)
		Data Center REITs (1.20%)
	46,116	Equinix, Inc.		2,965,260		48,070,857

		Health Care REITs (1.25%)
	220,000	Welltower, Inc.		31,846,794		49,933,400

		Real Estate Services (2.99%)
	496,323	CBRE Group, Inc., Cl A ¹		5,552,581		66,849,745
	1,854,901	CoStar Group, Inc. ¹		37,631,527		52,530,796

				43,184,108		119,380,541

	Total Real Estate			77,996,162		217,384,798

	Total Common Stocks			1,101,401,417		4,007,927,901


Private Preferred Stocks (0.22%)

Industrials (0.22%)
		Aerospace & Defense (0.22%)
	277,529	Skyryse, Inc., Series C ^1,3,4,6		7,499,999		8,800,445

Principal Amount

Cost

Value

Short Term Investments (0.07%)

Securities Lending Collateral (0.07%)

2,836,920

State Street Navigator
Securities Lending
Prime Portfolio ^5,8

2,836,920

Total Investments (100.61%)

1,111,738,336

4,019,565,266

Liabilities Less Cash and Other Assets (-0.61%)

(24,410,801

)

Net Assets

3,995,154,465

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At June 30, 2026, the market value of restricted securities amounted to $1,362,363,446 or 34.10% of net assets. See Note 3 regarding Restricted Securities.

⁴

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).

⁵	Level 2 security. See Note 4 regarding Fair Value Measurements.

⁶	Level 3 security. See Note 4 regarding Fair Value Measurements.

⁷	The value of all securities loaned at June 30, 2026 amounted to $2,743,206 or 0.07% of net assets. See Note 2d regarding Securities Lending.

⁸	Represents investment of cash collateral received from securities lending transactions. See Note 2d regarding Securities Lending.

†

A portion of Space Exploration Technologies Corp. (“SpaceX”) shares are subject to a lock-up agreement with contractual sale restriction expiration dates ranging from 8/6/2026 to 8/3/2027. Fair value is based on the unadjusted market price of the equivalent equity security. At June 30, 2026, the total value of SpaceX shares subject to the lock-up is $1,353,563,001 or 33.88% of net assets. See Note 3 regarding Restricted Securities.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Generational Growth Fund^

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (118.96%)
Consumer Discretionary (30.60%)
		Apparel, Accessories & Luxury Goods (6.01%)
	12,368,569	Figs, Inc., Cl A ^1,6	$	87,745,510	$	126,530,461

		Casinos & Gaming (7.26%)
	2,347,802	Red Rock Resorts, Inc., Cl A ⁶		61,849,524		152,747,998

		Hotels, Resorts & Cruise Lines (13.28%)
	2,532,997	Choice Hotels International, Inc. ^4,6		69,164,538		279,313,579

		Leisure Facilities (4.05%)
	625,538	Vail Resorts, Inc. ⁶		28,596,095		85,166,999

	Total Consumer Discretionary			247,355,667		643,759,037


Financials (72.94%)
		Financial Exchanges & Data (29.99%)
	598,113	FactSet Research Systems, Inc. ⁶		30,524,970		137,613,839
	535,000	Morningstar, Inc. ⁶		11,283,789		83,470,700
	731,989	MSCI, Inc. ⁶		14,229,157		409,943,120

				56,037,916		631,027,659

		Investment Banking & Brokerage (1.74%)
	273,278	Houlihan Lokey, Inc. ⁶		11,879,807		36,654,778

		Life & Health Insurance (5.96%)
	441,029	Primerica, Inc. ⁶		9,535,188		125,340,442

		Property & Casualty Insurance (35.25%)
	4,705,713	Arch Capital Group Ltd. ^1,2,6		15,232,101		456,736,504
	863,900	Kinsale Capital Group, Inc. ⁶		28,683,670		284,922,859

				43,915,771		741,659,363

	Total Financials			121,368,682		1,534,682,242


Health Care (4.92%)
		Health Care Equipment (4.92%)
	196,500	IDEXX Laboratories, Inc. ^1,6		2,766,584		103,445,460


Information Technology (10.50%)
		Application Software (4.38%)
	750,000	Guidewire Software, Inc. ^1,6		22,750,078		92,287,500

		IT Consulting & Other Services (6.12%)
	992,944	Gartner, Inc. ^1,6		14,230,995		128,705,401

	Total Information Technology			36,981,073		220,992,901

	Total Common Stocks			408,472,006		2,502,879,640

Shares

Cost

Value

Private Common Stocks (0.04%)

Unclassified (0.04%)

422,278

Farmers Business
Network, Inc. ^1,3,5,7,8

16,300,002

785,437

Total Investments (119.00%)

424,772,008

2,503,665,077

Liabilities Less Cash and Other Assets (-19.00%)

(399,788,019

)

Net Assets

2,103,877,058

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At June 30, 2026, the market value of restricted securities amounted to $785,437 or 0.04% of net assets. See Note 3 regarding Restricted Securities.

⁴	See Note 5 regarding “Affiliated” companies.

⁵

⁶	All or a portion of this security is pledged with the custodian in connection with the Fund’s loans payable outstanding. At June 30, 2026, the total market value of pledged securities amounted to $793,228,659 or 37.70% of net assets.

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

⁸	Level 3 security. See Note 4 regarding Fair Value Measurements.

^{^}	As stated within the Supplement to the Prospectus and Statement of Additional Information dated April 30, 2026, effective June 1, 2026, Baron Growth Fund has changed its name to Baron Generational Growth Fund. For additional information please refer to the Supplement.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (98.87%)
Communication Services (4.79%)
		Movies & Entertainment (4.79%)
	800,000	Liberty Media Corp.-Liberty Formula One, Cl C ¹	$	15,267,597	$	76,112,000
	150,000	Madison Square Garden Sports Corp. ¹		5,656,366		60,276,000

	Total Communication Services			20,923,963		136,388,000

Consumer Discretionary (19.80%)
		Automotive Parts & Equipment (0.29%)
	3,250,000	Holley, Inc. ¹		15,612,642		8,287,500

		Casinos & Gaming (6.42%)
	1,500,000	DraftKings, Inc., Cl A ¹		27,760,213		37,890,000
	2,225,000	Red Rock Resorts, Inc., Cl A		74,866,833		144,758,500

				102,627,046		182,648,500

		Education Services (2.12%)
	850,000	Bright Horizons Family Solutions, Inc. ¹		41,901,355		60,248,000

		Homebuilding (1.41%)
	175,000	Installed Building Products, Inc.		7,629,502		40,222,000

		Leisure Facilities (1.97%)
	1,075,000	Planet Fitness, Inc., Cl A ¹		42,707,926		56,082,750

		Restaurants (3.16%)
	450,000	The Cheesecake Factory, Inc.		10,208,047		35,793,000
	500,000	Shake Shack, Inc., Cl A ¹		32,623,255		28,010,000
	150,000	Wingstop, Inc.		23,927,603		26,011,500

				66,758,905		89,814,500

		Specialized Consumer Services (4.43%)
	4,500,000	Driven Brands Holdings, Inc. ¹		76,882,119		62,730,000
	600,000	Liberty Live Holdings, Inc., Cl C ¹		34,070,759		63,384,000

				110,952,878		126,114,000

	Total Consumer Discretionary			388,190,254		563,417,250

Consumer Staples (1.08%)
		Packaged Foods & Meats (1.08%)
	1,500,000	Once Upon a Farm PBC ¹		27,847,079		30,720,000

Financials (10.31%)
		Asset Management & Custody Banks (0.95%)
	2,200,000	GCM Grosvenor, Inc., Cl A		24,160,896		27,060,000

		Insurance Brokers (3.18%)
	2,700,000	Baldwin Insurance Group, Inc., Cl A ¹		38,913,842		71,766,000
	600,000	Neptune Insurance Holdings, Inc., Cl A ¹		12,860,182		18,900,000

				51,774,024		90,666,000

		Investment Banking & Brokerage (2.12%)
	450,000	Houlihan Lokey, Inc.		20,791,637		60,358,500

		Property & Casualty Insurance (4.06%)
	350,000	Kinsale Capital Group, Inc.		52,830,811		115,433,500

	Total Financials			149,557,368		293,518,000


Shares			Cost		Value
Common Stocks (continued)
Health Care (11.20%)
		Health Care Equipment (0.53%)
	225,000	DexCom, Inc. ¹	$	746,235	$	15,153,750

		Health Care Services (4.21%)
	700,000	Hinge Health, Inc., Cl A ¹		23,746,715		58,100,000
	1,000,000	RadNet, Inc. ¹		57,940,384		61,670,000

				81,687,099		119,770,000

		Health Care Supplies (1.58%)
	5,000,000	Neogen Corp. ¹		50,262,368		44,950,000

		Life Sciences Tools & Services (2.50%)
	350,000	ICON plc ^1,2		10,015,240		60,798,500
	8,000	Mettler-Toledo International, Inc. ¹		386,055		10,220,080

				10,401,295		71,018,580

		Managed Health Care (2.38%)
	750,000	HealthEquity, Inc. ¹		12,292,452		67,740,000

	Total Health Care			155,389,449		318,632,330

Industrials (33.56%)
		Aerospace & Defense (6.81%)
	1,400,000	Applied Aerospace & Defense, Inc. ¹		27,620,233		31,892,000
	445,000	Karman Holdings, Inc. ¹		13,208,896		22,214,400
	475,000	Kratos Defense & Security Solutions, Inc. ¹		10,313,730		23,683,500
	70,000	TransDigm Group, Inc. ¹		0		93,242,800
	100,000	VSE Corp.		18,107,648		22,850,000

				69,250,507		193,882,700

		Construction & Engineering (1.42%)
	475,000	Legence Corp., Cl A ¹		13,300,000		40,484,250

		Electrical Components & Equipment (7.65%)
	650,000	Vertiv Holdings Co., Cl A		7,433,252		217,633,000

		Environmental & Facilities Services (1.88%)
	225,000	Casella Waste Systems, Inc., Cl A ¹		18,386,235		21,818,250
	190,000	Waste Connections, Inc. ²		8,296,667		31,671,100

				26,682,902		53,489,350

		Human Resource & Employment Services (2.22%)
	3,500,000	First Advantage Corp. ¹		55,629,977		63,175,000

		Industrial Machinery & Supplies & Components (8.17%)
	180,000	Enpro, Inc.		31,537,948		67,847,400
	660,000	JBT Marel Corp.		59,851,004		95,700,000
	107,000	RBC Bearings, Inc. ¹		18,637,407		68,914,420

				110,026,359		232,461,820

		Research & Consulting Services (1.71%)
	900,000	Andersen Group, Inc., Cl A ¹		16,676,713		33,948,000
	250,000	Exponent, Inc.		18,870,045		14,690,000

				35,546,758		48,638,000

See Notes to Portfolios of Investments.


Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)

		Trading Companies & Distributors (3.70%)
	919,500	SiteOne Landscape Supply, Inc. ¹	$	44,595,814	$	105,199,995

	Total Industrials			362,465,569		954,964,115

Information Technology (16.07%)
		Application Software (5.40%)
	700,000	Guidewire Software, Inc. ¹		17,937,708		86,135,000
	1,675,000	Intapp, Inc. ¹		65,120,759		42,226,750
	1,550,000	nCino, Inc. ¹		49,646,801		25,342,500

				132,705,268		153,704,250

		Electronic Equipment & Instruments (6.41%)
	1,250,000	Cognex Corp.		34,873,029		90,525,000
	1,500,000	Mirion Technologies, Inc. ¹		30,394,356		26,895,000
	400,000	Novanta, Inc. ^1,2		44,477,575		64,896,000

				109,744,960		182,316,000

		IT Consulting & Other Services (2.27%)
	850,000	Everforth, Inc. ¹		17,046,890		15,189,500
	250,000	Gartner, Inc. ¹		3,718,546		32,405,000
	3,000,000	Grid Dynamics Holdings, Inc. ¹		36,322,597		17,040,000

				57,088,033		64,634,500

		Semiconductors (0.87%)
	5,500,000	indie Semiconductor, Inc., Cl A ¹		33,521,133		24,695,000

		Systems Software (1.12%)
	350,000	JFrog Ltd. ^1,2		10,750,434		31,808,000

	Total Information Technology			343,809,828		457,157,750

Materials (0.91%)
		Specialty Chemicals (0.91%)
	700,000	Avient Corp.		22,710,451		25,872,000

Real Estate (1.15%)
		Data Center REITs (1.15%)
	1,513,476	Blackstone Digital Infrastructure Trust, Inc. ¹		29,969,821		32,736,486

	Total Investments (98.87%)		$	1,500,863,782		2,813,405,931

	Cash and Other Assets Less Liabilities (1.13%)					32,044,994

	Net Assets				$	2,845,450,925

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.76%)
Communication Services (29.63%)
		Alternative Carriers (19.02%)
	2,358,660	Space Exploration Technologies Corp., Cl A ^1,3,†	$	41,000,224	$	403,000,648

		Interactive Media & Services (7.26%)
	258,810	Alphabet, Inc., Cl A		86,998,617		92,490,930
	5,310	Alphabet, Inc., Cl C		1,868,068		1,876,182
	105,700	Meta Platforms, Inc., Cl A		20,449,342		59,539,753

				109,316,027		153,906,865

		Movies & Entertainment (3.35%)
	154,700	Spotify Technology SA ^1,2		53,523,539		71,027,411

	Total Communication Services			203,839,790		627,934,924

Consumer Discretionary (10.66%)
		Automobile Manufacturers (4.67%)
	235,200	Tesla, Inc. ¹		15,496,090		98,925,120

		Broadline Retail (5.35%)
	475,500	Amazon.com, Inc. ¹		28,080,356		113,330,670

		Footwear (0.64%)
	382,000	On Holding AG, Cl A ^1,2		14,700,015		13,530,440

	Total Consumer Discretionary			58,276,461		225,786,230

Financials (3.45%)
		Investment Banking & Brokerage (0.47%)
	108,000	Charles Schwab Corp.		10,324,988		9,965,160

		Transaction & Payment Processing Services (2.98%)
	56,400	Mastercard, Incorporated, Cl A		12,019,014		28,967,040
	99,800	Visa, Inc., Cl A		15,336,164		34,240,382

				27,355,178		63,207,422

	Total Financials			37,680,166		73,172,582

Health Care (9.01%)
		Biotechnology (2.05%)
	46,869	argenx SE, ADR ^1,2		5,811,341		43,483,652

		Health Care Equipment (0.77%)
	41,105	Intuitive Surgical, Inc. ¹		4,585,816		16,346,636

		Health Care Services (1.40%)
	356,785	Hinge Health, Inc., Cl A ¹		12,727,678		29,613,155

		Health Care Technology (0.84%)
	608,259	HeartFlow, Inc. ¹		15,306,800		17,846,319

		Life Sciences Tools & Services (0.50%)
	87,803	BillionToOne, Inc., Cl A ^1,4		6,241,877		10,534,604

		Pharmaceuticals (3.45%)
	60,900	Eli Lilly & Co.		47,327,695		73,045,287

	Total Health Care			92,001,207		190,869,653

Industrials (4.40%)
		Aerospace & Defense (1.77%)
	43,400	Axon Enterprise, Inc. ¹		23,424,281		24,330,474
	267,905	DPC Holdings Ltd. ^1,2,4		9,106,276		13,143,419

				32,530,557		37,473,893


Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)

		Construction & Engineering (0.85%)
	25,000	Quanta Services, Inc.	$	6,003,860	$	18,001,000

		Electrical Components & Equipment (1.62%)
	614,090	Forgent Power Solutions, Inc., Cl A ^1,4		16,859,822		34,303,067

		Heavy Electrical Equipment (0.16%)
	86,625	Innio N.V. ^1,2		2,338,875		3,426,019

	Total Industrials			57,733,114		93,203,979

Information Technology (40.89%)
		Application Software (2.36%)
	160,100	Guidewire Software, Inc. ¹		13,167,877		19,700,305
	933,000	Samsara, Inc., Cl A ¹		30,988,156		30,257,190

				44,156,033		49,957,495

		Communications Equipment (1.35%)
	83,097	Arista Networks, Inc. ¹		12,383,993		14,116,518
	16,900	Lumentum Holdings, Inc. ¹		8,685,314		14,501,214

				21,069,307		28,617,732

		Electronic Components (0.74%)
	40,000	Coherent Corp. ¹		9,101,220		15,778,800

		Internet Services & Infrastructure (2.87%)
	60,584	Cerebras Systems, Inc., Cl A ^1,4		11,208,040		13,389,064
	622,000	GDS Holdings Ltd., ADR ^1,2		11,046,841		18,678,660
	251,200	Shopify, Inc., Cl A ^1,2		14,777,802		28,682,016

				37,032,683		60,749,740

		IT Consulting & Other Services (0.45%)
	74,087	Gartner, Inc. ¹		5,206,364		9,603,157

		Semiconductor Materials & Equipment (2.13%)
	9,800	ASML Holding N.V. ²		13,759,137		19,496,512
	59,400	Lam Research Corp.		13,737,501		25,739,802

				27,496,638		45,236,314

		Semiconductors (24.26%)
	322,900	Broadcom, Inc.		45,278,217		121,975,475
	6,200,000	indie Semiconductor, Inc., Cl A ¹		26,721,411		27,838,000
	33,300	Micron Technology, Inc.		35,798,005		38,437,857
	17,180	Monolithic Power Systems, Inc.		9,989,761		23,748,945
	1,217,400	NVIDIA Corp.		7,023,160		243,589,566
	122,200	Taiwan Semiconductor Manufacturing Co., Ltd., ADR ²		14,811,451		58,359,054

				139,622,005		513,948,897

		Systems Software (6.73%)
	113,600	Cloudflare, Inc., Cl A ^1,4		8,255,283		27,863,808
	19,300	Crowdstrike Holdings, Inc., Cl A ¹		7,808,560		14,728,602
	161,600	Datadog, Inc., Cl A ^1,4		18,297,041		42,074,176
	314,500	Rubrik, Inc., Cl A ¹		16,589,425		25,248,060
	128,100	Snowflake, Inc., Cl A ^1,4		21,336,874		32,601,450

				72,287,183		142,516,096

	Total Information Technology			355,971,433		866,408,231

See Notes to Portfolios of Investments.


Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2026

Shares

Cost

Value

Common Stocks (continued)

Real Estate (0.78%)

Health Care REITs (0.78%)

72,500

Welltower, Inc.

14,831,885

16,455,325

Utilities (0.94%)

Renewable Electricity (0.94%)

685,103

Fervo Energy Co., Cl A ¹

18,497,781

20,025,561

Total Common Stocks

838,831,837

2,113,856,485

Private Common Stocks (0.02%)

Unclassified (0.02%)

182,067

Farmers Business Network, Inc. ^1,3,5,6

2,394,652

338,645

Private Convertible Preferred Stocks (0.13%)

Unclassified (0.13%)

37,254

Farmers Business
Network, Inc., Series F ^1,3,5,6

4,855,355

684,729

615,761

Farmers Business
Network, Inc., Units ^1,3,5,6

615,761

2,081,272

Total Private Convertible Preferred Stocks

5,471,116

2,766,001

Total Investments (99.91%)

846,697,605

2,116,961,131

Cash and Other Assets Less Liabilities (0.09%)

1,914,711

Net Assets

2,118,875,842

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

³	At June 30, 2026, the market value of restricted securities amounted to $401,138,735 or 18.93% of net assets. See Note 3 regarding Restricted Securities.

⁴

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

⁶	Level 3 security. See Note 4 regarding Fair Value Measurements.

†

A portion of Space Exploration Technologies Corp. (“SpaceX”) shares are subject to a lock-up agreement with contractual sale restriction expiration dates ranging from 8/6/2026 to 8/3/2027. Fair value is based on the unadjusted market price of the equivalent equity security. At June 30, 2026, the total value of SpaceX shares subject to the lock-up is $398,034,089 or 18.79% of net assets. See Note 3 regarding Restricted Securities.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.98%)
Communication Services (22.04%)
		Alternative Carriers (10.18%)
	478,640	Space Exploration Technologies Corp., Cl A ^1,3	$	15,999,886	$	81,780,430

		Interactive Media & Services (11.86%)
	154,207	Alphabet, Inc., Cl A		25,748,132		55,108,956
	71,252	Meta Platforms, Inc., Cl A		5,885,390		40,135,539

				31,633,522		95,244,495

	Total Communication Services			47,633,408		177,024,925

Consumer Discretionary (15.24%)
		Automobile Manufacturers (3.89%)
	74,227	Tesla, Inc. ¹		16,024,679		31,219,876

		Broadline Retail (11.35%)
	284,121	Amazon.com, Inc. ¹		2,673,396		67,717,399
	344,919	Coupang, Inc. ¹		6,204,278		5,991,243
	10,282	MercadoLibre, Inc. ¹		7,849,511		17,452,564

				16,727,185		91,161,206

	Total Consumer Discretionary			32,751,864		122,381,082

Financials (1.72%)
		Asset Management & Custody Banks (1.72%)
	150,502	KKR & Co., Inc.		18,188,591		13,813,074

Health Care (8.03%)
		Biotechnology (2.27%)
	19,676	argenx SE, ADR ^1,2		7,011,715		18,254,803

		Health Care Equipment (2.15%)
	43,393	Intuitive Surgical, Inc. ¹		5,068,231		17,256,528

		Life Sciences Tools & Services (1.88%)
	4,609	GRAIL, Inc. ^1,4		28,246		314,656
	84,024	Illumina, Inc. ¹		6,592,236		14,773,940

				6,620,482		15,088,596

		Pharmaceuticals (1.73%)
	11,561	Eli Lilly & Co.		9,030,529		13,866,610

	Total Health Care			27,730,957		64,466,537

Information Technology (52.95%)
		Application Software (2.77%)
	47,676	Figma, Inc., Cl A ¹		1,573,308		862,459
	658,941	Samsara, Inc., Cl A ¹		24,377,282		21,369,457

				25,950,590		22,231,916

		Electronic Components (1.87%)
	84,907	Amphenol Corp., Cl A		12,281,860		14,970,802

		Internet Services & Infrastructure (4.46%)
	24,466	Cerebras Systems, Inc., Cl A ^1,4		4,526,210		5,406,986
	266,539	Shopify, Inc., Cl A ^1,2		12,692,489		30,433,423

				17,218,699		35,840,409


Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)

		Semiconductor Materials & Equipment (3.77%)
	15,222	ASML Holding N.V. ²	$	2,954,474	$	30,283,256

		Semiconductors (26.62%)
	53,852	Broadcom, Inc.		18,465,447		20,342,593
	17,279	Monolithic Power Systems, Inc.		16,192,052		23,885,798
	514,452	NVIDIA Corp.		6,715,519		102,936,701
	139,558	Taiwan Semiconductor Manufacturing Co., Ltd., ADR ²		26,454,594		66,648,714

				67,827,612		213,813,806

		Systems Software (13.46%)
	129,302	Cloudflare, Inc., Cl A ^1,4		10,473,302		31,715,195
	31,869	Crowdstrike Holdings, Inc., Cl A ¹		5,961,149		24,320,509
	130,731	Datadog, Inc., Cl A ^1,4		9,681,321		34,037,123
	70,829	Snowflake, Inc., Cl A ^1,4		9,785,961		18,025,980

				35,901,733		108,098,807

	Total Information Technology			162,134,968		425,238,996

	Total Investments (99.98%)		$	288,439,788		802,924,614

	Cash and Other Assets Less Liabilities (0.02%)					172,761

	Net Assets				$	803,097,375

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

A portion of Space Exploration Technologies Corp. (“SpaceX”) shares are subject to a lock-up agreement with contractual sale restriction expiration dates ranging from 8/6/2026 to 8/3/2027. Fair value is based on the unadjusted market price of the equivalent equity security. At June 30, 2026, the total value of SpaceX shares subject to the lock-up is $80,772,527 or 10.06% of net assets. See Note 3 regarding Restricted Securities.

⁴

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (96.27%)
Communication Services (1.56%)
		Movies & Entertainment (1.56%)
	325,000	Liberty Media Corporation-Liberty Formula One, Cl A ¹	$	16,929,497	$	28,450,500

Consumer Discretionary (12.29%)
		Apparel, Accessories & Luxury Goods (1.29%)
	2,500,000	Brunello Cucinelli SpA, ADR ²		25,485,806		23,649,393

		Casinos & Gaming (3.24%)
	1,000,000	DraftKings, Inc., Cl A ¹		18,106,710		25,260,000
	350,000	Wynn Resorts Ltd.		26,407,091		33,981,500

				44,513,801		59,241,500

		Restaurants (5.16%)
	375,000	Shake Shack, Inc., Cl A ¹		33,855,667		21,007,500
	200,000	Texas Roadhouse, Inc.		18,937,147		38,646,000
	200,000	Wingstop, Inc.		42,060,507		34,682,000

				94,853,321		94,335,500

		Specialized Consumer Services (2.60%)
	450,000	Liberty Live Holdings, Inc., Cl C ¹		16,102,958		47,538,000

	Total Consumer Discretionary			180,955,886		224,764,393

Consumer Staples (2.10%)
		Soft Drinks & Non-alcoholic Beverages (2.10%)
	1,575,000	Primo Brands Corp.		37,995,724		38,493,000

Financials (4.51%)
		Asset Management & Custody Banks (1.30%)
	575,000	StepStone Group, Inc., Cl A		33,394,902		23,782,000

		Insurance Brokers (1.23%)
	935,000	TWFG, Inc. ¹		19,676,939		22,486,750

		Investment Banking & Brokerage (0.99%)
	755,000	Lincoln International, Inc. ¹		16,120,630		18,021,850

		Property & Casualty Insurance (0.99%)
	55,000	Kinsale Capital Group, Inc.		2,746,528		18,139,550

	Total Financials			71,938,999		82,430,150

Health Care (22.13%)
		Biotechnology (1.25%)
	867,400	Arcutis Biotherapeutics, Inc. ¹		23,555,129		22,743,228

		Health Care Equipment (2.19%)
	532,900	Axogen, Inc. ¹		17,264,816		24,614,651
	130,000	IRhythm Holdings, Inc. ¹		15,433,088		15,463,500

				32,697,904		40,078,151

		Health Care Supplies (0.95%)
	202,245	Establishment Labs Holdings, Inc. ^1,2		12,274,998		17,354,644


Shares			Cost		Value
Common Stocks (continued)
Health Care (continued)

		Health Care Technology (3.38%)
	1,232,494	HeartFlow, Inc. ¹	$	30,995,470	$	36,161,374
	1,252,000	Waystar Holding Corp. ¹		40,656,260		25,703,560

				71,651,730		61,864,934

		Life Sciences Tools & Services (11.26%)
	286,830	BillionToOne, Inc., Cl A ^1,3		22,089,321		34,413,863
	1,373,550	CareDx, Inc. ^1,3		13,631,043		39,146,175
	273,653	Repligen Corp. ¹		39,509,512		37,337,215
	1,681,429	Stevanato Group SpA ²		38,898,057		30,383,422
	639,474	Tempus AI, Inc., Cl A ¹		28,854,871		37,044,729
	468,790	Veracyte, Inc. ^1,3		11,556,243		27,532,037

				154,539,047		205,857,441

		Pharmaceuticals (3.10%)
	356,396	Definium Therapeutics, Inc. ^1,2		12,657,357		16,764,868
	576,069	Harrow, Inc. ¹		21,944,857		24,465,650
	126,165	VeraDermics, Inc. ¹		10,200,089		15,510,725

				44,802,303		56,741,243

	Total Health Care			339,521,111		404,639,641

Industrials (28.09%)
		Aerospace & Defense (11.91%)
	605,747	Arxis, Inc., Cl A ¹		18,892,003		27,949,167
	396,041	Dpc Holdings Ltd. ^1,2,3		15,282,080		19,429,772
	497,438	Hawkeye 360, Inc. ¹		12,933,388		10,058,196
	501,445	Karman Holdings, Inc. ¹		18,284,282		25,032,134
	448,758	Kratos Defense & Security Solutions, Inc. ¹		20,986,965		22,375,074
	799,000	Loar Holdings, Inc. ¹		53,821,429		64,407,390
	395,939	Mercury Systems, Inc. ¹		16,317,798		48,435,218

				156,517,945		217,686,951

		Building Products (2.97%)
	150,000	AAON, Inc.		11,154,763		19,029,000
	225,000	Advanced Drainage Systems, Inc.		34,341,659		35,316,000

				45,496,422		54,345,000

		Electrical Components & Equipment (3.05%)
	1,000,000	Forgent Power Solutions, Inc., Cl A ^1,3		26,968,632		55,860,000

		Environmental & Facilities Services (3.72%)
	405,000	Casella Waste Systems, Inc., Cl A ¹		38,176,402		39,272,850
	1,419,000	Onterris, Inc. ¹		32,832,103		28,677,990

				71,008,505		67,950,840

		Heavy Electrical Equipment (0.49%)
	493,434	X-Energy, Inc. ¹		11,348,982		9,059,448

See Notes to Portfolios of Investments.


Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (continued)
Industrials (continued)

		Industrial Machinery & Supplies & Components (4.07%)
	375,000	Enerpac Tool Group Corp.	$	14,358,665	$	13,447,500
	110,256	Enpro, Inc.		28,089,971		41,558,794
	30,000	RBC Bearings, Inc. ¹		5,885,616		19,321,800

				48,334,252		74,328,094

		Trading Companies & Distributors (1.88%)
	300,000	SiteOne Landscape Supply, Inc. ¹		26,536,239		34,323,000

	Total Industrials			386,210,977		513,553,333

Information Technology (22.78%)
		Application Software (4.93%)
	250,000	Guidewire Software, Inc. ¹		23,462,118		30,762,500
	465,000	Procore Technologies, Inc. ¹		30,253,788		18,888,300
	1,250,000	Samsara, Inc., Cl A ¹		36,746,659		40,537,500

				90,462,565		90,188,300
		Electronic Equipment & Instruments (5.45%)
	99,180	Advanced Energy Industries, Inc.		6,944,323		36,981,246
	1,200,000	Mirion Technologies, Inc. ¹		22,405,833		21,516,000
	253,550	Novanta, Inc. ^1,2		28,254,018		41,135,952

				57,604,174		99,633,198

		Semiconductor Materials & Equipment (1.50%)
	50,329	Nova Ltd. ^1,2		11,364,234		27,325,627

		Semiconductors (3.33%)
	5,252,665	Indie Semiconductor, Inc., Cl A ¹		14,359,109		23,584,466
	50,000	SiTime Corp. ¹		8,230,732		37,278,000

				22,589,841		60,862,466


Shares			Cost		Value
Common Stocks (continued)
Information Technology (continued)

		Systems Software (7.57%)
	1,111,975	Dynatrace, Inc. ^1,3	$	37,580,037	$	48,826,822
	2,323,041	Netskope, Inc., Cl A ¹		43,636,931		25,414,069
	509,500	Rubrik, Inc., Cl A ¹		28,636,558		40,902,660
	1,370,100	SentinelOne, Inc., Cl A ¹		21,235,592		23,250,597

				131,089,118		138,394,148

	Total Information Technology			313,109,932		416,403,739

Materials (0.98%)
		Diversified Metals & Mining (0.98%)
	318,400	MP Materials Corp. ¹		16,234,093		17,833,584

Real Estate (1.83%)
		Data Center REITs (1.83%)
	1,550,000	Blackstone Digital Infrastructure Trust, Inc. ¹		30,697,924		33,526,500

	Total Investments (96.27%)		$	1,393,594,143		1,760,094,840

	Cash and Other Assets Less Liabilities (3.73%)					68,170,082

	Net Assets				$	1,828,264,922

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Durable Advantage Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

JUNE 30, 2026


Shares			Cost		Value
Common Stocks (99.20%)
Communication Services (12.50%)
		Interactive Media & Services (12.50%)
	116,092	Alphabet, Inc., Cl C	$	15,513,532	$	41,018,786
	43,495	Meta Platforms, Inc., Cl A		14,782,664		24,500,299

	Total Communication Services			30,296,196		65,519,085

Consumer Discretionary (8.52%)
		Broadline Retail (7.36%)
	161,969	Amazon.com, Inc. ¹		23,545,746		38,603,691

		Restaurants (1.16%)
	31,516	Texas Roadhouse, Inc.		5,290,548		6,089,837

	Total Consumer Discretionary			28,836,294		44,693,528

Consumer Staples (0.97%)
		Consumer Staples Merchandise Retail (0.97%)
	5,457	Costco Wholesale Corp.		2,684,789		5,104,860

Financials (25.51%)
		Asset Management & Custody Banks (4.32%)
	79,899	Blackstone, Inc.		9,360,030		9,401,715
	311,163	Brookfield Corp., Cl A ²		8,563,292		13,252,432

				17,923,322		22,654,147

		Diversified Financial Services (2.21%)
	98,059	Apollo Global Management, Inc.		10,389,815		11,601,360

		Financial Exchanges & Data (10.07%)
	43,553	CME Group, Inc.		9,872,041		9,617,809
	32,680	Moody’s Corp.		11,707,714		14,801,426
	28,077	MSCI, Inc.		14,712,855		15,724,243
	31,111	S&P Global, Inc.		13,165,185		12,670,266

				49,457,795		52,813,744

		Investment Banking & Brokerage (2.08%)
	38,784	LPL Financial Holdings, Inc.		10,290,886		10,924,677

		Property & Casualty Insurance (1.10%)
	59,262	Arch Capital Group Ltd. ^1,2		4,206,405		5,751,970
		Transaction & Payment Processing Services (5.73%)
	15,077	Mastercard, Incorporated, Cl A		6,626,773		7,743,547
	64,967	Visa, Inc., Cl A		16,730,005		22,289,528

				23,356,778		30,033,075

	Total Financials			115,625,001		133,778,973


Shares			Cost		Value
Common Stocks (continued)
Health Care (1.05%)
		Life Sciences Tools & Services (1.05%)
	4,318	Mettler-Toledo International, Inc. ¹	$	5,274,877	$	5,516,288

Industrials (7.74%)
		Aerospace & Defense (6.29%)
	127,364	Arxis, Inc., Cl A ¹		3,566,192		5,876,575
	63,732	HEICO Corp., Cl A		9,083,173		16,437,120
	8,006	TransDigm Group, Inc. ¹		10,712,829		10,664,312

				23,362,194		32,978,007

		Construction & Engineering (1.45%)
	10,562	Quanta Services, Inc.		4,707,299		7,605,063

	Total Industrials			28,069,493		40,583,070

Information Technology (39.42%)
		Electronic Components (2.85%)
	84,659	Amphenol Corp., Cl A		7,565,612		14,927,075

		Semiconductor Materials & Equipment (2.03%)
	24,575	Lam Research Corp.		5,518,860		10,649,085

		Semiconductors (30.02%)
	77,086	Broadcom, Inc.		10,488,717		29,119,237
	20,373	Monolithic Power Systems, Inc.		11,741,551		28,162,820
	228,416	NVIDIA Corp.		12,523,204		45,703,757
	113,945	Taiwan Semiconductor Manufacturing Co., Ltd., ADR ²		15,262,651		54,416,714

				50,016,123		157,402,528

		Systems Software (4.52%)
	63,628	Microsoft Corporation		20,886,951		23,734,516

	Total Information Technology			83,987,546		206,713,204

Real Estate (3.49%)
		Health Care REITs (3.49%)
	80,512	Welltower, Inc.		12,129,290		18,273,809

	Total Investments (99.20%)		$	306,903,486		520,182,817

	Cash and Other Assets Less Liabilities (0.80%)					4,185,135

	Net Assets				$	524,367,952

%	Represents percentage of net assets.

¹	Non-income producing securities.

²	Foreign corporation.

^ADR	American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.


Baron Investment Funds Trust		June 30, 2026

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 Generational Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund. Prior to June 1, 2026, Baron Generational Growth Fund was named Baron Growth 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 Generational 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.


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

c) Foreign Currency Translations. The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized and change in net unrealized gain or loss on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and change in net unrealized gain or loss from investments and foreign currency translations. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

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

Baron Asset Fund participated in Securities lending activities during the nine months period ended June 30, 2026. At June 30, 2026, Baron Asset Fund had securities on loan with value of $2,743,206 and held $2,836,820 of short term investments as Collateral for these loans.

e) 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 3 for additional information.

f) 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).

3. RESTRICTED SECURITIES

At June 30, 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.


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. RESTRICTED SECURITIES (Continued)

At June 30, 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
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Space Exploration Technologies Corp.**		8/4/2020-2/2/2026	$	1,353,563,001
Private Preferred Stocks
Skyryse, Inc.		9/16/2025		8,800,445

Total Restricted Securities			$	1,362,363,446

(Cost $85,033,177)^†(34.10% of Net Assets)

	Baron Generational Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020	$	785,437

Total Restricted Securities			$	785,437

(Cost $16,300,002)(0.04% of Net Assets)

	Baron Opportunity Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Space Exploration Technologies Corp.**		8/4/2020-2/2/2026	$	398,034,089
Private Common Stocks
Farmers Business Network, Inc.		7/31/2020		338,645
Private Convertible Preferred Stocks
Farmers Business Network, Inc.		7/31/2020,9/28/2023		2,766,001

Total Restricted Securities			$	401,138,735

(Cost $48,360,707)^†(18.93% of Net Assets)

	Baron Fifth Avenue Growth Fund
Name of Issuer	Acquisition Date(s)		Value
Common Stocks
Space Exploration Technologies Corp.**		3/25/2021-2/2/2026	$	80,772,527

Total Restricted Securities			$	80,772,527

(Cost $15,802,695)(10.06% of Net Assets)

**	Space Exploration Technologies Corp. went public via an initial public offering on 6/12/2026, the pre-IPO shares are subject to selling restrictions due to a lock-up agreement with expiration dates ranging from 8/6/2026 to 8/3/2027.

†	See Portfolios of Investments for cost of individual securities.


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS

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

•

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 June 30, 2026 in valuing the Funds’ investments carried at fair value:


	Baron Asset Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	4,007,927,901	$	—	$	—	$	4,007,927,901
Private Preferred Stocks		—		—		8,800,445		8,800,445
Short Term Investments		—		2,836,920		—		2,836,920

Total Investments	$	4,007,927,901	$	2,836,920	$	8,800,445	$	4,019,565,266


	Baron Generational Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)⁽¹⁾		Total
Common Stocks†	$	2,502,879,640	$	—	$	—	$	2,502,879,640
Private Common Stocks		—		—		785,437		785,437

Total Investments	$	2,502,879,640	$	—	$	785,437	$	2,503,665,077

†	See Portfolios of Investments for additional detailed categorizations.

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


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)


	Baron Small Cap Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	2,813,405,931	$	—	$	—	$	2,813,405,931

Total Investments	$	2,813,405,931	$	—	$	—	$	2,813,405,931


	Baron Opportunity Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	2,113,856,485	$	—	$	—	$	2,113,856,485
Private Common Stocks		—		—		338,645		338,645
Private Convertible Preferred Stocks		—		—		2,766,001		2,766,001

Total Investments	$	2,113,856,485	$	—	$	3,104,646	$	2,116,961,131


	Baron Fifth Avenue Growth Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	802,924,614	$	—	$	—	$	802,924,614

Total Investments	$	802,924,614	$	—	$	—	$	802,924,614


	Baron Discovery Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	1,760,094,840	$	—	$	—	$	1,760,094,840

Total Investments	$	1,760,094,840	$	—	$	—	$	1,760,094,840


	Baron Durable Advantage Fund
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Common Stocks†	$	520,182,817	$	—	$	—	$	520,182,817

Total Investments	$	520,182,817	$	—	$	—	$	520,182,817

†	See Portfolios of Investments for additional detailed categorizations.


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)

The following is a reconciliation of significant Level 3 investments in which unobservable inputs were used in determining fair value:



	Baron Asset Fund
Investments in Securities	Balance as of September 30, 2025		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3			Transfers Out of Level 3			Balance as of June 30, 2026		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2026
Private Common Stocks
Industrials	$	34,415,656	$	—	$	—	$	146,231,858	$	—	$	—	$	252,163,701	*	$	(432,811,215)	^	$	—	$	—
Private Preferred Stocks
Communication Services		122,172,077		—		—		129,991,624		—		—		—			(252,163,701)	*		—		—
Industrials		211,651,759		—		—		447,160,186		—		—		—			(650,011,500)	^		8,800,445		1,300,446

Total	$	368,239,492	$	—	$	—	$	723,383,668	$	—	$	—	$	252,163,701		$	(1,334,986,416)		$	8,800,445	$	1,300,446



	Baron Opportunity Fund
Investments in Securities	Balance as of September 30, 2025		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3			Transfers Out of Level 3			Balance as of June 30, 2026		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2026
Private Common Stocks
Communication Services	$	5,074,966	$	—	$	—	$	5,399,788	$	—	$	—	$	—		$	(10,474,754)	*	$	—	$	—
Industrials		40,487,939		—		(90,171)		102,702,295		—		(13,392)		50,329,179	*		(193,415,850)	^		—		—
Unclassified		338,645		—		—		—		—		—		—			—			338,645		—
Private Convertible Preferred Stocks
Unclassified		2,766,001		—		—		—		—		—		—			—			2,766,001		—
Private Preferred Stocks
Communication Services		16,886,808		—		—		22,967,617		—		—		—			(39,854,425)	*		—		—
Industrials		39,527,236		—		(6,033,205)		92,510,304		—		(1,001,085)		—			(125,003,250)	^		—		—

Total	$	105,081,595	$	—	$	(6,123,376)	$	223,580,004	$	—	$	(1,014,477)	$	50,329,179		$	(368,748,279)		$	3,104,646	$	—

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

^	Space Exploration Technologies Corp. transferred out of Level 3 upon the company’s IPO and its listing on the NASDAQ exchange on June 12, 2026.


Baron Investment Funds Trust		June 30, 2026

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. FAIR VALUE MEASUREMENTS (Continued)



	Baron Fifth Avenue Growth Fund
Investments in Securities	Balance as of September 30, 2025		Accrued Premiums/ (Discounts)		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales/ Distributions		Transfers Into Level 3			Transfers Out of Level 3			Balance as of June 30, 2026		Change in Net Unrealized Appreciation (Depreciation) from Investments still held at June 30, 2026
Private Common Stocks
Industrials		$11,356,840	$	—	$	—	$	31,060,586	$	—	$	—	$	22,198,974	*	$	(64,616,400)	^	$	—	$	—
Private Preferred Stocks
Communication Services		5,910,363		—		—		16,288,611		—		—		—			(22,198,974)	*		—		—
Industrials		133,288		—		(3,012,309)		3,378,851		—		(499,830)		—			—			—		—

Total		$17,400,491	$	—	$	(3,012,309)	$	50,728,048	$	—	$	(499,830)	$	22,198,974		$	(86,815,374)		$	—	$	—

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

^	Space Exploration Technologies Corp. transferred out of Level 3 upon the company’s IPO and its listing on the NASDAQ exchange on June 12, 2026.

5. TRANSACTIONS IN “AFFILIATED” COMPANIES. An “Affiliated” company (affiliated person as defined in the 1940 Act), is a company in which a Fund held 5% or more of the company’s outstanding voting securities at any time during the nine months ended June 30, 2026.

BARON GENERATIONAL GROWTH FUND


Name of Issuer	Shares held at September 30, 2025		Value at September 30, 2025		Purchase Cost		Sales Proceeds		Change in Net Unrealized Appreciation (Depreciation)		Realized Gains (Losses)		Dividend Income		Shares Held at June 30, 2026		Value at June 30, 2026		% of Net Assets at June 30, 2026

Choice Hotels International, Inc.		3,000,000	$	320,730,000	$	—	$	49,589,589	$	(34,998,274)	$	43,171,442	$	2,515,625		2,750,000	$	279,313,579		13.28%


Vail Resorts, Inc.*		2,000,000	$	299,140,000	$	—	$	184,270,919	$	(186,466,887)	$	156,764,805	$	12,069,201		755,000	$	85,166,999		4.05%

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