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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>NVIDIA Corp</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <fairValLevel>1</fairValLevel>
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        <name>S&amp;P Global Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Taiwan Semiconductor Manufacturing Co Ltd</name>
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        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Texas Roadhouse Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TransDigm Group Inc</name>
        <lei>N/A</lei>
        <title>TransDigm Group Inc</title>
        <cusip>893641100</cusip>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Visa Inc</name>
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        <title>Visa Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Welltower Inc</name>
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        <title>Welltower Inc</title>
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        <valUSD>18273808.64000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arch Capital Group Ltd</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0450A1053"/>
        </identifiers>
        <balance>59262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5751969.72000000</valUSD>
        <pctVal>1.097543405638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-11</ncom:dateSigned>
      <ncom:nameOfApplicant>BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)</ncom:nameOfApplicant>
      <ncom:signature>Christopher Snively</ncom:signature>
      <ncom:signerName>Christopher Snively</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
