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          <ccc>XXXXXXXX</ccc>
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        <classId>C000001636</classId>
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      <regLei>549300QG0RSSKFZ1ZK02</regLei>
      <regStreet1>767 FIFTH AVE</regStreet1>
      <regStreet2>49TH FL</regStreet2>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10153</regZipOrPostalCode>
      <regPhone>212-583-2000</regPhone>
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      <seriesId>S000000583</seriesId>
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      <repPdEnd>2021-09-30</repPdEnd>
      <repPdDate>2021-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>64135250.94</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>MSCI Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trex Co Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Manchester United Plc</name>
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        <name>Primerica Inc</name>
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        <name>GS ACQUISITION HOLDINGS</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Adaptive Biotechnologies Corp</name>
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        <name>Marel HF</name>
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        <isRestrictedSec>N</isRestrictedSec>

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            <writtenOrPur>Purchased</writtenOrPur>
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        <name>Dechra Pharmaceuticals PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pegasystems Inc</name>
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        <title>Pegasystems Inc</title>
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        <name>Houlihan Lokey Inc</name>
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        <name>Alexandria Real Estate Equities Inc</name>
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        <name>American Assets Trust Inc</name>
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        <name>Altair Engineering Inc</name>
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        <name>Denali Therapeutics Inc</name>
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        <name>Gartner Inc</name>
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        <name>Marriott Vacations Worldwide Corp</name>
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        <name>Guidewire Software Inc</name>
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        <name>Douglas Emmett Inc</name>
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        <name>CoStar Group Inc</name>
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        <name>Essent Group Ltd</name>
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        <name>SS&amp;C Technologies Holdings Inc</name>
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        <name>Bright Horizons Family Solutions Inc</name>
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        <name>FARMERS BUSINESS NETWORK SERIES F PREFERRED SHARES</name>
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        <name>Littelfuse Inc</name>
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        <name>FactSet Research Systems Inc</name>
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        <name>FIFTH WALL ACQUISITION CORP. I</name>
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        <name>BrightView Holdings Inc</name>
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        <name>Bio-Techne Corp</name>
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        <name>ACV Auctions Inc</name>
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        <name>Schrodinger Inc/United States</name>
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        <name>JAWS SPITFIRE ACQ CORP</name>
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        <name>Kinsale Capital Group Inc</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164770000.00000000</valUSD>
        <pctVal>1.829755836848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Choice Hotels International Inc</name>
        <lei>5493003CYRY5RFGTIR97</lei>
        <title>Choice Hotels International Inc</title>
        <cusip>169905106</cusip>
        <identifiers>
          <isin value="US1699051066"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356580000.00000000</valUSD>
        <pctVal>3.959788409925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Moelis &amp; Co</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co</title>
        <cusip>60786M105</cusip>
        <identifiers>
          <isin value="US60786M1053"/>
        </identifiers>
        <balance>760000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43236400.00000000</valUSD>
        <pctVal>0.480136282480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANSYS Inc</name>
        <lei>549300VJV8H15Z5FJ571</lei>
        <title>ANSYS Inc</title>
        <cusip>03662Q105</cusip>
        <identifiers>
          <isin value="US03662Q1058"/>
        </identifiers>
        <balance>1220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423413200.00000000</valUSD>
        <pctVal>4.701965006364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zymergen Inc</name>
        <lei>254900B6L3GN956CY454</lei>
        <title>Zymergen Inc</title>
        <cusip>98985X100</cusip>
        <identifiers>
          <isin value="US98985X1000"/>
        </identifiers>
        <balance>249756.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9992737.56000000</valUSD>
        <pctVal>0.110968440107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTHVOLT AB</name>
        <lei>N/A</lei>
        <title>NORTHVOLT AB RESTRICTED</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="967DDS909"/>
        </identifiers>
        <balance>59407006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16197320.19000000</valUSD>
        <pctVal>0.179869764878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mettler-Toledo International Inc</name>
        <lei>5493000BD5GJNUDIUG10</lei>
        <title>Mettler-Toledo International Inc</title>
        <cusip>592688105</cusip>
        <identifiers>
          <isin value="US5926881054"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117753900.00000000</valUSD>
        <pctVal>1.307646330258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Desktop Metal Inc</name>
        <lei>N/A</lei>
        <title>Desktop Metal Inc</title>
        <cusip>25058X105</cusip>
        <identifiers>
          <isin value="US25058X1054"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11500000.00000000</valUSD>
        <pctVal>0.127706452168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Pharmaceutical Services Inc</name>
        <lei>5493007NKRGM1RJQ1P16</lei>
        <title>West Pharmaceutical Services Inc</title>
        <cusip>955306105</cusip>
        <identifiers>
          <isin value="US9553061055"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188527500.00000000</valUSD>
        <pctVal>2.093580709664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morningstar Inc</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>Morningstar Inc</title>
        <cusip>617700109</cusip>
        <identifiers>
          <isin value="US6177001095"/>
        </identifiers>
        <balance>990000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254538900.00000000</valUSD>
        <pctVal>2.826631291982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wix.com Ltd</name>
        <lei>5493008P6N29Q1AG9464</lei>
        <title>Wix.com Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0011301780"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21771000.00000000</valUSD>
        <pctVal>0.241764971317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZYMERGEN, INC</name>
        <lei>N/A</lei>
        <title>ZYMERGEN, INC PIPE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="942UBN904"/>
        </identifiers>
        <balance>418777.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15687386.42000000</valUSD>
        <pctVal>0.174206996825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEXX Laboratories Inc</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX Laboratories Inc</title>
        <cusip>45168D104</cusip>
        <identifiers>
          <isin value="US45168D1046"/>
        </identifiers>
        <balance>745000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470504750.00000000</valUSD>
        <pctVal>5.224912378329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)</ncom:nameOfApplicant>
      <ncom:signature>Marta Nelson</ncom:signature>
      <ncom:signerName>Marta Nelson</ncom:signerName>
      <ncom:title>Fund Manager</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
