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Form N-PX · fund registrantSEC filer no. 810902

BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)

fund voting report

Vote records reported
2,758year to 30 June 2026
Against management
9.3%255 of 2,753 marked votes
Say-on-pay support
81.1%for, of for + against + abstain
Shareholder-proposal support
32.6%for, of for + against + abstain
88.3% for7.7% against4.1% other9.3% against management2,758 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

For the year to 30 June 2026, BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) reported 2,758 vote records on Form N-PX. 255 of the 2,753 votes that were marked for or against management went against management: 9.3%, 3.0 percentage points above the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 7.6%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 81.1% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 32.6% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in CAPITAL STRUCTURE (36.1% of 61), SHAREHOLDER RIGHTS AND DEFENSES (34.8% of 23) and CORPORATE GOVERNANCE (27.3% of 165).

It reported 762,102 shares out on loan at record dates, 0.05% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share9.3%6.2%10.6%
Say-on-pay support rate81.1%91.6%86.0%
Shareholder-proposal support rate32.6%27.5%33.9%
Shares on loan, share of shares held0.05%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS1,8541,743215.9%
SECTION 14A SAY-ON-PAY VOTES2371764118.6%
AUDIT-RELATED26126100.0%
SHAREHOLDER RIGHTS AND DEFENSES2321234.8%
EXTRAORDINARY TRANSACTIONS6510.0%
CAPITAL STRUCTURE61441736.1%
COMPENSATION93682524.7%
CORPORATE GOVERNANCE1691224527.3%
ENVIRONMENT OR CLIMATE362340.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE1661025.0%
DIVERSITY, EQUITY, AND INCLUSION182160.0%
OTHER SOCIAL ISSUES61105113.1%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,15711.4%80.9%44.8%
year to 30 June 20252,9199.4%83.8%39.0%
year to 30 June 20262,7589.3%81.1%32.6%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) voted against management on 27 of the 140 it marked either way (19.3%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 69 proposals from security holders that could be told apart in the filings and on which it cast a vote, BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) voted for 23 (33.3%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
Microsoft Corporation5 Dec 2025Report on Data Operations in Human Rights Hotspots
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
ServiceNow, Inc.21 May 2026Shareholder proposal regarding shareholder right to act by written consent.
S&P Global Inc.20 May 2026Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder...
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026Shareholder proposal: OTHER SOCIAL ISSUES
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Synopsys, Inc.16 Apr 2026To vote on a stockholder proposal regarding 'stockholders' right to act by written consent
Snowflake Inc.29 Jun 2026To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Equinix, Inc.13 May 2026Consideration and vote upon a stockholder proposal, if properly presented at the Annual Meeting, related...
CBRE Group, Inc.21 May 2026Stockholder proposal regarding our stockholders' ability to call special stockholder meetings.
Datadog, Inc.15 Jun 2026The stockholder proposal, if properly presented at the Annual Meeting, requesting the adoption of a simple...
Verisk Analytics, Inc.19 May 2026Shareholder Proposal - Shareholder Right to Act by Written Consent.
Zscaler, Inc.12 Jan 2026To vote on a non-binding stockholder proposal requesting the declassification of our board of directors.
TransUnion12 May 2026Advisory vote on a stockholder proposal requesting a stockholder right to call a special meeting.

Shares on loan

BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) reported 762,102 shares on loan at record dates against 1.52 billion shares voted: 0.05% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

7 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
BARON ASSET FUND5595.5%78.6%40.0%
BARON OPPORTUNITY FUND49713.1%75.9%33.9%
BARON SMALL CAP FUND4326.9%90.7%not reported
BARON DISCOVERY FUND40710.6%75.6%not reported
Baron Durable Advantage Fund3687.6%76.0%32.4%
BARON FIFTH AVENUE GROWTH FUND31117.8%73.7%31.0%
BARON GENERATIONAL GROWTH FUND1841.6%100.0%not reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) vote on executive pay?

In the year to 30 June 2026 BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) reported 217 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 176 were for (81.1%), 41 against and 0 abstentions. Counting one item per company meeting, it voted against management on 27 of the 140 say-on-pay items it marked either way.

How often does BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) vote against management?

9.3% of the time in the year to 30 June 2026: 255 of the 2,753 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 34 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 32.6% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) (filer no. 810902), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.