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February 2 014

Morningstar FundInvestor

Data through January 31, 2014 Baron Opportunity Retail

Ticker

Status Yield Total Assets

Mstar Category Mid-Cap Growth

BIOPX Open

0.0% $498 mil

Morningstar Analyst Rating 01-31-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Above Avg Above Avg

90% 92% 87% 91% 97% 95% 97% 99%

Manager Change Partial Manager Change

17.0 24.0 32.4 43.6

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Neutral Negative

∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

¶ §

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 01-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

7.23

9.08

9.72 7.05 2.14 -5.05 0.00 7.05 0.00 0.00 1.50 -1.01 71

10.90 12.14 -3.65

13.20

7.12

11.52 61.80 35.34 15.51

14.45 25.43 10.37 -0.95

13.56 -6.16 -8.27 -4.51 0.00 -6.16 0.00 0.00 1.41 -1.11 66

15.17 13.69 -2.31 -2.12

19.60 37.55

19.55 -0.26 3.20 1.91 0.00 -0.26

NAV

73.80 45.12 31.09

25.59 14.71 10.11

-46.06 21.10

Total Return %

15.61

-9.06 -1.74 0.00

5.16 1.81 0.00

+/-S&P 500 +/-Russ MG

1.48 0.00

9.67 0.00

0.00

Income Return % Capital Return %

73.80

25.59

12.14

-46.06 21.10

61.80

25.43

13.69

37.55

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.00 0.00 1.50 -1.18

0.00 0.00 1.50 -1.25

0.00 0.00 1.45 -0.26

0.00 0.00 1.42 -0.61

0.00 0.00 1.42 -0.79

0.00 0.00 1.50 -1.00

0.00 0.00 1.44 -1.08

0.00 0.24 1.39 -1.16

0.00 1.20 1.37 -1.02

0.00 0.00 . . . 389

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Performance 01-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

. 168

2009 2010 2011 2012 2013

1.97 23.97 17.89 8.58 61.80 4.69 -8.13 15.16 13.24 25.43 7.06 1.10 -17.97 5.69 -6.16 16.89 -6.81 5.69 -1.24 13.69 8.83 4.30 11.85 8.34 37.55

167

161

156

211

101

169

247

262

301

387

Portfolio Analysis 12-31-13 Share change since 09-13 Total Stocks:57 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Illumina, Inc.

Hlth care

37.44 4.53

1 Yr 3 Yr 5 Yr

31.81 13.07 24.86 10.55

Trailing

Total

+/-

+/- Russ %Rank Growth of

Gartner, Inc. Class A Acxiom Corporation Guidewire Software Inc

Technology 37.2 -1.01 3.91 Technology 53.8 -2.76 3.32

Return% S&P 500 7.62 5.62 13.42 6.57 31.81 10.29 13.07 -0.86 24.86 5.67 10.55 3.72

Cat

$10,000

Avg High +Avg

Avg Avg High

3 Mo 6 Mo 1 Yr

4.45 4.43 6.73 -0.96 0.89 1.38

3 10,762 10 11,342 7 13,181 46 14,456 10 30,347

Technology

-3.79 3.21 -4.96 2.94 -7.22 2.88

. . .

10 Yr Incept

Dreamworks Animation SKG Cnsmr Cyc

5.56

DigitalGlobe Inc

Industrl

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Liberty Media Corporatio SBA Communications Corp

Cnsmr Cyc 1.9 -10.03 2.87

Other Measures

Standard Index

Best Fit Index S&P 500 Mstar Mid Growth TR

Comm Svs

3.24 2.72

14 27,264 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Shutterstock Inc

Industrl

57.1 -3.61 2.43

Alpha

-1.3 1.06

0.9

Discovery Communications

Cnsmr Cyc 26.7 -12.09 2.35 Cnsmr Cyc 33.0 -1.51 2.34 Technology 32.5 -14.51 2.25 Technology 33.1 -9.94 2.24 Technology 106.4 4.37 2.17 Hlth care 26.3 0.07 2.14 Cnsmr Cyc 46.7 -6.26 2.12 Technology 61.7 0.82 2.02 Industrl 30.6 -2.83 2.27

Beta

0.90

Priceline.com, Inc. Verisk Analytics, Inc. Citrix Systems, Inc.

R-Squared

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

12.22 24.29 10.29

0.76 0.46 0.23

43 40 17

Standard Deviation

15.16 13.07

8 6

Ansys, Inc. Equinix, Inc.

Mean

Sharpe Ratio

0.88

Masimo Corporation Berry Plastics Group Inc

Potential Capital Gain Exposure: 35% of assets

Morningstar’s Take by Laura Lallos 01-31-14 Baron Opportunity demands a long-term perspective. While there are several larger Baron funds in the small- and mid-growth arena, this fund has not been overshadowed. With an annualized 9.2% return since manager Michael Lippert took over in March 2006, it has outperformed the mid-growth category average (6.3%) and the Russell Mid Cap Growth Index (7.6%). It has also bested its older siblings over that period, and drawn more assets over the past five years (though it did see outflows last year). In many ways, Lippert is a typical Baron manager. He looks for companies with great long-term growth prospects because of competitive advantages and talented management. He is also valuation-minded, in that he expects to buy low enough relative to future intrinsic value that the price can double within five years. However, he focuses on faster-growing, more-innovative businesses, and this portfolio has a higher stake in technology and averages higher price multiples and growth rates than the other Baron funds Morningstar follows (Baron Growth BGRFX, Baron

Red Hat, Inc.

CoStar Group, Inc.

Real Est

-6.79 1.90

Small Cap BSCFX, and Baron Asset BARAX). These features also distinguish the fund from the mid-cap growth category. Its average market cap is well below the norm, which worked to its advantage in 2013. A still-small asset base has allowed Lippert to maintain a significant stake in small-cap stocks while holding a fairly concentrated portfolio of fewer than 60 names. The larger Baron funds hold closer to 100 stocks. The fund’s more recent performance might give investors pause. Its three-year return is middling, and its 2013 showing, while competitive within the mid-growth category, was not tops among its siblings. The portfolio included some of the year’s hottest names, such as Netflix NFLX and Zillow Z, but Lippert added them mid-run, willing to pay up for companies that he believes still have superior long-term prospects. Lippert says he is investing in the future and calls this "an optimistic fund." His long-term record is reason to give him the benefit of the doubt.

CarMax, Inc.

Cnsmr Cyc 20.6 -4.06 1.85

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 0.0 Large 14.3 Mid 46.1 Small 35.9 Micro 3.7 Avg $mil: 5,539

Value Blnd Growth

Large Mid Small

Cyclical 32.89 1.14 BasicMat 1.46 0.48 2 0 CnsmrCyc25.17 2.93 25 14 FinanSvs 2.78 0.18 4 1 Real Est 3.48 2.38 4 2 Sensitive 57.94 1.33 CommSrvs 2.75 0.69 13 3 Energy 3.95 0.37 7 4 Industrl 13.99 1.23 21 14 Technlgy 37.25 2.12 39 32 Defensive 9.17 0.33 CnsmrDef 0.90 0.07 2 1 Hlthcare 8.27 0.70 9 7 Utilities 0.00 0.00 2 1

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

30.68 4.67 4.44 16.69 0.11 18.17 14.90 12.32 18.51 18.53

1.58 1.70 2.63 1.66 0.12 1.28 1.53 1.60 1.38 0.72

% Rel Category

Composition - Net

Cash 0.0 Stocks 99.2 Bonds 0.0 Other 0.8 Foreign 8.0

Address:

Baron Investment Funds Trust New York, NY 10153 800-992-2766 www.baronfunds.com

Minimum Purchase: Min Auto Inv Plan:

$2000 $500

Add: $0 IRA: $2000

Add: $50

Profitability

% Rel Category

Sales Fees:

No-load, 1.00% 3Yr:$434 Annually

Return on Equity Return on Assets Net Margin

14.09 5.33 9.18

0.83 0.72 0.91

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

(% of Stock)

02-29-00 BAMCO Inc

Actual Fees:

Mgt:1.00% Dist:0.25%

Expense Projections: Income Distribution:

5Yr:$750 10Yr:$1646

None

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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