0001193125-11-069990.txt : 20110317 0001193125-11-069990.hdr.sgml : 20110317 20110317152015 ACCESSION NUMBER: 0001193125-11-069990 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20110317 DATE AS OF CHANGE: 20110317 EFFECTIVENESS DATE: 20110317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-12112 FILM NUMBER: 11695018 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 FORMER COMPANY: FORMER CONFORMED NAME: BARON ASSET FUND DATE OF NAME CHANGE: 19920703 0000810902 S000000582 BARON ASSET FUND C000001635 BARON ASSET FUND BARAX C000077818 Institutional Shares BARIX 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX C000077819 Institutional Shares BGRIX 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX C000077820 Institutional Shares BSFIX 0000810902 S000000585 BARON OPPORTUNITY FUND C000001638 BARON OPPORTUNITY FUND BIOPX C000077821 Institutional Shares BIOIX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX 497 1 d497.htm BIFT--BARON ASSET, GROWTH, SMALL CAP, OPPORTUNITY & 5TH AVENUE FUNDS--SAI SUPP BIFT--Baron Asset, Growth, Small Cap, Opportunity & 5th Avenue Funds--SAI SUPP

BARON

FUNDS®

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Supplement dated March 17, 2011 to Statement of Additional Information dated January 28, 2011

Effective May 16, 2011, the Statement of Additional Information of the Baron Funds® (the “Funds”) is modified as follows:

On page 3 of the Statement of Additional Information, the following sentence is added as the eighth sentence in the first paragraph below “Investment Strategies and Risks:” “Baron Opportunity Fund will invest at least 65% of its assets in equity securities of companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Companies with market capitalizations that have moved outside of that range since the time of purchase will continue to be included in the $1 billion to $15 billion range for the purpose of the 65% requirement.”

On page 3 of the Statement of Additional Information, the following paragraph is added as second paragraph below “Investment Strategies and Risks:” “For the purposes of complying with the Funds’ market capitalization requirements, market capitalization is determined at the time of purchase. For example, Baron Opportunity Fund must invest at least 65% of its assets in companies with market capitalizations between $1 billion and $15 billion at the time of purchase. If the Fund bought ABC Company when it had a market capitalization of $8 billion, and ABC’s market capitalization appreciated to $16 billion, ABC would still be considered to have a market capitalization of $8 billion for the purpose of calculating whether the Fund was complying with the 65% requirement. If the Fund bought a single share when ABC’s market capitalization was $16 billion, the market capitalization of ABC would now be considered $16 billion and would not count toward the 65% requirement.”

This information supplements the Statement of Additional Information dated January 28, 2011. This Supplement and the Statement of Additional Information constitute a current statement of additional information. To request another copy of the Prospectus and Statement of Additional Information, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.