0001193125-13-343564.txt : 20130822 0001193125-13-343564.hdr.sgml : 20130822 20130822134306 ACCESSION NUMBER: 0001193125-13-343564 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20130822 DATE AS OF CHANGE: 20130822 EFFECTIVENESS DATE: 20130822 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: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-12112 FILM NUMBER: 131054877 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 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX 497K 1 d586230d497k.htm BARON INVESTMENT FUNDS TRUST Baron Investment Funds Trust

BARON

FUNDS®

Baron Fifth Avenue Growth Fund

Supplement dated August 22, 2013 to Summary Prospectus dated

January 28, 2013

IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY

Effective October 21, 2013, in connection with the principal investment strategy of Baron Fifth Avenue Growth Fund (the “Fund”), the Summary Prospectus of the Fund is modified as follows:

On page 2 of the Summary Prospectus, the first sentence of the paragraph under “Principal Investment Strategies of the Fund” that reads: “The Fund invests primarily in equity securities in the form of common stock of large-sized growth companies with market capitalizations of more than $5 billion at the time of purchase selected for their capital appreciation potential.” is deleted in its entirety and replaced with “The Fund invests primarily in equity securities in the form of common stock of large-sized growth companies with market capitalizations of more than $10 billion at the time of purchase selected for their capital appreciation potential.”

This information supplements the Summary Prospectus dated January 28, 2013. This Supplement, the Summary Prospectus and the Prospectus constitute a current prospectus. To request another copy of the Summary Prospectus or the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.