0001193125-17-254134.txt : 20170810 0001193125-17-254134.hdr.sgml : 20170810 20170810130103 ACCESSION NUMBER: 0001193125-17-254134 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170810 DATE AS OF CHANGE: 20170810 EFFECTIVENESS DATE: 20170810 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: 171020708 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 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX C000174754 R6 Shares BDFUX 497K 1 d398972d497k.htm BARON DISCOVERY FUND BARON DISCOVERY FUND

BARON

FUNDS®

Baron Discovery Fund

Supplement dated August 10, 2017

to Summary Prospectus dated January 27, 2017

IMPORTANT NOTICE REGARDING CHANGE IN THE INVESTMENT STRATEGY

Effective Monday, October 9, 2017, in connection with the principal investment strategy of Baron Discovery Fund (the “Fund”), the Summary Prospectus of the Fund is modified as follows:

On page 2 of the Summary Prospectus, the following sentences under “Principal Investment Strategies of the Fund,” which read as follows: “The Adviser defines small-sized companies as those, at the time of purchase, with market capitalizations up to the weighted median market capitalization of the Russell 2000 Growth Index at reconstitution, or companies with market capitalizations up to $1.5 billion, whichever is larger. At the last reconstitution by Russell on June 30, 2016, the weighted median market cap of the Russell 2000 Growth Index was $1.79 billion.” are deleted in their entirety and replaced with the following: “The Adviser defines small-sized companies as those, at the time of purchase, with market capitalizations up to the weighted median market capitalization of the Russell 2000 Growth Index at June 30 and December 31, or companies with market capitalizations up to $1.5 billion, whichever is larger.”

On page 5 of the Summary Prospectus, the following paragraph under “Management” is deleted in its entirety: “Portfolio Manager Adviser. Cliff Greenberg has been the portfolio manager adviser of Baron Discovery Fund since its inception on September 30, 2013.”

This information supplements the Summary Prospectus dated January 27, 2017. This Supplement and the Summary 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.