0001193125-22-131694.txt : 20220429 0001193125-22-131694.hdr.sgml : 20220429 20220429121357 ACCESSION NUMBER: 0001193125-22-131694 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220429 DATE AS OF CHANGE: 20220429 EFFECTIVENESS DATE: 20220429 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: 22872337 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 C000165210 R6 Shares BARUX 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX C000077819 Institutional Shares BGRIX C000165211 R6 Shares BGRUX 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX C000077820 Institutional Shares BSFIX C000165212 R6 Shares BSCUX 0000810902 S000000585 BARON OPPORTUNITY FUND C000001638 BARON OPPORTUNITY FUND BIOPX C000077821 Institutional Shares BIOIX C000174753 R6 Shares BIOUX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX C000165213 R6 Shares BFTUX 0000810902 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX C000174754 R6 Shares BDFUX 0000810902 S000060168 Baron Durable Advantage Fund C000196921 Baron Durable Advantage Fund BDAFX C000196922 Institutional Shares BDAIX C000196923 R6 Shares BDAUX 497 1 d326008d497.htm BARON INVESTMENT FUNDS TRUST Baron Investment Funds Trust

April 29, 2022

Baron Investment Funds Trust

- Baron Asset Fund

- Baron Growth Fund

- Baron Small Cap Fund

- Baron Opportunity Fund

- Baron Fifth Avenue Growth Fund

- Baron Discovery Fund

- Baron Durable Advantage Fund

Supplement to the Prospectus

The following supplements the information in the section of the prospectus entitled “Investment Criteria and Process”:

The Adviser believes that its analysis of environmental, social, and governance (“ESG”) factors may benefit its research and investment process. Among the resources the Adviser uses to generate ESG information that may be integrated into its analysis are: proprietary company and industry-specific ESG research; third-party ESG ratings and research; portfolio reviews of ESG-related data; and ESG-specific engagements with investee companies. The Adviser also has established publicly available ESG policies that incorporate ESG considerations, including, an “ESG Policy,” “Exclusion Policy,” “Statement on Climate Change,” and “Proxy Voting Policies and Procedures.” The Adviser believes that, in addition to helping to identify and mitigate investment risk, ESG analysis also may help to frame or illuminate potential opportunities within investee companies for, among other benefits, revenue enhancement, cost reduction, margin improvement, and improved returns on capital. Depending on the company, ESG considerations may be an important part of the Adviser’s investment analysis, and factoring the impact of these risks and opportunities into its valuation could sway its investment decisions. Because the Funds are not ESG-focused funds, these considerations may not be conclusive or employed in the analysis of all companies, and securities of companies may be purchased and or retained by the Funds for reasons other than ESG factors.

The following supplements the information in the section “Information about the Funds - Share Classes”:

R6 Shares are now also available to health savings accounts (HSAs).