0001193125-24-116278.txt : 20240426 0001193125-24-116278.hdr.sgml : 20240426 20240426100853 ACCESSION NUMBER: 0001193125-24-116278 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 14 FILED AS OF DATE: 20240426 DATE AS OF CHANGE: 20240426 EFFECTIVENESS DATE: 20240426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 ORGANIZATION NAME: 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: 24879414 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 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX C000174754 R6 Shares BDFUX 497 1 d828313d497.htm BARON INVESTMENT FUNDS TRUST BARON INVESTMENT FUNDS TRUST

BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Asset Fund
Baron Growth Fund
Baron Small Cap Fund
Baron Discovery Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
 
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
Dated: April 26, 2024
BIFTSTICKER 04/26/2024
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Closing [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Risk [Heading] Risk [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Risk Caption Risk Column [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Caption Annual Return, Column [Text] Column Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Annual Return 2021 Annual Return 2022 Annual Return 2023 Annual Return 2024 Annual Return 2025 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Label Highest Quarterly Return, Date Highest Quarterly Return Label Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance 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BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Asset Fund
Baron Growth Fund
Baron Small Cap Fund
Baron Discovery Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
BARON ASSET FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Asset Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
BARON GROWTH FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Growth Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
BARON SMALL CAP FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Small Cap Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
BARON DISCOVERY FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
BARON
FUNDS®
BARON INVESTMENT FUNDS TRUST
Baron Discovery Fund
Supplement to the Prospectus and Summary Prospectuses
dated January 26, 2024
The Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund and Baron Discovery Fund, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:
1‑Year, 5‑Year and 10‑Year Returns: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.
Since Inception Returns: The Since Inception total return figures have been updated for each of the Funds as follows:
    Since
Inception
 
Baron Asset Fund
    10.13
Baron Growth Fund
    10.39
Baron Small Cap Fund
    8.34
Baron Discovery Fund
    12.23
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The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. (C) If the Fund is a Money Market Fund that is a government Money Market Fund, as defined in \u00a7 270.2a\u20137(a)(16), that is not subject to the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii) of this chapter pursuant to \u00a7 270.2a\u20137(c)(2)(iii) of this chapter, and that has not chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii), include the following statement: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Instruction. If an affiliated person, promoter, or principal underwriter of the Fund, or an affiliated person of such a person, has contractually committed to provide financial support to the Fund, and the term of the agreement will extend for at least one year following the effective date of the Fund's registration statement, the statement specified in Item 4(b)(1)(ii)(A), Item 4(b)(1)(ii)(B), or Item 4(b)(1)(ii)(C) may omit the last sentence (\"The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.\"). For purposes of this Instruction, the term \"financial support\" includes any capital contribution, purchase of a security from the Fund in reliance on \u00a7 270.17a\u20139, purchase of any defaulted or devalued security at par, execution of letter of credit or letter of indemnity, capital support agreement (whether or not the Fund ultimately received support), performance guarantee, or any other similar action reasonably intended to increase or stabilize the value or liquidity of the fund's portfolio; however, the term \"financial support\" excludes any routine waiver of fees or reimbursement of fund expenses, routine inter-fund lending, routine inter-fund purchases of fund shares, or any action that would qualify as financial support as defined above, that the board of directors has otherwise determined not to be reasonably intended to increase or stabilize the value or liquidity of the fund's portfolio. 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MFM[;'?/[LI#QK7G@KD,>/YH+&N[WY8+?#S[N.>'R0SFHTS/,[\L_7YD3[CG" M\T,YH:;W]&]CHX9/6>9]T4J_V?.ZIO=3Y,-V-D#GB0C"S2?@3R\8[KRU8S40 MO=^?=QK_P_7'N_'=]<4O5[=(-17=5E85V?@E__(/&$/^4:#1_P%02P$"% ,4 M " :49I8!.'P2FX$ "X( $0 @ $ 8FEF="TR M,#(T,#0R-BYX XML 17 d828313d497_htm.xml IDEA: XBRL DOCUMENT 0000810902 2024-01-26 2024-01-26 0000810902 bift:S000000582Member 2024-01-26 2024-01-26 0000810902 bift:S000000583Member 2024-01-26 2024-01-26 0000810902 bift:S000000584Member 2024-01-26 2024-01-26 0000810902 bift:S000042178Member 2024-01-26 2024-01-26 iso4217:USD pure false 2024-04-26 2024-04-26 2023-09-30 497 0000810902 BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) N-1A <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">FUNDS<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON INVESTMENT FUNDS TRUST</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Asset Fund</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Supplement to the Prospectus and Summary Prospectuses</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">dated January 26, 2024</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 9%; font-size: 10pt; font-family: calibri;">The <span style="font-weight: bold;">Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund </span>and<span style="font-weight: bold;"> Baron Discovery Fund</span>, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&amp;P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&amp;P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">1‑Year, 5‑Year and 10‑Year Returns</span>: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">Since Inception Returns</span>: The Since Inception total return figures have been updated for each of the Funds as follows:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border: 0px; margin-top: 0px; margin-right: auto; margin-left: auto;"> <tr> <td style="width: 89%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-family: calibri;"><span style="font-weight: bold;">Since<br/>Inception</span></span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Asset Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.13</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Growth Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.39</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Small Cap Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">8.34</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Discovery Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">12.23</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">FUNDS<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON INVESTMENT FUNDS TRUST</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Growth Fund</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Supplement to the Prospectus and Summary Prospectuses</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">dated January 26, 2024</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 9%; font-size: 10pt; font-family: calibri;">The <span style="font-weight: bold;">Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund </span>and<span style="font-weight: bold;"> Baron Discovery Fund</span>, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&amp;P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&amp;P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">1‑Year, 5‑Year and 10‑Year Returns</span>: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">Since Inception Returns</span>: The Since Inception total return figures have been updated for each of the Funds as follows:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border: 0px; margin-top: 0px; margin-right: auto; margin-left: auto;"> <tr> <td style="width: 89%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-family: calibri;"><span style="font-weight: bold;">Since<br/>Inception</span></span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Asset Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.13</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Growth Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.39</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Small Cap Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">8.34</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Discovery Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">12.23</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">FUNDS<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON INVESTMENT FUNDS TRUST</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Small Cap Fund</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Supplement to the Prospectus and Summary Prospectuses</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">dated January 26, 2024</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 9%; font-size: 10pt; font-family: calibri;">The <span style="font-weight: bold;">Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund </span>and<span style="font-weight: bold;"> Baron Discovery Fund</span>, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&amp;P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&amp;P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">1‑Year, 5‑Year and 10‑Year Returns</span>: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">Since Inception Returns</span>: The Since Inception total return figures have been updated for each of the Funds as follows:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border: 0px; margin-top: 0px; margin-right: auto; margin-left: auto;"> <tr> <td style="width: 89%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-family: calibri;"><span style="font-weight: bold;">Since<br/>Inception</span></span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Asset Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.13</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Growth Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.39</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Small Cap Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">8.34</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Discovery Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">12.23</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">FUNDS<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON INVESTMENT FUNDS TRUST</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Discovery Fund</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Supplement to the Prospectus and Summary Prospectuses</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">dated January 26, 2024</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 9%; font-size: 10pt; font-family: calibri;">The <span style="font-weight: bold;">Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund </span>and<span style="font-weight: bold;"> Baron Discovery Fund</span>, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&amp;P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&amp;P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">1‑Year, 5‑Year and 10‑Year Returns</span>: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">Since Inception Returns</span>: The Since Inception total return figures have been updated for each of the Funds as follows:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border: 0px; margin-top: 0px; margin-right: auto; margin-left: auto;"> <tr> <td style="width: 89%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-family: calibri;"><span style="font-weight: bold;">Since<br/>Inception</span></span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Asset Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.13</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Growth Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.39</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Small Cap Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">8.34</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Discovery Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">12.23</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">FUNDS<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; font-weight: bold; text-align: center;">BARON INVESTMENT FUNDS TRUST</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Asset Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Growth Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Small Cap Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Baron Discovery Fund</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">Supplement to the Prospectus and Summary Prospectuses</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: center;">dated January 26, 2024</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 9%; font-size: 10pt; font-family: calibri;">The <span style="font-weight: bold;">Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund </span>and<span style="font-weight: bold;"> Baron Discovery Fund</span>, each a series of the Baron Investment Funds Trust, have each changed their secondary comparison benchmark from the S&amp;P 500 Index to the Russell 3000 Index, a broad-based securities index which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. Accordingly, for each applicable Fund, the performance figures for the S&amp;P 500 Index presented under “Average Annual Total Returns for the periods ended December 31, 2023” are hereby replaced with the following to reflect the performance of the Russell 3000 Index:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">1‑Year, 5‑Year and 10‑Year Returns</span>: For each Fund, the 1‑Year, 5‑Year and 10‑Year total return figures are adjusted to 25.96%, 15.16% and 11.48%, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: calibri;"><span style="text-decoration: underline;">Since Inception Returns</span>: The Since Inception total return figures have been updated for each of the Funds as follows:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border: 0px; margin-top: 0px; margin-right: auto; margin-left: auto;"> <tr> <td style="width: 89%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center;"><span style="font-family: calibri;"><span style="font-weight: bold;">Since<br/>Inception</span></span></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Asset Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.13</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Growth Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">10.39</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Small Cap Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">8.34</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: calibri;">Baron Discovery Fund</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><span style="font-family: calibri;"> </span></td> <td style="vertical-align: bottom; text-align: right;"><span style="font-family: calibri;">12.23</span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: calibri;">% </span></td> </tr> </table> 2024-01-26