# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001193125-26-140442
**Filing Date:** 2026-4
**Character Count:** 10569
**Document Hash:** 8b5d0f09c939d2872ae7713a9b288ec5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-140442.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001193125-26-140442

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
- **CENTRAL INDEX KEY:** 0000810902

**ORGANIZATION NAME:**
- **EIN:** 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:** 26835099

**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

## Series and Classes Contracts Data

### BARON ASSET FUND (Series ID: S000000582)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| BARON ASSET FUND     | BARAX         | C000001635 |
| Institutional Shares | BARIX         | C000077818 |
| R6 Shares            | BARUX         | C000165210 |

---

### BARON GROWTH FUND (Series ID: S000000583)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| BARON GROWTH FUND    | BGRFX         | C000001636 |
| Institutional Shares | BGRIX         | C000077819 |
| R6 Shares            | BGRUX         | C000165211 |

---

### BARON SMALL CAP FUND (Series ID: S000000584)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| BARON SMALL CAP FUND | BSCFX         | C000001637 |
| Institutional Shares | BSFIX         | C000077820 |
| R6 Shares            | BSCUX         | C000165212 |

---

### BARON OPPORTUNITY FUND (Series ID: S000000585)

---

|  |  |  |
|:---|:---|:---|
| Class Name             | Ticker Symbol | Class ID   |
| BARON OPPORTUNITY FUND | BIOPX         | C000001638 |
| Institutional Shares   | BIOIX         | C000077821 |
| R6 Shares              | BIOUX         | C000174753 |

---

### BARON FIFTH AVENUE GROWTH FUND (Series ID: S000000586)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| BARON FIFTH AVENUE GROWTH FUND | BFTHX         | C000001639 |
| Institutional Shares           | BFTIX         | C000077822 |
| R6 Shares                      | BFTUX         | C000165213 |

---

### BARON DISCOVERY FUND (Series ID: S000042178)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| BARON DISCOVERY FUND | BDFFX         | C000130959 |
| Institutional Shares | BDFIX         | C000130960 |
| R6 Shares            | BDFUX         | C000174754 |

---

### Baron Durable Advantage Fund (Series ID: S000060168)

---

|  |  |  |
|:---|:---|:---|
| Class Name                   | Ticker Symbol | Class ID   |
| Baron Durable Advantage Fund | BDAFX         | C000196921 |
| Institutional Shares         | BDAIX         | C000196922 |
| R6 Shares                    | BDAUX         | C000196923 |

---

## Series and Classes Contracts Data

### BARON ASSET FUND (Series ID: S000000582)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001635 | BARON ASSET FUND     | BARAX           |
| C000077818 | Institutional Shares | BARIX           |
| C000165210 | R6 Shares            | BARUX           |

### BARON GROWTH FUND (Series ID: S000000583)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001636 | BARON GROWTH FUND    | BGRFX           |
| C000077819 | Institutional Shares | BGRIX           |
| C000165211 | R6 Shares            | BGRUX           |

### BARON SMALL CAP FUND (Series ID: S000000584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001637 | BARON SMALL CAP FUND | BSCFX           |
| C000077820 | Institutional Shares | BSFIX           |
| C000165212 | R6 Shares            | BSCUX           |

### BARON OPPORTUNITY FUND (Series ID: S000000585)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000001638 | BARON OPPORTUNITY FUND | BIOPX           |
| C000077821 | Institutional Shares   | BIOIX           |
| C000174753 | R6 Shares              | BIOUX           |

### BARON FIFTH AVENUE GROWTH FUND (Series ID: S000000586)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000001639 | BARON FIFTH AVENUE GROWTH FUND | BFTHX           |
| C000077822 | Institutional Shares           | BFTIX           |
| C000165213 | R6 Shares                      | BFTUX           |

### BARON DISCOVERY FUND (Series ID: S000042178)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000130959 | BARON DISCOVERY FUND | BDFFX           |
| C000130960 | Institutional Shares | BDFIX           |
| C000174754 | R6 Shares            | BDFUX           |

### Baron Durable Advantage Fund (Series ID: S000060168)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000196921 | Baron Durable Advantage Fund | BDAFX           |
| C000196922 | Institutional Shares         | BDAIX           |
| C000196923 | R6 Shares                    | BDAUX           |

**BARON INVESTMENT FUNDS TRUST<sup>®</sup>**

Supplement to the Prospectus dated January 28, 2026

**The Prospectus is hereby revised as follows:**

**1.** **The third paragraph in the section titled "How to Redeem Shares" on pages 85 – 86 is hereby deleted and replaced in its entirety with the following:** 

**How to Redeem Shares**

Each Fund will pay in cash all requests for redemption by any Fund shareholder of record, limited in amount with respect to each shareholder during any 90-day period to the lesser of (1) $250,000 or (2) 1% of the NAV of the Fund at the beginning of such period. In addition to using cash it holds in its portfolio or selling portfolio securities to generate cash, the Fund may draw upon an unsecured credit facility for temporary or emergency purposes to meet redemption requests or use cash generated from the Redemption-In-Kind Programs described below.

In some circumstances, including to manage and optimize a Fund's portfolio composition and provide liquidity, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash (the "Redemption In-Kind Programs"). A Fund may make an in-kind redemption under the following circumstances: the Adviser determines that a redemption in-kind (a) is more advantageous to the Fund (e.g., due to advantageous tax consequences or lower transaction costs) than selling/purchasing portfolio securities, (b) will not favor the redeeming shareholder to the detriment of any other shareholder or the Fund; and (c) is in the best interests of the Fund. A Fund generally will make an in-kind redemption for the following reasons: (a) to manage liquidity risk (i.e., the risk that the Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund); (b) to rebalance for portfolio optimization; (c) in stressed market conditions; or (d) subject to the approval of the Fund's Board for such other reasons identified by the Adviser. Notwithstanding the foregoing, securities distributed in connection with any such redemption in-kind may represent a pro-rata portion of the Fund's portfolio or a non-pro-rata portion of the Fund's portfolio (provided that the redeeming shareholder is not an affiliated person of the relevant Fund or an

------

affiliated person of such person), as selected by the Adviser and subject to the Fund's policies and procedures and any applicable laws or regulations. In effecting such redemption in-kind, the Adviser may select securities to distribute to the redeeming shareholder by considering certain factors, including transaction costs, market impact, tax efficiency, operational restrictions on transfer, news or information in financials pertaining to a specific issuer, and/or any other factor that the Adviser believes is relevant. Any securities distributed in-kind will remain exposed to market risk until sold, and a shareholder may incur transaction costs and taxable gain when selling the securities. There is a risk that redemptions-in-kind could negatively impact the market value of the distributed securities and the NAV of the Fund. The Adviser believes that the benefits of redemptions-in-kind outweigh the potential risk of NAV impact. The Funds' frequent and short-term trading policy, as described in the prospectus under "Policies Regarding Frequent Purchases and Redemptions of Fund Shares", do not apply to transactions arising from Redemption In-Kind Programs.

**2.** **The fourth paragraph in the section titled "Policies Regarding Frequent Purchases and Redemptions of Fund Shares" on pages 89 – 90 is hereby deleted and replaced in its entirety with the following:** 

**Policies Regarding Frequent Purchases and Redemptions of Fund Shares**

If the Funds reasonably believe that certain financial intermediaries are not enforcing the Funds' policies regarding frequent purchases and redemptions of Fund shares, the Funds may prohibit the financial intermediary from investing in the Funds on behalf of any of its clients. However, certain financial intermediaries and administrators may not have systems that can accommodate the Funds' policies regarding the frequent purchases and redemptions of Fund shares. In these limited instances, the Funds must rely on those financial intermediaries and administrators to enforce their own frequent trading policies. If the Adviser reasonably believes that a financial intermediary is not enforcing its own policy, or the Funds' policies regarding frequent purchases and redemptions of Fund shares, even though it has the appropriate systems, the Funds may prohibit the financial intermediary from investing in the Funds on behalf of any of its clients. The Funds' policies regarding frequent purchases and redemptions of Fund shares do not apply to transactions arising from Redemption In-Kind Programs.

Dated: April 2, 2026 STICKER-STATPROTRUST 4/2/2026