<![CDATA[Baron Investment Funds Trust -- BAF, BGF, BSCF, BOF & BFAGF]]>

0001193125-13-061813.txt : 20130215 0001193125-13-061813.hdr.sgml : 20130215 20130215102121 ACCESSION NUMBER: 0001193125-13-061813 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-12112 FILM NUMBER: 13617820 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 13617821 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

0000810902 S000000583 BARON GROWTH FUND

C000001636 BARON GROWTH FUND BGRFX

C000077819 Institutional Shares BGRIX

0000810902 S000000584 BARON SMALL CAP FUND

C000001637 BARON SMALL CAP FUND BSCFX

C000077820 Institutional Shares BSFIX

0000810902 S000000585 BARON OPPORTUNITY FUND

C000001638 BARON OPPORTUNITY FUND BIOPX

C000077821 Institutional Shares BIOIX

0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND

C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX

C000077822 Institutional Shares BFTIX

485BPOS 1 d460654d485bpos.htm BARON INVESTMENT FUNDS TRUST -- BAF, BGF, BSCF, BOF & BFAGF <![CDATA[Baron Investment Funds Trust -- BAF, BGF, BSCF, BOF & BFAGF]]>

As filed with the Securities and Exchange Commission on February 15, 2013

Securities Act File No. 033-12112

Investment Company Act File No. 811-05032

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


*THE SECURITIES ACT OF 1933*				x
Pre-Effective Amendment No.				¨
Post-Effective Amendment No. 43				x

and/or

REGISTRATION STATEMENT

UNDER


*THE SECURITIES ACT OF 1940*				x
Amendment No. 44				x

(Check appropriate box or boxes)

BARON INVESTMENT FUNDS TRUST
f/k/a BARON ASSET FUND

(Exact Name of Registrant as Specified in Charter)

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Number, including Area Code): 212-583-2000

Patrick M. Patalino, General Counsel

c/o Baron Investment Funds Trust

767 Fifth Avenue, 49th Floor

New York, NY 10153

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

Immediately upon filing pursuant to paragraph (b) of Rule 485

On (date) pursuant to paragraph (b)(1)(iii) of Rule 485

60 days after filing pursuant to paragraph (a)(1) of Rule 485

On (date) pursuant to paragraph (a)(1) of Rule 485

75 days after filing pursuant to paragraph (a)(2) of Rule 485

On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment No. 43 relates solely to the following Funds, each a series of Baron Investment Funds Trust:

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 43 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, and the State of New York, on this 15^th day of February, 2013.


BARON INVESTMENT FUNDS TRUST

By:		/s/ Ronald Baron
		Ronald Baron
		Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 43 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.


SIGNATURES	TITLE	DATE

/s/ Ronald Baron Ronald Baron	Chief Executive Officer and Trustee	February 15, 2013

/s/ Linda S. Martinson Linda S. Martinson	Chairman, President, Chief Operating Officer and Trustee	February 15, 2013

/*s/ Norman S. Edelcup Norman S. Edelcup	Trustee	February 15, 2013

/*s/ Charles N. Mathewson Charles N. Mathewson	Trustee	February 15, 2013

/s/ Patrick M. Patalino Patrick M. Patalino	Vice President, General Counsel and Secretary	February 15, 2013

/*s/ Harold Milner Harold Milner	Trustee	February 15, 2013

/*s/ Raymond Noveck Raymond Noveck	Trustee	February 15, 2013


/*s/ David A. Silverman David A. Silverman	Trustee	February 15, 2013

/s/ Peggy Wong Peggy Wong	Treasurer and Chief Financial Officer	February 15, 2013

/*s/ Alex Yemenidjian Alex Yemenidjian	Trustee	February 15, 2013


By:		/s/ Patrick M. Patalino
		Patrick M. Patalino
		(Attorney-in-fact)

Attorney-in-fact pursuant to a power of attorney previously filed.

Dated: February 15, 2013

Exhibit Index


Exhibit		Description

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 bift-20130128.xml XBRL INSTANCE DOCUMENT 0000810902 bift:S000000582Member 2012-01-29 2013-01-28 0000810902 2012-01-29 2013-01-28 0000810902 bift:S000000583Member 2012-01-29 2013-01-28 0000810902 bift:S000000584Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member bift:C000001636Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member bift:C000077819Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member rr:AfterTaxesOnDistributionsMember bift:C000001636Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member rr:AfterTaxesOnDistributionsAndSalesMember bift:C000001636Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member bift:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000810902 bift:S000000582Member bift:C000001635Member 2012-01-29 2013-01-28 0000810902 bift:S000000582Member bift:C000077818Member 2012-01-29 2013-01-28 0000810902 bift:S000000584Member bift:C000001637Member 2012-01-29 2013-01-28 0000810902 bift:S000000582Member rr:AfterTaxesOnDistributionsMember bift:C000001635Member 2012-01-29 2013-01-28 0000810902 bift:S000000582Member rr:AfterTaxesOnDistributionsAndSalesMember bift:C000001635Member 2012-01-29 2013-01-28 0000810902 bift:S000000582Member bift:RussellMidcapMember 2012-01-29 2013-01-28 0000810902 bift:S000000582Member bift:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000810902 bift:S000000584Member bift:C000077820Member 2012-01-29 2013-01-28 0000810902 bift:S000000584Member rr:AfterTaxesOnDistributionsAndSalesMember bift:C000001637Member 2012-01-29 2013-01-28 0000810902 bift:S000000584Member bift:RussellTwentyHundredMember 2012-01-29 2013-01-28 0000810902 bift:S000000584Member bift:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000810902 bift:S000000584Member rr:AfterTaxesOnDistributionsMember bift:C000001637Member 2012-01-29 2013-01-28 0000810902 bift:S000000585Member 2012-01-29 2013-01-28 0000810902 bift:S000000586Member 2012-01-29 2013-01-28 0000810902 bift:S000000583Member bift:RussellTwentyHundredMember 2012-01-29 2013-01-28 0000810902 bift:S000000585Member bift:C000001638Member 2012-01-29 2013-01-28 0000810902 bift:S000000585Member bift:C000077821Member 2012-01-29 2013-01-28 0000810902 bift:S000000585Member rr:AfterTaxesOnDistributionsMember bift:C000001638Member 2012-01-29 2013-01-28 0000810902 bift:S000000585Member rr:AfterTaxesOnDistributionsAndSalesMember bift:C000001638Member 2012-01-29 2013-01-28 0000810902 bift:S000000585Member bift:RussellMidcapMember 2012-01-29 2013-01-28 0000810902 bift:S000000585Member bift:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000810902 bift:S000000586Member bift:C000001639Member 2012-01-29 2013-01-28 0000810902 bift:S000000586Member bift:C000077822Member 2012-01-29 2013-01-28 0000810902 bift:S000000586Member rr:AfterTaxesOnDistributionsMember bift:C000001639Member 2012-01-29 2013-01-28 0000810902 bift:S000000586Member rr:AfterTaxesOnDistributionsAndSalesMember bift:C000001639Member 2012-01-29 2013-01-28 0000810902 bift:S000000586Member bift:SAndpFiveHundredIndexMember 2012-01-29 2013-01-28 0000810902 bift:S000000586Member bift:RussellTenHundredMember 2012-01-29 2013-01-28 pure iso4217:USD <div style="display:none">~ http://www.baronfunds.com/role/ScheduleExpenseExampleTransposedBARONASSETFUND column period compact * ~</div> 2013-01-28 485BPOS BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) 0000810902 2013-01-28 2013-01-28 2012-09-30 false <div style="display:none">~ http://www.baronfunds.com/role/ScheduleExpenseExampleTransposedBARONGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBARONGROWTHFUND column period compact * ~</div> <b>Investment Goal </b> The investment goal of Baron Growth Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of small-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses <br/>(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 13.70% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br/><br/>Principal Investment Strategies of the Fund The Fund invests for the long term primarily in equity securities in the form of common stock of small-sized growth companies with market capitalizations of under $2.5 billion at the time of purchase selected for their capital appreciation potential. The Fund purchases securities in businesses that BAMCO, Inc. (“BAMCO” or the “Adviser”) believes could double in value in four or five years, and then hopefully, double again in the next four or five years. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, have significant long term growth prospects and have significant barriers to competition. Of course, there can be no guarantee that the Adviser will be successful in achieving the Fund’s investment goals. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. Principal Risks of Investing in the Fund <b>General Stock Market.</b> Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /> <b>Small-Sized Companies.</b> The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /> <b>Growth Investing.</b> Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. <br /><br /> Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Average Annual Total Returns</b> (for periods ended 12/31/12) <b>Investment Goal </b> The investment goal of Baron Asset Fund (the “Fund”) is capital appreciation through long-term investments primarily in securities of medium-sized companies with undervalued assets or favorable growth prospects. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover.</b> The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2012. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns. <br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. <br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.<br/><br/><b>Average Annual Total Returns for the periods ended December 31, 2012</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 13.11% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br/><br/>Principal Investment Strategies of the Fund The Fund invests for the long term primarily in equity securities in the form of common stock of medium-sized growth companies with market capitalizations of between $1.5 billion and $12 billion at the time of purchase selected for their capital appreciation potential. The Fund purchases securities in businesses that BAMCO, Inc. (“BAMCO” or the “Adviser”) believes could double in value in four years. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, have significant long term growth prospects and have significant barriers to competition. Of course, there can be no guarantee that the Adviser will be successful in achieving the Fund’s investment goals. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. Principal Risks of Investing in the Fund <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Average Annual Total Returns</b> (for periods ended 12/31/12) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left"> 06/30/09:  20.76% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left"> 12/31/08: (26.10%)</td></tr></table></div> </div> The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2012. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.<br/><br/> After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br/><br/> Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.<br/><br/><b>Average Annual Total Returns for the periods ended December 31, 2012 </b> The Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Growth Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies. <b>Baron Asset Fund</b> The Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies. <div style="display:none">~ http://www.baronfunds.com/role/ScheduleExpenseExampleTransposedBARONSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBARONSMALLCAPFUND column period compact * ~</div> <b>General Stock Market.</b> Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Medium-Sized Companies.</b> The Adviser believes there is more potential for capital appreciation in medium-sized companies, but there also may be more risk. Securities of medium-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of medium-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Medium-sized companies rely more on the skills of management and on their continued tenure. Investing in medium-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /><b>Growth Investing.</b> Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <div> <div class="MetaData"> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left"> 06/30/09: 20.73% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left"> 12/31/08: (27.51%)</td></tr></table></div> </div> 0.01 0.01 <b><a name="tx460654_20"></a>Baron Small Cap Fund</b> 0.0025 0 <b>Investment Goal </b> The investment goal of Baron Small Cap Fund (the “Fund”) is capital appreciation through investments primarily in securities of small-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 28.02% of the average value of its portfolio. 0.0007 0.0006 0.0132 0.0106 0.2802 <b>Investments, Risks, and Performance </b><br/><br/>Principal Investment Strategies of the Fund The Fund invests 80% of its net assets in equity securities in the form of common stock of small-sized growth companies with market capitalizations of less than $2.5 billion at the time of purchase selected for their capital appreciation potential. The Fund seeks to purchase securities that BAMCO, Inc. (“BAMCO” or the “Adviser”) expects could increase in value 50% within two years. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, have significant long term growth prospects and have significant barriers to competition. Of course, there can be no guarantee that the Adviser will be successful in achieving the Fund’s investment goals. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. Principal Risks of Investing in the Fund 134 108 418 337 723 585 1590 1294 0.1643 0.1474 0.1291 0.1674 0.16 0.036 0.0324 0.0308 0.0379 0.0166 0.0999 0.0957 <b>General Stock Market. </b>Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /> <b>Small-Sized Companies. </b>The Adviser believes there is more potential for capital appreciation in small-sized companies, but there also may be more risk. Securities of small-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small-sized companies rely more on the skills of management and on their continued tenure. Investing in small-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /> <b>Special Situations. </b>The Funds may invest in “special situations.” A special situation arises when, in the opinion of the Adviser, the securities of a company will be recognized and appreciate in value due to a specific anticipated development at that company. Such developments might include a new product, a management change, an acquisition or a technological advancement. The risk of investing in special situations is that the anticipated development does not occur or its impact is not what the Adviser expected.<br /><br /> <b>Growth Investing. </b>Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. 0.0887 0.1009 0.071 <b>Performance </b> 0.1301 0.1241 0.1181 0.1307 0.0851 The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). 1994-12-31 1994-12-31 1994-12-31 2009-05-29 0.01 0.01 0.0025 0 0.0008 0.0006 0.0133 0.0106 135 108 Best Quarter: 421 337 2009-06-30 729 585 0.2031 Worst Quarter: 1601 1294 2008-12-31 -0.2385 0.1531 0.1406 0.1159 0.1581 0.16 0.1563 0.0116 0.0023 0.0083 0.0135 0.0323 0.0166 0.0846 0.0931 0.0814 0.1032 0.0941 0.071 0.137 0.107 0.0986 0.0958 0.1074 0.0916 0.0871 The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left"> 06/30/09:  20.31% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left"> 12/31/08: (23.85%)</td></tr></table></div> </div> <b>Average Annual Total Returns </b>(for periods ended 12/31/12) 0.1311 The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2012. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns. <br /><br />After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. <br /><br />Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.<br /><br /><b>Average Annual Total Returns for the periods ended December 31, 2012 </b> Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Growth Index is an unmanaged index of U.S. small-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Best Quarter: 0.2076 2009-06-30 After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. Worst Quarter: 2008-12-31 -0.261 After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Best Quarter: 2009-06-30 0.2073 Worst Quarter: 2008-12-31 -0.2751 0.3882 0.2216 0.0834 0.1183 0.1169 -0.4024 0.3526 0.3175 0.2347 0.2661 -0.0158 0.0571 0.1798 0.155 0.0659 0.2734 0.2713 -0.3918 0.3424 0.2401 0.0124 0.1643 0.01 0.01 0.0025 0 0.0006 0.0005 0.0131 0.0105 133 107 415 334 0.1246 718 579 0.1464 1579 1283 0.1013 -0.4075 0.317 0.2129 -0.0294 0.1531 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualFundOperatingExpensesTransposedBARONGROWTHFUND column period compact * ~</div> 0.1798 0.1239 0.183 0.1459 0.16 0.0299 0.0283 0.0255 0.0318 0.0349 0.0166 0.1027 0.0979 0.091 0.1037 0.098 0.071 0.0906 0.0866 0.0811 0.0912 0.0339 0.0459 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualTotalReturnsBARONGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualTotalReturnsBARONASSETFUNDBarChart column period compact * ~</div> 0.1744 <b>Baron Growth Fund</b> 2009-05-29 1987-06-12 1987-06-12 1987-06-12 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualFundOperatingExpensesTransposedBARONASSETFUND column period compact * ~</div> 1997-09-30 1997-09-30 1997-09-30 2009-05-29 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleExpenseExampleTransposedBARONOPPORTUNITYFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBARONOPPORTUNITYFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleExpenseExampleTransposedBARONFIFTHAVENUEGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBARONFIFTHAVENUEGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBARONASSETFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualFundOperatingExpensesTransposedBARONSMALLCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualTotalReturnsBARONSMALLCAPFUNDBarChart column period compact * ~</div> Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. 0.1459 0.0349 0.098 0.0626 <b>Investment Goal </b> The investment goal of Baron Opportunity Fund (the “Fund”) is capital appreciation through investments primarily in growth companies that benefit from technology advances. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 88.56% of the average value of its portfolio. <b>Investments, Risks, and Performance </b><br/><br/>Principal Investment Strategies of the Fund The Fund invests primarily in equity securities in the form of common stock of high growth businesses selected for their capital appreciation potential. The Fund will invest at least 65% of its assets in equity securities of companies with market capitalizations between $1 billion and $15 billion at the time of purchase. Companies with market capitalizations that have moved outside of that range since the time of purchase will continue to be included in the $1 billion to $15 billion range for the purpose of the 65% requirement. The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. The Fund seeks to purchase securities that the Adviser expects could increase in value 100% within four to five years. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, have significant long term growth prospects and have significant barriers to competition. Of course, there can be no guarantee that the Adviser will be successful in achieving the Fund’s investment goals. Principal Risks of Investing in the Fund <b>General Stock Market. </b> Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /> <b>Technology. </b> Technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Some technology companies may be newly formed and have limited operating history and experience. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. The securities of these companies may also experience significant price movements caused by disproportionate investor optimism or pessimism, with little or no basis in the companies’ fundamentals or economic conditions. <br /><br /> <b>Small- and Medium-Sized Companies.</b> The Adviser believes there is more potential for capital appreciation in small- and medium-sized companies, but there also may be more risk. Securities of small- and medium-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small- and medium-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small- and medium-sized companies rely more on the skills of management and on their continued tenure. Investing in small- and medium-sized companies requires a long-term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.<br /><br /> <b>Growth Investing.</b> Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. <b>Performance </b> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left"> 06/30/03:  31.80% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left"> 12/31/08: (28.08%)</td></tr></table></div> </div> <b>Average Annual Total Returns</b> (for periods ended 12/31/12) The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2012. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns. <br /><br /> After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. <br /><br /> Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.<br /><br /><b>Average Annual Total Returns for the periods ended December 31, 2012 </b> The Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Growth Index is an unmanaged index of mid-cap growth companies. The S&P 500 Index is an unmanaged index of larger-cap companies. 0.8856 Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. <b>Baron Opportunity Fund</b> 0.01 0.01 0.0025 0 0.0014 0.0013 0.0139 0.0113 142 115 440 359 761 622 1669 1375 0.1369 0.1342 0.0925 0.1404 0.1581 0.16 0.0315 0.031 0.027 0.0335 0.0323 0.0166 0.14 0.1397 0.1268 0.1411 0.1032 0.071 0.0346 0.0343 0.0301 0.0095 0.0354 0.0225 2000-02-29 2000-02-29 2000-02-29 2009-05-29 Best Quarter: 2003-06-30 0.318 Worst Quarter: 2008-12-31 -0.2808 0.738 0.2559 0.0705 0.1214 0.211 -0.4606 0.618 0.2543 -0.0616 0.1369 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualTotalReturnsBARONOPPORTUNITYFUNDBarChart column period compact * ~</div> Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualFundOperatingExpensesTransposedBARONOPPORTUNITYFUND column period compact * ~</div> <b>Investment Goal </b> The investment goal of Baron Fifth Avenue Growth Fund (the “Fund”) is capital appreciation through investments primarily in securities of large-sized growth companies. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you would pay if you bought and held shares of the Fund. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same at 1.30% for the Retail Shares and 1.05% for the Institutional Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 79.07% of the average value of its portfolio. 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. The Fund seeks to purchase securities that the Adviser expects could increase in value 100% within five years. The Adviser selects securities that it believes have favorable price-to-value characteristics, are well managed, have significant long term growth prospects and have significant barriers to competition. Of course, there can be no guarantee that the Adviser will be successful in achieving the Fund’s investment goals. Principal Risks of Investing in the Fund <b>Performance </b> <b>Baron Fifth Avenue Growth Fund</b> Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) <b>Investments, Risks, and Performance </b><br/><br/>Principal Investment Strategies of the Fund <b>General Stock Market.</b> Investing in the stock market is risky because securities fluctuate in value. These fluctuations may be due to political, economic or general market circumstances. Other factors may affect a single company or industry but not the broader market. Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. Current and future portfolio holdings in the Fund are subject to risk.<br /><br /><b>Growth Investing.</b> Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.BaronFunds.com/performance or by calling 1-800-99BARON (1-800-992-2766). <b>Year by Year Total Return (%)</b> as of December 31 of Each Year (Retail Shares) <b>Average Annual Total Returns</b> (for periods ended 12/31/12) The table below shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2012. The table also shows the average annual returns of the Fund’s Institutional Shares, but it does not show after-tax returns.<br/><br/> After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.<br/><br/> Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.<br/><br/><b>Average Annual Total Returns for the periods ended December 31, 2012 </b> The S&P 500 Index is an unmanaged index of larger-cap companies. The Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Growth Index is an unmanaged index of larger-cap growth companies. <div> <div class="MetaData"> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Best Quarter:</td> <td valign="top" align="left"> 03/31/12: 22.69% </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="14%" align="left">Worst Quarter:</td> <td valign="top" align="left"> 12/31/08: (25.16%)</td></tr></table></div> </div> 0.7907 Because the values of securities fluctuate, when you sell your investment in the Fund, you may lose money. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance. 1-800-99BARON (1-800-992-2766) www.BaronFunds.com/performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund’s shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Best Quarter: 2012-03-31 0.2269 Worst Quarter: 2008-12-31 -0.2516 0.0848 0.1017 0.0564 -0.3892 0.3115 0.1057 -0.0258 0.2085 2009-05-29 2004-04-30 2004-04-30 2004-04-30 0.2085 0.2085 0.1356 0.212 0.16 0.1526 0.0084 0.0052 0.006 0.0102 0.0166 0.0312 0.0433 0.0399 0.0369 0.0444 0.0512 0.0556 132 107 412 334 713 579 1568 1283 0.009 0.009 0.0025 0 0.004 0.0036 0.0155 0.0126 -0.0025 -0.0021 0.013 0.0105 <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualTotalReturnsBARONFIFTHAVENUEGROWTHFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.baronfunds.com/role/ScheduleAnnualFundOperatingExpensesTransposedBARONFIFTHAVENUEGROWTHFUND column period compact * ~</div> The Adviser may invest in companies in any sector or industry that it believes will benefit from innovations and advances in technology. Based on the fiscal year ended September 30, 2012. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.50% of average daily net assets of Retail Shares and 1.25% of average daily net assets of Institutional Shares. For the fiscal year ended September 30, 2012, no expense reimbursement was required for either share class. Based on fiscal year ended September 30, 2012. Performance of the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns prior to May 29, 2009 did not reflect this fee, the returns would be higher. For the period June 30, 1987 to December 31, 2012. Performance of the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares did not reflect this fee, the returns would be higher. Performance of the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares did not reflect this fee, the returns would be higher. Estimated based on the fiscal year ended September 30, 2012. BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.30% of average daily net assets of Retail Shares and 1.05% of average daily net assets of Institutional Shares. 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Schedule - Expense Example, No Redemption {Transposed} {- BARON SMALL CAP FUND} link:presentationLink link:calculationLink link:definitionLink 000036 - Schedule - Annual Total Returns - BARON SMALL CAP FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000037 - Schedule - Average Annual Total Returns {Transposed} {- BARON SMALL CAP FUND} link:presentationLink link:calculationLink link:definitionLink 000038 - Document - Risk/Return Detail {Unlabeled} - BARON SMALL CAP FUND link:presentationLink link:calculationLink link:definitionLink 000039 - Disclosure - Risk/Return Detail Data {Elements} - BARON SMALL CAP FUND link:presentationLink link:calculationLink link:definitionLink 000041 - Document - Risk/Return Summary {Unlabeled} - BARON OPPORTUNITY FUND link:presentationLink link:calculationLink link:definitionLink 000042 - Schedule - Shareholder Fees {- BARON OPPORTUNITY FUND} link:presentationLink link:calculationLink link:definitionLink 000043 - Schedule - Annual Fund Operating Expenses {Transposed} {- BARON OPPORTUNITY FUND} link:presentationLink link:calculationLink link:definitionLink 000044 - Schedule - Expense Example {Transposed} {- BARON OPPORTUNITY FUND} link:presentationLink link:calculationLink link:definitionLink 000045 - Schedule - Expense Example, No Redemption {Transposed} {- BARON OPPORTUNITY FUND} link:presentationLink link:calculationLink link:definitionLink 000046 - Schedule - Annual Total Returns - BARON OPPORTUNITY FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000047 - Schedule - Average Annual Total Returns {Transposed} {- BARON OPPORTUNITY FUND} link:presentationLink link:calculationLink link:definitionLink 000048 - Document - Risk/Return Detail {Unlabeled} - BARON OPPORTUNITY FUND link:presentationLink link:calculationLink link:definitionLink 000049 - Disclosure - Risk/Return Detail Data {Elements} - BARON OPPORTUNITY FUND link:presentationLink link:calculationLink link:definitionLink 000051 - Document - Risk/Return Summary {Unlabeled} - BARON FIFTH AVENUE GROWTH FUND link:presentationLink link:calculationLink link:definitionLink 000052 - Schedule - Shareholder Fees {- BARON FIFTH AVENUE GROWTH FUND} link:presentationLink link:calculationLink link:definitionLink 000053 - Schedule - Annual Fund Operating Expenses {Transposed} {- BARON FIFTH AVENUE GROWTH FUND} link:presentationLink link:calculationLink link:definitionLink 000054 - Schedule - Expense Example {Transposed} {- BARON FIFTH AVENUE GROWTH FUND} link:presentationLink link:calculationLink link:definitionLink 000055 - Schedule - Expense Example, No Redemption {Transposed} {- BARON FIFTH AVENUE GROWTH FUND} link:presentationLink link:calculationLink link:definitionLink 000056 - Schedule - Annual Total Returns - BARON FIFTH AVENUE GROWTH FUND [BarChart] link:presentationLink link:calculationLink link:definitionLink 000057 - Schedule - Average Annual Total Returns {Transposed} {- BARON FIFTH AVENUE GROWTH FUND} link:presentationLink link:calculationLink link:definitionLink 000058 - Document - Risk/Return Detail {Unlabeled} - BARON FIFTH AVENUE GROWTH FUND link:presentationLink link:calculationLink link:definitionLink 000059 - Disclosure - Risk/Return Detail Data {Elements} - BARON FIFTH AVENUE GROWTH FUND link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 5 bift-20130128_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 6 bift-20130128_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE