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BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
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<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.
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<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
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0.2216
0.0834
0.1183
0.1169
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0.3526
0.3175
0.2347
0.2661
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0.0571
0.1798
0.155
0.0659
0.2734
0.2713
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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
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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.