-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 bqAD+p2QSuwYQB1Endsh8w==

<SEC-DOCUMENT>0001017918-05-000071.txt : 20050217
<SEC-HEADER>0001017918-05-000071.hdr.sgml : 20050217
<ACCEPTANCE-DATETIME>20050217145352
ACCESSION NUMBER:		0001017918-05-000071
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050217
DATE AS OF CHANGE:		20050217
EFFECTIVENESS DATE:		20050217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
		CENTRAL INDEX KEY:			0000810902
		IRS NUMBER:				136891420
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	033-12112
		FILM NUMBER:		05623828

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>suuplement0205.txt
<DESCRIPTION>SUPPLEMENT TO PROSPECTUS
<TEXT>
                                    B A R O N
                                   F U N D S(r)

                                > Baron Asset Fund
                               > Baron Growth Fund
                              > Baron Small Cap Fund
                            > Baron iOpportunity Fund
                         > Baron Fifth Avenue Growth Fund


     SUPPLEMENT DATED FEBRUARY 17, 2005 TO PROSPECTUS DATED JANUARY 28, 2005


                    NOTICE REGARDING FURTHER CLOSING OF FUND


EFFECTIVE MAY 1, 2005, BARON GROWTH FUND will remain open only to the following
investors:

o    financial advisers with existing clients in Baron Growth Fund

o    participants  in  retirement  plans or 529 plans that  already  offer Baron
     Growth Fund

o    employees of the Adviser and their family members


This  information  supplements  the  prospectus  dated  January 28,  2005.  This
supplement  and the  prospectus  constitute  a current  prospectus.  To  request
another copy of the prospectus,  please call 1-800-992-2766 or visit our website
at BaronFunds.com.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----