-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 gu/NdD5DQJsvGrUVAlmUoQ==

<SEC-DOCUMENT>0000810902-03-000009.txt : 20030724
<SEC-HEADER>0000810902-03-000009.hdr.sgml : 20030724
<ACCEPTANCE-DATETIME>20030724131056
ACCESSION NUMBER:		0000810902-03-000009
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030724
EFFECTIVENESS DATE:		20030724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			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:		03800434

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		24TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2125832000

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVE
		STREET 2:		24TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>baf03supplement.txt
<DESCRIPTION>SUPPLEMENT TO BARON FUNDS PROSPECTUS DATED MAY 8, 2003
<TEXT>
                                    B A R O N

                                  F U N D S (R)

                                               o        Baron Asset Fund
                                               o        Baron Growth Fund
                                               o        Baron Small Cap Fund
                                               o        Baron iOpportunity Fund


         Supplement dated July 23, 2003 to Prospectus dated May 8, 2003


         NOTICE REGARDING APPOINTMENT OF CO-MANAGER TO BARON ASSET FUND


The  portfolio  manager  information  for Baron Asset Fund that appears on pages
17-18 of the  current  prospectus  is  amended  as  follows  (changes  marked in
italics):


          Mr. Baron has been the portfolio manager of BARON ASSET FUND and BARON
          GROWTH FUND since their  inception.  AS OF JULY 23, 2003,  ANDREW PECK
          BECOMES A CO-PORTFOLIO MANAGER OF BARON ASSET FUND. MR. PECK IS A VICE
          PRESIDENT  OF BARON  FUNDS AND HAS WORKED AT BARON FUNDS AS AN ANALYST
          SINCE  FEBRUARY  OF 1998.  BEFORE  THAT HE WAS AN  ANALYST  AT A LARGE
          BROKERAGE FIRM.


This  information  supplements the prospectus dated May 8, 2003. 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>
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