BARON
FUNDS®
Baron Asset Fund
Baron Growth Fund
Baron Small Cap Fund
Baron Opportunity Fund
Baron Fifth Avenue Growth Fund
Baron Discovery Fund
Supplement dated August 26, 2015
to Statement of Additional Information dated January 28, 2015
Effective August 27, 2015, Baron Opportunity Fund (the Fund) will be temporarily co-managed by Alex Umansky, portfolio manager of Baron Fifth Avenue Growth Fund and Baron Global Advantage Fund, and Neal Rosenberg and Ashim Mehra, senior research analysts on the Fund, while Michael Lippert, the Funds portfolio manager, recovers from a bicycle accident.
This information supplements the Statement of Additional Information dated January 28, 2015. This Supplement and the Statement of Additional Information constitute a current statement of additional information. To request another copy of the Prospectus and Statement of Additional Information, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.