BARON
FUNDS®
Baron Opportunity Fund
Supplement dated August 26, 2015 to
Summary Prospectus 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 Summary Prospectus dated January 28, 2015. This Supplement and the Summary Prospectus constitute a current prospectus. To request another copy of the Summary Prospectus or the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.