Baron iOpportunity Fund has been renamed
BARON OPPORTUNITY FUND.

This diversified Fund seeks capital appreciation over the long term by investing primarily in high-growth businesses benefiting from innovation through development of pioneering, transformative or technologically advanced products and services. It may invest businesses of any size, but expects to emphasize mid-sized growth companies.

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Offshore Investors. Baron has a Fund for Non-U.S. Investors.

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The Baron Family of Funds is described in prospectuses, which contain this and other information about the Funds. You should carefully read the prospectus before investing. You can read, print, or download a prospectus by clicking here
. Baron Capital, Inc. is the distributor of the Baron Funds.