Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting baronfunds.com. Please read them carefully before investing.

Baron Discovery Fund's annualized returns for the Institutional Shares as of March 31, 2024: 1-year, 15.27%; 5-year, 8.96%; 10-year, 10.55%. The annual expense ratio for the Institutional Shares as of September 30, 2023 was 1.06%.

Baron Small Cap Fund's annualized returns for the Institutional Shares as of March 31, 2024: 1-year, 29.94%; 5-year, 11.84%; 10-year, 10.64%. The annual expense ratio for the Institutional Shares as of September 30, 2023 was 1.05%.

Baron Growth Fund's annualized returns for the Institutional Shares as of March 31, 2024: 1-year, 12.46%; 5-year, 11.69%; 10-year, 10.81%. The annual expense ratio for the Institutional Shares as of September 30, 2023 was 1.05%.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit baronfunds.com or call 1-800-99-BARON.

Performance for the Institutional Shares prior to 5/29/2009 is based on the performance of the Retail Shares, which have a distribution fee. The Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to 5/29/2009 did not reflect this fee, the returns would be higher.

The Baron Discover Fund’s 1Q2024, 5- and 10-year historical performance was impacted by gains from IPOs and there is no guarantee that these results can be repeated or that the Fund’s level of participation in IPOs will be the same in the future.

Portfolio holdings as a percentage of net assets as of March 31, 2024 for securities mentioned are as follows: Montrose Environmental Group, Inc. - Baron Discovery Fund (2.2%); Intapp, Inc. - Baron Discovery Fund (1.1%), Baron Small Cap Fund (1.3%); Certara, Inc - Baron Discovery Fund (0.8%); Reddit, Inc. - Baron Discovery Fund (0.4%); Astera Labs, Inc. – Baron Discovery Fund (0.9%); Sprout Social, Inc. – Baron Small Cap Fund (1.2%); nCino Inc. – Baron Small Cap Fund (0.7%);  TransDigm Group Incorporated – Baron Small Cap Fund (2.5%); Inspire Medical Systems, Inc. – Baron Small Cap Fund (0.9)%; Utz Brands, Inc. – Baron Small Cap Fund (1.2%);  Stevanato Group S.p.A – Baron Discovery Fund (1.8%);  SBA Communications Corp – Baron Small Cap Fund (0.4%)

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. 

Baron Growth Fund top 10 holdings as of March 31, 2024: MSCI Inc. – 10.4%, Arch Capital Group Ltd. – 10.4%, Gartner, Inc. – 8.8%, FactSet Research Systems Inc. – 6.8%, Kinsale Capital Group, Inc. – 6.5%,  CoStar Group, Inc. – 6.2%, Vail Resorts, Inc. – 5.5%, Primerica, Inc. – 4.7%, Choice Hotels International, Inc. – 4.7%, ANSYS, Inc. – 4.3%.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. 

The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this presentation reflect those of the respective speaker. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.

The Nasdaq Composite Index is the market capitalization-weighted index of approximately 3,000 common equities listed on the Nasdaq stock exchange. The Russell 1000® Growth Index measures the performance of large-sized U.S. companies that are classified as growth. The Russell 2000® Growth Index measures the performance of small-sized U.S. companies that are classified as growth. The Russell 2500™ Growth Index measures the performance of small to medium-sized companies that are classified as growth. The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the US equity market. The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment of dividends, net of withholding taxes, while the Russell and S&P 500 Indexes include reinvestment of dividends before taxes. Reinvestment of dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance. Investors cannot invest directly in an index.

Alpha measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta.  Active Share a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Price/Earnings Ratio or PE (next 12-months): is a valuation ratio of a company’s current share price compared to its mean forecasted 4 quarter sum earnings per share over the next twelve months. If a company’s EPS estimate is negative, it is excluded from the portfolio-level calculation. Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of a number of different investments.

BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).