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The Russell 2000 Growth Index compounded growth rate for the period was 8%, not 7%. The Fund’s volatility was 67%, not 80%.


Important Additional Information

The discussion of market trends and companies are not intended as advice to any person regarding the advisability of investing in any particular security. Some of our comments are based on current 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 of the publication and are subject to change any time based on market and other conditions, and we have no obligation to update them.

You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting Please read them carefully before investing.

Baron Growth Fund’s annualized returns for the Retail Shares as of September 30, 2017: 1-year, 20.47%; 5-years, 12.53%; 10-years, 7.48%; Since Inception (12/31/1994), 12.95%. Annual expense ratio for the Retail Shares as of September 30, 2016 was 1.30%.

Baron Growth Fund’s annualized returns for the Institutional Shares as of September 30, 2017: 1-year, 20.79%; 5-years, 12.82%; 10-years, 7.71%; Since Inception (12/31/1994), 13.06%. Annual expense ratio for the Institutional Shares as of September 30, 2016 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 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 or call 1-800-99BARON.