Reflections on Baron Capital’s Work Culture



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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 1-800-99BARON or visiting Please read them carefully before investing.

Risks: All investments are subject to risk and may lose value.

Portfolio holdings as a percentage of net investments as of September 30, 2022 in Space Exploration Technologies Corp. – Baron Asset Fund (1.5%), Baron Opportunity Fund (2.2%), Baron Partners Fund (6.8%*), Baron Fifth Avenue Growth Fund (0.8%), Baron Focused Growth Fund (9.7%), Baron Global Advantage Fund (2.1%)

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

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).