The discussion of market trends and companies throughout this report 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 of this report and are subject to change any time based on market and other conditions, and we have no obligation to update them.

Viewpoints and opinions expressed in this publication by third parties are not necessarily those of Baron Capital. Baron Capital does not guarantee its accuracy, completeness or fairness.

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 www.BaronFunds.com. Please read them carefully before investing.

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 has reimbursed certain Fund expenses (by contract as long as BAMCO, Inc. is the adviser to the Fund) 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 www.BaronFunds.com or call 1-800-99BARON.

If a Fund’s historical performance was impacted by gains from IPOs and/or secondary offerings, there is no guarantee that these results can be repeated or that a Fund’s level of participation in IPOs and secondary offerings will be the same in the future.

Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.Baron Capital has purchased 1,602,106 shares of Tesla to date. The average purchase price was $216.17 with cost of purchase $346,323,829. The current market value of the Firm’s investment in Tesla is $575,172,075.

Portfolio holdings as a percentage of net assets as of March 31, 2017 for securities mentioned are as follows: The Charles Schwab Corp. – Baron Asset Fund (3.7%), Baron Partners Fund (5.2%*), Baron Opportunity Fund (2.1%), Baron Fifth Avenue Growth Fund (2.4%); Under Armour, Inc. – Baron Growth Fund (2.2%), Baron Partners Fund (1.8%*); Tesla Motors, Inc.–  Baron Partners Fund (14.2%*), Baron Opportunity Fund (5.0%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (13.4%), Baron Energy and Resources Fund (4.0%), Baron Global Advantage Fund (1.3%)%.

*% of Long Positions.

Baron Fifth Avenue Growth Fund’s annualized returns as of March 31, 2017: 1-year, 19.00%; 5-years, 11.87%; 10-years, 6.92%. Annual expense ratio for the Institutional Shares as of September 30, 2016 (restated to reflect current fees) was 0.85%. Baron Global Advantage Fund’s annualized returns as of March 31, 2017: 1-year, 21.94%; Since Inception (4/30/12), 10.46%. As of December 31, 2016 annual operating expense ratio for the Institutional Shares was 3.55%, but the net annual expense ratio was 1.25% (restated to reflect current expense waiver) (net of the Adviser’s fee waivers).

The net assets of Baron Emerging Markets Fund as of 3/31/17 is $3.21 billion

The discussions of the companies herein are not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this report reflect those of the respective portfolio manager only through the end of the period stated in this report. The portfolio manager’s views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time based on market and other conditions and Baron has no obligation to update them.