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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) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' 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 above.

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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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Name Asset Class YTD 1YR 3YR 5YR 10YR Since Inception Expense Ratio
Gross Net
Baron FinTech Fund (BFINX) SCT 2.06% 18.56% 1.73% N/A N/A 9.66% 1.63% 1.20%
FactSet Global FinTech Index -1.99% 5.85% -7.76% N/A N/A 0.98%
S&P 500 Index 1.68% 20.82% 10.99% N/A N/A 12.24%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron FinTech Fund (BFIIX) SCT 2.04% 18.84% 1.98% N/A N/A 9.92% 1.20% 0.95%
FactSet Global FinTech Index -1.99% 5.85% -7.76% N/A N/A 0.98%
S&P 500 Index 1.68% 20.82% 10.99% N/A N/A 12.24%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron FinTech Fund (BFIUX) SCT 2.04% 18.84% 1.98% N/A N/A 9.92% 1.18% 0.95%
FactSet Global FinTech Index -1.99% 5.85% -7.76% N/A N/A 0.98%
S&P 500 Index 1.68% 20.82% 10.99% N/A N/A 12.24%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron Health Care Fund (BHCUX) SCT 2.05% 9.15% 0.39% 13.90% N/A 12.75% 0.89% 0.85%
Russell 3000 Health Care Index 2.41% 6.14% 4.70% 10.04% N/A 10.68%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 13.03%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Health Care Fund (BHCHX) SCT 2.10% 9.15% 0.41% 13.89% N/A 12.76% 0.90% 0.85%
Russell 3000 Health Care Index 2.41% 6.14% 4.70% 10.04% N/A 10.68%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 13.03%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Health Care Fund (BHCFX) SCT 2.08% 8.92% 0.15% 13.60% N/A 12.48% 1.21% 1.10%
Russell 3000 Health Care Index 2.41% 6.14% 4.70% 10.04% N/A 10.68%
S&P 500 Index 1.68% 20.82% 10.99% 14.30% N/A 13.03%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Real Estate Fund (BREFX) SCT -2.59% 8.05% 2.22% 14.50% 9.61% 13.18% 1.33% 1.33%
MSCI USA IMI Extended Real Estate Index -2.23% 8.83% 7.73% 8.87% 8.88% 10.82%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% 5.40% 7.69%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Fund (BREIX) SCT -2.60% 8.29% 2.48% 14.80% 9.89% 13.47% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index -2.23% 8.83% 7.73% 8.87% 8.88% 10.82%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% 5.40% 7.69%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Fund (BREUX) SCT -2.60% 8.29% 2.48% 14.79% 9.89% 13.47% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index -2.23% 8.83% 7.73% 8.87% 8.88% 10.82%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% 5.40% 7.69%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIIX) SCT -3.37% 1.14% 1.94% 9.27% N/A 7.57% 0.96% 0.80%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% N/A 3.27%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIFX) SCT -3.34% 0.93% 1.67% 9.07% N/A 7.34% 1.32% 1.05%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% N/A 3.27%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIUX) SCT -3.38% 1.07% 1.92% 9.24% N/A 7.54% 0.97% 0.80%
MSCI US REIT Index -4.17% -2.69% 4.35% 2.94% N/A 3.27%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Technology Fund (BTEUX) SCT 3.63% 47.96% N/A N/A N/A -2.88% 3.75% 0.95%
MSCI ACWI Information Technology Index 3.19% 41.10% N/A N/A N/A 3.49%
S&P 500 Index 1.68% 20.82% N/A N/A N/A 2.44%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron Technology Fund (BTECX) SCT 3.52% 47.65% N/A N/A N/A -2.83% 6.42% 0.95%
MSCI ACWI Information Technology Index 3.19% 41.10% N/A N/A N/A 3.49%
S&P 500 Index 1.68% 20.82% N/A N/A N/A 2.44%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron Technology Fund (BTEEX) SCT 3.65% 47.40% N/A N/A N/A -3.12% 6.86% 1.20%
MSCI ACWI Information Technology Index 3.19% 41.10% N/A N/A N/A 3.49%
S&P 500 Index 1.68% 20.82% N/A N/A N/A 2.44%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation

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) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' 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 above.

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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.

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Name Asset Class YTD 1YR 3YR 5YR 10YR Since Inception Expense Ratio
Gross Net
Baron FinTech Fund (BFINX) SCT 26.96% 26.96% -0.95% N/A N/A 9.31% 1.63% 1.20%
FactSet Global FinTech Index 23.34% 23.34% -7.64% N/A N/A 1.51%
S&P 500 Index 26.29% 26.29% 10.00% N/A N/A 12.04%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron FinTech Fund (BFIIX) SCT 27.31% 27.31% -0.69% N/A N/A 9.58% 1.20% 0.95%
FactSet Global FinTech Index 23.34% 23.34% -7.64% N/A N/A 1.51%
S&P 500 Index 26.29% 26.29% 10.00% N/A N/A 12.04%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron FinTech Fund (BFIUX) SCT 27.31% 27.31% -0.71% N/A N/A 9.58% 1.18% 0.95%
FactSet Global FinTech Index 23.34% 23.34% -7.64% N/A N/A 1.51%
S&P 500 Index 26.29% 26.29% 10.00% N/A N/A 12.04%

Description

The Fund invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial services. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified.

Josh Saltman bio photo

Josh Saltman Portfolio Manager since 2011

Morningstar Rating

Overall (out of 229 Funds)

3 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Technology

Baron Health Care Fund (BHCUX) SCT 6.42% 6.42% 0.79% 15.46% N/A 12.54% 0.89% 0.85%
Russell 3000 Health Care Index 2.87% 2.87% 4.63% 10.79% N/A 10.38%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.90%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Health Care Fund (BHCHX) SCT 6.42% 6.42% 0.78% 15.43% N/A 12.54% 0.90% 0.85%
Russell 3000 Health Care Index 2.87% 2.87% 4.63% 10.79% N/A 10.38%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.90%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Health Care Fund (BHCFX) SCT 6.16% 6.16% 0.53% 15.16% N/A 12.26% 1.21% 1.10%
Russell 3000 Health Care Index 2.87% 2.87% 4.63% 10.79% N/A 10.38%
S&P 500 Index 26.29% 26.29% 10.00% 15.69% N/A 12.90%

Description

The Fund invests in companies engaged in the research, development, production, sale, delivery, or distribution of products and services related to the health care industry. The Fund may purchase securities of companies of any market capitalization. Non-diversified.

Neal Kaufman bio image

Neal Kaufman Portfolio Manager since 2018

Morningstar Rating

Overall (out of 158 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Health

Baron Real Estate Fund (BREFX) SCT 24.70% 24.70% 3.36% 18.01% 9.78% 13.48% 1.33% 1.33%
MSCI USA IMI Extended Real Estate Index 23.09% 23.09% 8.58% 11.68% 9.11% 11.07%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% 6.29% 8.07%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Fund (BREIX) SCT 25.04% 25.04% 3.62% 18.32% 10.06% 13.76% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index 23.09% 23.09% 8.58% 11.68% 9.11% 11.07%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% 6.29% 8.07%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Fund (BREUX) SCT 25.04% 25.04% 3.62% 18.32% 10.07% 13.77% 1.07% 1.07%
MSCI USA IMI Extended Real Estate Index 23.09% 23.09% 8.58% 11.68% 9.11% 11.07%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% 6.29% 8.07%

Description

The Fund invests broadly in real estate businesses with significant growth potential. It maintains exposure across different industries and all capitalization ranges. Diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIIX) SCT 15.51% 15.51% 2.78% 12.64% N/A 8.29% 0.96% 0.80%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% N/A 4.05%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIFX) SCT 15.10% 15.10% 2.49% 12.41% N/A 8.05% 1.32% 1.05%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% N/A 4.05%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Real Estate Income Fund (BRIUX) SCT 15.44% 15.44% 2.75% 12.61% N/A 8.27% 0.97% 0.80%
MSCI US REIT Index 12.27% 12.27% 5.89% 6.15% N/A 4.05%

Description

The Fund invests primarily in income-producing real estate businesses of any size. It maintains significant exposure to REITs. Non-diversified.

Jeffrey Kolitch bio image

Jeffrey Kolitch Portfolio Manager since 2009

Morningstar Rating

Overall (out of 236 Funds)

4 stars

Ratings based on risk-adjusted returns as of 01/31/2024
Category:US Fund Real Estate

Baron Technology Fund (BTEUX) SCT 63.02% 63.02% N/A N/A N/A -4.71% 3.75% 0.95%
MSCI ACWI Information Technology Index 51.02% 51.02% N/A N/A N/A 2.03%
S&P 500 Index 26.29% 26.29% N/A N/A N/A 1.69%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron Technology Fund (BTECX) SCT 63.38% 63.38% N/A N/A N/A -4.61% 6.42% 0.95%
MSCI ACWI Information Technology Index 51.02% 51.02% N/A N/A N/A 2.03%
S&P 500 Index 26.29% 26.29% N/A N/A N/A 1.69%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Baron Technology Fund (BTEEX) SCT 62.41% 62.41% N/A N/A N/A -4.97% 6.86% 1.20%
MSCI ACWI Information Technology Index 51.02% 51.02% N/A N/A N/A 2.03%
S&P 500 Index 26.29% 26.29% N/A N/A N/A 1.69%

Description

The Fund invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. Non-diversified. 

Michael Lippert bio image

Michael Lippert Portfolio Manager since 2006

Ashim Mehra bio image

Ashim Mehra Portfolio Manager since 2011

Asset Class Key: S=Small Cap S-M=Small-Mid Cap M=Mid Cap L=Large Cap A=All Cap IN=International SCT=Sector EA=Equity Allocation

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) for Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Funds, Baron Discovery Fund, Baron Durable Advantage Fund, Baron Real Estate income Fund and Baron WealthBuilder Fund and all Funds' 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 above.

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 prior to 5/29/2009, did not reflect this fee, the returns would be higher.

Performance for the R6 Shares prior to January 28, 2016 is based on the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares, which have a distribution fee. The Institutional and R6 Shares do not have a distribution fee. If the annual returns for the R6 Shares prior to May 29, 2009 did not have this fee, the returns would be higher.