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.

Past performance is no guarantee of future results.

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.

Dow Jones Industrial Average is a price-weighted measure of 30 U.S. blue-chip companies. It covers all industries with the exception of Transportation and Utilities. The total return version of the index is calculated with gross dividends reinvested. Earnings per share growth is defined as the percentage change in normalized earnings per share over the previous 12 month period to the latest year end. It gives a good picture of the rate at which a company has grown its profitability.

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

Portfolio holdings as a percentage of net assets as of March 31, 2018 for securities mentioned are as follows: Tesla, Inc. - Baron Opportunity Fund (3.0%), Baron Partners Fund (11.8%*), Baron Fifth Avenue Growth Fund (1.0%), Baron Focused Growth Fund (12.3%), Baron Energy and Resources Fund (6.7%), Baron Global Advantage Fund (0.7%).

* % of Long Positions