Baron Small Cap Fund Retail Class BSCFX Strategy

The investment seeks capital appreciation through investments primarily in securities of small-sized growth companies. The fund invests at least 80% of its net assets in equity securities of U.S. small‑sized growth companies. BAMCO, Inc. (“BAMCO” or the “Adviser”) defines small‑sized companies as those with market capitalizations up to the largest market cap equity security in the Russell 2000 Growth Index at reconstitution, or the largest market cap equity security in the bottom 25% of the U.S. equity market by market capitalization, as measured by a broad market index such as the Russell 3000 Index, whichever is larger.