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Baron Funds

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Baron

Baron Funds Performance Baron Opportunity Fund Comparison of the change in value of $10,000 investment in Baron Opportunity Fund (Institutional Shares) † in relation to the Russell 3000 Growth Index and the S&P 500 Index $25,000 $22,717 $20,000 $20,567 $15,000 $15,789 $10,000 $5,000 $0 2/29/00 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 12/16 Baron Opportunity Fund 1,4 Russell 3000 Growth Index 1 S&P 500 Index 1 Baron Opportunity Fund’s annualized returns as of December 31, 2016: 1-year, (4.56)%; 3-year, (1.54)%; 5-year, 8.47%; 10-year, 6.52%; and Since Inception, 4.38%. Baron Partners Fund Comparison of the change in value of $10,000 investment in Baron Partners Fund (Institutional Shares) † in relation to the Russell Midcap Growth Index and the S&P 500 Index $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 1/31/92 12/93 12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/16 Baron Partners Fund 2,4,5 Russell Midcap Growth Index 2 S&P 500 Index 2 Baron Partners Fund’s annualized returns as of December 31, 2016: 1-year, 4.29%; 3-year, 4.00%; 5-year, 14.21%; 10-year, 6.32%; and Since Inception, 12.23%. Baron Fifth Avenue Growth Fund Comparison of the change in value of $10,000 investment in Baron Fifth Avenue Growth Fund (Institutional Shares) † in relation to the Russell 1000 Growth Index and the S&P 500 Index $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4/30/04 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 12/16 Baron Fifth Avenue Growth Fund 3,4 Russell 1000 Growth Index 3 S&P 500 Index 3 Baron Fifth Avenue Growth Fund’s annualized returns as of December 31, 2016: 1-year, (1.76)%; 3-year, 4.30%; 5-year, 13.29%; 10-year, 5.52% and Since Inception, 6.59%. 1 The indexes are unmanaged. The Russell 3000 ® Growth Index measures the performance of those companies classified as growth among the largest 3,000 U.S. companies and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and Baron Opportunity Fund are with dividends, which positively impact the performance results. 2 The indexes are unmanaged. The Russell Midcap ® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and Baron Partners Fund are with dividends, which positively impact the performance results. 3 The indexes are unmanaged. The Russell 1000 ® Growth Index measures the performance of large-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and Baron Fifth Avenue Growth Fund are with dividends, which positively impact the performance results. 4 Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. 5 Reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance. † Performance for the Institutional Shares prior to May 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 for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 14 $177,332 $90,901 $89,613 $27,280 $26,338 $22,441

Baron Funds Performance Baron Focused Growth Fund Comparison of the change in value of $10,000 investment in Baron Focused Growth Fund (Institutional Shares) † in relation to the Russell 2500 Growth Index and the S&P 500 Index $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 5/31/96 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/16 Baron Focused Growth Fund 1,4,5 Russell 2500 Growth Index 1 S&P 500 Index 1 Baron Focused Growth Fund’s annualized returns as of December 31, 2016: 1-year, 0.97%; 3-year, 0.45%; 5-year, 8.22%; 10-year, 5.64%; and Since Inception, 10.34%. Baron International Growth Fund Comparison of the change in value of $10,000 investment in Baron International Growth Fund (Institutional Shares) † in relation to the MSCI ACWI ex USA IMI Growth Index and the MSCI ACWI ex USA Index $25,000 $20,000 $15,000 $75,744 $49,254 $42,636 $21,957 $18,280 $17,318 $10,000 $5,000 $0 12/31/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 Baron International Growth Fund 2,5 MSCI ACWI ex USA IMI Growth Index 2 MSCI ACWI ex USA Index 2 Baron International Growth Fund’s annualized returns as of December 31, 2016: 1-year, 1.35%; 3-year, 0.24%; 5-year, 7.73%; and Since Inception, 10.33%. Baron Real Estate Fund Comparison of the change in value of $10,000 investment in Baron Real Estate Fund (Institutional Shares) in relation to the MSCI USA IMI Extended Real Estate Index and the S&P 500 Index $30,000 $25,000 $25,602 $23,758 $23,285 $20,000 $15,000 $10,000 $5,000 $0 12/31/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 Baron Real Estate Fund 3,5 MSCI USA IMI Extended Real Estate Index 3 S&P 500 Index 3 Baron Real Estate Fund’s annualized returns as of December 31, 2016: 1-year, (1.75)%; 3-year, 3.17%; 5-year, 14.89%; and Since Inception, 14.37%. 1 The indexes are unmanaged. The Russell 2500 Growth Index measures the performance of small to medium-sized U.S. companies that are classified as growth and the S&P 500 Index of 500 widely held large cap U.S. companies. The indexes and Baron Focused Growth Fund are with dividends, which positively impact the performance results. 2 The MSCI ACWI ex USA indexes cited are unmanaged, free float-adjusted market capitalization weighted indexes reflected in US dollars. The MSCI ACWI ex USA IMI Growth Index Net USD measures the performance of large, mid and small cap growth securities across developed and emerging markets, excluding the United States. The MSCI ACWI ex USA Index Net USD measures the equity market performance of large and mid cap securities across developed and emerging markets, excluding the United States. The indexes and Baron International Growth Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. 3 The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large cap U.S. companies. The indexes and Baron Real Estate Fund are with dividends, which positively impact performance results. 4 Reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund’s shareholders will not be charged a performance fee. The predecessor partnership’s performance is only for the periods before the Fund’s registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance. 5 Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. † Performance for the Institutional Shares prior to May 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 for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 15

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