Baron Small Cap Fund

This fund primarily allocates a substantial 80% of its net assets toward equity holdings, specifically common stock, in small, growth-focused U.S. companies. BAMCO, Inc., the fund's adviser, determines a company to be "small-sized" if, at the point of purchase, its market capitalization does not exceed the greater of two thresholds: either the market capitalization of the largest stock included in the Russell 2000 Growth Index when it undergoes its periodic rebalancing, or a maximum value of $2.5 billion.