About Baron Funds and Baron Capital GroupBaron Funds include twelve no-load mutual funds: Baron Asset Fund (BARAX; BARIX), Baron Growth Fund (BGRFX; BGRIX), Baron Small Cap Fund (BSCFX; BSFIX), Baron Opportunity Fund (BIOPX; BIOIX), Baron Fifth Avenue Growth Fund (BFTHX; BFTIX), Baron Partners Fund (BPTRX; BPTIX), Baron Focused Growth Fund (BFGFX; BFGIX), Baron International Growth Fund (BIGFX; BINIX), Baron Emerging Markets Fund (BEXFX; BEXIX), Baron Global Advantage Fund (BGAFX; BGAIX), Baron Real Estate Fund (BREFX; BREIX), and Baron Energy and Resources Fund (BENFX; BENIX). More information about Baron Funds is available by calling (800) 99-BARON or by visiting www.baronfunds.com. The advisor to Baron Funds is BAMCO, a unit of Baron Capital Group. Investors should consider the investment objectives, risk, and charges and expenses of the investment carefully before investing. Baron Funds are described in prospectuses that contain this and other information about the Funds. You should carefully read the prospectus before investing. You can read, print, or download a prospectus at www.BaronFunds.com/prospectus. Or call 800-99 -BARON to receive a prospectus in the mail. Baron Capital, Inc. is the distributor of the Baron Funds.