"Ron visits FIGS employees at FIGS HQ in LA. Explains Baron's recent decision to purchase 35% of @wearfigs as a long-term passive investor. Supports CEO Trina Spear and her management team." Investors 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 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of December 31, 2024 for securities mentioned are as follows: FIGS, Inc. - Baron Focused Growth Fund (2.5%), Baron Growth Fund (1.1%). Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).