0001193125-17-360923.txt : 20171205 0001193125-17-360923.hdr.sgml : 20171205 20171205092810 ACCESSION NUMBER: 0001193125-17-360923 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20171205 DATE AS OF CHANGE: 20171205 EFFECTIVENESS DATE: 20171205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON SELECT FUNDS CENTRAL INDEX KEY: 0001217673 IRS NUMBER: 161651307 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-103025 FILM NUMBER: 171238783 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 0001217673 S000024707 Baron International Growth Fund C000073358 Baron International Growth Fund BIGFX C000077807 Institutional Shares BINIX C000174762 R6 Shares BIGUX 0001217673 S000036767 Baron Global Advantage Fund C000112440 Baron Global Advantage Fund BGAFX C000112441 Institutional Shares BGAIX C000174764 R6 Shares BGLUX 497 1 d458658d497.htm BARON SELECT FUNDS Baron Select Funds

EXPLANATORY NOTE

The sole purpose of this filing is to file revised risk/return summary information for Baron International Growth Fund and Baron Global Advantage Fund in interactive data format.


Baron Select Funds

767 Fifth Avenue, 49th Floor

New York, NY 10153

Tel: 212.583.2000

Fax: 212.583.2014

December 5, 2017

VIA EDGAR

U.S. Securities and Exchange Commission

100 F Street, NE

Washington D.C. 20549

 

Re: Baron Select Funds (File Nos. 333-103025 and 811-21296)
     Filing Pursuant to Rule 497(c)

Ladies and Gentlemen:

Pursuant to Rule 497(c) under the Securities Act of 1933, and Section 8(a) under the Investment Company Act of 1940, please be advised that Baron Select Funds (the “Registrant”) is filing exhibits containing interactive data format risk/return summary information. The sole purpose of this filing is to file revised risk/return summary information for Baron International Growth Fund and Baron Global Advantage Fund, series of the Registrant, in interactive data format.

Please do not hesitate to contact me at (212) 583-2119 if you have any questions or require anything further.

Very truly yours,

/s/ Patrick M. Patalino

Patrick M. Patalino

Vice President and General Counsel

EX-101.INS 2 bsf-20171115.xml XBRL INSTANCE DOCUMENT 0001217673 2017-04-28 2017-04-28 0001217673 bsf:S000024707Member 2017-04-28 2017-04-28 0001217673 bsf:S000024707Member bsf:C000073358Member 2017-04-28 2017-04-28 0001217673 bsf:S000024707Member bsf:C000077807Member 2017-04-28 2017-04-28 0001217673 bsf:S000024707Member bsf:C000174762Member 2017-04-28 2017-04-28 0001217673 bsf:S000036767Member 2017-04-28 2017-04-28 0001217673 bsf:S000036767Member bsf:C000112440Member 2017-04-28 2017-04-28 0001217673 bsf:S000036767Member bsf:C000112441Member 2017-04-28 2017-04-28 0001217673 bsf:S000036767Member bsf:C000174764Member 2017-04-28 2017-04-28 pure iso4217:USD 2017-04-28 497 2016-12-31 BARON SELECT FUNDS 0001217673 false 2017-11-15 2017-11-15 <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>BARON </b></p><p align="center" style="padding-bottom: 0px; margin-top: 0px; margin-bottom: 0px;"><b>FUNDS<sup>&#174;</sup> </b></p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Baron International Growth Fund </p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Baron Global Advantage Fund </p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Supplement dated November&nbsp;15, 2017 to Prospectus dated April&nbsp;28, 2017 </p><p align="center" style="margin-top: 12px; margin-bottom: 0px;">IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">Effective November&nbsp;15, 2017, in connection with the lowering of certain fees and expenses of Baron International Growth Fund (the "Fund"), the Prospectus of the Fund is modified as follows: </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">On page 18 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Annual Fund Operating Expenses </p><p style="margin-top: 0px; margin-bottom: 0px;">(Expenses that you pay each year as a percentage of the value of your investment) </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="24%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Management<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Distribution<br/>(12b-1)<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Other<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Expense<br/>Reimbursements</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>after<br/>Expense<br/>Reimbursements<sup>2</sup></b></p></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON INTERNATIONAL GROWTH FUND<sup>1</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.40%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.53%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.33</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.20%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.36%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.24%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.29</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.95%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.38%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.26%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.31</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.95%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>1</sup></td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">Based on the fiscal year ended December&nbsp;31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).</div></td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>2</sup></td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.</div></td></tr></table><p style="page-break-before: always;"></p><p style="text-indent: 4%; margin-top: 0px; margin-bottom: 0px;">On page 18 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Example </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="66%"></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td width="3%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>YEAR</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>1</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>3</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>5</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>10</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON INTERNATIONAL GROWTH FUND</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">122</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">381</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">660</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,455</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">97</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">303</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">525</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,166</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">97</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">303</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">525</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,166</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">Effective November&nbsp;15, 2017, in connection with the lowering of certain fees and expenses of Baron Global Advantage Fund (the "Fund"), the Prospectus of the Fund is modified as follows: </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">On page 50 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Annual Fund Operating Expenses </p><p style="margin-top: 0px; margin-bottom: 0px;">(Expenses that you pay each year as a percentage of the value of your investment) </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="24%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Management<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Distribution<br/>(12b-1)<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Other<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Expense<br/>Reimbursements</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses<br/>after<br/>Expense<br/>Reimbursements<sup>2</sup></b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON GLOBAL ADVANTAGE FUND<sup>1</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2.61%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.71%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2.56</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.15%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2.55%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.40%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2.50</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.90%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.11%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.96%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3.06</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.90%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>1</sup>&nbsp;</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">Based on the fiscal year ended December&nbsp;31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).</div></td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>2</sup>&nbsp;</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.</div></td></tr></table><p style="page-break-before: always;"></p><p style="text-indent: 4%; margin-top: 0px; margin-bottom: 0px;">On page 50 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Example </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="66%"></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td width="3%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>YEAR</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>1</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>3</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>5</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>10</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON GLOBAL ADVANTAGE FUND</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">117</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">365</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">633</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,398</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">92</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">287</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">498</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,108</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">92</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">287</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">498</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,108</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>BARON </b></p><p align="center" style="padding-bottom: 0px; margin-top: 0px; margin-bottom: 0px;"><b>FUNDS<sup>&#174;</sup> </b></p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Baron International Growth Fund </p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Supplement dated November&nbsp;15, 2017 to Prospectus dated April&nbsp;28, 2017 </p><p align="center" style="margin-top: 12px; margin-bottom: 0px;">IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">Effective November&nbsp;15, 2017, in connection with the lowering of certain fees and expenses of Baron International Growth Fund (the "Fund"), the Prospectus of the Fund is modified as follows: </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">On page 18 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Annual Fund Operating Expenses </p><p style="margin-top: 0px; margin-bottom: 0px;">(Expenses that you pay each year as a percentage of the value of your investment) </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="24%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Management<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Distribution<br/>(12b-1)<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Other<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Expense<br/>Reimbursements</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></p><p align="center" style="margin-top: 0px; margin-bottom: 1px;"><b>after<br/>Expense<br/>Reimbursements<sup>2</sup></b></p></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON INTERNATIONAL GROWTH FUND<sup>1</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.40%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.53%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.33</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.20%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.36%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.24%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.29</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.95%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.88%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.38%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.26%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(0.31</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.95%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>1</sup></td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">Based on the fiscal year ended December&nbsp;31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).</div></td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>2</sup></td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.</div></td></tr></table><p style="page-break-before: always;"></p><p style="text-indent: 4%; margin-top: 0px; margin-bottom: 0px;">On page 18 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Example </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="66%"></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td width="3%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>YEAR</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>1</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>3</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>5</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>10</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON INTERNATIONAL GROWTH FUND</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">122</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">381</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">660</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,455</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">97</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">303</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">525</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,166</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">97</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">303</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">525</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,166</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.</p> Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers). 0.0088 0.0025 0.004 0.0153 -0.0033 0.012 0.0088 0 0.0036 0.0124 -0.0029 0.0095 0.0088 0 0.0038 0.0126 -0.0031 0.0095 122 381 660 1455 97 303 525 1166 97 303 525 1166 <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>BARON </b></p><p align="center" style="padding-bottom: 0px; margin-top: 0px; margin-bottom: 0px;"><b>FUNDS<sup>&#174;</sup> </b></p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Baron Global Advantage Fund </p><p align="center" style="margin-top: 6px; margin-bottom: 0px;">Supplement dated November&nbsp;15, 2017 to Prospectus dated April&nbsp;28, 2017 </p><p align="center" style="margin-top: 12px; margin-bottom: 0px;">IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">Effective November&nbsp;15, 2017, in connection with the lowering of certain fees and expenses of Baron Global Advantage Fund (the "Fund"), the Prospectus of the Fund is modified as follows: </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">On page 50 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Annual Fund Operating Expenses </p><p style="margin-top: 0px; margin-bottom: 0px;">(Expenses that you pay each year as a percentage of the value of your investment) </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="24%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td><td width="3%" valign="bottom"></td><td></td><td></td><td width="4%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Management<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Distribution<br/>(12b-1)<br/>Fee</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Other<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Expense<br/>Reimbursements</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Total<br/>Annual<br/>Fund<br/>Operating<br/>Expenses<br/>after<br/>Expense<br/>Reimbursements<sup>2</sup></b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON GLOBAL ADVANTAGE FUND<sup>1</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2.61%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.71%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2.56</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.15%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2.55%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.40%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(2.50</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.90%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.85%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.00%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.11%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3.96%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3.06</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">)%&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.90%</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>1</sup>&nbsp;</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">Based on the fiscal year ended December&nbsp;31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).</div></td></tr></table><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="2%" align="left" valign="top"><sup>2</sup>&nbsp;</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top"><div style="left">BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.</div></td></tr></table><p style="page-break-before: always;"></p><p style="text-indent: 4%; margin-top: 0px; margin-bottom: 0px;">On page 50 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following: </p><p style="margin-top: 12px; margin-bottom: 0px;">Example </p><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style=" margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="66%"></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="5%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td width="3%" valign="bottom"></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>YEAR</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>1</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>3</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>5</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>10</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 1em;">BARON GLOBAL ADVANTAGE FUND</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Retail Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">117</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">365</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">633</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,398</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">Institutional Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">92</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">287</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">498</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,108</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-left: 2em;">R6 Shares</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">92</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">287</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">498</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,108</td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="text-indent: 4%; margin-top: 12px; margin-bottom: 0px;">This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.</p> Annual Fund Operating Expenses<br/>(Expenses that you pay each year as a percentage of the value of your investment) This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0085 0.0025 0.0261 0.0371 -0.0256 0.0115 0.0085 0 0.0255 0.034 -0.025 0.009 0.0085 0 0.0311 0.0396 -0.0306 0.009 117 365 633 1398 92 287 498 1108 92 287 498 1108 Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers). Example Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers). BAMCO, Inc. (“BAMCO” or the “Adviser”) has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares. Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers). BAMCO, Inc. (“BAMCO” or the “Adviser”) has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares. 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Central Index Key dei_EntityCentralIndexKey 0001217673
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Apr. 28, 2017

BARON

FUNDS®

Baron International Growth Fund

Baron Global Advantage Fund

Supplement dated November 15, 2017 to Prospectus dated April 28, 2017

IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron International Growth Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 18 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  

Total
Annual
Fund
Operating
Expenses

after
Expense
Reimbursements2

 
BARON INTERNATIONAL GROWTH FUND1
                        
Retail Shares
  0.88%   0.25%   0.40%   1.53%   (0.33)%   1.20% 
Institutional Shares
  0.88%   0.00%   0.36%   1.24%   (0.29)%   0.95% 
R6 Shares
  0.88%   0.00%   0.38%   1.26%   (0.31)%   0.95% 

 

1 
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).

 

2 
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.

On page 18 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON INTERNATIONAL GROWTH FUND
                    
Retail Shares
  $122   $381   $660   $1,455 
Institutional Shares
  $97   $303   $525   $1,166 
R6 Shares
  $97   $303   $525   $1,166 

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron Global Advantage Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 50 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  Total
Annual
Fund
Operating
Expenses
after
Expense
Reimbursements2
 
BARON GLOBAL ADVANTAGE FUND1
                        
Retail Shares
  0.85%   0.25%   2.61%   3.71%   (2.56)%   1.15% 
Institutional Shares
  0.85%   0.00%   2.55%   3.40%   (2.50)%   0.90% 
R6 Shares
  0.85%   0.00%   3.11%   3.96%   (3.06)%   0.90% 

 

1  
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).

 

2  
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.

On page 50 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON GLOBAL ADVANTAGE FUND
                    
Retail Shares
  $117   $365   $633   $1,398 
Institutional Shares
  $92   $287   $498   $1,108 
R6 Shares
  $92   $287   $498   $1,108 

This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.

XML 10 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON SELECT FUNDS
Prospectus Date rr_ProspectusDate Apr. 28, 2017
Supplement [Text Block] bsf_SupplementTextBlock

BARON

FUNDS®

Baron International Growth Fund

Baron Global Advantage Fund

Supplement dated November 15, 2017 to Prospectus dated April 28, 2017

IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron International Growth Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 18 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  

Total
Annual
Fund
Operating
Expenses

after
Expense
Reimbursements2

 
BARON INTERNATIONAL GROWTH FUND1
                        
Retail Shares
  0.88%   0.25%   0.40%   1.53%   (0.33)%   1.20% 
Institutional Shares
  0.88%   0.00%   0.36%   1.24%   (0.29)%   0.95% 
R6 Shares
  0.88%   0.00%   0.38%   1.26%   (0.31)%   0.95% 

 

1 
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).

 

2 
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.

On page 18 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON INTERNATIONAL GROWTH FUND
                    
Retail Shares
  $122   $381   $660   $1,455 
Institutional Shares
  $97   $303   $525   $1,166 
R6 Shares
  $97   $303   $525   $1,166 

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron Global Advantage Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 50 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  Total
Annual
Fund
Operating
Expenses
after
Expense
Reimbursements2
 
BARON GLOBAL ADVANTAGE FUND1
                        
Retail Shares
  0.85%   0.25%   2.61%   3.71%   (2.56)%   1.15% 
Institutional Shares
  0.85%   0.00%   2.55%   3.40%   (2.50)%   0.90% 
R6 Shares
  0.85%   0.00%   3.11%   3.96%   (3.06)%   0.90% 

 

1  
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).

 

2  
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.

On page 50 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON GLOBAL ADVANTAGE FUND
                    
Retail Shares
  $117   $365   $633   $1,398 
Institutional Shares
  $92   $287   $498   $1,108 
R6 Shares
  $92   $287   $498   $1,108 

This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.

Baron International Growth Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] bsf_SupplementTextBlock

BARON

FUNDS®

Baron International Growth Fund

Supplement dated November 15, 2017 to Prospectus dated April 28, 2017

IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron International Growth Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 18 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  

Total
Annual
Fund
Operating
Expenses

after
Expense
Reimbursements2

 
BARON INTERNATIONAL GROWTH FUND1
                        
Retail Shares
  0.88%   0.25%   0.40%   1.53%   (0.33)%   1.20% 
Institutional Shares
  0.88%   0.00%   0.36%   1.24%   (0.29)%   0.95% 
R6 Shares
  0.88%   0.00%   0.38%   1.26%   (0.31)%   0.95% 

 

1 
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).

 

2 
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.

On page 18 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON INTERNATIONAL GROWTH FUND
                    
Retail Shares
  $122   $381   $660   $1,455 
Institutional Shares
  $97   $303   $525   $1,166 
R6 Shares
  $97   $303   $525   $1,166 

This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Baron International Growth Fund | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.88% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [1]
Other Expenses rr_OtherExpensesOverAssets 0.40% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.53% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.33%) [1]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 1.20% [1],[2]
1 rr_ExpenseExampleYear01 $ 122
3 rr_ExpenseExampleYear03 381
5 rr_ExpenseExampleYear05 660
10 rr_ExpenseExampleYear10 $ 1,455
Baron International Growth Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.88% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.36% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.24% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.29%) [1]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 0.95% [1],[2]
1 rr_ExpenseExampleYear01 $ 97
3 rr_ExpenseExampleYear03 303
5 rr_ExpenseExampleYear05 525
10 rr_ExpenseExampleYear10 $ 1,166
Baron International Growth Fund | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.88% [1]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.38% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26% [1]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.31%) [1]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 0.95% [1],[2]
1 rr_ExpenseExampleYear01 $ 97
3 rr_ExpenseExampleYear03 303
5 rr_ExpenseExampleYear05 525
10 rr_ExpenseExampleYear10 $ 1,166
Baron Global Advantage Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] bsf_SupplementTextBlock

BARON

FUNDS®

Baron Global Advantage Fund

Supplement dated November 15, 2017 to Prospectus dated April 28, 2017

IMPORTANT NOTICE REGARDING CHANGE IN THE FEES AND EXPENSES OF BARON INTERNATIONAL GROWTH AND BARON GLOBAL ADVANTAGE FUNDS

Effective November 15, 2017, in connection with the lowering of certain fees and expenses of Baron Global Advantage Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 50 of the Prospectus, the "Annual Fund Operating Expenses" table is deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

 

   Management
Fee
  Distribution
(12b-1)
Fee
  Other
Expenses
  Total
Annual
Fund
Operating
Expenses
  Expense
Reimbursements
  Total
Annual
Fund
Operating
Expenses
after
Expense
Reimbursements2
 
BARON GLOBAL ADVANTAGE FUND1
                        
Retail Shares
  0.85%   0.25%   2.61%   3.71%   (2.56)%   1.15% 
Institutional Shares
  0.85%   0.00%   2.55%   3.40%   (2.50)%   0.90% 
R6 Shares
  0.85%   0.00%   3.11%   3.96%   (3.06)%   0.90% 

 

1  
Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).

 

2  
BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.

On page 50 of the Prospectus, the "Example" paragraph and table are deleted in their entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

YEAR  1   3   5   10 
BARON GLOBAL ADVANTAGE FUND
                    
Retail Shares
  $117   $365   $633   $1,398 
Institutional Shares
  $92   $287   $498   $1,108 
R6 Shares
  $92   $287   $498   $1,108 

This information supplements the Prospectus dated April 28, 2017. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Baron Global Advantage Fund | Retail Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25% [3]
Other Expenses rr_OtherExpensesOverAssets 2.61% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.71% [3]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (2.56%) [3]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 1.15% [3],[4]
1 rr_ExpenseExampleYear01 $ 117
3 rr_ExpenseExampleYear03 365
5 rr_ExpenseExampleYear05 633
10 rr_ExpenseExampleYear10 $ 1,398
Baron Global Advantage Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [3]
Other Expenses rr_OtherExpensesOverAssets 2.55% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.40% [3]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (2.50%) [3]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 0.90% [3],[4]
1 rr_ExpenseExampleYear01 $ 92
3 rr_ExpenseExampleYear03 287
5 rr_ExpenseExampleYear05 498
10 rr_ExpenseExampleYear10 $ 1,108
Baron Global Advantage Fund | R6 Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85% [3]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [3]
Other Expenses rr_OtherExpensesOverAssets 3.11% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.96% [3]
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (3.06%) [3]
Total Annual Fund Operating Expenses after Expense Reimbursements rr_NetExpensesOverAssets 0.90% [3],[4]
1 rr_ExpenseExampleYear01 $ 92
3 rr_ExpenseExampleYear03 287
5 rr_ExpenseExampleYear05 498
10 rr_ExpenseExampleYear10 $ 1,108
[1] Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.88% and current expense waivers).
[2] BAMCO, Inc. (“BAMCO” or the “Adviser”) has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.20% of average daily net assets of Retail Shares and 0.95% of average daily net assets of Institutional Shares and R6 Shares.
[3] Based on the fiscal year ended December 31, 2016 (restated to reflect management fee reduction from 1.00% to 0.85% and current expense waivers).
[4] BAMCO, Inc. (“BAMCO” or the “Adviser”) has agreed that for so long as it serves as the Adviser to the Fund, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (expenses such as portfolio transaction costs, interest, dividend and extraordinary expenses are not subject to the operating expense limitation) to 1.15% of average daily net assets of Retail Shares and 0.90% of average daily net assets of Institutional Shares and R6 Shares.
XML 11 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BARON SELECT FUNDS
Prospectus Date rr_ProspectusDate Apr. 28, 2017
Document Creation Date dei_DocumentCreationDate Nov. 15, 2017
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