Baron Capital is an asset management firm focused on delivering growth equity investment solutions. Founded in 1982, we have become known for our long-term, fundamental, active approach to growth investing. We were founded as an equity research firm, and research has remained at the core of our business. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the Fund. You may obtain one from its distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read it carefully before investing. Please visit the following URL for important social media disclosures: http://www.baronfunds.com/social-media

Select Equity Group manages approximately $40 billion across long-only and long/short equity strategies that share a fundamental investment philosophy and centralized research effort. The Firm was founded on the premise that rigorous, independent research and disciplined, long-term investing will generate superior returns for our clients. Our investment team of over 60 professionals includes a 16-person field research division composed of former journalists and sourcing specialists. We seek to identify the highest quality businesses that the public markets have to offer – those with strong, predictable growth, high returns on invested capital and well-established barriers to competition. We are not interested in owning most businesses at any price. We make minimal use of Wall Street research, and we do not actively share our insights with peers. Our independent process and focus on a narrow subset of businesses has delivered portfolios that we believe are meaningfully different than those of our peers. The Firm is employee owned and has been located at 380 Lafayette Street in lower Manhattan since the early 1990s.

Ranked a “Best National University” by U.S. News & World Report for the eighth year in a row, Seattle Pacific University is a Christian university where more than 2,500 undergraduate and graduate students are equipped to anticipate and shape the future in a thriving, world-class city. Graduates are invited to join the SPU Alumni LinkedIn group for more opportunities to connect.

Founded in 1964, Alger is recognized as a pioneer of growth-style investment management. Privately-owned and headquartered in New York City, Alger can help “Unlock Your Growth Potential” through a suite of growth equity separate accounts, mutual funds, ETFs, and privately offered investment vehicles. Alger’s investment philosophy, discovering companies undergoing Positive Dynamic Change, has been in place for 60 years. We have been helping clients achieve their growth equity investment objectives for 60 years. Experience and Independence - Growth equity pioneer - Private ownership with employee participation Philosophy - Time-tested fundamental research driven process - Culture of independent thinking and passion for investing Growth Specialists - Singular focus on growth equity investing - Dedicated to generating superior investment returns for our clients through active management At Alger, our strength lies in our people and in our rich history and tradition. We excel based on the self-motivation, ambition, and drive of our employees. We seek exceptional candidates who embrace challenges, welcome increasing responsibilities, and thrive in a fast-paced, dynamic environment that exposes them to team interaction, an intensive sales and quantitative analysis process, and a philosophy of providing unparalleled service to our customers and clients. Disclosures: http://bit.ly/2D2efQy

Millburn Ridgefield Corporation is the successor to a trading and advisory organization that has been continuously operating and managing investor capital in alternative strategies since 1971, making it one of the world’s longest-operating alternative investment managers. Since that time, Millburn has endeavored to provide investors with positive returns through a variety of market cycles and environments, stressing disciplined quantitative, process-driven approaches to trading scores of liquid global markets. Past performance is not indicative of future results; the potential for profit is accompanied by the risk of loss. Millburn believes its demonstrated history of success is a direct result of the quality of its people and the ability to continuously refine, evolve and adapt its investment approaches over time. Millburn and its affiliates are 100% privately owned. Headquartered in New York City, the organization has additional offices in Rye Brook, NY and London.

Needham & Company, LLC is a nationally recognized investment banking and asset management Firm focused solely on growth companies and their investors. Founded in 1985 by George Needham, Raymond Godfrey, Jr. and David Townes, the Firm is headquartered in New York City with offices in Boston, Chicago, Minneapolis, San Francisco, and Menlo Park, CA. Needham’s principal activities involve assisting our clients through a variety of advisory and transaction-related services, with a specific focus on: * Public and private financings * Mergers, acquisitions and divestitures * Equity research * Institutional sales and trading * Asset management through public and private funds At Needham, extensive experience in our markets, combined with the teamwork inherent in our independent partnership structure, enables us to provide clients with the long-term advice they need to achieve their business goals. The Firm's commitment to exceptional service is unique in today’s business climate, and is born of a tradition which stresses integrity above all else.

Disclosure: https://www.vaneck.com/us/en/social-media-disclaimer/ VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends—including gold investing in 1968, emerging markets in 1993, and Exchange Traded Funds in 2006—that subsequently shaped the investment management industry. Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

Founded in 1985, Shenkman Capital Management, Inc. remains an industry leader today in traditional and alternative credit solutions, known globally for the depth of our experience and knowledge. We stand out in our focus on below-investment grade assets. We are an SEC-registered investment advisor, headquartered in New York City, with offices in Stamford, Boca Raton, and London. We are independently owned by team members and directors. Being a boutique investment manager allows our firm to be more agile than the industry's financial supermarkets. We consider ourselves portfolio builders, who know the difference between an investment and a trade, and have the judicious mindset of prudent bankers.

Wafra Inc. (“Wafra”) is a leading global alternative investment firm currently managing approximately $30 billion in assets and commitments across a variety of asset strategies. Behind our investment strategies are talented professionals, principally in New York and other financial centers, who bring expertise and experience to deliver strategic, reward-focused solutions. Wafra seeks to provide long-term investment return solutions that span not just years, but generations.

Founded in 1994, but with roots going back to the late 1970’s and early 1980’s, we have been an established presence in independent research and investment management for over 25 years. We are an independently owned and operated investment boutique that adheres to a long-term, contrarian, fundamental value investment philosophy that the founders established 26 years ago at Bankers Trust Company. Horizon Kinetics has over 70 employees and has primary offices in New York City, White Plains, NY and Summit, NJ.

Taconic Capital is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach. Taconic was founded in 1999 by former Goldman Sachs partners, Frank Brosens and Ken Brody. Taconic has a differentiated economic and compensation model that we believe enables us to attract and retain top talent. We have offices in New York, London and Hong Kong with over 100 employees. We are privately held and our partnership owns, governs and leads the firm. Taconic’s first fund was launched in June 1999 and began accepting outside capital in 2000. We opened our London office in 2001 and our Hong Kong office in 2012. Over the last 22 years, we have continuously evolved, adding investment capabilities, management talent and geographic reach to capitalize on the changing opportunity set, and to meet the needs of our firm and investors.

KPS Capital Partners, LP is the manager of KPS Special Situations Funds, a family of private equity funds with approximately $11.9 billion of assets under management (as of June 30, 2023). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS has completed over 100 controlling investments through six institutional investment funds. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $20.8 billion, operate 224 manufacturing facilities in 26 countries, and have approximately 50,000 employees, directly and through joint ventures worldwide (as of June 30, 2023). KPS creates new companies to acquire assets or businesses from large corporations, businesses owned by families or entrepreneurs, and businesses presented for sale in connection with financial restructurings, including companies owned by former creditor groups. KPS then transforms these businesses into independent, world-class, industry-leading enterprises. KPS is currently investing through two investment vehicles, KPS Special Situations Fund V, a $6.0 billion fund targeting opportunities between $100 million to over $1.0 billion per platform investment, and KPS Special Situations Mid-Cap Fund, a $1.0 billion fund targeting opportunities with up to $100 million per platform investment.