Michael Kass - Baron International Growth Fund

April 15, 2009

Michael Kass discusses investing for Baron International Growth Fund.

The investment goal of Baron International Growth Fund is capital appreciation.

The Fund invests in non-U.S. companies with significant growth potential. While investments may be made across all market capitalizations, the Fund’s focus is on small and mid-sized companies. The Fund invests principally in companies in developed countries and may invest up to 30% in companies of developing countries. We identify global trends and themes we believe will create growth opportunities, and stock selection is based on these themes and bottom-up research. Diversified.

Non-U.S. investments may involve additional risks to those inherent in U.S. investments, including exchange-rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. This may result in greater share price volatility. Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and they may be more difficult to sell during market downturns. the Fund may not achieve its objectives.