Baron Principles

We are committed to comply with both the letter and the spirit of the laws, regulations and ethical standards that govern us

Our actions must never be dictated by self interest nor perceived as such. If we treat our clients and Baron Funds’ shareholders ethically and with respect, and provide high quality services, we will be successful

We insist on honesty, integrity and fair dealing. We maintain high ethical standards, whether dealing with Baron Funds' shareholders, our asset management clients, the companies in which we invest, our communities, our regulators, our competitors and our co-workers

Professionalism is critical to our business. We are proud of our reputation for hard work, the quality of the individuals who work at our firm and the resultant quality of our investment research and asset management services

Our most important assets are our employees and our reputation. Although our business would be adversely affected if we lost either, our reputation would be the more difficult to regain

We do not allow personal trading of individual securities by our employees. Employee compensation is based upon the success of our clients. These elements align the interests of our employees with the interests of our clients

We take an integrated approach to risk management in the operation of our business and our investments

Firm Information

The Firm was founded in 1982 by Ron Baron, who began as a research analyst in 1970 and has managed assets since 1975

As of 3/31/2012, the Firm had 110 employees, 27 of whom are investment professionals

We are headquartered in New York City

We offer separately managed accounts, sub-advisory services, mutual funds and an offshore fund

Our Firm has two investment advisory subsidiaries with total assets under management as of 3/31/2012 of $17.4 billion

Baron Capital is 100% employee owned

1 - Baron Partners Fund started as a limited partnership with an inception of 01/31/1992. It was converted into a mutual fund on 4/30/2003. 2 - Baron Focused Growth Fund (formerly named Baron Retirement Income Fund) was a limited partnership with an inception date of 5/31/1996. It was converted into a mutual fund on 6/30/2008.

Our Firm

Baron Small Cap Fund 1997

Baron Capital Management, Inc.

Baron Capital, Inc. 1982

BAMCO, Inc.

Baron Asset Fund 1987

2000 Baron Opportunity Fund

Baron Partners Fund1 1992

2004 Baron Fifth Avenue Growth Fund Baron Large-Cap Growth Strategy Baron All-Cap Growth Strategy

Baron International Growth Fund 2008

1983 Baron Small-Cap Growth Strategy

1998 Baron Mid-Cap Growth Strategy

2009 Baron Real Estate Fund

1996 Baron Focused Growth Fund2

1994 Baron Growth Fund

Baron Emerging Markets Fund 2010

Baron USA Partners Fund 1993

Baron Small to Mid-Cap Growth Strategy 1999

2011 Baron Energy and Resources Fund

Baron Global Advantage Fund 2012

2

Baron Investment Philosophy

Long-term perspective allows us to think differently

We look beyond short-term volatility and market unpredictability We focus on a company’s opportunities over the next five years We think like the owner of a business

Independent and exhaustive research is essential to understanding a business

We analyze businesses with the intention of owning them for an extended period Our research gives us a knowledge advantage We develop industry expertise We invest in businesses, not stocks

People are the key drivers of a successful business

We seek to invest with managements who have integrity, a long-term vision and whose interests are aligned with their shareholders

We invest in people, not just buildings

Successful growth businesses have open-ended opportunities and defensible niches

The companies we invest in typically benefit from innovation, change, government initiatives or economic trends

Substantial competitive advantages and barriers to entry are critical

Purchase price matters We buy growth companies using a value-oriented purchase discipline Our valuation criteria are based upon what we believe a business can earn in three to five years Investment opportunity is created when a company’s growth prospects are not recognized or the stock is

mispriced

Research and risk management are continuous processes

We conduct rigorous research throughout the life of an investment We manage risk at the individual investment and portfolio levels

3

Idea Generation

Through a solid research foundation built over 40 years

Our portfolio managers and analysts have thorough knowledge of the industries they follow, across market capitalizations and geographies

We understand industry dynamics from competitive and regulatory perspectives

We identify long-lasting trends resulting from societal, demographic, economic and regulatory developments affecting industries to determine long-term demand for services or products

Through an extensive network

Our reputation as a long-term investor in the financial community and in the industries we cover makes our firm a desirable shareholder. Our reputation as an experienced investor among consultants, our peers and other industry participants also provides us access to investment opportunities

Our long-term perspective and experience encourages executives to share their vision of their company’s long-term opportunities and distinctive competitive advantages

4

Research

We perform exhaustive proprietary due diligence to evaluate opportunities and to affirm our investment theses

To formulate our opinions on a business and its management

Industry experts and participants

Other management teams

Consultants

Other shareholders

Board members

Competitors

Vendors and service providers

Customers

Business opportunities and growth prospects

Management Financial analysis

Business model

Unique product or service

Appropriate use of capital

Long-lasting multi-year growth

Barriers to replication

Regulatory environment

Character

Vision

Competence

Business practices

Management style

Ownership

Comprehensive, proprietary, industry-specific company models

Five-year projections

Capital structure

Valuation

Quantitative

Qualitative

We evaluate

We speak with

We estimate the future intrinsic value of a business and determine if the qualitative characteristics of the business are transferable into quantitative measurable, sustainable financial performance.

5

Investment Criteria

We seek long-term investments in companies with

Exceptional management

Sustainable competitive advantages

Predictability of revenue and earnings growth

Strong free cash flow generation

Strong business franchises

Appropriate capital structure

Compelling valuations: securities priced attractively relative to our projections of long-term intrinsic business value

Positive macro-economic trends, changes in regulation, or innovation

6

Portfolio Construction

Construction of individual portfolios is a collaborative process between portfolio managers and analysts

Portfolio managers have ultimate responsibility for the portfolio Our portfolios tend to have low turnover and tend to be tax efficient

We balance opportunities with risk and our minimum expected return is:

100% over a four to five-year period 50% over 24 months for one of our small cap strategies

In determining portfolio weights we consider: Market capitalization of the company Company specific business risk and debt levels Diversification across industries and sectors Stock volatility and impact on portfolio risk Liquidity Baron ownership percentages

7

Portfolio Management

We continuously

Conduct research on all of our portfolio companies

Reassess the reasons we purchased each stock

Trim weightings when they become too large

Monitor stock prices, management or business-model changes to:

Establish or add to a position

Reduce or sell a position to establish new ones

We sell positions when

Valuation no longer allows us to meet our return hurdle

A company’s long-term fundamentals weaken

We conclude we have made a mistake

8

Risk Management

We follow an integrated approach to risk management on three levels across the firm

Firm

We manage risk at the firm level through senior management leadership and oversight. We have segregated functions and clearly outlined policies and procedures. We have developed a risk management culture across all areas and functions

Company Specific

We value each stock to project the future intrinsic value of the business and address risk through ongoing proprietary research, sustained long-term interaction with management and confirmation of findings through third parties. Business quality and capital structure are of critical importance

Portfolio

Individual stock weightings reflect a combination of investment conviction and each portfolio manager’s assessment of a stock’s level of risk. We have explicit restrictions and guidelines that address concentration limits, liquidity factors and sector exposure on a firm and portfolio level. As part of our risk controls we monitor valuation, weekly attribution analysis on stock and portfolio performance, leverage, concentration, and third party ownership

We believe that each business’s quality, growth prospects, valuation and sustainability of the business model are integrated pieces of our investment process. We balance risks to opportunities we believe have the best investment potential

9

Our Research Team

Research Analysts Industry Coverage Baron Years Research Experience

Years

Susan Robbins Healthcare Providers & Services, Education Services, Business Services

30 36

Laird Bieger Consumer Discretionary 12 15

Matthew Weiss Capital Goods Distributors, Engineering Services, Retail, Transportation

11 11

Randolph Gwirtzman Aerospace & Defense, Autos, General Industrials, Healthcare, Business Services, IT

10 15

Michael Baron Financial Services, Consumer 8 9

Neal Kaufman Healthcare Equipment, Supplies & IT, Life Sciences Tools & Services

7 11

David Baron Casinos & Gaming, Hotel Resorts & Cruiselines, Leisure

7 10

David Goldsmith Materials, Chemicals, Consumer Discretionary

6 9

Neal Rosenberg Commercial & Professional Services, Healthcare Equipment & Services, Software & Services, Specialized Finance

6 9

Richard Rosenstein Media, Telecommunication Services, IT Services

5 19

Rebecca Ellin Industrials, Infrastructure, Electric Utilities and Services

5 10

Robert Susman Financials, Payments, Business Services 5 9

Kyuhey August Chemicals, Consumer, Industrials, International

4 6

Catherine Chen Agriculture, Industrials, Materials, Internet 2 8

David Kirshenbaum Real Estate, Building Products & Services, Chemicals, Industrials

2 6

Gilad Shany Energy, Tech Industrials 2 3

Ashim Mehra Internet Retail, Software & Services 1 13

Josh Saltman Metals & Mining 1 6

Aaron Wasserman Consumer, Business Services 1 6

Portfolio Managers Baron Years Research Experience

Years

Ron Baron, Chief Investment Officer 30 42

Cliff Greenberg, Director of Research 15 28

Andrew Peck 14 16

Michael Lippert 11 11

Jeffrey Kolitch 7 20

Michael Kass 5 25

James Stone 3 24

Alex Umansky <1 19

10

Baron Focused Growth Strategy

As of May 31, 2012

Portfolio Manager

Ron Baron

Ron has over 40 years of equity research and investment experience, and

Began his career as a research analyst in 1970

Has managed assets since 1975

Is a renowned equity investor

Ron believes people make a business successful

People with ideas for solving problems

People with vision and plans to grow their businesses

People who treat their employees well

Ron founded Baron Capital Management in 1982, and

Has a unique investment approach, which is the foundation of our firm-wide investment process

Leads by example in practicing firm principles

Has been the portfolio manager of Baron Focused Growth Strategy since its inception on 9/30/1996

11

As of May 31, 2012

Portfolio Construction

Investment Strategy

Focused portfolio

Larger portfolio weightings, with the top ten holdings representing a significant percentage of net assets

Portfolio typically holds 25-35 stocks

Built one stock at a time

Small and mid-cap (SMID) growth strategy

Invests in businesses with market capitalizations of $10 billion or less, as measured at time of purchase

Minimum expected return of each investment is 100% within five years

Budget risk to opportunities we believe have the greatest growth potential

No more than 25% of total assets may be allocated to any one GICS Sub-Industry

Foreign exposure permitted up to 25% of total assets

12

As of May 31, 2012

Top Five Holdings*

*Based on the one mutual fund in the Strategy. This mutual fund is non-diversified. Data may vary for each client in the Strategy due to asset size, market conditions, client guidelines, and diversity of portfolio holdings.

Company Example Sector Percentage of Net Assets Company Description Baron Investment Premise

Verisk Analytics, Inc. Industrials 6.8% Helps risk-bearing companies, primarily property & casualty, but also health providers and mortgage issuers, better understand and manage their risks.

We believe Verisk is a high quality company with high margins that are poised to go higher as the analytics side of its business grows. The company’s competitors are small and mostly nonprofit. Because most of the risk assessment business is subscription-based and analytics get embedded within a subscriber company’s decision-making capabilities, Verisk’s customers tend to stay with the company for long periods of time.

Hyatt Hotels Corp. Consumer Discretionary

6.5% A global hospitality company with 460 branded properties in 45 countries.

We believe Hyatt has a significant opportunity to market more of its brands globally given an undersupply of rooms in developing countries. Compared to its competitors, Hyatt has the least brand penetration across the globe and has the largest pipeline of unit growth in the industry. We believe that these new rooms coming online, its strong balance sheet and the ongoing cyclical recovery in the lodging industry give Hyatt an opportunity to generate strong growth in the years ahead.

Dick's Sporting Goods, Inc. Consumer Discretionary

5.1% A full-line sporting goods retailer offering brand-name sporting goods equipment, apparel, and footwear in a specialty-store environment.

Dick’s has the potential to more than double its domestic footprint of highly profitable stores. This expansion is enabled by the decline in retail competitors that have consolidated or are burdened by excessive debt. Dick’s is also improving the profitability and uniqueness of its stores by growing its private branded merchandise and exclusive products, which carry a gross margin far in excess of other goods. We expect the company to also continue to grow its online presence over the next few years.

AMERIGROUP Corp. Health Care 5.0% A managed-care provider serving populations enrolled in government sponsored programs, primarily Medicaid.

AMERIGROUP has the potential to more than double its revenue over the next several years. State budgetary constraints are driving the expansion of managed care to new populations. If upheld, 16 million Americans will be added to the Medicaid rolls under healthcare reform. Finally, given its experience treating the elderly and disabled, we believe the company will win at least its fair share of the $300 billion dual-eligible market, comprised of low income chronically ill seniors, that CMS believes will be better and more cost efficiently served under a managed care model.

Genesee & Wyoming, Inc. Industrials 5.0% Owns and operates shortline and regional freight railroads in the United States, Canada, Australia and the Netherlands.

The company has completed 27 acquisitions and continues to seek contiguous lines. With over 500 short-line railroads in the country, we believe acquisition opportunities are abundant. The government often subsidizes the company’s rehabilitation projects as a means of alleviating truck traffic on highways. Additionally, the company has begun expanding overseas with its acquisition of a 1,400 mile Australian line that serves key mining deposits.

13

As of May 31, 2012

$0

$20

$40

$60

May

-05

May

-06

May

-07

May

-08

May

-09

May

-10

May

-11

May

-12

Clos

ing

Pric

e

Initial Purchase 9/9/05: $15.78

Investment Example: Dick’s Sporting Goods

Dick’s Sporting Goods has grown into the largest and highest quality sporting goods retailer by offering superior store design, service levels, and inventory management.

Investment premise

Best-in-class unit economics gave Dick’s an advantage that we believed would allow the company to take market share from less well positioned sports retailers in a fragmented market.

Major competition had been eliminated or weakened. Dick’s had recently purchased its most formidable competitor’s 44-store chain.

Margins were ready to expand. We believed that Dick’s could achieve greater profitability by increasing its use of private-label products and, with greater scale, securing better contracts with suppliers.

Why we purchased

Management built a scalable business model and strategic plan to grow a regional business into a national enterprise.

Company’s low debt levels would give it the capacity to support its growth plans.

We took advantage of what we believed to be a temporary stock price weakness.

Purchase and Holding Period

Baron Purchase Price Dick’s Sporting Goods

Source: FactSet – IDC/EXSHARE. Trading activity is based on the one mutual fund in the Strategy. If multiple transactions occur on the same day, the weighted average price is reflected. This example reflects purchase and sale activity from May 2005 to May 2012. Baron publishes holdings at quarter end, so purchase and sale activity is not publicly available on an intra-quarter basis.

14

As of May 31, 2012

Sell Example: Concho Resources

Concho Resources, Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation, and exploration of oil and natural gas properties.

Investment premise

Talented and experienced management team that had bought, sold, and operated oil and gas properties throughout the Permian Basin in west Texas for over 30 years.

Through acquisitions, the company had established a multi-year inventory of low-risk drilling locations that we thought would enable it to grow annual production at close to 20% through 2015.

Efficient operator and, with 2009 acreage and reserve base, we believed the company could double its cash flow by 2015.

Why we sold

The stock price of what was a small-cap stock at time of purchase doubled in about 12 months and almost doubled again during the next 12 months.

In 2011 the market cap of the company increased above $10 billion for the first time. While we still believed there was upside for this stock, we decided to trim and ultimately exit the position in Baron Focused Growth Strategy. Other Baron Strategies still own the stock.

Total return

From initial purchase to exit, Concho Resources appreciated 245.47% and contributed 4.48% to total portfolio return for the one mutual fund in the Strategy.

$0

$60

$120

Jan-

09

May

-09

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Clos

ing

Pric

e

Baron Purchase Price Concho Resources Baron Sale Price

Initial Purchase 5/19/09: $30.05

Sale Period

Purchase and Holding Period

Source: FactSet – IDC/EXSHARE Trading activity is based on the one mutual fund in the Strategy. If multiple transactions occur on the same day, the weighted average price is reflected. This example reflects purchase and sale activity from January 2009 to May 2012. Baron publishes holdings at quarter end, so purchase and sale activity is not publicly available on an intra-quarter basis.

Exit 3/2/12: $106.64

15

Market Cap ($Bn)

Portfolio Weight (%)

Consumer Discretionary 21.8Hyatt Hotels Corp. 6.1 6.5Dick's Sporting Goods, Inc. 5.5 5.1Choice Hotels International, Inc. 2.1 4.4CarMax, Inc. 6.4 3.4Netflix, Inc. 3.5 2.4

Consumer Staples 2.9Church & Dwight Co., Inc. 7.4 2.9

Energy 5.2Helmerich & Payne, Inc. 4.9 2.0SM Energy Co. 3.5 2.0Ceres, Inc. 0.3 1.2

Market Cap ($Bn)

Portfolio Weight (%)

Financials 15.1American Campus Communities, Inc. 3.3 4.8MSCI, Inc. 4.1 4.5Arch Capital Group Ltd. 5.2 4.2Eaton Vance Corp. 2.8 1.6

Health Care 10.4AMERIGROUP Corp. 3.0 5.0Henry Schein, Inc. 6.7 2.8Mettler-Toledo International, Inc. 4.9 2.6

Industrials 19.1Verisk Analytics, Inc. 8.0 6.8Genesee & Wyoming, Inc. 2.8 5.0

Market Cap ($Bn)

Portfolio Weight (%)

Industrials (Cont'd)Fastenal Co. 13.1 4.9C.H. Robinson Worldwide, Inc. 9.5 2.4

Information Technology 16.1Booz Allen Hamilton Holding Corp. 2.3 4.5FactSet Research Systems, Inc. 4.7 4.1MICROS Systems, Inc. 4.2 3.5Pegasystems, Inc. 1.2 2.3ANSYS, Inc. 5.8 1.7

Materials 4.8Airgas, Inc. 6.7 4.8

Telecommunication Services 0.0Utilities 3.8

ITC Holdings Corp. 3.5 3.8Cash & Cash Equivalents 0.8

Baron Focused Growth Strategy: Holdings by GICS SectorTop 10 holdings are highlighted

Portfolio holdings are based on the one mutual fund in the Strategy.Portfolio holdings may change over time. Figures may not sum to 100% due to rounding.Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), unless they have been classified by the Adviser. All GICS data is provided “as is” with no warranties.

Portfolio SnapshotAs of May 31, 2012

16

As of May 31, 2012

Sector Diversification

Source: FactSet PA and Russell, Inc. Based on the one mutual fund in the Strategy. Figures may not sum to 100% due to rounding. Industry sector groups are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided “as is” with no warranties.

21.9%

2.9%

5.1%

15.1%

10.4%

19.1%

16.1%

4.8%

0.0%

3.8%

0.8%

15.5%

4.1%

7.4%

8.6%

16.7%

17.3%

21.3%

7.4%

1.4%

0.4%

0.0%

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Cash & Cash Equivalents

GICS Sector Weighting Baron Focused Growth Strategy vs. Russell 2500 Growth Index

Baron Focused Growth Strategy Russell 2500 Growth Index

17

As of May 31, 2012

Portfolio Characteristics

1 - Based on the one mutual fund in the Strategy. 2 - Source: FactSet PA. Internal valuation metrics may differ. 3 - Excludes cash and cash equivalents.

Baron Focused

Growth Strategy¹

Russell 2500 Growth

Index

Median Market Cap: $4.7 bn $0.7 bn

ROE (5-Year Average)²: 16.2% 11.6%

ROIC (5-Year Average)²: 13.9% 9.1%

Equity securities: 27

Net assets: $90.6 mm

Top 10 holdings (% net assets): 51.9%

Turnover (3-Year Average): 34.8%

Active Share: 95.1%

Market Cap Diversification³: Small (<$2.5 bn): Mid ($2.5-$10.0 bn): Large (>$10.0 bn):

12.4% 81.9% 4.9%

18

As of May 31, 2012

-20%

0%

20%

3 Mos² YTD² 1 Year 3 Years 5 Years 10 Years SinceInception¹

Strategy Performance

-60%

-40%

-20%

0%

20%

40%

60%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annualized Calendar Years

Russell 2500 Growth Index

Baron Focused Growth Strategy (Gross of fees)

S&P 500 Index

1 - The Strategy’s inception date was 9/30/1996. The Strategy has a different start date than its underlying portfolio which is 5/31/1996. 2 - Not annualized. Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above.

Calendar Years (%) Annualized (%)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 3 Mos2 YTD2 1 Year 3 Years 5 Years 10 Years Since Inception1

Baron Focused Growth Strategy (Net of fees) -8.45 40.01 50.23 4.51 26.61 15.26 -39.03 34.48 25.75 -0.94 -5.31 0.61 -6.60 15.29 2.34 11.72 12.07

Baron Focused Growth Strategy (Gross of fees) -7.41 41.56 51.81 5.62 27.97 16.48 -38.30 35.57 26.85 -0.09 -5.10 0.99 -5.78 16.29 3.30 12.85 13.23

Russell 2500 Growth Index -29.09 46.32 14.59 8.17 12.26 9.69 -41.50 41.66 28.86 -1.57 -6.74 5.06 -7.89 19.04 1.51 6.98 5.83

S&P 500 Index -22.06 28.68 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 -3.53 5.16 -0.41 14.92 -0.92 4.14 6.09

Baron Focused Growth Strategy (Net of fees) performance for the 1-, 5-, 10-year, and since inception periods ended 3/31/2012 were 1.05%, 4.92%, 12.24%, and 12.82% respectively.

19

As of May 31, 2012

Performance Characteristics

Source: FactSet SPAR. 1 - Strategy inception date was 9/30/1996. Strategy started with the formation of a private partnership, which was converted to a mutual fund on 6/30/2008. 2 - Annualized.

Baron Focused Growth Strategy Russell 2500 Growth Index

5 Years Since Inception1 5 Years Since Inception1

Standard Deviation (%)2 23.12 23.44 24.27 24.66

Sharpe Ratio 0.10 0.44 0.02 0.12

Alpha (%)2 1.92 8.80 0.00 0.00

Beta 0.90 0.78 1.00 1.00

R-Squared (%) 89.75 66.93 100.00 100.00

Tracking Error (%) 7.77 14.55 0.00 0.00

Information Ratio 0.23 0.51 0.00 0.00

Upside Capture (%) 94.63 95.15 100.00 100.00

Downside Capture (%) 89.52 72.94 100.00 100.00

Baron Focused Growth Strategy vs. Russell 2500 Growth Index

20

Excess ReturnsBased on monthly rolling 5-year annualized returns for Baron Focused Growth Strategy and the Russell 2500 Growth Index09/30/1996 to 05/31/2012

Source: Russell, Inc.Based on the Strategy's composite performance gross of fees.Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above.

Strategy Has Outperformed Its Index 95% of the TimeAs of May 31, 2012

21

As of May 31, 2012

Sources: FactSet SPAR and Russell, Inc. The Risk-Return Comparison plots the 10-year return of the Strategy’s standard deviation for the same time period. Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above.

Strategy Has Attractive Long-Term Risk-Return Profile

Risk-Return Comparison Baron Focused Growth Strategy vs. Russell 2500 Growth Index 6/1/2002 to 5/31/2012

0

10

20

0 20 40

Retu

rn (%

)

Risk (%)

Russell Midcap Growth Index Baron Focused Growth Strategy

22

As of May 31, 2012

Key Advantages

Our disciplined research and investment process is time-tested and repeatable.

A high conviction focused portfolio.

Managed by an experienced, tenured portfolio manager since inception and in a consistent style.

23

As of May 31, 2012

Additional Information

The Russell 2500 Growth Index is an unmanaged index that measures the performance of small to mid-cap growth companies. The Russell 2500 Growth Index and Baron Focused Growth Strategy returns reflect the reinvestment of dividends and other earnings, which positively impact performance results.

ROIC: Return on Invested Capital is calculated as Net Income divided by Average Invested Capital multiplied by 100. Average Invested Capital is calculated as the sum of Long-Term Invested Capital including Minority Interest and Total Short-Term Debt.

ROE: Return on Equity is calculated as Net Income Before Extraordinary Items divided by the one-year average of Total Stockholders Equity (This item includes: 1. Capital Surplus 2. Common Stock 3. Nonredeemable Preferred Stock 4. Retained Earnings 5. Treasury Stock - Total Dollar Amount (reduces Stockholders Equity). This item excludes redeemable preferred stock.), multiplied by 100.

Standard Deviation: measures the degree to which a strategy’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a strategy’s volatility (risk).

Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a strategy’s risk adjusted performance.

Alpha: measures the difference between a strategy’s actual returns and its expected performance, given its level of risk as measured by beta.

Beta: measures a strategy’s sensitivity to market movements. The beta of the market (Russell 2500 Growth Index) is 1.00 by definition.

R-Squared: measures how closely a strategy’s performance correlates to the performance of the benchmark index (Russell 2500 Growth Index), and thus is a measurement of what portion of its performance can be explained by the performance of the index.

Tracking Error: measures how closely a strategy’s return follows the benchmark index returns (Russell 2500 Growth Index). It is calculated as the annualized standard deviation of the difference between the strategy and the index returns.

Information Ratio: measures the excess return of a strategy divided by the amount of risk the strategy takes relative to the benchmark index (Russell 2500 Growth Index). The higher the information ratio, the higher the excess return expected of the strategy, given the amount of risk involved.

Upside Capture %: explains how well a strategy performs in time periods where the benchmark’s returns (Russell 2500 Growth Index) are greater than zero.

Downside Capture %: explains how well a strategy performs in time periods where the benchmark’s returns (Russell 2500 Growth Index) are less than zero.

Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the representative account in the Strategy to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

24

As of May 31, 2012

Additional Information

This Strategy is non-diversified, which increases volatility of the Strategy’s returns and exposes it to greater risk of loss in any given period. Specific risks associated with investing in small and medium-sized companies include that the securities may be thinly traded and may be more difficult to sell during market downturns.

For Strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. ("BCM") and BAMCO, Inc. ("BAMCO"), registered investment advisers wholly owned by Baron Capital Group, Inc. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in our Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. The Strategy primarily purchases U.S. securities of small and mid-sized growth companies. The Strategy is currently composed of one mutual fund that was formerly a limited partnership managed by BCM. This mutual fund is non-diversified.

BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS-compliant presentation please contact us at 1-800-99BARON.

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of BCM. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in BCM’s presentation thereof.

25

Biographies

Investment Management Biographies

MICHAEL KASS Portfolio Manager International Growth Strategy - Baron International Growth Fund and Baron Emerging Markets Fund since inception Michael joined Baron in 2007 as a portfolio manager and has 25 years of research experience. From 2003 to 2007, Michael was a managing principal of Artemis Advisors, which he formed to acquire the Artemis Funds, a long-short equity strategy he co-founded in 1998. From 1993 to 2003, Michael worked at ING as a director of proprietary trading and was named senior managing director and portfolio manager in 1996. From 1989 to 1993, he worked at Lazard Frères as an associate in investment banking. From 1987 to 1989, Michael worked at Bear Stearns as a corporate finance analyst. Michael graduated summa cum laude from Tulane University with a B.A. in Economics in 1987.

MICHAEL LIPPERT, CFA, J.D. Portfolio Manager High Growth Strategy - Baron Opportunity Fund Michael joined Baron in 2001 as a research analyst and was named portfolio manager in 2006. He has 11 years of research experience. In 2001, Michael worked at JLF Asset Management as a financial analyst and general counsel. From 1991 to 2001, Michael worked at Baker & Botts L.L.P. as a trial partner. Michael graduated summa cum laude from Tufts University with a B.A. in History in 1988 and from Columbia Law School with a J.D. in 1991.

ANDREW PECK, M.B.A., J.D. Portfolio Manager Mid and All-Cap Growth Strategies - Baron Asset Fund Andrew joined Baron in 1998 as a research analyst and was named portfolio manager in 2003. He has 16 years of research experience. From 1992 to 1994, Andrew worked at Salomon Brothers as an analyst in the Equity Capital Markets group. Andrew graduated magna cum laude from Yale College with a B.A. in History in 1991 and from Stanford Law School and Graduate School of Business with a J.D. and M.B.A. in 1998.

CLIFF GREENBERG, J.D. Director of Research and Portfolio Manager Baron Small Cap Fund since inception Cliff joined Baron in 1997 as a portfolio manager and has 28 years of research experience. From 1984 to 1996, Cliff worked at HPB Associates, as a securities analyst, fund manager and was named general partner in 1991. Cliff graduated from Cornell University with a B.A. in 1981 and from Columbia Law School with a J.D. in 1984.

RON BARON CEO, CIO and Portfolio Manager Small, SMID and Focused Growth Strategies - Baron Growth Fund, Baron Partners Fund, Baron Focused Growth Fund since inception Ron founded Baron Capital in 1982 and has 42 years of research experience. From 1970 to 1982, Ron worked for several brokerage firms as an institutional securities analyst. From 1966 to 1969, Ron worked at the U.S. Patent Office as a patent examiner, while attending George Washington University Law School. From 1965 to 1966, Ron worked at Georgetown University as a teaching fellow in biochemistry. Ron graduated from Bucknell University with a B.A. in Chemistry in 1965.

JEFFREY KOLITCH, M.B.A. Portfolio Manager Real Estate Strategy - Baron Real Estate Fund since inception Jeff joined Baron in 2005 as a research analyst and was named portfolio manager in 2009. He has 20 years of research experience. From 1995 to 2005, Jeff worked at Goldman Sachs & Co. In 2002, he was named a managing director of the Equity Capital Markets group. From 1992 to 1993, Jeff worked at Cheviot Capital Advisors as an associate in Mergers and Acquisitions. From 1990 to 1992, Jeff worked at Bankers Trust as a financial analyst. Jeff graduated from the Wharton School of the University of Pennsylvania with a B.S. in Economics in 1990 and from the Kellogg Graduate School of Management at Northwestern University with a Masters of Management in 1995.

ALEX UMANSKY Portfolio Manager Large-Cap Growth Strategy – Baron Fifth Avenue Growth Fund; Global Advantage Fund since inception Alex joined Baron in 2011 as a portfolio manager having 19 years of investment experience at Morgan Stanley. From 2007 to 2011, he was a co-manager of the Morgan Stanley Opportunity Fund, while also co-managing the Global Opportunity Fund from 2008 to 2011, the International Opportunity Fund and the International Advantage Fund from 2010 to 2011. From 1998 to 2004, Alex was lead manager of the Morgan Stanley Institutional Technology Strategy and the Technology Fund. He was also the co-manager of the Information Fund from 2004 to 2005 and the Small Company Growth Fund from 1999 to 2002. Alex graduated from New York University with a B.S. in Finance, Information Systems and Mathematics in 1993.

JAMES H. STONE Portfolio Manager Energy and Resources Fund since inception Jamie joined Baron in 2009 as a research analyst and has 24 years of research experience. From 2007 to 2009, Jamie worked at Cambridge Investments as a principal and director of research. From 2000 to 2007, Jamie worked at UBS Securities as a managing director and senior analyst. From 1993 to 2000, Jamie worked at Schroder & Co. as a senior research analyst and was named managing director in 1998. From 1988 to 1993, Jamie worked at Kidder, Peabody & Co. as a senior research analyst. Jamie graduated from the University of Michigan with a B.A. in English Literature in 1987.

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DAVID BARON, M.B.A. Research Analyst Casinos & Gaming, Hotel Resorts & Cruiselines, Leisure David joined Baron in 2005 as a research analyst and has 10 years of research experience. From 2002 to 2005, David worked at Jefferies and Company as a gaming analyst. David graduated from Emory University with a B.B.A. in Finance in 2002 and from Columbia Business School with an M.B.A. in 2009.

DAVID GOLDSMITH, M.B.A Research Analyst Materials, Chemicals, Consumer Discretionary David joined Baron in 2006 as a research analyst and has 9 years of research experience. From 2001 to 2004, David worked at Claiborne Capital Group as a research analyst. From 1999 to 2001, David worked at Banc of America Securities as an investment banking healthcare analyst. David graduated cum laude from Duke University with a B.S. in Economics in 1999 and from the Wharton School of the University of Pennsylvania with an M.B.A. in 2006.

KYUHEY AUGUST, M.B.A. Research Analyst Chemicals, Consumer, Industrials, International Kyuhey joined Baron in 2008 as a research analyst and has 6 years of research experience. From 2004 to 2006, Kyuhey worked at Nike as a senior associate in strategic planning and business development. From 2002 to 2004, she worked at Morgan Stanley Investment Management as a financial analyst. From 2001 to 2002, Kyuhey worked at Microsoft as a forecast analyst. Kyuhey graduated from Brown University with a B.A. in Economics in 2001 and from Columbia Business School with an M.B.A. in 2008.

Research Analyst Biographies

CATHERINE CHEN, M.B.A. Research Analyst Agriculture, Industrials, Materials, Internet Catherine joined Baron in 2010 as a research analyst and has 8 years of research experience. From 2002 to 2008, Catherine worked at Fidelity Investments as an equity research analyst. Catherine graduated from Harvard University with a B.A. in English Literature in 2002 and from Columbia Business School with an M.B.A. in 2010.

MICHAEL BARON, M.B.A. Research Analyst Financial Services, Consumer Michael joined Baron in 2004 as a research analyst and has 9 years of research experience. From 2003 to 2004, Michael worked at Glenhill Capital as a research analyst. Michael graduated from Duke University with a B.A. in Economics in 2003 and from the Wharton School of the University of Pennsylvania with an M.B.A. in 2010.

LAIRD BIEGER, M.B.A. Research Analyst Consumer Discretionary Laird joined Baron in 2000 as a research analyst and has 15 years of research experience. From 1999 to 2000, Laird worked at Water Street Capital as a research analyst. From 1992 to 1997, Laird worked at Ford Motor Company as a marketing trainee and was named marketing manager in 1994. Laird graduated from Vanderbilt University with a B.A. in Economics in 1992 and from Columbia Business School with an M.B.A. in 1999.

REBECCA ELLIN, CFA, M.B.A. Research Analyst Industrials, Infrastructure, Electric Utilities and Services Rebecca joined Baron in 2007 as a research analyst and has 10 years of research experience. From 2002 to 2005, Rebecca worked at Oppenheimer Capital as a research analyst. From 2000 to 2002, Rebecca worked at Standard & Poor's in the Corporate Value Consulting group. Rebecca graduated from the University of Pennsylvania with a B.A. in Economics in 2000 and from Harvard Business School with an M.B.A. in 2007.

RANDOLPH GWIRTZMAN, CFA,M.B.A., J.D. Research Analyst Aerospace & Defense, Autos, General Industrials, Healthcare, Business Services, IT Randy joined Baron in 2002 as a research analyst and has 15 years of research experience. From 1997 to 2002, Randy was a research analyst at three firms; first at Tyndall Partners, then Goldman Sachs and finally at ING Furman Selz. From 1992 to 1997, Randy worked at Salomon Green & Astrow as a bankruptcy litigation attorney. Randy graduated from the University of Pennsylvania with a B.A. in Economics in 1989, cum laude from the Benjamin N. Cardozo School of Law with a J.D. in 1992 and from Columbia Business School with an M.B.A. in 1999.

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NEAL KAUFMAN, M.B.A. Research Analyst Healthcare Equipment, Supplies & IT, Life Sciences Tools & Services Neal joined Baron in 2005 as a research analyst and has 11 years of research experience. From 2001 to 2005, Neal worked at Credit Suisse First Boston as a vice president and managed a portfolio in the Equity Proprietary Trading group. From 1996 to 2001, Neal practiced corporate law in New York. Neal graduated cum laude from Yale College with a B.A. in History in 1993, from Columbia Law School with a J.D. in 1996 and from Columbia Business School with an Executive M.B.A. in 2002.

NEAL ROSENBERG, M.B.A. Research Analyst Commercial & Professional Services, Healthcare Equipment & Services, Software & Services, Specialized Finance Neal joined Baron in 2006 as a research analyst and has 9 years of research experience. From 2004 to 2006, Neal worked at JPMorgan Securities as an equity research analyst. From 2003 to 2004, Neal worked at Merrill Lynch & Co. as an associate in the Mergers and Acquisitions group. Neal graduated summa cum laude from the Wharton School of the University of Pennsylvania with a B.S. in Economics in 2002 and with an M.B.A. in 2003.

Research Analyst Biographies

DAVID KIRSHENBAUM, M.B.A. Research Analyst Real Estate, Building Products & Services, Chemicals, Industrials David joined Baron in 2010 as a research analyst and has 6 years of research experience. From 2006 to 2008, David worked at Clayton, Dubilier & Rice, Inc., a private equity firm, as an associate. From 2004 to 2006, David worked at Morgan Stanley as an investment banking analyst in the Mergers and Acquisitions group. David graduated magna cum laude from the Wharton School of the University of Pennsylvania with a B.S. in Economics in 2004 and with honors from Columbia Business School with an M.B.A. in 2010.

SUSAN ROBBINS Senior Research Analyst Healthcare Providers & Services, Education Services, Business Services Susan joined Baron in 1982 as the first employee working in a variety of roles and was named senior research analyst in 1991. Susan has 36 years of research experience. From 1976 to 1982, Susan worked with Ron Baron at a brokerage firm as a research assistant. Susan graduated from the University of Rochester with a B.A. in History and Chinese Language in 1975.

RICHARD ROSENSTEIN, M.B.A. Research Analyst Media, Telecommunication Services, IT Services Rich joined Baron in 2007 as a research analyst and has 19 years of research experience. From 2004 to 2007, Rich worked at Keel Capital Management as a partner. From 1995 to 2004, Rich worked at Goldman Sachs & Co. as a media analyst and was named managing director in 1999. From 1993 to 1995, Rich worked at Schroder Wertheim & Co. as a research associate. Rich graduated from the University of Pennsylvania with a B.A. in Mathematics in 1986 and from Columbia Business School with an M.B.A. in 1990.

GILAD SHANY, M.B.A. Research Analyst Energy, Tech Industrials Gilad joined Baron in 2010 as a research analyst and has 3 years of research experience. In 2009, Gilad worked at Fidelity Investments as an equity research analyst. From 1995 to 2008, Gilad served in the Israeli Air Force as an F-16 pilot, attaining the rank of Major in 2001. In 2007, he was named head of the Aerial Defense section. Gilad graduated magna cum laude from Tel Aviv University with a B.S. in Physics, Astronomy and Philosophy in 2007 and with honors from the Wharton School of the University of Pennsylvania with an M.B.A. in 2010.

ASHIM MEHRA, M.B.A. Research Analyst Internet Retail, Software & Services Ashim joined Baron in 2011 as a research analyst and has 13 years of research experience. From 2004 to 2011, Ashim worked at Mazama Capital as a telecom, media and technology portfolio manager. From 2002 to 2004, Ashim worked at RBC as a senior equity research associate. From 1999 to 2002, he co-founded and worked at iExplore, an online travel company. From 1996 to 1999, Ashim worked at PWC as a senior strategy consultant. Ashim graduated from Rutgers University with a B.S. in Industrial Engineering in 1992 and from New York University Stern School of Business with an M.B.A. in 1996.

JOSH SALTMAN, M.B.A. Research Analyst Metals & Mining Josh joined Baron in 2011 as a research analyst and has 6 years of research experience. From 2006 to 2009, Josh worked at TA Associates as an associate. From 2004 to 2006, Josh worked at Morgan Stanley as an analyst in the Investment Banking division. Josh graduated summa cum laude from Princeton University with a B.S. in Operations Research and Financial Engineering in 2004 and from Columbia Business School with an M.B.A. in 2011.

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Research Analyst Biographies

AARON WASSERMAN, M.B.A. Research Analyst Consumer, Business Services Aaron joined Baron in 2011 as a research analyst and has 6 years of research experience. From 2007 to 2009, Aaron worked at Sansome Partners as an equity investments associate. From 2004 to 2007, Aaron worked at Evercore Partners as an investment banking associate in Mergers and Acquisitions advisory. Aaron graduated cum laude from the Wharton School of the University of Pennsylvania with a B.S. in Economics in 2004 and with an M.B.A. in 2011.

MATTHEW WEISS, CFA Research Analyst Capital Goods Distributors, Engineering Services, Retail, Transportation Matt joined Baron in 2001 as a research analyst and has 11 years of research experience. From 1999 to 2001, Matt co-founded StartEmUp, LLC, a venture capital firm focused on student entrepreneurs. From 1998 to 1999, Matt worked at CNBC and the White House. Matt graduated cum laude from Duke University with a B.A. in Spanish and History in 2000.

ROBERT SUSMAN, CFA, M.B.A. Research Analyst Financials, Payments, Business Services Rob joined Baron in 2007 as a research analyst and has 9 years of research experience. From 2001 to 2005, Rob worked at Morgan Stanley as a research associate in the Strategic Planning group. Rob graduated magna cum laude from Harvard College with a B.A. in Economics in 2001 and from Harvard Business School with an M.B.A. in 2007.

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LINDA MARTINSON, J.D., LL.M. President and Chief Operating Officer Linda joined Baron in 1983 as the general counsel and was named president and chief operating officer in 2006. From 1979 to 1983, Linda worked for the State of New York as an assistant attorney general. Linda graduated from the University of Pennsylvania with a B.A. in English Literature and Political Science in 1976, from New York Law School with a J.D. in 1979 and from New York University School of Law with an LL.M. in 1981.

PEGGY WONG, CPA Chief Financial Officer and Treasurer Peggy joined Baron in 1987 as the chief financial officer. From 1983 to 1987, Peggy worked at KPMG LLP and then American Express Company as an independent auditor. Peggy graduated from New York University with a B.S. in Accounting in 1983.

PATRICK M. PATALINO, J.D. General Counsel and Secretary Pat joined Baron in 2007 as the general counsel. From 2006 to 2007, Pat worked at Morgan Stanley as a managing director and chief operating officer of the legal and compliance division. From 2001 to 2006, Pat worked at Credit Suisse First Boston as counsel to the vice chairman and director of regulatory matters. From 2000 to 2001, Pat practiced law at Davis Polk & Wardwell. From 1990 to 1997, Pat served in the United States Marine Corps as an officer, attaining the rank of Captain. Pat graduated from Hamilton College with a B.A. in Public Policy in 1990 and magna cum laude from the New York University School of Law with a J.D. in 2000.

DAVID SCHNEIDER, M.B.A. Head Trader David joined Baron in 1987 as head trader. David graduated from Ithaca College with a B.A. in 1982 and from the George Washington University School of Business with an M.B.A. in 1984.

LAWRENCE COHN Chief Information Officer Larry joined Baron in 2008 as the chief information officer. From 2003 to 2008, after Neuberger Berman was acquired by Lehman Brothers, Larry was a managing director and global divisional chief information officer for the investment management division. From 1983 to 2003, Larry worked at Neuberger Berman in the Information Technology department, was named chief information officer in 1993 and principal in 1998. Larry graduated from Queens College with a B.S. in Mathematics in 1979.

GRETTA HEANEY, J.D. Chief Compliance Officer Gretta joined Baron in 2002 as the chief compliance officer. From 2000 to 2002, Gretta worked at Goldman Sachs & Co. in the Equities Compliance department. From 1995 to 2000, Gretta worked at Hoenig & Co. as an associate counsel. From 1991 to 1995, Gretta worked at the SEC as an attorney. From 1987 to 1991, Gretta worked at Donovan Leisure Newton and Irvine as an associate. Gretta graduated magna cum laude from Harvard University with a B.A. in History and Government in 1982 and from Fordham School of Law with a J.D. in 1987.

Firm Executives

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DAVID KAPLAN, M.B.A. Senior Director, Institutional Sales David joined Baron in 1993 and is a senior director of institutional sales. From 1987 to 1993, David worked at Moran Asset Management as assistant vice president. From 1985 to 1986, David worked at Douglas Bremen and Co. as an account executive. David graduated from Union College with a B.A. in Economics in 1985 and from New York University Stern School of Business with an M.B.A. in 1991. From 1983 to 1984, David also attended the London School of Economics.

MEETA SINGAL Director, Institutional Sales Meeta joined Baron in 1998 and is a director of institutional sales. From 1996 to 1998, Meeta worked at Salomon Brothers Asset Management in marketing. From 1993 to 1995, Meeta worked at Jurika and Voyles in fixed income analysis. Meeta graduated from Rutgers University with a B.A. in Economics in 1987.

JAMES J. BARRETT, M.B.A. Head of Institutional Sales Jim joined Baron in 2010 as head of institutional sales. From 2008 to 2010, Jim worked at Citadel as head of global distribution. From 2007 to 2008, Jim worked at Bear Stearns as head of global business development. From 1998 to 2007, Jim worked at Northern Trust Global Investments and then Bank of New York as the global director of sales and servicing. From 1987 to 1997, Jim worked at American National Bank first as an economist, and then as director of marketing. Jim graduated from John Carroll University with a B.S. in Economics in 1984 and from Northwestern University with an M.B.A. in 1989.

Institutional Sales

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CARLA F. AVILA, M.B.A. Head of Financial Institutions Carla joined Baron in 2006 and is head of financial institutions. From 2004 to 2006, Carla worked at UBS AG as an executive director in new business development. From 1997 to 2004, Carla worked at JPMorgan Private Bank as a vice president. From 1993 to 1995, Carla worked at Banamex as an economic and industry research associate. From 1991 to 1992, Carla worked at Ludwig von Mises Institute as a project director of NAFTA. Carla graduated from Universidad Iberoamericana with a B.B.A. in 1991 and from MIT Sloan School of Management with an M.B.A. in 1997.

LEIGHA BURDICK Institutional Sales Associate Leigha joined Baron in 2011 as an institutional sales associate. From 2009 to 2011, Leigha worked at J.P. Morgan as a private banker. From 2006 to 2009, Leigha worked at Goldman Sachs as an associate wealth management professional. From 2004 to 2006, Leigha worked at JMP Securities as an institutional sales analyst. Leigha graduated from California State University, San Francisco with a B.A. in Social and Behavioral Science in 2003.

Financial Institutions Sales

ASHLEY BRADLEY, M.B.A. Director, Financial Institutions Ashley joined Baron in 2012 as a director of financial institutions. From 2004 to 2005, she worked at Bessemer Trust Company, N.A. as a vice president of alternative investments. She focused on investment analysis and investor relations in her responsibilities for manager selection and fund-raising for the fund of funds program. From 2001 to 2004, Ashley was a business development associate at JPMorgan Private Bank. From 1995 to 1999, she worked in merchandising and marketing roles at The Sak, Inc. and GAP, Inc. From 1993 to 1994, she worked at Govett & Company, Ltd. as an associate wholesaler. Ashley graduated magna cum laude from Denison University with a B.A. in History in 1993 and from New York University Stern School of Business, with an M.B.A. in 2001.

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OLGA HERNANDEZ, M.B.A. Manager, Institutional Client Services Olga joined Baron in 2010 as a manager of institutional client services. From 2004 to 2010, Olga worked at Citigroup’s Private Bank, first in Professional Development and then in the Ultra High Net Worth group as a banker associate. From 1998 to 2003, Olga worked at J.P. Morgan Chase’s Private Bank in several client relationship and development roles. Olga graduated from the University of Chicago with a B.A. in Psychology in 1998 and from Columbia Business School with an M.B.A. in 2005.

ROCHELLE KLETER Institutional Client Service Associate Rochelle joined Baron in 2011 as an institutional client service associate. From 2006 to 2011, Rochelle worked at Citi Private Bank, first as a sales and data analyst and then as a marketing and communications specialist. From 2005 to 2006, she worked at Shenkman Capital as a portfolio administrator. Rochelle graduated from American University with a B.S. in Business Administration and Finance in 2005.

Institutional Client Services

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SNEHA MEHTA Manager, Databases and RFPs Sneha joined Baron in 2008 as a manager of databases and RFPs. From 2007 to 2008, Sneha worked at Brookfield Asset Management as an associate in the Private Equity group. From 2002 to 2007, Sneha worked at Oppenheimer Funds as a manager. Sneha graduated from the University of Texas at Austin with a B.A. in Government in 1998.

CLAUDIA PAGAZANI, M.B.A. Manager, Portfolio and Risk Analytics Claudia joined Baron in 2006 as a member of the Sales department and was named manager of portfolio and risk analytics in 2007. From 1998 to 2004, Claudia worked at FleetBoston Corporation as a senior associate and was named vice president of the Structuring and Advisory group, as well as the National Mid-Cap Underwriting group in 2004. Claudia graduated from Universidad Catolica Andres Bello with a B.S. in Economics in 1991 and from MIT Sloan School of Management with an M.B.A. in 1997.

ALICE J. ODORICO, M.B.A. Director, Product Analysis Alice joined Baron in 2010 as a director of product analysis. From 2009 to 2010, Alice worked at TIAA-CREF as a wealth management advisor. From 2005 to 2008, Alice worked at Citigroup as a director in Citi Private Bank’s Law Firm group. From 1990 to 2005, Alice worked at J.P. Morgan in a variety of roles including, product development, management information, investment banking and new business development. Alice graduated cum laude from Duke University with a B.A. in Economics in 1986 and from University of Chicago Booth School of Business with an M.B.A. in 1990.

Product Analysis, Analytics and Database Services

OKSANA MILLER Database and RFP Associate Oksana joined Baron in 2012 as a database and RFP associate. From 2011 to 2012, she worked at Gerson Global Advisors as an analyst. From 2009 to 2010, Oksana worked at the United Nations first as a policy analyst, then as a program management analyst. From 2002 to 2008, she worked at Mariner Group Political Consulting as a consultant and analyst. Oksana graduated from Horlivka State Pedagogical Institute of Foreign Languages, Kiev, Ukraine in 2008 and from New York University with an M.P.A. in 2012.

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