BAMCO provides advisory services to investment companies, the Baron Collective Investment Trusts (“CITs”), and other pooled investment vehicles. BAMCO principally manages long-only investment strategies for capital appreciation with production of income incidental to that objective. BAMCO provides investment advisory services to two families of registered investment companies, the Baron Investment Funds Trust, and the Baron Select Funds (the “Baron Funds”). BAMCO also provides advisory and sub-advisory services to registered investment companies, UCITS funds, other pooled investment vehicles (“Sub-Advised Clients”) and the Baron CITs. Baron Funds, UCITS funds, CITs, and Sub-Advised Clients are collectively and separately referred to herein as “Clients.” BAMCO does not provide investment advisory services to individuals. Occasionally, and at their request, BAMCO will provide advice to investors in mutual funds managed by BAMCO as to the allocation of the investors’ assets among such funds. Providing such advice may present actual and potential conflicts of interest; for example, BAMCO may have an incentive to recommend that capital be directed to funds that charge higher fees or are in need of additional capital to invest. BAMCO may also make recommendations that may impact portfolio manager compensation. BAMCO has policies and procedures in place for managing such conflicts. BAMCO receives no additional compensation for making such recommendations. BAMCO is a New York corporation and wholly owned subsidiary of Baron Capital Group, Inc. (“BCG”).

BAMCO has four affiliates, Baron Capital Management, Inc. (“BCM”), Baron Capital, Inc. (“BCI”), Baron Capital Management GP, LLC (“BCM GP, LLC”), a subsidiary of BCM, and Baron Capital Management UK Limited (“BCM UK Limited. BAMCO and BCM are investment advisers registered with the SEC. BCI is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”). BCM GP, LLC, a subsidiary of BCM, is the General Partner of Castle Advisers, L.P., BaronX, L.P., a Delaware limited partnership and BaronX Cayman, L.P., a Cayman Island exempted limited partnership. BCM UK Limited is a private limited company incorporated in England and Wales. None of the entities mentioned above is publicly traded. Clifford Greenberg and Andrew Peck are Co-CIO’s of BAMCO. Ronald Baron, Chairman, and CEO of BAMCO, along with his family, are the principal owners of BCG. BAMCO’s services are tailored to the investment objectives of the particular investment company or other pooled investment vehicle it manages. Prospective Clients indicate their investment objective during the request for proposal process, while negotiating an investment advisory agreement, or in their offering documents. Sub-Advised Clients may impose restrictions on investing in certain securities or types of securities. BAMCO regularly communicates with its Sub-Advised Clients to understand their needs. BAMCO has been providing investment advisory services since 1987. As of February 28, 2024, BAMCO managed 37 accounts, all on a discretionary basis, totaling $39,112,410,746.