December 31, 2023 Baron Partners Fund

DEAR BARON PARTNERS FUND SHAREHOLDER:

PERFORMANCE
Baron Partners Fund® (the Fund) successfully managed a volatile quarter and
year to produce good returns. In the fourth quarter, the Fund appreciated
8.39% (Institutional Shares). This return trailed that of the Fund’s primary
benchmark, the Russell Midcap Growth Index (the Index), and that of the S&P
500 Index, which rose 14.55% and 11.69%, respectively. The Morningstar Large
Growth Category Average (the Peer Group) increased 13.83% in the quarter.

Table I.
Performance
Annualized for periods ended December 31, 2023
Baron Baron
Partners Partners Russell
Fund Fund Midcap S&P
Retail Institutional Growth 500
Shares1,2,3 Shares1,2,3,4 Index2 Index2
Three Months5 8.33% 8.39% 14.55% 11.69%
One Year 43.09% 43.47% 25.87% 26.29% MICHAEL BARON RON BARON Retail Shares: BPTRX
Three Years 2.60% 2.86% 1.31% 10.00% PORTFOLIO CEO AND Institutional Shares: BPTIX
Five Years 31.23% 31.57% 13.81% 15.69% MANAGER PORTFOLIO MANAGER R6 Shares: BPTUX
Ten Years 18.80% 19.11% 10.57% 12.03%
Fifteen Years 19.94% 20.25% 14.68% 13.97%
Since Conversion During the entire year 2023, the Fund’s performance placed it in the top third
(April 30, 2003) 16.71% 16.93% 11.38% 10.46% of the Peer Group. In 2023, the Fund appreciated 43.47%. The Index and S&P
Since Inception 500 Index appreciated 25.87% and 26.29%, respectively. The Peer Group
(January 31, 1992) 15.03% 15.17% 9.91% 10.16% increased 36.74% for the year.*

Performance listed in the above table is net of annual operating expenses. Annual expense ratio for the Retail Shares as of December 31, 2022 was 1.69% (comprised
of operating expenses of 1.30% and interest expense of 0.39%) and Institutional Shares was 1.44% (comprised of operating expenses of 1.04% and interest expense
of 0.40%). The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value
of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser may reimburse certain Fund
expenses pursuant to a contract expiring on August 29, 2034, unless renewed for another 11-year term and the Fund’s transfer agency expenses may be reduced by
expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the
performance data quoted. For performance information current to the most recent month end, visit baronfunds.com or call 1-800-99-BARON.
* As of 12/31/2023, the annualized returns of the Morningstar Large Growth Category average were 36.74%, 15.74%, and 12.03% for the 1-, 5-, and 10-year periods,
respectively.
1 Reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a
certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees the returns would be higher. The Fund’s shareholders will not be
charged a performance fee. The predecessor partnership’s performance is only for periods before the Fund’s registration statement was effective, which was April 30, 2003.
During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the
requirements of the Internal Revenue Code relating to registered investment companies, which, if it were, might have adversely affected its performance.
2 The Russell Midcap® Growth Index measures the performance of medium-sized U.S. companies that are classified as growth. The S&P 500 Index measures the
performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the “Index”) vest in the relevant LSE Group company which owns the Index.
Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any
liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The Fund includes reinvestment
of dividends, net of withholding taxes, while the Russell Midcap® Growth Index and S&P 500 Index include reinvestment of dividends before taxes. Reinvestment of
dividends positively impacts the performance results. The indexes are unmanaged. Index performance is not Fund performance; one cannot invest
directly into an index.
3 The performance data in the table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund
shares.
4 Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares, which have a distribution fee. The
Institutional Shares do not have a distribution fee. If the annual returns for the Institutional Shares prior to May 29, 2009 did not reflect this fee, the
returns would be higher. BARON
F U N D S
5 Not annualized.
Baron Partners Fund

The Fund’s long-term record is exceptional. Its 5-, 10-, and 15-year Growth were the best performing growth category in different quarters last
annualized returns are 31.57%, 19.11%, and 20.25%, respectively. These year. We believe this diversification protects investors and reduces volatility.
figures compare to the Index’s returns during the same periods of 13.81%,
The negative news for Iridium Communications Inc. impacted its share
10.57%, and 14.68%. Its annualized return for the period since conversion to
price in the quarter. The timeline for Iridium’s direct-to-device offering has
a mutual fund (now over 20 years) is 16.93%, more than 550 basis points
been prolonged. The company ended its exclusive relationship with
above the Index’s. Baron Partners Fund is the #1 performing U.S. equity fund
Qualcomm and is now seeking other partners with whom to integrate its
(out of 2,101 share classes) since its conversion to a mutual fund in 2003.*
satellite direct to cellular chip. While this expands addressable customers, it
While we are pleased with these results, persistent volatility resulting from has delayed the realization of revenue. While other aspects of Iridium’s
news cycles has not made the path smooth. A horrific terrorist attack in business including the internet of things, voice & data, and government
Israel; a persistent war in Ukraine; and macroeconomic news about interest services have stable growth, they do not offer the upside potential of direct
rates, inflation, and consumer sentiment caused large swings through the to device. We continue to believe Iridium’s long-term business objectives
year. For example, in the final quarter, the Fund was down 10.76% in can be achieved, yet the near term is uncertain.
October, before investors’ perception that inflation was under control and
Few holdings impacted the Fund negatively in the period. The Fund held
interest rates had peaked. In November and December, the Fund rallied
considerably more winners than losers. Fifteen holdings had double-digit
21.46%. We believe trying to predict macro events and the market’s
returns in the quarter. Leaders from our diverse investment categories
reaction to them is futile. Instead, we remain focused on our portfolio
included top 10 positions Gartner, Inc., The Charles Schwab Corp., and
companies’ ability to meet their long-term objectives regardless of short-
Space Exploration Technologies Corp. (SpaceX). Gartner is experiencing
term uncertainties.
improved growth as customers increase their budgets and assess artificial
We also believe market volatility boosts the importance of diversification intelligence (AI) offerings. Schwab’s organic growth has continued. Peaking
within the portfolio. Despite our focused portfolio (the Fund’s top 10 interest rates should ease clients’ cash movement towards money market
positions make up 89.2% of its total investments), we achieve diversification funds. This will allow the company to earn more net interest income. And
by investing in different types of growth businesses. While all Fund holdings finally, SpaceX continues its exceptional growth trajectory. The company’s
meet our growth investment criteria, various sectors perform differently in launch business has set records with rocket durability and launch frequency.
distinct market environments. We diversify by investing in four distinct The Starlink business has also grown its number of satellites and customers
categories: Disruptive Growth, Core Growth, Financials, and Real/ to all-time highs.
Irreplaceable Assets. Interestingly, Disruptive Growth, Financials, and Core

* This is a hypothetical ranking created by Baron Capital using Morningstar data and is as of 12/31/2023. There were 2,101 share classes in the nine
Morningstar Categories mentioned below for the period from 4/30/2003 to 12/31/2023.
Note, the peer group used for this analysis includes all U.S. equity share classes in Morningstar Direct domiciled in the U.S., including obsolete funds,
index funds, and ETFs. The individual Morningstar Categories used for this analysis are the Morningstar Large Blend, Large Growth, Large Value,
Mid-Cap Blend, Mid-Cap Growth, Mid-Cap Value, Small Blend, Small Growth, and Small Value Categories.
The Morningstar Large Growth Category consisted of 1,200, 1,031, and 810 share classes for the 1-, 5-, and 10-year periods. Morningstar ranked
Baron Partners Fund (Institutional Shares) in the 27th, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since conversion periods, respectively.
The Fund converted into a mutual Fund on 4/30/2003, and the category consisted of 756 share classes.
Morningstar calculates the Morningstar Large Growth Category Average performance and rankings using its Fractional Weighting methodology.
Morningstar rankings are based on total returns and do not include sales charges. Total returns do account for management, administrative, and
12b-1 fees and other costs automatically deducted from fund assets.
Morningstar ranked Baron Partners Fund Institutional Share Class as the 299th, 1st, 1st, and 1st best performing share class in its Category for the 1-,
5-, 10-year, and since conversion periods, respectively.
© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may
not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether
investment, tax, legal or otherwise. User is solely responsible for ensuring that any use of this information complies with all laws, regulations and restrictions
applicable to it. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past
performance is no guarantee of future results.
MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT
OR OTHER CONTENT.
December 31, 2023 Baron Partners Fund

Table II. Table III.

Total returns by category as of December 31, 2023 Top contributors to performance for the quarter ended December 31, 2023
Total Contribution Market Quarter
% of Total Return to Return Cap End
Gross Return for the for the When Market
Assets for the Fourth Fourth Year Acquired Cap Total Percent
(as of Year Quarter Quarter Acquired (billions) (billions) Return Impact
12/31/2023) (%) (%) (%)
Space Exploration
Core Growth 21.1 20.36 4.76 Technologies Corp. 2017 $21.6 $180.3 29.53% 2.78%
Gartner, Inc. 4.0 34.20 31.29 1.34 IDEXX Laboratories, Inc. 2013 4.7 46.1 26.94 1.53
Gartner, Inc. 2013 5.7 35.2 31.29 1.34
IDEXX Laboratories, Inc. 5.6 36.06 26.94 1.53
Hyatt Hotels Corporation 2009 4.2 13.5 23.10 1.34
Guidewire Software, Inc. 1.3 21.64 21.16 0.28 CoStar Group, Inc. 2005 0.7 35.7 13.66 1.33
StubHub Holdings, Inc. 0.6 97.16 15.11 0.10
CoStar Group, Inc. 8.1 13.08 13.66 1.33 Space Exploration Technologies Corp. (SpaceX) is a high-profile private
company founded by Elon Musk that designs, manufactures, and launches
HEICO Corporation 0.5 17.60 10.36 0.06
rockets and satellites. Shares contributed to performance in the wake of
Birkenstock Holding plc 1.1 5.97 5.97 0.11 another record-breaking year. The company closed 2023 with a record 96
Russell Midcap Growth Falcon rocket launches, nearly twice a week on average, substantially more
Index 14.55 than the 61 launches in 2022 and surpassing all its private and government
Real/Irreplaceable Assets 11.1 11.39 1.48 program peers. Starlink, SpaceX’s satellite constellation, also achieved
remarkable milestones, including operating over 5,500 satellites, the
Red Rock Resorts, Inc. 1.2 36.34 30.79 0.35
majority of active satellites in space, and now providing connectivity
Hyatt Hotels Corporation 5.5 44.76 23.10 1.34 services to 2.3 million active customers, more than doubling its customer
Gaming and Leisure base during the year. Starship, SpaceX’s groundbreaking new rocket,
Properties, Inc. 1.1 0.92 10.04 0.12 successfully performed its second test flight this quarter. Over time, SpaceX
Vail Resorts, Inc. 3.2 –7.10 –2.01 –0.06 expects Starship to both reduce costs and expand the company’s
Marriott Vacations operational capabilities, including supporting SpaceX’s long-term goal to
Worldwide Corporation – –33.76 –12.97 –0.26 enable human beings to inhabit Mars. We value SpaceX using a proprietary
valuation model and recent financing transactions, which trended positively
Financials 16.6 6.28 1.44
even through a more complex funding environment.
The Charles Schwab Corp. 4.3 –16.32 25.88 1.16
Shares of veterinary diagnostics leader IDEXX Laboratories, Inc.
MSCI Inc. 1.8 22.78 10.55 0.20
contributed to performance during the quarter. While foot traffic to
FactSet Research Systems veterinary clinics in the U.S. remained subdued, IDEXX’s excellent execution
Inc. 4.4 20.00 9.33 0.50
has enabled the company to continue to deliver robust financial results. We
Arch Capital Group Ltd. 6.1 18.31 –6.82 –0.41 believe IDEXX’s competitive strengths are outstanding. Further, we expect
Disruptive Growth 51.2 3.12 1.26 new proprietary innovations and field sales force expansion to be
Space Exploration meaningful contributors to growth in 2024. We see increasing evidence that
Technologies Corp. 9.9 31.86 29.53 2.78 long-term secular trends around pet ownership and pet care spending have
been structurally accelerated. This should help support IDEXX’s long-term
Spotify Technology S.A. 0.5 135.36 21.51 0.15
growth rate.
FIGS, Inc. 0.4 2.86 17.53 0.08
NVIDIA Corporation – 18.16 14.43 0.06 Shares of Gartner, Inc., a provider of syndicated research, soared after
reporting excellent quarterly earnings results. Gartner’s core subscription
Tesla, Inc. 38.1 101.72 –0.70 –0.82
research businesses continued to compound at attractive rates. Its growth is
Northvolt AB 0.1 –3.79 –4.91 –0.01 poised to accelerate during the next several quarters. We believe Gartner
Iridium Communications will emerge as a critical decision support resource for every company
Inc. 2.0 –19.21 –9.35 –0.35 evaluating the opportunities and risks of AI for its business. We expect this
Moderna, Inc. – –34.22 –30.49 –0.09 development to provide a tailwind to Gartner’s volume growth and pricing
X Holding Corp. 0.2 –61.08 –63.16 –0.54 realization. Gartner’s sustained revenue growth and focus on cost control
should drive continued margin expansion and enhanced free-cash-flow
Fees — –0.58 –0.58
generation. The company’s balance sheet is excellent and can support
Total 100.0* 43.32 8.37** 8.37** aggressive repurchases and bolt-on acquisitions.
Sources: FactSet PA, Baron Capital, and FTSE Russell.
* Individual weights may not sum to displayed total due to rounding.
** Represents the blended return of all share classes of the Fund.
Baron Partners Fund

Table IV. of the business and aligned with our proprietary valuation model. We continue
Top detractors from performance for the quarter ended December 31, 2023 to believe in the importance and unique value X can offer to the ecosystem and
Quarter End closely follow product innovation and its potential implications.
Market Market Cap
Cap or Market Shares of specialty insurer Arch Capital Group Ltd. gave up some gains in the
When Cap When fourth quarter after solid share price performance for most of the year. We
Year Acquired Sold Total Percent
Acquired (billions) (billions) Return Impact believe its share price weakness was primarily due to a market rotation away
from defensive stocks to more speculative stocks following a decline in yields.
Tesla, Inc. 2014 $21.9 $789.9 -0.70% -0.82%
Company fundamentals remained strong. Net premiums written grew 23% in
X Holding Corp. 2022 37.9 8.5 -63.16 -0.54
the third quarter; operating ROE expanded to 25%; and book value per share
Arch Capital Group
increased 30%. Management expects favorable market conditions to persist. We
Ltd. 2002 0.6 27.7 -6.82 -0.41
have been large shareholders in Arch since 2002. The share price of Arch has
Iridium
increased in value 27.9 times since 2002 with an annualized return of 16.8%.
Communications
Inc. 2019 3.0 5.1 -9.35 -0.35
Marriott Vacations INVESTMENT STRATEGY AND PORTFOLIO STRUCTURE
Worldwide
We invest in businesses we believe can double in value within five or six
Corporation 2018 3.2 3.1 -12.97 -0.26
years. We invest for the long term in a focused portfolio of appropriately
Tesla, Inc. designs, manufactures, and sells electric vehicles, related capitalized, well-managed growth businesses at attractive prices across
software and components, and solar and energy storage products. Tesla’s market capitalizations. We attempt to create a portfolio of approximately
stock declined slightly in the period because the core automotive segment 30 securities diversified by GICS sectors, but with the top 10 positions
remained under pressure. A complex macroeconomic environment, higher representing a significant portion of net assets. These businesses are
interest rates, a two-week factory shutdown, and Tesla’s car price reductions identified by our analysts and portfolio managers using our proprietary
throughout the year pressured its near-term growth and margin profile. research. We think these well-managed businesses have durable competitive
Nonetheless, Tesla continues to generate sufficient gross profit to support advantages and strong, long-term growth opportunities. We use leverage to
robust product development. Tesla also started to deliver its highly enhance returns, which increases the Fund’s risk.
anticipated Cybertruck, its first pickup truck. There has been tremendous As of December 31, 2023, we held 22 investments. The median market
consumer interest in the truck and new technologies within the vehicle and capitalization of these growth companies was $17.4 billion. The top 10
its manufacturing lines. Tesla’s refreshed Model 3 also seems to be positions represented 89.2% of total investments. Leverage was 14.1%.
generating strong demand while improving unit-level economics. We
anticipate a new lower priced vehicle being introduced next year to address The long-term absolute and relative performance of the Fund has been very
a much larger market segment. Finally, investors expect Tesla to benefit good. The Fund has returned 15.17% annualized since inception as a private
from its investment in AI through development of autonomous driving partnership on January 31, 1992, exceeding the Index by 5.26% per year.
technology Dojo (an AI training computer), Autobidder (an automated The Fund’s performance has also exceeded the Index over the prior 1-, 3-,
energy trading platform), and Humanoid (a human-like robot). 5-, 10-, 15-, and 20-year periods. In addition to viewing the Fund’s returns
With a vision to become the virtual “town square” and “everything app,” X over these various trailing annual periods, we believe it is helpful to
(formerly Twitter) embarked on a transformative journey. Elon Musk led the understand how the Fund has performed over economic cycles.
acquisition of Twitter in October 2022 through X Holding Corp. Post The Fund has appreciated considerably in good times…
acquisition, the company experienced a material reduction in revenue and
reduced advertising spend by several of its largest customers. On the plus side, There have been two distinct periods over the life of the Fund when U.S.
the company witnessed improvements in user engagement while rapid product stock markets experienced significant economic growth. The nearly 8-year
innovation should allow it to grow and diversify its revenues over time. X also period from the Fund’s inception through the Internet Bubble (1/31/1992 to
announced a technical partnership and equity ownership in Elon Musk’s 12/31/1999) and the more recent 11-year period Post-Great Recession to
generative AI startup, X.AI. Taking into account significant changes in the the start of the COVID Pandemic (12/31/2008 to 12/31/2019). During both
business and macroeconomics since the acquisition as well as the first post- periods, the Index had strong returns; however, the Fund’s returns were even
acquisition equity transaction, an internal equity grant to employees, we better. Baron Partners Fund’s annualized return during the most recent
marked down the stock price to ensure it accurately reflected the current state robust economic period was 17.44% compared to the Index’s 16.84%.
December 31, 2023 Baron Partners Fund

Table V.
Performance in Good Times: Outpacing the Index
Fund’s Inception to Post-Financial Panic to
Internet Bubble COVID Pandemic
1/31/1992 to 12/31/1999 12/31/2008 to 12/31/2019
Annualized Value of Annualized Value of
Return $10,000 Return $10,000
Baron Partners Fund (Institutional Shares) 22.45% $49,685 17.44% $58,586
Russell Midcap Growth Index 19.26% $40,316 16.84% $55,380
S&P 500 Index 20.21% $42,945 14.68% $45,104
Performance data quoted represents past performance. Past performance is no guarantee of future results. The indexes are unmanaged. Index performance is not Fund performance;
one cannot invest directly into an index.

The Fund has retained value in challenging times…

We believe what especially sets the Fund apart from other growth funds is its historic ability to outperform in more challenging periods. The nine-year period
following the Internet Bubble collapse saw lower returns for the Fund. It had annualized returns of 1.54%. However, the Index declined substantially. $10,000
hypothetically invested in the Fund at the start of this period would have been worth $11,479 after those nine years. A $10,000 hypothetical investment in a
fund designed to track the Index would be worth only $6,488, more than a 35% cumulative decline. The Fund preserved (and slightly grew) capital during this
difficult time because its investments in a diverse set of high-quality growth businesses were able to weather the environment and enhance their competitive
positioning.
The COVID-19 pandemic and lingering macroeconomic issues caused excessive market volatility. Over the course of three years, there have been two market
corrections. The Fund has performed well in both corrections. During the COVID pandemic and its aftermath (12/31/2019 to 12/31/2022), the Fund had an
annualized return of 23.65%. The Index’s annualized return was significantly lower at only 3.85%.

Table VI.
Performance in Challenging Times: The Impact of Not Losing Money
Internet Bubble COVID Pandemic and Performance in All Times
to Financial Panic Macro-Downturn Since Inception
12/31/1999 to 12/31/2008 12/31/2019 to 12/31/2022 (1/31/1992) through 12/31/2023
Annualized Value of Annualized Value of Annualized Value of
Return $10,000 Return $10,000 Return $10,000
Baron Partners Fund (Institutional Shares) 1.54% $11,479 23.65% $18,903 15.17% $906,173
Russell Midcap Growth Index (4.69)% $ 6,488 3.85% $11,200 9.91% $204,201
S&P 500 Index (3.60)% $ 7,188 7.66% $12,479 10.16% $219,417
Performance data quoted represents past performance. Past performance is no guarantee of future results. The indexes are unmanaged. Index performance is not Fund performance;
one cannot invest directly into an index.

The Fund has performed well in the current uncertain environment...

During periods of strong economic expansion, investors often don’t consider more challenging periods. Losing capital during those periods, we believe, makes it
nearly impossible to have exceptionally strong returns over the long term. We have shown our ability to grow capital during challenging periods. We believe
our competitively advantaged growth portfolio should be able to perform well again in future difficult economic periods, although there is no guarantee that
will be the case.
Over the longer term, this combination has been rewarding for clients. A $10,000 hypothetical investment at the inception of the Fund as a private partnership
on January 31, 1992, would have been worth $906,173 on December 31, 2023. That same $10,000 hypothetical investment in a fund designed to track the
Index would now be worth $204,201, approximately 23% of what it would have been worth if invested in the Fund.
Baron Partners Fund

PORTFOLIO HOLDINGS Thank you for joining us as fellow shareholders in the Fund. We continue to
work hard to justify your confidence and trust in our stewardship of your
Table VII. hard-earned savings. We remain dedicated to providing you with the
Top 10 holdings as of December 31, 2023 information we would like to have if our roles were reversed. We hope this
Market Quarter Quarter letter enables you to make an informed decision about whether this Fund
Cap End End remains an appropriate investment.
When Market Investment Percent
Year Acquired Cap Value of Total
Acquired (billions) (billions) (millions) Investments Respectfully,
Tesla, Inc. 2014 $21.9 $789.9 $3,018.4 38.1%
Space Exploration
Technologies Corp. 2017 21.6 180.3 781.6 9.9
CoStar Group, Inc. 2005 0.7 35.7 642.3 8.1
Arch Capital Group
Ltd. 2002 0.6 27.7 482.8 6.1 Ronald Baron Michael Baron
IDEXX Laboratories, CEO and Portfolio Manager Portfolio Manager
Inc. 2013 4.7 46.1 444.0 5.6
Hyatt Hotels
Corporation 2009 4.2 13.5 433.6 5.5
FactSet Research
Systems Inc. 2007 2.7 18.1 348.2 4.4
The Charles Schwab
Corp. 1992 1.0 125.4 344.0 4.3
Gartner, Inc. 2013 5.7 35.2 315.8 4.0
Vail Resorts, Inc. 2008 1.6 8.1 257.2 3.2

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus
and summary prospectus contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc.,
by calling 1-800-99-BARON or visiting baronfunds.com. Please read them carefully before investing.
Risks: The Fund is non-diversified which means, in addition to increased volatility of the Fund’s returns, it will likely have a greater percentage
of its assets in a single issuer or a small number of issuers, including in a particular industry than a diversified fund. Single issuer risk is the
possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer’s securities and therefore the
net asset value of the Fund. As of the most recent quarter-end, about 38% of the Fund’s assets are invested in Tesla stock. Therefore, the Fund
is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund’s performance would be adversely
affected. Specific risks associated with leverage include increased volatility of the Fund’s returns and exposure of the Fund to greater risk of
loss in any given period.
The Fund may not achieve its objectives. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk.
The discussions of the companies herein are not intended as advice to any person regarding the advisability of investing in any particular
security. The views expressed in this report reflect those of the respective portfolio managers only through the end of the period stated in this
report. The portfolio manager’s views are not intended as recommendations or investment advice to any person reading this report and are
subject to change at any time based on market and other conditions and Baron has no obligation to update them.
This report does not constitute an offer to sell or a solicitation of any offer to buy securities of Baron Partners Fund by anyone in any
jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation.
Free cash flow (FCF) represents the cash that a company generates after accounting for cash outflows to support operations and maintain
its capital assets.
BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer
registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).