# EDGAR Filing Document

**Accession Number:** 0000810902
**File Stem:** 0001193125-25-306283
**Filing Date:** 2025-12
**Character Count:** 397566
**Document Hash:** 17e61b7153086eec6aeb900f4c338491
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306283.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306283

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)
- **CENTRAL INDEX KEY:** 0000810902

**ORGANIZATION NAME:**
- **EIN:** 136891420
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05032
- **FILM NUMBER:** 251545796

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 2125832000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARON ASSET FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BARON ASSET FUND (Series ID: S000000582)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001635 | BARON ASSET FUND     | BARAX           |
| C000077818 | Institutional Shares | BARIX           |
| C000165210 | R6 Shares            | BARUX           |

### BARON GROWTH FUND (Series ID: S000000583)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001636 | BARON GROWTH FUND    | BGRFX           |
| C000077819 | Institutional Shares | BGRIX           |
| C000165211 | R6 Shares            | BGRUX           |

### BARON SMALL CAP FUND (Series ID: S000000584)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001637 | BARON SMALL CAP FUND | BSCFX           |
| C000077820 | Institutional Shares | BSFIX           |
| C000165212 | R6 Shares            | BSCUX           |

### BARON OPPORTUNITY FUND (Series ID: S000000585)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000001638 | BARON OPPORTUNITY FUND | BIOPX           |
| C000077821 | Institutional Shares   | BIOIX           |
| C000174753 | R6 Shares              | BIOUX           |

### BARON FIFTH AVENUE GROWTH FUND (Series ID: S000000586)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000001639 | BARON FIFTH AVENUE GROWTH FUND | BFTHX           |
| C000077822 | Institutional Shares           | BFTIX           |
| C000165213 | R6 Shares                      | BFTUX           |

### BARON DISCOVERY FUND (Series ID: S000042178)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000130959 | BARON DISCOVERY FUND | BDFFX           |
| C000130960 | Institutional Shares | BDFIX           |
| C000174754 | R6 Shares            | BDFUX           |

### Baron Durable Advantage Fund (Series ID: S000060168)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000196921 | Baron Durable Advantage Fund | BDAFX           |
| C000196922 | Institutional Shares         | BDAIX           |
| C000196923 | R6 Shares                    | BDAUX           |

?xml version='1.0' encoding='ASCII'? Baron Investment Funds Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-5032

## BARON INVESTMENT FUNDS TRUST

## f/k/a BARON ASSET FUND

#### (Exact Name of Registrant as Specified in Charter)

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

#### (Address of Principal Executive Offices) (Zip Code)

#### Kristine Treglia, Chief Legal Officer

#### c/o Baron Investment Funds Trust

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

#### (Name and Address of Agent for Service)

#### (Registrant's Telephone Number, including Area Code): 212-583-2000

#### Date of fiscal year end: September 30

#### Date of reporting period: September 30, 2025

------

Item 1. Reports to Stockholders.

![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Asset Fund

# Retail: BARAX
This annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $131 | 1.31% |

---

## How did the Fund perform last year and what affected its performance?
Mid-cap growth stocks posted strong gains, nearly keeping pace with large caps as increasing concentrations among the top positions (Palantir, AppLovin, Cloudflare, Roblox, etc.) in the benchmark played a role in the benchmark's robust performance. Against a significant risk-on backdrop led by lower quality/higher beta stocks, the Fund underperformed, with style-related headwinds being the primary culprit. Lower exposure to the top-performing Residual Volatility, Beta, and Momentum factors weighed heavily on performance, as did overexposure to the weak performing Earnings Quality factor. The remaining underperformance came from disappointing stock selection, mostly centered in the Information Technology sector.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i085c851eff14b2c3e0de.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10463 | $10412 | $10627 |
| **03/31/16** | $10297 | $10472 | $10730 |
| **06/30/16** | $10579 | $10636 | $11012 |
| **09/30/16** | $11114 | $11124 | $11496 |
| **12/31/16** | $11115 | $11175 | $11980 |
| **03/31/17** | $12234 | $11945 | $12668 |
| **06/30/17** | $13169 | $12449 | $13050 |
| **09/30/17** | $13605 | $13106 | $13647 |
| **12/31/17** | $14019 | $13998 | $14512 |
| **03/31/18** | $14665 | $14303 | $14418 |
| **06/30/18** | $15500 | $14754 | $14979 |
| **09/30/18** | $16748 | $15872 | $16046 |
| **12/31/18** | $13999 | $13333 | $13751 |
| **03/31/19** | $16847 | $15950 | $15682 |
| **06/30/19** | $18506 | $16811 | $16325 |
| **09/30/19** | $18057 | $16698 | $16514 |
| **12/31/19** | $19265 | $18063 | $18017 |
| **03/31/20** | $16050 | $14443 | $14251 |
| **06/30/20** | $20536 | $18814 | $17390 |
| **09/30/20** | $22251 | $20577 | $18992 |
| **12/31/20** | $25619 | $24491 | $21780 |
| **03/31/21** | $25340 | $24352 | $23162 |
| **06/30/21** | $27863 | $27049 | $25071 |
| **09/30/21** | $27807 | $26843 | $25045 |
| **12/31/21** | $29188 | $27608 | $27369 |
| **03/31/22** | $24936 | $24135 | $25924 |
| **06/30/22** | $19663 | $19049 | $21595 |
| **09/30/22** | $19244 | $18925 | $20630 |
| **12/31/22** | $21583 | $20231 | $22112 |
| **03/31/23** | $22721 | $22079 | $23700 |
| **06/30/23** | $23531 | $23456 | $25688 |
| **09/30/23** | $22478 | $22230 | $24852 |
| **12/31/23** | $25260 | $25464 | $27852 |
| **03/31/24** | $26760 | $27882 | $30642 |
| **06/30/24** | $25804 | $26986 | $31628 |
| **09/30/24** | $27937 | $28751 | $33598 |
| **12/31/24** | $27907 | $31092 | $34483 |
| **03/31/25** | $27085 | $28878 | $32854 |
| **06/30/25** | $29191 | $34135 | $36466 |
| **09/30/25** | $27938 | $35084 | $39447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 0.00% | 4.66% | 10.82% |
| Russell Midcap Growth Index | 22.02% | 11.26% | 13.37% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3789700375 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 6%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41348427 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Space Exploration Technologies Corp. | 6.3% |
| IDEXX Laboratories, Inc. | 6.3% |
| Guidewire Software, Inc. | 5.4% |
| Amphenol Corp. | 5.3% |
| Gartner, Inc. | 4.7% |
| Verisk Analytics, Inc. | 4.4% |
| CoStar Group, Inc. | 4.4% |
| Arch Capital Group Ltd. | 3.9% |
| Mettler-Toledo International, Inc. | 3.3% |
| X.AI Holdings Corp. | 3.2% |
| Total | 47.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190id4f594dc444c605f816c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 24.9% |
| Industrials | 23.6% |
| Health Care | 14.7% |
| Financials | 11.6% |
| Consumer Discretionary | 9.4% |
| Real Estate | 8.3% |
| Communication Services | 5.7% |
| Cash and Cash Equivalents | 1.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Asset Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BARAX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Asset Fund

# Institutional: BARIX
This annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $105 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Mid-cap growth stocks posted strong gains, nearly keeping pace with large caps as increasing concentrations among the top positions (Palantir, AppLovin, Cloudflare, Roblox, etc.) in the benchmark played a role in the benchmark's robust performance. Against a significant risk-on backdrop led by lower quality/higher beta stocks, the Fund underperformed, with style-related headwinds being the primary culprit. Lower exposure to the top-performing Residual Volatility, Beta, and Momentum factors weighed heavily on performance, as did overexposure to the weak performing Earnings Quality factor. The remaining underperformance came from disappointing stock selection, mostly centered in the Information Technology sector.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i3cf72742354d4e1c819b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1046978 | $1041181 | $1062696 |
| **03/31/16** | $1031063 | $1047208 | $1072987 |
| **06/30/16** | $1059867 | $1063572 | $1101213 |
| **09/30/16** | $1114425 | $1112411 | $1149641 |
| **12/31/16** | $1115085 | $1117485 | $1198033 |
| **03/31/17** | $1228541 | $1194526 | $1266840 |
| **06/30/17** | $1323274 | $1244876 | $1305041 |
| **09/30/17** | $1368020 | $1310642 | $1364699 |
| **12/31/17** | $1410496 | $1399847 | $1451184 |
| **03/31/18** | $1476547 | $1430287 | $1441831 |
| **06/30/18** | $1561613 | $1475450 | $1497902 |
| **09/30/18** | $1688512 | $1587208 | $1604611 |
| **12/31/18** | $1412411 | $1333345 | $1375117 |
| **03/31/19** | $1700602 | $1594965 | $1568230 |
| **06/30/19** | $1869299 | $1681122 | $1632451 |
| **09/30/19** | $1825360 | $1669797 | $1651428 |
| **12/31/19** | $1948589 | $1806280 | $1801664 |
| **03/31/20** | $1624474 | $1444303 | $1425123 |
| **06/30/20** | $2079664 | $1881364 | $1739043 |
| **09/30/20** | $2254938 | $2057712 | $1899164 |
| **12/31/20** | $2597998 | $2449076 | $2177993 |
| **03/31/21** | $2571191 | $2435232 | $2316228 |
| **06/30/21** | $2829204 | $2704862 | $2507081 |
| **09/30/21** | $2825183 | $2684308 | $2504531 |
| **12/31/21** | $2967500 | $2760795 | $2736889 |
| **03/31/22** | $2536649 | $2413478 | $2592425 |
| **06/30/22** | $2001683 | $1904916 | $2159458 |
| **09/30/22** | $1960317 | $1892480 | $2063049 |
| **12/31/22** | $2199749 | $2023088 | $2211217 |
| **03/31/23** | $2317305 | $2207915 | $2369989 |
| **06/30/23** | $2401514 | $2345558 | $2568755 |
| **09/30/23** | $2295473 | $2223029 | $2485173 |
| **12/31/23** | $2581359 | $2546393 | $2785179 |
| **03/31/24** | $2736255 | $2788216 | $3064236 |
| **06/30/24** | $2640189 | $2698617 | $3162782 |
| **09/30/24** | $2860371 | $2875143 | $3359794 |
| **12/31/24** | $2859255 | $3109224 | $3448268 |
| **03/31/25** | $2776530 | $2887846 | $3285443 |
| **06/30/25** | $2994411 | $3413483 | $3646554 |
| **09/30/25** | $2867702 | $3508355 | $3944703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 0.26% | 4.93% | 11.11% |
| Russell Midcap Growth Index | 22.02% | 11.26% | 13.37% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3789700375 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 6%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41348427 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Space Exploration Technologies Corp. | 6.3% |
| IDEXX Laboratories, Inc. | 6.3% |
| Guidewire Software, Inc. | 5.4% |
| Amphenol Corp. | 5.3% |
| Gartner, Inc. | 4.7% |
| Verisk Analytics, Inc. | 4.4% |
| CoStar Group, Inc. | 4.4% |
| Arch Capital Group Ltd. | 3.9% |
| Mettler-Toledo International, Inc. | 3.3% |
| X.AI Holdings Corp. | 3.2% |
| Total | 47.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i6906f6b89a5f7818c056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 24.9% |
| Industrials | 23.6% |
| Health Care | 14.7% |
| Financials | 11.6% |
| Consumer Discretionary | 9.4% |
| Real Estate | 8.3% |
| Communication Services | 5.7% |
| Cash and Cash Equivalents | 1.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Asset Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BARIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Asset Fund

# R6: BARUX
This annual shareholder report contains important information about Baron Asset Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $105 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Mid-cap growth stocks posted strong gains, nearly keeping pace with large caps as increasing concentrations among the top positions (Palantir, AppLovin, Cloudflare, Roblox, etc.) in the benchmark played a role in the benchmark's robust performance. Against a significant risk-on backdrop led by lower quality/higher beta stocks, the Fund underperformed, with style-related headwinds being the primary culprit. Lower exposure to the top-performing Residual Volatility, Beta, and Momentum factors weighed heavily on performance, as did overexposure to the weak performing Earnings Quality factor. The remaining underperformance came from disappointing stock selection, mostly centered in the Information Technology sector.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190ib32368279ed510503a00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell Midcap Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5234891 | $5205904 | $5313482 |
| **03/31/16** | $5155317 | $5236042 | $5364935 |
| **06/30/16** | $5300227 | $5317861 | $5506064 |
| **09/30/16** | $5572126 | $5562055 | $5748204 |
| **12/31/16** | $5575425 | $5587426 | $5990166 |
| **03/31/17** | $6141767 | $5972628 | $6334199 |
| **06/30/17** | $6615435 | $6224382 | $6525206 |
| **09/30/17** | $6839163 | $6553211 | $6823494 |
| **12/31/17** | $7051541 | $6999234 | $7255921 |
| **03/31/18** | $7381801 | $7151433 | $7209154 |
| **06/30/18** | $7807135 | $7377248 | $7489509 |
| **09/30/18** | $8441633 | $7936042 | $8023055 |
| **12/31/18** | $7060046 | $6666724 | $6875587 |
| **03/31/19** | $8502089 | $7974827 | $7841152 |
| **06/30/19** | $9344524 | $8405608 | $8162254 |
| **09/30/19** | $9124829 | $8348987 | $8257140 |
| **12/31/19** | $9742063 | $9031398 | $9008322 |
| **03/31/20** | $8120372 | $7221517 | $7125613 |
| **06/30/20** | $10397456 | $9406818 | $8695213 |
| **09/30/20** | $11273841 | $10288562 | $9495821 |
| **12/31/20** | $12988099 | $12245380 | $10889964 |
| **03/31/21** | $12854063 | $12176161 | $11581140 |
| **06/30/21** | $14143043 | $13524308 | $12535404 |
| **09/30/21** | $14124055 | $13421542 | $12522655 |
| **12/31/21** | $14835748 | $13803977 | $13684446 |
| **03/31/22** | $12681398 | $12067391 | $12962124 |
| **06/30/22** | $10006453 | $9524580 | $10797292 |
| **09/30/22** | $9800812 | $9462401 | $10315243 |
| **12/31/22** | $10996823 | $10115440 | $11056085 |
| **03/31/23** | $11583432 | $11039575 | $11849945 |
| **06/30/23** | $12005694 | $11727792 | $12843774 |
| **09/30/23** | $11474267 | $11115143 | $12425866 |
| **12/31/23** | $12903762 | $12731966 | $13925893 |
| **03/31/24** | $13677045 | $13941082 | $15321182 |
| **06/30/24** | $13197932 | $13493083 | $15813909 |
| **09/30/24** | $14297656 | $14375716 | $16798972 |
| **12/31/24** | $14292050 | $15546122 | $17241340 |
| **03/31/25** | $13878378 | $14439229 | $16427217 |
| **06/30/25** | $14967907 | $17067416 | $18232769 |
| **09/30/25** | $14334291 | $17541774 | $19723513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 0.26% | 4.92% | 11.11% |
| Russell Midcap Growth Index | 22.02% | 11.26% | 13.37% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3789700375 |
| # of Issuers | 55 |
| Portfolio Turnover Rate | 6%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41348427 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Asset Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Space Exploration Technologies Corp. | 6.3% |
| IDEXX Laboratories, Inc. | 6.3% |
| Guidewire Software, Inc. | 5.4% |
| Amphenol Corp. | 5.3% |
| Gartner, Inc. | 4.7% |
| Verisk Analytics, Inc. | 4.4% |
| CoStar Group, Inc. | 4.4% |
| Arch Capital Group Ltd. | 3.9% |
| Mettler-Toledo International, Inc. | 3.3% |
| X.AI Holdings Corp. | 3.2% |
| Total | 47.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i09cc661b44f021abca4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 24.9% |
| Industrials | 23.6% |
| Health Care | 14.7% |
| Financials | 11.6% |
| Consumer Discretionary | 9.4% |
| Real Estate | 8.3% |
| Communication Services | 5.7% |
| Cash and Cash Equivalents | 1.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Asset Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BARUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Growth Fund

# Retail: BGRFX
This annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $129<sup>Footnote Reference\*\*</sup> | 1.39%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Includes interest expense of $8. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Includes interest expense of 0.09%. |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund underperformed due to a combination of stock selection and style-related headwinds. The Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. Underexposure to the strong performing Beta, Residual Volatility, and Momentum factors also weighed on performance. The remaining underperformance came from stock-specific issues.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190ib972b8a7657e018b1f0b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10133 | $10432 | $10627 |
| **03/31/16** | $10159 | $9943 | $10730 |
| **06/30/16** | $10495 | $10266 | $11012 |
| **09/30/16** | $10760 | $11212 | $11496 |
| **12/31/16** | $10745 | $11613 | $11980 |
| **03/31/17** | $11855 | $12234 | $12668 |
| **06/30/17** | $12565 | $12771 | $13050 |
| **09/30/17** | $12963 | $13565 | $13647 |
| **12/31/17** | $13650 | $14187 | $14512 |
| **03/31/18** | $13978 | $14513 | $14418 |
| **06/30/18** | $15088 | $15563 | $14979 |
| **09/30/18** | $16274 | $16422 | $16046 |
| **12/31/18** | $13251 | $12866 | $13751 |
| **03/31/19** | $16112 | $15072 | $15682 |
| **06/30/19** | $17232 | $15486 | $16325 |
| **09/30/19** | $17102 | $14840 | $16514 |
| **12/31/19** | $18570 | $16531 | $18017 |
| **03/31/20** | $14418 | $12272 | $14251 |
| **06/30/20** | $18368 | $16025 | $17390 |
| **09/30/20** | $20365 | $17172 | $18992 |
| **12/31/20** | $24645 | $22256 | $21780 |
| **03/31/21** | $24860 | $23341 | $23162 |
| **06/30/21** | $26781 | $24256 | $25071 |
| **09/30/21** | $27736 | $22885 | $25045 |
| **12/31/21** | $29536 | $22887 | $27369 |
| **03/31/22** | $25581 | $19997 | $25924 |
| **06/30/22** | $20786 | $16147 | $21595 |
| **09/30/22** | $20440 | $16186 | $20630 |
| **12/31/22** | $22861 | $16855 | $22112 |
| **03/31/23** | $24650 | $17878 | $23700 |
| **06/30/23** | $25301 | $19139 | $25688 |
| **09/30/23** | $24359 | $17738 | $24852 |
| **12/31/23** | $26217 | $19999 | $27852 |
| **03/31/24** | $27648 | $21516 | $30642 |
| **06/30/24** | $25357 | $20888 | $31628 |
| **09/30/24** | $28163 | $22644 | $33598 |
| **12/31/24** | $27464 | $23030 | $34483 |
| **03/31/25** | $26281 | $20470 | $32854 |
| **06/30/25** | $26492 | $22920 | $36466 |
| **09/30/25** | $24176 | $25714 | $39447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | (14.16%) | 3.49% | 9.23% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4949433665 |
| # of Issuers | 24 |
| Portfolio Turnover Rate | 1%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $63563416 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Arch Capital Group Ltd. | 14.1% |
| MSCI, Inc. | 13.5% |
| Kinsale Capital Group, Inc. | 7.8% |
| CoStar Group, Inc. | 7.6% |
| Choice Hotels International, Inc. | 6.5% |
| Gartner, Inc. | 6.4% |
| Primerica, Inc. | 6.1% |
| Vail Resorts, Inc. | 6.0% |
| Morningstar, Inc. | 4.3% |
| FactSet Research Systems, Inc. | 4.1% |
| Total | 76.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ie856bd8e49d3a0fb9237.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 54.2% |
| Consumer Discretionary | 17.1% |
| Real Estate | 10.4% |
| Information Technology | 10.1% |
| Health Care | 6.2% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 2.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Growth Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BGRFX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Growth Fund

# Institutional: BGRIX
This annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $105<sup>Footnote Reference\*\*</sup> | 1.13%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Includes interest expense of $8. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Includes interest expense of 0.09%. |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund underperformed due to a combination of stock selection and style-related headwinds. The Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. Underexposure to the strong performing Beta, Residual Volatility, and Momentum factors also weighed on performance. The remaining underperformance came from stock-specific issues.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i4176d31bcdd4cc3e3341.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1013966 | $1043197 | $1062696 |
| **03/31/16** | $1017120 | $994344 | $1072987 |
| **06/30/16** | $1051491 | $1026571 | $1101213 |
| **09/30/16** | $1078768 | $1121235 | $1149641 |
| **12/31/16** | $1077954 | $1161266 | $1198033 |
| **03/31/17** | $1190144 | $1223379 | $1266840 |
| **06/30/17** | $1262280 | $1277072 | $1305041 |
| **09/30/17** | $1303044 | $1356483 | $1364699 |
| **12/31/17** | $1372811 | $1418680 | $1451184 |
| **03/31/18** | $1406761 | $1451301 | $1441831 |
| **06/30/18** | $1519468 | $1556267 | $1497902 |
| **09/30/18** | $1640070 | $1642223 | $1604611 |
| **12/31/18** | $1336177 | $1286630 | $1375117 |
| **03/31/19** | $1625749 | $1507221 | $1568230 |
| **06/30/19** | $1739970 | $1548639 | $1632451 |
| **09/30/19** | $1727914 | $1484013 | $1651428 |
| **12/31/19** | $1877384 | $1653108 | $1801664 |
| **03/31/20** | $1458703 | $1227186 | $1425123 |
| **06/30/20** | $1859200 | $1602509 | $1739043 |
| **09/30/20** | $2062735 | $1717217 | $1899164 |
| **12/31/20** | $2497944 | $2225617 | $2177993 |
| **03/31/21** | $2521351 | $2334120 | $2316228 |
| **06/30/21** | $2718020 | $2425559 | $2507081 |
| **09/30/21** | $2816654 | $2288451 | $2504531 |
| **12/31/21** | $3001326 | $2288708 | $2736889 |
| **03/31/22** | $2601149 | $1999703 | $2592425 |
| **06/30/22** | $2114868 | $1614674 | $2159458 |
| **09/30/22** | $2080820 | $1618579 | $2063049 |
| **12/31/22** | $2329117 | $1685462 | $2211217 |
| **03/31/23** | $2512604 | $1787815 | $2369989 |
| **06/30/23** | $2580794 | $1913901 | $2568755 |
| **09/30/23** | $2486235 | $1773831 | $2485173 |
| **12/31/23** | $2677791 | $1999942 | $2785179 |
| **03/31/24** | $2825615 | $2151575 | $3064236 |
| **06/30/24** | $2593017 | $2088767 | $3162782 |
| **09/30/24** | $2882043 | $2264434 | $3359794 |
| **12/31/24** | $2812341 | $2303019 | $3448268 |
| **03/31/25** | $2692867 | $2047021 | $3285443 |
| **06/30/25** | $2716114 | $2291959 | $3646554 |
| **09/30/25** | $2480109 | $2571435 | $3944703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | (13.95%) | 3.75% | 9.51% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4949433665 |
| # of Issuers | 24 |
| Portfolio Turnover Rate | 1%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $63563416 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Arch Capital Group Ltd. | 14.1% |
| MSCI, Inc. | 13.5% |
| Kinsale Capital Group, Inc. | 7.8% |
| CoStar Group, Inc. | 7.6% |
| Choice Hotels International, Inc. | 6.5% |
| Gartner, Inc. | 6.4% |
| Primerica, Inc. | 6.1% |
| Vail Resorts, Inc. | 6.0% |
| Morningstar, Inc. | 4.3% |
| FactSet Research Systems, Inc. | 4.1% |
| Total | 76.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i15160a31f513cf28cf8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 54.2% |
| Consumer Discretionary | 17.1% |
| Real Estate | 10.4% |
| Information Technology | 10.1% |
| Health Care | 6.2% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 2.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Growth Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BGRIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Growth Fund

# R6: BGRUX
This annual shareholder report contains important information about Baron Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $105<sup>Footnote Reference\*\*</sup> | 1.13%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Includes interest expense of $8. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Includes interest expense of 0.09%. |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund underperformed due to a combination of stock selection and style-related headwinds. The Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. Underexposure to the strong performing Beta, Residual Volatility, and Momentum factors also weighed on performance. The remaining underperformance came from stock-specific issues.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i2c1b76b3c636a88d7b32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5069832 | $5215983 | $5313482 |
| **03/31/16** | $5086387 | $4971721 | $5364935 |
| **06/30/16** | $5258246 | $5132854 | $5506064 |
| **09/30/16** | $5393841 | $5606177 | $5748204 |
| **12/31/16** | $5390654 | $5806328 | $5990166 |
| **03/31/17** | $5950722 | $6116895 | $6334199 |
| **06/30/17** | $6312285 | $6385358 | $6525206 |
| **09/30/17** | $6515221 | $6782416 | $6823494 |
| **12/31/17** | $6864940 | $7093398 | $7255921 |
| **03/31/18** | $7034688 | $7256507 | $7209154 |
| **06/30/18** | $7598213 | $7781337 | $7489509 |
| **09/30/18** | $8201215 | $8211115 | $8023055 |
| **12/31/18** | $6681783 | $6433151 | $6875587 |
| **03/31/19** | $8129608 | $7536104 | $7841152 |
| **06/30/19** | $8700701 | $7743194 | $8162254 |
| **09/30/19** | $8640419 | $7420063 | $8257140 |
| **12/31/19** | $9387754 | $8265538 | $9008322 |
| **03/31/20** | $7294405 | $6135929 | $7125613 |
| **06/30/20** | $9297929 | $8012543 | $8695213 |
| **09/30/20** | $10314480 | $8586086 | $9495821 |
| **12/31/20** | $12491553 | $11128082 | $10889964 |
| **03/31/21** | $12608586 | $11670602 | $11581140 |
| **06/30/21** | $13590746 | $12127794 | $12535404 |
| **09/30/21** | $14085044 | $11442257 | $12522655 |
| **12/31/21** | $15007220 | $11443538 | $13684446 |
| **03/31/22** | $13006422 | $9998516 | $12962124 |
| **06/30/22** | $10575119 | $8073371 | $10797292 |
| **09/30/22** | $10404891 | $8092897 | $10315243 |
| **12/31/22** | $11646324 | $8427312 | $11056085 |
| **03/31/23** | $12563716 | $8939076 | $11849945 |
| **06/30/23** | $12904647 | $9569507 | $12843774 |
| **09/30/23** | $12431877 | $8869153 | $12425866 |
| **12/31/23** | $13389607 | $9999712 | $13925893 |
| **03/31/24** | $14128691 | $10757873 | $15321182 |
| **06/30/24** | $12964435 | $10443837 | $15813909 |
| **09/30/24** | $14409490 | $11322171 | $16798972 |
| **12/31/24** | $14060997 | $11515095 | $17241340 |
| **03/31/25** | $13463658 | $10235103 | $16427217 |
| **06/30/25** | $13579889 | $11459797 | $18232769 |
| **09/30/25** | $12399925 | $12857175 | $19723513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | (13.95%) | 3.75% | 9.51% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4949433665 |
| # of Issuers | 24 |
| Portfolio Turnover Rate | 1%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $63563416 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Arch Capital Group Ltd. | 14.1% |
| MSCI, Inc. | 13.5% |
| Kinsale Capital Group, Inc. | 7.8% |
| CoStar Group, Inc. | 7.6% |
| Choice Hotels International, Inc. | 6.5% |
| Gartner, Inc. | 6.4% |
| Primerica, Inc. | 6.1% |
| Vail Resorts, Inc. | 6.0% |
| Morningstar, Inc. | 4.3% |
| FactSet Research Systems, Inc. | 4.1% |
| Total | 76.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ifeecc66b29cd7192f814.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 54.2% |
| Consumer Discretionary | 17.1% |
| Real Estate | 10.4% |
| Information Technology | 10.1% |
| Health Care | 6.2% |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 2.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Growth Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BGRUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Small Cap Fund

# Retail: BSCFX
This annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $132 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. Most of the relative losses stemmed from style-related headwinds, as the Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. We believe this is indicative of the low-quality nature of the market rally late in the period, which is when most of the underperformance took place. The remaining underperformance was stock specific.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i4144922d542b2c7e81fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10403 | $10432 | $10627 |
| **03/31/16** | $10108 | $9943 | $10730 |
| **06/30/16** | $10606 | $10266 | $11012 |
| **09/30/16** | $11289 | $11212 | $11496 |
| **12/31/16** | $11437 | $11613 | $11980 |
| **03/31/17** | $12407 | $12234 | $12668 |
| **06/30/17** | $13237 | $12771 | $13050 |
| **09/30/17** | $13824 | $13565 | $13647 |
| **12/31/17** | $14540 | $14187 | $14512 |
| **03/31/18** | $14951 | $14513 | $14418 |
| **06/30/18** | $15905 | $15563 | $14979 |
| **09/30/18** | $17280 | $16422 | $16046 |
| **12/31/18** | $13466 | $12866 | $13751 |
| **03/31/19** | $16571 | $15072 | $15682 |
| **06/30/19** | $17381 | $15486 | $16325 |
| **09/30/19** | $16560 | $14840 | $16514 |
| **12/31/19** | $18112 | $16531 | $18017 |
| **03/31/20** | $13880 | $12272 | $14251 |
| **06/30/20** | $18827 | $16025 | $17390 |
| **09/30/20** | $21628 | $17172 | $18992 |
| **12/31/20** | $25417 | $22256 | $21780 |
| **03/31/21** | $26079 | $23341 | $23162 |
| **06/30/21** | $27722 | $24256 | $25071 |
| **09/30/21** | $28067 | $22885 | $25045 |
| **12/31/21** | $29364 | $22887 | $27369 |
| **03/31/22** | $24746 | $19997 | $25924 |
| **06/30/22** | $20129 | $16147 | $21595 |
| **09/30/22** | $19384 | $16186 | $20630 |
| **12/31/22** | $20195 | $16855 | $22112 |
| **03/31/23** | $22089 | $17878 | $23700 |
| **06/30/23** | $23500 | $19139 | $25688 |
| **09/30/23** | $22762 | $17738 | $24852 |
| **12/31/23** | $25623 | $19999 | $27852 |
| **03/31/24** | $28629 | $21516 | $30642 |
| **06/30/24** | $26766 | $20888 | $31628 |
| **09/30/24** | $29340 | $22644 | $33598 |
| **12/31/24** | $29025 | $23030 | $34483 |
| **03/31/25** | $26383 | $20470 | $32854 |
| **06/30/25** | $29102 | $22920 | $36466 |
| **09/30/25** | $29237 | $25714 | $39447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | (0.35%) | 6.21% | 11.32% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3757267508 |
| # of Issuers | 58 |
| Portfolio Turnover Rate | 13%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41285261 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Vertiv Holdings Co. | 7.0% |
| Red Rock Resorts, Inc. | 4.9% |
| Kinsale Capital Group, Inc. | 4.8% |
| Guidewire Software, Inc. | 4.6% |
| Planet Fitness, Inc. | 3.2% |
| ICON plc | 3.0% |
| SiteOne Landscape Supply, Inc. | 3.0% |
| Gartner, Inc. | 3.0% |
| Kratos Defense & Security Solutions, Inc. | 2.9% |
| Houlihan Lokey, Inc. | 2.7% |
| Total | 39.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ie85d78613a0b249891a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 31.3% |
| Information Technology | 20.6% |
| Consumer Discretionary | 16.3% |
| Financials | 11.7% |
| Health Care | 10.4% |
| Communication Services | 5.9% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BSCFX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Small Cap Fund

# Institutional: BSFIX
This annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $106 | 1.06% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. Most of the relative losses stemmed from style-related headwinds, as the Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. We believe this is indicative of the low-quality nature of the market rally late in the period, which is when most of the underperformance took place. The remaining underperformance was stock specific.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i646296ab4bcb47b5f9b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1040902 | $1043197 | $1062696 |
| **03/31/16** | $1012319 | $994344 | $1072987 |
| **06/30/16** | $1062971 | $1026571 | $1101213 |
| **09/30/16** | $1132075 | $1121235 | $1149641 |
| **12/31/16** | $1147715 | $1161266 | $1198033 |
| **03/31/17** | $1245851 | $1223379 | $1266840 |
| **06/30/17** | $1329905 | $1277072 | $1305041 |
| **09/30/17** | $1389756 | $1356483 | $1364699 |
| **12/31/17** | $1462737 | $1418680 | $1451184 |
| **03/31/18** | $1504601 | $1451301 | $1441831 |
| **06/30/18** | $1602283 | $1556267 | $1497902 |
| **09/30/18** | $1741829 | $1642223 | $1604611 |
| **12/31/18** | $1358424 | $1286630 | $1375117 |
| **03/31/19** | $1673121 | $1507221 | $1568230 |
| **06/30/19** | $1755879 | $1548639 | $1632451 |
| **09/30/19** | $1673666 | $1484013 | $1651428 |
| **12/31/19** | $1832069 | $1653108 | $1801664 |
| **03/31/20** | $1404527 | $1227186 | $1425123 |
| **06/30/20** | $1906993 | $1602509 | $1739043 |
| **09/30/20** | $2191823 | $1717217 | $1899164 |
| **12/31/20** | $2577279 | $2225617 | $2177993 |
| **03/31/21** | $2646059 | $2334120 | $2316228 |
| **06/30/21** | $2814703 | $2425559 | $2507081 |
| **09/30/21** | $2851739 | $2288451 | $2504531 |
| **12/31/21** | $2985411 | $2288708 | $2736889 |
| **03/31/22** | $2517256 | $1999703 | $2592425 |
| **06/30/22** | $2049101 | $1614674 | $2159458 |
| **09/30/22** | $1974521 | $1618579 | $2063049 |
| **12/31/22** | $2058309 | $1685462 | $2211217 |
| **03/31/23** | $2252635 | $1787815 | $2369989 |
| **06/30/23** | $2398769 | $1913901 | $2568755 |
| **09/30/23** | $2324148 | $1773831 | $2485173 |
| **12/31/23** | $2617933 | $1999942 | $2785179 |
| **03/31/24** | $2927055 | $2151575 | $3064236 |
| **06/30/24** | $2738859 | $2088767 | $3162782 |
| **09/30/24** | $3003936 | $2264434 | $3359794 |
| **12/31/24** | $2974296 | $2303019 | $3448268 |
| **03/31/25** | $2704477 | $2047021 | $3285443 |
| **06/30/25** | $2985088 | $2291959 | $3646554 |
| **09/30/25** | $3001277 | $2571435 | $3944703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | (0.09%) | 6.49% | 11.62% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3757267508 |
| # of Issuers | 58 |
| Portfolio Turnover Rate | 13%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41285261 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Vertiv Holdings Co. | 7.0% |
| Red Rock Resorts, Inc. | 4.9% |
| Kinsale Capital Group, Inc. | 4.8% |
| Guidewire Software, Inc. | 4.6% |
| Planet Fitness, Inc. | 3.2% |
| ICON plc | 3.0% |
| SiteOne Landscape Supply, Inc. | 3.0% |
| Gartner, Inc. | 3.0% |
| Kratos Defense & Security Solutions, Inc. | 2.9% |
| Houlihan Lokey, Inc. | 2.7% |
| Total | 39.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i00e81f832b2f3a016a1f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 31.3% |
| Information Technology | 20.6% |
| Consumer Discretionary | 16.3% |
| Financials | 11.7% |
| Health Care | 10.4% |
| Communication Services | 5.9% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BSFIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Small Cap Fund

# R6: BSCUX
This annual shareholder report contains important information about Baron Small Cap Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $106 | 1.06% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. Most of the relative losses stemmed from style-related headwinds, as the Fund was punished for being overexposed to the Earnings Quality factor, which suffered its worst one-year performance on record. We believe this is indicative of the low-quality nature of the market rally late in the period, which is when most of the underperformance took place. The remaining underperformance was stock specific.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190icb1c596cc8baefacf5e0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5204507 | $5215983 | $5313482 |
| **03/31/16** | $5061596 | $4971721 | $5364935 |
| **06/30/16** | $5314857 | $5132854 | $5506064 |
| **09/30/16** | $5660377 | $5606177 | $5748204 |
| **12/31/16** | $5738572 | $5806328 | $5990166 |
| **03/31/17** | $6229256 | $6116895 | $6334199 |
| **06/30/17** | $6647326 | $6385358 | $6525206 |
| **09/30/17** | $6946577 | $6782416 | $6823494 |
| **12/31/17** | $7311489 | $7093398 | $7255921 |
| **03/31/18** | $7523308 | $7256507 | $7209154 |
| **06/30/18** | $8009245 | $7781337 | $7489509 |
| **09/30/18** | $8707001 | $8211115 | $8023055 |
| **12/31/18** | $6789876 | $6433151 | $6875587 |
| **03/31/19** | $8363472 | $7536104 | $7841152 |
| **06/30/19** | $8777290 | $7743194 | $8162254 |
| **09/30/19** | $8366195 | $7420063 | $8257140 |
| **12/31/19** | $9158269 | $8265538 | $9008322 |
| **03/31/20** | $7020349 | $6135929 | $7125613 |
| **06/30/20** | $9532926 | $8012543 | $8695213 |
| **09/30/20** | $10957215 | $8586086 | $9495821 |
| **12/31/20** | $12884702 | $11128082 | $10889964 |
| **03/31/21** | $13228647 | $11670602 | $11581140 |
| **06/30/21** | $14068666 | $12127794 | $12535404 |
| **09/30/21** | $14253867 | $11442257 | $12522655 |
| **12/31/21** | $14921927 | $11443538 | $13684446 |
| **03/31/22** | $12584491 | $9998516 | $12962124 |
| **06/30/22** | $10243362 | $8073371 | $10797292 |
| **09/30/22** | $9870406 | $8092897 | $10315243 |
| **12/31/22** | $10289398 | $8427312 | $11056085 |
| **03/31/23** | $11261196 | $8939076 | $11849945 |
| **06/30/23** | $11991988 | $9569507 | $12843774 |
| **09/30/23** | $11618818 | $8869153 | $12425866 |
| **12/31/23** | $13088128 | $9999712 | $13925893 |
| **03/31/24** | $14634033 | $10757873 | $15321182 |
| **06/30/24** | $13692873 | $10443837 | $15813909 |
| **09/30/24** | $15014502 | $11322171 | $16798972 |
| **12/31/24** | $14866239 | $11515095 | $17241340 |
| **03/31/25** | $13516807 | $10235103 | $16427217 |
| **06/30/25** | $14920216 | $11459797 | $18232769 |
| **09/30/25** | $15001182 | $12857175 | $19723513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | (0.09%) | 6.48% | 11.61% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3757267508 |
| # of Issuers | 58 |
| Portfolio Turnover Rate | 13%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $41285261 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Small Cap Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Vertiv Holdings Co. | 7.0% |
| Red Rock Resorts, Inc. | 4.9% |
| Kinsale Capital Group, Inc. | 4.8% |
| Guidewire Software, Inc. | 4.6% |
| Planet Fitness, Inc. | 3.2% |
| ICON plc | 3.0% |
| SiteOne Landscape Supply, Inc. | 3.0% |
| Gartner, Inc. | 3.0% |
| Kratos Defense & Security Solutions, Inc. | 2.9% |
| Houlihan Lokey, Inc. | 2.7% |
| Total | 39.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i206ebe64874f99226b7e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 31.3% |
| Information Technology | 20.6% |
| Consumer Discretionary | 16.3% |
| Financials | 11.7% |
| Health Care | 10.4% |
| Communication Services | 5.9% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Cash and Cash Equivalents | 1.0%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BSCUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Opportunity Fund

# Retail: BIOPX
This annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $149 | 1.31% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to outperform due to strong stock selection outside of the Magnificent Seven from various holdings in the Consumer Discretionary, Information Technology, and Industrials sectors. Style biases also contributed to the Fund's outperformance, with the principal drivers being higher exposure to the strong performing Residual Volatility, Beta, Momentum, and Growth factors.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i749f2042468e911ff6d4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10770 | $10709 | $10704 |
| **03/31/16** | $9929 | $10745 | $10849 |
| **06/30/16** | $10259 | $10831 | $11115 |
| **09/30/16** | $10919 | $11364 | $11543 |
| **12/31/16** | $10249 | $11501 | $11984 |
| **03/31/17** | $11787 | $12494 | $12711 |
| **06/30/17** | $13135 | $13075 | $13104 |
| **09/30/17** | $13575 | $13850 | $13691 |
| **12/31/17** | $14400 | $14903 | $14601 |
| **03/31/18** | $15722 | $15124 | $14490 |
| **06/30/18** | $17297 | $16013 | $14988 |
| **09/30/18** | $18653 | $17435 | $16143 |
| **12/31/18** | $15560 | $14588 | $13961 |
| **03/31/19** | $18882 | $16948 | $15866 |
| **06/30/19** | $20036 | $17711 | $16549 |
| **09/30/19** | $19122 | $17906 | $16830 |
| **12/31/19** | $21829 | $19817 | $18356 |
| **03/31/20** | $20359 | $16874 | $14759 |
| **06/30/20** | $28434 | $21597 | $17791 |
| **09/30/20** | $33512 | $24374 | $19380 |
| **12/31/20** | $41202 | $27399 | $21734 |
| **03/31/21** | $41542 | $27726 | $23076 |
| **06/30/21** | $45721 | $30881 | $25049 |
| **09/30/21** | $44764 | $31095 | $25194 |
| **12/31/21** | $46150 | $34481 | $27973 |
| **03/31/22** | $38730 | $31291 | $26686 |
| **06/30/22** | $28264 | $24774 | $22389 |
| **09/30/22** | $27583 | $23939 | $21296 |
| **12/31/22** | $26322 | $24493 | $22907 |
| **03/31/23** | $31020 | $27886 | $24624 |
| **06/30/23** | $36063 | $31364 | $26777 |
| **09/30/23** | $34222 | $30315 | $25900 |
| **12/31/23** | $39366 | $34587 | $28928 |
| **03/31/24** | $45369 | $38470 | $31982 |
| **06/30/24** | $47344 | $41469 | $33352 |
| **09/30/24** | $49230 | $42886 | $35315 |
| **12/31/24** | $55068 | $45813 | $36166 |
| **03/31/25** | $48455 | $41234 | $34621 |
| **06/30/25** | $59695 | $48471 | $38409 |
| **09/30/25** | $62896 | $53518 | $41530 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 27.76% | 13.42% | 20.19% |
| Russell 3000 Growth Index | 24.79% | 17.03% | 18.26% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1759298654 |
| # of Issuers | 48 |
| Portfolio Turnover Rate | 30%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $15352093 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 13.2% |
| Microsoft Corporation | 7.5% |
| Broadcom, Inc. | 6.4% |
| Amazon.com, Inc. | 6.1% |
| Tesla, Inc. | 6.0% |
| Spotify Technology SA | 4.9% |
| Meta Platforms, Inc. | 4.6% |
| Space Exploration Technologies Corp. | 4.5% |
| Eli Lilly & Co. | 2.5% |
| Argenx SE | 2.4% |
| Total | 58.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i7d13c0a42111a277d98f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 51.1% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.2% |
| Health Care | 9.2% |
| Industrials | 5.1% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Consumer Staples | 0.5% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Opportunity Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BIOPX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Opportunity Fund

# Institutional: BIOIX
This annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $120 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to outperform due to strong stock selection outside of the Magnificent Seven from various holdings in the Consumer Discretionary, Information Technology, and Industrials sectors. Style biases also contributed to the Fund's outperformance, with the principal drivers being higher exposure to the strong performing Residual Volatility, Beta, Momentum, and Growth factors.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i68dfbe2f684044272293.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1077247 | $1070884 | $1070425 |
| **03/31/16** | $993602 | $1074493 | $1084853 |
| **06/30/16** | $1027821 | $1083087 | $1111490 |
| **09/30/16** | $1094356 | $1136412 | $1154304 |
| **12/31/16** | $1028095 | $1150063 | $1198447 |
| **03/31/17** | $1183238 | $1249352 | $1271147 |
| **06/30/17** | $1319078 | $1307487 | $1310403 |
| **09/30/17** | $1364120 | $1384982 | $1369114 |
| **12/31/17** | $1448367 | $1490333 | $1460087 |
| **03/31/18** | $1581683 | $1512437 | $1449004 |
| **06/30/18** | $1742155 | $1601261 | $1498761 |
| **09/30/18** | $1878762 | $1743501 | $1614326 |
| **12/31/18** | $1569320 | $1458752 | $1396074 |
| **03/31/19** | $1905234 | $1694769 | $1586608 |
| **06/30/19** | $2023234 | $1771068 | $1654893 |
| **09/30/19** | $1931073 | $1790616 | $1682998 |
| **12/31/19** | $2206535 | $1981661 | $1835646 |
| **03/31/20** | $2059802 | $1687352 | $1475896 |
| **06/30/20** | $2879293 | $2159701 | $1779095 |
| **09/30/20** | $3395167 | $2437422 | $1937955 |
| **12/31/20** | $4176630 | $2739885 | $2173384 |
| **03/31/21** | $4213319 | $2772554 | $2307588 |
| **06/30/21** | $4640700 | $3088065 | $2504861 |
| **09/30/21** | $4546498 | $3109515 | $2519440 |
| **12/31/21** | $4690138 | $3448113 | $2797262 |
| **03/31/22** | $3938774 | $3129080 | $2668629 |
| **06/30/22** | $2877018 | $2477394 | $2238949 |
| **09/30/22** | $2808517 | $2393925 | $2129630 |
| **12/31/22** | $2681149 | $2449335 | $2290653 |
| **03/31/23** | $3162793 | $2788597 | $2462384 |
| **06/30/23** | $3678687 | $3136414 | $2677651 |
| **09/30/23** | $3493521 | $3031513 | $2590000 |
| **12/31/23** | $4021189 | $3458692 | $2892812 |
| **03/31/24** | $4637693 | $3846970 | $3198175 |
| **06/30/24** | $4843194 | $4146862 | $3335177 |
| **09/30/24** | $5039062 | $4288615 | $3531504 |
| **12/31/24** | $5639811 | $4581293 | $3616584 |
| **03/31/25** | $4964866 | $4123362 | $3462079 |
| **06/30/25** | $6120318 | $4847074 | $3840912 |
| **09/30/25** | $6453320 | $5351808 | $4152968 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 28.07% | 13.71% | 20.50% |
| Russell 3000 Growth Index | 24.79% | 17.03% | 18.26% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1759298654 |
| # of Issuers | 48 |
| Portfolio Turnover Rate | 30%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $15352093 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 13.2% |
| Microsoft Corporation | 7.5% |
| Broadcom, Inc. | 6.4% |
| Amazon.com, Inc. | 6.1% |
| Tesla, Inc. | 6.0% |
| Spotify Technology SA | 4.9% |
| Meta Platforms, Inc. | 4.6% |
| Space Exploration Technologies Corp. | 4.5% |
| Eli Lilly & Co. | 2.5% |
| Argenx SE | 2.4% |
| Total | 58.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ia9ae124b3599766633ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 51.1% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.2% |
| Health Care | 9.2% |
| Industrials | 5.1% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Consumer Staples | 0.5% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Opportunity Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BIOIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Opportunity Fund

# R6: BIOUX
This annual shareholder report contains important information about Baron Opportunity Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $119 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to outperform due to strong stock selection outside of the Magnificent Seven from various holdings in the Consumer Discretionary, Information Technology, and Industrials sectors. Style biases also contributed to the Fund's outperformance, with the principal drivers being higher exposure to the strong performing Residual Volatility, Beta, Momentum, and Growth factors.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190icbe22280db80604b201d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 3000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5386236 | $5354418 | $5352126 |
| **03/31/16** | $4968010 | $5372465 | $5424266 |
| **06/30/16** | $5139103 | $5415435 | $5557452 |
| **09/30/16** | $5474950 | $5682058 | $5771518 |
| **12/31/16** | $5140474 | $5750313 | $5992236 |
| **03/31/17** | $5919767 | $6246762 | $6355734 |
| **06/30/17** | $6598967 | $6537434 | $6552013 |
| **09/30/17** | $6824175 | $6924908 | $6845570 |
| **12/31/17** | $7245407 | $7451663 | $7300437 |
| **03/31/18** | $7916050 | $7562184 | $7245019 |
| **06/30/18** | $8718352 | $8006304 | $7493803 |
| **09/30/18** | $9401338 | $8717506 | $8071632 |
| **12/31/18** | $7849968 | $7293759 | $6980368 |
| **03/31/19** | $9533642 | $8473844 | $7933040 |
| **06/30/19** | $10123574 | $8855338 | $8274466 |
| **09/30/19** | $9667130 | $8953078 | $8414991 |
| **12/31/19** | $11039645 | $9908304 | $9178232 |
| **03/31/20** | $10310742 | $8436758 | $7379481 |
| **06/30/20** | $14407359 | $10798506 | $8895473 |
| **09/30/20** | $16986198 | $12187108 | $9689777 |
| **12/31/20** | $20902110 | $13699427 | $10866920 |
| **03/31/21** | $21085505 | $13862768 | $11537938 |
| **06/30/21** | $23221813 | $15440325 | $12524306 |
| **09/30/21** | $22750933 | $15547574 | $12597201 |
| **12/31/21** | $23468623 | $17240567 | $13986309 |
| **03/31/22** | $19713215 | $15645399 | $13343146 |
| **06/30/22** | $14395729 | $12386969 | $11194747 |
| **09/30/22** | $14053356 | $11969626 | $10648148 |
| **12/31/22** | $13416756 | $12246675 | $11453264 |
| **03/31/23** | $15824068 | $13942983 | $12311921 |
| **06/30/23** | $18407917 | $15682069 | $13388256 |
| **09/30/23** | $17477089 | $15157563 | $12950000 |
| **12/31/23** | $20119784 | $17293461 | $14464059 |
| **03/31/24** | $23201144 | $19234849 | $15990877 |
| **06/30/24** | $24228264 | $20734312 | $16675887 |
| **09/30/24** | $25212587 | $21443073 | $17657521 |
| **12/31/24** | $28220615 | $22906464 | $18082920 |
| **03/31/25** | $24841737 | $20616809 | $17310394 |
| **06/30/25** | $30627717 | $24235371 | $19204562 |
| **09/30/25** | $32292024 | $26759041 | $20764838 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 28.08% | 13.71% | 20.51% |
| Russell 3000 Growth Index | 24.79% | 17.03% | 18.26% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1759298654 |
| # of Issuers | 48 |
| Portfolio Turnover Rate | 30%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $15352093 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Opportunity Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 13.2% |
| Microsoft Corporation | 7.5% |
| Broadcom, Inc. | 6.4% |
| Amazon.com, Inc. | 6.1% |
| Tesla, Inc. | 6.0% |
| Spotify Technology SA | 4.9% |
| Meta Platforms, Inc. | 4.6% |
| Space Exploration Technologies Corp. | 4.5% |
| Eli Lilly & Co. | 2.5% |
| Argenx SE | 2.4% |
| Total | 58.0% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ia214091d8eddbadba5bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 51.1% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.2% |
| Health Care | 9.2% |
| Industrials | 5.1% |
| Financials | 4.9% |
| Real Estate | 2.2% |
| Consumer Staples | 0.5% |
| Unclassified | 0.2% |
| Cash and Cash Equivalents | 0.4%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Opportunity Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BIOUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Fifth Avenue Growth Fund

# Retail: BFTHX
This annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $114 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to modestly outperform largely due to solid stock selection from non-Magnificent Seven holdings in the Information Technology, Health Care, and Industrials sectors. The Fund also benefited from style-related tailwinds, specifically lower exposure to the poor performing Earnings Quality factor and higher exposure to the strong performing Beta and Residual Volatility factors.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i62abe3a688c1504df90b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10934 | $10732 | $10704 |
| **03/31/16** | $10390 | $10811 | $10849 |
| **06/30/16** | $10390 | $10878 | $11115 |
| **09/30/16** | $11443 | $11376 | $11543 |
| **12/31/16** | $10710 | $11491 | $11984 |
| **03/31/17** | $12330 | $12515 | $12711 |
| **06/30/17** | $13377 | $13099 | $13104 |
| **09/30/17** | $14216 | $13872 | $13691 |
| **12/31/17** | $15062 | $14963 | $14601 |
| **03/31/18** | $16168 | $15175 | $14490 |
| **06/30/18** | $17315 | $16048 | $14988 |
| **09/30/18** | $18344 | $17520 | $16143 |
| **12/31/18** | $15228 | $14736 | $13961 |
| **03/31/19** | $18066 | $17109 | $15866 |
| **06/30/19** | $19249 | $17903 | $16549 |
| **09/30/19** | $18983 | $18169 | $16830 |
| **12/31/19** | $20400 | $20099 | $18356 |
| **03/31/20** | $18452 | $17265 | $14759 |
| **06/30/20** | $25430 | $22071 | $17791 |
| **09/30/20** | $28390 | $24989 | $19380 |
| **12/31/20** | $30686 | $27836 | $21734 |
| **03/31/21** | $30185 | $28098 | $23076 |
| **06/30/21** | $34330 | $31451 | $25049 |
| **09/30/21** | $33822 | $31815 | $25194 |
| **12/31/21** | $34038 | $35517 | $27973 |
| **03/31/22** | $26869 | $32306 | $26686 |
| **06/30/22** | $18648 | $25547 | $22389 |
| **09/30/22** | $18100 | $24628 | $21296 |
| **12/31/22** | $16808 | $25169 | $22907 |
| **03/31/23** | $20103 | $28784 | $24624 |
| **06/30/23** | $23303 | $32472 | $26777 |
| **09/30/23** | $22478 | $31455 | $25900 |
| **12/31/23** | $26422 | $35910 | $28928 |
| **03/31/24** | $29736 | $40009 | $31982 |
| **06/30/24** | $31411 | $43344 | $33352 |
| **09/30/24** | $32514 | $44726 | $35315 |
| **12/31/24** | $36297 | $47888 | $36166 |
| **03/31/25** | $31410 | $43115 | $34621 |
| **06/30/25** | $39217 | $50806 | $38409 |
| **09/30/25** | $41483 | $56146 | $41530 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 27.58% | 7.88% | 15.29% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $762724353 |
| # of Issuers | 31 |
| Portfolio Turnover Rate | 19%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $4900757 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 12.7% |
| Meta Platforms, Inc. | 8.6% |
| Amazon.com, Inc. | 8.2% |
| Shopify, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.9% |
| Alphabet, Inc. | 4.9% |
| Tesla, Inc. | 4.3% |
| MercadoLibre, Inc. | 4.3% |
| Cloudflare, Inc. | 3.8% |
| KKR & Co., Inc. | 3.3% |
| Total | 60.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ia6689a1959649d5af644.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 44.0% |
| Consumer Discretionary | 19.5% |
| Communication Services | 14.5% |
| Health Care | 8.6% |
| Financials | 7.1% |
| Industrials | 1.5% |
| Cash and Cash Equivalents | 4.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Fifth Avenue Growth Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BFTHX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Fifth Avenue Growth Fund

# Institutional: BFTIX
This annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $85 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to modestly outperform largely due to solid stock selection from non-Magnificent Seven holdings in the Information Technology, Health Care, and Industrials sectors. The Fund also benefited from style-related tailwinds, specifically lower exposure to the poor performing Earnings Quality factor and higher exposure to the strong performing Beta and Residual Volatility factors.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190ib0626456a1c836ac8fdd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1094152 | $1073176 | $1070425 |
| **03/31/16** | $1040351 | $1081136 | $1084853 |
| **06/30/16** | $1041520 | $1087775 | $1111490 |
| **09/30/16** | $1147368 | $1137611 | $1154304 |
| **12/31/16** | $1074854 | $1149109 | $1198447 |
| **03/31/17** | $1238012 | $1251482 | $1271147 |
| **06/30/17** | $1343860 | $1309933 | $1310403 |
| **09/30/17** | $1429240 | $1387209 | $1369114 |
| **12/31/17** | $1515205 | $1496290 | $1460087 |
| **03/31/18** | $1627485 | $1517470 | $1449004 |
| **06/30/18** | $1744444 | $1604819 | $1498761 |
| **09/30/18** | $1849123 | $1751987 | $1614326 |
| **12/31/18** | $1536257 | $1473640 | $1396074 |
| **03/31/19** | $1823392 | $1710914 | $1586608 |
| **06/30/19** | $1943860 | $1790304 | $1654893 |
| **09/30/19** | $1918129 | $1816928 | $1682998 |
| **12/31/19** | $2062393 | $2009889 | $1835646 |
| **03/31/20** | $1866806 | $1726512 | $1475896 |
| **06/30/20** | $2574531 | $2207146 | $1779095 |
| **09/30/20** | $2875903 | $2498863 | $1937955 |
| **12/31/20** | $3110257 | $2783562 | $2173384 |
| **03/31/21** | $3061291 | $2809784 | $2307588 |
| **06/30/21** | $3484455 | $3145123 | $2504861 |
| **09/30/21** | $3434885 | $3181487 | $2519440 |
| **12/31/21** | $3459333 | $3551732 | $2797262 |
| **03/31/22** | $2732232 | $3230612 | $2668629 |
| **06/30/22** | $1897435 | $2554672 | $2238949 |
| **09/30/22** | $1842653 | $2462797 | $2129630 |
| **12/31/22** | $1712547 | $2516861 | $2290653 |
| **03/31/23** | $2049329 | $2878423 | $2462384 |
| **06/30/23** | $2377396 | $3247163 | $2677651 |
| **09/30/23** | $2294601 | $3145514 | $2590000 |
| **12/31/23** | $2698616 | $3591014 | $2892812 |
| **03/31/24** | $3039133 | $4000907 | $3198175 |
| **06/30/24** | $3212815 | $4334375 | $3335177 |
| **09/30/24** | $3327359 | $4472606 | $3531504 |
| **12/31/24** | $3717413 | $4788845 | $3616584 |
| **03/31/25** | $3218331 | $4311506 | $3462079 |
| **06/30/25** | $4020876 | $5080619 | $3840912 |
| **09/30/25** | $4250980 | $5614582 | $4152968 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 27.76% | 8.13% | 15.57% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $762724353 |
| # of Issuers | 31 |
| Portfolio Turnover Rate | 19%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $4900757 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 12.7% |
| Meta Platforms, Inc. | 8.6% |
| Amazon.com, Inc. | 8.2% |
| Shopify, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.9% |
| Alphabet, Inc. | 4.9% |
| Tesla, Inc. | 4.3% |
| MercadoLibre, Inc. | 4.3% |
| Cloudflare, Inc. | 3.8% |
| KKR & Co., Inc. | 3.3% |
| Total | 60.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ie21512477880c1d126dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 44.0% |
| Consumer Discretionary | 19.5% |
| Communication Services | 14.5% |
| Health Care | 8.6% |
| Financials | 7.1% |
| Industrials | 1.5% |
| Cash and Cash Equivalents | 4.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Fifth Avenue Growth Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BFTIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Fifth Avenue Growth Fund

# R6: BFTUX
This annual shareholder report contains important information about Baron Fifth Avenue Growth Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $85 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. Despite being meaningfully underexposed to the Magnificent Seven, the Fund managed to modestly outperform largely due to solid stock selection from non-Magnificent Seven holdings in the Information Technology, Health Care, and Industrials sectors. The Fund also benefited from style-related tailwinds, specifically lower exposure to the poor performing Earnings Quality factor and higher exposure to the strong performing Beta and Residual Volatility factors.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190idbd55d798ade906569c7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 1000 Growth Index** | **S&P 500 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5470760 | $5365880 | $5352126 |
| **03/31/16** | $5201754 | $5405679 | $5424266 |
| **06/30/16** | $5207602 | $5438873 | $5557452 |
| **09/30/16** | $5739766 | $5688057 | $5771518 |
| **12/31/16** | $5374269 | $5745544 | $5992236 |
| **03/31/17** | $6192982 | $6257408 | $6355734 |
| **06/30/17** | $6722222 | $6549665 | $6552013 |
| **09/30/17** | $7149123 | $6936047 | $6845570 |
| **12/31/17** | $7578947 | $7481450 | $7300437 |
| **03/31/18** | $8140351 | $7587350 | $7245019 |
| **06/30/18** | $8725146 | $8024097 | $7493803 |
| **09/30/18** | $9248538 | $8759935 | $8071632 |
| **12/31/18** | $7684211 | $7368200 | $6980368 |
| **03/31/19** | $9119883 | $8554569 | $7933040 |
| **06/30/19** | $9722222 | $8951518 | $8274466 |
| **09/30/19** | $9593567 | $9084639 | $8414991 |
| **12/31/19** | $10317897 | $10049446 | $9178232 |
| **03/31/20** | $9336959 | $8632558 | $7379481 |
| **06/30/20** | $12878564 | $11035732 | $8895473 |
| **09/30/20** | $14385415 | $12494315 | $9689777 |
| **12/31/20** | $15557175 | $13917808 | $10866920 |
| **03/31/21** | $15312347 | $14048918 | $11537938 |
| **06/30/21** | $17428147 | $15725616 | $12524306 |
| **09/30/21** | $17180296 | $15907436 | $12597201 |
| **12/31/21** | $17302541 | $17758660 | $13986309 |
| **03/31/22** | $13667109 | $16153060 | $13343146 |
| **06/30/22** | $9490097 | $12773362 | $11194747 |
| **09/30/22** | $9216195 | $12313987 | $10648148 |
| **12/31/22** | $8559451 | $12584306 | $11453264 |
| **03/31/23** | $10246441 | $14392114 | $12311921 |
| **06/30/23** | $11883631 | $16235815 | $13388256 |
| **09/30/23** | $11472777 | $15727568 | $12950000 |
| **12/31/23** | $13492808 | $17955068 | $14464059 |
| **03/31/24** | $15192248 | $20004537 | $15990877 |
| **06/30/24** | $16060643 | $21671874 | $16675887 |
| **09/30/24** | $16633348 | $22363032 | $17657521 |
| **12/31/24** | $18580467 | $23944225 | $18082920 |
| **03/31/25** | $16088233 | $21557532 | $17310394 |
| **06/30/25** | $20097751 | $25403094 | $19204562 |
| **09/30/25** | $21273333 | $28072912 | $20764838 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 27.90% | 8.14% | 15.58% |
| Russell 1000 Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $762724353 |
| # of Issuers | 31 |
| Portfolio Turnover Rate | 19%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid (Net of fees waived) | $4900757 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Fifth Avenue Growth Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 12.7% |
| Meta Platforms, Inc. | 8.6% |
| Amazon.com, Inc. | 8.2% |
| Shopify, Inc. | 5.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.9% |
| Alphabet, Inc. | 4.9% |
| Tesla, Inc. | 4.3% |
| MercadoLibre, Inc. | 4.3% |
| Cloudflare, Inc. | 3.8% |
| KKR & Co., Inc. | 3.3% |
| Total | 60.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190if6b73216e2667bde096b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 44.0% |
| Consumer Discretionary | 19.5% |
| Communication Services | 14.5% |
| Health Care | 8.6% |
| Financials | 7.1% |
| Industrials | 1.5% |
| Cash and Cash Equivalents | 4.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Fifth Avenue Growth Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BFTUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Discovery Fund

# Retail: BDFFX
This annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $144 | 1.33% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund outperformed over the first nine months before giving back a portion of the gains in the September quarter. Stock selection was the reason for the outperformance, with most of the strength coming from investments in Industrials and Communication Services. These gains were partly offset style-related headwinds owing to the "lower quality" nature of the market rally late in the period.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190i0262a52ff3fbcd5350f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10144 | $10432 | $10627 |
| **03/31/16** | $9712 | $9943 | $10730 |
| **06/30/16** | $10696 | $10266 | $11012 |
| **09/30/16** | $12324 | $11212 | $11496 |
| **12/31/16** | $12315 | $11613 | $11980 |
| **03/31/17** | $13749 | $12234 | $12668 |
| **06/30/17** | $15340 | $12771 | $13050 |
| **09/30/17** | $16150 | $13565 | $13647 |
| **12/31/17** | $16689 | $14187 | $14512 |
| **03/31/18** | $16468 | $14513 | $14418 |
| **06/30/18** | $19228 | $15563 | $14979 |
| **09/30/18** | $21878 | $16422 | $16046 |
| **12/31/18** | $16760 | $12866 | $13751 |
| **03/31/19** | $20044 | $15072 | $15682 |
| **06/30/19** | $20253 | $15486 | $16325 |
| **09/30/19** | $19260 | $14840 | $16514 |
| **12/31/19** | $21194 | $16531 | $18017 |
| **03/31/20** | $16961 | $12272 | $14251 |
| **06/30/20** | $23579 | $16025 | $17390 |
| **09/30/20** | $27991 | $17172 | $18992 |
| **12/31/20** | $35121 | $22256 | $21780 |
| **03/31/21** | $37722 | $23341 | $23162 |
| **06/30/21** | $39983 | $24256 | $25071 |
| **09/30/21** | $37958 | $22885 | $25045 |
| **12/31/21** | $36747 | $22887 | $27369 |
| **03/31/22** | $30726 | $19997 | $25924 |
| **06/30/22** | $23745 | $16147 | $21595 |
| **09/30/22** | $23734 | $16186 | $20630 |
| **12/31/22** | $23777 | $16855 | $22112 |
| **03/31/23** | $26431 | $17878 | $23700 |
| **06/30/23** | $27347 | $19139 | $25688 |
| **09/30/23** | $25877 | $17738 | $24852 |
| **12/31/23** | $29074 | $19999 | $27852 |
| **03/31/24** | $30385 | $21516 | $30642 |
| **06/30/24** | $27987 | $20888 | $31628 |
| **09/30/24** | $31770 | $22644 | $33598 |
| **12/31/24** | $33710 | $23030 | $34483 |
| **03/31/25** | $31610 | $20470 | $32854 |
| **06/30/25** | $36257 | $22920 | $36466 |
| **09/30/25** | $37259 | $25714 | $39447 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 17.28% | 5.89% | 14.06% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1900687203 |
| # of Issuers | 57 |
| Portfolio Turnover Rate | 41%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $16768319 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Exact Sciences Corp. | 3.8% |
| Mercury Systems, Inc. | 3.7% |
| Liberty Media Corporation-Liberty Live Cl C | 3.6% |
| Karman Holdings, Inc. | 3.2% |
| Kratos Defense & Security Solutions, Inc. | 3.0% |
| DraftKings, Inc. | 2.7% |
| Loar Holdings, Inc. | 2.6% |
| Dynatrace, Inc. | 2.5% |
| Advanced Energy Industries, Inc. | 2.5% |
| Wynn Resorts Ltd. | 2.4% |
| Total | 29.9% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ifd62c31121073702489a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.8% |
| Industrials | 21.1% |
| Health Care | 18.5% |
| Consumer Discretionary | 13.0% |
| Financials | 4.7% |
| Communication Services | 4.5% |
| Consumer Staples | 1.8% |
| Real Estate | 0.9% |
| Materials | 0.8% |
| Cash and Cash Equivalents | 4.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Discovery Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BDFFX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Discovery Fund

# Institutional: BDFIX
This annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $114 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund outperformed over the first nine months before giving back a portion of the gains in the September quarter. Stock selection was the reason for the outperformance, with most of the strength coming from investments in Industrials and Communication Services. These gains were partly offset style-related headwinds owing to the "lower quality" nature of the market rally late in the period.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190ibd473d0ec7806b0fae8b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $1000000 | $1000000 | $1000000 |
| **12/31/15** | $1015206 | $1043197 | $1062696 |
| **03/31/16** | $972272 | $994344 | $1072987 |
| **06/30/16** | $1071038 | $1026571 | $1101213 |
| **09/30/16** | $1235813 | $1121235 | $1149641 |
| **12/31/16** | $1235813 | $1161266 | $1198033 |
| **03/31/17** | $1380449 | $1223379 | $1266840 |
| **06/30/17** | $1540647 | $1277072 | $1305041 |
| **09/30/17** | $1623950 | $1356483 | $1364699 |
| **12/31/17** | $1678664 | $1418680 | $1451184 |
| **03/31/18** | $1657566 | $1451301 | $1441831 |
| **06/30/18** | $1936426 | $1556267 | $1497902 |
| **09/30/18** | $2204279 | $1642223 | $1604611 |
| **12/31/18** | $1689353 | $1286630 | $1375117 |
| **03/31/19** | $2022479 | $1507221 | $1568230 |
| **06/30/19** | $2044226 | $1548639 | $1632451 |
| **09/30/19** | $1945376 | $1484013 | $1651428 |
| **12/31/19** | $2142969 | $1653108 | $1801664 |
| **03/31/20** | $1715365 | $1227186 | $1425123 |
| **06/30/20** | $2386465 | $1602509 | $1739043 |
| **09/30/20** | $2835846 | $1717217 | $1899164 |
| **12/31/20** | $3560074 | $2225617 | $2177993 |
| **03/31/21** | $3826133 | $2334120 | $2316228 |
| **06/30/21** | $4058423 | $2425559 | $2507081 |
| **09/30/21** | $3854786 | $2288451 | $2504531 |
| **12/31/21** | $3734245 | $2288708 | $2736889 |
| **03/31/22** | $3125654 | $1999703 | $2592425 |
| **06/30/22** | $2417399 | $1614674 | $2159458 |
| **09/30/22** | $2417399 | $1618579 | $2063049 |
| **12/31/22** | $2422700 | $1685462 | $2211217 |
| **03/31/23** | $2694127 | $1787815 | $2369989 |
| **06/30/23** | $2790611 | $1913901 | $2568755 |
| **09/30/23** | $2641114 | $1773831 | $2485173 |
| **12/31/23** | $2969796 | $1999942 | $2785179 |
| **03/31/24** | $3105509 | $2151575 | $3064236 |
| **06/30/24** | $2863769 | $2088767 | $3162782 |
| **09/30/24** | $3251826 | $2264434 | $3359794 |
| **12/31/24** | $3453275 | $2303019 | $3448268 |
| **03/31/25** | $3240163 | $2047021 | $3285443 |
| **06/30/25** | $3718341 | $2291959 | $3646554 |
| **09/30/25** | $3824367 | $2571435 | $3944703 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 17.61% | 6.16% | 14.36% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1900687203 |
| # of Issuers | 57 |
| Portfolio Turnover Rate | 41%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $16768319 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Exact Sciences Corp. | 3.8% |
| Mercury Systems, Inc. | 3.7% |
| Liberty Media Corporation-Liberty Live Cl C | 3.6% |
| Karman Holdings, Inc. | 3.2% |
| Kratos Defense & Security Solutions, Inc. | 3.0% |
| DraftKings, Inc. | 2.7% |
| Loar Holdings, Inc. | 2.6% |
| Dynatrace, Inc. | 2.5% |
| Advanced Energy Industries, Inc. | 2.5% |
| Wynn Resorts Ltd. | 2.4% |
| Total | 29.9% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i94a89b39dbde4722f565.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.8% |
| Industrials | 21.1% |
| Health Care | 18.5% |
| Consumer Discretionary | 13.0% |
| Financials | 4.7% |
| Communication Services | 4.5% |
| Consumer Staples | 1.8% |
| Real Estate | 0.9% |
| Materials | 0.8% |
| Cash and Cash Equivalents | 4.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Discovery Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BDFIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Discovery Fund

# R6: BDFUX
This annual shareholder report contains important information about Baron Discovery Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $114 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
For much of the year-long period, the Magnificent Seven mega-cap names dominated returns while small caps lagged. This trend paused late in the period when small caps rallied in response to the increased likelihood of Federal Reserve rate cuts and the potential beginning of an extended easing cycle. The Fund outperformed over the first nine months before giving back a portion of the gains in the September quarter. Stock selection was the reason for the outperformance, with most of the strength coming from investments in Industrials and Communication Services. These gains were partly offset style-related headwinds owing to the "lower quality" nature of the market rally late in the period.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g57190ibeef9c485b3c0ceb2f16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 2000 Growth Index** | **Russell 3000 Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **12/31/15** | $5076029 | $5215983 | $5313482 |
| **03/31/16** | $4861360 | $4971721 | $5364935 |
| **06/30/16** | $5355189 | $5132854 | $5506064 |
| **09/30/16** | $6179064 | $5606177 | $5748204 |
| **12/31/16** | $6179064 | $5806328 | $5990166 |
| **03/31/17** | $6902244 | $6116895 | $6334199 |
| **06/30/17** | $7703233 | $6385358 | $6525206 |
| **09/30/17** | $8119748 | $6782416 | $6823494 |
| **12/31/17** | $8394419 | $7093398 | $7255921 |
| **03/31/18** | $8288915 | $7256507 | $7209154 |
| **06/30/18** | $9683398 | $7781337 | $7489509 |
| **09/30/18** | $11022835 | $8211115 | $8023055 |
| **12/31/18** | $8447873 | $6433151 | $6875587 |
| **03/31/19** | $10113720 | $7536104 | $7841152 |
| **06/30/19** | $10222470 | $7743194 | $8162254 |
| **09/30/19** | $9728153 | $7420063 | $8257140 |
| **12/31/19** | $10716246 | $8265538 | $9008322 |
| **03/31/20** | $8582897 | $6135929 | $7125613 |
| **06/30/20** | $11933889 | $8012543 | $8695213 |
| **09/30/20** | $14181084 | $8586086 | $9495821 |
| **12/31/20** | $17807631 | $11128082 | $10889964 |
| **03/31/21** | $19138087 | $11670602 | $11581140 |
| **06/30/21** | $20294559 | $12127794 | $12535404 |
| **09/30/21** | $19281366 | $11442257 | $12522655 |
| **12/31/21** | $18678776 | $11443538 | $13684446 |
| **03/31/22** | $15630154 | $9998516 | $12962124 |
| **06/30/22** | $12088450 | $8073371 | $10797292 |
| **09/30/22** | $12088450 | $8092897 | $10315243 |
| **12/31/22** | $12114960 | $8427312 | $11056085 |
| **03/31/23** | $13477562 | $8939076 | $11849945 |
| **06/30/23** | $13954737 | $9569507 | $12843774 |
| **09/30/23** | $13212464 | $8869153 | $12425866 |
| **12/31/23** | $14850767 | $9999712 | $13925893 |
| **03/31/24** | $15529417 | $10757873 | $15321182 |
| **06/30/24** | $14320572 | $10443837 | $15813909 |
| **09/30/24** | $16261086 | $11322171 | $16798972 |
| **12/31/24** | $17268457 | $11515095 | $17241340 |
| **03/31/25** | $16202765 | $10235103 | $16427217 |
| **06/30/25** | $18599247 | $11459797 | $18232769 |
| **09/30/25** | $19129442 | $12857175 | $19723513 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 17.64% | 6.17% | 14.36% |
| Russell 2000 Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term. The Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1900687203 |
| # of Issuers | 57 |
| Portfolio Turnover Rate | 41%<sup>Footnote Reference#</sup> |
| Total Advisory Fees Paid | $16768319 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Excludes impact of in-kind transactions. |

---

# Baron Discovery Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| Exact Sciences Corp. | 3.8% |
| Mercury Systems, Inc. | 3.7% |
| Liberty Media Corporation-Liberty Live Cl C | 3.6% |
| Karman Holdings, Inc. | 3.2% |
| Kratos Defense & Security Solutions, Inc. | 3.0% |
| DraftKings, Inc. | 2.7% |
| Loar Holdings, Inc. | 2.6% |
| Dynatrace, Inc. | 2.5% |
| Advanced Energy Industries, Inc. | 2.5% |
| Wynn Resorts Ltd. | 2.4% |
| Total | 29.9% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i0329ed7655d7ac2eba14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.8% |
| Industrials | 21.1% |
| Health Care | 18.5% |
| Consumer Discretionary | 13.0% |
| Financials | 4.7% |
| Communication Services | 4.5% |
| Consumer Staples | 1.8% |
| Real Estate | 0.9% |
| Materials | 0.8% |
| Cash and Cash Equivalents | 4.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Discovery Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BDFUX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Durable Advantage Fund

# Retail: BDAFX
This annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $103 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. The Fund was unable to distance itself from the benchmark because favorable impacts from active sector weights were offset by disappointing stock selection. The Fund benefited from being underexposed to the lagging Health Care, Consumer Staples, Materials, and Energy sectors. Stock selection was negative overall because standout performance in Information Technology and Real Estate was undone by weakness in the Financials, Health Care, Industrials, and Consumer Discretionary sectors.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g57190id7df384e13e1544a2b12.jpg)

---

| | | |
|:---|:---|:---|
| | **Retail** | **S&P 500 Index** |
| **12/29/17** | $10000 | $10000 |
| **3/31/18** | $10130 | $9924 |
| **6/30/18** | $10310 | $10265 |
| **9/30/18** | $10740 | $11056 |
| **12/31/18** | $9252 | $9562 |
| **3/31/19** | $10617 | $10867 |
| **6/30/19** | $11460 | $11334 |
| **9/30/19** | $11811 | $11527 |
| **12/31/19** | $13025 | $12572 |
| **3/31/20** | $10938 | $10108 |
| **6/30/20** | $13357 | $12185 |
| **9/30/20** | $14539 | $13273 |
| **12/31/20** | $15645 | $14885 |
| **3/31/21** | $16097 | $15804 |
| **6/30/21** | $18207 | $17156 |
| **9/30/21** | $18576 | $17255 |
| **12/31/21** | $20619 | $19158 |
| **3/31/22** | $18481 | $18277 |
| **6/30/22** | $15577 | $15334 |
| **9/30/22** | $14781 | $14586 |
| **12/31/22** | $15467 | $15688 |
| **3/31/23** | $17937 | $16865 |
| **6/30/23** | $19842 | $18339 |
| **9/30/23** | $19711 | $17739 |
| **12/31/23** | $22444 | $19813 |
| **3/31/24** | $24874 | $21904 |
| **6/30/24** | $26155 | $22842 |
| **9/30/24** | $27617 | $24187 |
| **12/31/24** | $28476 | $24770 |
| **3/31/25** | $26459 | $23711 |
| **6/30/25** | $30573 | $26306 |
| **9/30/25** | $32267 | $28443 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Retail | 16.84% | 17.28% | 16.32% |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $525302013 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of fees waived) | $3030260 |

---

# Baron Durable Advantage Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 8.1% |
| Meta Platforms, Inc. | 8.0% |
| Amazon.com, Inc. | 6.8% |
| Broadcom, Inc. | 6.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.1% |
| Microsoft Corporation | 5.5% |
| Alphabet, Inc. | 5.4% |
| Monolithic Power Systems, Inc. | 4.3% |
| Visa, Inc. | 4.1% |
| S&P Global, Inc. | 3.6% |
| Total | 58.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i4e88ecc5b0b3ef4bd1c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.3% |
| Financials | 30.8% |
| Communication Services | 13.4% |
| Consumer Discretionary | 7.8% |
| Industrials | 4.9% |
| Real Estate | 4.0% |
| Health Care | 3.6% |
| Consumer Staples | 1.1% |
| Cash and Cash Equivalents | 0.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Durable Advantage Fund

#### Annual Shareholder Report - September 30, 2025

# Retail: BDAFX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Durable Advantage Fund

# Institutional: BDAIX
This annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $76 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. The Fund was unable to distance itself from the benchmark because favorable impacts from active sector weights were offset by disappointing stock selection. The Fund benefited from being underexposed to the lagging Health Care, Consumer Staples, Materials, and Energy sectors. Stock selection was negative overall because standout performance in Information Technology and Real Estate was undone by weakness in the Financials, Health Care, Industrials, and Consumer Discretionary sectors.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g57190i037a81832c26039f03fb.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **S&P 500 Index** |
| **12/29/17** | $1000000 | $1000000 |
| **3/31/18** | $1013000 | $992409 |
| **6/30/18** | $1032000 | $1026487 |
| **9/30/18** | $1076000 | $1105637 |
| **12/31/18** | $927226 | $956158 |
| **3/31/19** | $1064704 | $1086653 |
| **6/30/19** | $1150001 | $1133421 |
| **9/30/19** | $1186127 | $1152670 |
| **12/31/19** | $1308553 | $1257217 |
| **3/31/20** | $1099827 | $1010827 |
| **6/30/20** | $1343675 | $1218485 |
| **9/30/20** | $1462968 | $1327287 |
| **12/31/20** | $1574499 | $1488530 |
| **3/31/21** | $1621724 | $1580445 |
| **6/30/21** | $1834739 | $1715556 |
| **9/30/21** | $1873695 | $1725541 |
| **12/31/21** | $2080936 | $1915818 |
| **3/31/22** | $1866189 | $1827719 |
| **6/30/22** | $1573809 | $1533435 |
| **9/30/22** | $1495169 | $1458563 |
| **12/31/22** | $1564735 | $1568846 |
| **3/31/23** | $1815778 | $1686464 |
| **6/30/23** | $2009354 | $1833898 |
| **9/30/23** | $1998264 | $1773866 |
| **12/31/23** | $2276890 | $1981259 |
| **3/31/24** | $2524158 | $2190400 |
| **6/30/24** | $2655362 | $2284231 |
| **9/30/24** | $2806751 | $2418694 |
| **12/31/24** | $2894886 | $2476964 |
| **3/31/25** | $2691576 | $2371145 |
| **6/30/25** | $3112356 | $2630605 |
| **9/30/25** | $3287344 | $2844328 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Institutional | 17.12% | 17.58% | 16.60% |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $525302013 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of fees waived) | $3030260 |

---

# Baron Durable Advantage Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 8.1% |
| Meta Platforms, Inc. | 8.0% |
| Amazon.com, Inc. | 6.8% |
| Broadcom, Inc. | 6.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.1% |
| Microsoft Corporation | 5.5% |
| Alphabet, Inc. | 5.4% |
| Monolithic Power Systems, Inc. | 4.3% |
| Visa, Inc. | 4.1% |
| S&P Global, Inc. | 3.6% |
| Total | 58.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190ie1b33fd6bffbd08a875a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.3% |
| Financials | 30.8% |
| Communication Services | 13.4% |
| Consumer Discretionary | 7.8% |
| Industrials | 4.9% |
| Real Estate | 4.0% |
| Health Care | 3.6% |
| Consumer Staples | 1.1% |
| Cash and Cash Equivalents | 0.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Durable Advantage Fund

#### Annual Shareholder Report - September 30, 2025

# Institutional: BDAIX
![Image](g57190i5bd070a317b9675c0c79.jpg)

#### Annual Shareholder Report - September 30, 2025

# Baron Durable Advantage Fund

# R6: BDAUX
This annual shareholder report contains important information about Baron Durable Advantage Fund (the Fund) for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $76 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap growth stocks led the market higher in the period, with the Magnificent Seven continuing to dominate market returns thanks to escalating investor enthusiasm around the AI secular growth theme. The Fund was unable to distance itself from the benchmark because favorable impacts from active sector weights were offset by disappointing stock selection. The Fund benefited from being underexposed to the lagging Health Care, Consumer Staples, Materials, and Energy sectors. Stock selection was negative overall because standout performance in Information Technology and Real Estate was undone by weakness in the Financials, Health Care, Industrials, and Consumer Discretionary sectors.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmark
![Growth of 10K Chart](g57190ife343b843aa11bdd1ca1.jpg)

---

| | | |
|:---|:---|:---|
| | **R6** | **S&P 500 Index** |
| **12/29/17** | $5000000 | $5000000 |
| **3/31/18** | $5065000 | $4962045 |
| **6/30/18** | $5160000 | $5132435 |
| **9/30/18** | $5375000 | $5528185 |
| **12/31/18** | $4636130 | $4780788 |
| **3/31/19** | $5323522 | $5433264 |
| **6/30/19** | $5750006 | $5667103 |
| **9/30/19** | $5930634 | $5763348 |
| **12/31/19** | $6542764 | $6286085 |
| **3/31/20** | $5499133 | $5054136 |
| **6/30/20** | $6718375 | $6092425 |
| **9/30/20** | $7314841 | $6636436 |
| **12/31/20** | $7872497 | $7442650 |
| **3/31/21** | $8108621 | $7902225 |
| **6/30/21** | $9173694 | $8577778 |
| **9/30/21** | $9363447 | $8627704 |
| **12/31/21** | $10404682 | $9579091 |
| **3/31/22** | $9330943 | $9138595 |
| **6/30/22** | $7869045 | $7667176 |
| **9/30/22** | $7470804 | $7292816 |
| **12/31/22** | $7823676 | $7844232 |
| **3/31/23** | $9078892 | $8432318 |
| **6/30/23** | $10046769 | $9169490 |
| **9/30/23** | $9991318 | $8869332 |
| **12/31/23** | $11384447 | $9906297 |
| **3/31/24** | $12625837 | $10952000 |
| **6/30/24** | $13281855 | $11421157 |
| **9/30/24** | $14033754 | $12093469 |
| **12/31/24** | $14479487 | $12384821 |
| **3/31/25** | $13462939 | $11855725 |
| **6/30/25** | $15566840 | $13153023 |
| **9/30/25** | $16436722 | $14221641 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| R6 | 17.12% | 17.58% | 16.60% |
| S&P 500 Index | 17.60% | 16.47% | 14.44% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, 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.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $525302013 |
| # of Issuers | 30 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of fees waived) | $3030260 |

---

# Baron Durable Advantage Fund
September 30, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (9/30/25)\*** |
| NVIDIA Corp. | 8.1% |
| Meta Platforms, Inc. | 8.0% |
| Amazon.com, Inc. | 6.8% |
| Broadcom, Inc. | 6.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.1% |
| Microsoft Corporation | 5.5% |
| Alphabet, Inc. | 5.4% |
| Monolithic Power Systems, Inc. | 4.3% |
| Visa, Inc. | 4.1% |
| S&P Global, Inc. | 3.6% |
| Total | 58.2% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g57190i7b948ab1a0d10809119f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 34.3% |
| Financials | 30.8% |
| Communication Services | 13.4% |
| Consumer Discretionary | 7.8% |
| Industrials | 4.9% |
| Real Estate | 4.0% |
| Health Care | 3.6% |
| Consumer Staples | 1.1% |
| Cash and Cash Equivalents | 0.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g57190i75dd6d7e48e03df0507d.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g57190i5bd070a317b9675c0c79.jpg)

# Baron Durable Advantage Fund

#### Annual Shareholder Report - September 30, 2025

# R6: BDAUX

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"). Upon request, the Registrant will provide a copy of the Code to any person without charge. To obtain a copy of the Code, please send your request to info@BaronCapitalGroup.com or call 1-800-99BARON (1-800-992-2766).

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that the Registrant has three audit committee financial experts serving on its Audit Committee, Alex Yemenidjian, Thomas J. Folliard, and Marvelle Sullivan. Mr. Yemenidjian, Mr. Folliard, and Ms. Sullivan are "independent" for purposes of Item 3(a)(2) of Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

The following table shows the fees paid to PricewaterhouseCoopers, LLP, the Registrant's principal accounting firm during the fiscal years ended September 30, 2025 and September 30, 2024:

(a) Audit Fees: for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings or engagements:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Investment Funds Trust | $353900 | $378400 |

---

(b) Audit-Related Fees: for assurance and related services that are reasonably related to the performance of the audit and are not included as Audit Fees:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Investment Funds Trust | $0 | $0 |

---

(c) Tax Fees: for professional services rendered for tax compliance, tax advice and tax planning:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Investment Funds Trust | $98242 | $104587 |

---

The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

(d) All Other Fees: for products and services provided by such accounting firm that are not included in (a), (b) or (c) above:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Investment Funds Trust | $0 | $0 |

---

e) <u>Audit Committee Pre-Approval Policies and Procedures</u> 

(1) Pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X and to its charter, the Audit Committee shall pre-approve all audit and non-audit services provided by the independent auditors and in connection therewith to review and evaluate the qualifications, independence and performance of the Fund's independent auditors;

(2) 0% of the services described in each of items 4(b) through 4(d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Investment Funds Trust | $98242 | $104587 |

---

(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

------

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Alex Yemenidjian, Thomas J. Folliard, and Marvelle Sullivan.

Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information is disclosed as part of the Financial Statements and Other Important Information included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

Baron Asset Fund

Baron Growth Fund

Baron Small Cap Fund

Baron Opportunity Fund

Baron Fifth Avenue Growth Fund

Baron Discovery Fund

Baron Durable Advantage Fund

September 30, 2025

## Baron Funds<sup>®</sup>

## Baron Investment Funds Trust

## Annual Financial Statements

## and Other Important Information

---

| | |
|:---|:---|
| Baron Asset Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BARAX Institutional Shares: BARIX R6 Shares: BARUX* |  |
| Baron Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BGRFX Institutional Shares: BGRIX R6 Shares: BGRUX* |  |
| Baron Small Cap Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BSCFX Institutional Shares: BSFIX R6 Shares: BSCUX* |  |
| Baron Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BIOPX Institutional Shares: BIOIX R6 Shares: BIOUX* |  |
| Baron Fifth Avenue Growth Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFTHX Institutional Shares: BFTIX R6 Shares: BFTUX* |  |
| Baron Discovery Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BDFFX Institutional Shares: BDFIX R6 Shares: BDFUX* |  |
| Baron Durable Advantage Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BDAFX Institutional Shares: BDAIX R6 Shares: BDAUX* |  |
| Financial Statements |  |
| [Portfolios of Investments](#cov57190_1) | 2 |
| [Statements of Assets and Liabilities](#cov57190_2) | 13 |
| [Statements of Operations](#cov57190_3) | 15 |
| [Statements of Changes in Net Assets](#cov57190_4) | 17 |
| [Notes to Financial Statements](#cov57190_5) | 20 |
| [Financial Highlights](#cov57190_6) | 33 |
| [Report of Independent Registered Public Accounting Firm](#cov57190_10) | 40 |
| [Tax Information (Unaudited)](#cov57190_11) | 41 |
| [Changes in and Disagreements with Accountants](#cov57190_7) | 42 |
| [Results of Meeting(s) of Shareholders](#cov57190_8) | 42 |
| [Remuneration Paid to Directors, Officers, and Others](#cov57190_9) | 42 |
| [Disclosure Regarding the Approval of the Investment Advisory Agreements by the Board of Trustees](#cov57190_12) | 43 |

---

DEAR BARON INVESTMENT FUNDS TRUST SHAREHOLDER:

In this report, you will find audited financial statements for Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund (the Funds) for the year ended September 30, 2025.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g57190rbaron_sig158.jpg) <br>| ![LOGO](g57190g01k07.jpg) <br>| ![LOGO](g57190g25i74.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> November 25, 2025 | Patrick M. Patalino<br> Chief Operating Officer<br> November 25, 2025 | Christopher Snively<br> Chief Financial Officer and Treasurer<br> November 25, 2025 |

---

These Annual Financial Statements are for the Baron Investment Funds Trust, which currently has seven series: Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund. If you are interested in Baron Select Funds, which contains the Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund<sup>1</sup>, Baron India Fund, and Baron Technology Fund<sup>2</sup>, please visit the Funds' website at BaronCapitalGroup.com or contact us at 1-800-99BARON.

The Funds' Proxy Voting Policy is available without charge and can be found on the Funds' website at BaronCapitalGroup.com, by clicking on the "Regulatory Documents" link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the SEC's website at sec.gov. The Funds' most current proxy voting record, Form N-PX, is also available on the Funds' website and on the Securities and Exchange Commission's (SEC) website.

The Funds file their complete Portfolios of Investments with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at sec.gov. Portfolios of Investments current to the most recent first and third quarters are also available on the Funds' website.

**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. For more complete information about Baron Funds, including charges and expenses, call, write or go to BaronCapitalGroup.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds' current prospectus or summary prospectus.

<sup>1</sup> Effective on or about December 12, 2025, Baron FinTech Fund will be reorganized into the Baron Financals ETF and will be offered as a series of the Baron ETF Trust.

<sup>2</sup> Effective on or about December 12, 2025, Baron Technology Fund will be reorganized into the Baron Technology ETF and will be offered as a series of the Baron ETF Trust.

![LOGO](g57190g22m01.jpg)

------

Baron Asset Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (88.43%) | Common Stocks (88.43%) | Common Stocks (88.43%) | Common Stocks (88.43%) |
| Communication Services (2.49%) | Communication Services (2.49%) | Communication Services (2.49%) | Communication Services (2.49%) |
|  | **Advertising (0.65%)** | **Advertising (0.65%)** | **Advertising (0.65%)** |
| 500000 | The Trade Desk, Inc., Cl A<sup>1</sup> | $11173716 | $24505000 |
|  | **Movies & Entertainment (1.84%)** | **Movies & Entertainment (1.84%)** | **Movies & Entertainment (1.84%)** |
| 100000 | Spotify Technology SA<sup>1,2</sup> | 24563323 | 69800000 |
| **Total Communication Services** | **Total Communication Services** | 35737039 | 94305000 |
| Consumer Discretionary (9.41%) | Consumer Discretionary (9.41%) | Consumer Discretionary (9.41%) | Consumer Discretionary (9.41%) |
|  | **Casinos & Gaming (0.81%)** | **Casinos & Gaming (0.81%)** | **Casinos & Gaming (0.81%)** |
| 825000 | DraftKings, Inc., Cl A<sup>1</sup> | 33704322 | 30855000 |
|  | **Education Services (0.47%)** | **Education Services (0.47%)** | **Education Services (0.47%)** |
| 55000 | Duolingo, Inc.<sup>1</sup> | 17197613 | 17701200 |
|  | **Footwear (1.72%)** | **Footwear (1.72%)** | **Footwear (1.72%)** |
| 366069 | Birkenstock Holding PLC<sup>1,2</sup> | 16813908 | 16564622 |
| 1147000 | On Holding AG, Cl A<sup>1,2</sup> | 35496144 | 48575450 |
|  |  | 52310052 | 65140072 |
|  | **Home Improvement<br>Retail (0.68%)** | **Home Improvement<br>Retail (0.68%)** | **Home Improvement<br>Retail (0.68%)** |
| 350000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 30525145 | 25795000 |
|  | **Hotels, Resorts & Cruise<br>Lines (3.44%)** | **Hotels, Resorts & Cruise<br>Lines (3.44%)** | **Hotels, Resorts & Cruise<br>Lines (3.44%)** |
| 478442 | Choice Hotels International, Inc. | 2051052 | 51150234 |
| 31000 | Hilton Worldwide Holdings, Inc. | 6489341 | 8042640 |
| 500233 | Hyatt Hotels Corp., Cl A | 13700166 | 70998070 |
|  |  | 22240559 | 130190944 |
|  | **Leisure Facilities (1.51%)** | **Leisure Facilities (1.51%)** | **Leisure Facilities (1.51%)** |
| 381538 | Vail Resorts, Inc. | 7358829 | 57066638 |
|  | **Specialized Consumer Services (0.78%)** | **Specialized Consumer Services (0.78%)** | **Specialized Consumer Services (0.78%)** |
| 778700 | StubHub Holdings, Inc., Cl A<sup>1</sup> | 18279267 | 13113308 |
| 988065 | StubHub Holdings, Inc., Cl A<sup>1,3</sup> | 50000041 | 16639015 |
|  |  | 68279308 | 29752323 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 231615828 | 356501177 |
| Financials (11.59%) | Financials (11.59%) | Financials (11.59%) | Financials (11.59%) |
|  | **Financial Exchanges &<br>Data (3.90%)** | **Financial Exchanges &<br>Data (3.90%)** | **Financial Exchanges &<br>Data (3.90%)** |
| 162719 | FactSet Research Systems, Inc. | 8640434 | 46617367 |
| 156000 | Morningstar, Inc. | 32512227 | 36193560 |
| 53000 | MSCI, Inc. | 19223355 | 30072730 |
| 316189 | Tradeweb Markets, Inc., Cl A | 12240920 | 35090655 |
|  |  | 72616936 | 147974312 |
|  | **Insurance Brokers (0.77%)** | **Insurance Brokers (0.77%)** | **Insurance Brokers (0.77%)** |
| 84421 | Willis Towers Watson PLC<sup>2</sup> | 10305610 | 29163234 |
|  | **Investment Banking &<br>Brokerage (3.03%)** | **Investment Banking &<br>Brokerage (3.03%)** | **Investment Banking &<br>Brokerage (3.03%)** |
| 1028164 | The Charles Schwab Corp. | 906976 | 98158817 |
| 50000 | LPL Financial Holdings, Inc. | 19152950 | 16634500 |
|  |  | 20059926 | 114793317 |
|  | **Property & Casualty<br>Insurance (3.89%)** | **Property & Casualty<br>Insurance (3.89%)** | **Property & Casualty<br>Insurance (3.89%)** |
| 1623277 | Arch Capital Group Ltd.<sup>1,2</sup> | 5854305 | 147279922 |
| **Total Financials** | **Total Financials** | 108836777 | 439210785 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (14.70%) | Health Care (14.70%) | Health Care (14.70%) | Health Care (14.70%) |
|  | **Health Care Equipment (6.25%)** | **Health Care Equipment (6.25%)** | **Health Care Equipment (6.25%)** |
| 371001 | IDEXX Laboratories, Inc.<sup>1</sup> | $6995157 | $237028829 |
|  | **Health Care Supplies (1.11%)** | **Health Care Supplies (1.11%)** | **Health Care Supplies (1.11%)** |
| 611198 | The Cooper Companies, Inc.<sup>1</sup> | 23501499 | 41903735 |
|  | **Health Care Technology (2.06%)** | **Health Care Technology (2.06%)** | **Health Care Technology (2.06%)** |
| 261648 | Veeva Systems, Inc., Cl A<sup>1</sup> | 14521022 | 77947556 |
|  | **Life Sciences Tools &<br>Services (5.28%)** | **Life Sciences Tools &<br>Services (5.28%)** | **Life Sciences Tools &<br>Services (5.28%)** |
| 711944 | Bio-Techne Corporation | 17046600 | 39605445 |
| 103117 | Mettler-Toledo International, Inc.<sup>1</sup> | 5963943 | 126587460 |
| 129404 | West Pharmaceutical Services, Inc. | 5506342 | 33946551 |
|  |  | 28516885 | 200139456 |
| **Total Health Care** | **Total Health Care** | 73534563 | 557019576 |
| Industrials (17.07%) | Industrials (17.07%) | Industrials (17.07%) | Industrials (17.07%) |
|  | **Aerospace & Defense (2.00%)** | **Aerospace & Defense (2.00%)** | **Aerospace & Defense (2.00%)** |
| 50000 | Axon Enterprise, Inc.<sup>1</sup> | 9959466 | 35882000 |
| 500000 | Loar Holdings, Inc.<sup>1</sup> | 36498008 | 40000000 |
|  |  | 46457474 | 75882000 |
|  | **Construction &<br>Engineering (3.12%)** | **Construction &<br>Engineering (3.12%)** | **Construction &<br>Engineering (3.12%)** |
| 285000 | Quanta Services, Inc. | 47697751 | 118109700 |
|  | **Data Processing &<br>Outsourced Services (0.94%)** | **Data Processing &<br>Outsourced Services (0.94%)** | **Data Processing &<br>Outsourced Services (0.94%)** |
| 403076 | SS&C Technologies Holdings, Inc. | 10805708 | 35777026 |
|  | **Electrical Components &<br>Equipment (1.06%)** | **Electrical Components &<br>Equipment (1.06%)** | **Electrical Components &<br>Equipment (1.06%)** |
| 265000 | Vertiv Holdings Co., Cl A | 23133490 | 39977900 |
|  | **Environmental &<br>Facilities Services (1.77%)** | **Environmental &<br>Facilities Services (1.77%)** | **Environmental &<br>Facilities Services (1.77%)** |
| 1140418 | Rollins, Inc. | 14573249 | 66988153 |
|  | **Human Resource &<br>Employment Services (0.81%)** | **Human Resource &<br>Employment Services (0.81%)** | **Human Resource &<br>Employment Services (0.81%)** |
| 448093 | Dayforce, Inc.<sup>1</sup> | 22414820 | 30869127 |
|  | **Industrial Machinery &<br>Supplies & Components (0.82%)** | **Industrial Machinery &<br>Supplies & Components (0.82%)** | **Industrial Machinery &<br>Supplies & Components (0.82%)** |
| 190760 | IDEX Corp. | 13439466 | 31048098 |
|  | **Research & Consulting<br>Services (6.55%)** | **Research & Consulting<br>Services (6.55%)** | **Research & Consulting<br>Services (6.55%)** |
| 200000 | Booz Allen Hamilton Holding Corp. | 22670902 | 19990000 |
| 725500 | TransUnion | 30419913 | 60782390 |
| 666346 | Verisk Analytics, Inc. | 16130609 | 167592682 |
|  |  | 69221424 | 248365072 |
| **Total Industrials** | **Total Industrials** | 247743382 | 647017076 |

---

2 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Asset Fund

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (24.90%) | Information Technology (24.90%) | Information Technology (24.90%) | Information Technology (24.90%) |
|  | **Application Software (13.07%)** | **Application Software (13.07%)** | **Application Software (13.07%)** |
| 65000 | Fair Isaac Corp.<sup>1</sup> | $24864701 | $97274450 |
| 887425 | Guidewire Software, Inc.<sup>1</sup> | 44278865 | 203983511 |
| 500000 | Procore Technologies, Inc.<sup>1</sup> | 36356998 | 36460000 |
| 200692 | Roper Technologies, Inc. | 16800920 | 100083093 |
| 850000 | Samsara, Inc., Cl A<sup>1</sup> | 33416962 | 31662500 |
| 256493 | ServiceTitan, Inc., Cl A<sup>1</sup> | 20395336 | 25862189 |
|  |  | 176113782 | 495325743 |
|  | **Electronic Components (5.33%)** | **Electronic Components (5.33%)** | **Electronic Components (5.33%)** |
| 1633000 | Amphenol Corp., Cl A | 38430247 | 202083750 |
|  | **Internet Services &<br>Infrastructure (0.51%)** | **Internet Services &<br>Infrastructure (0.51%)** | **Internet Services &<br>Infrastructure (0.51%)** |
| 69173 | Verisign, Inc. | 3076958 | 19338696 |
|  | **IT Consulting &<br>Other Services (4.70%)** | **IT Consulting &<br>Other Services (4.70%)** | **IT Consulting &<br>Other Services (4.70%)** |
| 677323 | Gartner, Inc.<sup>1</sup> | 13806354 | 178047897 |
|  | **Systems Software (0.34%)** | **Systems Software (0.34%)** | **Systems Software (0.34%)** |
| 586717 | SailPoint, Inc.<sup>1,4</sup> | 13377788 | 12954711 |
|  | **Technology<br>Distributors (0.95%)** | **Technology<br>Distributors (0.95%)** | **Technology<br>Distributors (0.95%)** |
| 226363 | CDW Corp. | 13601532 | 36055099 |
| **Total Information Technology** | **Total Information Technology** | 258406661 | 943805896 |
| Real Estate (8.27%) | Real Estate (8.27%) | Real Estate (8.27%) | Real Estate (8.27%) |
|  | **Data Center REITs (0.95%)** | **Data Center REITs (0.95%)** | **Data Center REITs (0.95%)** |
| 46116 | Equinix, Inc. | 2965261 | 36119896 |
|  | **Health Care REITs (0.85%)** | **Health Care REITs (0.85%)** | **Health Care REITs (0.85%)** |
| 180000 | Welltower, Inc. | 24381415 | 32065200 |
|  | **Real Estate Services (6.47%)** | **Real Estate Services (6.47%)** | **Real Estate Services (6.47%)** |
| 496323 | CBRE Group, Inc., Cl A<sup>1</sup> | 5552580 | 78200652 |
| 1979901 | CoStar Group, Inc.<sup>1</sup> | 39551950 | 167044247 |
|  |  | 45104530 | 245244899 |
| **Total Real Estate** | **Total Real Estate** | 72451206 | 313429995 |
| **Total Common Stocks** | **Total Common Stocks** | 1028325456 | 3351289505 |

---

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Private Common Stocks (0.91%) | Private Common Stocks (0.91%) | Private Common Stocks (0.91%) |
| Industrials (0.91%) | Industrials (0.91%) | Industrials (0.91%) |
|  | **Aerospace & Defense (0.91%)** | **Aerospace & Defense (0.91%)** |
| 92406 Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | $7115262 | $19590072 |
| 69932 Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,5</sup> | 5384764 | 14825584 |
| **Total Private Common Stocks** | 12500026 | 34415656 |
| Private Preferred Stocks (8.81%) | Private Preferred Stocks (8.81%) | Private Preferred Stocks (8.81%) |
| Communication Services (3.22%) | Communication Services (3.22%) | Communication Services (3.22%) |
|  | **Interactive Media &<br>Services (3.22%)** | **Interactive Media &<br>Services (3.22%)** |
| 3341687 X.AI Holdings Corp., Cl B<sup>1,3,4,5</sup> | 39999993 | 122172077 |
| Industrials (5.59%) | Industrials (5.59%) | Industrials (5.59%) |
|  | **Aerospace & Defense (5.59%)** | **Aerospace & Defense (5.59%)** |
| 277529 Skyryse, Inc., Series C<sup>1,3,4,5</sup> | 7499999 | 7499999 |
| 96298 Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,5</sup> | 26000460 | 204151760 |
| **Total Industrials** | 33500459 | 211651759 |
| **Total Private Preferred Stocks** | 73500452 | 333823836 |
| Total Investments (98.15%) | $1114325934 | 3719528997 |
| Cash and Other Assets Less Liabilities (1.85%) | Cash and Other Assets Less Liabilities (1.85%) | 70171378 |
| Net Assets |  | $3789700375 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities amounted to $384,878,507 or 10.16% of net assets. See Note 6 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 3

------

Baron Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (98.00%) | Common Stocks (98.00%) | Common Stocks (98.00%) | Common Stocks (98.00%) |
| Consumer Discretionary (17.09%) | Consumer Discretionary (17.09%) | Consumer Discretionary (17.09%) | Consumer Discretionary (17.09%) |
|  | **Apparel, Accessories &<br>Luxury Goods (1.67%)** | **Apparel, Accessories &<br>Luxury Goods (1.67%)** | **Apparel, Accessories &<br>Luxury Goods (1.67%)** |
| 12368569 | Figs, Inc., Cl A<sup>1</sup> | $87745510 | $82745727 |
|  | **Casinos & Gaming (2.90%)** | **Casinos & Gaming (2.90%)** | **Casinos & Gaming (2.90%)** |
| 2347802 | Red Rock Resorts, Inc., Cl A | 61849524 | 143356790 |
|  | **Hotels, Resorts &<br>Cruise Lines (6.48%)** | **Hotels, Resorts &<br>Cruise Lines (6.48%)** | **Hotels, Resorts &<br>Cruise Lines (6.48%)** |
| 3000000 | Choice Hotels International, Inc.<sup>4</sup> | 75582685 | 320730000 |
|  | **Leisure Facilities (6.04%)** | **Leisure Facilities (6.04%)** | **Leisure Facilities (6.04%)** |
| 2000000 | Vail Resorts, Inc.<sup>4</sup> | 56102209 | 299140000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **281279928** | **845972517** |
| Financials (54.19%) | Financials (54.19%) | Financials (54.19%) | Financials (54.19%) |
|  | **Asset Management &<br>Custody Banks (1.90%)** | **Asset Management &<br>Custody Banks (1.90%)** | **Asset Management &<br>Custody Banks (1.90%)** |
| 1429400 | Cohen & Steers, Inc. | 31167753 | 93782934 |
|  | **Financial Exchanges &<br>Data (21.89%)** | **Financial Exchanges &<br>Data (21.89%)** | **Financial Exchanges &<br>Data (21.89%)** |
| 700000 | FactSet Research Systems, Inc. | 35537023 | 200543000 |
| 920000 | Morningstar, Inc. | 18727699 | 213449200 |
| 1180000 | MSCI, Inc. | 21297386 | 669543800 |
|  |  | 75562108 | 1083536000 |
|  | **Investment Banking &<br>Brokerage (2.37%)** | **Investment Banking &<br>Brokerage (2.37%)** | **Investment Banking &<br>Brokerage (2.37%)** |
| 450000 | Houlihan Lokey, Inc. | 19625873 | 92394000 |
| 350000 | Moelis & Co., Cl A | 3209979 | 24962000 |
|  |  | 22835852 | 117356000 |
|  | **Life & Health<br>Insurance (6.11%)** | **Life & Health<br>Insurance (6.11%)** | **Life & Health<br>Insurance (6.11%)** |
| 1090000 | Primerica, Inc. | 23045123 | 302573100 |
|  | **Property & Casualty<br>Insurance (21.92%)** | **Property & Casualty<br>Insurance (21.92%)** | **Property & Casualty<br>Insurance (21.92%)** |
| 7690000 | Arch Capital Group Ltd.<sup>1,2</sup> | 24103691 | 697713700 |
| 910000 | Kinsale Capital Group, Inc. | 29951420 | 386986600 |
|  |  | 54055111 | 1084700300 |
| **Total Financials** | **Total Financials** | **206665947** | **2681948334** |
| Health Care (6.20%) | Health Care (6.20%) | Health Care (6.20%) | Health Care (6.20%) |
|  | **Health Care Equipment (3.87%)** | **Health Care Equipment (3.87%)** | **Health Care Equipment (3.87%)** |
| 300000 | IDEXX Laboratories, Inc.<sup>1</sup> | 4166402 | 191667000 |
|  | **Health Care Supplies (0.15%)** | **Health Care Supplies (0.15%)** | **Health Care Supplies (0.15%)** |
| 1342434 | Neogen Corp.<sup>1</sup> | 17026471 | 7665298 |
|  | **Life Sciences Tools &<br>Services (2.18%)** | **Life Sciences Tools &<br>Services (2.18%)** | **Life Sciences Tools &<br>Services (2.18%)** |
| 1100000 | Bio-Techne Corporation | 14186431 | 61193000 |
| 38000 | Mettler-Toledo International, Inc.<sup>1</sup> | 1741642 | 46649180 |
|  |  | 15928073 | 107842180 |
| **Total Health Care** | **Total Health Care** | **37120946** | **307174478** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (10.08%) | Information Technology (10.08%) | Information Technology (10.08%) | Information Technology (10.08%) |
|  | **Application Software (3.71%)** | **Application Software (3.71%)** | **Application Software (3.71%)** |
| 305000 | Clearwater Analytics Holdings, Inc., Cl A<sup>1</sup> | $4682008 | $5496100 |
| 775500 | Guidewire Software, Inc.<sup>1</sup> | 23378359 | 178256430 |
|  |  | 28060367 | 183752530 |
|  | **IT Consulting & Other<br>Services (6.37%)** | **IT Consulting & Other<br>Services (6.37%)** | **IT Consulting & Other<br>Services (6.37%)** |
| 1200000 | Gartner, Inc.<sup>1</sup> | 16543497 | 315444000 |
| **Total Information Technology** | **Total Information Technology** | 44603864 | 499196530 |
| Real Estate (10.44%) | Real Estate (10.44%) | Real Estate (10.44%) | Real Estate (10.44%) |
|  | **Other Specialized REITs (2.83%)** | **Other Specialized REITs (2.83%)** | **Other Specialized REITs (2.83%)** |
| 3000000 | Gaming and Leisure Properties, Inc. | 61400883 | 139830000 |
|  | **Real Estate Services (7.61%)** | **Real Estate Services (7.61%)** | **Real Estate Services (7.61%)** |
| 4465000 | CoStar Group, Inc.<sup>1</sup> | 18613805 | 376712050 |
| **Total Real Estate** | **Total Real Estate** | 80014688 | 516542050 |
| **Total Common Stocks** | **Total Common Stocks** | 649685373 | 4850833909 |
| Private Common Stocks (0.02%) | Private Common Stocks (0.02%) | Private Common Stocks (0.02%) | Private Common Stocks (0.02%) |
| Unclassified (0.02%) | Unclassified (0.02%) | Unclassified (0.02%) | Unclassified (0.02%) |
|  | **Unclassified (0.02%)** | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
| 422278 | Farmers Business Network, Inc.<sup>1,3,5,6,8</sup> | 16300002 | 785437 |
| Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) |
| Unclassified (0.00%) | Unclassified (0.00%) | Unclassified (0.00%) | Unclassified (0.00%) |
|  | **Unclassified (0.00%)** | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
| 59407006 | Northvolt AB (Sweden)<sup>1,2,3,5,7,8</sup> | 9374988 | 0 |
| Total Investments (98.02%) | Total Investments (98.02%) | $675360363 | 4851619346 |
| Cash and Other Assets Less Liabilities (1.98%) | Cash and Other Assets Less Liabilities (1.98%) | Cash and Other Assets Less Liabilities (1.98%) | 97814319 |
| Net Assets | Net Assets |  | $4949433665 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities amounted to $785,437 or 0.02% of net assets. See Note 6 regarding Restricted Securities. 

<sup>4</sup> See Note 4 regarding "Affiliated" companies.

<sup>5</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>6</sup> The Adviser reclassified sector and sub-industry to Unclassified due to ongoing principal business activity restructuring.

<sup>7</sup> The Adviser reclassified sector and sub-industry to Unclassified as a result of the company declaring bankruptcy and no longer having a principal business activity.

<sup>8</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

4 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Small Cap Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (99.01%) | Common Stocks (99.01%) | Common Stocks (99.01%) | Common Stocks (99.01%) |
| Communication Services (5.93%) | Communication Services (5.93%) | Communication Services (5.93%) | Communication Services (5.93%) |
|  | **Advertising (0.78%)** | **Advertising (0.78%)** | **Advertising (0.78%)** |
| 600000 | The Trade Desk, Inc., Cl A<sup>1</sup> | $2130000 | $29406000 |
|  | **Movies & Entertainment (5.15%)** | **Movies & Entertainment (5.15%)** | **Movies & Entertainment (5.15%)** |
| 900000 | Liberty Media Corp.-Liberty<br>Formula One, Cl C<sup>1</sup> | 15481364 | 94005000 |
| 500000 | Liberty Media Corporation-Liberty<br>Live Cl C<sup>1</sup> | 21574666 | 48485000 |
| 225000 | Madison Square Garden Sports Corp.<sup>1</sup> | 8416556 | 51075000 |
|  |  | 45472586 | 193565000 |
| **Total Communication Services** | **Total Communication Services** | **47602586** | **222971000** |
| Consumer Discretionary (16.29%) | Consumer Discretionary (16.29%) | Consumer Discretionary (16.29%) | Consumer Discretionary (16.29%) |
|  | **Automotive Parts &<br>Equipment (0.27%)** | **Automotive Parts &<br>Equipment (0.27%)** | **Automotive Parts &<br>Equipment (0.27%)** |
| 3250000 | Holley, Inc.<sup>1</sup> | 15612642 | 10205000 |
|  | **Casinos & Gaming (5.75%)** | **Casinos & Gaming (5.75%)** | **Casinos & Gaming (5.75%)** |
| 875000 | DraftKings, Inc., Cl A<sup>1</sup> | 11187787 | 32725000 |
| 3000000 | Red Rock Resorts, Inc., Cl A | 88857958 | 183180000 |
|  |  | 100045745 | 215905000 |
|  | **Education Services (2.09%)** | **Education Services (2.09%)** | **Education Services (2.09%)** |
| 725000 | Bright Horizons Family Solutions, Inc.<sup>1</sup> | 31922423 | 78713250 |
|  | **Home Improvement Retail (0.88%)** | **Home Improvement Retail (0.88%)** | **Home Improvement Retail (0.88%)** |
| 450000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 14749690 | 33165000 |
|  | **Homebuilding (2.30%)** | **Homebuilding (2.30%)** | **Homebuilding (2.30%)** |
| 350000 | Installed Building Products, Inc. | 13854997 | 86331000 |
|  | **Leisure Facilities (3.18%)** | **Leisure Facilities (3.18%)** | **Leisure Facilities (3.18%)** |
| 1150000 | Planet Fitness, Inc., Cl A<sup>1</sup> | 47029230 | 119370000 |
|  | **Restaurants (1.82%)** | **Restaurants (1.82%)** | **Restaurants (1.82%)** |
| 1250000 | The Cheesecake Factory, Inc. | 30023502 | 68300000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **253238229** | **611989250** |
| Consumer Staples (1.87%) | Consumer Staples (1.87%) | Consumer Staples (1.87%) | Consumer Staples (1.87%) |
|  | **Personal Care Products (1.87%)** | **Personal Care Products (1.87%)** | **Personal Care Products (1.87%)** |
| 1125000 | Oddity Tech Ltd., Cl A<sup>1,2</sup> | **41428946** | **70087500** |
| Financials (11.73%) | Financials (11.73%) | Financials (11.73%) | Financials (11.73%) |
|  | **Asset Management &<br>Custody Banks (0.71%)** | **Asset Management &<br>Custody Banks (0.71%)** | **Asset Management &<br>Custody Banks (0.71%)** |
| 2200000 | GCM Grosvenor, Inc., Cl A | 24160896 | 26554000 |
|  | **Insurance Brokers (2.73%)** | **Insurance Brokers (2.73%)** | **Insurance Brokers (2.73%)** |
| 1200000 | Accelerant Holdings, Cl A<sup>1,2</sup> | 26436576 | 17868000 |
| 3000000 | Baldwin Insurance Group, Inc. Cl A<sup>1</sup> | 46953071 | 84630000 |
|  |  | 73389647 | 102498000 |
|  | **Investment Banking &<br>Brokerage (2.73%)** | **Investment Banking &<br>Brokerage (2.73%)** | **Investment Banking &<br>Brokerage (2.73%)** |
| 500000 | Houlihan Lokey, Inc. | 23001811 | 102660000 |
|  | **Property & Casualty Insurance (5.04%)** | **Property & Casualty Insurance (5.04%)** | **Property & Casualty Insurance (5.04%)** |
| 425000 | Kinsale Capital Group, Inc. | 59991815 | 180735500 |
| 441521 | Neptune Insurance Holdings, Inc., Cl A<sup>1</sup> | 8830420 | 8830420 |
|  |  | 68822235 | 189565920 |
|  | **Transaction & Payment<br>Processing Services (0.52%)** | **Transaction & Payment<br>Processing Services (0.52%)** | **Transaction & Payment<br>Processing Services (0.52%)** |
| 3750000 | Repay Holdings Corporation<sup>1</sup> | 32041410 | 19612500 |
| **Total Financials** | **Total Financials** | **221415999** | **440890420** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (10.41%) | Health Care (10.41%) | Health Care (10.41%) | Health Care (10.41%) |
|  | **Health Care Equipment (1.54%)** | **Health Care Equipment (1.54%)** | **Health Care Equipment (1.54%)** |
| 265000 | DexCom, Inc.<sup>1</sup> | $878801 | $17831850 |
| 190000 | Inspire Medical Systems, Inc.<sup>1</sup> | 9493281 | 14098000 |
| 250000 | Integer Holdings Corp.<sup>1</sup> | 25576323 | 25832500 |
|  |  | 35948405 | 57762350 |
|  | **Health Care Services (2.30%)** | **Health Care Services (2.30%)** | **Health Care Services (2.30%)** |
| 600000 | Hinge Health, Inc., Cl A<sup>1</sup> | 20066580 | 29448000 |
| 750000 | RadNet, Inc.<sup>1</sup> | 44042531 | 57157500 |
|  |  | 64109111 | 86605500 |
|  | **Health Care Supplies (0.84%)** | **Health Care Supplies (0.84%)** | **Health Care Supplies (0.84%)** |
| 5500000 | Neogen Corp.<sup>1</sup> | 58747291 | 31405000 |
|  | **Life Sciences Tools &<br>Services (3.84%)** | **Life Sciences Tools &<br>Services (3.84%)** | **Life Sciences Tools &<br>Services (3.84%)** |
| 650000 | ICON plc<sup>1,2</sup> | 27743341 | 113750000 |
| 25000 | Mettler-Toledo International, Inc.<sup>1</sup> | 1205243 | 30690250 |
|  |  | 28948584 | 144440250 |
|  | **Managed Health Care (1.89%)** | **Managed Health Care (1.89%)** | **Managed Health Care (1.89%)** |
| 750000 | HealthEquity, Inc.<sup>1</sup> | 12292452 | 71077500 |
| **Total Health Care** | **Total Health Care** | 200045843 | 391290600 |
| Industrials (31.27%) | Industrials (31.27%) | Industrials (31.27%) | Industrials (31.27%) |
|  | **Aerospace & Defense (7.18%)** | **Aerospace & Defense (7.18%)** | **Aerospace & Defense (7.18%)** |
| 850000 | Karman Holdings, Inc.<sup>1</sup> | 22158746 | 61370000 |
| 1200000 | Kratos Defense & Security<br>Solutions, Inc.<sup>1</sup> | 21657284 | 109644000 |
| 75000 | TransDigm Group, Inc.<sup>1</sup> | 0 | 98851500 |
|  |  | 43816030 | 269865500 |
|  | **Building Products (1.44%)** | **Building Products (1.44%)** | **Building Products (1.44%)** |
| 2750000 | Janus International Group, Inc.<sup>1</sup> | 25953585 | 27142500 |
| 525000 | Trex Co., Inc.<sup>1</sup> | 18023818 | 27126750 |
|  |  | 43977403 | 54269250 |
|  | **Construction &<br>Engineering (1.03%)** | **Construction &<br>Engineering (1.03%)** | **Construction &<br>Engineering (1.03%)** |
| 1250000 | Legence Corp., Cl A<sup>1</sup> | 35000000 | 38512500 |
|  | **Diversified Support Services (2.14%)** | **Diversified Support Services (2.14%)** | **Diversified Support Services (2.14%)** |
| 5000000 | Driven Brands Holdings, Inc.<sup>1</sup> | 90115067 | 80550000 |
|  | **Electrical Components &<br>Equipment (7.03%)** | **Electrical Components &<br>Equipment (7.03%)** | **Electrical Components &<br>Equipment (7.03%)** |
| 1750000 | Vertiv Holdings Co., Cl A | 18860324 | 264005000 |
|  | **Environmental &<br>Facilities Services (0.94%)** | **Environmental &<br>Facilities Services (0.94%)** | **Environmental &<br>Facilities Services (0.94%)** |
| 200000 | Waste Connections, Inc.<sup>2</sup> | 8733333 | 35160000 |
|  | **Human Resource &<br>Employment Services (1.54%)** | **Human Resource &<br>Employment Services (1.54%)** | **Human Resource &<br>Employment Services (1.54%)** |
| 3750000 | First Advantage Corp.<sup>1</sup> | 60629977 | 57712500 |
|  | **Industrial Machinery &<br>Supplies & Components (6.42%)** | **Industrial Machinery &<br>Supplies & Components (6.42%)** | **Industrial Machinery &<br>Supplies & Components (6.42%)** |
| 200000 | Enpro, Inc. | 34459729 | 45200000 |
| 700000 | JBT Marel Corp. | 63192030 | 98315000 |
| 250000 | RBC Bearings, Inc.<sup>1</sup> | 27992037 | 97572500 |
|  |  | 125643796 | 241087500 |
|  | **Research & Consulting<br>Services (0.55%)** | **Research & Consulting<br>Services (0.55%)** | **Research & Consulting<br>Services (0.55%)** |
| 300000 | Exponent, Inc. | 22851915 | 20844000 |
|  | **Trading Companies &<br>Distributors (3.00%)** | **Trading Companies &<br>Distributors (3.00%)** | **Trading Companies &<br>Distributors (3.00%)** |
| 875000 | SiteOne Landscape Supply, Inc.<sup>1</sup> | 33566364 | 112700000 |
| **Total Industrials** | **Total Industrials** | 483194209 | 1174706250 |

---

See Notes to Financial Statements. 5

------

Baron Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (20.63%) | Information Technology (20.63%) | Information Technology (20.63%) | Information Technology (20.63%) |
|  | **Application Software (9.15%)** | **Application Software (9.15%)** | **Application Software (9.15%)** |
| 3250000 | Clearwater Analytics<br>Holdings, Inc., Cl A<sup>1</sup> | $60623312 | $58565000 |
| 750000 | Guidewire Software, Inc.<sup>1</sup> | 19187566 | 172395000 |
| 1700000 | Intapp, Inc.<sup>1</sup> | 66231698 | 69530000 |
| 1600000 | nCino, Inc.<sup>1</sup> | 51018174 | 43376000 |
|  |  | 197060750 | 343866000 |
|  | **Electric Equipment (1.00%)** | **Electric Equipment (1.00%)** | **Electric Equipment (1.00%)** |
| 950000 | PAR Technology Corp.<sup>1</sup> | 59213961 | 37601000 |
|  | **Electronic Equipment &<br>Instruments (3.40%)** | **Electronic Equipment &<br>Instruments (3.40%)** | **Electronic Equipment &<br>Instruments (3.40%)** |
| 1900000 | Cognex Corp. | 39755701 | 86070000 |
| 500000 | Mirion Technologies, Inc.<sup>1</sup> | 10929550 | 11630000 |
| 300000 | Novanta, Inc.<sup>1,2</sup> | 33907963 | 30045000 |
|  |  | 84593214 | 127745000 |
|  | **IT Consulting & Other<br>Services (5.17%)** | **IT Consulting & Other<br>Services (5.17%)** | **IT Consulting & Other<br>Services (5.17%)** |
| 1250000 | ASGN, Inc.<sup>1</sup> | 27559666 | 59187500 |
| 425000 | Gartner, Inc.<sup>1</sup> | 5502186 | 111719750 |
| 3000000 | Grid Dynamics Holdings, Inc.<sup>1</sup> | 36322597 | 23130000 |
|  |  | 69384449 | 194037250 |
|  | **Semiconductors (0.65%)** | **Semiconductors (0.65%)** | **Semiconductors (0.65%)** |
| 6000000 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 37247069 | 24420000 |
|  | **Systems Software (1.26%)** | **Systems Software (1.26%)** | **Systems Software (1.26%)** |
| 1000000 | JFrog Ltd.<sup>1,2</sup> | 31388826 | 47330000 |
| **Total Information Technology** | **Total Information Technology** | **478888269** | **774999250** |
| Materials (0.88%) | Materials (0.88%) | Materials (0.88%) | Materials (0.88%) |
|  | **Specialty Chemicals (0.88%)** | **Specialty Chemicals (0.88%)** | **Specialty Chemicals (0.88%)** |
| 1000000 | Avient Corp. | **29173593** | **32950000** |
| Total Investments (99.01%) | Total Investments (99.01%) | $1754987674 | 3719884270 |
| Cash and Other Assets Less Liabilities (0.99%) | Cash and Other Assets Less Liabilities (0.99%) | Cash and Other Assets Less Liabilities (0.99%) | 37383238 |
| Net Assets | Net Assets |  | $3757267508 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

All securities are Level 1, unless otherwise noted.

6 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Opportunity Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (93.58%) | Common Stocks (93.58%) | Common Stocks (93.58%) | Common Stocks (93.58%) |
| Communication Services (10.93%) | Communication Services (10.93%) | Communication Services (10.93%) | Communication Services (10.93%) |
|  | **Advertising (1.50%)** | **Advertising (1.50%)** | **Advertising (1.50%)** |
| 536010 | The Trade Desk, Inc., Cl A<sup>1</sup> | $30344784 | $26269850 |
|  | **Interactive Media & Services (4.57%)** | **Interactive Media & Services (4.57%)** | **Interactive Media & Services (4.57%)** |
| 109500 | Meta Platforms, Inc., Cl A | 20892362 | 80414610 |
|  | **Movies & Entertainment (4.86%)** | **Movies & Entertainment (4.86%)** | **Movies & Entertainment (4.86%)** |
| 122500 | Spotify Technology SA<sup>1,2</sup> | 37316491 | 85505000 |
| **Total Communication Services** | **Total Communication Services** | **88553637** | **192189460** |
| Consumer Discretionary (14.05%) | Consumer Discretionary (14.05%) | Consumer Discretionary (14.05%) | Consumer Discretionary (14.05%) |
|  | **Automobile Manufacturers (6.05%)** | **Automobile Manufacturers (6.05%)** | **Automobile Manufacturers (6.05%)** |
| 239200 | Tesla, Inc.<sup>1</sup> | 15546000 | 106377024 |
|  | **Broadline Retail (6.06%)** | **Broadline Retail (6.06%)** | **Broadline Retail (6.06%)** |
| 485500 | Amazon.com, Inc.<sup>1</sup> | 29742116 | 106601235 |
|  | **Casinos & Gaming (0.86%)** | **Casinos & Gaming (0.86%)** | **Casinos & Gaming (0.86%)** |
| 405000 | DraftKings, Inc., Cl A<sup>1</sup> | 12760168 | 15147000 |
|  | **Education Services (1.08%)** | **Education Services (1.08%)** | **Education Services (1.08%)** |
| 58900 | Duolingo, Inc.<sup>1</sup> | 15107173 | 18956376 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **73155457** | **247081635** |
| Consumer Staples (0.48%) | Consumer Staples (0.48%) | Consumer Staples (0.48%) | Consumer Staples (0.48%) |
|  | **Personal Care Products (0.48%)** | **Personal Care Products (0.48%)** | **Personal Care Products (0.48%)** |
| 136700 | Oddity Tech Ltd., Cl A<sup>1,2</sup> | **8281370** | **8516410** |
| Financials (4.94%) | Financials (4.94%) | Financials (4.94%) | Financials (4.94%) |
|  | **Investment Banking &<br>Brokerage (1.18%)** | **Investment Banking &<br>Brokerage (1.18%)** | **Investment Banking &<br>Brokerage (1.18%)** |
| 62500 | LPL Financial Holdings, Inc. | 20717576 | 20793125 |
|  | **Transaction & Payment<br>Processing Services (3.76%)** | **Transaction & Payment<br>Processing Services (3.76%)** | **Transaction & Payment<br>Processing Services (3.76%)** |
| 56400 | Mastercard, Incorporated, Cl A | 12019014 | 32080884 |
| 99800 | Visa, Inc., Cl A | 15336164 | 34069724 |
|  |  | 27355178 | 66150608 |
| **Total Financials** | **Total Financials** | **48072754** | **86943733** |
| Health Care (9.24%) | Health Care (9.24%) | Health Care (9.24%) | Health Care (9.24%) |
|  | **Biotechnology (3.58%)** | **Biotechnology (3.58%)** | **Biotechnology (3.58%)** |
| 244000 | Arcellx, Inc.<sup>1</sup> | 15864812 | 20032400 |
| 58139 | argenx SE, ADR<sup>1,2</sup> | 6119397 | 42881001 |
|  |  | 21984209 | 62913401 |
|  | **Health Care Equipment (1.04%)** | **Health Care Equipment (1.04%)** | **Health Care Equipment (1.04%)** |
| 41105 | Intuitive Surgical, Inc.<sup>1</sup> | 4585816 | 18383389 |
|  | **Health Care Services (0.84%)** | **Health Care Services (0.84%)** | **Health Care Services (0.84%)** |
| 301785 | Hinge Health, Inc., Cl A<sup>1</sup> | 10440040 | 14811608 |
|  | **Health Care Technology (0.33%)** | **Health Care Technology (0.33%)** | **Health Care Technology (0.33%)** |
| 171530 | HeartFlow, Inc.<sup>1</sup> | 3259070 | 5773700 |
|  | **Life Sciences Tools &<br>Services (0.97%)** | **Life Sciences Tools &<br>Services (0.97%)** | **Life Sciences Tools &<br>Services (0.97%)** |
| 311000 | Exact Sciences Corp.<sup>1,4</sup> | 16708353 | 17014810 |
|  | **Pharmaceuticals (2.48%)** | **Pharmaceuticals (2.48%)** | **Pharmaceuticals (2.48%)** |
| 57300 | Eli Lilly & Co. | 43844979 | 43719900 |
| **Total Health Care** | **Total Health Care** | **100822467** | **162616808** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Industrials (0.59%) | Industrials (0.59%) | Industrials (0.59%) | Industrials (0.59%) |
|  | **Construction & Engineering (0.59%)** | **Construction & Engineering (0.59%)** | **Construction & Engineering (0.59%)** |
| 25000 | Quanta Services, Inc. | $6003860 | $10360500 |
| Information Technology (51.12%) | Information Technology (51.12%) | Information Technology (51.12%) | Information Technology (51.12%) |
|  | **Application Software (7.10%)** | **Application Software (7.10%)** | **Application Software (7.10%)** |
| 125400 | Atlassian Corp., Cl A<sup>1,2</sup> | 22311176 | 20026380 |
| 363500 | Gitlab, Inc., Cl A<sup>1,4</sup> | 15384176 | 16386580 |
| 102600 | Guidewire Software, Inc.<sup>1</sup> | 3964614 | 23583636 |
| 699000 | Samsara, Inc., Cl A<sup>1</sup> | 23575241 | 26037750 |
| 24100 | ServiceNow, Inc.<sup>1,4</sup> | 3170684 | 22178748 |
| 19000 | Synopsys, Inc.<sup>1</sup> | 8780793 | 9374410 |
| 150577 | Via Transportation, Inc., Cl A<sup>1</sup> | 6926542 | 7239742 |
|  |  | 84113226 | 124827246 |
|  | **Communications Equipment (0.71%)** | **Communications Equipment (0.71%)** | **Communications Equipment (0.71%)** |
| 86097 | Arista Networks, Inc.<sup>1</sup> | 13036514 | 12545194 |
|  | **Electric Equipment (0.44%)** | **Electric Equipment (0.44%)** | **Electric Equipment (0.44%)** |
| 196898 | PAR Technology Corp.<sup>1</sup> | 10949943 | 7793223 |
|  | **Internet Services &<br>Infrastructure (3.08%)** | **Internet Services &<br>Infrastructure (3.08%)** | **Internet Services &<br>Infrastructure (3.08%)** |
| 642000 | GDS Holdings Ltd., ADR<sup>1,2</sup> | 11352830 | 24845400 |
| 197100 | Shopify, Inc., Cl A<sup>1,2</sup> | 7761701 | 29291031 |
|  |  | 19114531 | 54136431 |
|  | **IT Consulting & Other<br>Services (1.57%)** | **IT Consulting & Other<br>Services (1.57%)** | **IT Consulting & Other<br>Services (1.57%)** |
| 105387 | Gartner, Inc.<sup>1</sup> | 10666481 | 27703080 |
|  | **Semiconductor Materials &<br>Equipment (1.04%)** | **Semiconductor Materials &<br>Equipment (1.04%)** | **Semiconductor Materials &<br>Equipment (1.04%)** |
| 57000 | Nova Ltd.<sup>1,2</sup> | 11343542 | 18220620 |
|  | **Semiconductors (23.98%)** | **Semiconductors (23.98%)** | **Semiconductors (23.98%)** |
| 342000 | Broadcom, Inc. | 47651125 | 112829220 |
| 5565971 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 29920021 | 22653502 |
| 21200 | Monolithic Power Systems, Inc. | 12327295 | 19517568 |
| 1241100 | NVIDIA Corp. | 7126300 | 231564438 |
| 126700 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR<sup>2</sup> | 15332240 | 35386043 |
|  |  | 112356981 | 421950771 |
|  | **Systems Software (13.20%)** | **Systems Software (13.20%)** | **Systems Software (13.20%)** |
| 118400 | Cloudflare, Inc., Cl A<sup>1,4</sup> | 7185038 | 25407456 |
| 137500 | Datadog, Inc., Cl A<sup>1,4</sup> | 14762789 | 19580000 |
| 254000 | Microsoft Corporation | 27363758 | 131559300 |
| 178138 | Netskope, Inc., Cl A<sup>1</sup> | 3384622 | 4049077 |
| 119100 | Snowflake, Inc., Cl A<sup>1,4</sup> | 20035929 | 26863005 |
| 82500 | Zscaler, Inc.<sup>1</sup> | 15575854 | 24721950 |
|  |  | 88307990 | 232180788 |
| **Total Information Technology** | **Total Information Technology** | 349889208 | 899357353 |
| Real Estate (2.23%) | Real Estate (2.23%) | Real Estate (2.23%) | Real Estate (2.23%) |
|  | **Real Estate Services (2.23%)** | **Real Estate Services (2.23%)** | **Real Estate Services (2.23%)** |
| 465130 | CoStar Group, Inc.<sup>1</sup> | 23649851 | 39243018 |
| **Total Common Stocks** | **Total Common Stocks** | 698428604 | 1646308917 |

---

See Notes to Financial Statements. 7

------

Baron Opportunity Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| Private Common Stocks (2.61%) | Private Common Stocks (2.61%) | Private Common Stocks (2.61%) |
| Communication Services (0.29%) | Communication Services (0.29%) | Communication Services (0.29%) |
|  | **Interactive Media &<br>Services (0.29%)** | **Interactive Media &<br>Services (0.29%)** |
| 138812 X.AI Holdings Corp., Cl A<sup>1,3,4,5</sup> | $**5000000** | $**5074966** |
| Industrials (2.30%) | Industrials (2.30%) | Industrials (2.30%) |
|  | **Aerospace & Defense (2.30%)** | **Aerospace & Defense (2.30%)** |
| 107376 Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | 5043029 | 22763712 |
| 83588 Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,5</sup> | 10957102 | 17720656 |
|  | 16000131 | 40484368 |
|  | **Passenger Ground<br>Transportation (0.00%)<sup>^</sup>** | **Passenger Ground<br>Transportation (0.00%)<sup>^</sup>** |
| 3571 GM Cruise Holdings LLC, Cl B<sup>1,3,4,5</sup> | 103563 | 3571 |
| **Total Industrials** | **16103694** | **40487939** |
| Unclassified (0.02%) | Unclassified (0.02%) | Unclassified (0.02%) |
|  | **Unclassified (0.02%)** | **Unclassified (0.02%)** |
| 182067 Farmers Business Network, Inc.<sup>1,3,4,5</sup> | **2394652** | **338645** |
| **Total Private Common Stocks** | **23498346** | **45901550** |
| Private Convertible Preferred Stocks (0.16%) | Private Convertible Preferred Stocks (0.16%) | Private Convertible Preferred Stocks (0.16%) |
| Unclassified (0.16%) | Unclassified (0.16%) | Unclassified (0.16%) |
|  | **Unclassified (0.16%)** | **Unclassified (0.16%)** |
| 37254 Farmers Business Network, Inc., Series F<sup>1,3,4,5,6</sup> | 4855355 | 684729 |
| 615761 Farmers Business Network, Inc., Units<sup>1,3,4,5,6</sup> | 615761 | 2081272 |
| **Total Private Convertible Preferred Stocks** | **5471116** | **2766001** |

---

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Private Preferred Stocks (3.20%) | Private Preferred Stocks (3.20%) | Private Preferred Stocks (3.20%) |
| Communication Services (0.96%) | Communication Services (0.96%) | Communication Services (0.96%) |
|  | **Interactive Media & Services (0.96%)** | **Interactive Media & Services (0.96%)** |
| 461893 X.AI Holdings Corp., Series C<sup>1,3,4,6</sup> | $9999983 | $16886808 |
| Industrials (2.24%) | Industrials (2.24%) | Industrials (2.24%) |
|  | **Aerospace & Defense (2.23%)** | **Aerospace & Defense (2.23%)** |
| 18519 Space Exploration Technologies Corp., Series N<sup>1,3,4,6</sup> | 5000130 | 39260280 |
|  | **Passenger Ground<br>Transportation (0.01%)** | **Passenger Ground<br>Transportation (0.01%)** |
| 266956 GM Cruise Holdings LLC, Cl G<sup>1,3,4,6</sup> | 7034290 | 266956 |
| **Total Industrials** | 12034420 | 39527236 |
| **Total Private Preferred Stocks** | 22034403 | 56414044 |
| Total Investments (99.55%) | $749432469 | 1751390512 |
| Cash and Other Assets Less Liabilities (0.45%) | Cash and Other Assets Less Liabilities (0.45%) | 7908142 |
| Net Assets |  | $1759298654 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities amounted to $105,081,595 or 5.97% of net assets. See Note 6 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> The Adviser reclassified sector and sub-industry to Unclassified due to ongoing principal business activity restructuring.

<sup>6</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

---

| | |
|:---|:---|
| <sup>^</sup> | Rounds to less than 0.01%.  |

---

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

8 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Fifth Avenue Growth Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (92.98%) | Common Stocks (92.98%) | Common Stocks (92.98%) | Common Stocks (92.98%) |
| Communication Services (13.75%) | Communication Services (13.75%) | Communication Services (13.75%) | Communication Services (13.75%) |
|  | **Advertising (0.26%)** | **Advertising (0.26%)** | **Advertising (0.26%)** |
| 40000 | The Trade Desk, Inc., Cl A<sup>1</sup> | $1811248 | $1960400 |
|  | **Interactive Media & Services (13.49%)** | **Interactive Media & Services (13.49%)** | **Interactive Media & Services (13.49%)** |
| 154207 | Alphabet, Inc., Cl A | 25748132 | 37487721 |
| 89102 | Meta Platforms Inc., Cl A | 6261802 | 65434727 |
|  |  | 32009934 | 102922448 |
| **Total Communication Services** | **Total Communication Services** | **33821182** | **104882848** |
| Consumer Discretionary (19.51%) | Consumer Discretionary (19.51%) | Consumer Discretionary (19.51%) | Consumer Discretionary (19.51%) |
|  | **Automobile Manufacturers (4.33%)** | **Automobile Manufacturers (4.33%)** | **Automobile Manufacturers (4.33%)** |
| 74227 | Tesla, Inc.<sup>1</sup> | 16024679 | 33010231 |
|  | **Broadline Retail (15.18%)** | **Broadline Retail (15.18%)** | **Broadline Retail (15.18%)** |
| 284121 | Amazon.com, Inc.<sup>1</sup> | 2673396 | 62384448 |
| 644327 | Coupang, Inc.<sup>1</sup> | 11478357 | 20747330 |
| 13982 | MercadoLibre, Inc.<sup>1</sup> | 9633147 | 32675095 |
|  |  | 23784900 | 115806873 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **39809579** | **148817104** |
| Financials (7.11%) | Financials (7.11%) | Financials (7.11%) | Financials (7.11%) |
|  | **Asset Management & Custody<br>Banks (3.31%)** | **Asset Management & Custody<br>Banks (3.31%)** | **Asset Management & Custody<br>Banks (3.31%)** |
| 194534 | KKR & Co., Inc. | 24411993 | 25279694 |
|  | **Transaction & Payment Processing<br>Services (3.80%)** | **Transaction & Payment Processing<br>Services (3.80%)** | **Transaction & Payment Processing<br>Services (3.80%)** |
| 8265 | Adyen N.V., 144A (Netherlands)<sup>1,2,5</sup> | 7869686 | 13299040 |
| 216528 | Block, Inc.<sup>1</sup> | 13147033 | 15648478 |
|  |  | 21016719 | 28947518 |
| **Total Financials** | **Total Financials** | **45428712** | **54227212** |
| Health Care (8.58%) | Health Care (8.58%) | Health Care (8.58%) | Health Care (8.58%) |
|  | **Biotechnology (3.09%)** | **Biotechnology (3.09%)** | **Biotechnology (3.09%)** |
| 31913 | argenx SE, ADR<sup>1,2</sup> | 10452575 | 23537752 |
|  | **Health Care Equipment (2.54%)** | **Health Care Equipment (2.54%)** | **Health Care Equipment (2.54%)** |
| 43393 | Intuitive Surgical, Inc.<sup>1</sup> | 5068231 | 19406651 |
|  | **Health Care Technology (1.16%)** | **Health Care Technology (1.16%)** | **Health Care Technology (1.16%)** |
| 29805 | Veeva Systems, Inc., Cl A<sup>1</sup> | 1809733 | 8879208 |
|  | **Life Sciences Tools &<br>Services (1.02%)** | **Life Sciences Tools &<br>Services (1.02%)** | **Life Sciences Tools &<br>Services (1.02%)** |
| 4609 | GRAIL, Inc.<sup>1,4</sup> | 28246 | 272530 |
| 79150 | Illumina, Inc.<sup>1</sup> | 5311490 | 7516876 |
|  |  | 5339736 | 7789406 |
|  | **Pharmaceuticals (0.77%)** | **Pharmaceuticals (0.77%)** | **Pharmaceuticals (0.77%)** |
| 7654 | Eli Lilly & Co. | 5255146 | 5840002 |
| **Total Health Care** | **Total Health Care** | **27925421** | **65453019** |
| Information Technology (44.03%) | Information Technology (44.03%) | Information Technology (44.03%) | Information Technology (44.03%) |
|  | **Application Software (6.25%)** | **Application Software (6.25%)** | **Application Software (6.25%)** |
| 34277 | Atlassian Corp., Cl A<sup>1,2</sup> | 4849201 | 5474037 |
| 47676 | Figma, Inc., Cl A<sup>1</sup> | 1573308 | 2472954 |
| 516296 | Samsara, Inc., Cl A<sup>1</sup> | 19298246 | 19232026 |
| 22215 | ServiceNow, Inc.<sup>1,4</sup> | 6286237 | 20444020 |
|  |  | 32006992 | 47623037 |
|  | **Internet Services &<br>Infrastructure (5.19%)** | **Internet Services &<br>Infrastructure (5.19%)** | **Internet Services &<br>Infrastructure (5.19%)** |
| 266539 | Shopify, Inc., Cl A<sup>1,2</sup> | 12692489 | 39610361 |
|  | **Semiconductor Materials &<br>Equipment (2.83%)** | **Semiconductor Materials &<br>Equipment (2.83%)** | **Semiconductor Materials &<br>Equipment (2.83%)** |
| 22279 | ASML Holding N.V.<sup>2</sup> | 3361032 | 21568077 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (continued) | Information Technology (continued) | Information Technology (continued) | Information Technology (continued) |
|  | **Semiconductors (17.64%)** | **Semiconductors (17.64%)** | **Semiconductors (17.64%)** |
| 519452 | NVIDIA Corp. | $6777239 | $96919354 |
| 134629 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR<sup>2</sup> | 25068889 | 37600534 |
|  |  | 31846128 | 134519888 |
|  | **Systems Software (12.12%)** | **Systems Software (12.12%)** | **Systems Software (12.12%)** |
| 136622 | Cloudflare, Inc., Cl A<sup>1,4</sup> | 10915869 | 29317715 |
| 31391 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 3289692 | 15393518 |
| 167782 | Datadog, Inc., Cl A<sup>1,4</sup> | 11033720 | 23892157 |
| 105702 | Snowflake, Inc., Cl A<sup>1,4</sup> | 13141494 | 23841086 |
|  |  | 38380775 | 92444476 |
| **Total Information Technology** | **Total Information Technology** | **118287416** | **335765839** |
| **Total Common Stocks** | **Total Common Stocks** | **265272310** | **709146022** |
| Private Common Stocks (1.49%) | Private Common Stocks (1.49%) | Private Common Stocks (1.49%) | Private Common Stocks (1.49%) |
| Industrials (1.49%) | Industrials (1.49%) | Industrials (1.49%) | Industrials (1.49%) |
|  | **Aerospace & Defense (1.49%)** | **Aerospace & Defense (1.49%)** | **Aerospace & Defense (1.49%)** |
| 41330 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,6</sup> | 1932253 | 8761960 |
| 12240 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,6</sup> | 567691 | 2594880 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **2499944** | **11356840** |
| Private Preferred Stocks (0.79%) | Private Preferred Stocks (0.79%) | Private Preferred Stocks (0.79%) | Private Preferred Stocks (0.79%) |
| Communication Services (0.77%) | Communication Services (0.77%) | Communication Services (0.77%) | Communication Services (0.77%) |
|  | **Interactive Media & Services (0.77%)** | **Interactive Media & Services (0.77%)** | **Interactive Media & Services (0.77%)** |
| 161662 | X.AI Holdings Corp., Series C<sup>1,3,4,6</sup> | **3499982** | **5910363** |
| Industrials (0.02%) | Industrials (0.02%) | Industrials (0.02%) | Industrials (0.02%) |
|  | **Passenger Ground<br>Transportation (0.02%)** | **Passenger Ground<br>Transportation (0.02%)** | **Passenger Ground<br>Transportation (0.02%)** |
| 133288 | GM Cruise Holdings LLC, Cl G<sup>1,3,4,6</sup> | **3512139** | **133288** |
| **Total Private Preferred Stocks** | **Total Private Preferred Stocks** | **7012121** | **6043651** |
| Total Investments (95.26%) | Total Investments (95.26%) | $274784375 | 726546513 |
| Cash and Other Assets Less Liabilities (4.74%) | Cash and Other Assets Less Liabilities (4.74%) | Cash and Other Assets Less Liabilities (4.74%) | 36177840 |
| Net Assets | Net Assets |  | $762724353 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $17,400,491 or 2.28% of net assets. See Note 6 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> Level 2 security. See Note 7 regarding Fair Value Measurements.

<sup>6</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the market value of Rule 144A securities amounted to $13,299,040 or 1.74% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 9

------

Baron Discovery Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (95.20%) | Common Stocks (95.20%) | Common Stocks (95.20%) | Common Stocks (95.20%) |
| Communication Services (4.50%) | Communication Services (4.50%) | Communication Services (4.50%) | Communication Services (4.50%) |
|  | **Movies & Entertainment (4.50%)** | **Movies & Entertainment (4.50%)** | **Movies & Entertainment (4.50%)** |
| 185000 | Liberty Media Corporation-Liberty Formula One, Cl A<sup>1</sup> | $5408362 | $17615700 |
| 700000 | Liberty Media Corporation-Liberty<br>Live Cl C<sup>1</sup> | 24701179 | 67879000 |
| **Total Communication Services** | **Total Communication Services** | **30109541** | **85494700** |
| Consumer Discretionary (13.00%) | Consumer Discretionary (13.00%) | Consumer Discretionary (13.00%) | Consumer Discretionary (13.00%) |
|  | **Apparel, Accessories & Luxury<br>Goods (0.98%)** | **Apparel, Accessories & Luxury<br>Goods (0.98%)** | **Apparel, Accessories & Luxury<br>Goods (0.98%)** |
| 1700000 | Brunello Cucinelli SpA, ADR<sup>2</sup> | 17641643 | 18624051 |
|  | **Casinos & Gaming (5.02%)** | **Casinos & Gaming (5.02%)** | **Casinos & Gaming (5.02%)** |
| 1350000 | DraftKings, Inc., Cl A<sup>1</sup> | 27587745 | 50490000 |
| 350000 | Wynn Resorts Ltd. | 26407090 | 44894500 |
|  |  | 53994835 | 95384500 |
|  | **Footwear (2.50%)** | **Footwear (2.50%)** | **Footwear (2.50%)** |
| 725000 | Birkenstock Holding PLC<sup>1,2</sup> | 36306218 | 32806250 |
| 350000 | On Holding AG, Cl A<sup>1,2</sup> | 7945300 | 14822500 |
|  |  | 44251518 | 47628750 |
|  | **Home Improvement Retail (1.36%)** | **Home Improvement Retail (1.36%)** | **Home Improvement Retail (1.36%)** |
| 350000 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 13151955 | 25795000 |
|  | **Restaurants (3.14%)** | **Restaurants (3.14%)** | **Restaurants (3.14%)** |
| 185000 | Texas Roadhouse, Inc. | 16383910 | 30737750 |
| 115000 | Wingstop, Inc. | 27352161 | 28943200 |
|  |  | 43736071 | 59680950 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **172776022** | **247113251** |
| Consumer Staples (1.83%) | Consumer Staples (1.83%) | Consumer Staples (1.83%) | Consumer Staples (1.83%) |
|  | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** | **Soft Drinks & Non-alcoholic<br>Beverages (1.83%)** |
| 1575000 | Primo Brands Corp. | **37995724** | **34807500** |
| Financials (4.71%) | Financials (4.71%) | Financials (4.71%) | Financials (4.71%) |
|  | **Asset Management & Custody<br>Banks (1.32%)** | **Asset Management & Custody<br>Banks (1.32%)** | **Asset Management & Custody<br>Banks (1.32%)** |
| 385000 | StepStone Group, Inc., Cl A | 22640673 | 25144350 |
|  | **Insurance Brokers (1.14%)** | **Insurance Brokers (1.14%)** | **Insurance Brokers (1.14%)** |
| 785000 | TWFG, Inc.<sup>1</sup> | 16660641 | 21540400 |
|  | **Property & Casualty Insurance (2.25%)** | **Property & Casualty Insurance (2.25%)** | **Property & Casualty Insurance (2.25%)** |
| 550000 | Ategrity Specialty Holdings LLC<sup>1</sup> | 9452264 | 10873500 |
| 75000 | Kinsale Capital Group, Inc. | 3355498 | 31894500 |
|  |  | 12807762 | 42768000 |
| **Total Financials** | **Total Financials** | **52109076** | **89452750** |
| Health Care (18.53%) | Health Care (18.53%) | Health Care (18.53%) | Health Care (18.53%) |
|  | **Biotechnology (1.27%)** | **Biotechnology (1.27%)** | **Biotechnology (1.27%)** |
| 163217 | Arcellx, Inc.<sup>1</sup> | 10919477 | 13400116 |
| 1074609 | ARS Pharmaceuticals, Inc.<sup>1</sup> | 19202095 | 10799820 |
|  |  | 30121572 | 24199936 |
|  | **Health Care Equipment (3.63%)** | **Health Care Equipment (3.63%)** | **Health Care Equipment (3.63%)** |
| 286000 | Integer Holdings Corp.<sup>1</sup> | 33920655 | 29552380 |
| 267000 | Masimo Corp.<sup>1</sup> | 36952018 | 39395850 |
|  |  | 70872673 | 68948230 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (continued) | Health Care (continued) | Health Care (continued) | Health Care (continued) |
|  | **Health Care Supplies (1.83%)** | **Health Care Supplies (1.83%)** | **Health Care Supplies (1.83%)** |
| 849085 | Establishment Labs Holdings, Inc.<sup>1,2</sup> | $41926650 | $34803994 |
|  | **Health Care Technology (0.85%)** | **Health Care Technology (0.85%)** | **Health Care Technology (0.85%)** |
| 480151 | HeartFlow, Inc.<sup>1</sup> | 12042843 | 16161883 |
|  | **Life Sciences Tools &<br>Services (10.95%)** | **Life Sciences Tools &<br>Services (10.95%)** | **Life Sciences Tools &<br>Services (10.95%)** |
| 2270437 | CareDx, Inc.<sup>1,3</sup> | 27440847 | 33012154 |
| 1307600 | Exact Sciences Corp.<sup>1,3</sup> | 62312009 | 71538796 |
| 273653 | Repligen Corp.<sup>1</sup> | 39509511 | 36579196 |
| 1281429 | Stevanato Group SpA<sup>2</sup> | 32667703 | 32996797 |
| 221139 | Tempus AI, Inc., Cl A<sup>1</sup> | 8411234 | 17848129 |
| 468790 | Veracyte, Inc.<sup>1,3</sup> | 11556243 | 16093561 |
|  |  | 181897547 | 208068633 |
| **Total Health Care** | **Total Health Care** | **336861285** | **352182676** |
| Industrials (21.14%) | Industrials (21.14%) | Industrials (21.14%) | Industrials (21.14%) |
|  | **Aerospace & Defense (12.57%)** | **Aerospace & Defense (12.57%)** | **Aerospace & Defense (12.57%)** |
| 845368 | Karman Holdings, Inc.<sup>1</sup> | 23917050 | 61035570 |
| 617158 | Kratos Defense & Security<br>Solutions, Inc.<sup>1</sup> | 5851839 | 56389726 |
| 629000 | Loar Holdings, Inc.<sup>1</sup> | 42086950 | 50320000 |
| 920380 | Mercury Systems, Inc.<sup>1</sup> | 33144240 | 71237412 |
|  |  | 105000079 | 238982708 |
|  | **Building Products (2.55%)** | **Building Products (2.55%)** | **Building Products (2.55%)** |
| 325000 | AAON, Inc. | 24528044 | 30368000 |
| 350000 | Trex Co., Inc.<sup>1</sup> | 16554900 | 18084500 |
|  |  | 41082944 | 48452500 |
|  | **Environmental & Facilities<br>Services (2.05%)** | **Environmental & Facilities<br>Services (2.05%)** | **Environmental & Facilities<br>Services (2.05%)** |
| 1419000 | Montrose Environmental Group, Inc.<sup>1</sup> | 32832103 | 38965740 |
|  | **Industrial Machinery & Supplies &<br>Components (1.94%)** | **Industrial Machinery & Supplies &<br>Components (1.94%)** | **Industrial Machinery & Supplies &<br>Components (1.94%)** |
| 375000 | Enerpac Tool Group Corp. | 14358665 | 15375000 |
| 55000 | RBC Bearings, Inc.<sup>1</sup> | 11183890 | 21465950 |
|  |  | 25542555 | 36840950 |
|  | **Trading Companies &<br>Distributors (2.03%)** | **Trading Companies &<br>Distributors (2.03%)** | **Trading Companies &<br>Distributors (2.03%)** |
| 300000 | SiteOne Landscape Supply, Inc.<sup>1</sup> | 26536239 | 38640000 |
| **Total Industrials** | **Total Industrials** | **230993920** | **401881898** |
| Information Technology (29.75%) | Information Technology (29.75%) | Information Technology (29.75%) | Information Technology (29.75%) |
|  | **Application Software (13.01%)** | **Application Software (13.01%)** | **Application Software (13.01%)** |
| 1700000 | Alkami Technology, Inc.<sup>1</sup> | 40195683 | 42228000 |
| 1850000 | Clearwater Analytics<br>Holdings, Inc., Cl A<sup>1</sup> | 32731155 | 33337000 |
| 876171 | Gitlab, Inc., Cl A<sup>1,3</sup> | 35050535 | 39497789 |
| 165357 | Guidewire Software, Inc.<sup>1</sup> | 12700732 | 38008960 |
| 550000 | Intapp, Inc.<sup>1</sup> | 21877328 | 22495000 |
| 500000 | Procore Technologies, Inc.<sup>1</sup> | 32493235 | 36460000 |
| 350000 | ServiceTitan, Inc., Cl A<sup>1</sup> | 32982419 | 35290500 |
|  |  | 208031087 | 247317249 |
|  | **Electric Equipment (0.78%)** | **Electric Equipment (0.78%)** | **Electric Equipment (0.78%)** |
| 375000 | PAR Technology Corp.<sup>1</sup> | 8085137 | 14842500 |
|  | **Electronic Equipment &<br>Instruments (4.98%)** | **Electronic Equipment &<br>Instruments (4.98%)** | **Electronic Equipment &<br>Instruments (4.98%)** |
| 275321 | Advanced Energy Industries, Inc. | 17644532 | 46843115 |
| 137500 | Badger Meter, Inc. | 26046762 | 24554750 |
| 232550 | Novanta, Inc.<sup>1,2</sup> | 27085649 | 23289882 |
|  |  | 70776943 | 94687747 |

---

10 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Discovery Fund

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (continued) | Information Technology (continued) | Information Technology (continued) | Information Technology (continued) |
|  | **Semiconductor Materials &<br>Equipment (0.64%)** | **Semiconductor Materials &<br>Equipment (0.64%)** | **Semiconductor Materials &<br>Equipment (0.64%)** |
| 38129 | Nova Ltd.<sup>1,2</sup> | $859008 | $12188316 |
|  | **Semiconductors (3.17%)** | **Semiconductors (3.17%)** | **Semiconductors (3.17%)** |
| 5252665 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 14359110 | 21378347 |
| 128600 | SiTime Corp.<sup>1</sup> | 18771631 | 38748466 |
|  |  | 33130741 | 60126813 |
|  | **Systems Software (7.17%)** | **Systems Software (7.17%)** | **Systems Software (7.17%)** |
| 985775 | Dynatrace, Inc.<sup>1,3</sup> | 35809923 | 47760798 |
| 1289460 | Netskope, Inc., Cl A<sup>1</sup> | 28672275 | 29309426 |
| 2055000 | SentinelOne, Inc., Cl A<sup>1</sup> | 35477904 | 36188550 |
| 401000 | Varonis Systems, Inc.<sup>1</sup> | 14045657 | 23045470 |
|  |  | 114005759 | 136304244 |
| **Total Information Technology** | **Total Information Technology** | **434888675** | **565466869** |
| Materials (0.79%) | Materials (0.79%) | Materials (0.79%) | Materials (0.79%) |
|  | **Steel (0.79%)** | **Steel (0.79%)** | **Steel (0.79%)** |
| 450000 | Ramaco Resources, Inc., Cl A<sup>1</sup> | **9130612** | **14935500** |
| Real Estate (0.95%) | Real Estate (0.95%) | Real Estate (0.95%) | Real Estate (0.95%) |
|  | **Multi-Family Residential<br>REITs (0.95%)** | **Multi-Family Residential<br>REITs (0.95%)** | **Multi-Family Residential<br>REITs (0.95%)** |
| 1100000 | Independence Realty Trust, Inc. | **21738484** | **18029000** |
| Total Investments (95.20%) | Total Investments (95.20%) | $1326603339 | 1809364144 |
| Cash and Other Assets Less Liabilities (4.80%) | Cash and Other Assets Less Liabilities (4.80%) | Cash and Other Assets Less Liabilities (4.80%) | 91323059 |
| Net Assets | Net Assets | Net Assets | $1900687203 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 11

------

Baron Durable Advantage Fund &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (99.87%) | Common Stocks (99.87%) | Common Stocks (99.87%) | Common Stocks (99.87%) |
| Communication Services (13.36%) | Communication Services (13.36%) | Communication Services (13.36%) | Communication Services (13.36%) |
|  | **Interactive Media & Services (13.36%)** | **Interactive Media & Services (13.36%)** | **Interactive Media & Services (13.36%)** |
| 116092 | Alphabet, Inc., Cl C | $15513532 | $28274207 |
| 57053 | Meta Platforms Inc., Cl A | 17492254 | 41898582 |
| **Total Communication Services** | **Total Communication Services** | **33005786** | **70172789** |
| Consumer Discretionary (7.77%) | Consumer Discretionary (7.77%) | Consumer Discretionary (7.77%) | Consumer Discretionary (7.77%) |
|  | **Broadline Retail (6.77%)** | **Broadline Retail (6.77%)** | **Broadline Retail (6.77%)** |
| 161969 | Amazon.com, Inc.<sup>1</sup> | 23545746 | 35563533 |
|  | **Restaurants (1.00%)** | **Restaurants (1.00%)** | **Restaurants (1.00%)** |
| 31516 | Texas Roadhouse, Inc. | 5290548 | 5236384 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **28836294** | **40799917** |
| Consumer Staples (1.12%) | Consumer Staples (1.12%) | Consumer Staples (1.12%) | Consumer Staples (1.12%) |
|  | **Consumer Staples<br>Merchandise Retail (1.12%)** | **Consumer Staples<br>Merchandise Retail (1.12%)** | **Consumer Staples<br>Merchandise Retail (1.12%)** |
| 6349 | Costco Wholesale Corp. | **3325829** | **5876825** |
| Financials (30.81%) | Financials (30.81%) | Financials (30.81%) | Financials (30.81%) |
|  | **Asset Management &<br>Custody Banks (6.38%)** | **Asset Management &<br>Custody Banks (6.38%)** | **Asset Management &<br>Custody Banks (6.38%)** |
| 94599 | Blackstone, Inc. | 10626026 | 16162239 |
| 253265 | Brookfield Corp., Cl A<sup>2</sup> | 9805361 | 17368914 |
|  |  | 20431387 | 33531153 |
|  | **Diversified Financial Services (2.84%)** | **Diversified Financial Services (2.84%)** | **Diversified Financial Services (2.84%)** |
| 111830 | Apollo Global Management, Inc. | 11700402 | 14903584 |
|  | **Financial Exchanges &<br>Data (10.39%)** | **Financial Exchanges &<br>Data (10.39%)** | **Financial Exchanges &<br>Data (10.39%)** |
| 41429 | CME Group, Inc. | 9296111 | 11193701 |
| 32029 | Moody's Corp. | 11398217 | 15261178 |
| 16256 | MSCI, Inc. | 7988861 | 9223817 |
| 38811 | S&P Global, Inc. | 15626793 | 18889702 |
|  |  | 44309982 | 54568398 |
|  | **Investment Banking &<br>Brokerage (3.01%)** | **Investment Banking &<br>Brokerage (3.01%)** | **Investment Banking &<br>Brokerage (3.01%)** |
| 47584 | LPL Financial Holdings, Inc. | 12563196 | 15830721 |
|  | **Property & Casualty Insurance (1.52%)** | **Property & Casualty Insurance (1.52%)** | **Property & Casualty Insurance (1.52%)** |
| 88182 | Arch Capital Group Ltd.<sup>1,2</sup> | 5523457 | 8000753 |
|  | **Transaction & Payment<br>Processing Services (6.67%)** | **Transaction & Payment<br>Processing Services (6.67%)** | **Transaction & Payment<br>Processing Services (6.67%)** |
| 24121 | Mastercard, Incorporated, Cl A | 9801507 | 13720266 |
| 62415 | Visa, Inc., Cl A | 15919404 | 21307233 |
|  |  | 25720911 | 35027499 |
| **Total Financials** | **Total Financials** | **120249335** | **161862108** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (3.60%) | Health Care (3.60%) | Health Care (3.60%) | Health Care (3.60%) |
|  | **Life Sciences Tools &<br>Services (3.60%)** | **Life Sciences Tools &<br>Services (3.60%)** | **Life Sciences Tools &<br>Services (3.60%)** |
| 30329 | Danaher Corp. | $6294294 | $6013027 |
| 4318 | Mettler-Toledo International, Inc.<sup>1</sup> | 5274877 | 5300820 |
| 15694 | Thermo Fisher Scientific, Inc. | 7391995 | 7611904 |
| **Total Health Care** | **Total Health Care** | 18961166 | 18925751 |
| Industrials (4.88%) | Industrials (4.88%) | Industrials (4.88%) | Industrials (4.88%) |
|  | **Aerospace & Defense (4.88%)** | **Aerospace & Defense (4.88%)** | **Aerospace & Defense (4.88%)** |
| 63732 | HEICO Corp., Cl A | 9083173 | 16193664 |
| 7145 | TransDigm Group, Inc.<sup>1</sup> | 9048816 | 9417253 |
| **Total Industrials** | **Total Industrials** | 18131989 | 25610917 |
| Information Technology (34.34%) | Information Technology (34.34%) | Information Technology (34.34%) | Information Technology (34.34%) |
|  | **Application Software (2.64%)** | **Application Software (2.64%)** | **Application Software (2.64%)** |
| 20283 | Intuit, Inc. | 10951779 | 13851463 |
|  | **Electronic Components (1.31%)** | **Electronic Components (1.31%)** | **Electronic Components (1.31%)** |
| 55623 | Amphenol Corp., Cl A | 3538949 | 6883346 |
|  | **Semiconductors (24.94%)** | **Semiconductors (24.94%)** | **Semiconductors (24.94%)** |
| 102986 | Broadcom, Inc. | 13807221 | 33976111 |
| 24555 | Monolithic Power Systems, Inc. | 13272290 | 22606315 |
| 228416 | NVIDIA Corp. | 12523204 | 42617858 |
| 113945 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR<sup>2</sup> | 15262651 | 31823699 |
|  |  | 54865366 | 131023983 |
|  | **Systems Software (5.45%)** | **Systems Software (5.45%)** | **Systems Software (5.45%)** |
| 55304 | Microsoft Corporation | 17392273 | 28644707 |
| **Total Information Technology** | **Total Information Technology** | 86748367 | 180403499 |
| Real Estate (3.99%) | Real Estate (3.99%) | Real Estate (3.99%) | Real Estate (3.99%) |
|  | **Health Care REITs (1.99%)** | **Health Care REITs (1.99%)** | **Health Care REITs (1.99%)** |
| 58760 | Welltower, Inc. | 7762320 | 10467506 |
|  | **Real Estate Services (2.00%)** | **Real Estate Services (2.00%)** | **Real Estate Services (2.00%)** |
| 124189 | CoStar Group, Inc.<sup>1</sup> | 10849188 | 10477826 |
| **Total Real Estate** | **Total Real Estate** | 18611508 | 20945332 |
| Total Investments (99.87%) | Total Investments (99.87%) | $327870274 | 524597138 |
| Cash and Other Assets Less Liabilities (0.13%) | Cash and Other Assets Less Liabilities (0.13%) | Cash and Other Assets Less Liabilities (0.13%) | 704875 |
| Net Assets | Net Assets | Net Assets | $525302013 |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

12 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF ASSETS AND LIABILITIES

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Asset<br>Fund | Baron Growth<br>Fund | Baron Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $3719528997 | $4231749346 | $3719884270 | $1751390512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  | 619870000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 3719528997 | 4851619346 | 3719884270 | 1751390512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 72012229 | 113636520 | 44165293 | 7792010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 787945 | 1801964 | 2287329 | 781028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 347112 |  | 279375 | 127136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 19101 | 27872 | 19115 | 7630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold |  |  | 4524961 |  |
|  | 3792695384 | 4967085702 | 3771160343 | 1760098316 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 2478510 | 16670653 | 4530452 | 638861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 4) | 47411 | 69294 | 44906 | 18196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 293 | 700 | 530 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 64 | 56 | 485 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  | 8830420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 468731 | 911334 | 486042 | 141188 |
|  | 2995009 | 17652037 | 13892835 | 799662 |
|  **Net Assets** | $3789700375 | $4949433665 | $3757267508 | $1759298654 |
|  **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $822932084 | $68985245 | $1513855187 | $699948620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 2966768291 | 4880448420 | 2243412321 | 1059350034 |
|  **Net Assets** | $3789700375 | $4949433665 | $3757267508 | $1759298654 |
|  **Retail Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1940812242 | $1492506352 | $1158953017 | $734096315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 21239716 | 18919870 | 38087680 | 13637122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $91.38 | $78.89 | $30.43 | $53.83 |
|  **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1736837981 | $3294027631 | $2330855037 | $976358625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 17642038 | 39084313 | 69855796 | 16905713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $98.45 | $84.28 | $33.37 | $57.75 |
|  **R6 Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $112050152 | $162899682 | $267459454 | $48843714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 1138625 | 1932767 | 8020470 | 844790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $98.41 | $84.28 | $33.35 | $57.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $1114325934 | $543675469 | $1754987674 | $749432469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  | 131684894 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $1114325934 | $675360363 | $1754987674 | $749432469 |

---

See Notes to Financial Statements. 13

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

&nbsp;&nbsp; <br> **SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery<br>Fund | Baron Durable<br>Advantage Fund |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $726546513 | $1809364144 | $524597138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 726546513 | 1809364144 | 524597138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 38470183 | 80396731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 42505 | 1689077 | 564975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 86726 | 206638 | 143482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3754 | 7840 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4566528 | 10668831 | 897304 |
|  | 769716209 | 1902333261 | 526205697 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 962728 | 738517 | 165343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 4) | 8366 | 19919 | 5578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 468 | 640 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 524 | 481 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian bank |  |  | 629776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5919438 | 683436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 100332 | 203065 | 101810 |
|  | 6991856 | 1646058 | 903684 |
|  **Net Assets** | $762724353 | $1900687203 | $525302013 |
|  **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $284437713 | $1442140687 | $345667361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 478286640 | 458546516 | 179634652 |
|  **Net Assets** | $762724353 | $1900687203 | $525302013 |
|  **Retail Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $152564068 | $153477886 | $99630325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 2334298 | 4389567 | 3113237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $65.36 | $34.96 | $32.00 |
|  **Institutional Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $571750167 | $1687388512 | $363783463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 8432748 | 46778504 | 11193360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $67.80 | $36.07 | $32.50 |
|  **R6 Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $38410118 | $59820805 | $61888225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 566040 | 1658218 | 1904011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $67.86 | $36.08 | $32.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $274784375 | $1326603339 | $327870274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $274784375 | $1326603339 | $327870274 |

---

14 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF OPERATIONS

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED SEPTEMBER 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Asset<br>Fund | Baron Growth<br>Fund | Baron Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Investment income(loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments<sup>1</sup> | $27096558 | $89972244 | $18643733 | $3367085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — "Affiliated" investments |  | 23905000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1293315 | 139644 | 2427729 | 642346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 28389873 | 114016888 | 21071462 | 4009431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 41348427 | 63563416 | 41285261 | 15352093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 5256577 | 4735556 | 3135322 | 1717929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 349249 | 246228 | 193511 | 115859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 112373 | 225690 | 131980 | 46757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 7457 | 11751 | 16603 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 728365 | 1054907 | 1154627 | 173021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 241817 | 369312 | 235689 | 89873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 149058 | 196339 | 123167 | 76549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 140387 | 188092 | 139541 | 107584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 129260 | 226228 | 169740 | 46644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 73607 | 81364 | 73288 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 71258 | 121634 | 76019 | 22898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 37472 | 52452 | 35812 | 14432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2700 | 2575 | 3700 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 48648007 | 71075544 | 46774260 | 17833760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 114751 | 5522720 | 133518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 48762758 | 76598264 | 46907778 | 17833760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Retail Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Institutional Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — R6 Shares (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Retail Shares (Note 4)** | (115893) | (66147) | (55400) | (33952) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Institutional Shares (Note 4)** | (31631) | (77305) | (25999) | (9373) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 48615234 | 76454812 | 46826379 | 17790435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (20225361) | 37562076 | (25754917) | (13781004) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | 385316289 | 612465875 | 299834648 | 104720316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — "Affiliated" investments |  | 99641166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind | 392901291 | 746273351 | 372846666 | 27814170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on foreign currency transactions |  |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser (Note 4) |  |  |  | 1025040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (744367750) | (2121855863) | (677345283) | 255383064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  | (292991765) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  |  |  |
|  **Net gain (loss) on investments** | 33849830 | (956467236) | (4663923) | 388942590 |
|  **Net increase (decrease) in net assets resulting from operations** | $13624469 | $(918905160) | $(30418840) | $375161586 |
|  <br> <sup>1</sup> Net of foreign taxes withheld on dividends of | $— | $— | $47714 | $86464 |

---

See Notes to Financial Statements. 15

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

STATEMENTS OF OPERATIONS (Continued)

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED SEPTEMBER 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery<br>Fund | Baron Durable<br>Advantage Fund |
|  **Investment income(loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments<sup>1</sup> | $993192 | $2691576 | $3943491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 336633 | 3548396 | 180928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  | 842473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 1329825 | 7082445 | 4124419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 4966546 | 16768319 | 3187583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 358522 | 374430 | 241219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 46348 | 40956 | 30444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 30124 | 92283 | 27905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 2091 | 3182 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 56243 | 347641 | 66334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 43387 | 96454 | 30204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60393 | 66872 | 45716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 76639 | 121234 | 109769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 35798 | 71813 | 22276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 62384 | 65402 | 61783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 10943 | 25832 | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 6550 | 15962 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 5475 | 2953 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 5761443 | 18093333 | 3839093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 10257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 5771700 | 18093333 | 3839093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Retail Shares (Note 4)** | (34895) |  | (46004) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — Institutional Shares (Note 4)** | (28480) |  | (96774) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Management fees waived/expenses reimbursed — R6 Shares (Note 4)** | (2414) |  | (14545) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Retail Shares (Note 4)** | (12410) | (9421) | (4770) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expense offset arrangements — Institutional Shares (Note 4)** | (3422) | (26954) | (2999) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 5690079 | 18056958 | 3674001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (4360254) | (10974513) | 450418 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | 30110203 | 188204003 | (13924515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind | 42693217 | 65017574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on foreign currency transactions |  | 9069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | 103807158 | 31902138 | 91628841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 1019 |  |
|  **Net gain (loss) on investments** | 176610578 | 285133803 | 77704326 |
|  **Net increase (decrease) in net assets resulting from operations** | $172250324 | $274159290 | $78154744 |
|  <br> <sup>1</sup> Net of foreign taxes withheld on dividends of | $90218 | $49054 | $82229 |

---

16 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Asset Fund | Baron Asset Fund | Baron Growth Fund | Baron Growth Fund | Baron Small Cap Fund | Baron Small Cap Fund |
|  | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(20225361) | $(30956059) | $37562076 | $(12760137) | $(25754917) | $(22737900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 778217580 | 679833914 | 1458380392 | 716008474 | 672681360 | 517199047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (744367750) | 325117110 | (2414847628) | 396638704 | (677345283) | 651037962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 13624469 | 973994965 | (918905160) | 1099887041 | (30418840) | 1145499109 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (355665534) | (73946360) | (224988355) | (41022811) | (164521944) | (38755055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (302567839) | (79328878) | (491580086) | (88661863) | (315704652) | (84340786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (21768312) | (5142028) | (23435037) | (3999572) | (34776757) | (6775236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (680001685) | (158417266) | (740003478) | (133684246) | (515003353) | (129871077) |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 37596348 | 31780614 | 54522136 | 78259525 | 60077770 | 78565005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 640420493 | 207009263 | 1282596123 | 571565680 | 977507149 | 509430635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 11367974 | 7640198 | 20822534 | 36445093 | 24718846 | 103330273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 339643419 | 70866434 | 217199876 | 39805050 | 159684409 | 37787177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 292027558 | 76786353 | 474049294 | 85850571 | 302512483 | 81972697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 21762420 | 5140882 | 23429255 | 3998659 | 34183652 | 6591551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (325562749) | (234773898) | (488104703) | (397253530) | (261019681) | (217736338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (955564895) | (869154410) | (2491803512) | (1187961377) | (1442495493) | (1249554672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (46737138) | (40136256) | (71106055) | (54765256) | (68053990) | (65585348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 14953430 | (744840820) | (978395052) | (824055585) | (212884855) | (715199020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (651423786) | 70736879 | (2637303690) | 142147210 | (758307048) | 300429012 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4441124161 | 4370387282 | 7586737355 | 7444590145 | 4515574556 | 4215145544 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3789700375 | $4441124161 | $4949433665 | $7586737355 | $3757267508 | $4515574556 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 395801 | 322765 | 613277 | 827385 | 1928797 | 2536098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3608621 | 763318 | 2377146 | 439398 | 5096853 | 1344261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3440491) | (2381963) | (5580141) | (4183033) | (8615262) | (6990560) |
|  **Net increase (decrease)** | 563931 | (1295880) | (2589718) | (2916250) | (1589612) | (3110201) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6361217 | 2007922 | 14241787 | 5718529 | 29447201 | 15110741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2885648 | 779874 | 4865537 | 897080 | 8824751 | 2699134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9418567) | (8350682) | (27216109) | (11842653) | (43822273) | (36745876) |
|  **Net increase (decrease)** | (171702) | (5562886) | (8108785) | (5227044) | (5550321) | (18936001) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 114464 | 73365 | 219307 | 363020 | 722798 | 3131041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 215129 | 52229 | 240473 | 41779 | 997771 | 217185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (465324) | (384514) | (754757) | (539997) | (2025092) | (1924260) |
|  **Net increase (decrease)** | (135731) | (258920) | (294977) | (135198) | (304523) | 1423966 |

---

See Notes to Financial Statements. 17

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Opportunity Fund | Baron Opportunity Fund | Baron Fifth Avenue Fund | Baron Fifth Avenue Fund |
|  | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(13781004) | $(10663341) | $(4360254) | $(3660342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 132534486 | 138663437 | 72803420 | 26224690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser (Note 4) | 1025040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 255383064 | 301160261 | 103807158 | 179924804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 375161586 | 429160357 | 172250324 | 202489152 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (33106290) |  | (1154226) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (33977048) |  | (4105039) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (1975395) |  | (290941) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (69058733) |  | (5550206) |  |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 51116895 | 42251625 | 12767646 | 20902330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 281771600 | 157109027 | 121062557 | 57534846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 646444 | 1260278 | 176124 | 84369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 31108486 |  | 1091994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 33683823 |  | 3963875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 996441 |  | 290941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (120175124) | (109564129) | (26806420) | (33471984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (180181803) | (160975168) | (148431933) | (70486069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (1948947) | (2429930) | (4501030) | (2073979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 97017815 | (72348297) | (40386246) | (27510487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 403120668 | 356812060 | 126313872 | 174978665 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1356177986 | 999365926 | 636410481 | 461431816 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1759298654 | $1356177986 | $762724353 | $636410481 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1061995 | 1126366 | 220523 | 471463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 629344 |  | 17946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2491285) | (2909941) | (466820) | (796143) |
|  **Net increase (decrease)** | (799946) | (1783575) | (228351) | (324680) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5381325 | 3974638 | 2019662 | 1254621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 636505 |  | 62849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3533592) | (4051867) | (2439528) | (1496719) |
|  **Net increase (decrease)** | 2484238 | (77229) | (357017) | (242098) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12555 | 30556 | 3012 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 18808 |  | 4615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (40333) | (56789) | (84254) | (49891) |
|  **Net increase (decrease)** | (8970) | (26233) | (76627) | (48128) |

---

18 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Discovery Fund | Baron Discovery Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund |
|  | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 | For the Year<br>Ended<br>September 30,<br>2025 | For the Year<br>Ended<br>September 30,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(10974513) | $(9132012) | $450418 | $392267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 253230646 | 2782172 | (13924515) | (848317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 31903157 | 292365365 | 91628841 | 89645366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 274159290 | 286015525 | 78154744 | 89189316 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares |  |  | (7692) | (651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares |  |  | (744804) | (118011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares |  |  | (123766) | (5854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders |  |  | (876262) | (124516) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 45465597 | 17486614 | 40056199 | 97210294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 565469739 | 301220073 | 81705632 | 225807783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 10888363 | 12217147 | 11650817 | 44251702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares |  |  | 7653 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares |  |  | 725260 | 118005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares |  |  | 113920 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (49204206) | (41181229) | (52563006) | (34676302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (436285423) | (332987536) | (93438164) | (47511910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (13359714) | (15927235) | (12499915) | (2211885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 122974356 | (59172166) | (24241604) | 282990782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 397133646 | 226843359 | 53036878 | 372055582 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1503553557 | 1276710198 | 472265135 | 100209553 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1900687203 | $1503553557 | $525302013 | $472265135 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1378311 | 653721 | 1400070 | 4154036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 263 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1509012) | (1552580) | (1894193) | (1397826) |
|  **Net increase (decrease)** | (130701) | (898859) | (493860) | 2756241 |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16788942 | 11045446 | 2850230 | 9403043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 24552 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12902214) | (12255532) | (3182492) | (1875530) |
|  **Net increase (decrease)** | 3886728 | (1210086) | (307710) | 7532971 |
|  **Capital share transactions — R6 Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 323217 | 442635 | 398903 | 1761963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 3857 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (403031) | (568276) | (427649) | (82425) |
|  **Net increase (decrease)** | (79814) | (125641) | (24889) | 1679651 |

---

See Notes to Financial Statements. 19

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Baron Investment Funds Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Massachusetts business trust on February 19, 1987. The Trust currently offers seven series (individually, a Fund and collectively, the Funds): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses, and eligibility requirements. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund's investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.

Each Fund is diversified. The investment goals of the Funds are as follows:

Baron Asset Fund seeks capital appreciation through long-term investments primarily in securities of mid-sized companies with undervalued assets or favorable growth prospects.

Baron Growth Fund seeks capital appreciation through long-term investments primarily in securities of small-sized growth companies.

Baron Small Cap Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Opportunity Fund seeks capital appreciation through investments primarily in growth companies that benefit from technology advances.

Baron Fifth Avenue Growth Fund seeks capital appreciation through investments primarily in securities of large-sized growth companies.

Baron Discovery Fund seeks capital appreciation through investments primarily in securities of small-sized growth companies.

Baron Durable Advantage Fund seeks capital appreciation through long-term investments primarily in securities of large-sized companies.

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

**a) Net Asset Value.** The Funds' share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds' NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets less all liabilities of the Fund represented by such class, by the total number of Fund shares of such class outstanding.

**b) Security Valuation.** Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.'s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds' investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

**c) Securities Transactions and Investment Income.** Fund **s**ecurities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Dividend income (net of withholding taxes, if any) is recognized on the ex-dividend date, except in the case of certain dividends from foreign securities which are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Non-cash dividends received in the form of stock are recognized and recorded at fair value as non-cash dividend income.

Distributions received from certain investments such as real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. Since the classification of such payments are generally not known until after the end of the calendar year, the Funds estimate the expected classification of such payments based upon available information which may include the previous year's allocation. Recharacterizations will be reflected in the following year as additional information becomes available from the issuers. The Funds record as dividend income the amounts characterized as ordinary income and as realized gain the amounts characterized as capital gain in the accompanying Statements of Operations. The amounts characterized as a return of capital are reflected as a reduction of cost of the related investment in the accompanying Portfolios of Investments.

**d) Expense Allocation.** The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodian fees. Expenses of the Trust and Baron Select Funds (collectively, the Fund Complex), not directly chargeable to one or more specific Baron Funds are typically allocated among the funds in the Fund Complex in proportion to their respective net assets. The Funds accrue distribution and service (12b-1) fees to Retail Shares.

**e) Use of Estimates.** The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

**f) Foreign Currency Translations.** The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized and change in net unrealized gain or loss on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and change in net unrealized gain or loss from investments and foreign currency translations on the Statements of Operations. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

**g) Securities Lending.** The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders' fees, both of which are included in securities lending income in the Statements of Operations. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.

There were no securities on loan at September 30, 2025.

**h) Repurchase Agreements.** The Funds may invest in repurchase agreements, which are short-term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

There were no repurchase agreements at September 30, 2025.

**i) Federal and Foreign Income Taxes.** The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

The Funds are subject to foreign tax on capital gains and withholding taxes on income from foreign investments that are accrued based upon the Funds' understanding of the tax rules and regulations that exist in the countries in which they invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

The Funds attempt to qualify for reduced tax rates or exemptions in countries with which the United States has a tax treaty and may file withholding tax reclaims in certain countries to recover portions of amounts previously withheld.

Further, as a result of several court cases across the European Union, the Funds may also file tax reclaims for previously withheld taxes in those countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities, as well as several related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded as a reduction of foreign taxes withheld on dividends, or as dividend income to the extent such claims exceed the foreign taxes withheld on dividends included within dividend income on the Statements of Operations. Such amounts, if and when recorded, could result in an increase in the respective Funds' NAV per share and, if material, would be reported separately in the Statements of Operations.

**j) Restricted Securities.** The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board. Refer to Note 6 for additional information.

**k) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Income dividends are normally declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Funds, if not distributed. The Funds intend to declare and distribute these amounts, at least annually, to shareholders, but may distribute more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

**l) Commitments and Contingencies.** In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**m) In-Kind Redemptions.** In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (In-Kind Redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the year ended September 30, 2025, Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund and Baron Discovery Fund realized net gains of $392,901,291, $746,273,351, $372,846,666, $27,814,170, $42,693,217 and $65,017,574, respectively, on $464,768,596, $883,494,968, $529,353,970, $40,838,750, $58,579,438 and $130,091,201 of in-kind redemptions in securities.

**n) Segment Reporting.** In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. The Adviser's Management Committee acts as each Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Financial Statements.

3. PURCHASES AND SALES OF SECURITIES

#### Purchases and sales of securities, other than short-term securities and in-kind transactions, if any, for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Baron Asset Fund | $258429160 | $549556191 |
|  Baron Growth Fund | 34186926 | 944596412 |
|  Baron Small Cap Fund | 543303927 | 717391325 |
|  Baron Opportunity Fund | 521133546 | 460720821 |
|  Baron Fifth Avenue Growth Fund | 131627820 | 141603518 |
|  Baron Discovery Fund | 836166628 | 656179873 |
|  Baron Durable Advantage Fund | 61816128 | 70424751 |

---

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee accrued daily as a percentage of each Fund's average daily net assets and payable monthly, at an annual rate set forth below.

---

| | |
|:---|:---|
| Fund | Annual Rate |
|  Baron Asset Fund | 1.00% |
|  Baron Growth Fund | 1.00% |
|  Baron Small Cap Fund | 1.00% |
|  Baron Opportunity Fund | 1.00% |
|  Baron Fifth Avenue Growth Fund | 0.70% |
|  Baron Discovery Fund | 1.00% |
|  Baron Durable Advantage Fund | 0.65% |

---

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

For certain of the Funds, the Adviser has contractually agreed to waive its fee or reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses, and expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement) pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap |
| Fund | Retail<br> Shares | Institutional<br> Shares | R6<br> Shares |
|  Baron Opportunity Fund | 1.50% | 1.25% | 1.24% |
|  Baron Fifth Avenue Growth Fund | 1.00% | 0.75% | 0.75% |
|  Baron Discovery Fund | 1.35% | 1.10% | 1.09% |
|  Baron Durable Advantage Fund | 0.95% | 0.70% | 0.70% |

---

#### During the year ended September 30, 2025, the Adviser waived its management fees and reimbursed other expenses, if applicable, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Retail Shares | Retail Shares | Institutional Shares | Institutional Shares | R6 Shares | R6 Shares |
| Fund | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed |
|  Baron Fifth Avenue Growth Fund | $34895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $28480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Baron Durable Advantage Fund | 46004 |  | 96774 |  | 14545 |  |

---

The aforementioned fee waivers and reimbursements, if applicable, are not subject to recoupment by the Adviser.

**b) Expense offset arrangement.** The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended September 30, 2025, the Funds received credits from this arrangement, which resulted in the reduction of the Funds' total expenses as follows:

---

| | | |
|:---|:---|:---|
| Fund | Retail<br>Shares | Institutional<br>Shares |
|  Baron Asset Fund | $115893 | $31631 |
|  Baron Growth Fund | 66147 | 77305 |
|  Baron Small Cap Fund | 55400 | 25999 |
|  Baron Opportunity Fund | 33952 | 9373 |
|  Baron Fifth Avenue Growth Fund | 12410 | 3422 |
|  Baron Discovery Fund | 9421 | 26954 |
|  Baron Durable Advantage Fund | 4770 | 2999 |

---

**c) Distribution Fees.** Baron Capital, Inc. (BCI), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds' shares. The Funds are authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares' average daily net assets of the respective Funds.

**d) Trustee Fees.** Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an interested person (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $215,000 with the lead Independent Trustee receiving an additional $25,000. An additional $60,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

**e) Custody, Fund Accounting and Administration Fees.** The Funds have entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

**f) Cross Trades.** The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Select Funds, and other entities advised or subadvised by the Adviser, pursuant to "Cross-Trading Procedures" adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. Pursuant to these procedures, for the year ended September 30, 2025, the Funds engaged in the following cross trades:

---

| | | | |
|:---|:---|:---|:---|
|  | Purchases | Sales | Net Realized<br>Gains (Losses) |
|  Baron Growth Fund | $— | $(6436363) | $4650961 |
|  Baron Small Cap Fund | 5432500 |  |  |

---

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

**g) Voluntary Payment.** During the year ended September 30, 2025, the Adviser made a voluntary payment to Baron Opportunity Fund in the amount of $1,025,040 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund's total return by 0.06%.

**h) Ownership Concentration.** As of September 30, 2025, the officers, Trustees, and portfolio managers owned, directly or indirectly, 10.2% of Baron Fifth Avenue Growth Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Fifth Avenue Growth Fund shareholders.

**i) Transactions in "Affiliated" Companies.** An "Affiliated" company (affiliated person as defined in the 1940 Act) is a company in which a Fund held 5% or more of the company's outstanding voting securities at any time during the year ended September 30, 2025.

BARON GROWTH FUND

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Issuer | Shares Held at<br>September 30,<br>2024 | Value at<br>September 30,<br>2024 | Purchase<br>Cost | Sales<br>Proceeds | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br> Gains<br> (Losses) | Dividend<br>Income | Shares<br>Held at<br>September 30,<br>2025 | Value at<br>September 30,<br>2025 | % of Net<br>Assets at<br>September 30,<br>2025 |
|  Choice Hotels International, Inc. | 3000000 | $390900000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $(70170000) | $— | $3450000 | 3000000 | $320730000 | 6.48% |
|  Iridium Communications, Inc.<sup>1</sup> | 6971000 | 212266950 |  | 138526351 | (173381765) | 99641166 | 2695000 | 0 | 0 | 0.0% |
|  Vail Resorts, Inc. | 2000000 | 348580000 |  |  | (49440000) |  | 17760000 | 2000000 | 299140000 | 6.04% |
|  |  | $951746950 | $— | $138526351 | $(292991765) | $99641166 | $23905000 |  | $619870000 |  |

---

<sup>1</sup> Security no longer held as of September 30, 2025.

5. LINE OF CREDIT

The Fund Complex (except Baron Partners Fund), participates in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund's prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate (OBFR) plus 0.10% or the Federal Funds Effective Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets.

#### During the year ended September 30, 2025, the following Funds had borrowings under the line of credit as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br> Daily Loan<br> Balance\* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest<br>Rate | Number of<br> Days<br>Borrowing<br> Outstanding | Outstanding<br> Balance as of<br>9/30/2025 |
|  Baron Asset Fund | $7.8 million | $28.2 million | 5.65% | 95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Baron Growth Fund | $111.5 million | $200.0 million | 5.56% | 325 | $— |
|  Baron Small Cap Fund | $44.3 million | $60.4 million | 5.51% | 20 | $— |
|  Baron Fifth Avenue Growth Fund | $2.1 million | $5.2 million | 5.51% | 33 | $— |

---

**\*** For the days borrowings were outstanding. 

The Adviser believes that the fair value of the liabilities under each line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates over time. A Fund's outstanding balance under the line of credit, if any, would be categorized as Level 2 in the fair value hierarchy, which is further discussed in Note 7.

6. RESTRICTED SECURITIES

At September 30, 2025, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

6. RESTRICTED SECURITIES (Continued)

**At September 30, 2025, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:** 

---

| | | |
|:---|:---|:---|
|  | Baron Asset Fund | Baron Asset Fund |
| Name of Issuer | Acquisition Date(s) | Value |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc.\* | 12/22/2021 | $16639015 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 1/25/2023 | 34415656 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 204151760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyryse Inc. | 9/16/2025 | 7499999 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 6/11/2024 | 122172077 |
|  **Total Restricted Securities** |  | $384878507 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $136,000,519)<sup>†</sup> (10.16% of Net Assets) |  |  |
|  | Baron Growth Fund | Baron Growth Fund |
| Name of Issuer | Acquisition Date(s) | Value |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 | $785437 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 9/21/2020 | 0 |
|  **Total Restricted Securities** |  | $785437 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,674,990)<sup>†</sup> (0.02% of Net Assets) |  |  |
|  | Baron Opportunity Fund | Baron Opportunity Fund |
| Name of Issuer | Acquisition Date(s) | Value |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 | $338645 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 5/19/2022 | 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021, 1/16/2025 | 40484368 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 5/4/2022 | 5074966 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020, 9/28/2023 | 2766001 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 266956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 8/4/2020 | 39260280 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 11/22/2024 | 16886808 |
|  **Total Restricted Securities** |  | $105081595 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $51,003,865)<sup>†</sup> (5.97% of Net Assets) |  |  |
|  | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
| Name of Issuer | Acquisition Date(s) | Value |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | $11356840 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 133288 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 11/22/2024 | 5910363 |
|  **Total Restricted Securities** |  | $17400491 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,512,065)<sup>†</sup> (2.28% of Net Assets) |  |  |

---

\* StubHub Holdings, Inc. went public via an initial public offering on 9/17/2025. The publicly traded shares are subject to a lock-up period, expiring on 3/16/2026.

† See Portfolios of Investments for cost of individual securities.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS

Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 — quoted prices in active markets for identical assets or liabilities;

• Level 2 — prices determined using other inputs that are observable either directly or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

• Level 3 — prices determined using unobservable inputs when quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

#### The following is a summary of the inputs used as of September 30, 2025 in valuing the Funds' investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund |
| Description | Quoted Prices in<br>Active Markets<br> for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $3351289505 | $— | $— | $3351289505 |
|  **Private Common Stocks** |  |  | 34415656 | 34415656 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 333823836 | 333823836 |
|  **Total Investments** | $3351289505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $368239492 | $3719528997 |
|  | Baron Growth Fund | Baron Growth Fund | Baron Growth Fund | Baron Growth Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3)<sup>(1)</sup> | Total |
|  **Common Stocks<sup>†</sup>** | $4850833909 | $— | $— | $4850833909 |
|  **Private Common Stocks** |  |  | 785437 | 785437 |
|  **Private Convertible Preferred Stocks** |  |  | 0 | 0 |
|  **Total Investments** | $4850833909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $785437 | $4851619346 |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

**<sup>1</sup>** The reconciliation between beginning and ending balances of Level 3 investments in which significant unobservable valuation inputs were used in determining fair value is not presented as Level 3 assets were not significant to the Fund. 

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Small Cap Fund | Baron Small Cap Fund | Baron Small Cap Fund | Baron Small Cap Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $3719884270 | $— | $— | $3719884270 |
|  **Total Investments** | $3719884270 | $— | $— | $3719884270 |
|  | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $1646308917 | $— | $— | $1646308917 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 45901550 | 45901550 |
|  **Private Convertible Preferred Stocks** |  |  | 2766001 | 2766001 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 56414044 | 56414044 |
|  **Total Investments** | $1646308917 | $— | $105081595 | $1751390512 |
|  | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $695846982 | $13299040 | $— | $709146022 |
|  **Private Common Stocks** |  |  | 11356840 | 11356840 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 6043651 | 6043651 |
|  **Total Investments** | $695846982 | $13299040 | $17400491 | $726546513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Discovery Fund | Baron Discovery Fund | Baron Discovery Fund | Baron Discovery Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $1809364144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1809364144 |
|  **Total Investments** | $1809364144 | $— | $— | $1809364144 |
|  | Baron Durable Advantage Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund | Baron Durable Advantage Fund |
| Description | Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1) | Other<br>Observable<br>Inputs<br>(Level 2) | Unobservable<br>Inputs<br>(Level 3) | Total |
|  **Common Stocks<sup>†</sup>** | $524597138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $524597138 |
|  **Total Investments** | $524597138 | $— | $— | $524597138 |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

#### The following is a reconciliation of significant Level 3 investments in which unobservable inputs were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund |
| Investments in Securities | Balance as of<br>September 30,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales/<br> Distributions | Transfers<br>Into<br> Level 3 | Transfers<br>Out of<br> Level 3 | Balance as of<br>September 30,<br>2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>September 30,<br>2025 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $49136473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(25916945) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(23219528) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 18181856 |  |  | 16233800 |  |  |  |  | 34415656 | 16233800 |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication<br> Services\* | 39999993 |  |  | 82172084 |  |  |  |  | 122172077 | 82172084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 107853760 |  |  | 96298000 | 7499999 |  |  |  | 211651759 | 96298000 |
|  **Total** | $215172082 | $— | $— | $168786939 | $7499999 | $— | $— | $(23219528) | $368239492 | $194703884 |

---

\* Sector reclassification due to X.AI Holdings Corp. merger on March 28, 2025.

<sup>†</sup> StubHub Holdings, Inc.'s shares were transferred out of Level 3 upon the company's IPO and commencement of trading on the exchange on 9/17/2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund |
| Investments in Securities | Balance as of<br>September 30,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales/<br> Distributions | Transfers<br>Into<br>Level 3 | Transfers<br> Out of<br> Level 3 | Balance as of<br>September 30,<br>2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>September 30,<br>2025 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1366000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3708966 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5074966 | $3708966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 15359918 |  |  | 15128031 | 9999990 |  |  |  | 40487939 | 15128031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unclassified<sup>^</sup> | 338645 |  |  |  |  |  |  |  | 338645 |  |
|  **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unclassified<sup>^</sup> | 2766001 |  |  |  |  |  |  |  | 2766001 |  |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  |  |  | 6886825 | 9999983 |  |  |  | 16886808 | 6886825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 22684719 |  |  | 16842517 |  |  |  |  | 39527236 | 16842517 |
|  **Total** | $42515283 | $— | $— | $42566339 | $19999973 | $— | $— | $— | $105081595 | $42566339 |

---

<sup>^</sup> The Adviser reclassified sector for Farmers Business Network, Inc. from Materials to Unclassified due to ongoing principal business activity restructuring.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
| Investments in Securities | Balance as of<br>September 30,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales/<br> Distributions | Transfers<br>Into<br>Level 3 | Transfers<br>Out of<br> Level 3 | Balance as of<br>September 30,<br>2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>September 30,<br>2025 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $5999840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5357000 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11356840 | $5357000 |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  |  |  | 2410381 | 3499982 |  |  |  | 5910363 | 2410381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 970337 |  |  | (837049) |  |  |  |  | 133288 | (837049) |
|  **Total** | $6970177 | $— | $— | $6930332 | $3499982 | $— | $— | $— | $17400491 | $6930332 |

---

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

#### Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund | Baron Asset Fund |
| Sector | Fair Value as of<br> September 30,<br> 2025 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> September 30,<br>2025 | Range used on<br> September 30,<br>2025\* | Impact to<br> Valuation<br> from an<br> Increase in<br> Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $34415656 | Observed Transaction | Observed Transaction <br>Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $122172077 | Observed Transaction | Observed Transaction <br>Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $7499999 | Observed Transaction | Observed Transaction <br>Price | $27.02 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $204151760 | Observed Transaction | Observed Transaction <br>Price | $2120.00 | N/A | Increase |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund | Baron Opportunity Fund |
| Sector | Fair Value as of<br>September 30,<br>2025 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> September 30,<br>2025 | Range used on<br> September 30,<br>2025\* | Impact to<br> Valuation<br> from an<br> Increase<br>in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | $5074966 | Observed Transaction | Observed Transaction<br>Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $40484368 | Observed Transaction | Observed Transaction<br>Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $3571 | Recent Offer | Bid Price | $1.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $338645 | Scenario Analysis | Projected IPO Valuation | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $338645 | Scenario Analysis | Probability for IPO Outcome | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Unclassified | $338645 | Scenario Analysis | Discount in the Event of<br>Liquidation Outcome | 100.00% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $684729 | Scenario Analysis | Projected IPO Valuation | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $684729 | Scenario Analysis | Probability for IPO Outcome | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $2081272 | Scenario Analysis | Projected IPO Valuation | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $2081272 | Scenario Analysis | Probability for IPO Outcome | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $16886808 | Observed Transaction | Observed Transaction<br>Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $39260280 | Observed Transaction | Observed Transaction<br>Price | $2120.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $266956 | Recent Offer | Bid Price | $1.00 | N/A | Increase |

---

See footnotes on page 30.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund | Baron Fifth Avenue Growth Fund |
| Sector | Fair Value as of<br> September 30,<br> 2025 | Valuation Technique | Unobservable Input | Weighted Average<br>used on<br>September 30,<br>2025 | Range used on<br> September 30,<br>2025\* | Impact to<br> Valuation<br> from an<br> Increase<br>in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $11356840 | Observed Transaction | Observed Transaction <br>Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $5910363 | Observed Transaction | Observed Transaction <br>Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $133288 | Recent Offer | Bid Price | $1.00 | N/A | Increase |

---

\* N/A indicates that the range used is not applicable as unobservable inputs are disclosed at the security level.

\*\* Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) may differ for financial statement and tax purposes due to differing treatments of net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, income from passive foreign investment companies, foreign capital gains tax, late year loss deferral, post-October loss deferral, wash sale loss deferral, and in-kind redemptions. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

For the year ended September 30, 2025, the Funds recorded the following permanent reclassifications to reflect tax character. Reclassifications between income, gains and paid-in capital relate primarily to the tax treatment of net investment losses, foreign currency gains and losses, and in-kind redemptions. Results of operations and net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| Fund | Distributable<br>Earnings/<br>(Losses) | Paid-in<br>Capital |
|  Baron Asset Fund | $(370633532) | $370633532 |
|  Baron Growth Fund | (745018159) | 745018159 |
|  Baron Small Cap Fund | (346267439) | 346267439 |
|  Baron Opportunity Fund | (16731644) | 16731644 |
|  Baron Fifth Avenue Growth Fund | (38883034) | 38883034 |
|  Baron Discovery Fund | (55433543) | 55433543 |
|  Baron Durable Advantage Fund | 50076 | (50076) |

---

#### As of September 30, 2025, the Funds' cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Asset Fund | Baron<br>Growth Fund | Baron<br>Small Cap<br>Fund | Baron<br>Opportunity<br>Fund |
|  Cost of investments | $1114518093 | $680263493 | $1756040032 | $752004318 |
|  Gross tax unrealized appreciation | 2658747338 | 4210651594 | 2093339445 | 1029953302 |
|  Gross tax unrealized depreciation | (53736434) | (39295741) | (129495207) | (30567108) |
|  Net tax unrealized appreciation (depreciation) | $2605010904 | $4171355853 | $1963844238 | $999386194 |

---

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery<br>Fund | Baron Durable<br>Advantage<br>Fund |
|  Cost of investments | $275549905 | $1326624446 | $327910593 |
|  Gross tax unrealized appreciation | 454447429 | 521250125 | 197085209 |
|  Gross tax unrealized depreciation | (3450821) | (38510427) | (398664) |
|  Net tax unrealized appreciation (depreciation) | $450996608 | $482739698 | $196686545 |

---

#### As of September 30, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Asset Fund | Baron<br>Growth Fund | Baron<br>Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  Undistributed (accumulated) net investment income | $— | $29521567 | $— | $— |
|  Undistributed (accumulated) net realized gain | 384682460 | 679571000 | 298699678 | 70586921 |
|  Qualified late year loss deferral | (22925073) |  | (19131597) | (10623081) |
|  Capital loss carryforwards |  |  |  |  |
|  Net tax unrealized appreciation (depreciation) on investments | 2605010904 | 4171355853 | 1963844240 | 999386194 |
|  Net tax unrealized currency appreciation (depreciation) |  |  |  |  |
|  Paid-in capital | 822932084 | 68985245 | 1513855187 | 699948620 |
|  Net Assets | $3789700375 | $4949433665 | $3757267508 | $1759298654 |
|  |  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery<br>Fund | Baron<br>Durable<br>Advantage<br>Fund |
|  Undistributed (accumulated) net investment income |  | $— | $— | $— |
|  Undistributed (accumulated) net realized gain |  | 30625946 |  |  |
|  Qualified late year loss deferral |  | (3335914) | (8493010) |  |
|  Capital loss carryforwards |  |  | (15700916) | (17051893) |
|  Net tax unrealized appreciation (depreciation) on investments |  | 450996608 | 482739698 | 196686545 |
|  Net tax unrealized currency appreciation (depreciation) |  |  | 744 |  |
|  Paid-in capital |  | 284437713 | 1442140687 | 345667361 |
|  Net Assets |  | $762724353 | $1900687203 | $525302013 |

---

#### At September 30, 2025 the Funds had capital loss carryforwards with no expiration dates, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Asset Fund | Baron<br>Growth Fund | Baron<br>Small<br>Cap Fund | Baron<br>Opportunity<br>Fund |
|  **Short-Term** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
|  **Long-Term** | $— | $— | $— | $— |
|  Capital loss carryforward utilized during the year ended September 30, 2025 | $— | $— | $— | $— |
|  |  | Baron Fifth<br>Avenue Growth<br>Fund | Baron<br>Discovery<br>Fund | Baron<br>Durable<br>Advantage<br>Fund |
|  **Short-Term** |  | $— | $15700916 | $8889798 |
|  **Long-Term** |  | $— | $— | $8162095 |
|  Capital loss carryforward utilized during the year ended September 30, 2025 |  | $— | $187036159 | $— |

---

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

#### The tax character of distributions paid during the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2024 |
| Fund | Ordinary¹ | Long-Term<br> Capital Gain | Ordinary¹ | Long-Term<br> Capital Gain |
|  Baron Asset Fund | $— | $680001685 | $— | $158417266 |
|  Baron Growth Fund |  | 740003478 |  | 133684246 |
|  Baron Small Cap Fund |  | 515003353 |  | 129871077 |
|  Baron Opportunity Fund |  | 69058733 |  |  |
|  Baron Fifth Avenue Growth Fund |  | 5550206 |  |  |
|  Baron Discovery Fund |  |  |  |  |
|  Baron Durable Advantage Fund | 876262 |  | 124516 |  |

---

<sup>¹</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

GAAP sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. At September 30, 2025**,** the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS

#### BARON ASSET FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.42 | (0.59) | 1.10 | 0.51 | 0.00 | (17.55) | (17.55) | 91.38 | 0.00 | 1.31<sup>3,4</sup> | (0.62) | 1940.8 | 6<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90.44 | (0.83) | 22.22 | 21.39 | 0.00 | (3.41) | (3.41) | 108.42 | 24.29 | 1.29 | (0.84) | 2241.6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77.43 | (0.72) | 13.73 | 13.01 | 0.00 | 0.00 | 0.00 | 90.44 | 16.80 | 1.30 | (0.80) | 1987.1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 120.59 | (0.90) | (33.27) | (34.17) | 0.00 | (8.99) | (8.99) | 77.43 | (30.79) | 1.29 | (0.91) | 1824.8 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 99.64 | (1.16) | 25.50 | 24.34 | 0.00 | (3.39) | (3.39) | 120.59 | 24.96 | 1.29<sup>3</sup> | (1.02) | 2871.7 | 10 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115.23 | (0.37) | 1.14 | 0.77 | 0.00 | (17.55) | (17.55) | 98.45 | 0.26 | 1.05<sup>3,6</sup> | (0.36) | 1736.8 | 6<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.68 | (0.60) | 23.56 | 22.96 | 0.00 | (3.41) | (3.41) | 115.23 | 24.61 | 1.04 | (0.58) | 2052.7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 81.71 | (0.52) | 14.49 | 13.97 | 0.00 | 0.00 | 0.00 | 95.68 | 17.10 | 1.05 | (0.54) | 2236.6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 126.47 | (0.68) | (35.09) | (35.77) | 0.00 | (8.99) | (8.99) | 81.71 | (30.61) | 1.04 | (0.65) | 1968.9 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104.08 | (0.91) | 26.69 | 25.78 | 0.00 | (3.39) | (3.39) | 126.47 | 25.29 | 1.03<sup>3</sup> | (0.76) | 3108.2 | 10 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 115.19 | (0.36) | 1.13 | 0.77 | 0.00 | (17.55) | (17.55) | 98.41 | 0.26 | 1.05<sup>3</sup> | (0.35) | 112.1 | 6<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.65 | (0.60) | 23.55 | 22.95 | 0.00 | (3.41) | (3.41) | 115.19 | 24.61 | 1.04 | (0.58) | 146.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 81.70 | (0.52) | 14.47 | 13.95 | 0.00 | 0.00 | 0.00 | 95.65 | 17.07 | 1.05 | (0.55) | 146.7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 126.45 | (0.67) | (35.09) | (35.76) | 0.00 | (8.99) | (8.99) | 81.70 | (30.61) | 1.04 | (0.65) | 132.5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104.07 | (0.91) | 26.68 | 25.77 | 0.00 | (3.39) | (3.39) | 126.45 | 25.28 | 1.04<sup>3</sup> | (0.76) | 185.8 | 10 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distribution, if any. 

<sup>3</sup> Interest expense rounds to less than 0.01%. 

<sup>4</sup> Net expenses were 1.30% after adjusting for the expense offsets described in Note 4b. 

<sup>5</sup> Excludes impact of in-kind transactions.

<sup>6</sup> Net expenses were 1.04% after adjusting for the expense offsets described in Note 4b. 

See Notes to Financial Statements. 33

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON GROWTH FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br> (%) | Net<br>investment<br>income<br> (loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 102.76 | 0.35<sup>3</sup> | (13.42) | (13.07) | 0.00 | (10.80) | (10.80) | 78.89 | (14.16) | 1.39<sup>4,5</sup> | 0.40<sup>3</sup> | 1492.5 | 1<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90.55 | (0.33) | 14.24 | 13.91 | 0.00 | (1.70) | (1.70) | 102.76 | 15.62 | 1.34<sup>7</sup> | (0.35) | 2210.3 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80.38 | (0.22) | 15.52 | 15.30 | 0.00 | (5.13) | (5.13) | 90.55 | 19.17 | 1.30<sup>9</sup> | (0.24) | 2211.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 117.64 | (0.35) | (27.94) | (28.29) | 0.00 | (8.97) | (8.97) | 80.38 | (26.31) | 1.30<sup>9</sup> | (0.36) | 2015.6 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 90.65 | (0.81) | 32.65 | 31.84 | 0.00 | (4.85) | (4.85) | 117.64 | 36.19<sup>10</sup> | 1.29<sup>11</sup> | (0.75) | 3041.4 | 1 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.79 | 0.64<sup>3</sup> | (14.35) | (13.71) | 0.00 | (10.80) | (10.80) | 84.28 | (13.95) | 1.13<sup>4</sup> | 0.67<sup>3</sup> | 3294 | 1<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.52 | (0.10) | 15.07 | 14.97 | 0.00 | (1.70) | (1.70) | 108.79 | 15.92 | 1.08<sup>7</sup> | (0.09) | 5134 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 84.34 | 0.01 | 16.30 | 16.31 | 0.00 | (5.13) | (5.13) | 95.52 | 19.48 | 1.05<sup>9</sup> | 0.01 | 5007.2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122.73 | (0.10) | (29.32) | (29.42) | 0.00 | (8.97) | (8.97) | 84.34 | (26.12) | 1.04<sup>9</sup> | (0.10) | 4073.5 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94.15 | (0.56) | 33.99 | 33.43 | 0.00 | (4.85) | (4.85) | 122.73 | 36.55<sup>10</sup> | 1.03<sup>11</sup> | (0.50) | 5934.8 | 1 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 108.79 | 0.63<sup>3</sup> | (14.34) | (13.71) | 0.00 | (10.80) | (10.80) | 84.28 | (13.95) | 1.13<sup>4</sup> | 0.66<sup>3</sup> | 162.9 | 1<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 95.53 | (0.10) | 15.06 | 14.96 | 0.00 | (1.70) | (1.70) | 108.79 | 15.91 | 1.09<sup>7</sup> | (0.10) | 242.4 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 84.35 | 0.01 | 16.30 | 16.31 | 0.00 | (5.13) | (5.13) | 95.53 | 19.48 | 1.05<sup>9</sup> | 0.01 | 225.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 122.75 | (0.11) | (29.32) | (29.43) | 0.00 | (8.97) | (8.97) | 84.35 | (26.13) | 1.04<sup>9</sup> | (0.10) | 169.1 | 0<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94.16 | (0.56) | 34.00 | 33.44 | 0.00 | (4.85) | (4.85) | 122.75 | 36.56<sup>10</sup> | 1.03<sup>11</sup> | (0.50) | 225.8 | 1 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Includes a special dividend. Both the net investment income (loss) per share dollar amounts and ratios would have been negative excluding the effect of the special dividend. The net investment income (loss) per share amounts and ratios would have been reduced by approximately $0.65 and 0.70%, respectively, excluding the effect of the special dividend. 

<sup>4</sup> Includes interest expense of 0.09%. 

<sup>5</sup> Net expenses were 1.38% after adjusting for the expense offsets described in Note 4b. 

<sup>6</sup> Excludes impact of in-kind transactions.

<sup>7</sup> Includes interest expense of 0.05%. 

<sup>8</sup> Less than 0.5%. 

<sup>9</sup> Includes interest expense of 0.01%. 

<sup>10</sup> The Adviser made a voluntary payment to the Fund in the amount of $739,525 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by 0.01%. 

<sup>11</sup> Includes interest expense of less than 0.01%. 

34 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON SMALL CAP FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end<br>of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>investment<br>income (loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 34.65 | (0.25) | 0.25 | 0.00 | 0.00 | (4.22) | (4.22) | 30.43 | (0.35) | 1.32<sup>4,5</sup> | (0.80) | 1158.9 | 13<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27.76 | (0.21) | 8.02 | 7.81 | 0.00 | (0.92) | (0.92) | 34.65 | 28.90 | 1.30 | (0.69) | 1374.9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.98 | (0.15) | 4.38 | 4.23 | 0.00 | (1.45) | (1.45) | 27.76 | 17.42<sup>3</sup> | 1.31 | (0.56) | 1187.8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40.67 | (0.23) | (10.74) | (10.97) | 0.00 | (4.72) | (4.72) | 24.98 | (30.93) | 1.30 | (0.72) | 1135.1 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.06 | (0.16) | 9.89 | 9.73 | 0.00 | (4.12) | (4.12) | 40.67 | 29.77 | 1.29 | (0.40) | 1829.5 | 16 |
|  **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37.51 | (0.18) | 0.26 | 0.08 | 0.00 | (4.22) | (4.22) | 33.37 | (0.09) | 1.06<sup>4</sup> | (0.54) | 2330.9 | 13<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29.90 | (0.14) | 8.67 | 8.53 | 0.00 | (0.92) | (0.92) | 37.51 | 29.25 | 1.05 | (0.43) | 2828.6 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.74 | (0.09) | 4.70 | 4.61 | 0.00 | (1.45) | (1.45) | 29.90 | 17.71<sup>3</sup> | 1.05 | (0.31) | 2821 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.12 | (0.15) | (11.51) | (11.66) | 0.00 | (4.72) | (4.72) | 26.74 | (30.76) | 1.04 | (0.44) | 2613 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.86 | (0.06) | 10.44 | 10.38 | 0.00 | (4.12) | (4.12) | 43.12 | 30.11 | 1.03 | (0.15) | 3214.2 | 16 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37.49 | (0.19) | 0.27 | 0.08 | 0.00 | (4.22) | (4.22) | 33.35 | (0.09) | 1.06<sup>4</sup> | (0.55) | 267.5 | 13<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29.89 | (0.15) | 8.67 | 8.52 | 0.00 | (0.92) | (0.92) | 37.49 | 29.23 | 1.05 | (0.45) | 312.1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.73 | (0.09) | 4.70 | 4.61 | 0.00 | (1.45) | (1.45) | 29.89 | 17.71<sup>3</sup> | 1.06 | (0.31) | 206.3 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.10 | (0.14) | (11.51) | (11.65) | 0.00 | (4.72) | (4.72) | 26.73 | (30.75) | 1.04 | (0.41) | 184.4 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.85 | (0.06) | 10.43 | 10.37 | 0.00 | (4.12) | (4.12) | 43.10 | 30.09 | 1.04 | (0.16) | 272.8 | 16 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> The Adviser made a voluntary payment to the Fund in the amount of $573 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund's total return by less than 0.01%. 

<sup>4</sup> Interest expense rounds to less than 0.01%. 

<sup>5</sup> Net expenses were 1.31% after adjusting for the expense offsets described in Note 4b. 

<sup>6</sup> Excludes impact of in-kind transactions.

See Notes to Financial Statements. 35

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON OPPORTUNITY FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain<br> (loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 44.12 | (0.50) | 12.54 | 12.04 | 0.00 | (2.33) | (2.33) | 53.83 | 27.76<sup>3</sup> | 1.31<sup>4</sup> | (1.04) | 734.1 | 30<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30.67 | (0.39) | 13.84 | 13.45 | 0.00 | 0.00 | 0.00 | 44.12 | 43.85 | 1.31 | (1.02) | 637 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.72 | (0.27) | 6.22 | 5.95 | 0.00 | 0.00 | 0.00 | 30.67 | 24.07 | 1.32<sup>6</sup> | (0.96) | 497.4 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43.49 | (0.39) | (14.78) | (15.17) | 0.00 | (3.60) | (3.60) | 24.72 | (38.38) | 1.31<sup>6</sup> | (1.15) | 448.5 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.11 | (0.49) | 11.65 | 11.16 | 0.00 | (2.78) | (2.78) | 43.49 | 33.58 | 1.31<sup>6</sup> | (1.19) | 866.5 | 39 |
|  **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47.08 | (0.40) | 13.40 | 13.00 | 0.00 | (2.33) | (2.33) | 57.75 | 28.07<sup>3</sup> | 1.05<sup>7</sup> | (0.78) | 976.4 | 30<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32.64 | (0.31) | 14.75 | 14.44 | 0.00 | 0.00 | 0.00 | 47.08 | 44.24 | 1.05 | (0.76) | 679 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.24 | (0.21) | 6.61 | 6.40 | 0.00 | 0.00 | 0.00 | 32.64 | 24.39 | 1.06<sup>6</sup> | (0.70) | 473.2 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45.85 | (0.32) | (15.69) | (16.01) | 0.00 | (3.60) | (3.60) | 26.24 | (38.23) | 1.05<sup>6</sup> | (0.90) | 375.3 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.79 | (0.41) | 12.25 | 11.84 | 0.00 | (2.78) | (2.78) | 45.85 | 33.91 | 1.05<sup>6</sup> | (0.93) | 711.4 | 39 |
|  **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47.13 | (0.40) | 13.42 | 13.02 | 0.00 | (2.33) | (2.33) | 57.82 | 28.08<sup>3</sup> | 1.04 | (0.78) | 48.8 | 30<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32.67 | (0.31) | 14.77 | 14.46 | 0.00 | 0.00 | 0.00 | 47.13 | 44.26 | 1.05 | (0.76) | 40.2 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26.27 | (0.21) | 6.61 | 6.40 | 0.00 | 0.00 | 0.00 | 32.67 | 24.36 | 1.07<sup>6</sup> | (0.70) | 28.8 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 45.90 | (0.32) | (15.71) | (16.03) | 0.00 | (3.60) | (3.60) | 26.27 | (38.23) | 1.05<sup>6</sup> | (0.89) | 23.4 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.82 | (0.41) | 12.27 | 11.86 | 0.00 | (2.78) | (2.78) | 45.90 | 33.94 | 1.05<sup>6</sup> | (0.93) | 36.1 | 39 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> The Adviser made a voluntary payment to the Fund in the amount of $1,025,040 to compensate the Fund for a loss incurred due to a trading error. The impact of this payment increased the Fund's total return by 0.06%. 

<sup>4</sup> Net expenses were 1.30% after adjusting for the expense offsets described in Note 4b. 

<sup>5</sup> Excludes impact of in-kind transactions.

<sup>6</sup> Includes interest expense of less than 0.01%. 

<sup>7</sup> Net expenses were 1.04% after adjusting for the expense offsets described in Note 4b. 

36 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON FIFTH AVENUE GROWTH FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br> expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 51.61 | (0.47) | 14.67 | 14.20 | 0.00 | (0.45) | (0.45) | 65.36 | 27.58<sup>3</sup> | 1.03<sup>4</sup> | 1.00<sup>4</sup> | (0.81) | 152.6 | 19<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 35.68 | (0.37) | 16.30 | 15.93 | 0.00 | 0.00 | 0.00 | 51.61 | 44.65<sup>3</sup> | 1.03<sup>4</sup> | 1.00<sup>4</sup> | (0.84) | 132.3 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28.73 | (0.28) | 7.23 | 6.95 | 0.00 | 0.00 | 0.00 | 35.68 | 24.19<sup>3</sup> | 1.06<sup>6</sup> | 1.01<sup>6</sup> | (0.88) | 103 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 55.33 | (0.39) | (24.49) | (24.88) | 0.00 | (1.72) | (1.72) | 28.73 | (46.49)<sup>3,7</sup> | 1.03<sup>4</sup> | 1.00<sup>4</sup> | (0.92) | 84.2 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 46.62 | (0.46) | 9.35 | 8.89 | 0.00 | (0.18) | (0.18) | 55.33 | 19.13<sup>3</sup> | 1.02 | 1.00 | (0.88) | 187.8 | 16 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53.45 | (0.34) | 15.14 | 14.80 | 0.00 | (0.45) | (0.45) | 67.80 | 27.76<sup>3</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.56) | 571.7 | 19<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36.86 | (0.27) | 16.86 | 16.59 | 0.00 | 0.00 | 0.00 | 53.45 | 45.01<sup>3</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.59) | 469.8 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.60 | (0.21) | 7.47 | 7.26 | 0.00 | 0.00 | 0.00 | 36.86 | 24.53<sup>3</sup> | 0.78<sup>6</sup> | 0.76<sup>6</sup> | (0.63) | 332.9 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56.82 | (0.29) | (25.21) | (25.50) | 0.00 | (1.72) | (1.72) | 29.60 | (46.35)<sup>3,7</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.68) | 281.8 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47.75 | (0.34) | 9.59 | 9.25 | 0.00 | (0.18) | (0.18) | 56.82 | 19.44<sup>3</sup> | 0.75 | 0.75 | (0.63) | 609.8 | 16 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53.44 | (0.34) | 15.21 | 14.87 | 0.00 | (0.45) | (0.45) | 67.86 | 27.90<sup>3</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.56) | 38.4 | 19<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36.86 | (0.27) | 16.85 | 16.58 | 0.00 | 0.00 | 0.00 | 53.44 | 44.98<sup>3</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.59) | 34.3 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.61 | (0.21) | 7.46 | 7.25 | 0.00 | 0.00 | 0.00 | 36.86 | 24.49<sup>3</sup> | 0.78<sup>6</sup> | 0.76<sup>6</sup> | (0.63) | 25.5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 56.84 | (0.29) | (25.22) | (25.51) | 0.00 | (1.72) | (1.72) | 29.61 | (46.36)<sup>3,7</sup> | 0.76<sup>4</sup> | 0.75<sup>4</sup> | (0.68) | 21.1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47.76 | (0.34) | 9.60 | 9.26 | 0.00 | (0.18) | (0.18) | 56.84 | 19.45<sup>3</sup> | 0.75 | 0.75 | (0.63) | 39.6 | 16 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Includes interest expense of less than 0.01%. 

<sup>5</sup> Excludes impact of in-kind transactions.

<sup>6</sup> Includes interest expense of 0.01%. 

<sup>7</sup> The Adviser made a voluntary payment to the Fund in the amount of $2,806 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by less than 0.01%. 

See Notes to Financial Statements. 37

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON DISCOVERY FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average<br>Net Assets: | Ratios to Average<br>Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br> asset<br> value,<br> beginning<br> of year<br> ($) | Net<br> investment<br> income<br> (loss) <br> ($)<sup>1</sup> | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) <br> ($) | Total<br> from<br> investment<br> operations<br> ($) | Net<br> investment<br> income<br> ($) | Net<br> realized<br> gains<br> ($) | Total<br> distributions<br> ($) | Net<br> asset<br> value,<br> end of<br> year<br> ($) | Total<br> return<br> (%)<sup>2</sup> | Gross<br> expenses<br> (%) | Net<br> investment<br> income<br> (loss) <br> (%) | Net<br> assets (in<br> millions),<br> end of<br> year <br> ($) | Portfolio<br> turnover<br> rate <br> (%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 29.81 | (0.29) | 5.44 | 5.15 | 0.00 | 0.00 | 0.00 | 34.96 | 17.28 | 1.33<sup>3</sup> | (0.90) | 153.5 | 41<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.28 | (0.24) | 5.77 | 5.53 | 0.00 | 0.00 | 0.00 | 29.81 | 22.78 | 1.32 | (0.89) | 134.8 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.27 | (0.22) | 2.23 | 2.01 | 0.00 | 0.00 | 0.00 | 24.28 | 9.03 | 1.33 | (0.90) | 131.6 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 36.93 | (0.32) | (13.05) | (13.37) | 0.00 | (1.29) | (1.29) | 22.27 | (37.47) | 1.32 | (1.11) | 146.9 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.17 | (0.43) | 10.25 | 9.82 | 0.00 | (1.06) | (1.06) | 36.93 | 35.61 | 1.31 | (1.20) | 270.3 | 37 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30.67 | (0.21) | 5.61 | 5.40 | 0.00 | 0.00 | 0.00 | 36.07 | 17.61 | 1.05 | (0.63) | 1687.4 | 41<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.91 | (0.17) | 5.93 | 5.76 | 0.00 | 0.00 | 0.00 | 30.67 | 23.12 | 1.05 | (0.63) | 1315.5 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.80 | (0.16) | 2.27 | 2.11 | 0.00 | 0.00 | 0.00 | 24.91 | 9.25 | 1.06 | (0.64) | 1098.7 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37.68 | (0.25) | (13.34) | (13.59) | 0.00 | (1.29) | (1.29) | 22.80 | (37.31) | 1.06 | (0.84) | 955.6 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.65 | (0.35) | 10.44 | 10.09 | 0.00 | (1.06) | (1.06) | 37.68 | 35.97 | 1.05 | (0.94) | 1721.2 | 37 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 30.67 | (0.21) | 5.62 | 5.41 | 0.00 | 0.00 | 0.00 | 36.08 | 17.64 | 1.05 | (0.63) | 59.8 | 41<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24.92 | (0.17) | 5.92 | 5.75 | 0.00 | 0.00 | 0.00 | 30.67 | 23.07 | 1.05 | (0.63) | 53.3 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22.80 | (0.16) | 2.28 | 2.12 | 0.00 | 0.00 | 0.00 | 24.92 | 9.30 | 1.06 | (0.64) | 46.4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 37.68 | (0.24) | (13.35) | (13.59) | 0.00 | (1.29) | (1.29) | 22.80 | (37.30) | 1.06 | (0.85) | 41.3 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 28.65 | (0.35) | 10.44 | 10.09 | 0.00 | (1.06) | (1.06) | 37.68 | 35.97 | 1.05 | (0.94) | 38.1 | 37 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect investment of all dividends and distributions, if any. 

<sup>3</sup> Net expenses were 1.32% after adjusting for the expense offsets described in Note 4b. 

<sup>4</sup> Excludes impact of in-kind transactions.

38 See Notes to Financial Statements.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON DURABLE ADVANTAGE FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br> asset<br> value,<br> beginning<br> of year<br> ($) | Net<br>investment<br> income<br> (loss) <br> ($)<sup>1</sup> | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) <br> ($) | Total<br> from<br> investment<br> operations<br> ($) | Net<br> investment<br> income<br> ($) | Net<br> realized<br> gains<br> ($) | Total<br> distributions<br> ($) | Net<br> asset<br> value,<br> end of<br> year<br> ($) | Total<br> return<br> (%)<sup>2</sup> | Gross<br> expenses<br> (%) | Net<br> expenses<br> (%) | Net<br> investment<br> income<br> (loss) <br> (%) | Net<br> assets (in<br> millions),<br> end of<br> year <br> ($) | Portfolio<br> turnover<br> rate <br> (%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.39 | (0.03) | 4.64 | 4.61 | (0.00)<sup>3</sup> | 0.00 | (0.00)<sup>3</sup> | 32.00 | 16.84<sup>4</sup> | 1.00 | 0.95 | (0.10) | 99.6 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.55 | (0.02) | 7.86 | 7.84 | (0.00)<sup>3</sup> | 0.00 | (0.00)<sup>3</sup> | 27.39 | 40.10<sup>4</sup> | 1.04 | 0.95 | (0.06) | 98.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.66 | (0.00)<sup>3</sup> | 4.89 | 4.89 | 0.00 | 0.00 | 0.00 | 19.55 | 33.36<sup>4</sup> | 1.40 | 0.95 | (0.02) | 16.6 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.47 | (0.04) | (3.71) | (3.75) | 0.00 | (0.06) | (0.06) | 14.66 | (20.39)<sup>4</sup> | 1.49<sup>5</sup> | 0.95 | (0.23) | 7.6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.47 | (0.05) | 4.06 | 4.01 | (0.01) | 0.00 | (0.01) | 18.47 | 27.70<sup>4</sup> | 1.91 | 0.95 | (0.29) | 9.8 | 11 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.81 | 0.04 | 4.72 | 4.76 | (0.07) | 0.00 | (0.07) | 32.50 | 17.12<sup>4</sup> | 0.73 | 0.70 | 0.14 | 363.8 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.82 | 0.05 | 7.96 | 8.01 | (0.02) | 0.00 | (0.02) | 27.81 | 40.46<sup>4</sup> | 0.77 | 0.70 | 0.19 | 319.8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.82 | 0.04 | 4.96 | 5.00 | 0.00 | 0.00 | 0.00 | 19.82 | 33.74<sup>4</sup> | 1.00 | 0.70 | 0.22 | 78.7 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.63 | 0.01 | (3.76) | (3.75) | 0.00 | (0.06) | (0.06) | 14.82 | (20.21)<sup>4</sup> | 1.10<sup>5</sup> | 0.70 | 0.03 | 23.6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.56 | (0.01) | 4.09 | 4.08 | (0.01) | 0.00 | (0.01) | 18.63 | 28.01<sup>4</sup> | 1.48 | 0.70 | (0.05) | 27.1 | 11 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 27.81 | 0.04 | 4.72 | 4.76 | (0.07) | 0.00 | (0.07) | 32.50 | 17.12<sup>4</sup> | 0.73 | 0.70 | 0.14 | 61.9 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.82 | 0.04 | 7.97 | 8.01 | (0.02) | 0.00 | (0.02) | 27.81 | 40.46<sup>4</sup> | 0.74 | 0.70 | 0.15 | 53.7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.82 | 0.04 | 4.96 | 5.00 | 0.00 | 0.00 | 0.00 | 19.82 | 33.74<sup>4</sup> | 1.01 | 0.70 | 0.23 | 4.9 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.63 | 0.00<sup>3</sup> | (3.75) | (3.75) | 0.00 | (0.06) | (0.06) | 14.82 | (20.21)<sup>4</sup> | 1.07<sup>5</sup> | 0.70 | 0.02 | 3.5 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.56 | (0.01) | 4.09 | 4.08 | (0.01) | 0.00 | (0.01) | 18.63 | 28.01<sup>4</sup> | 1.47 | 0.70 | (0.04) | 4.3 | 11 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Less than $0.01 per share. 

<sup>4</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>5</sup> Includes interest expense of less than 0.01%. 

See Notes to Financial Statements. 39

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Baron Investment Funds Trust and Shareholders of Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund and Baron Durable Advantage Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund and Baron Durable Advantage Fund (constituting the Baron Investment Funds Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 25, 2025

We have served as the auditor of one or more investment companies in the Baron group of funds since 1987.

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

TAX INFORMATION (Unaudited)

The federal tax status of distributions paid by the Funds during the year ended September 30, 2025 are listed below.

During the fiscal year ended September 30, 2025, the Funds' distributions to shareholders included:

---

| | | |
|:---|:---|:---|
| Fund | Ordinary<sup>1,3</sup> | Long-Term<br>Capital Gain<sup>2,3</sup> |
|  Baron Asset Fund | $— | $680001685 |
|  Baron Growth Fund |  | 740003478 |
|  Baron Small Cap Fund |  | 515003353 |
|  Baron Opportunity Fund |  | 69058733 |
|  Baron Fifth Avenue Growth Fund |  | 5550206 |
|  Baron Discovery Fund |  |  |
|  Baron Durable Advantage Fund | 876262 |  |

---

<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

<sup>2</sup> Long-term capital gains are subject to a maximum allowable rate of 20% for individuals pursuant to the Tax Cuts and Jobs Act of 2017. 

<sup>3</sup> Under the Patient Protection and Affordable Care Act, higher income taxpayers must pay a 3.8% additional tax on net investment income. 

Of the total ordinary income distributions paid by Baron Durable Advantage Fund, 100.00% is qualified dividend income subject to a reduced tax rate, and 100.00% qualifies for the corporate dividends received deduction.

The information and distributions reported may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. The information necessary to complete your income tax return for the calendar year ended December 31, 2025 will be listed on the Form 1099-DIV, which will be mailed to you in January 2026.

------

Baron Funds &nbsp;&nbsp;&nbsp;&nbsp; September 30, 2025

---

| | |
|:---|:---|
| <u>Changes In and Disagreements with Accountants</u> | For the period covered by this report |
| Not applicable. |  |
| <u>Results of Meeting(s) of Shareholders</u> | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Refer to the financial statements included herein. |  |

---

------

September 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Funds

DISCLOSURE REGARDING THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS FOR THE FUNDS BY THE BOARD OF TRUSTEES (Unaudited)

The Board of Trustees (the Board or the Trustees) of Baron Investment Funds Trust (the Trust) met on May 6, 2025 to discuss the selection of BAMCO, Inc. (the Adviser) as the investment adviser and the approval of the investment advisory agreements for Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund (each, a Fund and collectively, the Funds). The members of the Board who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the Independent Trustees) met in a separate session to discuss and consider the renewal of the investment advisory agreements for the Funds. Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, provided reports to the Board. The Trustees received a substantial amount of information from the Adviser and from Broadridge, and the Independent Trustees were advised by independent legal counsel. Based on its evaluation of this and other information, the Board, including a majority of the Independent Trustees, approved the continuation of the investment advisory agreements for the Funds for an additional one-year period.

In reaching its determination, the Board considered various factors that it deemed relevant, including the factors listed below.

1. NATURE, EXTENT AND QUALITY OF SERVICES

The Trustees considered the information provided, including their experience and knowledge gained from their service as Trustees and their experience generally, including the following, which they had considered in past years and remained, in their thinking, material to their consideration:

• Their confidence in the senior personnel, portfolio management, the financial condition of the Adviser and its affiliates and the Adviser's available resources;

• The nature, extent and quality of the services provided by the Adviser, including: intensive devotion to research, selection of broker/dealers for Fund portfolio transactions, relationships with and supervision of third party service providers, such as the Funds' custodian and transfer agent, the quality of shareholder reports, the ability to monitor adherence to investment guidelines and restrictions, the legal, accounting and compliance services provided to the Funds and the support services provided to the Board;

• The Adviser's investment principles and processes and the historical performance of the Funds as compared to similar funds managed by other advisers and other funds managed by the Adviser over comparable periods;

• The advisory fees and total expense ratios of the Funds and comparisons to similar funds managed by other advisers over comparable periods. They observed that, for most of the Funds, while the advisory fee was comparatively higher, the net operating expenses paid by the Funds (total expense ratio) were within the range of those of the funds in their respective peer groups; and

• Additional services provided by the Adviser.

The Board concluded that the nature, extent and quality of the services the Adviser provides to each Fund, including performance consistent with its investing principles, supported approval of the investment advisory agreement for each Fund.

2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

As part of its consideration of the investment performance of the Funds and the Adviser, the Board took into account the analyses performed by Broadridge. The Board considered for each Fund, among other information, Broadridge's comparisons of the expense ratio and contractual advisory fee with those of peer group funds selected by Broadridge and Morningstar category medians. The Board also considered, among other performance information, Broadridge's comparisons of each Fund's annualized total return and related risk metrics over one-, three-, five- and ten-year periods, where applicable, against peer group funds and Morningstar category medians. After considering all the information, the Board concluded that the Adviser continued to invest in accordance with its long-standing principles and that each Fund's performance remained consistent with expectations for the Adviser's investment style, in light of recent market conditions.

3. COSTS OF SERVICES PROVIDED AND PROFITS TO BE REALIZED BY THE ADVISER

The Board considered comparisons of the advisory fees charged and services provided by the Adviser and its investment adviser affiliate to sub-advised accounts and separately managed accounts. The Board considered that, while the advisory fees for the other clients are the same as, or lower than, the fees for the Funds, the Adviser or its affiliate performs significantly fewer services for those clients compared with those provided by the Adviser to the Funds. The Board also considered a profitability analysis prepared by the Adviser and discussed with the representatives of the Adviser that the Adviser has continued to invest in quality personnel, systems and facilities, and otherwise continued to invest in its business, irrespective of fund flows.

The Board also considered benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board considered the costs of portfolio management, including the types of investments made for the Funds, the personnel and systems necessary for implementation of investment strategies, and the pre-tax profits realized by the Adviser and its affiliates from their relationship with the Funds.

4. ECONOMIES OF SCALE AND BENEFITS TO INVESTORS

The Board considered the extent to which each Fund's advisory fee reflected economies of scale for the benefit of Fund shareholders, appreciating that the economies of scale analysis is predicated on generally predictable increasing assets and noting the significant fluctuation in assets in recent years. The Board considered that small-and mid-cap investment strategies require more attention by the Adviser than a strategy that involves other types of investing, particularly as asset size increases. The Board considered that the Adviser was continuing to grow and upgrade its staff and invest in its business. The Board members reiterated their intention to continue to consider the extent of economies of scale, asset growth and the Adviser's plans to invest further to support the Funds.

The Board concluded that the advisory fee for each Fund was supported by the entirety of the presentation and particularly in light of the services provided as discussed at this meeting, and throughout the year.

After due consideration of the above-enumerated factors and other factors it deemed relevant, the Board, including a majority of the Independent Trustees, approved the continuance of each Fund's investment advisory agreement.

------

![LOGO](g57190g72v75.jpg)

#### ANNUALTRUST 9/30/2025

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

------

Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.](d57190dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.](d57190dex99906ce.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| BARON INVESTMENT FUNDS TRUST | BARON INVESTMENT FUNDS TRUST |
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
| Date: December 3, 2025 | Date: December 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
| Date: December 3, 2025 | Date: December 3, 2025 |

---

------

---

| | |
|:---|:---|
| By: | /s/ Christopher Snively |
|  | Christopher Snively |
|  | Principal Financial Officer |
| Date: December 3, 2025 | Date: December 3, 2025 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Ronald Baron**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Investment Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: December 3, 2025 |
| /s/ Ronald Baron |
| Ronald Baron |

---

Principal Executive Officer

------

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Christopher Snively**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Investment Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| |
|:---|
| Date: December 3, 2025 |
| /s/ Christopher Snively |
| Christopher Snively |
| Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON INVESTMENT FUNDS TRUST (the "Issuer") and its separate series for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

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| | | |
|:---|:---|:---|
| By: | /s/ Ronald Baron | Date: December 3, 2025 |
|  | Ronald Baron<br> Principal Executive Officer |  |

---

------

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON INVESTMENT FUNDS TRUST (the "Issuer") and its separate series for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
| By: | /s/ Christopher Snively | Date: December 3, 2025 |
|  | Christopher Snively<br> Principal Financial Officer |  |

---