(1)Displays the precise charges and bills that had been charged when the Funds had been partnerships. The predecessor partnerships charged a 20% efficiency price (Baron Companions Fund) or a 15% efficiency price (Baron Targeted Progress Fund) after reaching a sure efficiency benchmark. If the annual returns for the Funds didn’t replicate the efficiency price for the years the predecessor partnerships charged a efficiency price, returns can be greater. The Funds’ shareholders will not be charged a efficiency price.
(2)For the interval June 30, 1987 to December 31, 2023.
(3)As of 9/30/2023.
(4)Comprised of working bills of 1.04% and curiosity bills of 0.01%.
(5)As of 12/31/2022.
(6)Comprised of working bills of 1.04% and curiosity bills of 0.40%.
(7)Gross annual expense ratio was 0.78%, however the web annual expense ratio was 0.76% (web of Adviser’s price waivers, together with curiosity expense of 0.01%).
(8)Gross annual expense ratio was 1.00%, however the web annual expense ratio was 0.70% (web of Adviser’s price waivers).
(9)Gross annual expense ratio was 0.94%, however the web annual expense ratio was 0.91% (web of Adviser’s price waivers, together with curiosity expense of 0.01%).
(10)Gross annual expense ratio was 0.99%, however the web annual expense ratio was 0.95% (web of Adviser’s price waivers).
(11)Gross annual expense ratio was 7.22%, however the web annual expense ratio was 1.20% (web of Adviser’s price waivers and expense reimnbursements).
(12)Gross annual expense ratio was 0.96%, however the web annual expense ratio was 0.80% (web of Adviser’s price waivers).
(13)Gross annual expense ratio was 0.90%, however the web annual expense ratio was 0.85% (web of Adviser’s price waivers).
(14)Gross annual expense ratio was 1.20%, however the web annual expense ratio was 0.95% (web of Adviser’s price waivers).
(15)Gross annual expense ratio was 6.42%, however the web annual expense ratio was 0.95% (web of Adviser’s price waivers and expense reimbursements).
(16)Gross annual expense ratio was 1.14%, however the web annual expense ratio was 1.11% (consists of acquired fund charges and bills, web of the expense reimbursements).
†The Fund’s historic efficiency was impacted by features from IPOs. There isn’t any assure that these outcomes might be repeated or that the Fund’s stage of participation in IPOs would be the similar sooner or later.
Rating info supplied is calculated for the Institutional Share Class and is as of 12/31/2023. The variety of share courses in every class could differ relying on the date that Baron downloaded info from Morningstar Direct. Morningstar calculates its class common efficiency and rankings utilizing its Fractional Weighting methodology. Morningstar rankings are based mostly on whole returns and don’t embrace gross sales costs. Whole returns account for administration, administrative, and 12b-1 charges and different prices mechanically deducted from fund property. The Morningstar Giant Progress Class consisted of 1200, 1031, and 810, share courses for the 1-, 5-, and 10-year intervals. Morningstar ranked Baron Alternative Fund within the eleventh, 4th, thirteenth, and 4th percentiles for the 1-, 5-, 10-year, and since inception intervals, respectively. The Fund launched 2/29/2000, and the class consisted of 597 share courses. Morningstar ranked Baron Companions Fund within the twenty seventh, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since conversion intervals, respectively. The Fund transformed right into a mutual fund 4/30/2003, and the class consisted of 756 share courses. Morningstar ranked Baron Sturdy Benefit Fund within the twenty first, eighth, and 18th percentiles for the 1-, 5-, and since inception intervals, respectively. The Fund launched 12/29/2017, and the class consisted of 1089 share courses. The Morningstar Mid Cap Progress Class consisted of 553, 492, and 395, share courses for the 1-, 5-, and 10-year intervals. Morningstar ranked Baron Asset Fund within the 74th, forty ninth, twenty second, and eleventh percentiles for the 1-, 5-, 10-year, and since inception intervals, respectively. The Fund launched 6/12/1987, and the class consisted of 70 share courses. Morningstar ranked Baron Progress Fund within the 83rd, fifteenth, twenty ninth, and 1st percentiles for the 1-, 5-, 10-year, and since inception intervals, respectively. The Fund launched 12/31/1994, and the class consisted of 160 share courses. Morningstar ranked Baron Targeted Progress Fund within the tenth, 1th, 1th, and third percentiles for the 1-, 5-, 10-year, and since conversion intervals, respectively. The Fund transformed right into a mutual fund 6/30/2008, and the class consisted of 438 share courses. The Morningstar Small Cap Progress Class consisted of 597, 528, and 405, share courses for the 1-, 5-, and 10-year intervals. Morningstar ranked Baron Small Cap Fund within the fifth, thirteenth, twenty first, and seventh percentiles for the 1-, 5-, 10-year, and since inception intervals, respectively. The Fund launched 9/30/1997, and the class consisted of 243 share courses. Morningstar ranked Baron Discovery Fund within the tenth, thirty sixth, sixth, and 4th percentiles for the 1-, 5-, 10-, and since inception intervals, respectively. The Fund launched 9/30/2013, and the class consisted of 523 share courses. The Morningstar Actual Property Class consisted of 251, 215, and 156, share courses for the 1-, 5-, and 10-year intervals. Morningstar ranked Baron Actual Property Fund within the 1st, 1st, 1st, and 1st percentiles for the 1-, 5-, 10-year, and since inception intervals, respectively. The Fund launched 12/30/2009, and the class consisted of 182 share courses. Morningstar ranked Baron Actual Property Revenue Fund within the ninth, third, and 2nd percentiles for the 1-, 5-, and since inception intervals, respectively. The Fund launched 12/29/2017, and the class consisted of 225 share courses. The Morningstar Overseas Giant Progress Class consisted of 417, 336, 229, and 251 share courses for the 1-, 5-,10-year, and since inception (12/31/2008) intervals. Morningstar ranked Baron Worldwide Progress Fund within the 96th, 63rd, thirty eighth, and nineteenth, respectively. The Morningstar Diversified Rising Markets Class consisted of 816, 656, 402, and 373 share courses for the 1-, 5-, 10-year, and since inception (12/31/2010) intervals. Morningstar ranked Baron Rising Markets Fund within the 76th, 78th, 51st, and 14th, respectively. The Morningstar Diversified Well being Class consisted of 176, 135, and 138 share courses for the 1-, 5-, and since inception (12/31/2018) intervals. Morningstar ranked Baron Well being Care Fund within the twenty fifth, 1st, and 1st, respectively. The Morningstar Aggressive Allocation Class consisted of 186, 165, and 177 share courses for the 1-, 5-, and since inception (12/29/2017) intervals. Morningstar ranked Baron WealthBuilder Fund within the fifth, 1st, and 1st, respectively.
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