During the third quarter, Baron Opportunity Fund® (MUTF:BIOIX, the Fund) rose 4.04% (Institutional Shares), outperforming the Russell 3000 Growth Index (the Benchmark), which gained 3.42%, but trailing the S&P 500 Index (SP500,SPX) , which advanced 5.89%. For the first nine months of 2024, the Fund posted solid gains, increasing 25.31%, slightly outperforming the Benchmark, which rose 24.00%, and beating the S&P 500 Index, which appreciated 22.08%. Performance listed in the above table is net of annual operating expenses.