After a solid first half of the year, Baron Partners Fund® (the Fund) declined in the most recent quarter. The Fund fell 7.17% (Institutional Shares) and trailed both the Russell Midcap Growth Index, its primary benchmark (the Benchmark) and the S&P 500 Index during the quarter. Those two indexes declined 5.22% and 3.27%, respectively. The Morningstar Large Growth Category average (the Peer Group) declined 3.59%. * The Fund remains considerably ahead of the Benchmark, the S&P 500 Index, and the Peer Group since the start of the year. Year-to-date, the Fund has appreciated 32.36%.