Baron Focused Growth Fund

The fund invests for the long term primarily in equity securities in the form of common stock of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. Because of its long-term approach, the fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. It is non-diversified.