Baron Focused Growth Fund Institutional Shares 

This fund targets long-term capital appreciation primarily through investments in common stock issued by U.S.-based small and mid-sized growth companies. The Adviser identifies these companies as those whose market capitalization, at the point of acquisition, does not exceed that of the largest firm within the Russell Midcap Growth Index at the time of its rebalancing. Owing to its patient, long-term investment strategy, it is possible for a significant percentage of the fund's assets to be held in securities that have grown beyond their original market capitalization thresholds. Furthermore, this is a non-diversified fund.