Baron Partners Fund

This fund aims for long-term capital appreciation by primarily acquiring common shares of growth-oriented U.S. companies, irrespective of their market value. The investment advisor focuses on businesses that are identified as having substantial growth potential, enduring competitive strengths, superior management, and an appealing valuation. To enhance investment capacity, the fund may employ leverage by borrowing from banks, with such borrowing not exceeding one-third of its gross assets, which incorporate holdings purchased with borrowed funds. This portfolio is categorized as non-diversified.