Strategy. The Fund is a diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the Underlying Funds), representing specific investment strategies. The Fund normally invests in a variety of domestic and international equity funds. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. The Fund can invest in funds holding U.S. and international stocks; small-cap, small- to mid-cap, mid-cap, large-cap, all-cap stocks; and sector specific stocks. The portfolio manager decides how much of the Funds assets to allocate to underlying fund investments based on the outlook for, and on the relative valuations of, the Underlying Funds … Show more… The Fund is a diversified fund because it invests, at any given time, in the securities of a select number of Baron mutual funds (the Underlying Funds), representing specific investment strategies. The Fund normally invests in a variety of domestic and international equity funds. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. The Fund can invest in funds holding U.S. and international stocks; small-cap, small- to mid-cap, mid-cap, large-cap, all-cap stocks; and sector specific stocks. The portfolio manager decides how much of the Funds assets to allocate to underlying fund investments based on the outlook for, and on the relative valuations of, the Underlying Funds and the various markets in which they invest. Underlying Funds Baron WealthBuilder Fund Strategy Fund Small Cap Baron Discovery Fund Baron Small Cap Fund Baron Growth Fund Small-Mid Cap Baron Focused Growth Fund Mid Cap Baron Asset Fund Large Cap Baron Fifth Avenue Growth Fund Baron Durable Advantage Fund All Cap Baron Partners Fund Baron Opportunity Fund International / Global Baron International Growth Fund Baron Emerging Markets Fund Baron Global Advantage Fund Baron India Fund Sector Baron Real Estate Fund Baron Real Estate Income Fund Baron Health Care Fund Baron FinTech Fund Baron Technology Fund The Fund may sell shares of the Underlying Funds for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. The Fund may also modify the list of Underlying Funds at any time, including by adding Underlying Funds that may be created in the future, or change the Funds asset allocation at any time, in each case without prior approval from or notice to shareholders. At certain periods, the Fund may hold a portion of its assets in cash, money market securities or other similar liquid investments. Show less