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Baron Real Estate Fund Named Best Real Estate Fund for Second Consecutive Year at 2015 Lipper Awards

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Baron Funds announced today that Baron Real Estate Fund (BREFX) was awarded Best Real Estate Fund over a three year period at the 2015 U.S. Lipper Awards. The annual Lipper Fund Awards recognize funds that have excelled in delivering consistently strong risk-adjusted performance relative to peers. This is the second consecutive year that Baron Real Estate Fund has won the award. The fund ranked #1 among 62 funds and 202 share classes for the three year period ended November 30, 2014.

“We are proud and excited that Lipper has recognized the excellent performance of our Real Estate strategy,” said Baron Chief Executive Officer Ron Baron. “We believe that our unique approach to real estate investing – one that goes beyond the typical REIT fund to invest also in non-REIT commercial and residential real estate-related categories – sets us apart from most of our peers. We are thrilled to be recognized for the results we have achieved for our investors.”

Jeffrey Kolitch has been portfolio manager of the Baron Real Estate Fund since its inception in December 2009, and has 23 years of research experience. He joined the firm in 2005 as a research analyst specializing in real estate. Previously, Jeffrey was with Goldman Sachs & Co. from 1995 to 2005, where in 2002 he was named a managing director of the Equity Capital Markets group. Jeffrey has a Masters of Management from The Kellogg Graduate School of Management, Northwestern University, and a B.S. in Economics from The Wharton School, University of Pennsylvania.

About Baron Funds and Baron Capital Group

Baron Funds is a long-only equity investment firm founded in 1982. The firm is a bottom-up, research driven, growth manager with a long-term perspective. Baron Funds include 13 no-load mutual funds: Baron Asset Fund (Retail Shares: BARAX; Institutional Shares: BARIX), Baron Growth Fund (BGRFX; BGRIX), Baron Small Cap Fund (BSCFX; BSFIX), Baron Opportunity Fund (BIOPX; BIOIX), Baron Fifth Avenue Growth Fund (BFTHX; BFTIX), Baron Partners Fund (BPTRX; BPTIX), Baron Focused Growth Fund (BFGFX; BFGIX), Baron Discovery Fund (BDFFX; BDFIX), Baron International Growth Fund (BIGFX; BINIX), Baron Emerging Markets Fund (BEXFX; BEXIX), Baron Global Advantage Fund (BGAFX; BGAIX), Baron Real Estate Fund (BREFX; BREIX), and Baron Energy and Resources Fund (BENFX; BENIX). More information about Baron Funds is available by calling (800) 99-BARON or by visiting The adviser to Baron Funds is BAMCO, Inc., a subsidiary of Baron Capital Group, Inc.

Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The Adviser has reimbursed certain Fund expenses for Baron Real Estate Fund (by contract as long as BAMCO, Inc. is the adviser to the Fund) and all the Fund’s transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, visit or call 1-800-99BARON. Baron Real Estate Fund’s annualized returns as of March 31, 2015: 1-year, 16.19%; 5-years, 21.34%; Since Inception (12/31/09), 21.79%. Annual expense ratio for the Retail Shares as of December 31, 2014 was 1.32%.

Baron Real Estate Fund is in the Lipper Real Estate Funds category (with 62 funds and 202 share classes in the category for the three year period as of 11/30/14, and 57 funds and 189 share classes in the category for the three year period as of 12/31/13). The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance relative to peers. The awards are given to funds in 23 countries in Asia, Europe, MENA and North America. Lipper designates award winning funds in most individual classifications for the 3-, 5- and 10-year periods and fund family awards covering three years. Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for Consistent Return value within each eligible classification determines the fund classification winner over 3, 5 or 10 years. Lipper, a Thomson Reuters company, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time.

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund’s distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting Please read them carefully before investing.

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