Baron Capital Group Appoints David M. Feldman Head of Intermediary Sales

Baron Capital Group announced today that David M. Feldman will join the firm as the head of intermediary sales beginning in February. Mr. Feldman will have overall responsibility for mutual fund distribution through financial advisors.

"We are pleased to welcome David to Baron Capital Group," said Linda Martinson, president and chief operating officer of the firm. "His long history of achievement in mutual fund distribution and his understanding of our unique investment process and culture makes David an excellent addition to our firm."

Mr. Feldman commented: "Baron Capital is well-known for its exceptional portfolio managers, excellent research and successful investment strategy. I look forward to working with such an outstanding and respected investment team."

Mr. Feldman comes to Baron Capital Group with 23 years of experience in mutual fund and financial product distribution at Columbia Management Distributors and predecessor firms. Most recently, he was managing director, head of intermediary sales. He also served as channel manager of the financial institutions division and the financial advisor division.

Mr. Feldman earned a B.S. from the University of Massachusetts at Amherst in 1986. He holds NASD Series 7, 24, 63 and 65 licenses.

About Baron Funds and Baron Capital Group

Baron Funds include nine no-load mutual funds: Baron Asset Fund (BARAX, BARIX), Baron Growth Fund (BGRFX, BGRIX), Baron Small Cap Fund (BSCFX, BSFIX), Baron iOpportunity Fund (BIOPX, BIOIX), Baron Fifth Avenue Growth Fund (BFTHX, BFTIX), Baron Partners Fund (BPTRX, BPTIX), Baron Retirement Income Fund (BRIFX, BRRIX) Baron International Growth Fund (BIGFX, BINIX), and Baron Real Estate Fund. More information about Baron Funds is available by calling (800) 99-BARON or by visiting www.baronfunds.com. The adviser to Baron Funds is BAMCO, Inc., a subsidiary of Baron Capital Group, Inc.

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. Baron Real Estate Fund is described in a prospectus that contains this and other information about the Fund. You should carefully read the prospectus before investing. You can read, print, or download a prospectus at www.BaronFunds.com/prospectus. Or call (800) 99-BARON to receive a prospectus in the mail. Baron Capital, Inc. is the distributor of the Baron Funds.