Baron Capital Group Appoints Alex Umansky Portfolio Manager of Baron Fifth Avenue Growth Fund

Baron Capital Group announced today that Alex Umansky has been named the portfolio manager of Baron Fifth Avenue Growth Fund (Retail Shares: BFTHX; Institutional Shares: BFTIX).

"Alex Umansky shares Baron's investment philosophy of finding growth businesses at attractive prices run by great management teams, and investing in them for the long term and he has extensive experience managing money with a variety of different mandates," said Ron Baron, CEO and chief investment officer of Baron Funds. "We think he's a perfect fit with the Baron Fifth Avenue Growth Fund, and are excited to welcome Alex to the Baron portfolio management team."

Mr. Umansky joins BAMCO, the advisor to Baron Funds, from Morgan Stanley, where he was a co-manager of the Morgan Stanley Opportunity Fund from 2007-2011, the Morgan Stanley Global Opportunity Fund from 2008-2011, and the Morgan Stanley International Opportunity Fund and Morgan Stanley International Advantage Fund from 2010-2011. Prior to that, Mr. Umansky was a co-manager of the Morgan Stanley Information Fund from 2005-2006, and the lead manager of the Morgan Stanley Technology Fund from 2000-2003 and the Morgan Stanley Institutional Technology Strategy from 1998-2004. Previously, Mr. Umansky was a co-manager of the Morgan Stanley Small Company Growth Fund from 1999-2002.

Mr. Umansky began his investment management career as a research analyst at Morgan Stanley Investment Management covering technology and business services for Morgan Stanley's US equity growth products.

Mr. Umansky earned a Bachelor of Science degree with concentrations in Finance, Information Systems, and Mathematics from NYU Stern School of Business.

About Baron Funds and Baron Capital Group

Baron Funds include ten no-load mutual funds: Baron Asset Fund (BARIX), Baron Growth Fund (BGRIX), Baron Small Cap Fund (BSFIX), Baron Opportunity Fund (BIOIX), Baron Fifth Avenue Growth Fund (BFTIX), Baron Partners Fund (BPTIX), Baron Focused Growth Fund (BFGFX), Baron International Growth Fund (BINIX), Baron Real Estate Fund (BREFX) and Baron Emerging Markets Fund. More information about Baron Funds is available by calling (800) 99-BARON or by visiting www.baronfunds.com. The advisor to Baron Funds is BAMCO, a unit of Baron Capital Group.

Investors should consider the investment objectives, risk, and charges and expenses of the investment carefully before investing. Baron Funds are described in prospectuses that contain this and other information about the Funds. 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.