Baron Real Estate Fund Retail Shares 

The fund generally commits a minimum of 80% of its overall net assets to long-term investments. These holdings primarily consist of common shares (equity securities) from companies, both domestic and international, that are engaged in real estate or related fields, spanning all market capitalizations. This allocation also extends to businesses which the Adviser, at the time of investment, believes hold substantial real estate assets. Furthermore, the fund is mandated to direct over 25% of its total net assets into the broader real estate sector.