Baron Real Estate Income Fund Institutional Shares

This fund dedicates a minimum of 80% of its net assets to a broad spectrum of real estate-related investments focused on generating income. These holdings span all market capitalizations and include common and equity shares, debt and preferred instruments, international real estate income-generating assets, and other securities offering real estate-based yields. A substantial portion of its portfolio is anticipated to be invested in Real Estate Investment Trusts (REITs). It operates as a non-diversified investment vehicle.