Baron Principles

► We are committed to comply with both the letter and the spirit of the laws, regulations and ethical standards that govern us.

► Our actions must never be dictated by self interest nor perceived as such. If we treat our clients and Baron Funds’ shareholders ethically and with respect, and provide high quality services, we will be successful.

► We insist on honesty, integrity and fair dealing. We maintain high ethical standards, whether dealing with Baron Funds' shareholders, our asset management clients, the companies in which we invest, our communities, our regulators, our competitors and our co-workers.

► Professionalism is critical to our business. We are proud of our reputation for hard work, the quality of the individuals who work at our firm and the resultant quality of our investment research and asset management services.

► Our most important assets are our employees and our reputation. Although our business would be adversely affected if we lost either, our reputation would be the more difficult to regain.

► We do not allow personal trading of individual securities by our employees. Employee compensation is based upon the success of our clients and as a result our firm. These elements align the interests of our employees with the interests of our clients.

► We take an integrated approach to risk management across in the operation of our business and our investments.