Distribution Information - 2012

The following Funds have made a Distribution in 2012

See Important Tax Information Below

Distributions

Record Date - December 26, 2012 • Ex Date - December 27, 2012 • Payable Date - December 28, 2012
Fund Ticker Net Investment Income Short-Term Capital Gains Long-Term Capital Gains
Total
Baron Growth Fund - Retail BGRFX $0.105 - - $0.105
Baron Growth Fund - Institutional BGRIX $0.260 - - $0.260

 


 

Record Date - November 28, 2012 • Ex Date - November 29, 2012 • Payable Date - November 30, 2012
Fund Ticker Net Investment Income Short-Term Capital Gains Long-Term Capital Gains
Total
Baron Asset Fund - Retail BARAX - - $3.757 $3.757
Baron Asset Fund - Institutional BARIX - - $3.757 $3.757
Baron Growth Fund - Retail BGRFX - - $5.592 $5.592
Baron Growth Fund - Institutional BGRIX - - $5.592 $5.592
Baron Small Cap Fund - Retail BSCFX - - $0.801 $0.801
Baron Small Cap Fund - Institutional BSFIX - - $0.801 $0.801
Baron Opportunity Fund - Retail BIOPX - - $0.240 $0.240
Baron Opportunity Fund - Institutional BIOIX - - $0.240 $0.240
Baron Real Estate Fund - Retail BREFX - $0.193 $0.113 $0.306
Baron Real Estate Fund - Institutional BREIX - $0.193  $0.113 $0.306
Baron Emerging Markets Fund - Retail BEXFX $0.120 - - $0.120
Baron Emerging Markets Fund - Institutional BEXIX $0.173 - - $0.173

 

The following Fund made a Spillback Distribution on September 25, 2012

Record Date 9/24/2012     -     Ex Date 9/25/2012     -     Payable Date 9/26/2012
Fund Ticker Net Investment Income Short-Term Capital Gain Long-Term Capital Gain
Total
Baron International Growth Fund - Retail BIGFX $0.000 - - $0.000
Baron International Growth Fund - Institutional BINIX $0.027 -  - $0.027


The following Fund made a Spillback Distribution on June 25, 2012.

Record Date 6/22/2012     -     Ex Date 6/25/2012     -     Payable Date 6/26/2012
Fund Ticker Net Investment Income Short-Term Capital Gain Long-Term Capital Gain
Total
Baron Small Cap Fund - Retail BSCFX - - $0.013 $0.013
Baron Small Cap Fund - Institutional BSFIX - -  $0.013 $0.013

Net investment income and short-term capital gains are considered ordinary income for tax purposes and are taxed at the same federal tax rate.

Shareholders should remember that the net asset value of a fund with an ordinary income and/or capital gain distribution will decline on the ex-dividend date to reflect the adjusted net asset value of a Fund after the distribution.

What is a Spillback Distribution?

Spillback distributions are distributions of ordinary income and/or capital gains from the previous fiscal year that were not distributed by the end of that year - in this case, December 31, 2011. Spillback distributions must be declared within 9 1/2 months of the end of the prior year. They are common practice for mutual funds with fiscal years ending December 31.

Spillback distributions are taxable to investors who hold shares on the record date, even though they represent ordinary income and/or capital gains earned by the funds in 2011.

Spillback distributions will be reported to shareholders on Form 1099-DIV, which will be mailed to shareholders in 2013.

More information on Distributions:

Fund distributions are taxable currently whether shareholders receive them in cash or reinvest in additional Fund shares, unless Fund shares are held in a tax-advantaged account.

Shareholders should consult their tax advisor regarding the necessary filings with the IRS.

Record Date - Investors who own shares in the Fund as of the record date (shareholders of record) will receive the distribution.

Ex Date - The Fund’s NAV will be reduced by the amount of the distribution on this day.

Payable Date - Distributions will be paid to shareholders of record on this day.

Qualified Dividends - If your Baron Fund has a qualified dividend percentage listed in the table, multiply that percentage by the sum of your income dividends plus short-term capital gains. This is the amount of your year-end dividend distribution that is eligible to be taxed at the lower 15% rate applicable to qualified dividends. In order to treat a dividend as qualifying for the lower rates, you must have held your shares for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.

Dividends Received Deduction - Mutual fund dividends derived from certain domestic corporations may be eligible for the dividends received deduction (DRD) for corporations. The table below provides a portion of the ordinary income dividend attributable to such domestic corporations. 

Tax Information
  Qualified Dividend Percentage For Corporate Shareholders: Dividend Received Deduction Income from Tax-Exempt securities Percent of Ordinary Dividends from U.S. Government Obligations Percent of Long-Term Capital Gains Attributable to Gains on U.S. Government Obligations
Baron Asset Fund n/a n/a n/a n/a n/a
Baron Emerging Markets Fund 32.64% 0.00% n/a n/a n/a
Baron Energy and Resources Fund n/a n/a n/a n/a n/a
Baron Fifth Avenue Growth Fund n/a n/a n/a n/a n/a
Baron Focused Growth Fund n/a n/a n/a n/a n/a
Baron Global Advantage Fund n/a n/a n/a n/a n/a
Baron Growth Fund 100.00% 100.00% n/a n/a n/a
Baron International Growth Fund 0.00% 0.00% n/a n/a n/a
Baron Opportunity Fund n/a n/a n/a n/a n/a
Baron Partners Fund n/a n/a n/a n/a n/a
Baron Real Estate Fund 40.31% 39.27% n/a n/a n/a
Baron Small Cap Fund n/a n/a n/a n/a n/a


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