Distributions

2020 Tax Distributions

 

The following funds have made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIIX) has made the following Quarterly Distributions
Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
03/25/2020 03/26/2020 03/27/2020 $0.0304 $0.0000 $0.0000 $0.0000 $0.0304

 

2019 Tax Distributions

The following funds have made an Annual Distribution.

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Record Date 11/25/2019 - Ex Date 11/26/2019 - Payable Date 11/27/2019
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARIX ) $0.0000 $0.0000 $0.0000 $1.5044 $1.5044 $89.40
Baron Discovery Fund (BDFIX) $0.0000 $0.0000 $0.0000 $0.0286 $0.0286 $21.42
Baron Emerging Markets Fund (BEXIX) $0.0614 $0.0050 $0.0000 $0.0000 $0.0664 $14.06 18.86%
Baron Fifth Avenue Growth Fund (BFTIX ) $0.0000 $0.0000 $0.0000 $0.9879 $0.9879 $33.96
Baron Focused Growth Fund (BFGIX) $0.0000 $0.0000 $0.0000 $0.3590 $0.3590 $19.62
Baron Growth Fund (BGRIX ) $0.0000 $0.0000 $0.0000 $3.0450 $3.0450 $85.09
Baron International Growth Fund (BINIX ) $0.0531 $0.0000 $0.0000 $0.0000 $0.0531 $24.08
Baron Opportunity Fund (BIOIX ) $0.0000 $0.0000 $0.0000 $1.6760 $1.6760 $23.46
Baron Real Estate Fund (BREIX) $0.0000 $0.0000 $0.0000 $3.4131 $3.4131 $25.99
Baron Small Cap Fund (BSFIX ) $0.0000 $0.0000 $0.0000 $2.8191 $2.8191 $30.59

 

The following funds have made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIIX) has made the following Quarterly Distributions
Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
12/18/2019 12/19/2019 12/20/2019 $0.0343 $0.0000 $0.0000 $0.0000 $0.0343
09/26/2019 09/27/2019 09/30/2019 $0.0299 $0.0000 $0.0000 $0.0000 $0.0299 $10.97
06/26/2019 06/27/2019 06/28/2019 $0.0364 $0.0000 $0.0000 $0.0000 $0.0364 $10.30
03/25/2019 03/26/2019 03/27/2019 $0.0311 $0.0000 $0.0000 $0.0000 $0.0311 $10.14

 

The following funds have made a Spillback Distribution.

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Record Date 09/26/2019 - Ex Date 09/27/2019 - Payable Date 09/30/2019
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Emerging Markets Fund (BEXIX) $0.0023 $0.0000 $0.0000 $0.0000 $0.0023 $13.51 18.86%
Baron International Growth Fund (BINIX ) $0.0154 $0.0000 $0.0000 $0.0067 $0.0221 $22.80
Baron Partners Fund (BPTIX ) $0.0000 $0.0000 $0.0000 $0.1805 $0.1805 $59.76
Baron Real Estate Fund (BREIX) $0.0402 $0.0000 $0.0000 $0.2227 $0.2629 $26.99
Baron WealthBuilder Fund (BWBIX) $0.0052 $0.0000 $0.0001 $0.4263 $0.4316 $11.00

The following funds have made a Spillback Distribution.

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Record Date 07/24/2019 - Ex Date 07/25/2019 - Payable Date 07/26/2019
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARIX ) $0.0000 $0.0000 $0.0000 $0.0285 $0.0285 $89.81

Funds not listed made no distributions

Spillback distributions are distributions of ordinary and/or capital gains from the previous 2018 fiscal year that were not distributed by the end of that year. Spillback distributions must be declared within 9½ months (the Funds' extended tax return due date) of the Funds' fiscal year end. The extended tax return due date for the September 30, 2018 fiscal year end Funds is July 15, 2019. The extended tax return due date for the December 31, 2018 fiscal year end Funds is October 15, 2019. Even though they represent ordinary income and/or capital gains earned by the Funds in the previous fiscal year, they are taxable in 2019.

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions.Investors should consider objectives, risks, and charges and expenses of the Funds carefully before investing. The Funds are described in a prospectus, which contains this and other information. You should carefully read the prospectus before investing. You can obtain a copy of it by contacting the distributor, Baron Capital, Inc. at 767 Fifth Avenue, NY, NY 10153 or calling 1-800-99BARON.
This information does not constitute tax, legal or accounting advice and neither Baron Funds nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.

2018 Tax Distributions

The following funds have made an Annual Distribution.

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Record Date 12/03/2018 - Ex Date 12/04/2018 - Payable Date 12/05/2018
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron WealthBuilder Fund (BWBIX) $0.0000 $0.0000 $0.0000 $0.0134 $0.0134 $10.16 -6.38%

The following funds have made an Annual Distribution.

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Record Date 11/28/2018 - Ex Date 11/29/2018 - Payable Date 11/30/2018
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARIX ) $0.0000 $0.0000 $0.0000 $4.7319 $4.7319 $73.73 0.14%
Baron Discovery Fund (BDFIX) $0.0000 $0.0000 $0.0000 $1.5004 $1.5004 $19.33 0.64%
Baron Durable Advantage Fund (BDAIX) $0.0346 $0.0000 $0.0000 $0.0000 $0.0346 $9.91 -7.28%
Baron Emerging Markets Fund (BEXIX) $0.0606 $0.0000 $0.0000 $0.0000 $0.0606 $12.85 -18.49%
Baron Growth Fund (BGRIX ) $0.0000 $0.0000 $0.0000 $5.1285 $5.1285 $71.61 -2.67%
Baron International Growth Fund (BINIX ) $0.0000 $0.0000 $0.0000 $0.5769 $0.5769 $20.66 -17.68%
Baron Opportunity Fund (BIOIX ) $0.0000 $0.0000 $0.0000 $0.9258 $0.9258 $19.85 8.35%
Baron Real Estate Fund (BREIX) $0.0000 $0.0000 $0.0000 $2.0630 $2.0630 $23.26 -22.04%
Baron Small Cap Fund (BSFIX ) $0.0000 $0.0000 $0.0000 $2.6130 $2.6130 $28.26 -7.13%

 

The following funds have made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIIX) has made the following Quarterly Distributions
Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
12/26/2018 12/27/2018 12/28/2018 $0.0114 $0.0075 $0.0000 $0.0000 $0.0189 $8.56 -11.03%
09/24/2018 09/25/2018 09/26/2018 $0.0841 $0.0556 $0.0000 $0.0000 $0.1397 $9.73 -11.03%
06/26/2018 06/27/2018 06/28/2018 $0.0323 $0.0213 $0.0000 $0.0000 $0.0536 $9.77 -11.03%
04/17/2018 04/18/2018 04/19/2018 $0.0293 $0.0193 $0.0000 $0.0000 $0.0486 $9.49 -11.03%

 

The following funds have made a Spillback Distribution.

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Record Date 09/24/2018 - Ex Date 09/25/2018 - Payable Date 09/26/2018
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Focused Growth Fund (BFGIX) $0.0000 $0.0000 $0.0000 $0.1693 $0.1693 $18.54 4.07%
Baron International Growth Fund (BINIX ) $0.0000 $0.0000 $0.0514 $0.0486 $0.1000 $23.51 -17.68%
Baron Real Estate Fund (BREIX) $0.0715 $0.0000 $0.0000 $0.4374 $0.5089 $27.50 -22.04%

Funds not listed made no distributions

Spillback distributions are distributions of ordinary and/or capital gains from the previous 2017 fiscal year that were not distributed by the end of that year. Spillback distributions must be declared within 9½ months (the Funds' extended tax return due date) of the Funds' fiscal year end. The extended tax return due date for the December 31, 2017 fiscal year end Funds is October 15, 2018. Even though they represent ordinary income and/or capital gains earned by the Funds in the previous fiscal year, they are taxable in 2018.

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions.Investors should consider objectives, risks, and charges and expenses of the Funds carefully before investing. The Funds are described in a prospectus, which contains this and other information. You should carefully read the prospectus before investing. You can obtain a copy of it by contacting the distributor, Baron Capital, Inc. at 767 Fifth Avenue, NY, NY 10153 or calling 1-800-99BARON.
This information does not constitute tax, legal or accounting advice and neither Baron Funds nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.

2017 Tax Distributions

The following funds have made an Annual Distribution.

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Record Date 11/27/2017 - Ex Date 11/28/2017 - Payable Date 11/29/2017
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARIX ) $0.0000 $0.0000 $0.0000 $4.9413 $4.9413 $71.52 26.49%
Baron Discovery Fund (BDFIX) $0.0377 $0.0000 $0.0000 $0.0000 $0.0377 $18.30 35.83%
Baron Emerging Markets Fund (BEXIX) $0.0615 $0.0028 $0.0000 $0.0000 $0.0643 $15.01 40.63%
Baron Focused Growth Fund (BFGIX) $0.0000 $0.0000 $0.0000 $0.1646 $0.1646 $16.01 26.59%
Baron Growth Fund (BGRIX ) $0.0000 $0.0000 $0.0000 $7.9018 $7.9018 $69.51 27.35%
Baron International Growth Fund (BINIX ) $0.0000 $0.0000 $0.0000 $0.7448 $0.7448 $23.58 37.33%
Baron Opportunity Fund (BIOIX ) $0.0000 $0.0000 $0.0000 $2.6493 $2.6493 $17.54 40.88%
Baron Real Estate Fund (BREIX) $0.0000 $0.0000 $0.0000 $1.4123 $1.4123 $29.47 31.42%
Baron Small Cap Fund (BSFIX ) $0.0000 $0.0000 $0.0000 $3.8460 $3.8460 $29.03 27.45%

The following funds have made a Spillback Distribution.

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Record Date 09/27/2017 - Ex Date 09/28/2017 - Payable Date 09/29/2017
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Emerging Markets Fund (BEXIX) $0.0047 $0.0000 $0.0000 $0.0000 $0.0047 $14.38 40.63%
Baron Focused Growth Fund (BFGIX) $0.0020 $0.0000 $0.0000 $0.1598 $0.1618 $15.25 26.59%
Baron International Growth Fund (BINIX ) $0.0000 $0.0000 $0.0000 $0.1007 $0.1007 $23.06 37.33%

Funds not listed made no distributions

Estimated Sources of Distribution: It is estimated that of the $0.0486 Income distribution (Ex Date 4/18/18), 6.92% is Return of Capital and 18.04% is a Long-Term Capital gain. It is estimated that of the $0.0536 Income distribution (Ex Date 6/27/18), 5.26% is Return of Capital and 16.03% is a Long-Term Capital gain. Return of Capital is when an investor receives a portion of his or her original investment. These payments are not considered taxable income. The final determination of the source and tax characteristics of all distributions will be made after year-end and reported to you on Form 1099-DIV. Please note that the final amounts may vary significantly from the estimates provided. Form 1099-DIV, which is mailed after the close of the calendar year, will specify how the distributions paid by the Fund during the year should be characterized and reported on your tax return (e.g. ordinary income, return of capital and capital gain).

{Fund name} ({Share class})

2020 Tax Distributions

Record Date 03/25/2020
Ex Date 03/26/2020
Payable Date 03/27/2020
Income $0.0304
Return of Capital $0.0000
Short-Term Capital Gain $0.0000
Long-Term Capital Gain $0.0000
Total $0.0304
Re-Invest NAV
Calendar-Yr Return

2019 Tax Distributions

Record Date 11/25/2019 07/24/2019 11/25/2019 11/25/2019 09/26/2019 11/25/2019 11/25/2019 11/25/2019 11/25/2019 09/26/2019 11/25/2019 09/26/2019 11/25/2019 09/26/2019 12/18/2019 09/26/2019 06/26/2019 03/25/2019 11/25/2019 09/26/2019
Ex Date 11/26/2019 07/25/2019 11/26/2019 11/26/2019 09/27/2019 11/26/2019 11/26/2019 11/26/2019 11/26/2019 09/27/2019 11/26/2019 09/27/2019 11/26/2019 09/27/2019 12/19/2019 09/27/2019 06/27/2019 03/26/2019 11/26/2019 09/27/2019
Payable Date 11/27/2019 07/26/2019 11/27/2019 11/27/2019 09/30/2019 11/27/2019 11/27/2019 11/27/2019 11/27/2019 09/30/2019 11/27/2019 09/30/2019 11/27/2019 09/30/2019 12/20/2019 09/30/2019 06/28/2019 03/27/2019 11/27/2019 09/30/2019
Income $0.0000 $0.0000 $0.0000 $0.0614 $0.0023 $0.0000 $0.0000 $0.0000 $0.0531 $0.0154 $0.0000 $0.0000 $0.0000 $0.0402 $0.0343 $0.0299 $0.0364 $0.0311 $0.0000 $0.0052
Return of Capital $0.0000 $0.0000 $0.0000 $0.0050 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0001
Long-Term Capital Gain $1.5044 $0.0285 $0.0286 $0.0000 $0.0000 $0.9879 $0.3590 $3.0450 $0.0000 $0.0067 $1.6760 $0.1805 $3.4131 $0.2227 $0.0000 $0.0000 $0.0000 $0.0000 $2.8191 $0.4263
Total $1.5044 $0.0285 $0.0286 $0.0664 $0.0023 $0.9879 $0.3590 $3.0450 $0.0531 $0.0221 $1.6760 $0.1805 $3.4131 $0.2629 $0.0343 $0.0299 $0.0364 $0.0311 $2.8191 $0.4316
Re-Invest NAV $89.40 $89.81 $21.42 $14.06 $13.51 $33.96 $19.62 $85.09 $24.08 $22.80 $23.46 $59.76 $25.99 $26.99 $10.97 $10.30 $10.14 $30.59 $11.00
Calendar-Yr Return 18.86% 18.86%

Funds not listed made no distributions

Spillback distributions are distributions of ordinary and/or capital gains from the previous 2018 fiscal year that were not distributed by the end of that year. Spillback distributions must be declared within 9½ months (the Funds' extended tax return due date) of the Funds' fiscal year end. The extended tax return due date for the September 30, 2018 fiscal year end Funds is July 15, 2019. The extended tax return due date for the December 31, 2018 fiscal year end Funds is October 15, 2019. Even though they represent ordinary income and/or capital gains earned by the Funds in the previous fiscal year, they are taxable in 2019.

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions.Investors should consider objectives, risks, and charges and expenses of the Funds carefully before investing. The Funds are described in a prospectus, which contains this and other information. You should carefully read the prospectus before investing. You can obtain a copy of it by contacting the distributor, Baron Capital, Inc. at 767 Fifth Avenue, NY, NY 10153 or calling 1-800-99BARON.
This information does not constitute tax, legal or accounting advice and neither Baron Funds nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.

2018 Tax Distributions

Record Date 11/28/2018 11/28/2018 11/28/2018 11/28/2018 09/24/2018 11/28/2018 11/28/2018 09/24/2018 11/28/2018 11/28/2018 09/24/2018 12/26/2018 09/24/2018 06/26/2018 04/17/2018 11/28/2018 12/03/2018
Ex Date 11/29/2018 11/29/2018 11/29/2018 11/29/2018 09/25/2018 11/29/2018 11/29/2018 09/25/2018 11/29/2018 11/29/2018 09/25/2018 12/27/2018 09/25/2018 06/27/2018 04/18/2018 11/29/2018 12/04/2018
Payable Date 11/30/2018 11/30/2018 11/30/2018 11/30/2018 09/26/2018 11/30/2018 11/30/2018 09/26/2018 11/30/2018 11/30/2018 09/26/2018 12/28/2018 09/26/2018 06/28/2018 04/19/2018 11/30/2018 12/05/2018
Income $0.0000 $0.0000 $0.0346 $0.0606 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0715 $0.0114 $0.0841 $0.0323 $0.0293 $0.0000 $0.0000
Return of Capital $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0075 $0.0556 $0.0213 $0.0193 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0514 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $4.7319 $1.5004 $0.0000 $0.0000 $0.1693 $5.1285 $0.5769 $0.0486 $0.9258 $2.0630 $0.4374 $0.0000 $0.0000 $0.0000 $0.0000 $2.6130 $0.0134
Total $4.7319 $1.5004 $0.0346 $0.0606 $0.1693 $5.1285 $0.5769 $0.1000 $0.9258 $2.0630 $0.5089 $0.0189 $0.1397 $0.0536 $0.0486 $2.6130 $0.0134
Re-Invest NAV $73.73 $19.33 $9.91 $12.85 $18.54 $71.61 $20.66 $23.51 $19.85 $23.26 $27.50 $8.56 $9.73 $9.77 $9.49 $28.26 $10.16
Calendar-Yr Return 0.14% 0.64% -7.28% -18.49% 4.07% -2.67% -17.68% -17.68% 8.35% -22.04% -22.04% -11.03% -11.03% -11.03% -11.03% -7.13% -6.38%

Funds not listed made no distributions

Spillback distributions are distributions of ordinary and/or capital gains from the previous 2017 fiscal year that were not distributed by the end of that year. Spillback distributions must be declared within 9½ months (the Funds' extended tax return due date) of the Funds' fiscal year end. The extended tax return due date for the December 31, 2017 fiscal year end Funds is October 15, 2018. Even though they represent ordinary income and/or capital gains earned by the Funds in the previous fiscal year, they are taxable in 2018.

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions.Investors should consider objectives, risks, and charges and expenses of the Funds carefully before investing. The Funds are described in a prospectus, which contains this and other information. You should carefully read the prospectus before investing. You can obtain a copy of it by contacting the distributor, Baron Capital, Inc. at 767 Fifth Avenue, NY, NY 10153 or calling 1-800-99BARON.
This information does not constitute tax, legal or accounting advice and neither Baron Funds nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.

2017 Tax Distributions

Record Date 11/27/2017 11/27/2017 11/27/2017 09/27/2017 11/27/2017 09/27/2017 11/27/2017 11/27/2017 09/27/2017 11/27/2017 11/27/2017 11/27/2017
Ex Date 11/28/2017 11/28/2017 11/28/2017 09/28/2017 11/28/2017 09/28/2017 11/28/2017 11/28/2017 09/28/2017 11/28/2017 11/28/2017 11/28/2017
Payable Date 11/29/2017 11/29/2017 11/29/2017 09/29/2017 11/29/2017 09/29/2017 11/29/2017 11/29/2017 09/29/2017 11/29/2017 11/29/2017 11/29/2017
Income $0.0000 $0.0377 $0.0615 $0.0047 $0.0000 $0.0020 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Return of Capital $0.0000 $0.0000 $0.0028 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $4.9413 $0.0000 $0.0000 $0.0000 $0.1646 $0.1598 $7.9018 $0.7448 $0.1007 $2.6493 $1.4123 $3.8460
Total $4.9413 $0.0377 $0.0643 $0.0047 $0.1646 $0.1618 $7.9018 $0.7448 $0.1007 $2.6493 $1.4123 $3.8460
Re-Invest NAV $71.52 $18.30 $15.01 $14.38 $16.01 $15.25 $69.51 $23.58 $23.06 $17.54 $29.47 $29.03
Calendar-Yr Return 26.49% 35.83% 40.63% 40.63% 26.59% 26.59% 27.35% 37.33% 37.33% 40.88% 31.42% 27.45%

Funds not listed made no distributions

Estimated Sources of Distribution: It is estimated that of the $0.0486 Income distribution (Ex Date 4/18/18), 6.92% is Return of Capital and 18.04% is a Long-Term Capital gain. It is estimated that of the $0.0536 Income distribution (Ex Date 6/27/18), 5.26% is Return of Capital and 16.03% is a Long-Term Capital gain. Return of Capital is when an investor receives a portion of his or her original investment. These payments are not considered taxable income. The final determination of the source and tax characteristics of all distributions will be made after year-end and reported to you on Form 1099-DIV. Please note that the final amounts may vary significantly from the estimates provided. Form 1099-DIV, which is mailed after the close of the calendar year, will specify how the distributions paid by the Fund during the year should be characterized and reported on your tax return (e.g. ordinary income, return of capital and capital gain).