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The information contained on this site is intended for institutional investors only, and is published strictly for informational purposes only without regard to the investment objective, financial situation or specific needs of any particular investor. The information is not intended for use by institutional investors in a jurisdiction where distribution or purchase is not authorized.

An institutional investor is one that falls within one or more of the following categories:

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Baron Capital Management, Inc. makes reasonable efforts to ensure the material on the site is as accurate and timely as possible and that disruptions of service are minimal, Baron Capital Management, Inc. makes no warranty or guarantee concerning the availability of this site or the services or the accuracy of the information on it. In addition, the information contained on the site is in no way intended to constitute investment advice, an offer to sell, or a recommendation of any security or investment product. In fact, the products described herein may not be available to, or suitable for, all investors. You should consider, if appropriate, obtaining independent professional advice before making an investment decision. Please consider the charges, risks, expenses and investment objectives carefully before investing. Nothing on this site is intended to constitute legal or tax advice.

Please keep in mind that the opinions and views expressed through the content and commentaries published on the site are just that - opinions and views - and that they are published on the site for informational purposes only. In addition, views and opinions are based on the information available at the time and may not necessarily be shared by Baron Capital Management, Inc., or its employees, in general. As the investing environment changes, so could this information, and Baron Capital Management, Inc.  has no responsibility to update it.

Past performance is not a guarantee of future performance. Investment results and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Investors should be aware of the additional risks associated with investments in non-diversification, undervalued or overlooked companies and investments in specific industries. Additional risks may include those associated with investing in foreign securities, emerging markets, and companies with relatively small market capitalizations.

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Baron offers accredited non-U.S. investors and qualified tax-exempt U.S. investors a range of options for investing in the equity market. Our investment vehicles include SICAV funds, separate accounts, collective investment trusts, and Baron USA Partners Fund.

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If you are a non-U.S. investor or qualified tax-exempt U.S. investor interested in our non-U.S. investment products, please contact Stephen Millar, VP, Head of EMEA, Institutional Sales | +44(0)7769 958822 | smillar@baronfunds.com

 

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Please refer to the FAQs section accessible through the link below to learn more about the distributions and possible tax implications.

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2023 Tax Distributions

Baron Real Estate Income Fund is expected to make quarterly distributions ESTIMATED* as follows:

Estimated Quarterly Distribution March 2023

   *Final per share amounts will be provided on ex-date.

 

Baron Real Estate Income Fund is expected to make a Spillback Distribution ESTIMATED* as follows: 

   *Final per share amounts will be provided on ex-date.

 

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

2022 Tax Distributions

VIEW THE BARON FUNDS 2022 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

The following Funds have made an Annual Distribution.

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Record Date 12/07/2022 - Ex Date 12/08/2022 - Payable Date 12/09/2022
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $5.1188 $5.1188 $93.23 -22.40%
Baron Real Estate Fund (BREUX) $0.0221 $0.0000 $0.0000 $0.0000 $0.0221 $29.74 -28.44%
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $1.4521 $1.4521 $27.56 -31.05%

 

The following Fund has made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIUX) 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
12/23/2022 12/27/2022 12/28/2022 $0.0248 $0.0000 $0.0000 $0.0000 $0.0248 $12.89 -27.48%
09/26/2022 09/27/2022 09/28/2022 $0.0692 $0.0000 $0.0000 $0.0000 $0.0692 $12.61 -27.48%
06/27/2022 06/28/2022 06/29/2022 $0.0428 $0.0000 $0.0000 $0.0000 $0.0428 $14.35 -27.48%
03/28/2022 03/29/2022 03/30/2022 $0.0286 $0.0000 $0.0000 $0.0000 $0.0286 $17.87 -27.48%

 

The following Funds have made a Spillback Distribution.

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Record Date 09/26/2022 - Ex Date 09/27/2022 - Payable Date 09/28/2022
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron FinTech Fund (BFIUX) $0.0000 $0.0000 $0.0000 $0.1485 $0.1485 $10.66 -33.30%
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $3.5144 $3.5144 $31.65 -28.11%
Baron Global Advantage Fund (BGLUX) $0.0000 $0.0000 $0.0000 $0.4968 $0.4968 $27.39 -51.56%
Baron International Growth Fund (BIGUX) $0.0000 $0.0000 $0.0032 $0.2951 $0.2983 $21.02 -27.28%
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $3.5554 $3.5554 $149.35 -42.41%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.5012 $0.2963 $0.7975 $27.12 -28.44%
Baron Real Estate Income Fund (BRIUX) $0.0000 $0.0000 $0.0000 $0.0916 $0.0916 $12.61 -27.48%

The following Fund has made a Spillback Distribution.

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Record Date 07/25/2022 - Ex Date 07/26/2022 - Payable Date 07/27/2022
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARUX) $0.0000 $0.0000 $0.0000 $0.0060 $0.0060 $86.79 -25.88%

2021 Tax Distributions

VIEW THE BARON FUNDS 2021 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

Baron Emerging Markets Fund - 2021 Form 8937

The following Fund has made an Annual Distribution.

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Record Date 12/27/2021 - Ex Date 12/28/2021 - Payable Date 12/29/2021
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Real Estate Income Fund (BRIUX) $0.0574 $0.0000 $0.0000 $0.0710 $0.1284 $17.80 29.60%

The following Funds have made an Annual Distribution.

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Record Date 11/22/2021 - Ex Date 11/23/2021 - Payable Date 11/24/2021
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARUX) $0.0000 $0.0000 $0.0000 $8.9820 $8.9820 $121.52 14.22%
Baron Discovery Fund (BDFUX) $0.0000 $0.0000 $0.7794 $0.5154 $1.2948 $35.85 4.89%
Baron Durable Advantage Fund (BDAUX) $0.0000 $0.0000 $0.0000 $0.0605 $0.0605 $20.24 32.16%
Baron Emerging Markets Fund (BEXUX) $0.3294 $0.0000 $0.0000 $0.0000 $0.3294 $17.97 -6.07%
Baron Fifth Avenue Growth Fund (BFTUX) $0.0000 $0.0000 $0.0000 $1.7220 $1.7220 $57.86 11.22%
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $5.5014 $5.5014 $46.50 19.15%
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $8.9714 $8.9714 $119.59 20.14%
Baron Health Care Fund (BHCUX) $0.0000 $0.0000 $0.0186 $0.2002 $0.2188 $20.71 15.79%
Baron International Growth Fund (BIGUX) $0.6784 $0.0000 $0.0000 $1.1180 $1.7964 $33.53 9.89%
Baron Opportunity Fund (BIOUX) $0.0000 $0.0000 $2.0076 $1.5956 $3.6032 $45.45 12.28%
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $7.2370 $7.2370 $209.95 31.73%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.0000 $2.2591 $2.2591 $39.72 24.36%
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $4.7182 $4.7182 $40.48 15.81%

 

The following Fund has made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIUX) 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
09/22/2021 09/23/2021 09/24/2021 $0.0476 $0.0000 $0.0000 $0.0000 $0.0476 $16.72 29.60%
06/23/2021 06/24/2021 06/25/2021 $0.0378 $0.0000 $0.0000 $0.0000 $0.0378 $16.48 29.60%
03/24/2021 03/25/2021 03/26/2021 $0.0428 $0.0000 $0.0000 $0.0000 $0.0428 $15.13 29.60%

 

The following Funds have made a Spillback Distribution.

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Record Date 09/22/2021 - Ex Date 09/23/2021 - Payable Date 09/24/2021
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $1.4145 $1.4145 $46.99 19.15%
Baron Health Care Fund (BHCUX) $0.0000 $0.0000 $0.0842 $0.0000 $0.0842 $22.50 15.79%
Baron International Growth Fund (BIGUX) $0.0303 $0.0000 $0.0000 $0.0000 $0.0303 $36.91 9.89%
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $8.1220 $8.1220 $179.80 31.73%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.4755 $0.5525 $1.0280 $41.54 24.36%

The following Funds have made a Spillback Distribution.

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Record Date 07/28/2021 - Ex Date 07/29/2021 - Payable Date 07/30/2021
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Durable Advantage Fund (BDAUX) $0.0079 $0.0000 $0.0000 $0.0000 $0.0079 $19.12 32.16%
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $0.0080 $0.0080 $121.91 20.14%

2020 Tax Distributions

VIEW THE BARON FUNDS 2020 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

The following Funds have made an Annual Distribution.

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Record Date 11/23/2020 - Ex Date 11/24/2020 - Payable Date 11/25/2020
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Asset Fund (BARUX) $0.0000 $0.0000 $0.0000 $3.3941 $3.3941 $109.19 33.32%
Baron Discovery Fund (BDFUX) $0.0000 $0.0000 $0.0000 $1.0614 $1.0614 $31.39 66.17%
Baron Fifth Avenue Growth Fund (BFTUX) $0.0000 $0.0000 $0.0000 $0.1804 $0.1804 $48.59 50.78%
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $0.9837 $0.9837 $38.95 122.78%
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $4.8465 $4.8465 $102.17 33.06%
Baron Health Care Fund (BHCUX) $0.0000 $0.0000 $0.1863 $0.0000 $0.1863 $17.13 47.76%
Baron International Growth Fund (BIGUX) $0.0326 $0.0000 $0.0000 $0.0000 $0.0326 $30.65 30.75%
Baron Opportunity Fund (BIOUX) $0.0000 $0.0000 $0.1878 $2.5970 $2.7848 $37.42 89.34%
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $5.0489 $5.0489 $143.95 149.16%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.0000 $1.5747 $1.5747 $33.79 44.23%
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $4.1153 $4.1153 $36.67 40.69%

 

The following Fund has made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIUX) 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
12/21/2020 12/22/2020 12/23/2020 $0.0303 $0.0000 $0.0000 $0.0000 $0.0303 $13.89 22.32%
09/23/2020 09/24/2020 09/25/2020 $0.0194 $0.0000 $0.0000 $0.0000 $0.0194 $11.89 22.32%
06/24/2020 06/25/2020 06/26/2020 $0.0292 $0.0000 $0.0000 $0.0000 $0.0292 $11.44 22.32%
03/25/2020 03/26/2020 03/27/2020 $0.0304 $0.0000 $0.0000 $0.0000 $0.0304 $9.64 22.32%

 

The following Funds have made a Spillback Distribution.

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Record Date 09/23/2020 - Ex Date 09/24/2020 - Payable Date 09/25/2020
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $0.2541 $0.2541 $32.65 122.78%
Baron International Growth Fund (BIGUX) $0.0059 $0.0000 $0.0000 $0.0000 $0.0059 $26.82 30.75%
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $0.9830 $0.9830 $114.67 149.16%
Baron Real Estate Fund (BREUX) $0.0196 $0.0000 $0.3486 $0.2853 $0.6535 $30.94 44.23%

The following Funds have made a Spillback Distribution.

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Record Date 07/29/2020 - Ex Date 07/30/2020 - Payable Date 07/31/2020
Fund Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
Baron Durable Advantage Fund (BDAUX) $0.0182 $0.0000 $0.0000 $0.0000 $0.0182 $14.11 20.32%
Baron Fifth Avenue Growth Fund (BFTUX) $0.0363 $0.0000 $0.0000 $0.0000 $0.0363 $45.88 50.78%

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

2019 Tax Distributions

VIEW THE BARON FUNDS 2019 SHAREHOLDER TAX GUIDE

 

November 26, 2019 and December 19, 2019

 

Certain Baron Funds have made 2019 year-end distributions (record date 11/25/19, ex date 11/26/19, payable date 11/27/19).

The Baron Real Estate Income Fund will make a quarterly distribution (record date 12/18/19, ex date 12/19/19, payable date 12/20/19).

Baron Emerging Markets Fund- 2019 Form 8937

2019 19A NOTICE

Tax law requires that mutual funds pay substantially all net investment income and net capital gains to their investors. Investors can opt to receive cash or reinvest in additional shares of the Fund. Both will be taxable, except to shareholders who hold their shares in tax-deferred accounts. Shareholders who purchase Fund shares before or on the record date will receive the distribution. Each Fund’s NAV will be reduced by the amount of the distribution on the ex-date. Distributions will be paid to shareholders of record on the payable date. Shares are reinvested at the NAV per share on the ex-date. Purchasers of Fund shares on the ex-date are not eligible to receive the distribution.

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 (BARUX) $0.0000 $0.0000 $0.0000 $1.5044 $1.5044 $89.38
Baron Discovery Fund (BDFUX) $0.0000 $0.0000 $0.0000 $0.0286 $0.0286 $21.42
Baron Emerging Markets Fund (BEXUX) $0.0614 $0.0050 $0.0000 $0.0000 $0.0664 $14.07 18.77%
Baron Fifth Avenue Growth Fund (BFTUX) $0.0000 $0.0000 $0.0000 $0.9879 $0.9879 $33.97
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $0.3590 $0.3590 $19.63
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $3.0450 $3.0450 $85.10
Baron International Growth Fund (BIGUX) $0.0531 $0.0000 $0.0000 $0.0000 $0.0531 $24.08
Baron Opportunity Fund (BIOUX) $0.0000 $0.0000 $0.0000 $1.6760 $1.6760 $23.49
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.0000 $3.4131 $3.4131 $25.99
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $2.8191 $2.8191 $30.58

 

The following Fund has made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIUX) 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 $10.96
06/26/2019 06/27/2019 06/28/2019 $0.0364 $0.0000 $0.0000 $0.0000 $0.0364 $10.31
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 (BEXUX) $0.0023 $0.0000 $0.0000 $0.0000 $0.0023 $13.52 18.77%
Baron International Growth Fund (BIGUX) $0.0154 $0.0000 $0.0000 $0.0067 $0.0221 $22.80
Baron Partners Fund (BPTUX) $0.0000 $0.0000 $0.0000 $0.1805 $0.1805 $59.77
Baron Real Estate Fund (BREUX) $0.0421 $0.0000 $0.0000 $0.2227 $0.2648 $26.99

The following Fund has 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 (BARUX) $0.0000 $0.0000 $0.0000 $0.0285 $0.0285 $89.79

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

VIEW THE BARON FUNDS 2018 SHAREHOLDER TAX GUIDE

 

BARON REAL ESTATE INCOME FUND - 2018 FORM 8937

2018 Year-End Distributions

December 4, 2018 – Baron WealthBuilder Fund has made 2018 year-end distributions (record date 12/03/18, ex date 12/04/18, payable date 12/05/18).

November 29, 2018 – Certain Baron Funds have made 2018 year-end distributions (record date 11/28/18, ex date 11/29/18, payable date 11/30/18).

Tax law requires that mutual funds pay substantially all net investment income and net capital gains to their investors. Investors can opt to receive cash or reinvest in additional shares of the Fund. Both may be taxable. Shareholders who purchase Fund shares before or on the record date receive the distribution. Each Fund’s NAV will be reduced by the amount of the distribution on the ex-date. Distributions will be paid to shareholders of record on the payable date. Shares are reinvested at the NAV per share on the ex-date. Purchasers of Fund shares on the ex-date are not eligible to receive the distribution.

Please note that some of the Baron Funds that have invested in real estate investment trusts (REITs) and publicly traded partnerships during the current tax year may potentially re-characterize some of their income distributions as return of capital. If applicable, the re-characterization may occur in February following the current tax year.

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 (BARUX) $0.0000 $0.0000 $0.0000 $4.7319 $4.7319 $73.72 0.12%
Baron Discovery Fund (BDFUX) $0.0000 $0.0000 $0.0000 $1.5004 $1.5004 $19.33 0.64%
Baron Durable Advantage Fund (BDAUX) $0.0346 $0.0000 $0.0000 $0.0000 $0.0346 $9.91 -7.28%
Baron Emerging Markets Fund (BEXUX) $0.0605 $0.0000 $0.0000 $0.0000 $0.0605 $12.86 -18.47%
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $5.1285 $5.1285 $71.62 -2.67%
Baron International Growth Fund (BIGUX) $0.0000 $0.0000 $0.0000 $0.5769 $0.5769 $20.66 -17.68%
Baron Opportunity Fund (BIOUX) $0.0000 $0.0000 $0.0000 $0.9258 $0.9258 $19.87 8.34%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.0000 $2.0630 $2.0630 $23.26 -22.03%
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $2.6130 $2.6130 $28.25 -7.13%

 

The following Fund has made a Quarterly Distribution.

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Baron Real Estate Income Fund (BRIUX) 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 $9.74 -11.03%
06/26/2018 06/27/2018 06/28/2018 $0.0323 $0.0213 $0.0000 $0.0000 $0.0536 $9.78 -11.03%
04/17/2018 04/18/2018 04/19/2018 $0.0293 $0.0193 $0.0000 $0.0000 $0.0486 $9.50 -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 (BFGUX) $0.0000 $0.0000 $0.0000 $0.1693 $0.1693 $18.55 4.07%
Baron International Growth Fund (BIGUX) $0.0000 $0.0000 $0.0514 $0.0486 $0.1000 $23.52 -17.68%
Baron Real Estate Fund (BREUX) $0.0735 $0.0000 $0.0000 $0.4374 $0.5109 $27.50 -22.03%

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

VIEW THE BARON FUNDS 2017 SHAREHOLDER TAX GUIDE

 

BARON EMERGING MARKETS FUND - 2017 FORM 8937

2017 YEAR-END FUND DISTRIBUTIONS

November 28, 2017 – Certain Baron Funds have made 2017 year-end distributions (record date 11/27/17, ex-date 11/28/17, payable date 11/29/17). Tax law requires that mutual funds pay substantially all net investment income and net capital gains to their investors. Investors can opt to receive cash or reinvest in additional shares of the fund. Both may be taxable. Shareholders who purchase fund shares before or on the record date receive the distribution. Each Fund’s NAV will be reduced by the amount of the distribution on the ex-date. Distributions will be paid to shareholders of record on the payable date. Shares are reinvested at the NAV per share on the ex-date. Purchasers of fund shares on the ex-date are not eligible to receive the distribution.

Please refer to our FAQs section to learn more about distributions and possible tax implications.

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.

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 (BARUX) $0.0000 $0.0000 $0.0000 $4.9413 $4.9413 $71.51 26.48%
Baron Discovery Fund (BDFUX) $0.0401 $0.0000 $0.0000 $0.0000 $0.0401 $18.30 35.85%
Baron Emerging Markets Fund (BEXUX) $0.0614 $0.0028 $0.0000 $0.0000 $0.0642 $15.01 40.59%
Baron Focused Growth Fund (BFGUX) $0.0000 $0.0000 $0.0000 $0.1646 $0.1646 $16.02 26.67%
Baron Growth Fund (BGRUX) $0.0000 $0.0000 $0.0000 $7.9018 $7.9018 $69.52 27.35%
Baron International Growth Fund (BIGUX) $0.0000 $0.0000 $0.0000 $0.7448 $0.7448 $23.58 37.33%
Baron Opportunity Fund (BIOUX) $0.0000 $0.0000 $0.0000 $2.6493 $2.6493 $17.55 40.95%
Baron Real Estate Fund (BREUX) $0.0000 $0.0000 $0.0000 $1.4123 $1.4123 $29.47 31.42%
Baron Small Cap Fund (BSCUX) $0.0000 $0.0000 $0.0000 $3.8460 $3.8460 $29.02 27.41%

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 (BEXUX) $0.0047 $0.0000 $0.0000 $0.0000 $0.0047 $14.39 40.59%
Baron Focused Growth Fund (BFGUX) $0.0020 $0.0000 $0.0000 $0.1598 $0.1618 $15.26 26.67%
Baron International Growth Fund (BIGUX) $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})

  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017

2023 Tax Distributions

Baron Real Estate Income Fund is expected to make quarterly distributions ESTIMATED* as follows:

Estimated Quarterly Distribution March 2023

   *Final per share amounts will be provided on ex-date.

 

Baron Real Estate Income Fund is expected to make a Spillback Distribution ESTIMATED* as follows: 

   *Final per share amounts will be provided on ex-date.

 

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

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

2022 Tax Distributions

VIEW THE BARON FUNDS 2022 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

Record Date 07/25/2022 09/26/2022 09/26/2022 09/26/2022 12/07/2022 09/26/2022 09/26/2022 12/07/2022 09/26/2022 12/23/2022 09/26/2022 06/27/2022 03/28/2022 09/26/2022 12/07/2022
Ex Date 07/26/2022 09/27/2022 09/27/2022 09/27/2022 12/08/2022 09/27/2022 09/27/2022 12/08/2022 09/27/2022 12/27/2022 09/27/2022 06/28/2022 03/29/2022 09/27/2022 12/08/2022
Payable Date 07/27/2022 09/28/2022 09/28/2022 09/28/2022 12/09/2022 09/28/2022 09/28/2022 12/09/2022 09/28/2022 12/28/2022 09/28/2022 06/29/2022 03/30/2022 09/28/2022 12/09/2022
Income $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0221 $0.0000 $0.0248 $0.0692 $0.0428 $0.0286 $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 $0.0000 $0.0000 $0.0000 $0.0000
Short-Term Capital Gain $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0032 $0.0000 $0.0000 $0.5012 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $0.0060 $0.1485 $3.5144 $0.4968 $5.1188 $0.2951 $3.5554 $0.0000 $0.2963 $0.0000 $0.0000 $0.0000 $0.0000 $0.0916 $1.4521
Total $0.0060 $0.1485 $3.5144 $0.4968 $5.1188 $0.2983 $3.5554 $0.0221 $0.7975 $0.0248 $0.0692 $0.0428 $0.0286 $0.0916 $1.4521
Re-Invest NAV $86.79 $10.66 $31.65 $27.39 $93.23 $21.02 $149.35 $29.74 $27.12 $12.89 $12.61 $14.35 $17.87 $12.61 $27.56
Calendar-Yr Return -25.88% -33.30% -28.11% -51.56% -22.40% -27.28% -42.41% -28.44% -28.44% -27.48% -27.48% -27.48% -27.48% -27.48% -31.05%

2021 Tax Distributions

VIEW THE BARON FUNDS 2021 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

Baron Emerging Markets Fund - 2021 Form 8937

Record Date 11/22/2021 11/22/2021 11/22/2021 07/28/2021 11/22/2021 11/22/2021 11/22/2021 09/22/2021 11/22/2021 07/28/2021 11/22/2021 09/22/2021 11/22/2021 09/22/2021 11/22/2021 11/22/2021 09/22/2021 11/22/2021 09/22/2021 12/27/2021 09/22/2021 06/23/2021 03/24/2021 11/22/2021
Ex Date 11/23/2021 11/23/2021 11/23/2021 07/29/2021 11/23/2021 11/23/2021 11/23/2021 09/23/2021 11/23/2021 07/29/2021 11/23/2021 09/23/2021 11/23/2021 09/23/2021 11/23/2021 11/23/2021 09/23/2021 11/23/2021 09/23/2021 12/28/2021 09/23/2021 06/24/2021 03/25/2021 11/23/2021
Payable Date 11/24/2021 11/24/2021 11/24/2021 07/30/2021 11/24/2021 11/24/2021 11/24/2021 09/24/2021 11/24/2021 07/30/2021 11/24/2021 09/24/2021 11/24/2021 09/24/2021 11/24/2021 11/24/2021 09/24/2021 11/24/2021 09/24/2021 12/29/2021 09/24/2021 06/25/2021 03/26/2021 11/24/2021
Income $0.0000 $0.0000 $0.0000 $0.0079 $0.3294 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.6784 $0.0303 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0574 $0.0476 $0.0378 $0.0428 $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 $0.0000 $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 $0.7794 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0186 $0.0842 $0.0000 $0.0000 $2.0076 $0.0000 $0.0000 $0.0000 $0.4755 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $8.9820 $0.5154 $0.0605 $0.0000 $0.0000 $1.7220 $5.5014 $1.4145 $8.9714 $0.0080 $0.2002 $0.0000 $1.1180 $0.0000 $1.5956 $7.2370 $8.1220 $2.2591 $0.5525 $0.0710 $0.0000 $0.0000 $0.0000 $4.7182
Total $8.9820 $1.2948 $0.0605 $0.0079 $0.3294 $1.7220 $5.5014 $1.4145 $8.9714 $0.0080 $0.2188 $0.0842 $1.7964 $0.0303 $3.6032 $7.2370 $8.1220 $2.2591 $1.0280 $0.1284 $0.0476 $0.0378 $0.0428 $4.7182
Re-Invest NAV $121.52 $35.85 $20.24 $19.12 $17.97 $57.86 $46.50 $46.99 $119.59 $121.91 $20.71 $22.50 $33.53 $36.91 $45.45 $209.95 $179.80 $39.72 $41.54 $17.80 $16.72 $16.48 $15.13 $40.48
Calendar-Yr Return 14.22% 4.89% 32.16% 32.16% -6.07% 11.22% 19.15% 19.15% 20.14% 20.14% 15.79% 15.79% 9.89% 9.89% 12.28% 31.73% 31.73% 24.36% 24.36% 29.60% 29.60% 29.60% 29.60% 15.81%

2020 Tax Distributions

VIEW THE BARON FUNDS 2020 SHAREHOLDER TAX GUIDE

Due to share purchase and sales activity, the actual amounts may differ from the estimated amounts. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

Record Date 11/23/2020 11/23/2020 07/29/2020 11/23/2020 07/29/2020 11/23/2020 09/23/2020 11/23/2020 11/23/2020 11/23/2020 09/23/2020 11/23/2020 11/23/2020 09/23/2020 11/23/2020 09/23/2020 12/21/2020 09/23/2020 06/24/2020 03/25/2020 11/23/2020
Ex Date 11/24/2020 11/24/2020 07/30/2020 11/24/2020 07/30/2020 11/24/2020 09/24/2020 11/24/2020 11/24/2020 11/24/2020 09/24/2020 11/24/2020 11/24/2020 09/24/2020 11/24/2020 09/24/2020 12/22/2020 09/24/2020 06/25/2020 03/26/2020 11/24/2020
Payable Date 11/25/2020 11/25/2020 07/31/2020 11/25/2020 07/31/2020 11/25/2020 09/25/2020 11/25/2020 11/25/2020 11/25/2020 09/25/2020 11/25/2020 11/25/2020 09/25/2020 11/25/2020 09/25/2020 12/23/2020 09/25/2020 06/26/2020 03/27/2020 11/25/2020
Income $0.0000 $0.0000 $0.0182 $0.0000 $0.0363 $0.0000 $0.0000 $0.0000 $0.0000 $0.0326 $0.0059 $0.0000 $0.0000 $0.0000 $0.0000 $0.0196 $0.0303 $0.0194 $0.0292 $0.0304 $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 $0.0000 $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 $0.1863 $0.0000 $0.0000 $0.1878 $0.0000 $0.0000 $0.0000 $0.3486 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000
Long-Term Capital Gain $3.3941 $1.0614 $0.0000 $0.1804 $0.0000 $0.9837 $0.2541 $4.8465 $0.0000 $0.0000 $0.0000 $2.5970 $5.0489 $0.9830 $1.5747 $0.2853 $0.0000 $0.0000 $0.0000 $0.0000 $4.1153
Total $3.3941 $1.0614 $0.0182 $0.1804 $0.0363 $0.9837 $0.2541 $4.8465 $0.1863 $0.0326 $0.0059 $2.7848 $5.0489 $0.9830 $1.5747 $0.6535 $0.0303 $0.0194 $0.0292 $0.0304 $4.1153
Re-Invest NAV $109.19 $31.39 $14.11 $48.59 $45.88 $38.95 $32.65 $102.17 $17.13 $30.65 $26.82 $37.42 $143.95 $114.67 $33.79 $30.94 $13.89 $11.89 $11.44 $9.64 $36.67
Calendar-Yr Return 33.32% 66.17% 20.32% 50.78% 50.78% 122.78% 122.78% 33.06% 47.76% 30.75% 30.75% 89.34% 149.16% 149.16% 44.23% 44.23% 22.32% 22.32% 22.32% 22.32% 40.69%

We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. 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.

2019 Tax Distributions

VIEW THE BARON FUNDS 2019 SHAREHOLDER TAX GUIDE

 

November 26, 2019 and December 19, 2019

 

Certain Baron Funds have made 2019 year-end distributions (record date 11/25/19, ex date 11/26/19, payable date 11/27/19).

The Baron Real Estate Income Fund will make a quarterly distribution (record date 12/18/19, ex date 12/19/19, payable date 12/20/19).

Baron Emerging Markets Fund- 2019 Form 8937

2019 19A NOTICE

Tax law requires that mutual funds pay substantially all net investment income and net capital gains to their investors. Investors can opt to receive cash or reinvest in additional shares of the Fund. Both will be taxable, except to shareholders who hold their shares in tax-deferred accounts. Shareholders who purchase Fund shares before or on the record date will receive the distribution. Each Fund’s NAV will be reduced by the amount of the distribution on the ex-date. Distributions will be paid to shareholders of record on the payable date. Shares are reinvested at the NAV per share on the ex-date. Purchasers of Fund shares on the ex-date are not eligible to receive the distribution.

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
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
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
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 $0.0421 $0.0343 $0.0299 $0.0364 $0.0311 $0.0000
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
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
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
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 $0.2648 $0.0343 $0.0299