Baron

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Distributions

Fund

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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2021 Tax Distributions

Baron Funds - Estimated November/December 2021 Per Share Distribution Amounts
The Baron Funds preliminary year-end distribution estimates to be paid in November/December 2021 are shown below.
Please note these estimates were prepared using income and capital gain amounts through October 31, 2021. The estimates reflect undistributed income and net capital gains, and may not include all tax adjustments. The distribution amounts may change, perhaps significantly, due to the following reasons:

The Funds are required to distribute income earned through December 31, 2021. The dividend estimates include income earned through October 31, 2021. They do not include estimates of income earned during the period from November 1, 2021 through December 31, 2021, which will also be distributed in November/December 2021.
The total number of shares that will receive distributions will change, perhaps significantly.

Distributions will not be considered final until declaration on ex-dividend date. Please note for some Baron Funds that have invested in real estate investment trusts (REITs) and publicly traded partnerships during the current tax year, a portion of the income distributions may be recharacterized as return of capital. If applicable, the recharacterization may occur in February following the current tax year.

“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. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty.”

The following Fund has made an Annual Distribution.

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Record Date 12/01/2021 - Ex Date 12/02/2021 - Payable Date 12/03/2021
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	$0.8164	$0.8164

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
Baron Asset Fund (BARIX )	$0.0000	$0.0000	$0.0000	$8.9820	$8.9820	$121.55
Baron Discovery Fund (BDFIX)	$0.0000	$0.0000	$0.7794	$0.5154	$1.2948	$35.85
Baron Durable Advantage Fund (BDAIX)	$0.0000	$0.0000	$0.0000	$0.0605	$0.0605	$20.24
Baron Emerging Markets Fund (BEXIX)	$0.3297	$0.0000	$0.0000	$0.0000	$0.3297	$17.96
Baron Fifth Avenue Growth Fund (BFTIX )	$0.0000	$0.0000	$0.0000	$1.7220	$1.7220	$57.84
Baron Focused Growth Fund (BFGIX)	$0.0000	$0.0000	$0.0000	$5.5014	$5.5014	$46.47
Baron Growth Fund (BGRIX )	$0.0000	$0.0000	$0.0000	$8.9714	$8.9714	$119.58
Baron Health Care Fund (BHCHX)	$0.0000	$0.0000	$0.0186	$0.2002	$0.2188	$20.72
Baron International Growth Fund (BINIX )	$0.6784	$0.0000	$0.0000	$1.1180	$1.7964	$33.55
Baron Opportunity Fund (BIOIX )	$0.0000	$0.0000	$2.0076	$1.5956	$3.6032	$45.39
Baron Partners Fund (BPTIX )	$0.0000	$0.0000	$0.0000	$7.2370	$7.2370	$209.97
Baron Real Estate Fund (BREIX)	$0.0000	$0.0000	$0.0000	$2.2591	$2.2591	$39.73
Baron Small Cap Fund (BSFIX )	$0.0000	$0.0000	$0.0000	$4.7182	$4.7182	$40.49

The following Fund has 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
09/22/2021	09/23/2021	09/24/2021	$0.0476	$0.0000	$0.0000	$0.0000	$0.0476	$16.73
06/23/2021	06/24/2021	06/25/2021	$0.0378	$0.0000	$0.0000	$0.0000	$0.0378	$16.49
03/24/2021	03/25/2021	03/26/2021	$0.0428	$0.0000	$0.0000	$0.0000	$0.0428	$15.14

The following Fund has made a Spillback Distribution.

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Record Date 10/04/2021 - Ex Date 10/05/2021 - Payable Date 10/06/2021
Fund	Income	Return of Capital	Short-Term Capital Gain	Long-Term Capital Gain	Total	Re-Invest NAV	Calendar-Yr Return
Baron WealthBuilder Fund (BWBIX)	$0.0049	$0.0000	$0.0030	$0.3684	$0.3763	$21.42

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
Baron Focused Growth Fund (BFGIX)	$0.0000	$0.0000	$0.0000	$1.4145	$1.4145	$46.97
Baron Health Care Fund (BHCHX)	$0.0000	$0.0000	$0.0842	$0.0000	$0.0842	$22.51
Baron International Growth Fund (BINIX )	$0.0303	$0.0000	$0.0000	$0.0000	$0.0303	$36.93
Baron Partners Fund (BPTIX )	$0.0000	$0.0000	$0.0000	$8.1220	$8.1220	$179.81
Baron Real Estate Fund (BREIX)	$0.0000	$0.0000	$0.4755	$0.5525	$1.0280	$41.54

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 (BDAIX)	$0.0079	$0.0000	$0.0000	$0.0000	$0.0079	$19.12
Baron Growth Fund (BGRIX )	$0.0000	$0.0000	$0.0000	$0.0080	$0.0080	$121.89

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 Fund has made an Annual Distribution.

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Record Date 11/30/2020 - Ex Date 12/01/2020 - Payable Date 12/02/2020
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	$0.0780	$0.0780	$18.30	62.85%

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 (BARIX )	$0.0000	$0.0000	$0.0000	$3.3941	$3.3941	$109.21	33.33%
Baron Discovery Fund (BDFIX)	$0.0000	$0.0000	$0.0000	$1.0614	$1.0614	$31.38	66.13%
Baron Fifth Avenue Growth Fund (BFTIX )	$0.0000	$0.0000	$0.0000	$0.1804	$0.1804	$48.57	50.81%
Baron Focused Growth Fund (BFGIX)	$0.0000	$0.0000	$0.0000	$0.9837	$0.9837	$38.92	122.75%
Baron Growth Fund (BGRIX )	$0.0000	$0.0000	$0.0000	$4.8465	$4.8465	$102.15	33.06%
Baron Health Care Fund (BHCHX)	$0.0000	$0.0000	$0.1863	$0.0000	$0.1863	$17.13	47.72%
Baron International Growth Fund (BINIX )	$0.0326	$0.0000	$0.0000	$0.0000	$0.0326	$30.66	30.83%
Baron Opportunity Fund (BIOIX )	$0.0000	$0.0000	$0.1878	$2.5970	$2.7848	$37.38	89.28%
Baron Partners Fund (BPTIX )	$0.0000	$0.0000	$0.0000	$5.0489	$5.0489	$143.96	149.18%
Baron Real Estate Fund (BREIX)	$0.0000	$0.0000	$0.0000	$1.5747	$1.5747	$33.79	44.28%
Baron Small Cap Fund (BSFIX )	$0.0000	$0.0000	$0.0000	$4.1153	$4.1153	$36.68	40.68%

The following Fund has 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
12/21/2020	12/22/2020	12/23/2020	$0.0303	$0.0000	$0.0000	$0.0000	$0.0303	$13.90	22.30%
09/23/2020	09/24/2020	09/25/2020	$0.0194	$0.0000	$0.0000	$0.0000	$0.0194	$11.90	22.30%
06/24/2020	06/25/2020	06/26/2020	$0.0292	$0.0000	$0.0000	$0.0000	$0.0292	$11.45	22.30%
03/25/2020	03/26/2020	03/27/2020	$0.0304	$0.0000	$0.0000	$0.0000	$0.0304	$9.64	22.30%

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 (BFGIX)	$0.0000	$0.0000	$0.0000	$0.2541	$0.2541	$32.63	122.75%
Baron International Growth Fund (BINIX )	$0.0059	$0.0000	$0.0000	$0.0000	$0.0059	$26.83	30.83%
Baron Partners Fund (BPTIX )	$0.0000	$0.0000	$0.0000	$0.9830	$0.9830	$114.68	149.18%
Baron Real Estate Fund (BREIX)	$0.0188	$0.0000	$0.3486	$0.2853	$0.6527	$30.94	44.28%
Baron WealthBuilder Fund (BWBIX)	$0.0000	$0.0000	$0.0000	$0.1654	$0.1654	$15.32	62.85%

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 (BDAIX)	$0.0182	$0.0000	$0.0000	$0.0000	$0.0182	$14.11	20.32%
Baron Fifth Avenue Growth Fund (BFTIX )	$0.0363	$0.0000	$0.0000	$0.0000	$0.0363	$45.87	50.81%

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 (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 Fund has 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
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	36.49%

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 (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

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 Fund has 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 Fund has 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.

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 (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})

2021 Tax Distributions

The Funds are required to distribute income earned through December 31, 2021. The dividend estimates include income earned through October 31, 2021. They do not include estimates of income earned during the period from November 1, 2021 through December 31, 2021, which will also be distributed in November/December 2021.
The total number of shares that will receive distributions will change, perhaps significantly.

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	09/22/2021	06/23/2021	03/24/2021	11/22/2021	12/01/2021	10/04/2021
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	09/23/2021	06/24/2021	03/25/2021	11/23/2021	12/02/2021	10/05/2021
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	09/24/2021	06/25/2021	03/26/2021	11/24/2021	12/03/2021	10/06/2021
Income	$0.0000	$0.0000	$0.0000	$0.0079	$0.3297	$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	$0.0476	$0.0378	$0.0428	$0.0000	$0.0000	$0.0049
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	$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	$0.0030
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	$0.0000	$0.0000	$0.0000	$4.7182	$0.8164	$0.3684
Total	$8.9820	$1.2948	$0.0605	$0.0079	$0.3297	$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	$0.0476	$0.0378	$0.0428	$4.7182	$0.8164	$0.3763
Re-Invest NAV	$121.55	$35.85	$20.24	$19.12	$17.96	$57.84	$46.47	$46.97	$119.58	$121.89	$20.72	$22.51	$33.55	$36.93	$45.39	$209.97	$179.81	$39.73	$41.54	$16.73	$16.49	$15.14	$40.49		$21.42
Calendar-Yr Return

2020 Tax Distributions

VIEW THE BARON FUNDS 2020 SHAREHOLDER TAX GUIDE

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	11/30/2020	09/23/2020
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	12/01/2020	09/24/2020
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	12/02/2020	09/25/2020
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	$0.0188	$0.0303	$0.0194	$0.0292	$0.0304	$0.0000	$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	$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	$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	$0.0780	$0.1654
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	$0.6527	$0.0303	$0.0194	$0.0292	$0.0304	$4.1153	$0.0780	$0.1654
Re-Invest NAV	$109.21	$31.38	$14.11	$48.57	$45.87	$38.92	$32.63	$102.15	$17.13	$30.66	$26.83	$37.38	$143.96	$114.68	$33.79	$30.94	$13.90	$11.90	$11.45	$9.64	$36.68	$18.30	$15.32
Calendar-Yr Return	33.33%	66.13%	20.32%	50.81%	50.81%	122.75%	122.75%	33.06%	47.72%	30.83%	30.83%	89.28%	149.18%	149.18%	44.28%	44.28%	22.30%	22.30%	22.30%	22.30%	40.68%	62.85%	62.85%

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

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%															36.49%

Funds not listed made no distributions

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.

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

2017 Tax Distributions

VIEW THE BARON FUNDS 2017 SHAREHOLDER TAX GUIDE

BARON EMERGING MARKETS FUND - 2017 FORM 8937

2017 YEAR-END FUND DISTRIBUTIONS

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.

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%

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Distributions

2021 Tax Distributions

{Fund name} ({Share class})

2021 Tax Distributions