Baron Products

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.

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.

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).