Distributions

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 (BWBTX) $0.0000 $0.0000 $0.0000 $0.0134 $0.0134

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. It is estimated that of the $0.1397 income distribution(Ex Date 9/25/18), 4.55% is Return of Capital and 5.25% 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).

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.

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2018 Tax Distributions

Record Date 12/03/2018
Ex Date 12/04/2018
Payable Date 12/05/2018
Income $0.0000
Return of Capital $0.0000
Short-Term Capital Gain $0.0000
Long-Term Capital Gain $0.0134
Total $0.0134
Re-Invest NAV
Calendar-Yr Return

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. It is estimated that of the $0.1397 income distribution(Ex Date 9/25/18), 4.55% is Return of Capital and 5.25% 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).

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.