In the quarter ended June 30, 2023, Baron FinTech Fund® (the Fund) rose 5.29% (Institutional Shares) compared with a 5.78% gain for the FactSet Global FinTech Index (the Benchmark). Since inception (December 31, 2019), the Fund has risen 6.59% on an annualized basis compared with a 0.41% decline for the Benchmark. Performance listed in the above table is net of annual operating expenses.