In the quarter ended June 30, 2024, Baron FinTech Fund® (the Fund) fell 2.25% (Institutional Shares) compared with a 5.78% decline for the FactSet Global FinTech Index (the Benchmark). Since inception, the Fund has risen at a 9.41% annualized rate compared with 0.80% for the Benchmark. Performance listed in the above table is net of annual operating expenses. The gross annual expense ratio for the Retail Shares and Institutional Shares as of December 31, 2023 was 1.66% and 1.21%, respectively, but the net annual expense ratio was 1.20% and 0.95% (net of the Adviser's fee waivers), respectively.
