B A R O N
F U N D S®
Baron Partners Fund
Baron Focused Growth Fund
Baron International Growth Fund
Baron Real Estate Fund
Baron Emerging Markets Fund
Baron Global Advantage Fund
Baron Real Estate Income Fund
Baron Health Care Fund
Baron FinTech Fund
Baron New Asia Fund
Baron Technology Fund
Supplement dated February 3, 2023 to Prospectus dated
April 29, 2022
Effective February 3, 2023, in connection with the primary benchmark of Baron FinTech Fund (the “Fund”), the Prospectus of the Fund is modified as follows:
On page 80 of the Prospectus, the “Average Annual Total Returns for the periods ended December 31, 2021” table and the paragraph that follows the table are deleted in their entirety and replaced with the following:
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1 year |
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5 years |
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10 years |
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Since
Inception |
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| BARON FINTECH FUND |
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| Retail Shares
(Inception date: 12‑31‑19) |
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| Return before taxes |
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15.04% |
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N/A |
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N/A |
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30.00% |
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| Return after taxes on distributions |
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15.04% |
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N/A |
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N/A |
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30.00% |
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| Return after taxes on distributions and sale of Fund shares |
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8.91% |
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N/A |
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N/A |
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23.52% |
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| Institutional Shares
(Inception date: 12‑31‑19) |
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| Return before taxes |
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15.35% |
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N/A |
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N/A |
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30.31% |
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| R6 Shares
(Inception date: 12‑31‑19) |
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| Return before taxes |
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15.28% |
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N/A |
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N/A |
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30.31% |
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| FactSet Global FinTech Index (reflects no deduction for fees, expenses or taxes) |
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(3.71)% |
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N/A |
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N/A |
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13.92% |
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| S&P 500 Index (reflects no deduction for fees, expenses or taxes) |
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28.71% |
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N/A |
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N/A |
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23.44% |
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The Fund has changed its primary benchmark to the FactSet Global FinTech Index because the Adviser believes it better reflects the investment strategy of the Fund and it is more representative of the Fund’s investable universe. The FactSet Global FinTech Index is an unmanaged and equal-weighted index that measures the equity market performance of companies engaged in Financial Technologies, primarily in the areas of software and consulting, data and analytics, digital payment processing, money transfer, and payment transaction-related hardware. The S&P 500 Index is an unmanaged index of larger‑cap companies.
This information supplements the Prospectus dated April 29, 2022. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1‑800‑992‑2766 or visit our website at www.BaronFunds.com.