# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-25-032572
**Filing Date:** 2025-11
**Character Count:** 166942
**Document Hash:** c83d1ab43ebb120f34bb98ab04ae757d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032572.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032572

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001217673

**ORGANIZATION NAME:**
- **EIN:** 161651307
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 251529787

**BUSINESS ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153
- **BUSINESS PHONE:** 2125832000

**MAIL ADDRESS:**
- **STREET 1:** 767 FIFTH AVE
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10153

## Series and Classes Contracts Data

### Baron Global Opportunity Fund (Series ID: S000036767)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000112440 | Retail Shares        | BGAFX           |
| C000112441 | Institutional Shares | BGAIX           |
| C000174764 | R6 Shares            | BGLUX           |

## Nport-Ex

**Baron Partners Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (86.46%)** | **Common Stocks (86.46%)** | **Common Stocks (86.46%)** |
| **Communication Services (1.93%)** | **Communication Services (1.93%)** | **Communication Services (1.93%)** |
|  | **Movies & Entertainment (1.93%)** | **Movies & Entertainment (1.93%)** |
| 225000 Spotify Technology SA <sup>1,2,6</sup> | $**36152863** | $**157050000** |
| **Consumer Discretionary (46.83%)** | **Consumer Discretionary (46.83%)** | **Consumer Discretionary (46.83%)** |
|  | **Automobile<br>Manufacturers (35.33%)** | **Automobile<br>Manufacturers (35.33%)** |
| 6455000 Tesla, Inc. <sup>1,5,6</sup> | 95897631 | 2870667600 |
|  | **Casinos & Gaming (1.47%)** | **Casinos & Gaming (1.47%)** |
| 1954558 Red Rock Resorts, Inc., Cl A <sup>6</sup> | 70946879 | 119345311 |
|  | **Footwear (0.96%)** | **Footwear (0.96%)** |
| 1725000 Birkenstock Holding PLC <sup>1,2,6</sup> | 78199680 | 78056250 |
|  | **Hotels, Resorts &<br>Cruise Lines (6.08%)** | **Hotels, Resorts &<br>Cruise Lines (6.08%)** |
| 225000 Choice Hotels International, Inc. <sup>6</sup> | 27511564 | 24054750 |
| 3310000 Hyatt Hotels Corp., Cl A <sup>6</sup> | 114517357 | 469788300 |
|  | 142028921 | 493843050 |
|  | **Leisure Facilities (2.78%)** | **Leisure Facilities (2.78%)** |
| 1510000 Vail Resorts, Inc. <sup>6</sup> | 152124519 | 225850700 |
|  | **Specialized Consumer<br>Services (0.21%)** | **Specialized Consumer<br>Services (0.21%)** |
| 988065 StubHub Holdings, Inc., Cl A <sup>1,3</sup> | 50000041 | 16639015 |
| **Total Consumer Discretionary** | **589197671** | **3804401926** |
| **Financials (17.04%)** | **Financials (17.04%)** | **Financials (17.04%)** |
|  | **Financial Exchanges &<br>Data (4.97%)** | **Financial Exchanges &<br>Data (4.97%)** |
| 490000 FactSet Research Systems, Inc. <sup>6</sup> | 31317524 | 140380100 |
| 465000 MSCI, Inc. <sup>6</sup> | 210724904 | 263845650 |
|  | 242042428 | 404225750 |
|  | **Investment Banking &<br>Brokerage (5.17%)** | **Investment Banking &<br>Brokerage (5.17%)** |
| 4400000 The Charles Schwab Corp. <sup>6</sup> | 113630270 | 420068000 |
|  | **Property & Casualty<br>Insurance (6.90%)** | **Property & Casualty<br>Insurance (6.90%)** |
| 6175000 Arch Capital Group Ltd. <sup>1,2,6</sup> | 27361902 | 560257750 |
| **Total Financials** | **383034600** | **1384551500** |
| **Health Care (4.88%)** | **Health Care (4.88%)** | **Health Care (4.88%)** |
|  | **Health Care Equipment (4.88%)** | **Health Care Equipment (4.88%)** |
| 620000 IDEXX Laboratories, Inc. <sup>1,6</sup> | **27074535** | **396111800** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (0.86%)** | **Industrials (0.86%)** | **Industrials (0.86%)** |
|  | **Aerospace & Defense (0.86%)** | **Aerospace & Defense (0.86%)** |
| 125625 HEICO Corp. <sup>6</sup> | $9632520 | $40554262 |
| 116875 HEICO Corp., Cl A <sup>6</sup> | 7586429 | 29696769 |
| **Total Industrials** | **17218949** | **70251031** |
| **Information Technology (6.77%)** | **Information Technology (6.77%)** | **Information Technology (6.77%)** |
|  | **Application Software (2.79%)** | **Application Software (2.79%)** |
| 476412 Figma, Inc., Cl A <sup>1,6</sup> | 15721596 | 24711491 |
| 880000 Guidewire Software, Inc. <sup>1,6</sup> | 71023556 | 202276800 |
|  | 86745152 | 226988291 |
|  | **IT Consulting & Other<br>Services (3.98%)** | **IT Consulting & Other<br>Services (3.98%)** |
| 1230000 Gartner, Inc. <sup>1,6</sup> | 216702960 | 323330100 |
| **Total Information Technology** | **303448112** | **550318391** |
| **Real Estate (8.15%)** | **Real Estate (8.15%)** | **Real Estate (8.15%)** |
|  | **Other Specialized REITs (1.02%)** | **Other Specialized REITs (1.02%)** |
| 1775000 Gaming and Leisure<br>Properties, Inc. <sup>6</sup> | 55052805 | 82732750 |
|  | **Real Estate Services (7.13%)** | **Real Estate Services (7.13%)** |
| 6865000 CoStar Group, Inc. <sup>1,6</sup> | 92989423 | 579200050 |
| **Total Real Estate** | **148042228** | **661932800** |
| **Total Common Stocks** | **1504168958** | **7024617448** |
| **Private Common Stocks (7.32%)** | **Private Common Stocks (7.32%)** | **Private Common Stocks (7.32%)** |
| **Communication Services (0.75%)** | **Communication Services (0.75%)** | **Communication Services (0.75%)** |
|  | **Interactive Media &<br>Services (0.75%)** | **Interactive Media &<br>Services (0.75%)** |
| 1665754 X.AI Holdings Corp., Cl A <sup>1,3,4,7</sup> | **60000000** | **60899966** |
| **Industrials (6.57%)** | **Industrials (6.57%)** | **Industrials (6.57%)** |
|  | **Aerospace & Defense (6.57%)** | **Aerospace & Defense (6.57%)** |
| 2216310 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,7</sup> | 29920185 | 469857720 |
| 302210 Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,7</sup> | 4079835 | 64068520 |
| **Total Industrials** | **34000020** | **533926240** |
| **Total Private Common Stocks** | **94000020** | **594826206** |
| **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** |
| **Unclassified (0.00%)** | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
|  | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
| 21213656 Northvolt AB, Series E2 (Sweden) <sup>1,2,3,7,8</sup> | **7843621** | **0** |

---

See Notes to Portfolios of Investments.

------

**Baron Partners Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Preferred Stocks (12.71%)** | **Private Preferred Stocks (12.71%)** | **Private Preferred Stocks (12.71%)** |
| **Industrials (12.71%)** | **Industrials (12.71%)** | **Industrials (12.71%)** |
|  | **Aerospace & Defense (12.71%)** | **Aerospace & Defense (12.71%)** |
| 311111 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,7</sup> | $41999985 | $659555320 |
| 131657 Space Exploration<br>Technologies Corp., Cl I <sup>1,3,4,7</sup> | 22250032 | 279112840 |
| 44146 Space Exploration<br>Technologies Corp., Series N <sup>1,3,4,7</sup> | 11919420 | 93589520 |
| **Total Private Preferred Stocks** | **76169437** | **1032257680** |
| **Total Investments (106.49%)** | $**1682182036** | **8651701334** |
| **Liabilities Less Cash and Other Assets (-6.49%)** | **Liabilities Less Cash and Other Assets (-6.49%)** | **(527471387)** |
| **Net Assets** |  | $**8124229947** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities amounted to $1,643,722,901 or 20.23% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> Investors in the Fund may view Tesla, Inc.'s financial statements on the EDGAR website of the U.S. Securities and Exchange Commission by going to https://www.sec.gov/cgi-bin/browse-edgar?CIK=1318605&owner=exclude. Please note that the Fund is not responsible for Tesla's financial statements and can provide no assurances as to their accuracy or completeness. 

<sup>6</sup> All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable outstanding. At September 30, 2025, the total market value of pledged securities amounted to $1,177,814,442 or 14.50% of net assets. 

<sup>7</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>8</sup> The Adviser reclassified sector and sub-industry to Unclassified as a result of the company declaring bankruptcy and no longer having a principal business activity.

All securities are Level 1, unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Portfolios of Investments.

------

**Baron Focused Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (85.44%)** | **Common Stocks (85.44%)** | | |
| **Communication Services (8.05%)** | **Communication Services (8.05%)** | | |
|  | **Movies & Entertainment (8.05%)** | **Movies & Entertainment (8.05%)** |  |
| 265000 | Live Nation<br>Entertainment, Inc. <sup>1</sup>  | $35488718 | $43301000 |
| 262000 | Spotify Technology SA <sup>1,2</sup>  | 35016218 | 182876000 |
| **Total Communication Services** | **Total Communication Services** | **70504936** | **226177000** |
| **Consumer Discretionary (40.03%)** | **Consumer Discretionary (40.03%)** |  |  |
|  | **Apparel, Accessories &<br>Luxury Goods (2.02%)** | **Apparel, Accessories &<br>Luxury Goods (2.02%)** |  |
| 8493569 | Figs, Inc., Cl A <sup>1</sup>  | 65129065 | 56821976 |
|  | **Automobile Manufacturers (9.73%)** | **Automobile Manufacturers (9.73%)** |  |
| 615000 | Tesla, Inc. <sup>1</sup>  | 8168271 | 273502800 |
|  | **Casinos & Gaming (6.02%)** |  |  |
| 875000 | Las Vegas Sands Corp. | 33668402 | 47066250 |
| 2000000 | Red Rock Resorts, Inc., Cl A | 84374710 | 122120000 |
|  |  | 118043112 | 169186250 |
|  | **Education Services (1.26%)** |  |  |
| 109700 | Duolingo, Inc. <sup>1</sup>  | 35805690 | 35305848 |
|  | **Footwear (8.45%)** |  |  |
| 2535000 | Birkenstock Holding PLC <sup>1,2</sup>  | 121506204 | 114708750 |
| 2900000 | On Holding AG, Cl A <sup>1,2</sup>  | 107673065 | 122815000 |
|  |  | 229179269 | 237523750 |
|  | **Homebuilding (1.40%)** |  |  |
| 285000 | Toll Brothers, Inc. | 30630554 | 39369900 |
|  | **Hotels, Resorts &<br>Cruise Lines (7.25%)** | **Hotels, Resorts &<br>Cruise Lines (7.25%)** |  |
| 214000 | Airbnb, Inc., Cl A <sup>1</sup>  | 25146087 | 25983880 |
| 625000 | Choice Hotels International, Inc. | 61670077 | 66818750 |
| 781500 | Hyatt Hotels Corp., Cl A | 63750711 | 110918295 |
|  |  | 150566875 | 203720925 |
|  | **Leisure Facilities (3.90%)** |  |  |
| 733842 | Vail Resorts, Inc. | 124376562 | 109760748 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **761899398** | **1125192197** |
| **Financials (15.21%)** | **Financials (15.21%)** |  |  |
|  | **Financial Exchanges & Data (5.88%)** | **Financial Exchanges & Data (5.88%)** |  |
| 125000 | FactSet Research Systems, Inc. | 25848439 | 35811250 |
| 228000 | MSCI, Inc. | 122399179 | 129369480 |
|  |  | 148247618 | 165180730 |
|  | **Investment Banking &<br>Brokerage (6.43%)** | **Investment Banking &<br>Brokerage (6.43%)** |  |
| 2160000 | Interactive Brokers<br>Group, Inc., Cl A | 47496721 | 148629600 |
| 490000 | Jefferies Financial Group, Inc. | 19400226 | 32055800 |
|  |  | 66896947 | 180685400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | | | |
| **Financials (continued)** | **Financials (continued)** | | | |
|  | **Property & Casualty<br>Insurance (2.90%)** | **Property & Casualty<br>Insurance (2.90%)** |  |  |
| 900000 | Arch Capital Group Ltd. <sup>1,2</sup>  | $25104585 | $| 81657000 |
| **Total Financials** | **Total Financials** | **240249150** |  | **427523130** |
| **Health Care (5.42%)** | **Health Care (5.42%)** |  |  |  |
|  | **Health Care Equipment (5.42%)** | **Health Care Equipment (5.42%)** |  |  |
| 238500 | IDEXX Laboratories, Inc. <sup>1</sup>  | **101512967** |  | **152375265** |
| **Industrials (2.07%)** | **Industrials (2.07%)** |  |  |  |
|  | **Research & Consulting<br>Services (2.07%)** | **Research & Consulting<br>Services (2.07%)** |  |  |
| 232000 | Verisk Analytics, Inc. | **49232694** |  | **58350320** |
| **Information Technology (9.82%)** | **Information Technology (9.82%)** |  |  |  |
|  | **Application Software (6.25%)** | **Application Software (6.25%)** |  |  |
| 169502 | Figma, Inc., Cl A <sup>1</sup>  | 5593566 |  | 8792069 |
| 556300 | Guidewire Software, Inc. <sup>1</sup>  | 53334636 |  | 127871118 |
| 1050000 | Samsara, Inc., Cl A <sup>1</sup>  | 39461663 |  | 39112500 |
|  |  | 98389865 |  | 175775687 |
|  | **Internet Services &<br>Infrastructure (3.57%)** | **Internet Services &<br>Infrastructure (3.57%)** |  |  |
| 675000 | Shopify, Inc., Cl A <sup>1,2</sup>  | 34732649 |  | 100311750 |
| **Total Information Technology** | **Total Information Technology** | **133122514** |  | **276087437** |
| **Real Estate (4.84%)** | **Real Estate (4.84%)** |  |  |  |
|  | **Office REITs (0.83%)** |  |  |  |
| 1500000 | Douglas Emmett, Inc. | 20868019 |  | 23355000 |
|  | **Real Estate Services (4.01%)** |  |  |  |
| 1336700 | CoStar Group, Inc. <sup>1</sup>  | 68841484 |  | 112777379 |
| **Total Real Estate** | **Total Real Estate** | **89709503** |  | **136132379** |
| **Total Common Stocks** | **Total Common Stocks** | **1446231162** |  | **2401837728** |
| **Private Common Stocks (7.60%)** | **Private Common Stocks (7.60%)** | **Private Common Stocks (7.60%)** | **Private Common Stocks (7.60%)** | **Private Common Stocks (7.60%)** |
| **Industrials (7.60%)** | **Industrials (7.60%)** |  |  |  |
|  | **Aerospace & Defense (7.60%)** | **Aerospace & Defense (7.60%)** |  |  |
| 710774 | Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,5</sup>  | 43606093 |  | 150684088 |
| 297815 | Space Exploration<br>Technologies Corp., Cl C <sup>1,3,4,5</sup>  | 39593560 |  | 63136780 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **83199653** |  | **213820868** |
| **Private Preferred Stocks (6.33%)** | **Private Preferred Stocks (6.33%)** | **Private Preferred Stocks (6.33%)** | **Private Preferred Stocks (6.33%)** | **Private Preferred Stocks (6.33%)** |
| **Communication Services (2.17%)** | **Communication Services (2.17%)** |  |  |  |
|  | **Interactive Media & Services (2.17%)** | **Interactive Media & Services (2.17%)** |  |  |
| 1670843 | X.AI Holdings Corp., Cl B <sup>1,3,4,5</sup>  | **19999991** |  | **61086020** |
| **Health Care (0.18%)** | **Health Care (0.18%)** |  |  |  |
|  | **Health Care Equipment (0.18%)** | **Health Care Equipment (0.18%)** |  |  |
| 99010 | Neuralink Corp., Series E <sup>1,3,4,5</sup>  | **5000005** |  | **5000005** |

---

See Notes to Portfolios of Investments.

------

**Baron Focused Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Preferred Stocks (continued)** | | |
| **Industrials (3.98%)** | | |
|  | **Aerospace & Defense (3.98%)** |  |
| 29630 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,4,5</sup>  | $4000050 | $62815600 |
| 1479 Space Exploration<br>Technologies Corp., Cl I <sup>1,3,4,5</sup>  | 249951 | 3135480 |
| 12346 Space Exploration<br>Technologies Corp., Series K <sup>1,3,4,5</sup>  | 10000260 | 26173520 |
| 9259 Space Exploration<br>Technologies Corp., Series N <sup>1,3,4,5</sup>  | 2499930 | 19629080 |
| **Total Industrials** | **16750191** | **111753680** |
| **Total Private Preferred Stocks** | **41750187** | **177839705** |
| **Total Investments (99.37%)** | $**1571181002** | **2793498301** |
| **Cash and Other Assets Less Liabilities (0.63%)** | **Cash and Other Assets Less Liabilities (0.63%)** | **17571333** |
| **Net Assets** |  | $**2811069634** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> At September 30, 2025, the market value of restricted securities amounted to $391,660,573 or 13.93% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/ classifications are not supported by S&P or MSCI (unaudited). 

<sup>5</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Portfolios of Investments.

------

**Baron International Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (98.49%)** | **Common Stocks (98.49%)** | **Common Stocks (98.49%)** | **Common Stocks (98.49%)** |
| **Australia (3.11%)** | **Australia (3.11%)** | **Australia (3.11%)** | **Australia (3.11%)** |
| 781639 | Lynas Rare Earths Ltd. <sup>1,3</sup> | $3422208 | $8684092 |
| 44709 | WiseTech Global Ltd. <sup>3</sup> | 3243489 | 2672853 |
| **Total Australia** | **Total Australia** | **6665697** | **11356945** |
| **Brazil (1.33%)** | **Brazil (1.33%)** | **Brazil (1.33%)** | **Brazil (1.33%)** |
| 91932 | Afya Ltd., Cl A | 1202000 | 1434139 |
| 209028 | Localiza Rent a Car SA | 2090615 | 1549374 |
| 99987 | XP, Inc., Cl A | 1743684 | 1878756 |
| **Total Brazil** | **Total Brazil** | **5036299** | **4862269** |
| **Canada (5.07%)** | **Canada (5.07%)** | **Canada (5.07%)** | **Canada (5.07%)** |
| 21466 | Agnico Eagle Mines Ltd. | 1008178 | 3618309 |
| 2390 | Constellation Software, Inc. | 53722 | 6488016 |
| 566261 | Lundin Mining Corp. | 5896459 | 8446920 |
| **Total Canada** | **Total Canada** | **6958356** | **18553245** |
| **Chile (0.28%)** | **Chile (0.28%)** | **Chile (0.28%)** | **Chile (0.28%)** |
| 24208 | Sociedad Quimica y<br>Minera de Chile SA, ADR <sup>1</sup> | **1064957** | **1040460** |
| **China (11.04%)** | **China (11.04%)** | **China (11.04%)** | **China (11.04%)** |
| 25562 | Alibaba Group Holding Limited, ADR | 2274176 | 4568696 |
| 129050 | BYD Co. Ltd., Cl H <sup>3</sup> | 1978375 | 1824080 |
| 93829 | Contemporary Amperex<br>Technology Co. Ltd., Cl A <sup>3</sup> | 2952794 | 5321364 |
| 375415 | Full Truck Alliance Co. Ltd., ADR | 2520394 | 4869133 |
| 43749 | GDS Holdings Ltd., ADR <sup>1</sup> | 1741120 | 1693086 |
| 1585135 | Kingdee International<br>Software Group Co. Ltd. <sup>1,3</sup> | 1300556 | 3554626 |
| 186537 | Kuaishou Technology, 144A <sup>1,3</sup> | 1851116 | 2017557 |
| 102453 | Pony AI, Inc., ADR <sup>1</sup> | 1373916 | 2304168 |
| 36130 | Tencent Holdings Limited <sup>3</sup> | 360921 | 3078623 |
| 30858 | Tencent Holdings Limited, ADR | 1262955 | 2627559 |
| 100055 | Tencent Music Entertainment Group, ADR | 917082 | 2335284 |
| 96846 | Zai Lab Limited, ADR <sup>1</sup> | 2173913 | 3282111 |
| 413990 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A <sup>3</sup> | 1970529 | 2906628 |
| **Total China** | **Total China** | **22677847** | **40382915** |
| **Denmark (0.33%)** | **Denmark (0.33%)** | **Denmark (0.33%)** | **Denmark (0.33%)** |
| 21441 | Novo Nordisk AS, ADR | **2108773** | **1189761** |
| **France (10.44%)** | **France (10.44%)** | **France (10.44%)** | **France (10.44%)** |
| 24853 | Airbus SE <sup>3</sup> | 4221364 | 5803819 |
| 100573 | BNP Paribas S.A. <sup>3</sup> | 4235701 | 9198689 |
| 9368 | EssilorLuxottica SA <sup>3</sup> | 2788089 | 3051661 |
| 69868 | Eurofins Scientific SE <sup>3</sup> | 915045 | 5095223 |
| 2575 | LVMH Moët Hennessy Louis Vuitton SE <sup>3</sup> | 575757 | 1584607 |
| 18941 | Pernod Ricard SA <sup>3</sup> | 2063214 | 1864754 |
| 67156 | TotalEnergies SE <sup>3</sup> | 4000850 | 4090379 |
| 293272 | Waga Energy SA <sup>1,3</sup> | 7480413 | 7472478 |
| **Total France** | **Total France** | **26280433** | **38161610** |
| **Germany (3.05%)** | **Germany (3.05%)** | **Germany (3.05%)** | **Germany (3.05%)** |
| 216214 | Deutsche Bank AG | 5088058 | 7656138 |
| 40028 | Symrise AG <sup>3</sup> | 2570857 | 3481245 |
| **Total Germany** | **Total Germany** | **7658915** | **11137383** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Greece (0.89%)** | **Greece (0.89%)** | **Greece (0.89%)** | **Greece (0.89%)** |
| 384597 | Piraeus Financial Holdings SA <sup>3</sup> | $**2188473** | $**3266852** |
| **India (8.39%)** | **India (8.39%)** | **India (8.39%)** | **India (8.39%)** |
| 241533 | Bharti Airtel Ltd. PP <sup>3</sup> | 1239337 | 3829466 |
| 100386 | Centum Electronics Ltd. <sup>3</sup> | 2798315 | 3022329 |
| 694955 | Eternal Ltd. <sup>1,3</sup> | 2173624 | 2551273 |
| 144184 | Godrej Consumer Products Ltd. <sup>3</sup> | 1787602 | 1894547 |
| 46479 | Godrej Properties Ltd. <sup>1,3</sup> | 655434 | 1031427 |
| 48599 | InterGlobe Aviation Ltd., 144A <sup>3</sup> | 2170907 | 3055256 |
| 409321 | Jio Financial Services Ltd. <sup>3</sup> | 940358 | 1349557 |
| 1032944 | JM Financial Limited <sup>3</sup> | 1029913 | 1858339 |
| 41599 | Kaynes Technology India Ltd. <sup>1,3</sup> | 1505598 | 3308558 |
| 195730 | Max Healthcare Institute Ltd. | 1569428 | 2457296 |
| 212450 | Nippon Life India Asset<br>Management Ltd., 144A <sup>3</sup> | 680488 | 2079314 |
| 156999 | Reliance Industries Limited <sup>3</sup> | 1333972 | 2411474 |
| 34657 | Trent Ltd. <sup>3</sup> | 709935 | 1824466 |
| **Total India** | **Total India** | **18594911** | **30673302** |
| **Ireland (2.04%)** | **Ireland (2.04%)** | **Ireland (2.04%)** | **Ireland (2.04%)** |
| 450335 | Bank of Ireland Group PLC <sup>3</sup> | **3383558** | **7456342** |
| **Israel (3.32%)** | **Israel (3.32%)** | **Israel (3.32%)** | **Israel (3.32%)** |
| 8658 | CyberArk Software Ltd. <sup>1</sup> | 1511981 | 4183113 |
| 91649 | Oddity Tech Ltd., Cl A <sup>1</sup> | 2960442 | 5709733 |
| 12664 | Wix.com Ltd. <sup>1</sup> | 564644 | 2249506 |
| **Total Israel** | **Total Israel** | **5037067** | **12142352** |
| **Italy (0.87%)** | **Italy (0.87%)** | **Italy (0.87%)** | **Italy (0.87%)** |
| 123454 | Stevanato Group SpA | **2602250** | **3178940** |
| **Japan (11.93%)** | **Japan (11.93%)** | **Japan (11.93%)** | **Japan (11.93%)** |
| 257742 | Ajinomoto Co., Inc. <sup>3</sup> | 4822974 | 7389259 |
| 354169 | Japan Exchange Group, Inc. <sup>3</sup> | 3591741 | 3954995 |
| 12488 | Keyence Corporation <sup>3</sup> | 3522986 | 4652537 |
| 451826 | Mitsubishi UFJ Financial<br>Group, Inc., ADR | 4403131 | 7202106 |
| 775315 | Nomura Holdings, Inc. <sup>3</sup> | 5623756 | 5682026 |
| 27800 | Recruit Holdings Co, Ltd. <sup>3</sup> | 421608 | 1494635 |
| 163200 | SMS Co. Ltd. <sup>3</sup> | 3063711 | 1719929 |
| 236473 | Sumitomo Mitsui Financial Group, Inc. <sup>3</sup> | 3497215 | 6652661 |
| 27459 | Tokyo Electron Limited <sup>3</sup> | 3200212 | 4867574 |
| **Total Japan** | **Total Japan** | **32147334** | **43615722** |
| **Korea, Republic of (5.46%)** | **Korea, Republic of (5.46%)** | **Korea, Republic of (5.46%)** | **Korea, Republic of (5.46%)** |
| 88076 | Coupang, Inc. <sup>1</sup> | 1022449 | 2836047 |
| 11540 | HD Hyundai Heavy<br>Industries Co. Ltd. <sup>3</sup> | 1058569 | 4238677 |
| 24761 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. <sup>3</sup> | 1647034 | 7255453 |
| 31106 | ISC Co. Ltd. <sup>3</sup> | 1282093 | 1728273 |
| 12675 | Park Systems Corp. <sup>3</sup> | 1663012 | 2337915 |
| 6255 | SK Hynix, Inc. <sup>3</sup> | 827351 | 1550601 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | **7500508** | **19946966** |

---

See Notes to Portfolios of Investments.

------

**Baron International Growth Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Netherlands (7.35%)** | **Netherlands (7.35%)** | **Netherlands (7.35%)** | **Netherlands (7.35%)** |
| 177363 | AMG Critical Materials NV <sup>3</sup> | $4101916 | $5996522 |
| 13939 | argenx SE, ADR <sup>1</sup> | 390710 | 10280849 |
| 14917 | DSM-Firmenich AG <sup>3</sup> | 1533723 | 1272693 |
| 44855 | Prosus NV <sup>3</sup> | 1573846 | 3171923 |
| 212781 | Universal Music Group NV <sup>3</sup> | 4718259 | 6148830 |
| **Total Netherlands** | **Total Netherlands** | **12318454** | **26870817** |
| **Peru (1.54%)** | **Peru (1.54%)** | **Peru (1.54%)** | **Peru (1.54%)** |
| 21220 | Credicorp, Ltd. | **3216783** | **5650462** |
| **Poland (1.01%)** | **Poland (1.01%)** | **Poland (1.01%)** | **Poland (1.01%)** |
| 300538 | InPost SA <sup>1,3</sup> | **2185043** | **3700118** |
| **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** |
| 487800 | Sberbank of Russia PJSC <sup>1,2,4</sup> | **1650983** | **341** |
| **Spain (3.43%)** | **Spain (3.43%)** | **Spain (3.43%)** | **Spain (3.43%)** |
| 997092 | eDreams ODIGEO SA <sup>1,3</sup> | 6901668 | 9578686 |
| 53615 | Industria de Diseno Textil, S.A. <sup>3</sup> | 1507153 | 2967260 |
| **Total Spain** | **Total Spain** | **8408821** | **12545946** |
| **Sweden (1.48%)** | **Sweden (1.48%)** | **Sweden (1.48%)** | **Sweden (1.48%)** |
| 255392 | Epiroc AB, Cl A <sup>3</sup> | **4155677** | **5406667** |
| **Switzerland (1.92%)** | **Switzerland (1.92%)** | **Switzerland (1.92%)** | **Switzerland (1.92%)** |
| 9759 | Compagnie Financiere<br>Richemont SA, Cl A <sup>3</sup> | 1377706 | 1873399 |
| 29116 | Nestle S.A. <sup>3</sup> | 2564309 | 2673875 |
| 58088 | On Holding AG, Cl A <sup>1</sup> | 2936891 | 2460027 |
| **Total Switzerland** | **Total Switzerland** | **6878906** | **7007301** |
| **Taiwan (4.24%)** | **Taiwan (4.24%)** | **Taiwan (4.24%)** | **Taiwan (4.24%)** |
| 20915 | eMemory Technology, Inc. <sup>3</sup> | 1581126 | 1391558 |
| 324960 | Taiwan Semiconductor<br>Manufacturing Co., Ltd. <sup>3</sup> | 6703378 | 14115552 |
| **Total Taiwan** | **Total Taiwan** | **8284504** | **15507110** |
| **United Kingdom (6.72%)** | **United Kingdom (6.72%)** | **United Kingdom (6.72%)** | **United Kingdom (6.72%)** |
| 78008 | AstraZeneca PLC, ADR | 2781147 | 5984774 |
| 161996 | BAE Systems PLC <sup>3</sup> | 2808494 | 4509388 |
| 138415 | Experian plc <sup>3</sup> | 2631939 | 6952191 |
| 14875 | Linde Public Limited Company <sup>3</sup> | 2133737 | 7117727 |
| **Total United Kingdom** | **Total United Kingdom** | **10355317** | **24564080** |
| **United States (3.25%)** | **United States (3.25%)** | **United States (3.25%)** | **United States (3.25%)** |
| 41423 | Agilent Technologies, Inc. | 1587774 | 5316642 |
| 72574 | Arch Capital Group Ltd. <sup>1</sup> | 992725 | 6584639 |
| **Total United States** | **Total United States** | **2580499** | **11901281** |
| **Total Common Stocks** | **Total Common Stocks** | **209940365** | **360119187** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Warrants (0.00%)** | **Warrants (0.00%)** | **Warrants (0.00%)** |
| **Canada (0.00%)** | **Canada (0.00%)** | **Canada (0.00%)** |
| 5029 Constellation Software, Inc. Exp. 3/31/2040 <sup>1,2,4</sup> | $**0** | $**0** |
| **Total Investments (98.49%)** | $**209940365** | **360119187** |
| **Cash and Other Assets Less Liabilities (1.51%)** | **Cash and Other Assets Less Liabilities (1.51%)** | **5514102** |
| **Net Assets** | **Net Assets** | $**365633289** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> At September 30, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $341 or 0.00% of net assets. See Note 3 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

---

| | |
|:---|:---|
| <sup>^</sup> | Rounds to less than 0.01%.  |

---

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the market value of Rule 144A securities amounted to $7,152,127 or 1.96% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | |
|:---|:---|
| **Summary of Investments by Sector**<br> **as of September 30, 2025** | **Percentage<br>of Net Assets** |
|  Financials | 19.3% |
|  Information Technology | 16.4% |
|  Industrials | 15.3% |
|  Health Care | 10.9% |
|  Materials | 10.8% |
|  Consumer Discretionary | 10.8% |
|  Communication Services | 5.5% |
|  Consumer Staples | 5.3% |
|  Energy | 3.8% |
|  Real Estate | 0.3% |
|  Cash and Cash Equivalents\* | 1.5% |
|  | 100.0%\*\* |

---

\* Includes other assets and liabilities-net.

\*\* Individual weights may not sum to 100% due to rounding. 

See Notes to Portfolios of Investments.

------

**Baron Real Estate Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (98.16%)** | **Common Stocks (98.16%)** | **Common Stocks (98.16%)** | **Common Stocks (98.16%)** |
| **Consumer Discretionary (25.94%)** | **Consumer Discretionary (25.94%)** | **Consumer Discretionary (25.94%)** | **Consumer Discretionary (25.94%)** |
|  | **Casinos & Gaming (6.20%)** | **Casinos & Gaming (6.20%)** | **Casinos & Gaming (6.20%)** |
| 316200 | Las Vegas Sands Corp. | $11094485 | $17008398 |
| 540949 | Red Rock Resorts, Inc., Cl A | 8370736 | 33030346 |
| 751478 | Wynn Resorts Ltd. | 60995354 | 96392083 |
|  |  | 80460575 | 146430827 |
|  | **Home Improvement Retail (3.26%)** | **Home Improvement Retail (3.26%)** | **Home Improvement Retail (3.26%)** |
| 230050 | Floor & Decor Holdings, Inc., Cl A <sup>1</sup> | 19344016 | 16954685 |
| 238750 | Lowe's Companies, Inc. | 48942712 | 60000263 |
|  |  | 68286728 | 76954948 |
|  | **Homebuilding (9.57%)** | **Homebuilding (9.57%)** | **Homebuilding (9.57%)** |
| 196600 | D.R. Horton, Inc. | 11356591 | 33317802 |
| 83687 | Installed Building Products, Inc. | 11413997 | 20642235 |
| 909100 | Taylor Morrison Home Corp. <sup>1</sup> | 55802460 | 60009691 |
| 809800 | Toll Brothers, Inc. | 66295985 | 111865772 |
|  |  | 144869033 | 225835500 |
|  | **Hotels, Resorts & Cruise Lines (6.91%)** | **Hotels, Resorts & Cruise Lines (6.91%)** | **Hotels, Resorts & Cruise Lines (6.91%)** |
| 358816 | Airbnb, Inc., Cl A <sup>1</sup> | 40645334 | 43567439 |
| 218900 | Hilton Worldwide Holdings, Inc. | 34287301 | 56791416 |
| 442500 | Hyatt Hotels Corp., Cl A | 53482747 | 62804025 |
|  |  | 128415382 | 163162880 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **422031718** | **612384155** |
| **Financials (11.90%)** | **Financials (11.90%)** | **Financials (11.90%)** | **Financials (11.90%)** |
|  | **Asset Management &<br>Custody Banks (10.92%)** | **Asset Management &<br>Custody Banks (10.92%)** | **Asset Management &<br>Custody Banks (10.92%)** |
| 468900 | Blackstone, Inc. | 46953665 | 80111565 |
| 881160 | Brookfield Asset<br>Management Ltd., Cl A <sup>2</sup> | 33124546 | 50173250 |
| 1860700 | Brookfield Corp., Cl A <sup>2</sup> | 77277197 | 127606806 |
|  |  | 157355408 | 257891621 |
|  | **Mortgage REITs (0.98%)** | **Mortgage REITs (0.98%)** | **Mortgage REITs (0.98%)** |
| 1253050 | Blackstone Mortgage Trust, Inc., Cl A | 24149651 | 23068651 |
| **Total Financials** | **Total Financials** | **181505059** | **280960272** |
| **Industrials (7.38%)** | **Industrials (7.38%)** | **Industrials (7.38%)** | **Industrials (7.38%)** |
|  | **Building Products (4.09%)** | **Building Products (4.09%)** | **Building Products (4.09%)** |
| 325450 | AAON, Inc. | 25201325 | 30410048 |
| 290000 | Advanced Drainage Systems, Inc. | 33790661 | 40223000 |
| 56300 | Builders FirstSource, Inc. <sup>1</sup> | 6563260 | 6826375 |
| 368700 | Trex Co., Inc. <sup>1</sup> | 24499355 | 19050729 |
|  |  | 90054601 | 96510152 |
|  | **Construction & Engineering (0.18%)** | **Construction & Engineering (0.18%)** | **Construction & Engineering (0.18%)** |
| 140209 | Legence Corp., Cl A <sup>1</sup> | 4161485 | 4319839 |
|  | **Trading Companies &<br>Distributors (3.11%)** | **Trading Companies &<br>Distributors (3.11%)** | **Trading Companies &<br>Distributors (3.11%)** |
| 569535 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 68314090 | 73356108 |
| **Total Industrials** | **Total Industrials** | **162530176** | **174186099** |
| **Information Technology (2.75%)** | **Information Technology (2.75%)** | **Information Technology (2.75%)** | **Information Technology (2.75%)** |
|  | **Internet Services &<br>Infrastructure (2.75%)** | **Internet Services &<br>Infrastructure (2.75%)** | **Internet Services &<br>Infrastructure (2.75%)** |
| 1677575 | GDS Holdings Ltd., ADR <sup>1,2</sup> | **19866104** | **64922152** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials (9.13%)** | **Materials (9.13%)** | **Materials (9.13%)** | **Materials (9.13%)** |
|  | **Construction Materials (6.52%)** | **Construction Materials (6.52%)** | **Construction Materials (6.52%)** |
| 741400 | CRH PLC <sup>2</sup> | $73124460 | $88893860 |
| 211095 | Vulcan Materials Co. | 45884282 | 64937044 |
|  |  | 119008742 | 153830904 |
|  | **Forest Products (2.61%)** | **Forest Products (2.61%)** | **Forest Products (2.61%)** |
| 692652 | Louisiana-Pacific Corp. | 62008866 | 61535204 |
| **Total Materials** | **Total Materials** | **181017608** | **215366108** |
| **Real Estate (41.06%)** | **Real Estate (41.06%)** | **Real Estate (41.06%)** | **Real Estate (41.06%)** |
|  | **Data Center REITs (4.76%)** | **Data Center REITs (4.76%)** | **Data Center REITs (4.76%)** |
| 208351 | Digital Realty Trust, Inc. | 27509183 | 36019721 |
| 97465 | Equinix, Inc. | 61808031 | 76338486 |
|  |  | 89317214 | 112358207 |
|  | **Health Care REITs (5.33%)** | **Health Care REITs (5.33%)** | **Health Care REITs (5.33%)** |
| 706863 | Welltower, Inc. | 65982129 | 125920575 |
|  | **Industrial REITs (3.29%)** | **Industrial REITs (3.29%)** | **Industrial REITs (3.29%)** |
| 499650 | Goodman Group, (Australia) <sup>2,3</sup> | 11286610 | 10827917 |
| 582700 | Prologis, Inc. | 63550387 | 66730804 |
|  |  | 74836997 | 77558721 |
|  | **Multi-Family Residential REITs (1.13%)** | **Multi-Family Residential REITs (1.13%)** |  |
| 413352 | Equity Residential | 24613278 | 26756275 |
|  | **Office REITs (3.46%)** | **Office REITs (3.46%)** | **Office REITs (3.46%)** |
| 452700 | BXP, Inc. | 32477525 | 33653718 |
| 1183015 | Vornado Realty Trust | 40415620 | 47947598 |
|  |  | 72893145 | 81601316 |
|  | **Other Specialized REITs (1.20%)** | **Other Specialized REITs (1.20%)** | **Other Specialized REITs (1.20%)** |
| 278837 | Iron Mountain, Inc. | 27144867 | 28424644 |
|  | **Real Estate Services (14.85%)** | **Real Estate Services (14.85%)** | **Real Estate Services (14.85%)** |
| 799898 | CBRE Group, Inc., Cl A <sup>1</sup> | 73203043 | 126031929 |
| 855963 | CoStar Group, Inc. <sup>1</sup> | 57334504 | 72217598 |
| 510242 | Jones Lang LaSalle, Inc. <sup>1</sup> | 104827910 | 152194984 |
|  |  | 235365457 | 350444511 |
|  | **Retail REITs (2.85%)** | **Retail REITs (2.85%)** | **Retail REITs (2.85%)** |
| 2164014 | The Macerich Co. | 36187909 | 39385055 |
| 148150 | Simon Property Group, Inc. | 23879080 | 27803310 |
|  |  | 60066989 | 67188365 |
|  | **Single-Family Residential REITs (1.02%)** | **Single-Family Residential REITs (1.02%)** | **Single-Family Residential REITs (1.02%)** |
| 724543 | American Homes 4 Rent, Cl A | 26533487 | 24091055 |
|  | **Telecom Tower REITs (3.17%)** | **Telecom Tower REITs (3.17%)** | **Telecom Tower REITs (3.17%)** |
| 389585 | American Tower Corp. | 75105710 | 74924987 |
| **Total Real Estate** | **Total Real Estate** | **751859273** | **969268656** |
| **Total Investments (98.16%)** | **Total Investments (98.16%)** | $**1718809938** | **2317087442** |
| **Cash and Other Assets Less Liabilities (1.84%)** | **Cash and Other Assets Less Liabilities (1.84%)** | **Cash and Other Assets Less Liabilities (1.84%)** | **43431573** |
| **Net Assets** | **Net Assets** |  | $**2360519015** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Emerging Markets Fund**<br>

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (99.55%)** | **Common Stocks (99.55%)** | **Common Stocks (99.55%)** | **Common Stocks (99.55%)** |
| **Argentina (0.91%)** | **Argentina (0.91%)** | **Argentina (0.91%)** | **Argentina (0.91%)** |
| 14507 | MercadoLibre, Inc. <sup>1</sup> | $**28270285** | $**33901989** |
| **Brazil (4.40%)** | **Brazil (4.40%)** | **Brazil (4.40%)** | **Brazil (4.40%)** |
| 952514 | Afya Ltd., Cl A | 19259274 | 14859218 |
| 4310377 | Banco BTG Pactual SA | 29919347 | 39084747 |
| 8950457 | GPS Participacoes e Empreendimentos SA, 144A | 24033608 | 31784234 |
| 1037623 | Inter & Co., Inc., BDR | 4161533 | 9646594 |
| 5195663 | Localiza Rent a Car SA | 32267898 | 38511702 |
| 1578482 | XP, Inc., Cl A | 21056662 | 29659677 |
| **Total Brazil** | **Total Brazil** | **130698322** | **163546172** |
| **Chile (0.60%)** | **Chile (0.60%)** | **Chile (0.60%)** | **Chile (0.60%)** |
| 518152 | Sociedad Quimica y<br>Minera de Chile SA, ADR <sup>1</sup> | **22996786** | **22270173** |
| **China (32.25%)** | **China (32.25%)** | **China (32.25%)** | **China (32.25%)** |
| 879609 | Alibaba Group Holding<br>Limited, ADR | 79819294 | 157212517 |
| 2652361 | BYD Co. Ltd., Cl H <sup>3</sup> | 37926973 | 37490269 |
| 12977896 | China Mengniu Dairy Co. Ltd. <sup>3</sup> | 22367595 | 24957095 |
| 2163742 | Contemporary Amperex<br>Technology Co. Ltd., Cl A <sup>3</sup> | 62588266 | 122713230 |
| 5335017 | Full Truck Alliance Co. Ltd., ADR | 37089674 | 69195170 |
| 3577035 | Fuyao Glass Industry<br>Group Co. Ltd., Cl A <sup>3</sup> | 25045843 | 36927438 |
| 848611 | GDS Holdings Ltd., ADR <sup>1</sup> | 32566588 | 32841246 |
| 3724515 | Jiangsu Hengli<br>Hydraulic Co. Ltd., Cl A <sup>3</sup> | 30482206 | 50269923 |
| 1580005 | KE Holdings, Inc., ADR | 34351597 | 30020095 |
| 32835550 | Kingdee International Software Group Co. Ltd. <sup>1,3</sup> | 21795098 | 73632911 |
| 3338535 | Kuaishou Technology, 144A <sup>1,3</sup> | 32907253 | 36109116 |
| 2008317 | Pony AI, Inc., ADR <sup>1</sup> | 27125241 | 45167049 |
| 7598341 | SF Holding Co. Ltd., Cl H <sup>3</sup> | 34288306 | 36252650 |
| 2052564 | Tencent Holdings Limited <sup>3</sup> | 39576574 | 174898145 |
| 383748 | Tencent Holdings Limited, ADR | 16096505 | 32676142 |
| 1561407 | Tencent Music Entertainment Group, ADR | 14806294 | 36443239 |
| 3049502 | Wuxi Biologics<br>Cayman, Inc., 144A <sup>1,3</sup> | 7771138 | 16102938 |
| 835482 | XPeng, Inc., ADR <sup>1</sup> | 15996965 | 19566988 |
| 746871 | XPeng, Inc., Cl A <sup>1,3</sup> | 5360875 | 8775626 |
| 1146339 | Zai Lab Limited, ADR<sup>1</sup> | 22463966 | 38849429 |
| 11001732 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Cl H <sup>1,3</sup> | 36195949 | 61839819 |
| 8036487 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A <sup>3</sup> | 36667867 | 56424253 |
| **Total China** | **Total China** | **673290067** | **1198365288** |
| **Greece (0.91%)** | **Greece (0.91%)** | **Greece (0.91%)** | **Greece (0.91%)** |
| 3992602 | Piraeus Financial Holdings SA <sup>3</sup> | **22367495** | **33914050** |
| **India (24.07%)** | **India (24.07%)** | **India (24.07%)** | **India (24.07%)** |
| 7137963 | Bajaj Finance Limited <sup>3</sup> | 36657781 | 80312651 |
| 3260221 | Bharat Electronics Ltd. <sup>3</sup> | 15325726 | 14839997 |
| 3110628 | Bharti Airtel Ltd. <sup>3</sup> | 21729044 | 65788185 |
| 751737 | Bharti Airtel Ltd. PP <sup>3</sup> | 1528050 | 11918666 |
| 1094620 | Cholamandalam Investment & Finance Co. Ltd. <sup>3</sup> | 16752625 | 19835135 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Cost** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
| 612172 | Cummins India Ltd. <sup>3</sup> | $| 23752509 | $| 27090241 |
| 5733040 | DCW Ltd. <sup>3</sup> |  | 6391582 |  | 4388407 |
| 10704047 | Eternal Ltd. <sup>1,3</sup> |  | 33066267 |  | 39295988 |
| 2418193 | Godrej Consumer Products Ltd. <sup>3</sup> |  | 27824077 |  | 31774546 |
| 746176 | Godrej Properties Ltd. <sup>1,3</sup> |  | 13412697 |  | 16558581 |
| 2014590 | HDFC Bank Ltd. <sup>3</sup> |  | 15349180 |  | 21589750 |
| 761062 | InterGlobe Aviation Ltd., 144A <sup>3</sup> |  | 30913855 |  | 47845415 |
| 6052752 | Jio Financial Services Ltd. <sup>3</sup> |  | 13922327 |  | 19956299 |
| 21911789 | JM Financial Limited <sup>3</sup> |  | 23532839 |  | 39420850 |
| 605252 | Kaynes Technology India Ltd. <sup>1,3</sup> |  | 22561462 |  | 48138451 |
| 1313203 | Kotak Mahindra Bank Ltd. <sup>3</sup> |  | 30461831 |  | 29443688 |
| 656381 | Mahindra & Mahindra Ltd. <sup>3</sup> |  | 15271886 |  | 25332767 |
| 3868757 | Max Healthcare Institute Ltd. |  | 36972454 |  | 48570381 |
| 3728636 | Nippon Life India Asset<br>Management Ltd., 144A <sup>3</sup> |  | 11943012 |  | 36493315 |
| 232464 | Nuvama Wealth<br>Management Ltd. <sup>3</sup> |  | 7880323 |  | 16499041 |
| 9920060 | Power Grid Corp. of India Ltd. <sup>3</sup> |  | 37295073 |  | 31297179 |
| 2442914 | Reliance Industries Limited <sup>3</sup> |  | 19685988 |  | 37522677 |
| 1924820 | SBI Life Insurance Company Limited, 144A <sup>3</sup> |  | 20359114 |  | 38839058 |
| 485709 | SRF Ltd. <sup>3</sup> |  | 15155201 |  | 15442097 |
| 14687512 | Swiggy Ltd. <sup>1,3</sup> |  | 70415153 |  | 69913261 |
| 766450 | Tata Communications Ltd. <sup>3</sup> |  | 3532402 |  | 13931692 |
| 751730 | Tata Consumer Products Ltd. <sup>3</sup> |  | 2609298 |  | 9564499 |
| 627123 | Trent Ltd. <sup>3</sup> |  | 13003639 |  | 33013952 |
| **Total India** | **Total India** |  | **587305395** |  | **894616769** |
| **Korea, Republic of (14.35%)** | **Korea, Republic of (14.35%)** | **Korea, Republic of (14.35%)** | **Korea, Republic of (14.35%)** | **Korea, Republic of (14.35%)** | **Korea, Republic of (14.35%)** |
| 1817888 | Coupang, Inc.<sup>1</sup> |  | 21196760 |  | 58535994 |
| 539123 | Doosan Enerbility Co. Ltd. <sup>1,3</sup> |  | 10412559 |  | 24091775 |
| 608730 | Hanwha Systems Co. Ltd. <sup>3</sup> |  | 9815558 |  | 25875554 |
| 165888 | HD Hyundai Heavy<br>Industries Co. Ltd. <sup>3</sup> |  | 8692821 |  | 60931167 |
| 374792 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. <sup>3</sup> |  | 29231859 |  | 109821318 |
| 489062 | HPSP Co. Ltd. <sup>3</sup> |  | 10952243 |  | 11774317 |
| 222901 | Hyundai Glovis Co. Ltd. <sup>3</sup> |  | 21511028 |  | 26295755 |
| 562652 | ISC Co. Ltd. <sup>3</sup> |  | 21254977 |  | 31261367 |
| 437999 | Korea Aerospace Industries Ltd. <sup>3</sup> |  | 14601679 |  | 33819560 |
| 95514 | Park Systems Corp. <sup>3</sup> |  | 12227378 |  | 17617643 |
| 30218 | Samsung Biologics Co. Ltd., 144A <sup>1,3</sup> |  | 23243816 |  | 21534788 |
| 1055714 | Samsung Electronics Co., Ltd. <sup>3</sup> |  | 24376465 |  | 63290375 |
| 194697 | SK Hynix, Inc. <sup>3</sup> |  | 21237785 |  | 48264970 |
| **Total Korea, Republic of** | **Total Korea, Republic of** |  | **228754928** |  | **533114583** |
| **Mexico (1.72%)** | **Mexico (1.72%)** | **Mexico (1.72%)** | **Mexico (1.72%)** | **Mexico (1.72%)** | **Mexico (1.72%)** |
| 7338111 | Grupo Mexico S.A.B. de C.V., Series B |  | **19706568** |  | **63854608** |
| **Peru (1.77%)** | **Peru (1.77%)** | **Peru (1.77%)** | **Peru (1.77%)** | **Peru (1.77%)** | **Peru (1.77%)** |
| 247033 | Credicorp, Ltd. |  | **29836142** |  | **65779947** |
| **Philippines (0.84%)** | **Philippines (0.84%)** | **Philippines (0.84%)** | **Philippines (0.84%)** | **Philippines (0.84%)** | **Philippines (0.84%)** |
| 13695600 | BDO Unibank, Inc. |  | **22938899** |  | **31273973** |
| **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** |
| 768732 | Dino Polska SA, 144A <sup>1,3</sup> |  | 6293440 |  | 9266011 |
| 2834399 | InPost SA <sup>1,3</sup> |  | 24188921 |  | 34896120 |
| **Total Poland** | **Total Poland** |  | **30482361** |  | **44162131** |

---

See Notes to Portfolios of Investments.

------

**Baron Emerging Markets Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** |
| 17949100 | Sberbank of Russia PJSC <sup>1,2,4</sup> | $**64430586** | $**12536** |
| **South Africa (1.20%)** | **South Africa (1.20%)** | **South Africa (1.20%)** | **South Africa (1.20%)** |
| 141674 | Gold Fields Ltd. <sup>3</sup> | 1188932 | 5932648 |
| 333278 | Gold Fields Ltd., ADR | 2669697 | 13984345 |
| 67849 | Naspers Ltd., Cl N <sup>3</sup> | 9531099 | 24654397 |
| **Total South Africa** | **Total South Africa** | **13389728** | **44571390** |
| **Spain (0.40%)** | **Spain (0.40%)** | **Spain (0.40%)** | **Spain (0.40%)** |
| 2176630 | Codere Online Luxembourg, S.A. Private Shares <sup>1</sup> | **18185897** | **15018747** |
| **Taiwan (14.70%)** | **Taiwan (14.70%)** | **Taiwan (14.70%)** | **Taiwan (14.70%)** |
| 140884 | ASPEED Technology, Inc. <sup>3</sup> | 16486927 | 23432168 |
| 1246557 | Chroma ATE, Inc. <sup>3</sup> | 12239638 | 23789263 |
| 2556413 | Delta Electronics, Inc. <sup>3</sup> | 8929911 | 72014388 |
| 3243260 | E Ink Holdings, Inc. <sup>3</sup> | 26398230 | 25767286 |
| 283393 | eMemory Technology, Inc. <sup>3</sup> | 21939028 | 18855253 |
| 8491268 | Taiwan Semiconductor Manufacturing Co., Ltd. <sup>3</sup> | 159781913 | 368842123 |
| 48740 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 850425 | 13612595 |
| **Total Taiwan** | **Total Taiwan** | **246626072** | **546313076** |
| **United Arab Emirates (0.24%)** | **United Arab Emirates (0.24%)** | **United Arab Emirates (0.24%)** | **United Arab Emirates (0.24%)** |
| 29375185 | Talabat Holding PLC <sup>3</sup> | **12795986** | **8967267** |
| **Total Common Stocks** | **Total Common Stocks** | **2152075517** | **3699682699** |
| **Private Common Stocks (1.17%)** | **Private Common Stocks (1.17%)** | **Private Common Stocks (1.17%)** | **Private Common Stocks (1.17%)** |
| **India (1.17%)** | **India (1.17%)** | **India (1.17%)** | **India (1.17%)** |
| 13643347 | Pine Labs Limited <sup>1,2,4</sup> | **39999997** | **43271076** |
| **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** |
| **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** |
| 15334 | Think & Learn Private Limited, Series F <sup>1,2,4</sup> | **49776072** | **70906** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Warrants (0.00%)<sup>^</sup>** | **Warrants (0.00%)<sup>^</sup>** | **Warrants (0.00%)<sup>^</sup>** |
| **Spain (0.00%)<sup>^</sup>** | **Spain (0.00%)<sup>^</sup>** | **Spain (0.00%)<sup>^</sup>** |
| 13259 Codere Online Luxembourg S.A. Private Shares Exp. 11/30/2026 exercise price USD 11.50 <sup>1</sup> | $**0** | $**12066** |
| **Total Investments (100.72%)** | **2241851586** | **3743036747** |
| **Liabilities Less Cash and Other Assets (-0.72%)** | **Liabilities Less Cash and Other Assets (-0.72%)** | **(26693272)** |
| **Net Assets** |  | $**3716343475** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> At September 30, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $43,354,518 or 1.17% of net assets. See Note 3 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

---

| | |
|:---|:---|
| <sup>^</sup> | Rounds to less than 0.01%.  |

---

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the market value of Rule 144A securities amounted to $237,974,875 or 6.40% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | |
|:---|:---|
| **Summary of Investments by Sector**<br> **as of September 30, 2025** | **Percentage<br>of Net Assets** |
|  Information Technology | 24.7% |
|  Industrials | 22.0% |
|  Consumer Discretionary | 17.2% |
|  Financials | 14.9% |
|  Communication Services | 10.0% |
|  Materials | 3.4% |
|  Health Care | 3.4% |
|  Consumer Staples | 2.0% |
|  Real Estate | 1.3% |
|  Energy | 1.0% |
|  Utilities | 0.8% |
|  Cash and Cash Equivalents\* | (0.7)% |
|  | 100.0% \*\* |

---

\* Includes other assets and liabilities-net.

\*\* Individual weights may not sum to 100% due to rounding. 

See Notes to Portfolios of Investments.

------

**Baron Global Opportunity Fund^**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (88.26%)** | **Common Stocks (88.26%)** | **Common Stocks (88.26%)** | **Common Stocks (88.26%)** |
| **Argentina (8.02%)** | **Argentina (8.02%)** | **Argentina (8.02%)** | **Argentina (8.02%)** |
| 22871 | MercadoLibre, Inc. <sup>1</sup> | $**11646784** | $**53448155** |
| **Brazil (3.79%)** | **Brazil (3.79%)** | **Brazil (3.79%)** | **Brazil (3.79%)** |
| 416760 | Afya Ltd., Cl A | 7447704 | 6501456 |
| 1169282 | NU Holdings Ltd., Cl A <sup>1</sup> | 14137157 | 18720205 |
| **Total Brazil** | **Total Brazil** | **21584861** | **25221661** |
| **Canada (5.75%)** | **Canada (5.75%)** |  |  |
| 257699 | Shopify, Inc., Cl A <sup>1</sup> | **9758407** | **38296648** |
| **China (3.20%)** | **China (3.20%)** | **China (3.20%)** | **China (3.20%)** |
| 376511 | GDS Holdings Ltd., ADR <sup>1</sup> | 4277225 | 14570976 |
| 51155 | PDD Holdings, Inc., ADR <sup>1</sup> | 7069327 | 6761156 |
| **Total China** | **Total China** | **11346552** | **21332132** |
| **India (7.07%)** | **India (7.07%)** |  |  |
| 2031490 | Bajaj Finance Limited <sup>3</sup> | 11299075 | 22857270 |
| 6607712 | Eternal Ltd. <sup>1,3</sup> | 10977766 | 24257794 |
| **Total India** | **Total India** | **22276841** | **47115064** |
| **Israel (3.27%)** | **Israel (3.27%)** |  |  |
| 276080 | Fiverr International Ltd. <sup>1</sup> | 6081197 | 6739113 |
| 84698 | Wix.com Ltd. <sup>1</sup> | 8219775 | 15044905 |
| **Total Israel** | **Total Israel** | **14300972** | **21784018** |
| **Korea, Republic of (5.38%)** | **Korea, Republic of (5.38%)** |  |  |
| 1112089 | Coupang, Inc. <sup>1</sup> | **17833026** | **35809266** |
| **Netherlands (9.00%)** | **Netherlands (9.00%)** | **Netherlands (9.00%)** | **Netherlands (9.00%)** |
| 8934 | Adyen N.V., 144A <sup>1,3</sup> | 6863044 | 14375514 |
| 32477 | argenx SE, ADR <sup>1</sup> | 1592288 | 23953736 |
| 22216 | ASML Holding N.V. <sup>3</sup> | 4079640 | 21664753 |
| **Total Netherlands** | **Total Netherlands** | **12534972** | **59994003** |
| **Poland (1.48%)** | **Poland (1.48%)** |  |  |
| 802024 | InPost SA <sup>1,3</sup> | **9445913** | **9874236** |
| **Spain (1.25%)** | **Spain (1.25%)** | **Spain (1.25%)** | **Spain (1.25%)** |
| 827902 | Codere Online Luxembourg S.A. <sup>1</sup> | 7576156 | 5712524 |
| 375992 | Codere Online Luxembourg, S.A. Private Shares <sup>1</sup> | 2714710 | 2594345 |
| **Total Spain** | **Total Spain** | **10290866** | **8306869** |
| **Taiwan (3.95%)** | **Taiwan (3.95%)** |  |  |
| 94165 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR | **19322356** | **26299343** |
| **United Kingdom (0.16%)** | **United Kingdom (0.16%)** | **United Kingdom (0.16%)** | **United Kingdom (0.16%)** |
| 118800 | Endava plc, ADR <sup>1</sup> | **3504131** | **1081080** |
| **United States (35.94%)** | **United States (35.94%)** | **United States (35.94%)** | **United States (35.94%)** |
| 34207 | Bill Holdings, Inc. <sup>1</sup> | 1296120 | 1811945 |
| 174531 | Block, Inc. <sup>1</sup> | 13587006 | 12613355 |
| 131822 | Cloudflare, Inc., Cl A <sup>1</sup> | 2718724 | 28287683 |
| 16812 | Crowdstrike Holdings, Inc., Cl A <sup>1</sup> | 832836 | 8244269 |
| 155204 | Datadog, Inc., Cl A <sup>1</sup> | 5969200 | 22101050 |
| 40494 | Figma, Inc., Cl A <sup>1</sup> | 1336302 | 2100424 |
| 154 | GRAIL, Inc. <sup>1</sup> | 7341 | 9106 |
| 143738 | HeartFlow, Inc. <sup>1</sup> | 3508686 | 4838221 |
| 92028 | Illumina, Inc. <sup>1</sup> | 9839166 | 8739899 |
| 1423030 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 8017750 | 5791732 |
| 142616 | Loar Holdings, Inc. <sup>1</sup> | 11241736 | 11409280 |
| 240908 | Netskope, Inc., Cl A <sup>1</sup> | 5279907 | 5475839 |
| 356883 | NVIDIA Corp. | 6728358 | 66587230 |
| 151177 | SailPoint, Inc. <sup>1</sup> | 3415499 | 3337988 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 30984 ServiceTitan, Inc., Cl A <sup>1</sup> | $2377019 | $3124117 |
| 95516 Snowflake, Inc., Cl A <sup>1</sup> | 11461920 | 21543634 |
| 27899 Tesla, Inc. <sup>1</sup> | 6610652 | 12407243 |
| 74811 Viking Therapeutics, Inc. <sup>1</sup> | 4953838 | 1966033 |
| 63729 Zscaler, Inc. <sup>1</sup> | 2792273 | 19097032 |
| **Total United States** | **101974333** | **239486080** |
| **Total Common Stocks** | **265820014** | **588048555** |
| **Private Common Stocks (10.50%)** | **Private Common Stocks (10.50%)** | **Private Common Stocks (10.50%)** |
| **United States (10.50%)** | **United States (10.50%)** | **United States (10.50%)** |
| 299761 Farmers Business Network, Inc. <sup>1,2,4</sup> | 12250007 | 557555 |
| 252130 Space Exploration<br>Technologies Corp., Cl A <sup>1,2,4</sup> | 11571518 | 53451560 |
| 75250 Space Exploration<br>Technologies Corp., Cl C <sup>1,2,4</sup> | 3428124 | 15953000 |
| **Total Private Common Stocks** | **27249649** | **69962115** |
| **Private Convertible Preferred Stocks (0.01%)** | **Private Convertible Preferred Stocks (0.01%)** | **Private Convertible Preferred Stocks (0.01%)** |
| **India (0.01%)** | **India (0.01%)** | **India (0.01%)** |
| 9201 Think & Learn Private Limited, Series F <sup>1,2,4</sup> | **29867591** | **42547** |
| **Private Preferred Stocks (0.07%)** | **Private Preferred Stocks (0.07%)** | **Private Preferred Stocks (0.07%)** |
| **United States (0.07%)** | **United States (0.07%)** | **United States (0.07%)** |
| 461004 GM Cruise Holdings LLC, Cl G <sup>1,2,4</sup> | **12147455** | **461004** |
| **Warrants (0.07%)** | **Warrants (0.07%)** | **Warrants (0.07%)** |
| **Israel (0.00%)** | **Israel (0.00%)** | **Israel (0.00%)** |
| 228748 Taboola.com Ltd., Exp. 12/31/2027 exercise price USD 11.50 <sup>1</sup> | **417099** | **19443** |
| **Spain (0.07%)** | **Spain (0.07%)** | **Spain (0.07%)** |
| 502360 Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 exercise price USD 11.50 <sup>1</sup> | **845632** | **457148** |
| **Total Warrants** | **1262731** | **476591** |
| **Total Investments (98.91%)** | $**336347440** | **658990812** |
| **Cash and Other Assets Less Liabilities (1.09%)** |  | **7276110** |
| **Net Assets** |  | $**666266922** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> At September 30, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $70,465,666 or 10.58% of net assets. See Note 3 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the market value of Rule 144A securities amounted to $14,375,514 or 2.16% of net assets. 

^ As stated within the Supplement to the Prospectus and Statement of Additional Information dated April 30, 2025, effective October 1, 2025, Baron Global Advantage Fund has changed its name to Baron Global Opportunity Fund. For additional information please refer to the Supplement.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Global Opportunity Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | |
|:---|:---|
| **Summary of Investments by Sector <br>as of September 30, 2025** | **Percentage<br>of Net Assets** |
|  Information Technology | 45.7% |
|  Consumer Discretionary | 22.2% |
|  Industrials | 14.7% |
|  Financials | 10.3% |
|  Health Care | 5.9% |
|  Unclassified | 0.1% |
|  Communication Services | 0.0%† |
|  Cash and Cash Equivalents\* | 1.1% |
|  | 100.0%\*\* |

---

† Rounds to less than 0.1%.

\* Includes other assets and liabilities-net.

\*\* Individual weights may not sum to 100% due to rounding. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Portfolios of Investments.

------

**Baron Real Estate Income Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (96.92%)** | **Common Stocks (96.92%)** | **Common Stocks (96.92%)** | **Common Stocks (96.92%)** |
| **Consumer Discretionary (6.48%)** | **Consumer Discretionary (6.48%)** | **Consumer Discretionary (6.48%)** | **Consumer Discretionary (6.48%)** |
|  | **Casinos & Gaming (3.05%)** | **Casinos & Gaming (3.05%)** | **Casinos & Gaming (3.05%)** |
| 14499 | Las Vegas Sands Corp. | $525425 | $779901 |
| 56233 | Wynn Resorts Ltd. | 4376967 | 7213007 |
|  |  | 4902392 | 7992908 |
|  | **Homebuilding (1.70%)** | **Homebuilding (1.70%)** | **Homebuilding (1.70%)** |
| 32315 | Toll Brothers, Inc. | 3312197 | 4463994 |
|  | **Leisure Facilities (1.73%)** | **Leisure Facilities (1.73%)** | **Leisure Facilities (1.73%)** |
| 30373 | Vail Resorts, Inc. | 4485984 | 4542890 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **12700573** | **16999792** |
| **Financials (8.56%)** | **Financials (8.56%)** | **Financials (8.56%)** | **Financials (8.56%)** |
|  | **Asset Management & Custody Banks (6.58%)** | **Asset Management & Custody Banks (6.58%)** | **Asset Management & Custody Banks (6.58%)** |
| 29907 | Blackstone, Inc. | 4214172 | 5109611 |
| 135800 | Brookfield Corp., Cl A <sup>2</sup> | 6463870 | 9313164 |
| 50239 | Brookfield Asset<br>Management Ltd., Cl A <sup>2</sup> | 1629003 | 2860609 |
|  |  | 12307045 | 17283384 |
|  | **Mortgage REITs (1.98%)** | **Mortgage REITs (1.98%)** | **Mortgage REITs (1.98%)** |
| 281971 | Blackstone Mortgage<br>Trust, Inc., Cl A | 5464021 | 5191086 |
| **Total Financials** | **Total Financials** | **17771066** | **22474470** |
| **Information Technology (2.71%)** | **Information Technology (2.71%)** | **Information Technology (2.71%)** | **Information Technology (2.71%)** |
|  | **Internet Services & Infrastructure (2.71%)** | **Internet Services & Infrastructure (2.71%)** | **Internet Services & Infrastructure (2.71%)** |
| 183742 | GDS Holdings Ltd., ADR <sup>1,2</sup> | **3207844** | **7110815** |
| **Materials (2.72%)** | **Materials (2.72%)** | **Materials (2.72%)** | **Materials (2.72%)** |
|  | **Construction Materials (2.72%)** | **Construction Materials (2.72%)** | **Construction Materials (2.72%)** |
| 59530 | CRH PLC <sup>2</sup> | **5986209** | **7137647** |
| **Real Estate (76.45%)** | **Real Estate (76.45%)** | **Real Estate (76.45%)** | **Real Estate (76.45%)** |
|  | **Data Center REITs (7.29%)** | **Data Center REITs (7.29%)** | **Data Center REITs (7.29%)** |
| 38259 | Digital Realty Trust, Inc. | 5662231 | 6614216 |
| 15970 | Equinix, Inc. | 12305031 | 12508343 |
|  |  | 17967262 | 19122559 |
|  | **Health Care REITs (13.96%)** | **Health Care REITs (13.96%)** | **Health Care REITs (13.96%)** |
| 131675 | American Healthcare REIT, Inc. | 3719697 | 5531667 |
| 113625 | Ventas, Inc. | 6080402 | 7952614 |
| 129919 | Welltower, Inc. | 11905190 | 23143770 |
|  |  | 21705289 | 36628051 |
|  | **Hotel & Resort REITs (1.97%)** | **Hotel & Resort REITs (1.97%)** | **Hotel & Resort REITs (1.97%)** |
| 303455 | Host Hotels & Resorts, Inc. | 4351652 | 5164804 |
|  | **Industrial REITs (14.44%)** | **Industrial REITs (14.44%)** | **Industrial REITs (14.44%)** |
| 56445 | EastGroup Properties, Inc. | 9452304 | 9553881 |
| 135675 | Goodman Group, (Australia) <sup>2,3</sup> | 2987937 | 2940213 |
| 199842 | Prologis, Inc. | 22073113 | 22885906 |
| 44575 | Terreno Realty Corp. | 2551316 | 2529631 |
|  |  | 37064670 | 37909631 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
|  | **Multi-Family Residential REITs (3.65%)** | **Multi-Family Residential REITs (3.65%)** | **Multi-Family Residential REITs (3.65%)** |
| 86633 | Equity Residential | $5203161 | $5607754 |
| 109608 | Independence Realty Trust, Inc. | 1852193 | 1796475 |
| 58660 | UDR, Inc. | 2425393 | 2185672 |
|  |  | 9480747 | 9589901 |
|  | **Office REITs (4.44%)** | **Office REITs (4.44%)** | **Office REITs (4.44%)** |
| 55208 | BXP, Inc. | 3832990 | 4104163 |
| 46032 | Kilroy Realty Corp. | 1925389 | 1944852 |
| 138227 | Vornado Realty Trust | 4824418 | 5602340 |
|  |  | 10582797 | 11651355 |
|  | **Other Specialized REITs (5.96%)** | **Other Specialized REITs (5.96%)** | **Other Specialized REITs (5.96%)** |
| 102432 | Iron Mountain, Inc. | 9440425 | 10441918 |
| 159441 | VICI Properties, Inc. | 4953595 | 5199371 |
|  |  | 14394020 | 15641289 |
|  | **Real Estate Services (3.46%)** | **Real Estate Services (3.46%)** | **Real Estate Services (3.46%)** |
| 30450 | Jones Lang LaSalle, Inc. <sup>1</sup> | 8457930 | 9082626 |
|  | **Retail REITs (8.86%)** | **Retail REITs (8.86%)** | **Retail REITs (8.86%)** |
| 48697 | Agree Realty Corp. | 3360200 | 3459435 |
| 473236 | The Macerich Co. | 7596494 | 8612895 |
| 59520 | Simon Property Group, Inc. | 9372439 | 11170118 |
|  |  | 20329133 | 23242448 |
|  | **Self Storage REITs (1.75%)** | **Self Storage REITs (1.75%)** | **Self Storage REITs (1.75%)** |
| 122300 | Smartstop Self Storage REIT, Inc. | 3669000 | 4603372 |
|  | **Single-Family Residential REITs (3.83%)** | **Single-Family Residential REITs (3.83%)** | **Single-Family Residential REITs (3.83%)** |
| 150170 | American Homes 4 Rent, Cl A | 5158028 | 4993152 |
| 172251 | Invitation Homes, Inc. | 5789370 | 5052122 |
|  |  | 10947398 | 10045274 |
|  | **Telecom Tower REITs (6.84%)** | **Telecom Tower REITs (6.84%)** | **Telecom Tower REITs (6.84%)** |
| 93327 | American Tower Corp. | 18608425 | 17948649 |
| **Total Real Estate** | **Total Real Estate** | **177558323** | **200629959** |
| **Total Investments (96.92%)** | **Total Investments (96.92%)** | $**217224015** | **254352683** |
| **Cash and Other Assets Less Liabilities (3.08%)** | **Cash and Other Assets Less Liabilities (3.08%)** |  | **8085016** |
| **Net Assets** | **Net Assets** |  | $**262437699** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Health Care Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (94.76%)** | **Common Stocks (94.76%)** | **Common Stocks (94.76%)** | **Common Stocks (94.76%)** |
| **Health Care (94.76%)** | **Health Care (94.76%)** | **Health Care (94.76%)** | **Health Care (94.76%)** |
|  | **Biotechnology (31.83%)** | **Biotechnology (31.83%)** | **Biotechnology (31.83%)** |
| 21000 | AbbVie, Inc. | $4116978 | $4862340 |
| 14000 | Abivax SA, ADR <sup>1,2</sup> | 1168415 | 1188600 |
| 3500 | Alnylam Pharmaceuticals, Inc. <sup>1</sup> | 1179695 | 1596000 |
| 60000 | Arcellx, Inc. <sup>1</sup> | 2374307 | 4926000 |
| 12500 | argenx SE, ADR <sup>1,2</sup> | 2859093 | 9219500 |
| 5600 | Ascendis Pharma AS, ADR <sup>1,2</sup> | 980180 | 1113336 |
| 4500 | BioNTech SE, ADR <sup>1,2</sup> | 496491 | 443790 |
| 17500 | Cidara Therapeutics, Inc. <sup>1</sup> | 1378370 | 1675800 |
| 24500 | Cytokinetics, Inc. <sup>1</sup> | 1267618 | 1346520 |
| 24000 | Gilead Sciences, Inc. | 2679643 | 2664000 |
| 38200 | Insmed, Inc. <sup>1</sup> | 2762308 | 5501182 |
| 25000 | Ionis Pharmaceuticals, Inc. <sup>1</sup> | 1206925 | 1635500 |
| 7000 | Kymera Therapeutics, Inc. <sup>1</sup> | 328263 | 396200 |
| 2600 | Madrigal Pharmaceuticals, Inc. <sup>1</sup> | 1022301 | 1192516 |
| 5000 | Merus NV <sup>1,2</sup> | 334319 | 470750 |
| 105000 | Roivant Sciences Ltd. <sup>1,2</sup> | 1407457 | 1588650 |
| 5200 | Vertex Pharmaceuticals, Incorporated <sup>1</sup> | 1246704 | 2036528 |
| 30000 | Xenon Pharmaceuticals, Inc. <sup>1,2</sup> | 917389 | 1204500 |
|  |  | 27726456 | 43061712 |
|  | **Health Care Distributors (3.03%)** | **Health Care Distributors (3.03%)** | **Health Care Distributors (3.03%)** |
| 5300 | McKesson Corp. | 3347960 | 4094462 |
|  | **Health Care Equipment (23.99%)** | **Health Care Equipment (23.99%)** | **Health Care Equipment (23.99%)** |
| 70000 | Boston Scientific Corp. <sup>1</sup> | 3602489 | 6834100 |
| 7500 | DexCom, Inc. <sup>1</sup> | 823467 | 504675 |
| 28600 | Edwards Lifesciences Corp. <sup>1</sup> | 2216152 | 2224222 |
| 6000 | IDEXX Laboratories, Inc. <sup>1</sup> | 2349369 | 3833340 |
| 5700 | Insulet Corp. <sup>1</sup> | 1691692 | 1759761 |
| 10700 | Intuitive Surgical, Inc. <sup>1</sup> | 2241838 | 4785361 |
| 16500 | Masimo Corp. <sup>1</sup> | 2612120 | 2434575 |
| 13500 | Penumbra, Inc. <sup>1</sup> | 3741410 | 3419820 |
| 18000 | Stryker Corp. | 5153712 | 6654060 |
|  |  | 24432249 | 32449914 |
|  | **Health Care Facilities (2.17%)** | **Health Care Facilities (2.17%)** | **Health Care Facilities (2.17%)** |
| 17500 | Encompass Health Corp. | 1870305 | 2222850 |
| 3500 | Tenet Healthcare Corp. <sup>1</sup> | 670505 | 710640 |
|  |  | 2540810 | 2933490 |
|  | **Health Care Services (4.10%)** | **Health Care Services (4.10%)** | **Health Care Services (4.10%)** |
| 13000 | CVS Health Corp. | 968024 | 980070 |
| 60000 | RadNet, Inc. <sup>1</sup> | 2871501 | 4572600 |
|  |  | 3839525 | 5552670 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** | **Health Care (continued)** |
|  | **Health Care Technology (2.14%)** | **Health Care Technology (2.14%)** | **Health Care Technology (2.14%)** |
| 27000 | Doximity, Inc., Cl A <sup>1</sup> | $1544878 | $1975050 |
| 27512 | HeartFlow, Inc. <sup>1</sup> | 522728 | 926054 |
|  |  | 2067606 | 2901104 |
|  | **Life Sciences Tools & Services (10.51%)** | **Life Sciences Tools & Services (10.51%)** | **Life Sciences Tools & Services (10.51%)** |
| 17000 | Danaher Corp. | 3615387 | 3370420 |
| 10000 | Exact Sciences Corp. <sup>1,3</sup> | 534623 | 547100 |
| 3500 | Mettler-Toledo International, Inc. <sup>1</sup> | 3777592 | 4296635 |
| 3500 | Natera, Inc. <sup>1,3</sup> | 206290 | 563395 |
| 9000 | Thermo Fisher Scientific, Inc. | 3810387 | 4365180 |
| 4100 | West Pharmaceutical Services, Inc. | 1098966 | 1075553 |
|  |  | 13043245 | 14218283 |
|  | **Managed Health Care (1.76%)** | **Managed Health Care (1.76%)** | **Managed Health Care (1.76%)** |
| 9500 | HealthEquity, Inc. <sup>1</sup> | 882212 | 900315 |
| 4300 | UnitedHealth Group, Incorporated | 1497684 | 1484790 |
|  |  | 2379896 | 2385105 |
|  | **Pharmaceuticals (15.23%)** | **Pharmaceuticals (15.23%)** | **Pharmaceuticals (15.23%)** |
| 62000 | AstraZeneca PLC, ADR <sup>2</sup> | 4248229 | 4756640 |
| 16400 | Eli Lilly & Co. | 3464743 | 12513200 |
| 110000 | Teva Pharmaceutical<br>Industries Ltd., ADR <sup>1,2</sup> | 1985218 | 2222000 |
| 4000 | UCB SA (Belgium) <sup>2,4</sup> | 864207 | 1116540 |
|  |  | 10562397 | 20608380 |
| **Total Investments (94.76%)** | **Total Investments (94.76%)** | $**89940144** | **128205120** |
| **Cash and Other Assets Less Liabilities (5.24%)** | **Cash and Other Assets Less Liabilities (5.24%)** |  | **7084905** |
| **Net Assets** | **Net Assets** |  | $**135290025** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>4</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron FinTech Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (98.48%)** | **Common Stocks (98.48%)** | **Common Stocks (98.48%)** | **Common Stocks (98.48%)** |
| **Consumer Discretionary (4.38%)** | **Consumer Discretionary (4.38%)** | **Consumer Discretionary (4.38%)** | **Consumer Discretionary (4.38%)** |
|  | **Broadline Retail (4.38%)** | **Broadline Retail (4.38%)** | **Broadline Retail (4.38%)** |
| 1330 | MercadoLibre, Inc. <sup>1</sup><sup>,2</sup> | $**1958953** | $**3108130** |
| **Financials (71.19%)** | **Financials (71.19%)** | **Financials (71.19%)** | **Financials (71.19%)** |
|  | **Asset Management &<br>Custody Banks (5.13%)** | **Asset Management &<br>Custody Banks (5.13%)** | **Asset Management &<br>Custody Banks (5.13%)** |
| 1100 | Blackrock, Inc. | 810567 | 1282457 |
| 18200 | KKR & Co., Inc. | 2061144 | 2365090 |
|  |  | 2871711 | 3647547 |
|  | **Consumer Finance (1.20%)** | **Consumer Finance (1.20%)** | **Consumer Finance (1.20%)** |
| 4000 | Capital One Financial Corp. | 892395 | 850320 |
|  | **Diversified Banks (2.93%)** | **Diversified Banks (2.93%)** | **Diversified Banks (2.93%)** |
| 130000 | NU Holdings Ltd., Cl A <sup>1,2</sup> | 1062143 | 2081300 |
|  | **Diversified Financial Services (2.91%)** |  |  |
| 15500 | Apollo Global Management, Inc. | 1105830 | 2065685 |
|  | **Financial Exchanges & Data (18.01%)** | **Financial Exchanges & Data (18.01%)** | **Financial Exchanges & Data (18.01%)** |
| 7000 | CME Group, Inc. | 1560980 | 1891330 |
| 3000 | FactSet Research Systems, Inc. | 1238688 | 859470 |
| 4000 | Moody's Corp. | 1417488 | 1905920 |
| 5200 | Morningstar, Inc. | 1144884 | 1206452 |
| 3300 | MSCI, Inc. | 1437141 | 1872453 |
| 6300 | S&P Global, Inc. | 2470145 | 3066273 |
| 18000 | Tradeweb Markets, Inc., Cl A | 1466107 | 1997640 |
|  |  | 10735433 | 12799538 |
|  | **Insurance Brokers (1.59%)** | **Insurance Brokers (1.59%)** | **Insurance Brokers (1.59%)** |
| 18195 | Accelerant Holdings, Cl A <sup>1,2</sup> | 382095 | 270924 |
| 10000 | Baldwin Insurance Group, Inc. Cl A <sup>1</sup> | 287122 | 282100 |
| 8450 | Neptune Insurance Holdings, Inc., Cl A <sup>1</sup> | 169000 | 169000 |
| 15000 | TWFG, Inc. <sup>1</sup> | 259710 | 411600 |
|  |  | 1097927 | 1133624 |
|  | **Investment Banking & Brokerage (17.56%)** | **Investment Banking & Brokerage (17.56%)** | **Investment Banking & Brokerage (17.56%)** |
| 10000 | Houlihan Lokey, Inc. | 746412 | 2053200 |
| 42000 | Interactive Brokers Group, Inc., Cl A | 906410 | 2890020 |
| 8000 | LPL Financial Holdings, Inc. | 1661709 | 2661520 |
| 21000 | Robinhood Markets, Inc., Cl A <sup>1</sup> | 1011517 | 3006780 |
| 19500 | The Charles Schwab Corp. | 1519059 | 1861665 |
|  |  | 5845107 | 12473185 |
|  | **Life & Health Insurance (1.09%)** | **Life & Health Insurance (1.09%)** | **Life & Health Insurance (1.09%)** |
| 2800 | Primerica, Inc. | 728583 | 777252 |
|  | **Property & Casualty Insurance (5.68%)** | **Property & Casualty Insurance (5.68%)** | **Property & Casualty Insurance (5.68%)** |
| 14000 | Arch Capital Group Ltd. <sup>1,2</sup> | 1139095 | 1270220 |
| 22904 | Ategrity Specialty Holdings LLC <sup>1</sup> | 391331 | 452812 |
| 1600 | Kinsale Capital Group, Inc. | 270056 | 680416 |
| 6600 | The Progressive Corp. | 757043 | 1629870 |
|  |  | 2557525 | 4033318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
|  | **Transaction & Payment<br>Processing Services (15.09%)** | **Transaction & Payment<br>Processing Services (15.09%)** | **Transaction & Payment<br>Processing Services (15.09%)** |
| 13000 | Block, Inc. <sup>1</sup> | $2253183 | $939510 |
| 5000 | Fiserv, Inc. <sup>1</sup> | 500386 | 644650 |
| 6000 | Jack Henry & Associates, Inc. | 999875 | 893580 |
| 5750 | Mastercard, Incorporated, Cl A | 1969959 | 3270657 |
| 9500 | Visa, Inc., Cl A | 1987631 | 3243110 |
| 124000 | Wise PLC, Cl A (United Kingdom) <sup>1,2,3</sup> | 1430338 | 1728597 |
|  |  | 9141372 | 10720104 |
| **Total Financials** | **Total Financials** | **36038026** | **50581873** |
| **Industrials (4.64%)** | **Industrials (4.64%)** |  |  |
|  | **Research & Consulting Services (4.64%)** | **Research & Consulting Services (4.64%)** | **Research & Consulting Services (4.64%)** |
| 3500 | Equifax, Inc. | 791091 | 897855 |
| 10000 | TransUnion | 965895 | 837800 |
| 6200 | Verisk Analytics, Inc. | 1183525 | 1559362 |
| **Total Industrials** | **Total Industrials** | **2940511** | **3295017** |
| **Information Technology (17.26%)** | **Information Technology (17.26%)** |  |  |
|  | **Application Software (14.75%)** | **Application Software (14.75%)** | **Application Software (14.75%)** |
| 31000 | Alkami Technology, Inc. <sup>1</sup> | 806828 | 770040 |
| 3000 | Bill Holdings, Inc. <sup>1</sup> | 318719 | 158910 |
| 28000 | Clearwater Analytics<br>Holdings, Inc., Cl A <sup>1</sup> | 657560 | 504560 |
| 1300 | Fair Isaac Corp. <sup>1</sup> | 561914 | 1945489 |
| 12700 | Guidewire Software, Inc. <sup>1</sup> | 1409878 | 2919222 |
| 16500 | Intapp, Inc. <sup>1</sup> | 733970 | 674850 |
| 4000 | Intuit, Inc. | 1455968 | 2731640 |
| 7700 | ServiceTitan, Inc., Cl A <sup>1</sup> | 671737 | 776391 |
|  |  | 6616574 | 10481102 |
|  | **Internet Services & Infrastructure (2.51%)** | **Internet Services & Infrastructure (2.51%)** | **Internet Services & Infrastructure (2.51%)** |
| 12000 | Shopify, Inc., Cl A <sup>1,2</sup> | 1691746 | 1783320 |
| **Total Information Technology** | **Total Information Technology** | **8308320** | **12264422** |
| **Real Estate (1.01%)** | **Real Estate (1.01%)** |  |  |
|  | **Real Estate Services (1.01%)** | **Real Estate Services (1.01%)** | **Real Estate Services (1.01%)** |
| 8500 | CoStar Group, Inc. <sup>1</sup> | **725095** | **717145** |
| **Total Investments (98.48%)** | **Total Investments (98.48%)** | $**49970905** | **69966587** |
| **Cash and Other Assets Less Liabilities (1.52%)** | **Cash and Other Assets Less Liabilities (1.52%)** |  | **1083013** |
| **Net Assets** | **Net Assets** |  | $**71049600** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron India Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (97.02%)** | **Common Stocks (97.02%)** | **Common Stocks (97.02%)** |
| **Communication Services (8.31%)** | **Communication Services (8.31%)** | **Communication Services (8.31%)** |
|  | **Integrated Telecommunication<br>Services (0.73%)** | **Integrated Telecommunication<br>Services (0.73%)** |
| 8611 Tata Communications Ltd. <sup>3</sup> | $166553 | $156521 |
|  | **Movies & Entertainment (0.18%)** | **Movies & Entertainment (0.18%)** |
| 5854 Tips Music Ltd. <sup>3</sup> | 31149 | 38780 |
|  | **Wireless Telecommunication<br>Services (7.40%)** | **Wireless Telecommunication<br>Services (7.40%)** |
| 100226 Bharti Airtel Ltd. PP <sup>3</sup> | 1371672 | 1589067 |
| **Total Communication Services** | **1569374** | **1784368** |
| **Consumer Discretionary (11.51%)** | **Consumer Discretionary (11.51%)** | **Consumer Discretionary (11.51%)** |
|  | **Apparel Retail (2.18%)** | **Apparel Retail (2.18%)** |
| 8912 Trent Ltd. <sup>3</sup> | 428391 | 469159 |
|  | **Apparel, Accessories &<br>Luxury Goods (0.65%)** | **Apparel, Accessories &<br>Luxury Goods (0.65%)** |
| 3677 Titan Co. Ltd. <sup>3</sup> | 135284 | 139408 |
|  | **Automobile Manufacturers (2.96%)** | **Automobile Manufacturers (2.96%)** |
| 16477 Mahindra & Mahindra Ltd. <sup>3</sup> | 556402 | 635923 |
|  | **Consumer Electronics (0.98%)** | **Consumer Electronics (0.98%)** |
| 1147 Dixon Technologies India Ltd. <sup>3</sup> | 180029 | 210817 |
|  | **Restaurants (4.74%)** | **Restaurants (4.74%)** |
| 277269 Eternal Ltd. <sup>1,3</sup> | 743257 | 1017892 |
| **Total Consumer Discretionary** | **2043363** | **2473199** |
| **Consumer Staples (3.90%)** | **Consumer Staples (3.90%)** | **Consumer Staples (3.90%)** |
|  | **Packaged Foods & Meats (2.02%)** | **Packaged Foods & Meats (2.02%)** |
| 34035 Tata Consumer Products Ltd. <sup>3</sup> | 413597 | 433038 |
|  | **Personal Care Products (1.88%)** | **Personal Care Products (1.88%)** |
| 30776 Godrej Consumer Products Ltd. <sup>3</sup> | 423178 | 404390 |
| **Total Consumer Staples** | **836775** | **837428** |
| **Energy (4.49%)** | **Energy (4.49%)** | **Energy (4.49%)** |
|  | **Oil & Gas Refining & Marketing (4.49%)** | **Oil & Gas Refining & Marketing (4.49%)** |
| 62819 Reliance Industries Limited <sup>3</sup> | **1029513** | **964887** |
| **Financials (28.41%)** | **Financials (28.41%)** | **Financials (28.41%)** |
|  | **Asset Management &<br>Custody Banks (0.82%)** | **Asset Management &<br>Custody Banks (0.82%)** |
| 15242 360 ONE WAM Ltd. <sup>3</sup> | 155341 | 175584 |
|  | **Consumer Finance (8.04%)** | **Consumer Finance (8.04%)** |
| 93493 Bajaj Finance Limited <sup>3</sup> | 874041 | 1051935 |
| 37276 Cholamandalam Investment &<br>Finance Co. Ltd. <sup>3</sup> | 625564 | 675462 |
|  | 1499605 | 1727397 |
|  | **Diversified Banks (13.41%)** | **Diversified Banks (13.41%)** |
| 95789 HDFC Bank Ltd. <sup>3</sup> | 1017785 | 1026542 |
| 88847 ICICI Bank Ltd. <sup>3</sup> | 1387562 | 1346498 |
| 22688 Kotak Mahindra Bank Ltd. <sup>3</sup> | 513799 | 508694 |
|  | 2919146 | 2881734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
|  | **Diversified Financial Services (2.87%)** | **Diversified Financial Services (2.87%)** | **Diversified Financial Services (2.87%)** |
| 23662 | Bajaj Finserv Ltd. <sup>3</sup> | $521758 | $534607 |
| 24915 | Jio Financial Services Ltd. <sup>3</sup> | 71229 | 82146 |
|  |  | 592987 | 616753 |
|  | **Investment Banking & Brokerage (0.75%)** | **Investment Banking & Brokerage (0.75%)** | **Investment Banking & Brokerage (0.75%)** |
| 2286 | Nuvama Wealth Management Ltd. <sup>3</sup> | 165092 | 162248 |
|  | **Life & Health Insurance (2.52%)** | **Life & Health Insurance (2.52%)** | **Life & Health Insurance (2.52%)** |
| 26784 | SBI Life Insurance Company Limited, 144A <sup>3</sup> | 524754 | 540448 |
| **Total Financials** | **Total Financials** | **5856925** | **6104164** |
| **Health Care (10.58%)** | **Health Care (10.58%)** | **Health Care (10.58%)** | **Health Care (10.58%)** |
|  | **Health Care Facilities (10.58%)** | **Health Care Facilities (10.58%)** | **Health Care Facilities (10.58%)** |
| 99377 | Aster DM Healthcare Ltd., 144A <sup>3</sup> | 582142 | 702719 |
| 45743 | HealthCare Global Enterprises Ltd. <sup>1</sup> | 308372 | 331421 |
| 98625 | Max Healthcare Institute Ltd. | 1259164 | 1238189 |
| **Total Health Care** | **Total Health Care** | **2149678** | **2272329** |
| **Industrials (16.90%)** | **Industrials (16.90%)** | **Industrials (16.90%)** | **Industrials (16.90%)** |
|  | **Aerospace & Defense (3.30%)** | **Aerospace & Defense (3.30%)** | **Aerospace & Defense (3.30%)** |
| 155727 | Bharat Electronics Ltd. <sup>3</sup> | 671685 | 708844 |
|  | **Construction & Engineering (0.85%)** | **Construction & Engineering (0.85%)** | **Construction & Engineering (0.85%)** |
| 143191 | GMR Power & Urban Infra Ltd. <sup>1,3</sup> | 177981 | 182845 |
|  | **Construction & Machinery &<br>Heavy Trucks (1.73%)** | **Construction & Machinery &<br>Heavy Trucks (1.73%)** | **Construction & Machinery &<br>Heavy Trucks (1.73%)** |
| 8396 | Cummins India Ltd. <sup>3</sup> | 339737 | 371546 |
|  | **Electrical Components & Equipment (3.00%)** | **Electrical Components & Equipment (3.00%)** | **Electrical Components & Equipment (3.00%)** |
| 312541 | Precision Wires India Ltd. <sup>3</sup> | 625812 | 645700 |
|  | **Heavy Electrical Equipment (1.42%)** | **Heavy Electrical Equipment (1.42%)** | **Heavy Electrical Equipment (1.42%)** |
| 7881 | Siemens Energy India Ltd. <sup>1,2,3</sup> | 301773 | 305994 |
|  | **Industrial Machinery & Supplies &<br>Components (2.46%)** | **Industrial Machinery & Supplies &<br>Components (2.46%)** | **Industrial Machinery & Supplies &<br>Components (2.46%)** |
| 16551 | Kirloskar Oil Engines Ltd. <sup>3</sup> | 156237 | 171234 |
| 14549 | Shaily Engineering Plastics Ltd. <sup>3</sup> | 266288 | 356592 |
|  |  | 422525 | 527826 |
|  | **Passenger Airlines (4.14%)** | **Passenger Airlines (4.14%)** | **Passenger Airlines (4.14%)** |
| 14138 | InterGlobe Aviation Ltd., 144A <sup>3</sup> | 798502 | 888809 |
| **Total Industrials** | **Total Industrials** | **3338015** | **3631564** |
| **Information Technology (9.17%)** | **Information Technology (9.17%)** | **Information Technology (9.17%)** | **Information Technology (9.17%)** |
|  | **Communications Equipment (0.99%)** | **Communications Equipment (0.99%)** | **Communications Equipment (0.99%)** |
| 19225 | Astra Microwave Products Ltd. <sup>3</sup> | 225116 | 213248 |
|  | **Electronic Components (3.12%)** | **Electronic Components (3.12%)** | **Electronic Components (3.12%)** |
| 22242 | Centum Electronics Ltd. <sup>3</sup> | 586283 | 669642 |
|  | **Electronic Manufacturing Services (2.01%)** | **Electronic Manufacturing Services (2.01%)** | **Electronic Manufacturing Services (2.01%)** |
| 5436 | Kaynes Technology India Ltd. <sup>1,3</sup> | 332038 | 432350 |
|  | **IT Consulting & Other Services (3.05%)** | **IT Consulting & Other Services (3.05%)** | **IT Consulting & Other Services (3.05%)** |
| 9636 | Coforge Ltd. <sup>3</sup> | 187596 | 172844 |
| 14798 | Tata Consultancy Services Ltd. <sup>3</sup> | 645701 | 481664 |
|  |  | 833297 | 654508 |
| **Total Information Technology** | **Total Information Technology** | **1976734** | **1969748** |

---

See Notes to Portfolios of Investments.

------

**Baron India Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**SEPTEMBER 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials (0.80%)** | **Materials (0.80%)** | **Materials (0.80%)** |
|  | **Commodity Chemicals (0.38%)** | **Commodity Chemicals (0.38%)** |
| 106491 DCW Ltd. <sup>3</sup> | $95693 | $81514 |
|  | **Diversified Chemicals (0.42%)** | **Diversified Chemicals (0.42%)** |
| 2825 SRF Ltd. <sup>3</sup> | 90968 | 89815 |
| **Total Materials** | **186661** | **171329** |
| **Real Estate (0.67%)** | **Real Estate (0.67%)** | **Real Estate (0.67%)** |
|  | **Real Estate Development (0.67%)** | **Real Estate Development (0.67%)** |
| 6481 Godrej Properties Ltd. <sup>1,3</sup> | **149075** | **143822** |
| **Utilities (2.28%)** | **Utilities (2.28%)** | **Utilities (2.28%)** |
|  | **Electric Utilities (2.28%)** | **Electric Utilities (2.28%)** |
| 155206 Power Grid Corp. of India Ltd. <sup>3</sup> | **547583** | **489665** |
| **Total Investments (97.02%)** | $**19683696** | **20842503** |
| **Cash and Other Assets Less Liabilities (2.98%)** |  | **640984** |
| **Net Assets** |  | $**21483487** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/ classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>3</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the market value of Rule 144A securities amounted to $2,131,976 or 9.92% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Technology Fund**

**PORTFOLIO OF INVESTMENTS (UNAUDITED)** 

**SEPTEMBER 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (100.11%)** | **Common Stocks (100.11%)** | **Common Stocks (100.11%)** | **Common Stocks (100.11%)** |
| **Communication Services (6.80%)** | **Communication Services (6.80%)** | **Communication Services (6.80%)** | **Communication Services (6.80%)** |
|  | **Advertising (1.96%)** | **Advertising (1.96%)** | **Advertising (1.96%)** |
| 41328 | The Trade Desk, Inc., Cl A <sup>1</sup> | $2999838 | $2025485 |
|  | **Movies & Entertainment (4.84%)** | **Movies & Entertainment (4.84%)** | **Movies & Entertainment (4.84%)** |
| 7145 | Spotify Technology SA <sup>1,2</sup> | 2211215 | 4987210 |
| **Total Communication Services** | **Total Communication Services** | **5211053** | **7012695** |
| **Consumer Discretionary (18.47%)** | **Consumer Discretionary (18.47%)** | **Consumer Discretionary (18.47%)** | **Consumer Discretionary (18.47%)** |
|  | **Automobile Manufacturers (5.18%)** | **Automobile Manufacturers (5.18%)** | **Automobile Manufacturers (5.18%)** |
| 12023 | Tesla, Inc. <sup>1</sup> | 3154483 | 5346868 |
|  | **Broadline Retail (7.00%)** | **Broadline Retail (7.00%)** | **Broadline Retail (7.00%)** |
| 32902 | Amazon.com, Inc. <sup>1</sup> | 6025435 | 7224292 |
|  | **Casinos & Gaming (0.72%)** | **Casinos & Gaming (0.72%)** | **Casinos & Gaming (0.72%)** |
| 19926 | DraftKings, Inc., Cl A <sup>1</sup> | 641239 | 745232 |
|  | **Education Services (2.67%)** | **Education Services (2.67%)** | **Education Services (2.67%)** |
| 8565 | Duolingo, Inc. <sup>1</sup> | 2573171 | 2756560 |
|  | **Restaurants (2.90%)** | **Restaurants (2.90%)** | **Restaurants (2.90%)** |
| 814326 | Eternal Ltd. (India)<sup>1,2,4</sup> | 2455025 | 2989500 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **14849353** | **19062452** |
| **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** | **Consumer Staples (0.95%)** |
|  | **Personal Care Products (0.95%)** | **Personal Care Products (0.95%)** | **Personal Care Products (0.95%)** |
| 15772 | Oddity Tech Ltd., Cl A <sup>1,2</sup> | **803860** | **982596** |
| **Health Care (1.56%)** | **Health Care (1.56%)** | **Health Care (1.56%)** | **Health Care (1.56%)** |
|  | **Health Care Services (1.22%)** | **Health Care Services (1.22%)** | **Health Care Services (1.22%)** |
| 25598 | Hinge Health, Inc., Cl A <sup>1</sup> | 857771 | 1256350 |
|  | **Health Care Technology (0.34%)** | **Health Care Technology (0.34%)** | **Health Care Technology (0.34%)** |
| 10476 | HeartFlow, Inc. <sup>1</sup> | 199044 | 352622 |
| **Total Health Care** | **Total Health Care** | **1056815** | **1608972** |
| **Industrials (2.88%)** | **Industrials (2.88%)** | **Industrials (2.88%)** | **Industrials (2.88%)** |
|  | **Aerospace & Defense (0.80%)** | **Aerospace & Defense (0.80%)** | **Aerospace & Defense (0.80%)** |
| 1146 | Axon Enterprise, Inc. <sup>1</sup> | 373645 | 822415 |
|  | **Building Products (1.05%)** | **Building Products (1.05%)** | **Building Products (1.05%)** |
| 11532 | AAON, Inc. | 948085 | 1077550 |
|  | **Construction & Engineering (1.03%)** | **Construction & Engineering (1.03%)** | **Construction & Engineering (1.03%)** |
| 2573 | Quanta Services, Inc. | 753826 | 1066303 |
| **Total Industrials** | **Total Industrials** | **2075556** | **2966268** |
| **Information Technology (67.35%)** | **Information Technology (67.35%)** | **Information Technology (67.35%)** | **Information Technology (67.35%)** |
|  | **Application Software (7.34%)** | **Application Software (7.34%)** | **Application Software (7.34%)** |
| 6343 | Atlassian Corp., Cl A <sup>1,2</sup> | 1410347 | 1012977 |
| 4430 | Guidewire Software, Inc. <sup>1</sup> | 700148 | 1018280 |
| 22483 | Intapp, Inc. <sup>1</sup> | 1063559 | 919555 |
| 57358 | Samsara, Inc., Cl A <sup>1</sup> | 2284773 | 2136585 |
| 1019 | ServiceNow, Inc. <sup>1,3</sup> | 805758 | 937765 |
| 5073 | ServiceTitan, Inc., Cl A <sup>1</sup> | 485912 | 511511 |
| 1180 | Synopsys, Inc. <sup>1</sup> | 545334 | 582200 |
| 9353 | Via Transportation, Inc., Cl A <sup>1</sup> | 430238 | 449692 |
|  |  | 7726069 | 7568565 |
|  | **Communications Equipment (2.98%)** | **Communications Equipment (2.98%)** | **Communications Equipment (2.98%)** |
| 7084 | Arista Networks, Inc. <sup>1</sup> | 1074819 | 1032210 |
| 12582 | Lumentum Holdings, Inc. <sup>1</sup> | 2024423 | 2047217 |
|  |  | 3099242 | 3079427 |
|  | **Electric Equipment (1.27%)** | **Electric Equipment (1.27%)** | **Electric Equipment (1.27%)** |
| 33227 | PAR Technology Corp. <sup>1</sup> | 1851182 | 1315125 |
|  | **Electronic Components (1.98%)** | **Electronic Components (1.98%)** | **Electronic Components (1.98%)** |
| 18994 | Coherent Corp. <sup>1</sup> | 1863139 | 2046034 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
|  | **Internet Services & Infrastructure (2.97%)** | **Internet Services & Infrastructure (2.97%)** | **Internet Services & Infrastructure (2.97%)** |
| 43546 | GDS Holdings Ltd., ADR <sup>1,2</sup> | $883028 | $1685230 |
| 9280 | Shopify, Inc., Cl A <sup>1,2</sup> | 645590 | 1379101 |
|  |  | 1528618 | 3064331 |
|  | **IT Consulting & Other Services (1.13%)** | **IT Consulting & Other Services (1.13%)** | **IT Consulting & Other Services (1.13%)** |
| 4438 | Gartner, Inc. <sup>1</sup> | 1097331 | 1166617 |
|  | **Semiconductor Materials & Equipment (4.19%)** | **Semiconductor Materials & Equipment (4.19%)** | **Semiconductor Materials & Equipment (4.19%)** |
| 55862 | HPSP Co. Ltd. (Korea, Republic of) <sup>2,4</sup> | 1142988 | 1344895 |
| 13529 | Lam Research Corp. | 1095938 | 1811533 |
| 3642 | Nova Ltd. <sup>1,2</sup> | 714829 | 1164202 |
|  |  | 2953755 | 4320630 |
|  | **Semiconductors (33.13%)** | **Semiconductors (33.13%)** | **Semiconductors (33.13%)** |
| 28686 | Broadcom, Inc. | 5268487 | 9463798 |
| 10082 | eMemory Technology, Inc. (Taiwan) <sup>2,4</sup> | 778361 | 670795 |
| 391539 | indie Semiconductor, Inc., Cl A <sup>1</sup> | 1577976 | 1593564 |
| 1229 | Monolithic Power Systems, Inc. | 731853 | 1131466 |
| 78100 | NVIDIA Corp. | 8097215 | 14571898 |
| 7884 | Taiwan Semiconductor<br>Manufacturing Co., Ltd. (Taiwan) <sup>2,4</sup> | 161540 | 342464 |
| 22948 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR <sup>2</sup> | 4016981 | 6409147 |
|  |  | 20632413 | 34183132 |
|  | **Systems Software (10.13%)** | **Systems Software (10.13%)** | **Systems Software (10.13%)** |
| 6569 | Cloudflare, Inc., Cl A <sup>1,3</sup> | 567245 | 1409642 |
| 7610 | Datadog, Inc., Cl A <sup>1,3</sup> | 875810 | 1083664 |
| 8894 | Microsoft Corporation | 3539613 | 4606647 |
| 11018 | Netskope, Inc., Cl A <sup>1</sup> | 209342 | 250439 |
| 5077 | Snowflake, Inc., Cl A <sup>1,3</sup> | 923909 | 1145117 |
| 6546 | Zscaler, Inc. <sup>1</sup> | 1323559 | 1961575 |
|  |  | 7439478 | 10457084 |
|  | **Technology Hardware, Storage & Peripherals (2.23%)** | **Technology Hardware, Storage & Peripherals (2.23%)** | **Technology Hardware, Storage & Peripherals (2.23%)** |
| 9030 | Apple, Inc. | 1692490 | 2299309 |
| **Total Information Technology** | **Total Information Technology** | **49883717** | **69500254** |
| **Real Estate (2.10%)** | **Real Estate (2.10%)** | **Real Estate (2.10%)** | **Real Estate (2.10%)** |
|  | **Real Estate Services (2.10%)** | **Real Estate Services (2.10%)** |  |
| 14588 | CoStar Group, Inc. <sup>1</sup> | 1180931 | 1230790 |
| 12150 | Zillow Group, Inc., Cl C <sup>1</sup> | 1081447 | 936157 |
| **Total Real Estate** | **Total Real Estate** | **2262378** | **2166947** |
| **Total Investments (100.11%)** | **Total Investments (100.11%)** | $**76142732** | **103300184** |
| **Liabilities Less Cash and Other Assets (-0.11%)** | **Liabilities Less Cash and Other Assets (-0.11%)** |  | **(110270)** |
| **Net Assets** | **Net Assets** |  | $**103189914** |

---

---

| | |
|:---|:---|
| % | Represents percentage of net assets.  |

---

<sup>1</sup> Non-income producing securities.

<sup>2</sup> Foreign corporation.

<sup>3</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/ classifications are not supported by S&P or MSCI (unaudited). 

<sup>4</sup> Level 2 security. See Note 4 regarding Fair Value Measurements.

<sup>ADR</sup> American Depositary Receipt.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED)** 

**1. ORGANIZATION** 

Baron Select Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Delaware statutory trust on April 30, 2003. The Trust currently offers 12 series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund (formerly, Baron Global Advantage Fund), Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron India Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses, and eligibility requirements. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. Each Fund's investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class.

Baron Partners Fund was organized originally as a limited partnership in January 1992 under the laws of the State of Delaware. Effective as of the close of business on April 30, 2003, the predecessor partnership was reorganized into a series of the Trust. Baron Partners Fund commenced operations on April 30, 2003 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

Baron Focused Growth Fund was organized originally as a limited partnership in May 1996 under the laws of the State of Delaware. Effective as of the close of business on June 30, 2008, the predecessor partnership was reorganized into a series of the Trust. Baron Focused Growth Fund commenced operations on June 30, 2008 with a contribution of assets and liabilities, including securities-in-kind, from the predecessor partnership.

The investment goals of the Funds are as follows:

Baron Partners Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. growth companies. The Fund may employ "leverage" by borrowing money and using it to purchase additional securities. Borrowing for investments increases both investment opportunity and investment risk.

Baron Focused Growth Fund is a non-diversified fund that seeks capital appreciation through long-term investments primarily in U.S. small- and mid-sized growth companies.

Baron International Growth Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in non-U.S. growth companies.

Baron Real Estate Fund is a diversified fund that seeks capital appreciation through long-term investments primarily in U.S. and non-U.S. real estate and real estate-related companies.

Baron Emerging Markets Fund is a diversified fund that seeks capital appreciation through investments primarily in growth companies in developing countries.

Baron Global Opportunity Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities of established and emerging markets companies located throughout the world.

Baron Real Estate Income Fund is a non-diversified fund that seeks both capital appreciation and current income through investments primarily in real estate income-producing securities and other real estate securities.

Baron Health Care Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities engaged in research, development, production, sale, delivery or distribution of products and services related to the health care industry.

Baron FinTech Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities that develop, use, or rely on innovative technologies or services, in a significant way, for banking, lending, capital markets, financial data analytics, insurance, payments, asset management, or wealth management.

Baron India Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities located in India.

Baron Technology Fund is a non-diversified fund that seeks capital appreciation through investments primarily in equity securities of U.S. and non-U.S. technology companies, selected for their durable growth potential from the development, advancement, and use of technology.

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS** 

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trust is an investment company and therefore follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

**a) Net Asset Value.** The Funds' share prices or net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds' NAVs are calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets of the Fund represented by such class, less all liabilities, by the total number of Fund shares of such class outstanding.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)** 

**b) Security Valuation.** Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.'s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board).The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value, unless an independent pricing service provides a valuation for such security or in the opinion of the Board or the Committee, the amortized cost method would not represent fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer maintaining an active market in that security. The value of the Funds' investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.

Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

**c) Foreign Currency Translations.** The accounting records of the Funds are maintained in U.S. dollars. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized and change in net unrealized gain or loss on foreign currency transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding taxes. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included with the net realized and change in net unrealized gain or loss from investments and foreign currency translations. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

**d) Securities Lending.** The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders' fees. Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash collateral are subject to the risks inherent in investing in these securities.

There were no securities on loan at September 30, 2025.

**e) Repurchase Agreements.** The Funds may invest in repurchase agreements, which are short-term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

There were no repurchase agreements at September 30, 2025.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (CONTINUED)** 

**f) Russia and Ukraine Risk.** Certain Funds invested in securities and instruments that are economically tied to Russia. Due to the uncertainty of the geopolitical tension in Russia/Ukraine, investments in Russia are subject to political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the U.S. and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund's performance and/or ability to achieve its investment objective. For example, certain transactions may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

**3. RESTRICTED SECURITIES** 

At September 30, 2025, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

**At September 30, 2025, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:** 

---

| | | |
|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc.\* | 12/22/2021 | $16639015 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 9/13/2017 | 533926240 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 5/4/2022 | 60899966 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 5/19/2021 | 0 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-8/19/2025 | 1032257680 |
|  **Total Restricted Securities:** |  | $1643722901 |
|  (Cost $228,013,119)<sup>†</sup> (20.23% of Net Assets) |  |  |
|  | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 9/13/2017 | $213820868 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuralink Corp. | 5/30/2025 | 5000005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-11/29/2023 | 111753680 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 6/11/2024 | 61086020 |
|  **Total Restricted Securities:** |  | 391660573 |
|  (Cost $124,949,840)<sup>†</sup> (13.93% of Net Assets) |  |  |
|  | **Baron International Growth Fund** | **Baron International Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 1/24/2017-10/29/2021 | $341 |
|  **Warrants** | **Warrants** | **Warrants** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. Exp. 3/31/2040 | 8/23/2023 | 0 |
|  **Total Restricted Securities:** |  | $341 |
|  (Cost $1,650,983)<sup>†</sup> (0.00%^ of Net Assets) |  |  |

---

† See Portfolios of Investments for cost of individual securities.

---

| | |
|:---|:---|
| ^ | Rounds to less than 0.01%.  |

---

\* StubHub Holdings, Inc. went public via an initial public offering on September 17, 2025. The publicly traded shares are subject to a lock-up period, expiring on March 16, 2026.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**3. RESTRICTED SECURITIES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 2/11/2016 | $12536 |
|  **Private Common Stocks** | **Private Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Labs Limited | 5/17/2021 | 43271076 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 70906 |
|  **Total Restricted Securities:** |  | $&nbsp;&nbsp;&nbsp;&nbsp;43354518 |
|  (Cost $154,206,655)<sup>†</sup> (1.17% of Net Assets) |  |  |
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 – 9/15/2021 | $557555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | 69404560 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 42547 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 461004 |
|  **Total Restricted Securities:** |  | $70465666 |
|  (Cost $69,264,695)<sup>†</sup> (10.58% of Net Assets) |  |  |

---

† See Portfolios of Investments for cost of individual securities.

**4. FAIR VALUE MEASUREMENTS** 

Fair value is defined by GAAP as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other inputs that are observable either directly or indirectly through
corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using unobservable inputs when quoted prices or observable inputs are unavailable,
such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $7024617448 | $— | $— | $7024617448 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 594826206 | 594826206 |
|  **Private Convertible Preferred Stocks** |  |  | 0 |  |
|  **Private Preferred Stocks** |  |  | 1032257680 | 1032257680 |
|  **Total Investments** | $**7024617448** | $**—** | $**1627083886** | $**8651701334** |
|  | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $2401837728 | $— | $— | $2401837728 |
|  **Private Common Stocks** |  |  | 213820868 | 213820868 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 177839705 | 177839705 |
|  **Total Investments** | $**2401837728** | $**—** | $**391660573** | $**2793498301** |
|  | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)<sup>1</sup>** | **Total** |
|  **Common Stocks<sup>†</sup>** | $119076044 | $241042802 | $341 | $360119187 |
|  **Warrants** |  |  |  |  |
|  **Total Investments** | $**119076044** | $**241042802** | $**341** | $**360119187** |
|  | **Baron Real Estate Fund** | **Baron Real Estate Fund** | **Baron Real Estate Fund** | **Baron Real Estate Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $2306259525 | $10827917 | $— | $2317087442 |
|  **Total Investments** | $**2306259525** | $**10827917** | $**—** | $**2317087442** |
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $992320799 | $2707349364 | $12536 | $3699682699 |
|  **Private Common Stocks** |  |  | 43271076 | 43271076 |
|  **Private Convertible Preferred Stocks** |  |  | 70906 | 70906 |
|  **Warrants** | 12066 |  |  | 12066 |
|  **Total Investments** | $**992332865** | $**2707349364** | $**43354518** | $**3743036747** |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

<sup>1</sup> The reconciliation between beginning and ending balances of Level 3 investments in which significant unobservable valuation inputs were used in determining fair value is not presented as Level 3 assets were not significant for the Fund.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

**The following is a summary of the inputs used as of September 30, 2025 in valuing the Funds' investments carried at fair value:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $495018988 | $93029567 | $— | $588048555 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 69962115 | 69962115 |
|  **Private Convertible Preferred Stocks** |  |  | 42547 | 42547 |
|  **Private Preferred Stocks** |  |  | 461004 | 461004 |
|  **Warrants<sup>†</sup>**  | 476591 |  |  | 476591 |
|  **Total Investments** | $**495495579** | $**93029567** | $**70465666** | $**658990812** |
|  | **Baron Real Estate Income Fund** | **Baron Real Estate Income Fund** | **Baron Real Estate Income Fund** | **Baron Real Estate Income Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $251412470 | $2940213 | $— | $254352683 |
|  **Total Investments** | $**251412470** | $**2940213** | $**—** | $**254352683** |
|  | **Baron Health Care Fund** | **Baron Health Care Fund** | **Baron Health Care Fund** | **Baron Health Care Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $127088580 | $1116540 | $— | $128205120 |
|  **Total Investments** | $**127088580** | $**1116540** | $**—** | $**128205120** |
|  | **Baron FinTech Fund** | **Baron FinTech Fund** | **Baron FinTech Fund** | **Baron FinTech Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $68237990 | $1728597 | $— | $69966587 |
|  **Total Investments** | $**68237990** | $**1728597** | $**—** | $**69966587** |
|  | **Baron India Fund** | **Baron India Fund** | **Baron India Fund** | **Baron India Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $1569610 | $19272893 | $— | $20842503 |
|  **Total Investments** | $**1569610** | $**19272893** | $**—** | $**20842503** |
|  | **Baron Technology Fund** | **Baron Technology Fund** | **Baron Technology Fund** | **Baron Technology Fund** |
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br>**(Level 1)** | **Other<br>Observable<br>Inputs**<br>**(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $97952530 | $5347654 | $— | $103300184 |
|  **Total Investments** | $**97952530** | $**5347654** | $**—** | $**103300184** |

---

<sup>†</sup> See Portfolios of Investments for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

**The following is a reconciliation of investments in which unobservable inputs (Level 3) were used in determining fair value:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>December 31,<br>2024** | **Accrued<br>Premiums/**<br>**Discounts** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |  | **Balance**<br>**as of<br>September 30,<br>2025** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>September 30,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** | | | |  |  |  | | | |  |
|  Communication Services | $66607439 | $— | $— | $17512055 | $— | $— | $— | $(23219528) | <sup>^</sup> | $60899966 | $44507966 |
|  Industrials | 465926200 |  |  | 68000040 |  |  |  |  |  | 533926240 | 68000040 |
|  **Private Convertible**<br> **Preferred Stocks** | **Private Convertible**<br> **Preferred Stocks** | **Private Convertible**<br> **Preferred Stocks** | **Private Convertible**<br> **Preferred Stocks** | **Private Convertible**<br> **Preferred Stocks** |  |  |  |  |  |  |  |
|  Unclassified\* | 0 |  |  |  |  |  |  |  |  | 0 |  |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
|  Industrials | 900790900 |  |  | 131466780 |  |  |  |  |  | 1032257680 | 131466780 |
|  **Total** | $**1433324539** | $**—** | $**—** | $**216978875** | $**—** | $**—** | $**—** | $**(23219528)** |  | $**1627083886** | $**243974786** |
|  | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>December 31,<br>2024** | **Accrued<br>Premiums/**<br>**Discounts** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |  | **Balance**<br>**as of<br>September 30,<br>2025** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>September 30,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
|  Industrials | $142956900 | $— | $— | $20863980 | $49999988 | $— | $— | $— |  | $213820868 | $20863980 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
|  Communication Services\*\* | 36173751 |  |  | 24912269 |  |  |  |  |  | 61086020 | 24912269 |
|  Health Care |  |  |  |  | 5000005 |  |  |  |  | 5000005 |  |
|  Industrials | 97520900 |  |  | 14232780 |  |  |  |  |  | 111753680 | 14232780 |
|  **Total** | $**276651551** | $**—** | $**—** | $**60009029** | $**54999993** | $**—** | $**—** | $**—** |  | $**391660573** | $**60009029** |
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>December 31,<br>2024** | **Accrued<br>Premiums/**<br>**Discounts** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |  | **Balance**<br>**as of<br>September 30,<br>2025** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>September 30,<br>2025** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  Russia | $9156 |  | $— | $3380 | $— | $— | $— | $— |  | $12536 | $3380 |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  India<sup>†</sup> | 41418963 |  | (3) | 1852116 |  |  |  |  |  | 43271076 | 1852116 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
|  India | 73536 |  |  | (2630) |  |  |  |  |  | 70906 | (2630) |
|  **Total** | $**41501655** | $**—** | $**(3)** | $**1852866** | $**—** | $**—** | $**—** | $**—** |  | $**43354518** | $**1852866** |

---

<sup>^</sup> StubHub Holdings Inc.'s Shares were transferred out of Level 3 upon the company's IPO and commenced of trading on the exchange on September 17, 2025.

<sup>\*</sup> The Adviser reclassified Northvolt AB sector to Unclassified as a result of the company declaring bankruptcy and no longer having a principal business activity.

<sup>\*</sup><sup>\*</sup> Sector reclassification due to X.AI Holdings Corp. merger on March 28, 2025.

<sup>†</sup> Conversion of preference shares to private ordinary shares due to Pine Labs Limited merger as of June 6, 2025.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Investments in Securities** | **Balance**<br>**as of<br>December 31,<br>2024** | **Accrued<br>Premiums/**<br>**Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change**<br>**in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into**<br>**Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance**<br>**as of<br>September 30,<br>2025** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>September 30,<br>2025** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |
|  United States | $61122856 | $— | $— | $8839259 | $— | $— | $— | $— | $69962115 | $8839259 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
|  India | 44124 |  |  | (1577) |  |  |  |  | 42547 | (1577) |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
|  United States | 461005 |  |  | (1) |  |  |  |  | 461004 | (1) |
|  **Total** | $**61627985** | $**—** | $**—** | $**8837681** | $**—** | $**—** | $**—** | $**—** | $**70465666** | $**8837681** |

---

**Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of September 30, 2025 were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Sector** | **Fair Value as of<br>September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on<br>September 30, 2025** | **Range used on**<br> **September 30, 2025\*** | **Impact to<br>Valuation from<br>an Increase in<br>input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | **$60899966** | Observed Transaction | Observed Transaction Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | **$533926240** | Observed Transaction | Observed Transaction Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | **$0** | Scenario Analysis | Scenario Probabilities<br>Scenario A / Scenario B<sup>1</sup> | 100.00% / 0.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | **$1032257680** | Observed Transaction | Observed Transaction Price | $2120.00 | N/A | Increase |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Sector** | **Fair Value as of<br>September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **September 30, 2025** | **Range used on**<br> **September 30, 2025\*** | **Impact to<br>Valuation from<br>an Increase in<br>input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | **$213820868** | Observed Transaction | Observed Transaction Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | **$61086020** | Observed Transaction | Observed Transaction Price | $36.56 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Health Care | **$5000005** | Observed Transaction | Observed Transaction Price | $50.50 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | **$111753680** | Observed Transaction | Observed Transaction Price | $2120.00 | N/A | Increase |

---

See Notes on page 26.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **September 30, 2025** |

---

**NOTES TO PORTFOLIOS OF INVESTMENTS (UNAUDITED) (CONTINUED)** 

**4. FAIR VALUE MEASUREMENTS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Country** | **Fair Value as of<br>September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **September 30, 2025** | **Range used on**<br> **September 30, 2025\*** | **Impact to**<br> **Valuation from<br>an Increase in<br>Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Projected Company<br>Sales (FY 2026) | $332 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Price /Sales Multiple | 11.06x | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Change in the<br>Composite Equity<br>Index of Comparable<br>Companies | (0.54)% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Discount for Lack of<br> Marketability | 3.73% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Estimated Volatility of<br> the Returns of Equity<sup>2</sup> | 45.64% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> India | **$43271076** | Combination of<br>valuation using multiples,<br>current value via<br>comparable companies,<br>scenario analysis, and<br>option-pricing methods | Scenario Probabilities:<br> Scenario A /Scenario B<sup>3</sup> | 100.00% /0.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> India | **$70906** | Recent Transaction | Rights Offering Price | INR 410.57 | N/A | Increase |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Country** | **Fair Value as of**<br> **September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **September 30, 2025** | **Range used on**<br> **September 30, 2025\*** | **Impact to**<br> **Valuation from**<br> **an Increase in<br>Input\*\*** |
| &nbsp;&nbsp;&nbsp;**Private Common Stocks:**<br> United States | $**557555** | Scenario<br>Analysis | Projected IPO<br>Valuation | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Common Stocks:**<br> United States | $**557555** | Scenario<br>Analysis | Probability for IPO<br>Outcome | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Common Stocks:**<br> United States | $**557555** | Scenario<br>Analysis | Discount in the Event<br>of Liquidation<br>Outcome | 100.00% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp;**Private Common Stocks:**<br> United States | $**69404560** | Observed<br>Transaction | Observed Transaction<br>Price | $212.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:** India | $**42547** | Recent<br>Transaction | Rights Offering Price | INR 410.57 | N/A | Increase |
| &nbsp;&nbsp;&nbsp;**Private Preferred Stocks:**<br> United States | $**461004** | Recent<br>Offer | Bid Price | $1.00 | N/A | Increase |

---

1) Scenario A represents total loss for equity holders, while Scenario B reflects positive equity holder value. 

2) The volatility was calculated as a simple-average of the volatilities of the individual comparable companies.

3) Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

\* N/A indicates that the range used is not applicable as unobservable inputs are disclosed at the security level.

\*\* Represents the directional change in the fair value of Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BARON SELECT FUNDS

- **b. Investment Company Act file number:** 811-21296

- **c. CIK number of Registrant:** 0001217673

- **d. LEI of Registrant:** 549300U6KWVIU0PW2H88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 FIFTH AVE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baron Global Advantage Fund

- **b. EDGAR series identifier (if any):** S000036767

- **c. LEI of Series:** 549300H23AWQ1PSUDU58

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $670771254.48

**Total Liabilities:** $4165347.38

**Net Assets:** $666605907.10

**Cash Not Reported:** $12293782.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174764 | 2.12%                | 1.77%                | 3.83%                |
| Class ID C000112440 | 2.09%                | 1.75%                | 3.78%                |
| Class ID C000112441 | 2.15%                | 1.55%                | 3.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2308.28                | $13283586.00                               |
| Month 2  | $21464477.10             | $-10754096.42                              |
| Month 3  | $-11175857.74            | $36607996.75                               |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eternal Ltd                               | Eternal Ltd                               | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |   6607712 | NS      | $24257794.33  | 3.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     22216 | NS      | $21664752.99  | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                          | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     51155 | NS      | $6761156.35   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiverr International Ltd                  | Fiverr International Ltd                  | CUSIP: 000000000<br>LEI: 549300Z8OREY6THCPF67 | Long             | EC               | CORP              | IL        |    276080 | NS      | $6739112.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                             | SailPoint Inc                             | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76958 | NS      | $1699232.64   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                               | Zscaler Inc                               | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     63729 | NS      | $19097032.14  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    131822 | NS      | $28287682.98  | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                          | GDS Holdings Ltd                          | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    376511 | NS      | $14570975.70  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                                 | GRAIL Inc                                 | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |       154 | NS      | $9106.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FARMERS BUSINESS NETWORK COMMO            | FARMERS BUSINESS NETWORK COMMO            | CUSIP: 000000000<br>LEI: 5493003KO0NA75DM0Y81 | Long             | EC               | CORP              | US        |    299761 | NS      | $557555.46    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Codere Online Luxembourg SA               | Codere Online Luxembourg SA               | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | Long             | EC               | CORP              | LU        |    827902 | NS      | $5712523.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                             | HeartFlow Inc                             | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143738 | NS      | $4838221.08   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                         | BILL Holdings Inc                         | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     34207 | NS      | $1811944.79   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GM CRUISE HOLDINGS LLC                    | GM CRUISE HOLDINGS LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    461004 | NS      | $461004.00    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.            | CODERE ONLINE LUXEMBOURG, S.A.            | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | US        |      4326 | NS      | $3936.66      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Block Inc                                 | Block Inc                                 | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    174531 | NS      | $12613355.37  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                   | Viking Therapeutics Inc                   | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |     74811 | NS      | $1966033.08   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THINK + LEARN PRIVATE LIMITED             | THINK + LEARN PRIVATE LIMITED             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IN        |      9201 | NS      | $42546.55     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Coupang Inc                               | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   1112089 | NS      | $35809265.80  | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      8934 | NS      | $14375513.71  | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    356883 | NS      | $66587230.14  | 9.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg SA               | Codere Online Luxembourg SA               | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | LU        |    498034 | NS      | $453210.94    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                              | Illumina Inc                              | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     92028 | NS      | $8739899.16   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                          | ServiceTitan Inc                          | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30984 | NS      | $3124116.72   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Afya Ltd                                  | Afya Ltd                                  | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |    416760 | NS      | $6501456.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     27899 | NS      | $12407243.28  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |     75250 | NS      | $15953000.00  | 2.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Netskope Inc                              | Netskope Inc                              | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |    240908 | NS      | $5475838.84   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Taboola.com Ltd                           | Taboola.com Ltd                           | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | N/A              | DE               |  | IL        |    228748 | NS      | $19443.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     95516 | NS      | $21543633.80  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                                | Endava PLC                                | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |    118800 | NS      | $1081080.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                 | Figma Inc                                 | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |     40494 | NS      | $2100423.78   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                 | Argenx SE                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     32477 | NS      | $23953736.12  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     16812 | NS      | $8244268.56   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                               | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    155204 | NS      | $22101049.60  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Space Exploration Technologies            | SPACE EXPLORATION TECHNOLOGIES            | CUSIP: 000000000<br>LEI: 549300B9WLO96RQCXP87 | Long             | EC               | CORP              | US        |    252130 | NS      | $53451560.00  | 8.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.            | CODERE ONLINE LUXEMBOURG, S.A.            | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | Long             | EC               | CORP              | US        |    375992 | NS      | $2594344.80   | 0.39%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    257699 | NS      | $38296648.39  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands            | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |   1169282 | NS      | $18720204.82  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     94165 | NS      | $26299342.85  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     22871 | NS      | $53448154.74  | 8.02%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                   | indie Semiconductor Inc                   | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   1423030 | NS      | $5791732.10   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                         | Bajaj Finance Ltd                         | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   2031490 | NS      | $22857270.00  | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                 | InPost SA                                 | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |    802024 | NS      | $9874236.42   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                               | Wix.com Ltd                               | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     84698 | NS      | $15044905.74  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                         | Loar Holdings Inc                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142616 | NS      | $11409280.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer