# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-26-196135
**Filing Date:** 2026-4
**Character Count:** 26774
**Document Hash:** 36eb4bf8ba47b40fbf41d457b04dfd31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196135.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196135

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103025
- **FILM NUMBER:** 26922925

**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 India Fund (Series ID: S000071635)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000227028 | R6 Shares            | BINUX           |
| C000227029 | Retail Shares        | BINRX           |
| C000227030 | Institutional Shares | BINDX           |

![LOGO](g12261g01g01.jpg)

BARON SELECT FUNDS® SUMMARY PROSPECTUS APRIL 30, 2026 Baron India Fund® Retail Shares: BINRX Institutional Shares: BINDX R6 Shares: BINUX Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at connect.rightprospectus.com/Baron. You can also get this information at no cost by calling 800-99-BARON or by sending an email request to info@BaronCapitalGroup.com. The Fund's Prospectus and statement of additional information, dated 4/30/2026, as may be supplemented, are incorporated by reference into this summary prospectus.

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**Baron India Fund** 

**Investment Goal** 

The investment goal of Baron India Fund<sup>¢</sup> (the "Fund") is capital appreciation.

**Fees and Expenses of the Fund** 

The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Management<br>Fee** | **Distribution<br>(12b-1)<br>Fee** | **Other<br>Expenses** | **Total<br>Annual<br>Fund<br>Operating<br>Expenses** | **Expense<br>Reimbursements** | **Total<br>Annual<br>Fund<br>Operating<br>Expenses<br>after<br>Expense<br>Reimbursements<sup>1</sup>** |
|  Baron India Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | 1.00% | 0.25% | 1.77% | 3.02% | (1.57)% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1.00% | 0.00% | 1.30% | 2.30% | (1.10)% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Shares | 1.00% | 0.00% | 1.57% | 2.57% | (1.37)% | 1.20% |

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<sup>1</sup> BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that, pursuant to a contract with an 11-year term terminating on August 29, 2036, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses are not subject to the operating expense limitation) to 1.45% of average daily net assets of Retail Shares, 1.20% of average daily net assets of Institutional Shares and 1.20% of average daily net assets of R6 shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, giving effect to the expense reimbursement agreement described above. Although your

 <br> 1-800-99BARON 1

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**Baron India Fund** 

actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **YEAR** | **1** | **3** | **5** | **10** |
|  Baron India Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | $148 | $459 | $792 | $1735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $122 | $381 | $660 | $1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Shares | $122 | $381 | $660 | $1455 |

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.

**Investments, Risks, and Performance** 

Principal Investment Strategies of the Fund

The Fund is a diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of companies located in India. The Adviser considers a company or other issuer to be "located" in India, and a security or instrument is deemed to be an Indian security or instrument, if it has substantial ties to India. The Fund currently makes that determination based primarily on one or more of the following criteria with respect to a company or issuer, whether (i) it is organized under the laws of India; (ii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located, within India; (iii) it has the primary trading markets for its securities in India; (iv) it has its principal place of business in or is otherwise headquartered in India; (v) it is a component of or its issuer is included in the MSCI India Index, the Fund's primary benchmark index or (vi) it is a governmental entity or an agency, instrumentality or a political subdivision of India. The term "located" and the associated criteria listed above have been defined in such a way that the Fund has latitude in determining whether an issuer should be included within India. The Fund may purchase securities of companies of any market capitalization but expects to emphasize mid and large-sized companies. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.

 <br> 2 BaronCapitalGroup.com

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**Baron India Fund** 

For purposes of maintaining exposure of at least 80% of the Fund's assets to equity securities of issuers located in India, the Fund may also invest in American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs") and other types of depository receipts with respect to issuers located in India. The Fund may also invest in privately placed and restricted securities.

The Fund's investments are generally traded in currencies other than U.S. dollars, so the Adviser buys and sells foreign currencies to facilitate transactions in portfolio securities. The Adviser usually does not hedge against possible fluctuations in exchange rates, but exposure to a particular currency that the Adviser believes is overvalued may be hedged if the Fund has a substantial position in securities traded in that currency. The Fund may buy and sell currencies for cash at current exchange rates, or using an agreement to purchase or sell a specified currency at a specified future date or within a specified time period, at a price set at the time of the contract.

The investment policy of the Fund relating to the types of securities in which 80% of the Fund's assets must be invested may be changed by the Fund's Board of Trustees without shareholder approval upon at least 60 days' notice.

Principal Risks of Investing in the Fund

**Risks Associated with India.** Investing in Indian securities may involve additional risks to those inherent in investing in U.S. securities, including exchange rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Corporate governance standards of family-controlled companies may be weaker and less transparent, which increases the potential for loss and unequal treatment of investors. Religious, cultural and military disputes persist in India and between India and Pakistan (as well as sectarian groups within each country).

**Developing Countries.** India is considered to be a developing country and the value of Indian securities are subject to all of the risks of non-U.S. investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

 <br> 1-800-99BARON 3

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**Baron India Fund** 

**Currency.** The value of foreign currencies in which Fund will invest may decline versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on the Fund's holdings can be significant, unpredictable and long-lasting, depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, because exchange rate movements are volatile, the Fund's attempts at hedging could be unsuccessful, and it may not be possible to effectively hedge the currency risks of many developing countries.

**Geopolitical Events Risk.** Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia's invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund's securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.

**Depository Receipts.** Although depository receipts have risks similar to the securities that they represent, they may also involve higher expenses and may trade at a discount (or premium) to the underlying security. In addition, depository receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange.

**Growth Investing.** Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or asset compared to other types of stocks. As a result, because growth stocks tend to be sensitive to changes in their earnings and to increasing interest rates and inflation, they tend to

 <br> 4 BaronCapitalGroup.com

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**Baron India Fund** 

be more volatile than other types of stocks. In response, from time to time, growth investing as an investment style may go out of favor with investors.

**General Stock Market.** Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

**Large-Capitalization Investing Risk.** The Fund may invest in the securities of large-capitalization companies. As a result, the Fund's performance may be adversely affected if securities of these companies underperform the market as a whole. Large-capitalization companies may not be able to attain the high growth rate of successful smaller companies and may adapt more slowly to new competitive challenges, such as changes in technology and consumer tastes, and be subject to slower growth during times of economic expansion.

**Small- and Mid-Sized Companies.** The Adviser believes there is more potential for capital appreciation in small- and mid-sized companies, but there also may be more risk. Securities of small- and mid-sized companies may not be well known to most investors, and the securities may be less actively traded than those of large businesses. The securities of small- and mid-sized companies may fluctuate in price more widely than the stock market generally, and they may be more difficult to sell during market downturns. Small- and mid-sized companies rely more on the skills of management and on their continued tenure. Investing in small- and mid-sized companies requires a long term outlook and may require shareholders to assume more risk and to have more patience than investing in the securities of larger, more established companies.

**Financials Sector.** The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Uncertainty in the banking and financial systems can result in significant and widespread deterioration in market and economic conditions by disrupting access to capital and other financial services, which could adversely affect the performance of the Fund.

 <br> 1-800-99BARON 5

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**Baron India Fund** 

**Consumer Discretionary Sector.** The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, inflation, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

**Performance** 

The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing the Fund's performance from year to year and by showing how the Fund's annual returns for 1 year and since inception compared with that of a broad measure of market performance. Performance information for the periods shown prior to September 1, 2024 is based on the Fund's prior investment strategy which allowed the Fund to invest in the common stock of companies located in all countries and markets in Asia. Effective September 1, 2024, the Fund changed its investment strategy to focus on investing in the common stock of companies located in India.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <u>BaronCapitalGroup.com/daily-prices-and-performance</u> or by calling 1-800-99BARON (1-800-992-2766).

**Total Return (%)** for the year ended December 31 (Retail Shares)

![LOGO](g12261g43c23.jpg)

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| | |
|:---|:---|
| Best Quarter: | 6/30/24: 10.71%  |

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| | |
|:---|:---|
| Worst Quarter: | 3/31/22: (15.34)%  |

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**Baron India Fund** 

**Average Annual Total Returns** (for periods ended 12/31/2025)

The following table shows the Fund's Retail Shares' annual and since inception return (before and after taxes) and the change in value of market indexes over various periods ended December 31, 2025. This table shows how the Fund's performance compares to that of the MSCI India Index, a broad-based securities index that measures the performance of the large and mid cap segments of the Indian market, and the MSCI Emerging Markets Index, a broad-based securities index that captures large and mid-cap representation across 24 Emerging Markets (EM) countries. The table also shows the average annual return of the Fund's Institutional Shares and R6 Shares, but it does not show after-tax returns.

After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes.

Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund's shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.

**Average Annual Total Returns for the periods ended December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** | **Since<br>Inception** |
| <br>&nbsp;&nbsp;&nbsp; **Baron India Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Retail Shares**<br> (Inception date: 7-30-21) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | (0.63)% | N/A | N/A | (2.06)% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions | (0.58)% | N/A | N/A | (2.06)% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions and sale of Fund shares | (0.18)% | N/A | N/A | (1.52)% |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br> (Inception date: 7-30-21) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | (0.34)% | N/A | N/A | (1.81)% |

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**Baron India Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** | **Since<br>Inception** |
| <br>&nbsp;&nbsp;&nbsp; **R6 Shares**<br> (Inception date: 7-30-21) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | (0.34)% | N/A | N/A | (1.79)% |
| &nbsp;&nbsp;&nbsp; MSCI AC Asia ex Japan/India Linked Index (reflects no deduction for fees, expenses or taxes) | 2.62% | N/A | N/A | (3.47)% |
| &nbsp;&nbsp;&nbsp; MSCI India Index (reflects no deduction for fees, expenses or taxes) | 2.62% | N/A | N/A | 8.15% |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) | 33.57% | N/A | N/A | 4.71% |

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**Management** 

**Investment Adviser.** BAMCO is the investment adviser of the Fund.

**Portfolio Manager.** Anuj Aggarwal has been a Portfolio Manager of the Fund since its inception on July 30, 2021 and became its sole Portfolio Manager on September 1, 2024. Mr. Aggarwal joined the Adviser as a research analyst in August of 2012.

**Portfolio Manager Adviser.** Michael Kass has been the portfolio manager adviser of Baron India Fund since the conversion of Baron New Asia Fund to Baron India Fund on September 1, 2024. In this role, he advises the portfolio manager of the Fund on stock selection and buy and sell decisions and is responsible for ensuring the execution of the Fund's investment strategy. Mr. Kass has worked at the Adviser as a portfolio manager since November of 2007 and was a Portfolio Manager of the Fund before September 1, 2024.

**Purchase and Sale of Fund Shares** 

Shares may be purchased only on days that the New York Stock Exchange is open for trading.

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| | | | |
|:---|:---|:---|:---|
|  | **Minimum Initial<br>Investment** | **Minimum Subsequent<br>Investment** | **Maximum Subsequent<br>Investment** |
| &nbsp;&nbsp;&nbsp; **Retail Shares** | $2000 | No Minimum | No Maximum |
| &nbsp;&nbsp;&nbsp; Baron Automatic Investment Plan | $500 (with subsequent minimum investments of $50 per month until your investment has reached $2,000.) | No Minimum | No Maximum |

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 <br> 8 BaronCapitalGroup.com

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**Baron India Fund** 

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| | | | |
|:---|:---|:---|:---|
|  | **Minimum Initial<br>Investment** | **Minimum Subsequent<br>Investment** | **Maximum Subsequent<br>Investment** |
| &nbsp;&nbsp;&nbsp; Baron Funds<sup>®</sup> website purchases | $2000 | $10 | $7,000 for retirement accounts ($8,000 for individuals 50 or older) and $250,000 for non-retirement accounts. |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | $1,000,000 (Employees of the Adviser and its affiliates and Trustees of the Baron Funds<sup>®</sup> and employer sponsored retirement plans (qualified and nonqualified) are not subject to the eligibility requirements for Institutional Shares.) | No Minimum | No Maximum |
| &nbsp;&nbsp;&nbsp; Baron Funds<sup>®</sup> website purchases | You may not make an initial purchase through the Baron Funds<sup>®</sup> website. | $10 | $7,000 for retirement accounts ($8,000 for individuals 50 or older) and $250,000 for non-retirement accounts. |
| &nbsp;&nbsp;&nbsp; **R6 Shares** | $5,000,000 (There is no minimum initial investment for qualified retirement plans; however, the shares must be held through plan-level or omnibus accounts held on the books of the Fund.) | No Minimum | No Maximum |

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 <br> 1-800-99BARON 9

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**Baron India Fund** 

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| | | | |
|:---|:---|:---|:---|
|  | **Minimum Initial<br>Investment** | **Minimum Subsequent<br>Investment** | **Maximum Subsequent<br>Investment** |
| &nbsp;&nbsp;&nbsp; Baron Funds<sup>®</sup> website purchases | You may not make an initial purchase through the Baron Funds<sup>®</sup> website. | $10 | $7,000 for retirement accounts ($8,000 for individuals 50 or older) and $250,000 for non-retirement accounts. |

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**You Can Purchase or Redeem Shares By:** 

1. Mailing a request to Baron Funds<sup>®</sup>, P.O. Box 219946, Kansas City, MO 64121-9946 or by overnight mail to: Baron
Funds<sup>®</sup>, 801 Pennsylvania Ave, Suite 219946, Kansas City, MO 64105-1307;

2. Wire (Purchase Only);

3. Calling 1-800-442-3814;

4. Visiting the Baron Funds<sup>®</sup> website <u>BaronCapitalGroup.com</u>; or

5. Through a broker, dealer or other financial intermediary that may charge you a fee.

The Fund is not for short-term traders who intend to purchase and then sell their Fund shares within a 90 day period. If the Adviser reasonably believes that a person is not a long-term investor, it will attempt to prohibit that person from making additional investments in the Fund.

**Tax Information** 

Distributions of the Fund's net investment income (other than "qualified dividend income") and distributions of net short-term capital gains will be taxable to you as ordinary income. Distributions of the Fund's net long-term capital gains reported as capital gain dividends by the Fund will be taxable to you as long-term capital gains, regardless of the length of time you have held shares of the Fund. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, you may be subject to federal income tax on withdrawals from tax-deferred arrangement at a later date.

**Financial Intermediary Compensation** 

If you purchase Retail or Institutional Shares of the Fund through a broker, dealer or other financial intermediary (such as a bank or financial adviser), the Fund, Baron Capital, Inc., the Fund's distributor, BAMCO or their affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker, dealer or other financial intermediary, including your salesperson, to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

 <br> 10 BaronCapitalGroup.com

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**Notes**

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**Notes**

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![LOGO](g12261g02g02.jpg)

SUMPROINDIA 4/30/2026