# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-23-065967
**Filing Date:** 2023-3
**Character Count:** 567146
**Document Hash:** 7c62119082e8be56de1ce97067379684
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-065967.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-065967

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001217673
- **IRS NUMBER:** 161651307
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 23719372

**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 Partners Fund (Series ID: S000000588)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001642 | Retail Shares        | BPTRX           |
| C000077805 | Institutional Shares | BPTIX           |
| C000174760 | R6 Shares            | BPTUX           |

### Baron Focused Growth Fund (Series ID: S000022521)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000065146 | Retail Shares        | BFGFX           |
| C000077806 | Institutional Shares | BFGIX           |
| C000174761 | R6 Shares            | BFGUX           |

### Baron International Growth Fund (Series ID: S000024707)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000073358 | Retail Shares        | BIGFX           |
| C000077807 | Institutional Shares | BINIX           |
| C000174762 | R6 Shares            | BIGUX           |

### Baron Real Estate Fund (Series ID: S000027257)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000082256 | Retail Shares        | BREFX           |
| C000082257 | Institutional Shares | BREIX           |
| C000165214 | R6 Shares            | BREUX           |

### Baron Emerging Markets Fund (Series ID: S000030894)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000095861 | Retail Shares        | BEXFX           |
| C000095862 | Institutional Shares | BEXIX           |
| C000165215 | R6 Shares            | BEXUX           |

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

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

### Baron Real Estate Income Fund (Series ID: S000060170)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196927 | Retail Shares        | BRIFX           |
| C000196928 | Institutional Shares | BRIIX           |
| C000196929 | R6 Shares            | BRIUX           |

### Baron WealthBuilder Fund (Series ID: S000060172)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196932 | Retail Shares        | BWBFX           |
| C000196933 | Institutional Shares | BWBIX           |
| C000198571 | TA Shares            | BWBTX           |

### Baron Health Care Fund (Series ID: S000061847)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000200239 | Retail Shares        | BHCFX           |
| C000200240 | Institutional Shares | BHCHX           |
| C000200241 | R6 Shares            | BHCUX           |

### Baron FinTech Fund (Series ID: S000067398)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000216732 | R6 Shares            | BFIUX           |
| C000216733 | Retail Shares        | BFINX           |
| C000216734 | Institutional Shares | BFIIX           |

### Baron New Asia Fund (Series ID: S000071635)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000227028 | R6 Shares             | BNAUX           |
| C000227029 | Retail Shares         | BNAFX           |
| C000227030 | Instituitional Shares | BNAIX           |

### Baron Technology Fund (Series ID: S000074874)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000233226 | R6 Shares             |  |
| C000233227 | Retail Shares         |  |
| C000233228 | Instituitional Shares |  |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## BARON SELECT FUNDS
**(Exact Name of Registrant as Specified in Charter)** 

------

**767 Fifth Avenue, 49th Floor** 

**New York, NY 10153** 

**(Address of Principal Executive Offices) (Zip Code)** 

------

**Patrick M. Patalino, General Counsel** 

**c/o Baron Select Funds** 

**767 Fifth Avenue, 49th Floor** 

**New York, NY 10153** 

**(Name and Address of Agent for Service)** 

------

**(Registrant's Telephone Number, including Area Code): 212-583-2000** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

------

**Item 1. Reports to Stockholders.** 

------

Baron Partners Fund

Baron Focused Growth Fund

Baron International Growth Fund

Baron Real Estate Fund

Baron Emerging Markets Fund

Baron Global Advantage Fund

Baron Real Estate Income Fund

Baron Health Care Fund

Baron FinTech Fund

Baron New Asia Fund

Baron Technology Fund

December 31, 2022

## Baron Funds<sup>®</sup>

## Baron Select Funds

## Annual Financial Report

---

| | | |
|:---|:---|:---|
| **Baron Partners Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BPTRX Institutional Shares: BPTIX R6 Shares: BPTUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BPTRX Institutional Shares: BPTIX R6 Shares: BPTUX* |  |
| [Performance](#cov456410_1) | **2** |  |
| [Top Ten Holdings](#cov456410_2) | **3** |  |
| [Sector Breakdown](#cov456410_3) | **3** |  |
| [Management's Discussion of Fund Performance](#cov456410_4) | **3** |  |
| **Baron Focused Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFGFX Institutional Shares: BFGIX R6 Shares: BFGUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFGFX Institutional Shares: BFGIX R6 Shares: BFGUX* |  |
| [Performance](#cov456410_5) | **4** |  |
| [Top Ten Holdings](#cov456410_6) | **5** |  |
| [Sector Breakdown](#cov456410_7) | **5** |  |
| [Management's Discussion of Fund Performance](#cov456410_8) | **5** |  |
| **Baron International Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BIGFX Institutional Shares: BINIX R6 Shares: BIGUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BIGFX Institutional Shares: BINIX R6 Shares: BIGUX* |  |
| [Performance](#cov456410_9) | **6** |  |
| [Top Ten Holdings](#cov456410_10) | **7** |  |
| [Sector Breakdown](#cov456410_11) | **7** |  |
| [Management's Discussion of Fund Performance](#cov456410_12) | **7** |  |
| **Baron Real Estate Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BREFX Institutional Shares: BREIX R6 Shares: BREUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BREFX Institutional Shares: BREIX R6 Shares: BREUX* |  |
| [Performance](#cov456410_13) | **8** |  |
| [Top Ten Holdings](#cov456410_14) | **9** |  |
| [Sector Breakdown](#cov456410_15) | **9** |  |
| [Management's Discussion of Fund Performance](#cov456410_16) | **9** |  |
| **Baron Emerging Markets Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BEXFX Institutional Shares: BEXIX R6 Shares: BEXUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BEXFX Institutional Shares: BEXIX R6 Shares: BEXUX* |  |
| [Performance](#cov456410_17) | **10** |  |
| [Top Ten Holdings](#cov456410_18) | **11** |  |
| [Sector Breakdown](#cov456410_19) | **11** |  |
| [Management's Discussion of Fund Performance](#cov456410_20) | **11** |  |
| **Baron Global Advantage Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BGAFX Institutional Shares: BGAIX R6 Shares: BGLUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BGAFX Institutional Shares: BGAIX R6 Shares: BGLUX* |  |
| [Performance](#cov456410_21) | **12** |  |
| [Top Ten Holdings](#cov456410_22) | **13** |  |
| [Sector Breakdown](#cov456410_23) | **13** |  |
| [Management's Discussion of Fund Performance](#cov456410_24) | **13** |  |
| **Baron Real Estate Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BRIFX Institutional Shares: BRIIX R6 Shares: BRIUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BRIFX Institutional Shares: BRIIX R6 Shares: BRIUX* |  |
| [Performance](#cov456410_25) | **14** |  |
| [Top Ten Holdings](#cov456410_26) | **15** |  |
| [Sector Breakdown](#cov456410_27) | **15** |  |
| [Management's Discussion of Fund Performance](#cov456410_28) | **15** |  |
| **Baron Health Care Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BHCFX Institutional Shares: BHCHX R6 Shares: BHCUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BHCFX Institutional Shares: BHCHX R6 Shares: BHCUX* |  |
| [Performance](#cov456410_29) | **16** |  |
| [Top Ten Holdings](#cov456410_30) | **17** |  |
| [Sector Breakdown](#cov456410_31) | **17** |  |
| [Management's Discussion of Fund Performance](#cov456410_32) | **17** |  |
| **Baron FinTech Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFINX Institutional Shares: BFIIX R6 Shares: BFIUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFINX Institutional Shares: BFIIX R6 Shares: BFIUX* |  |
| [Performance](#cov456410_44) | **18** |  |
| [Top Ten Holdings](#cov456410_45) | **19** |  |
| [Sector Breakdown](#cov456410_46) | **19** |  |
| [Management's Discussion of Fund Performance](#cov456410_47) | **19** |  |
| **Baron New Asia Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BNAFX Institutional Shares: BNAIX R6 Shares: BNAUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BNAFX Institutional Shares: BNAIX R6 Shares: BNAUX* |  |
| [Performance](#cov456410_47a) | **20** |  |
| [Top Ten Holdings](#cov456410_47b) | **21** |  |
| [Sector Breakdown](#cov456410_47c) | **21** |  |
| [Management's Discussion of Fund Performance](#cov456410_47d) | **21** |  |
| **Baron Technology Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BTEEX Institutional Shares: BTECX R6 Shares: BTEUX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BTEEX Institutional Shares: BTECX R6 Shares: BTEUX* |  |
| [Performance](#cov456410_48) | **22** |  |
| [Top Ten Holdings](#cov456410_49) | **23** |  |
| [Sector Breakdown](#cov456410_50) | **23** |  |
| [Management's Discussion of Fund Performance](#cov456410_51) | **23** |  |
| **Financial Statements** |  |  |
| [Statements of Net Assets](#cov456410_33) | **24** |  |
| [Statements of Assets and Liabilities](#cov456410_35) | **43** |  |
| [Statements of Operations](#cov456410_36) | **46** |  |
| [Statements of Changes in Net Assets](#cov456410_37) | **49** |  |
| [Statement of Cash Flows](#cov456410_38) | **53** |  |
| [Notes to Financial Statements](#cov456410_39) | **54** |  |
| **[Financial Highlights](#cov456410_40)** | **72** |  |
| **[Report of Independent Registered Public Accounting Firm](#cov456410_40a)** | **83** |  |
| **[Tax Information](#cov456410_40b)** | **84** |  |
| **[Fund Expenses](#cov456410_41)** | **85** |  |
| **[Management of the Funds](#cov456410_42)** | **87** |  |

---

**DEAR BARON SELECT FUNDS SHAREHOLDER:** 

In this report, you will find audited financial statements for Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund (the "Funds") for the year ended December 31, 2022. The U.S. Securities and Exchange Commission (the "SEC") requires mutual funds to furnish these statements semi-annually to their shareholders. We hope you find these statements informative and useful.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g456410rbaron_sig307.jpg) | ![LOGO](g456410martinson_sig307.jpg) | ![LOGO](g456410wong_sig307.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> February 27, 2023 | Linda S. Martinson<br> Chairman, President and<br> Chief Operating Officer<br> February 27, 2023 | Peggy Wong<br> Treasurer and<br> Chief Financial Officer<br> February 27, 2023 |

---

------

This Annual Financial Report is for the Baron Select Funds, which currently has 12 series: Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron FinTech Fund, Baron WealthBuilder Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is included in a separate Financial Report. If you are interested in Baron WealthBuilder Fund or Baron Investment Funds Trust, which contains the Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, please visit the Funds' website at www.BaronFunds.com or contact us at 1-800-99BARON.

The Funds' Proxy Voting Policy is available without charge and can be found on the Funds' website at www.BaronFunds.com, by clicking on the "Regulatory Documents" link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the SEC's website at www.sec.gov. The Funds' most current proxy voting record, Form N-PX, is also available on the Funds' website and on the SEC's website.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. Schedules of portfolio holdings current to the most recent quarter are also available on the Funds' website.

Some of the comments contained in this report are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "estimate," "may," "expect," "should," "could," "believe," "plan", and other similar terms. We cannot promise future returns and our opinions are a reflection of our best judgment at the time this report is compiled.

The views expressed in this report reflect those of BAMCO, Inc. ("BAMCO" or the "Adviser") only through the end of the period stated in this report. The views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time without notice based on market and other conditions.

**Past performance is no guarantee of future results.** The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. For more complete information about Baron Funds, including charges and expenses, call, write or go to www.BaronFunds.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds, unless accompanied or preceded by the Funds' current prospectus or summary prospectus.

![LOGO](g456410g69p35.jpg)

------

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| | |
|:---|:---|
| **Baron Partners Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON PARTNERS FUND (RETAIL SHARES)** 

**IN RELATION TO THE RUSSELL MIDCAP GROWTH INDEX AND THE S&P 500 INDEX**![LOGO](g456410g80p54.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(January 31,<br>1992)** |
|  Baron Partners Fund — Retail Shares<sup>1,2,3</sup> | (42.56)% | 23.33% | 21.66% | 19.17% | 14.22% |
|  Baron Partners Fund — Institutional Shares<sup>1,2,3,4</sup> | (42.41)% | 23.65% | 21.98% | 19.49% | 14.35% |
|  Baron Partners Fund — R6 Shares<sup>1,2,3,4</sup> | (42.41)% | 23.64% | 21.97% | 19.48% | 14.35% |
|  Russell Midcap Growth Index<sup>1</sup> | (26.72)% | 3.85% | 7.64% | 11.41% | 9.43% |
|  S&P 500 Index<sup>1</sup> | (18.11)% | 7.66% | 9.42% | 12.56% | 9.67% |

---

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<sup>1</sup> The **Russell Midcap<sup>®</sup> Growth Index** measures the performance of medium-sized U.S. companies that are classified as growth and the **S&P 500 Index** of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the "Index") vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The indexes and Baron Partners Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 20% performance fee after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was April 30, 2003. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to regulated investment companies, which, if it were, might have adversely affected its performance. 

<sup>3</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

<sup>4</sup> Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 

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| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Partners Fund** |

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**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

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| | |
|:---|:---|
| | Percent of Total<br>Investments\* |
|  Tesla, Inc. | 25.8% |
|  Space Exploration Technologies Corp. | 10.2% |
|  CoStar Group, Inc. | 9.8% |
|  Arch Capital Group Ltd. | 7.1% |
|  The Charles Schwab Corp. | 5.9% |
|  IDEXX Laboratories, Inc. | 5.6% |
|  Hyatt Hotels Corp. | 5.2% |
|  FactSet Research Systems, Inc. | 5.0% |
|  Vail Resorts, Inc. | 4.3% |
|  Gartner, Inc. | 4.1% |
|  | **82.9%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of total investments)**![LOGO](g456410g93h22.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Partners Fund<sup>1</sup> declined 42.56%, underperforming the Russell Midcap Growth Index, which retreated 26.72%.

Baron Partners Fund invests primarily in U.S. companies of any size with, in our view, significant long-term growth potential. We believe our process can identify investment opportunities that are attractively priced relative to future prospects. The Fund is non-diversified, so its top 10 holdings are expected to comprise a significant percentage of the portfolio, and the Fund uses leverage, both of which increase risk. In addition, the Fund may be subject to risks associated with potentially being concentrated in the

securities of a single issuer or a small number of issuers, including in a particular industry. Of course, there can be no assurance that we will be successful in achieving the Fund's investment goals.

As of December 31, 2022, 31.0% of the Fund's net assets are invested in Tesla, Inc. stock. Therefore, the Fund is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund's performance would be adversely affected. Before investing in the Fund, investors should carefully consider publicly available information about Tesla. There can be no assurances that the Fund will maintain its investment in Tesla, as the Adviser maintains discretion to actively manage the Fund's portfolio, including by decreasing or liquidating the Fund's investment in Tesla at any time. However, for so long as the Fund maintains a substantial investment in Tesla, the Fund's performance will be significantly affected by the performance of Tesla stock and any decline in the price of Tesla stock would materially and adversely affect your investment in the Fund.

2022 was an exceptionally challenging time for U.S. equities. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Growth stocks underperformed value stocks in the risk-off environment. However, toward year end, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

Industrials and Financials were material contributors. Consumer Discretionary, Information Technology, and Health Care were the top detractors.

Space Exploration Technologies Corp. (SpaceX) was the top contributor. SpaceX is a high-profile private company founded by Elon Musk that designs, manufactures, and launches rockets, satellites, and spacecrafts. Its long-term goal is to enable human beings to inhabit Mars. We believe SpaceX is creating substantial value through the expansion of its Starlink broadband service. It also reliably provides reusable launch capabilities, including crewed space flights, and is making progress on its largest rocket, Starship. We value SpaceX using prices of recent financing transactions and a proprietary valuation model.

Tesla was the top detractor. Shares of this manufacturer of electric vehicles, related software and components, and solar and energy storage products fell on investor concerns regarding volume and pricing dynamics, as demand appeared to be negatively impacted by a potential recession and higher interest rates. In addition, following Twitter, Inc.'s acquisition, CEO Elon Musk dedicated a material portion of his time to that company and sold Tesla shares to fund the transaction, driving investor concerns regarding his dedication to Tesla. We remain confident in Tesla's fundamentals and management team.

We invest for the long term in businesses that we believe will benefit from secular growth trends, durable competitive advantages, and best-in-class management. We remain optimistic that this approach will generate strong long-term performance regardless of the economic climate.

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\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

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| | |
|:---|:---|
| **Baron Focused Growth Fund (Unaudited)** | **December 31, 2022** |

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**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON FOCUSED GROWTH FUND (RETAIL SHARES)<br> IN RELATION TO THE RUSSELL 2500 GROWTH INDEX AND THE S&P 500 INDEX**![LOGO](g456410g42a91.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(May 31,<br>1996)** |
|  Baron Focused Growth Fund — Retail Shares<sup>1,2,3</sup> | (28.30)% | 23.71% | 20.63% | 15.10% | 12.70% |
|  Baron Focused Growth Fund — Institutional Shares<sup>1,2,3,4</sup> | (28.11)% | 24.02% | 20.94% | 15.39% | 12.84% |
|  Baron Focused Growth Fund — R6 Shares<sup>1,2,3,4</sup> | (28.11)% | 24.03% | 20.94% | 15.40% | 12.84% |
|  Russell 2500 Growth Index<sup>1</sup> | (26.21)% | 2.88% | 5.97% | 10.62% | 7.65% |
|  S&P 500 Index<sup>1</sup> | (18.11)% | 7.66% | 9.42% | 12.56% | 8.80% |

---

------

<sup>1</sup> The **Russell 2500™ Growth Index** measures the performance of small- to medium-sized U.S. companies that are classified as growth and the **S&P 500 Index** of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the "Index") vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The indexes and Baron Focused Growth Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Reflects the actual fees and expenses that were charged when the Fund was a partnership. The predecessor partnership charged a 15% performance fee through 2003 after reaching a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fees for the years the predecessor partnership charged a performance fee, the returns would be higher. The Fund's shareholders will not be charged a performance fee. The predecessor partnership's performance is only for periods before the Fund's registration statement was effective, which was June 30, 2008. During those periods, the predecessor partnership was not registered under the Investment Company Act of 1940 and was not subject to its requirements or the requirements of the Internal Revenue Code relating to regulated investment companies, which, if it were, might have adversely affected its performance. 

<sup>3</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

<sup>4</sup> Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Focused Growth Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Space Exploration Technologies Corp. | 11.9% |
|  Tesla, Inc. | 10.4% |
|  Arch Capital Group Ltd. | 7.8% |
|  Hyatt Hotels Corp. | 6.2% |
|  CoStar Group, Inc. | 6.2% |
|  Vail Resorts, Inc. | 5.2% |
|  FactSet Research Systems, Inc. | 5.0% |
|  MSCI, Inc. | 4.8% |
|  Iridium Communications Inc. | 4.5% |
|  Figs Inc. | 3.5% |
|  | **65.4%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g05g67.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Focused Growth Fund<sup>1</sup> declined 28.30%, underperforming the Russell 2500 Growth Index, which retreated 26.21%.

Baron Focused Growth Fund invests in a non-diversified portfolio of companies that we believe are well capitalized and have exceptional management, significant growth potential, and durable barriers to competition. We believe our process can identify investment opportunities that are attractively priced relative to future prospects. In addition, the Fund may be subject to risks associated with potentially being concentrated in the

securities of a single issuer or a small number of issuers, including in a particular industry. Of course, there can be no assurance that we will be successful in achieving the Fund's investment goals.

As of December 31, 2022, 10.4% of the Fund's net assets are invested in Tesla, Inc. stock. Therefore, the Fund is exposed to the risk that were Tesla stock to lose significant value, which could happen rapidly, the Fund's performance would be adversely affected. Before investing in the Fund, investors should carefully consider publicly available information about Tesla. There can be no assurances that the Fund will maintain its investment in Tesla, as the Adviser maintains discretion to actively manage the Fund's portfolio, including by decreasing or liquidating the Fund's investment in Tesla at any time. However, for so long as the Fund maintains a substantial investment in Tesla, the Fund's performance will be significantly affected by the performance of Tesla stock and any decline in the price of Tesla stock would materially and adversely affect your investment in the Fund.

2022 was an exceptionally challenging time for U.S. equities. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Growth stocks underperformed value stocks in the risk-off environment. However, toward year end, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

Industrials and Financials contributed. Consumer Discretionary, Information Technology, and Communication Services were the top detractors.

SpaceX was the top contributor. SpaceX is a high-profile private company founded by Elon Musk that designs, manufactures, and launches rockets, satellites, and spacecrafts. Its long-term goal is to enable human beings to inhabit Mars. We believe SpaceX is creating substantial value through the expansion of its Starlink broadband service. It also reliably provides reusable launch capabilities, including crewed space flights, and is making progress on its largest rocket, Starship. We value SpaceX using prices of recent financing transactions and a proprietary valuation model.

Tesla was the top detractor. Shares of this manufacturer of electric vehicles, related software and components, and solar and energy storage products fell on investor concerns regarding volume and pricing dynamics, as demand appeared to be negatively impacted by a potential recession and higher interest rates. In addition, following Twitter, Inc.'s acquisition, CEO Elon Musk dedicated a material portion of his time to that company and sold Tesla shares to fund the transaction, driving investor concerns regarding his dedication to Tesla. We remain confident in Tesla's fundamentals and management team.

We invest for the long term in businesses that we believe will benefit from secular growth trends, durable competitive advantages, and best-in-class management. We remain optimistic that this approach will generate strong long-term performance regardless of the economic climate.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron International Growth Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON INTERNATIONAL GROWTH FUND<sup>†</sup> (RETAIL SHARES)** 

**IN RELATION TO THE MSCI ACWI EX USA INDEX AND THE MSCI ACWI EX USA IMI GROWTH INDEX**![LOGO](g456410g92m69.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(December 31,<br>2008)^** |
|  Baron International Growth Fund — Retail Shares<sup>1,2</sup> | (27.47)% | 1.25% | 1.92% | 6.24% | 8.77% |
|  Baron International Growth Fund — Institutional Shares<sup>1,2,3</sup> | (27.29)% | 1.49% | 2.17% | 6.50% | 9.04% |
|  Baron International Growth Fund — R6 Shares<sup>1,2,3</sup> | (27.28)% | 1.48% | 2.16% | 6.50% | 9.03% |
|  MSCI ACWI ex USA Index<sup>1</sup> | (16.00)% | 0.07% | 0.88% | 3.80% | 6.13% |
|  MSCI ACWI ex USA IMI Growth Index<sup>1</sup> | (23.49)% | (0.26)% | 1.39% | 4.77% | 7.04% |

---

------

† The Fund's 3- and 5-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund's level of participation in IPOs will be the same in the future.

^ Commencement of investment operations was January 2, 2009.

<sup>1</sup> The **MSCI ACWI ex USA Index** is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large- and mid-cap securities across developed and emerging markets, excluding the United States. The **MSCI ACWI ex USA IMI Growth Index** is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large-, mid-, and small-cap growth securities across developed and emerging markets, excluding the United States. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and Baron International Growth Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

<sup>3</sup> Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron International Growth Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Arch Capital Group Ltd. | 2.9% |
|  AstraZeneca PLC | 2.8% |
|  argenx SE | 2.5% |
|  Linde plc | 2.4% |
|  Meyer Burger Technology AG | 2.2% |
|  Keyence Corporation | 1.8% |
|  BNP Paribas S.A. | 1.7% |
|  Pernod Ricard SA | 1.7% |
|  Constellation Software, Inc. | 1.7% |
|  Industria de Diseno Textil, S.A. | 1.7% |
|  | **21.5%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g22b04.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron International Growth Fund<sup>1</sup> declined 27.47%, underperforming the MSCI ACWI ex USA Index, which declined 16.00%.

Baron International Growth Fund is a diversified fund that invests for the long term primarily in securities of non-U.S. growth companies. The Fund expects to diversify among developed and developing countries throughout the world, although total exposure to developing countries will not exceed 35%. The Fund may purchase securities of companies of any size. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was an exceptionally challenging year for global equities, and international markets were no exception. Russia's invasion of Ukraine, tighter financial conditions to combat higher inflation, a strong U.S. dollar, and China's economic growth decline due to its zero-COVID policy pressured international equities throughout much of the year. Toward year end, however, signs of a slowdown in inflation, falling gas prices amid unusually mild weather in Europe, the end of the U.K.'s bond crisis, and China's abrupt reopening and unveiling of aggressive easing and stimulus measures helped stage a rally that continued into the start of 2023.

The U.S., Denmark, and Poland contributed the most. The top detractors were the U.K., China, and Japan.

No sector contributed. The top detractors were Communication Services, Industrials, and Consumer Discretionary.

The top contributor was Arch Capital Group Ltd. Shares of this specialty insurance company rose on favorable pricing trends in the property and casualty (P&C) insurance market, leading to faster premium growth and improved underwriting margins. P&C insurance stocks broadly outperformed as relative safe havens in the midst of market volatility. The stock also benefited from inclusion in the S&P 500 Index, which prompted buying from passive funds.

Shares of top detractor Future plc, a special-interest publisher of digital content, magazines, and events, were down on U.K. macro weakness and news that the company's long-time CEO plans to step down. Fundamentally, Future demonstrated strength in the weakened digital advertising space, with organic growth outpacing peers. Longer term, we believe Future can continue to grow organically and through M&A, and we await updates on leadership.

With international equities trading near a 30-year valuation low relative to the U.S. and an improving relative economic and earnings outlook for the region, we think international equities may be poised for outperformance. Longer term, we believe international earnings will benefit from the investment cycle needed to fund deglobalization, supply-chain diversification, sustainability, and energy, commodity, and agricultural security, as well as China's pivot to value-added economic activity. Further, we believe the 14-year U.S. dollar bull market is close to an end. As always, we are confident we have invested in well-positioned and well-managed companies with substantial long-term return potential.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Real Estate Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON REAL ESTATE FUND (RETAIL SHARES)** 

**IN RELATION TO THE MSCI USA IMI EXTENDED REAL ESTATE INDEX AND MSCI US REIT INDEX**![LOGO](g456410g99m54.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(December 31,<br>2009)^** |
|  Baron Real Estate Fund — Retail Shares<sup>1,2</sup> | (28.61)% | 8.40% | 7.38% | 9.99% | 12.66% |
|  Baron Real Estate Fund — Institutional Shares<sup>1,2</sup> | (28.44)% | 8.69% | 7.65% | 10.28% | 12.94% |
|  Baron Real Estate Fund — R6 Shares<sup>1,2,3</sup> | (28.44)% | 8.68% | 7.66% | 10.28% | 12.94% |
|  MSCI USA IMI Extended Real Estate Index<sup>1</sup> | (23.84)% | 2.72% | 4.73% | 8.59% | 10.20% |
|  MSCI US REIT Index<sup>1</sup> | (25.37)% | (1.16)% | 2.48% | 5.20% | 7.75% |

---

------

^ Commencement of investment operations was January 4, 2010.

<sup>1</sup> The **MSCI USA IMI Extended Real Estate Index** is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representation and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The **MSCI US REIT Index** is a free float-adjusted market capitalization index that measures the performance of all equity REITs in the U.S. equity market, except for specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and Baron Real Estate Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

<sup>3</sup> Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Real Estate Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  CoStar Group, Inc. | 5.3% |
|  Prologis, Inc. | 5.2% |
|  Toll Brothers, Inc. | 4.9% |
|  Brookfield Corporation | 4.6% |
|  American Tower Corp. | 4.3% |
|  Equinix, Inc. | 3.9% |
|  CBRE Group, Inc. | 3.8% |
|  Lennar Corporation | 3.7% |
|  D.R. Horton, Inc. | 3.1% |
|  SiteOne Landscape Supply, Inc. | 3.1% |
|  | **41.9%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g29t76.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Real Estate Fund<sup>1</sup> declined 28.61%, underperforming the MSCI USA IMI Extended Real Estate Index, which declined 23.84%.

Baron Real Estate Fund is a diversified fund that under normal circumstances, invests 80% of its net assets in real estate and real estate-related companies of all sizes, and in companies which, in

the opinion of the Adviser, own significant real estate assets at the time of investment. The Fund seeks to invest in well-managed companies that we believe have significant long-term growth opportunities. The Fund's investment universe extends beyond real estate investment trusts ("REITs") to include hotels, senior housing operators, casino and gaming operators, tower operators, infrastructure-related companies and master limited partnerships, data centers, building products companies, real estate service companies, and real estate operating companies. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was challenging to navigate. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve program resulting in a spike in interest rates, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Toward year end, however, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

No real estate category contributed. REITs, building products/services, and real estate operating companies were the top detractors.

CoStar Group, Inc. was the top contributor. Shares of this leading provider of information and marketing services to the commercial real estate industry rose as the company continued to benefit from the migration of real estate market spend to online channels. CoStar is investing aggressively to build out its residential marketing platform, which offers dramatic upside potential, in our view. It has over $4.7 billion in cash, which we expect it to begin to deploy for opportunistic M&A.

The top detractor was Brookfield Corporation. Shares of this global investor in real estate, infrastructure, renewable power, private equity, and credit assets fell alongside other alternative asset managers due to an evolving outlook for long-term interest rates and the path of Federal Reserve hikes. Higher rates impact the ability to realize investment gains, deploy capital at attractive internal rates of return, and raise funds. Longer term, we like the company's strong asset management platform with high earnings visibility and ability to deploy capital globally.

We remain cautious near term given unprecedented and aggressive central bank tightening into a slowing global economy and heightened geopolitical risks. However, we believe the shares of many real estate-related companies may benefit from asymmetrical returns in the next two to three years. Valuations are attractive, business fundamentals remain strong, corporate and consumer balance sheets are healthy, unemployment is low, inflation is moderating, and much of the move to higher rates may have already occurred.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Emerging Markets Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON EMERGING MARKETS FUND<sup>†</sup> (RETAIL SHARES)<br> IN RELATION TO THE MSCI EM INDEX AND THE MSCI EM IMI GROWTH INDEX**![LOGO](g456410g60v11.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(December 31,<br>2010)^** |
|  Baron Emerging Markets Fund — Retail Shares<sup>1,2</sup> | (25.99)% | (3.68)% | (2.95)% | 2.83% | 2.51% |
|  Baron Emerging Markets Fund — Institutional Shares<sup>1,2</sup> | (25.82)% | (3.44)% | (2.70)% | 3.10% | 2.77% |
|  Baron Emerging Markets Fund — R6 Shares<sup>1,2,3</sup> | (25.81)% | (3.42)% | (2.69)% | 3.10% | 2.77% |
|  MSCI EM Index<sup>1</sup> | (20.09)% | (2.69)% | (1.40)% | 1.44% | 0.89% |
|  MSCI EM IMI Growth Index<sup>1</sup> | (23.88)% | (2.02)% | (1.06)% | 2.65% | 1.90% |

---

------

† The Fund's 10-year historical performance was impacted by gains from
IPOs, and there is no guarantee that these results can be repeated or that the Fund's level of participation in IPOs will be the same in the future.

^ Commencement of investment operations was January 3, 2011.

<sup>1</sup> The **MSCI EM (Emerging Markets) Index** and the **MSCI EM (Emerging Markets) IMI Growth Index** are free float-adjusted market capitalization weighted indexes. The MSCI EM (Emerging Markets) Index Net USD and the MSCI EM (Emerging Markets) IMI Growth Index Net USD are designed to measure the equity market performance of large-, mid-, and small-cap securities in the emerging markets. The MSCI EM (Emerging Markets) IMI Growth Index Net USD screens for growth-style securities. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and Baron Emerging Markets Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2033 unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent without which performance would have been lower. 

<sup>3</sup> Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Emerging Markets Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Taiwan Semiconductor Manufacturing Company Limited | 4.9% |
|  Samsung Electronics Co., Ltd. | 3.6% |
|  Alibaba Group Holding Limited | 3.1% |
|  Tencent Holdings Limited | 2.7% |
|  Reliance Industries Limited | 2.7% |
|  Bajaj Finance Limited | 2.6% |
|  Suzano S.A. | 2.0% |
|  Bharti Airtel Limited | 1.8% |
|  Korea Shipbuilding & Offshore Engineering Co., Ltd. | 1.7% |
|  PT Bank Rakyat Indonesia (Persero) Tbk | 1.6% |
|  | **26.6%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g81i98.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Emerging Markets Fund<sup>1</sup> declined 25.99%, underperforming the MSCI EM Index, which retreated 20.09%.

Baron Emerging Markets Fund is a diversified fund that invests for the long term primarily in companies of any size with their principal business activities or trading markets in developing countries. The Fund may invest up to 20% of its net assets in developed and frontier countries. The Fund seeks to invest in companies with significant long-term growth prospects and purchase them at prices we believe to be favorable. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was an exceptionally challenging year for global equities, and emerging markets (EM) were no exception. Russia's invasion of Ukraine, tighter financial conditions to combat higher inflation, a strong U.S. dollar, and China's economic growth decline due to its zero-COVID policy pressured EM equities throughout much of the year. Toward year end, however, signs of a slowdown in inflation coupled with China's abrupt reopening and unveiling of aggressive easing and stimulus measures helped stage a rally that continued into the start of 2023.

On a country basis, the U.K. and Italy were slight contributors. China, Russia, and India detracted the most.

No sector contributed. Information Technology, Industrials, and Financials detracted the most.

Glencore PLC was the top contributor. Shares of this diversified natural resources company, including copper and cobalt for batteries, increased in 2022 due to a rise in key commodities prices as well as improvements in its trading divisions. We expect a multi-year supply deficit for copper driven by a structural demand increase from electrification. Electric vehicles and wind/solar power plants require four to five times more copper than their conventional counterparts.

Semiconductor giant Taiwan Semiconductor Manufacturing Company Ltd. was the top detractor. Shares fell due to macroeconomic and geopolitical uncertainties and softening demand for consumer electronics. We retain conviction that Taiwan Semi's technological leadership, pricing power, and exposure to secular growth markets, including high-performance computing, automotive, and IoT, will allow the company to deliver strong earnings growth over the next several years.

With EM equities trading near a 30-year valuation low relative to the U.S. and an improving relative economic and earnings outlook for the region, we think EM equities may be poised for outperformance. Longer term, we believe EM earnings will benefit from the investment cycle needed to fund deglobalization, supply-chain diversification, sustainability, and energy, commodity, and agricultural security; India's productivity initiatives reaching escape velocity and driving a virtuous investment cycle; and China's pivot to value-added economic activity. Further, we believe the 14-year U.S. dollar bull market is close to an end. As always, we are confident we have invested in well-positioned and well-managed companies with substantial long-term return potential.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Global Advantage Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON GLOBAL ADVANTAGE FUND<sup>†</sup> (RETAIL SHARES)** 

**IN RELATION TO THE MSCI ACWI INDEX AND THE MSCI ACWI GROWTH INDEX**![LOGO](g456410g05y20.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five<br>Years** | **Ten<br>Years** | **Since<br>Inception<br>(April 30,<br>2012)** |
|  Baron Global Advantage Fund — Retail Shares<sup>1,2</sup> | (51.69)% | (4.52)% | 3.95% | 9.18% | 8.99% |
|  Baron Global Advantage Fund — Institutional Shares<sup>1,2</sup> | (51.57)% | (4.28)% | 4.21% | 9.43% | 9.23% |
|  Baron Global Advantage Fund — R6 Shares<sup>1,2,3</sup> | (51.58)% | (4.27)% | 4.21% | 9.44% | 9.24% |
|  MSCI ACWI Index<sup>1</sup> | (18.36)% | 4.00% | 5.23% | 7.98% | 7.95% |
|  MSCI ACWI Growth Index<sup>1</sup> | (28.61)% | 3.75% | 6.37% | 9.20% | 8.95% |

---

------

† The Fund's, 3-, 5-, and 10-year historical performance was impacted by gains from IPOs, and there is no
guarantee that these results can be repeated or that the Fund's level of participation in IPOs will be the same in the future.

<sup>1</sup> The **MSCI ACWI Index** and the **MSCI ACWI Growth Index** are free float-adjusted market capitalization weighted indexes. The MSCI ACWI Index and the MSCI ACWI Growth Index are designed to measure the equity market performance of large- and mid-cap securities across developed and emerging markets, including the United States. The MSCI ACWI Growth Index screens for growth-style securities. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and Baron Global Advantage Fund include reinvestment of dividends, net of foreign withholding taxes, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

<sup>3</sup> Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Global Advantage Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Total Investments\* |
|  Endava plc | 6.6% |
|  Think & Learn Private Limited | 5.7% |
|  MercadoLibre, Inc. | 5.6% |
|  Bajaj Finance Limited | 4.9% |
|  argenx SE | 4.6% |
|  Snowflake Inc. | 4.5% |
|  CrowdStrike Holdings, Inc. | 3.8% |
|  Datadog, Inc. | 3.4% |
|  Coupang, Inc. | 3.4% |
|  Shopify Inc. | 3.3% |
|  | **45.7%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of total investments)**![LOGO](g456410g56a32.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Global Advantage Fund<sup>1</sup> declined 51.69%, underperforming the MSCI ACWI Index, which declined 18.36%.

The Fund is a diversified fund that, under normal circumstances, invests primarily in equity securities of companies throughout the world, with capitalizations within the range of companies included in the MSCI ACWI Index. At all times, the Fund will have

investments in equity securities of companies in at least three countries outside the U.S. Under normal conditions, at least 40% of net assets will be invested in stocks of companies outside the U.S. (at least 30% if foreign market conditions are not favorable). The Adviser seeks to invest in businesses it believes have significant opportunities for growth, durable competitive advantages, exceptional management, and an attractive valuation. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was an exceptionally challenging time for global equities. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Toward year end, the markets rallied on raised expectations that the Fed and other central banks would ease up on their aggressive tightening programs given signs of a slowdown in inflation.

Poland and Brazil contributed slightly. The U.S., Israel, and Canada detracted the most.

Industrials contributed to performance. Information Technology, Consumer Discretionary, and Health Care detracted the most.

The top contributor was argenx SE, a biotechnology company focused on autoimmune disorders. Shares increased alongside stellar commercial execution and the launch of Vyvgart for myasthenia gravis, first in the U.S. followed by Japan. Every quarter indicated above-consensus demand that translated into beats and raises. Long term, we believe that Vyvgart is a scarce asset and has the potential to re-write the treatment of autoimmune diseases. It is truly a "pipeline in a product."

The top detractor was electric vehicle company Rivian Automotive, Inc. Liquidity risk remained elevated, with outsized cash outflow during its early production phase, while confidence in unit economics and execution remained challenged with macro pressure on the industry. We remain investors. Despite supply-chain complexities, Rivian achieved a seven-fold growth in its monthly production rate since late 2021. Positive product reviews, an integrated technology approach, and unique partnerships generate a core for an attractive long-term opportunity.

Every day we live and invest in an uncertain world. The constant challenges we face are real and serious, with clearly uncertain outcomes. History would suggest that most will prove passing or manageable. The business of capital allocation (or investing) is the business of taking risk, managing the uncertainty, and taking advantage of the long-term opportunities that those risks and uncertainties create. We are confident our process is the right one, and we believe it will enable us to make good investment decisions over time.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Real Estate Income Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON REAL ESTATE INCOME FUND (RETAIL SHARES)** 

**IN RELATION TO THE MSCI US REIT INDEX**![LOGO](g456410g73n77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five Years<br>and Since<br>Inception<br>December 29,<br>2017)^** |
|  Baron Real Estate Income Fund — Retail Shares<sup>1,2</sup> | (27.61)% | 4.50% | 6.70% |
|  Baron Real Estate Income Fund — Institutional Shares<sup>1,2</sup> | (27.43)% | 4.75% | 6.91% |
|  Baron Real Estate Income Fund — R6 Shares<sup>1,2</sup> | (27.41)% | 4.76% | 6.89% |
|  MSCI US REIT Index<sup>1</sup> | (25.37)% | (1.16)% | 2.48% |

---

------

^ Commencement of investment operations was January 2, 2018.

<sup>1</sup> The **MSCI US REIT Index** is a free float-adjusted market capitalization index that measures the performance of all equity REITs in the US equity market, except for specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The index and Baron Real Estate Income Fund include reinvestment of interest, capital gains and dividends, which positively impact the performance results. The index is unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Real Estate Income Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Prologis, Inc. | 13.8% |
|  American Tower Corp. | 10.4% |
|  Equinix, Inc. | 7.3% |
|  Public Storage Incorporated | 6.0% |
|  SBA Communications Corp. | 5.3% |
|  Simon Property Group, Inc. | 4.9% |
|  Sun Communities, Inc. | 4.9% |
|  EastGroup Properties, Inc. | 4.1% |
|  Extra Space Storage Inc. | 3.3% |
|  Rexford Industrial Realty, Inc. | 3.3% |
|  | **63.4%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g89y44.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Real Estate Income Fund<sup>1</sup> declined 27.61%, underperforming the MSCI US REIT Index, which declined 25.37%.

Baron Real Estate Income Fund is a non-diversified fund that under normal circumstances, invests at least 80% of its net assets in real estate income-producing securities and other real estate securities of any market capitalization, including common stocks

and equity securities, debt and preferred securities, non-U.S. real estate income-producing securities, and any other real estate-related yield securities. The Fund is likely to maintain a significant portion of its assets in real estate investment trusts ("REITs"). REITs pool money to invest in properties ("equity REITs") or mortgages ("mortgage REITs"), and their revenue primarily consists of rent derived from owned, income producing real estate properties, and capital gains from the sale of such properties. The Fund generally invests in equity REITs. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was challenging to navigate. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve program resulting in a spike in interest rates, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Raised investor expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation spurred a late-year rally. While Real Estate participated in the rally, it underperformed most other sectors.

Triple-net REITs and student housing REITs were slight contributors in 2022. Industrial REITs, non-REIT real estate companies, and multi-family REITs were the top detractors.

Gaming and Leisure Properties, Inc. was the top contributor. Shares of this owner and leaser of real estate to casinos rose on its status as a safe haven in an uncertain macro environment. The company pays out a well-covered 5.5% dividend and is growing organic EBITDA at a low single-digit rate. Its tenants are well positioned to make rent payments even in a downturn, and its balance sheet is strong enough to fund new acquisitions should something come available.

Prologis, Inc. was the top detractor. Shares of this industrial warehouse REIT fell on investor concerns that tenant demand would slow given Amazon's decision to curtail expansion plans coupled with broader economic uncertainty. We maintain conviction. Industrial real estate has attractive fundamentals, with organic growth among the highest across all real estate asset types. Prologis' assets, markets, management, and balance sheet positions it to benefit from this favorable fundamental backdrop.

We remain cautious near term given unprecedented and aggressive central bank tightening into a slowing global economy and heightened geopolitical risks. However, we believe the shares of many real estate-related companies may benefit from asymmetrical returns in the next two to three years. Valuations are attractive, business fundamentals remain strong, corporate and consumer balance sheets are healthy, unemployment is low, inflation is moderating, and much of the move to higher rates may have already occurred.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects the results of Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Health Care Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON HEALTH CARE FUND<sup>†</sup> (RETAIL SHARES)** 

**IN RELATION TO THE RUSSELL 3000 HEALTH CARE INDEX AND THE S&P 500 INDEX**![LOGO](g456410g52o61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Since<br>Inception<br>April 30,<br>2018)** |
|  Baron Health Care Fund — Retail Shares<sup>1,2</sup> | (17.10)% | 12.15% | 13.61% |
|  Baron Health Care Fund — Institutional Shares<sup>1,2</sup> | (16.85)% | 12.41% | 13.90% |
|  Baron Health Care Fund — R6 Shares<sup>1,2</sup> | (16.90)% | 12.44% | 13.90% |
|  Russell 3000 Health Care Index<sup>1</sup> | (6.10)% | 9.95% | 12.06% |
|  S&P 500 Index<sup>1</sup> | (18.11)% | 7.66% | 10.22% |

---

------

<sup>†</sup> The Fund's 3-year historical performance was impacted by gains from IPOs, and there is no guarantee that these results can be repeated or that the Fund's level of participation in IPOs will be the same in the future.

<sup>1</sup> The **Russell 3000 Health Care Index** is a free float-adjusted market capitalization index that measures the performance of all equity in the US equity market. The **S&P 500 Index** measures the performance of 500 widely held large-cap U.S. companies. All rights in the FTSE Russell Index (the "Index") vest in the relevant LSE Group company which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. The indexes and Baron Health Care Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Health Care Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  UnitedHealth Group Incorporated | 9.5% |
|  Eli Lilly and Company | 6.0% |
|  Thermo Fisher Scientific Inc. | 4.2% |
|  Humana Inc. | 4.0% |
|  AstraZeneca PLC | 3.9% |
|  Merck & Co., Inc. | 3.7% |
|  argenx SE | 3.6% |
|  McKesson Corporation | 3.5% |
|  Intuitive Surgical, Inc. | 3.4% |
|  Vertex Pharmaceuticals Incorporated | 3.2% |
|  | **45.1%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g42w86.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Health Care Fund<sup>1</sup> declined 17.10%, underperforming the Russell 3000 Health Care Index, which fell 6.10%.

Baron Health Care Fund is a non-diversified fund that under normal circumstances, invests at least 80% of its net assets in equity securities of companies engaged in the research, development, production, sale, delivery, or distribution of products and services

related to the health care industry. The Fund's allocation among the different subsectors of the health care industry will vary depending upon the relative potential the Fund sees within each area. The Adviser seeks to invest in businesses it believes have significant growth opportunities, durable competitive advantages, exceptional management, and attractive valuations. The Fund may purchase securities of companies of any market capitalization and may invest in foreign stocks. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

Health Care, while down for the year, was a relative outperformer in a challenging time for equities. Sub-industries within the sector were impacted differently by macroeconomic conditions. For instance, while still-subdued medical procedural volumes were a headwind for medical device companies, they were a tailwind for managed care companies. The valuation of many biotechnology stocks — a high-growth, high-risk group — plummeted. Life sciences tools companies were pressured by concerns around peaking COVID-related revenues and a weak funding environment for biotechnology.

The managed health care and health care distributors sub-industries contributed the most. Life sciences tools & services and health care equipment detracted the most.

Eli Lilly and Company was the top contributor. Shares of this global pharmaceutical company rose on investor optimism about its new product pipeline, including Mounjaro for diabetes and obesity and Donanemab for Alzheimer's disease. Lilly has a healthy base business with limited near-term patent expirations, a strong pipeline, and potential for significant margin expansion, which should translate to strong revenue and earnings growth over at least the next five years.

Dechra Pharmaceuticals PLC, a veterinary pharmaceutical company, was the top detractor. Shares fell alongside other high-multiple stocks that outperformed in 2021. Investor concerns that post-COVID demand for veterinary services would soften also pressured shares. We remain shareholders. Animal health is an expanding industry, and we believe Dechra will continue its above-market growth, given its focus on geographic expansion and niche markets underserved by large pharmaceutical companies as well as its successful M&A strategy.

The Health Care sector has many favorable long-term attributes. Valuations are attractive, balance sheets are generally in good shape, and we are in a transformational period with major advances in science, medicine, and technology. We focus on identifying high-quality, competitively advantaged companies with great management teams that we believe will benefit from the secular trends we have identified.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

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| | |
|:---|:---|
| **Baron FinTech Fund (Unaudited)** | **December 31, 2022** |

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**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON FINTECH FUND<sup>†</sup> (RETAIL SHARES)** 

**IN RELATION TO THE S&P 500 INDEX AND THE FACTSET GLOBAL FINTECH INDEX**![LOGO](g456410g61i46.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three Years<br>and Since<br>Inception<br>December 31,<br>2019^** |
|  Baron FinTech Fund — Retail Shares<sup>1,2</sup> | (33.46)% | 3.99% |
|  Baron FinTech Fund — Institutional Shares<sup>1,2</sup> | (33.30)% | 4.24% |
|  Baron FinTech Fund — R6 Shares<sup>1,2</sup> | (33.30)% | 4.24% |
|  S&P 500 Index<sup>1</sup> | (18.11)% | 7.66% |
|  FactSet Global FinTech Index <sup>1</sup> | (33.66)% | (4.87)% |

---

------

† The Fund's 3-year historical performance was impacted by gains from IPOs, and there is no guarantee that these
results can be repeated or that the Fund's level of participation in IPOs will be the same in the future.

^ Commencement of investment operations was January 2, 2020.

<sup>1</sup> The **S&P 500 Index** measures the performance of 500 widely held large-cap U.S. companies. The **FactSet Global FinTech Index** is an unmanaged and equal-weighted index that measures the equity market performance of companies engaged in Financial Technologies, primarily in the areas of software and consulting, data and analytics, digital payment processing, money transfer, and payment transaction-related hardware, across 30 developed and emerging markets. The indexes and Baron FinTech Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. As of 2/3/2023, the Fund has changed its primary benchmark to the FactSet Global FinTech Index from the S&P 500 Index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

------

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| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron FinTech Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Visa, Inc. | 5.9% |
|  Mastercard Incorporated | 5.6% |
|  S&P Global Inc. | 4.7% |
|  Intuit Inc. | 4.7% |
|  The Charles Schwab Corp. | 4.1% |
|  LPL Financial Holdings Inc. | 4.1% |
|  Accenture plc | 3.9% |
|  MSCI, Inc. | 3.6% |
|  Endava plc | 3.4% |
|  Fair Isaac Corporation | 3.1% |
|  | **43.0%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g11a95.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron FinTech Fund<sup>1</sup> declined 33.46%, underperforming the S&P 500 Index, which declined 18.11%.<sup>2</sup>

Baron FinTech Fund is a non-diversified fund that invests in companies of any market capitalization that develop or use innovative technologies related in a significant way to financial

services. The Fund invests principally in U.S. securities but may invest up to 25% in non-U.S. securities. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was exceptionally challenging for the markets, and fintech stocks were hit especially hard, with the FactSet Global FinTech Index underperforming the S&P 500 Index by 15.55%. Investors grappled with persistently high inflation, a much more hawkish Federal Reserve, global supply-chain issues, the Russia-Ukraine war, and COVID-related lockdowns in China. However, toward year end, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

No sector contributed. Information Technology, Financials, and Industrials detracted the most.

LPL Financial Holdings Inc., the largest independent broker-dealer in the U.S., was the top contributor. Shares rose in 2022 as rising interest rates led to increases in earnings estimates. LPL is a beneficiary of rising rates because it earns a yield on the uninvested cash balances held in client accounts. We retain conviction, as LPL benefits from secular growth in the demand for financial advice and a shift among advisors toward independent models.

The top detractor was Endava plc, which provides outsourced software development for business customers. Shares fell despite strong business momentum, with 41% revenue growth over the last 12 months. The share price decline was likely due to growth moderating from elevated rates during the prior year as well as concern about macroeconomic uncertainty potentially weighing on client demand. We continue to own the stock because we believe Endava will continue gaining share in a large global market for IT services.

Despite the recent pullback, we feel positive about the growth prospects for our holdings. We believe FinTech investors are becoming more discerning about the durability of business models, expected profitability, the duration of growth, and the cost of capital. We believe greater investor discipline is healthy and should be a boon for the Fund and the types of businesses we favor. Longer term, we expect FinTech companies to benefit from secular growth trends such as the shift to electronic payments, the rise of e-commerce, the need for data and analytics to inform decision-making, the electronification of the capital markets, and the need for more modern technology and digital transformation in all areas of commerce.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

<sup>2</sup> As of 2/3/2023, the Fund has changed its primary benchmark to the FactSet Global FinTech Index. As of 12/31/2022, the Fund's primary benchmark was the S&P 500 Index.

------

---

| | |
|:---|:---|
| **Baron New Asia Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON NEW ASIA FUND (RETAIL SHARES)** 

**IN RELATION TO THE MSCI AC ASIA EX JAPAN INDEX AND MSCI AC ASIA EX JAPAN IMI GROWTH INDEX**![LOGO](g456410g01a61.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Since<br>Inception<br>July 30,<br>2021** |
|  Baron New Asia Fund — Retail Shares<sup>1,2</sup> | (27.24)% | (19.15)% |
|  Baron New Asia Fund — Institutional Shares<sup>1,2</sup> | (26.94)% | (18.92)% |
|  Baron New Asia Fund — R6 Shares<sup>1,2</sup> | (26.84)% | (18.92)% |
|  MSCI AC Asia ex Japan Index<sup>1</sup> | (19.67)% | (16.27)% |
|  MSCI AC Asia ex Japan IMI Growth Index<sup>1</sup> | (24.26)% | (19.95)% |

---

------

<sup>1</sup> The **MSCI AC Asia ex Japan Index** measures the performance of large and mid cap equity securities representation across 2 of 3 developed markets countries (excluding Japan) and 8 emerging markets countries in Asia. The **MSCI AC Asia ex Japan IMI Growth Index** measures the performance of large, mid, and small cap securities exhibiting overall growth style characteristics across 2 of 3 developed markets countries (excluding Japan) and 8 emerging market countries in Asia. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The indexes and Baron New Asia Fund include reinvestment of dividends, net of withholding taxes, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron New Asia Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Taiwan Semiconductor Manufacturing<br>Company Limited | 5.3% |
|  Samsung Electronics Co., Ltd. | 3.7% |
|  Tencent Holdings Limited | 3.4% |
|  Alibaba Group Holding Limited | 3.0% |
|  Reliance Industries Limited | 3.0% |
|  Bajaj Finance Limited | 2.8% |
|  ICICI Bank Limited | 2.7% |
|  HDFC Bank Limited | 2.4% |
|  Bharti Airtel Limited | 2.2% |
|  Yum China Holdings Inc. | 2.1% |
|  | **30.7%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g65x52.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron New Asia Fund<sup>1</sup> declined 27.24%, underperforming the MSCI AC Asia ex Japan Index, which fell 19.67%.

Baron New Asia Fund is a diversified fund that invests primarily in companies of all sizes with significant growth potential located in Asia. The Fund emphasizes securities in developing Asian markets, including frontier markets. Under normal circumstances, the Fund invests 80% of its net assets in companies located in Asia. The Fund seeks to invest in companies with significant long-term growth prospects and purchase them at prices we believe to be favorable. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was an exceptionally challenging year for global equities, and Asia emerging markets (EM) were no exception. Russia's invasion of Ukraine, tighter financial conditions to combat higher inflation, a strong U.S. dollar, and China's economic growth decline due to its zero-COVID policy pressured Asia EM equities throughout much of the year. Toward year end, however, signs of a slowdown in inflation coupled with China's abrupt reopening and unveiling of aggressive easing and stimulus measures helped stage a rally that continued into the start of 2023.

No country contributed meaningfully to performance. China, India, and Taiwan were the top detractors.

There were no meaningful sector contributors to performance. Information Technology, Industrials, and Consumer Discretionary detracted the most.

ICICI Bank Limited was the top contributor. Shares of India's second largest private sector bank appreciated on strong operating trends including broad-based loan growth, net interest margin expansion, healthy fee growth, and asset quality improvement. We believe ICICI's investments in its digital transformation will drive share gains and better profitability versus peers. The bank's focus on the underpenetrated retail segment also provides a good runway for sustainable growth.

Semiconductor giant Taiwan Semiconductor Manufacturing Company Ltd. was the top detractor. Shares fell due to macroeconomic and geopolitical uncertainties and softening demand for consumer electronics. We retain conviction that Taiwan Semi's technological leadership, pricing power, and exposure to secular growth markets, including high-performance computing, automotive, and IoT, will allow the company to deliver strong earnings growth over the next several years.

With Asia EM equities trading near a 30-year valuation low relative to the U.S. and an improving relative economic and earnings outlook for the region, we think Asia EM equities are poised for outperformance. Longer term, we believe Asia EM earnings will benefit from the investment cycle needed to fund deglobalization, supply-chain diversification, sustainability, and energy, commodity, and agricultural security; India's productivity initiatives reaching escape velocity and driving a virtuous investment cycle; and China's pivot to value-added economic activity. Further, we believe the 14-year U.S. dollar bull market is close to an end. As always, we are confident we have invested in well-positioned and well-managed companies with substantial long-term return potential.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Technology Fund (Unaudited)** | **December 31, 2022** |

---

**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON TECHNOLOGY FUND (RETAIL SHARES)** 

**IN RELATION TO THE MSCI ACWI INFORMATION TECHNOLOGY INDEX AND THE S&P 500 INDEX**![LOGO](g456410g14o83.jpg)

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One Year<br>and Since<br>Inception<br>December 31,<br>2021^** |
|  Baron Technology Fund — Retail Shares<sup>1,2</sup> | (44.40)% |
|  Baron Technology Fund — Institutional Shares<sup>1,2</sup> | (44.30)% |
|  Baron Technology Fund — R6 Shares<sup>1,2</sup> | (44.30)% |
|  MSCI ACWI Information Technology Index | (31.07)% |
|  S&P 500 Index Net<sup>1</sup> | (18.11)% |

---

------

^ Commencement of investment operations was January 3, 2022.

<sup>1</sup> The **MSCI ACWI Information Technology Index** includes large and mid cap securities across 23 developed markets countries and 24 emerging markets countries. All securities in the index are classified in the Information Technology as per the Global Industry Classification Standard. The **S&P 500 Index** measures the performance of 500 widely held large-cap U.S. companies. The indexes and Baron Technology Fund are with dividends, which positively impact the performance results. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. 

------

---

| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron Technology Fund** |

---

**TOP TEN HOLDINGS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | Percent of<br>Net Assets\* |
|  Microsoft Corporation | 10.7% |
|  Amazon.com, Inc. | 8.2% |
|  Datadog, Inc. | 3.9% |
|  ServiceNow, Inc. | 3.8% |
|  NVIDIA Corporation | 3.8% |
|  Endava plc | 3.8% |
|  Gartner, Inc. | 3.7% |
|  CoStar Group, Inc. | 3.6% |
|  Tesla, Inc. | 3.5% |
|  Ceridian HCM Holding Inc. | 3.3% |
|  | **48.2%** |

---

**SECTOR BREAKDOWN AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g456410g22a40.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron Technology Fund<sup>1</sup> declined 44.40%, underperforming the MSCI ACWI Information Technology Index, which retreated 31.07%.

Baron Technology Fund is a non-diversified fund that invests primarily in companies of any market capitalization that we believe have durable growth potential from the development, advancement, and/or use of technology. The Fund invests principally in U.S. securities but may invest up to 35% in non-U.S. securities. The Fund seeks to invest in companies with significant long-term growth prospects and purchase them at prices we believe to be favorable. Of course, there can be no guarantee that we will be successful in achieving the Fund's investment goals.

2022 was exceptionally challenging for the markets, and technology stocks were hit especially hard, with the MSCI ACWI Information Technology Index underperforming the S&P 500 Index by 12.96%. Investors grappled with persistently high inflation, a much more hawkish Federal Reserve, global supply-chain issues, the Russia-Ukraine war, and COVID-related lockdowns in China. However, toward year end, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

Professional services contributed slightly. Software, semiconductors & semiconductor equipment, and internet & direct market retail industries detracted the most.

CoStar Group, Inc. was the top contributor. Shares of the leading provider of information and marketing services to the commercial real estate industry increased as the company continued to benefit from the migration of real estate market spend to online channels. CoStar is investing aggressively to build out its residential marketing platform, which offers dramatic upside potential, in our view. The company has over $4.7 billion in cash, which we expect it to begin to deploy for opportunistic M&A.

Amazon.com, Inc. was the top detractor. Shares of the world's largest retailer and cloud services provider declined due to broader macroeconomic weakness impacting demand for both retail and cloud. Long term, we still see significant room to grow. Amazon's share of e-commerce is currently roughly 40%, far ahead of competition, yet is less than 15% of its total addressable market. Amazon's more material growth driver, Amazon Web Services, is the clear leader in the vast and growing cloud infrastructure market with substantial opportunities in application software.

We invest for the long term in technology businesses that we believe will benefit from secular growth trends, durable competitive advantages, and best-in-class management. We remain optimistic that this approach will generate strong long-term performance regardless of the economic climate.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

------

---

| | |
|:---|:---|
| **Baron Partners Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (106.45%)** | **Common Stocks (106.45%)** | **Common Stocks (106.45%)** | **Common Stocks (106.45%)** |
| **Communication Services (4.59%)** | **Communication Services (4.59%)** | **Communication Services (4.59%)** | **Communication Services (4.59%)** |
|  | **Alternative Carriers (4.26%)** |  |  |
| 4000000 | Iridium Communications, Inc.<sup>1</sup> | $130869959 | $205600000 |
|  | **Movies & Entertainment (0.33%)** | **Movies & Entertainment (0.33%)** |  |
| 200000 | Spotify Technology SA<sup>1,2</sup> | 50081483 | 15790000 |
| **Total Communication Services** | **Total Communication Services** | **180951442** | **221390000** |
| **Consumer Discretionary (45.78%)** | **Consumer Discretionary (45.78%)** | **Consumer Discretionary (45.78%)** | **Consumer Discretionary (45.78%)** |
|  | **Automobile Manufacturers (31.01%)** | **Automobile Manufacturers (31.01%)** |  |
| 12150000 | Tesla, Inc.<sup>1,5</sup> | 183531738 | 1496637000 |
|  | **Casinos & Gaming (0.99%)** |  |  |
| 1200000 | Red Rock Resorts, Inc., Cl A | 37336710 | 48012000 |
|  | **Hotels, Resorts & Cruise Lines (8.33%)** | **Hotels, Resorts & Cruise Lines (8.33%)** |  |
| 80000 | Airbnb, Inc., Cl A<sup>1</sup> | 8087119 | 6840000 |
| 3325000 | Hyatt Hotels Corp., Cl A<sup>1</sup> | 115871182 | 300746250 |
| 700000 | Marriott Vacations Worldwide Corp. | 81762309 | 94213000 |
|  |  | 205720610 | 401799250 |
|  | **Leisure Facilities (5.19%)** |  |  |
| 1050000 | Vail Resorts, Inc. | 64124520 | 250267500 |
|  | **Restaurants (0.26%)** |  |  |
| 1200000 | Krispy Kreme, Inc. | 19468869 | 12384000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **510182447** | **2209099750** |
| **Financials (24.98%)** | **Financials (24.98%)** | **Financials (24.98%)** | **Financials (24.98%)** |
|  | **Asset Management & Custody Banks (1.48%)** | **Asset Management & Custody Banks (1.48%)** |  |
| 150000 | Brookfield Asset Management Ltd., Cl A<sup>1,2</sup> | 3937523 | 4300500 |
| 1000000 | Brookfield Corp.<sup>2</sup> | 29391130 | 31460000 |
| 550000 | Cohen & Steers, Inc. | 43276852 | 35508000 |
|  |  | 76605505 | 71268500 |
|  | **Financial Exchanges & Data (7.91%)** | **Financial Exchanges & Data (7.91%)** |  |
| 720000 | FactSet Research Systems, Inc. | 55503768 | 288871200 |
| 200000 | MSCI, Inc. | 62888713 | 93034000 |
|  |  | 118392481 | 381905200 |
|  | **Investment Banking & Brokerage (7.07%)** | **Investment Banking & Brokerage (7.07%)** |  |
| 4100000 | The Charles Schwab Corp. | 100494277 | 341366000 |
|  | **Property & Casualty Insurance (8.52%)** | **Property & Casualty Insurance (8.52%)** |  |
| 6550000 | Arch Capital Group Ltd.<sup>1,2</sup> | 30153582 | 411209000 |
| **Total Financials** | **Total Financials** | **325645845** | **1205748700** |
| **Health Care (7.99%)** | **Health Care (7.99%)** | **Health Care (7.99%)** | **Health Care (7.99%)** |
|  | **Health Care Equipment (6.76%)** |  |  |
| 800000 | IDEXX Laboratories, Inc.<sup>1</sup> | 35048047 | 326368000 |
|  | **Health Care Supplies (0.98%)** |  |  |
| 7000000 | Figs, Inc., Cl A<sup>1</sup> | 80455037 | 47110000 |
|  | **Life Sciences Tools & Services (0.25%)** | **Life Sciences Tools & Services (0.25%)** |  |
| 60000 | Illumina, Inc.<sup>1</sup> | 14318645 | 12132000 |
| **Total Health Care** | **Total Health Care** | **129821729** | **385610000** |
| **Industrials (12.67%)** | **Industrials (12.67%)** | **Industrials (12.67%)** | **Industrials (12.67%)** |
|  | **Aerospace & Defense (0.69%)** |  |  |
| 125625 | HEICO Corp. | 9632520 | 19301025 |
| 116875 | HEICO Corp., Cl A | 7586429 | 14007469 |
|  |  | 17218949 | 33308494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
|  | **Industrial Machinery (0.21%)** |  |  |
| 5750000 | Velo3D, Inc.<sup>1</sup> | 17969464 | 10292500 |
|  | **Research & Consulting Services (11.77%)** | **Research & Consulting Services (11.77%)** |  |
| 7350000 | CoStar Group, Inc.<sup>1</sup> | 98974400 | 568008000 |
| **Total Industrials** | **Total Industrials** | **134162813** | **611608994** |
| **Information Technology (8.26%)** | **Information Technology (8.26%)** | **Information Technology (8.26%)** | **Information Technology (8.26%)** |
|  | **Application Software (1.04%)** |  |  |
| 800000 | Guidewire Software, Inc.<sup>1</sup> | 65756542 | 50048000 |
|  | **Data Processing & Outsourced Services (1.70%)** |  |  |
| 59246 | Adyen N.V., 144A (Netherlands)<sup>1,2,6</sup> | 53544383 | 82248197 |
|  | **Internet Services & Infrastructure (0.65%)** |  |  |
| 900000 | Shopify, Inc., Cl A<sup>1,2</sup> | 97842954 | 31239000 |
|  | **IT Consulting & Other Services (4.87%)** | **IT Consulting & Other Services (4.87%)** |  |
| 700000 | Gartner, Inc.<sup>1</sup> | 83980674 | 235298000 |
| **Total Information Technology** | **Total Information Technology** | **301124553** | **398833197** |
| **Real Estate (2.18%)** | **Real Estate (2.18%)** | **Real Estate (2.18%)** | **Real Estate (2.18%)** |
|  | **Office REITs (0.22%)** |  |  |
| 663000 | Douglas Emmett, Inc. | 18536465 | 10395840 |
|  | **Specialized REITs (1.96%)** |  |  |
| 1819296 | Gaming and Leisure Properties, Inc. | 57529251 | 94767128 |
| **Total Real Estate** | **Total Real Estate** | **76065716** | **105162968** |
| **Total Common Stocks** | **Total Common Stocks** | **1657954545** | **5137453609** |
| **Private Common Stocks (5.17%)** | **Private Common Stocks (5.17%)** | **Private Common Stocks (5.17%)** | **Private Common Stocks (5.17%)** |
| **Communication Services (0.87%)** | **Communication Services (0.87%)** | **Communication Services (0.87%)** | **Communication Services (0.87%)** |
|  | **Interactive Media & Services (0.87%)** | **Interactive Media & Services (0.87%)** |  |
| 60000 | X Holdings I, Inc.<sup>1,3,4,7</sup> | **60000000** | **42121800** |
| **Consumer Discretionary (0.46%)** | **Consumer Discretionary (0.46%)** | **Consumer Discretionary (0.46%)** | **Consumer Discretionary (0.46%)** |
|  | **Internet & Direct Marketing Retail (0.46%)** | **Internet & Direct Marketing Retail (0.46%)** |  |
| 197613 | StubHub Holdings, Inc., Cl A<sup>1,3,4,7</sup> | **50000041** | **22138585** |
| **Industrials (3.84%)** | **Industrials (3.84%)** | **Industrials (3.84%)** | **Industrials (3.84%)** |
|  | **Aerospace & Defense (3.84%)** |  |  |
| 2216310 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,7</sup> | 29920185 | 163038302 |
| 302210 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,7</sup> | 4079835 | 22231459 |
| **Total Industrials** | **Total Industrials** | **34000020** | **185269761** |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **144000061** | **249530146** |
| **Private Convertible Preferred Stocks (0.16%)** | **Private Convertible Preferred Stocks (0.16%)** | **Private Convertible Preferred Stocks (0.16%)** | **Private Convertible Preferred Stocks (0.16%)** |
| **Industrials (0.16%)** | **Industrials (0.16%)** | **Industrials (0.16%)** | **Industrials (0.16%)** |
|  | **Electrical Components & Equipment (0.16%)** | **Electrical Components & Equipment (0.16%)** |  |
| 21213656 | Northvolt AB, Series E2 (Sweden)<sup>1,2,3,4,7</sup> | **7843621** | **7651108** |

---

24 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Partners Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Preferred Stocks (8.44%)** | **Private Preferred Stocks (8.44%)** | **Private Preferred Stocks (8.44%)** |
| **Industrials (8.44%)** | **Industrials (8.44%)** | **Industrials (8.44%)** |
| 311111 Space Exploration<br>Technologies Corp., Cl H<sup>1,3,4,7</sup> | $41999985 | $228862420 |
| 131657 Space Exploration<br>Technologies Corp., Cl I<sup>1,3,4,7</sup> | 22250032 | 96850769 |
| 111111 Space Exploration<br>Technologies Corp., Cl N<sup>1,3,4,7</sup> | 29999970 | 81736526 |
| **Total Private Preferred Stocks** | **94249987** | **407449715** |
| **Principal Amount** |  |  |
| **Short Term Investments (0.01%)** | **Short Term Investments (0.01%)** | **Short Term Investments (0.01%)** |
| $305352 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $305,483; (Fully Collateralized by $324,500 U.S. Treasury Note, 3.25% due 6/30/2029 Market value - $311,495)<sup>6</sup> | **305352** | **305352** |
| **Total Investments (120.23%)** | $**1904353566** | **5802389930** |
| **Liabilities Less Cash and Other Assets (-20.23%)** | **Liabilities Less Cash and Other Assets (-20.23%)** | **(976486129)** |
| **Net Assets** |  | $**4825903801** |
| **Retail Shares (Equivalent to $111.55 per share<br>based on 19,151,070 shares outstanding)** | **Retail Shares (Equivalent to $111.55 per share<br>based on 19,151,070 shares outstanding)** | $**2136389274** |
| **Institutional Shares (Equivalent to $115.85 per share<br>based on 20,109,198 shares outstanding)** | **Institutional Shares (Equivalent to $115.85 per share<br>based on 20,109,198 shares outstanding)** | $**2329663028** |
| **R6 Shares (Equivalent to $115.84 per share<br>based on 3,106,363 shares outstanding)** | **R6 Shares (Equivalent to $115.84 per share<br>based on 3,106,363 shares outstanding)** | $**359851499** |

---

------

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $664,630,969 or 13.77% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities. 

<sup>4</sup> 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> Level 2 security. See Note 7 regarding Fair Value Measurements.

<sup>7</sup> Level 3 security. See Note 7 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 December 31, 2022, the market value of Rule 144A securities amounted to $82,248,197 or 1.70% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 25

------

---

| | |
|:---|:---|
| **Baron Focused Growth Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (80.43%)** | **Common Stocks (80.43%)** | **Common Stocks (80.43%)** | **Common Stocks (80.43%)** |
| **Communication Services (6.87%)** | **Communication Services (6.87%)** | **Communication Services (6.87%)** | **Communication Services (6.87%)** |
|  | **Alternative Carriers (4.50%)** |  |  |
| 637064 | Iridium Communications, Inc. | $12123685 | $32745089 |
|  | **Movies & Entertainment (2.37%)** |  |  |
| 400000 | Manchester United PLC, Cl A<sup>2</sup> | 8839194 | 9332000 |
| 100000 | Spotify Technology SA<sup>1,2</sup> | 11540706 | 7895000 |
|  |  | 20379900 | 17227000 |
| **Total Communication Services** | **Total Communication Services** | **32503585** | **49972089** |
| **Consumer Discretionary (33.21%)** | **Consumer Discretionary (33.21%)** | **Consumer Discretionary (33.21%)** | **Consumer Discretionary (33.21%)** |
|  | **Automobile Manufacturers (10.41%)** |  |  |
| 615000 | Tesla, Inc.<sup>1,5</sup> | 8168271 | 75755700 |
|  | **Casinos & Gaming (5.22%)** |  |  |
| 470000 | Penn Entertainment, Inc.<sup>1</sup> | 8830397 | 13959000 |
| 600000 | Red Rock Resorts, Inc., Cl A | 16360388 | 24006000 |
|  |  | 25190785 | 37965000 |
|  | **Hotels, Resorts & Cruise Lines (10.90%)** |  |  |
| 155000 | Choice Hotels International, Inc. | 5375923 | 17459200 |
| 500000 | Hyatt Hotels Corp., Cl A<sup>1</sup> | 24424809 | 45225000 |
| 123200 | Marriott Vacations Worldwide Corp. | 16153143 | 16581488 |
|  |  | 45953875 | 79265688 |
|  | **Leisure Facilities (5.24%)** |  |  |
| 160000 | Vail Resorts, Inc. | 20444411 | 38136000 |
|  | **Restaurants (1.44%)** |  |  |
| 1016815 | Krispy Kreme, Inc. | 14167372 | 10493531 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **113924714** | **241615919** |
| **Financials (17.52%)** | **Financials (17.52%)** | **Financials (17.52%)** | **Financials (17.52%)** |
|  | **Financial Exchanges & Data (9.76%)** |  |  |
| 90000 | FactSet Research Systems, Inc. | 12084401 | 36108900 |
| 75000 | MSCI, Inc. | 36079367 | 34887750 |
|  |  | 48163768 | 70996650 |
|  | **Property & Casualty Insurance (7.76%)** |  |  |
| 900000 | Arch Capital Group Ltd.<sup>1,2</sup> | 25104585 | 56502000 |
| **Total Financials** | **Total Financials** | **73268353** | **127498650** |
| **Health Care (5.04%)** | **Health Care (5.04%)** | **Health Care (5.04%)** | **Health Care (5.04%)** |
|  | **Health Care Equipment (1.57%)** |  |  |
| 28000 | IDEXX Laboratories, Inc.<sup>1</sup> | 12242434 | 11422880 |
|  | **Health Care Supplies (3.47%)** |  |  |
| 3750000 | Figs, Inc., Cl A<sup>1</sup> | 36911667 | 25237500 |
| **Total Health Care** | **Total Health Care** | **49154101** | **36660380** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (9.43%)** | **Industrials (9.43%)** | **Industrials (9.43%)** | **Industrials (9.43%)** |
|  | **Research & Consulting Services (9.43%)** |  |  |
| 580000 | CoStar Group, Inc.<sup>1</sup> | $10184660 | $44822400 |
| 135000 | Verisk Analytics, Inc. | 23796439 | 23816700 |
| **Total Industrials** | **Total Industrials** | **33981099** | **68639100** |
| **Information Technology (6.03%)** | **Information Technology (6.03%)** | **Information Technology (6.03%)** | **Information Technology (6.03%)** |
|  | **Application Software (5.03%)** |  |  |
| 60700 | ANSYS, Inc.<sup>1</sup> | 14656795 | 14664513 |
| 350000 | Guidewire Software, Inc.<sup>1</sup> | 34820617 | 21896000 |
|  |  | 49477412 | 36560513 |
|  | **Internet Services & Infrastructure (1.00%)** |  |  |
| 210000 | Shopify, Inc., Cl A<sup>1,2</sup> | 7036432 | 7289100 |
| **Total Information Technology** | **Total Information Technology** | **56513844** | **43849613** |
| **Real Estate (2.33%)** | **Real Estate (2.33%)** | **Real Estate (2.33%)** | **Real Estate (2.33%)** |
|  | **Office REITs (0.65%)** |  |  |
| 302313 | Douglas Emmett, Inc. | 4781894 | 4740268 |
|  | **Residential REITs (0.98%)** |  |  |
| 235000 | American Homes 4 Rent, Cl A | 5062679 | 7082900 |
|  | **Specialized REITs (0.70%)** |  |  |
| 35000 | Alexandria Real Estate Equities, Inc.<sup>4</sup> | 5050094 | 5098450 |
| **Total Real Estate** | **Total Real Estate** | **14894667** | **16921618** |
| **Total Common Stocks** | **Total Common Stocks** | **374240363** | **585157369** |
| **Private Common Stocks (7.81%)** | **Private Common Stocks (7.81%)** | **Private Common Stocks (7.81%)** | **Private Common Stocks (7.81%)** |
| **Industrials (7.81%)** | **Industrials (7.81%)** | **Industrials (7.81%)** | **Industrials (7.81%)** |
|  | **Aerospace & Defense (7.81%)** |  |  |
| 629570 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,7</sup> | 26390845 | 46313026 |
| 143170 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,7</sup> | 6808820 | 10532008 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **33199665** | **56845034** |
| **Private Preferred Stocks (4.08%)** | **Private Preferred Stocks (4.08%)** | **Private Preferred Stocks (4.08%)** | **Private Preferred Stocks (4.08%)** |
| **Industrials (4.08%)** | **Industrials (4.08%)** | **Industrials (4.08%)** | **Industrials (4.08%)** |
|  | **Aerospace & Defense (4.08%)** |  |  |
| 29630 | Space Exploration<br>Technologies Corp., Cl H<sup>1,3,4,7</sup> | 4000050 | 21796701 |
| 1479 | Space Exploration<br>Technologies Corp., Cl I<sup>1,3,4,7</sup> | 249951 | 1087996 |
| 9259 | Space Exploration<br>Technologies Corp., Cl N<sup>1,3,4,7</sup> | 2499930 | 6811194 |
| **Total Private Preferred Stocks** | **Total Private Preferred Stocks** | **6749931** | **29695891** |

---

26 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Focused Growth Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (10.09%)** | **Short Term Investments (10.09%)** | **Short Term Investments (10.09%)** |
| $73387599 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $73,418,993; (Fully Collateralized by $11,346,600 U.S.Treasury Note, 2.375% due 5/15/2029 Market value - $10,381,950 and $67,165,300 U.S. Treasury Note, 3.25% due 6/30/2029 Market value - $64,473,449)<sup>6</sup> | $**73387599** | $**73387599** |
| **Total Investments (102.41%)** | $**487577558** | **745085893** |
| **Liabilities Less Cash and Other Assets (-2.41%)** | **Liabilities Less Cash and Other Assets (-2.41%)** | **(17569438)** |
| **Net Assets** | **Net Assets** | $**727516455** |
| **Retail Shares (Equivalent to $28.61 per share<br>based on 6,093,503 shares outstanding)** | **Retail Shares (Equivalent to $28.61 per share<br>based on 6,093,503 shares outstanding)** | $**174316730** |
| **Institutional Shares (Equivalent to $29.82 per share<br>based on 10,072,596 shares outstanding)** | **Institutional Shares (Equivalent to $29.82 per share<br>based on 10,072,596 shares outstanding)** | $**300322300** |
| **R6 Shares (Equivalent to $29.84 per share<br>based on 8,474,301 shares outstanding)** | **R6 Shares (Equivalent to $29.84 per share<br>based on 8,474,301 shares outstanding)** | $**252877425** |

---

------

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $86,540,925 or 11.90% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities. 

<sup>4</sup> 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> Level 2 security. See Note 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 27

------

---

| | |
|:---|:---|
| **Baron International Growth Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (97.15%)** | **Common Stocks (97.15%)** | **Common Stocks (97.15%)** | **Common Stocks (97.15%)** |
| **Australia (0.60%)** | **Australia (0.60%)** | | |
| 205746 | Newcrest Mining Limited<sup>3</sup> | $**4038145** | $**2885034** |
| **Brazil (3.15%)** | **Brazil (3.15%)** | **Brazil (3.15%)** | **Brazil (3.15%)** |
| 225742 | Afya Ltd., Cl A<sup>1</sup> | 3607509 | 3526090 |
| 706310 | B3 S.A. - Brasil, Bolsa, Balcao<sup>3</sup> | 1820358 | 1764802 |
| 1084717 | Hapvida Participacoes e Investimentos SA, 144A<sup>1,3</sup> | 1638927 | 1045269 |
| 203588 | StoneCo Ltd., Cl A<sup>1</sup> | 2003706 | 1921871 |
| 752643 | Suzano SA<sup>3</sup> | 7359682 | 6949219 |
| **Total Brazil** | **Total Brazil** | **16430182** | **15207251** |
| **Canada (2.86%)** | **Canada (2.86%)** |  |  |
| 104413 | Agnico Eagle Mines Ltd. | 5061400 | 5428432 |
| 5360 | Constellation Software, Inc. | 753415 | 8368409 |
| **Total Canada** | **Total Canada** | **5814815** | **13796841** |
| **China (10.38%)** | **China (10.38%)** | **China (10.38%)** | **China (10.38%)** |
| 54651 | Alibaba Group Holding Limited, ADR<sup>1</sup> | 5535110 | 4814207 |
| 32406 | Baidu, Inc., ADR<sup>1</sup> | 3785290 | 3706598 |
| 106742 | China Tourism Group Duty Free Corporation Ltd., Cl A<sup>3</sup> | 3015980 | 3304056 |
| 911536 | Estun Automation Co. Ltd., Cl A<sup>3</sup> | 3509056 | 2838158 |
| 556395 | Full Truck Alliance Co. Ltd., ADR<sup>1</sup> | 4096358 | 4451160 |
| 369613 | Galaxy Entertainment Group Ltd.<sup>1,3</sup> | 2307895 | 2430076 |
| 54307 | GDS Holdings Limited, ADR<sup>1</sup> | 1525275 | 1119810 |
| 45737 | JD.com, Inc., ADR<sup>1</sup> | 2701208 | 2567218 |
| 18506 | JD.com, Inc., Cl A<sup>1,3</sup> | 603389 | 516625 |
| 327899 | Jiangsu Hengli<br>Hydraulic Co. Ltd., Cl A<sup>3</sup> | 2822380 | 2973321 |
| 1445015 | Kingdee International Software Group Co. Ltd.<sup>1,3</sup> | 1129407 | 3066460 |
| 940208 | Kingsoft Corp. Ltd.<sup>3</sup> | 3687158 | 3115903 |
| 546516 | Midea Group Co., Ltd., Cl A<sup>3</sup> | 4213874 | 4055853 |
| 74570 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A<sup>3</sup> | 2504563 | 3381581 |
| 41773 | Tencent Holdings Limited<sup>3</sup> | 633697 | 1771190 |
| 29893 | Tencent Holdings Limited, ADR | 1870476 | 1266268 |
| 48221 | Yum China Holdings, Inc. | 2343942 | 2635278 |
| 68216 | Zai Lab Limited, ADR<sup>1</sup> | 1631707 | 2094231 |
| **Total China** | **Total China** | **47916765** | **50107993** |
| **Denmark (1.48%)** | **Denmark (1.48%)** | **Denmark (1.48%)** | **Denmark (1.48%)** |
| 168945 | Genmab A/S, ADR<sup>1</sup> | **6673504** | **7159889** |
| **France (8.64%)** | **France (8.64%)** | **France (8.64%)** | **France (8.64%)** |
| 147879 | BNP Paribas S.A.<sup>3</sup> | 5529943 | 8420102 |
| 97330 | Eurofins Scientific SE<sup>3</sup> | 2721696 | 6988112 |
| 8907 | LVMH Moët Hennessy Louis Vuitton SE<sup>3</sup> | 2802671 | 6481556 |
| 42700 | Pernod Ricard SA<sup>3</sup> | 8253649 | 8400048 |
| 418139 | Vivendi SE<sup>3</sup> | 3847828 | 3994453 |
| 242654 | Waga Energy SA<sup>1</sup> | 6991692 | 7402842 |
| **Total France** | **Total France** | **30147479** | **41687113** |
| **Germany (2.86%)** | **Germany (2.86%)** | **Germany (2.86%)** | **Germany (2.86%)** |
| 118236 | Befesa SA, 144A<sup>3</sup> | 5206699 | 5703596 |
| 235944 | Mister Spex SE<sup>1</sup> | 6633159 | 1016579 |
| 65317 | Symrise AG<sup>3</sup> | 5758112 | 7093753 |
| **Total Germany** | **Total Germany** | **17597970** | **13813928** |
| **Hong Kong (1.51%)** | **Hong Kong (1.51%)** | **Hong Kong (1.51%)** | **Hong Kong (1.51%)** |
| 292510 | AIA Group Ltd.<sup>3</sup> | 2439137 | 3230299 |
| 33852 | Hong Kong Exchanges & Clearing Ltd.<sup>3</sup> | 1389468 | 1454629 |
| 233058 | Techtronic Industries Co. Ltd.<sup>3</sup> | 1968623 | 2588537 |
| **Total Hong Kong** | **Total Hong Kong** | **5797228** | **7273465** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **India (6.85%)** | **India (6.85%)** | **India (6.85%)** | **India (6.85%)** |
| 89220 | Bajaj Finance Limited<sup>3</sup> | $4565293 | $7067540 |
| 670497 | Bharti Airtel Ltd. PP<sup>3</sup> | 3462101 | 3506828 |
| 2775632 | Edelweiss Financial Services Ltd.<sup>3</sup> | 2338220 | 2145578 |
| 192887 | Godrej Properties Ltd.<sup>1,3</sup> | 2367567 | 2851023 |
| 188193 | HDFC Bank Ltd.<sup>3</sup> | 2954887 | 3691133 |
| 2458395 | JM Financial Limited<sup>3</sup> | 2893665 | 2119268 |
| 231007 | Max Financial Services Limited<sup>1,3</sup> | 1504024 | 1886278 |
| 688913 | Nippon Life India Asset<br>Management Ltd., 144A<sup>3</sup> | 2429190 | 2071565 |
| 251616 | Reliance Industries Limited<sup>3</sup> | 5490484 | 7724765 |
| **Total India** | **Total India** | **28005431** | **33063978** |
| **Ireland (0.96%)** | **Ireland (0.96%)** | **Ireland (0.96%)** | **Ireland (0.96%)** |
| 486773 | Bank of Ireland Group PLC<sup>3</sup> | **3582772** | **4638613** |
| **Israel (1.07%)** | **Israel (1.07%)** | **Israel (1.07%)** | **Israel (1.07%)** |
| 257657 | Innovid Corp.<sup>1</sup> | 2549125 | 440593 |
| 76364 | SimilarWeb Ltd.<sup>1</sup> | 1513124 | 491021 |
| 398398 | Taboola.com Ltd.<sup>1</sup> | 3771018 | 1227066 |
| 38998 | Wix.com Ltd.<sup>1</sup> | 2392492 | 2996216 |
| **Total Israel** | **Total Israel** | **10225759** | **5154896** |
| **Italy (2.46%)** | **Italy (2.46%)** | **Italy (2.46%)** | **Italy (2.46%)** |
| 304151 | Stevanato Group SpA | 6373893 | 5465594 |
| 180573 | Tenaris SA<sup>3</sup> | 2273565 | 3166835 |
| 92452 | Tenaris SA, ADR | 2463819 | 3250612 |
| **Total Italy** | **Total Italy** | **11111277** | **11883041** |
| **Japan (9.35%)** | **Japan (9.35%)** | **Japan (9.35%)** | **Japan (9.35%)** |
| 137747 | Japan Airport Terminal Co. Ltd.<sup>1,3</sup> | 5802383 | 6793300 |
| 22724 | Keyence Corporation<sup>3</sup> | 8191936 | 8822468 |
| 246200 | MonotaRO Co, Ltd.<sup>3</sup> | 2446063 | 3467943 |
| 105520 | Okamoto Industries, Inc.<sup>3</sup> | 4831807 | 2958250 |
| 153600 | Recruit Holdings Co, Ltd.<sup>3</sup> | 3788290 | 4807983 |
| 565360 | Renesas Electronics Corp.<sup>1,3</sup> | 6943128 | 4996798 |
| 285300 | SMS Co. Ltd.<sup>3</sup> | 8001168 | 7216604 |
| 11352 | Tokyo Electron Limited<sup>3</sup> | 2701964 | 3335543 |
| 1101744 | Z Holdings Corporation<sup>3</sup> | 5279772 | 2751623 |
| **Total Japan** | **Total Japan** | **47986511** | **45150512** |
| **Korea, Republic of (2.72%)** | **Korea, Republic of (2.72%)** | **Korea, Republic of (2.72%)** | **Korea, Republic of (2.72%)** |
| 94120 | Coupang, Inc., Cl A<sup>1</sup> | 1131544 | 1384505 |
| 56167 | Hyundai Heavy Industries Co. Ltd.<sup>1,3</sup> | 5192629 | 5176529 |
| 117157 | Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>1,3</sup> | 10876327 | 6587975 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | **17200500** | **13149009** |
| **Mexico (0.72%)** | **Mexico (0.72%)** | **Mexico (0.72%)** | **Mexico (0.72%)** |
| 982287 | Grupo Mexico S.A.B. de C.V., Series B | **2636647** | **3463070** |
| **Netherlands (6.48%)** | **Netherlands (6.48%)** | **Netherlands (6.48%)** | **Netherlands (6.48%)** |
| 190455 | AMG Advanced Metallurgical Group NV<sup>3</sup> | 5037611 | 7039582 |
| 31524 | argenx SE, ADR<sup>1</sup> | 1346356 | 11942237 |
| 56691 | Koninklijke DSM NV<sup>3</sup> | 8276192 | 6961346 |
| 221130 | Universal Music Group NV<sup>3</sup> | 4625676 | 5347512 |
| **Total Netherlands** | **Total Netherlands** | **19285835** | **31290677** |
| **Norway (0.91%)** | **Norway (0.91%)** | **Norway (0.91%)** | **Norway (0.91%)** |
| 1985524 | Aker Carbon Capture ASA<sup>1,3</sup> | 3910513 | 2330298 |
| 277292 | Norsk Hydro ASA<sup>3</sup> | 1730892 | 2072027 |
| **Total Norway** | **Total Norway** | **5641405** | **4402325** |

---

28 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron International Growth Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Peru (0.93%)** | **Peru (0.93%)** | **Peru (0.93%)** | **Peru (0.93%)** |
| 33255 | Credicorp, Ltd. | $**4742171** | $**4511373** |
| **Poland (2.28%)** | **Poland (2.28%)** | **Poland (2.28%)** | **Poland (2.28%)** |
| 55785 | Dino Polska SA, 144A<sup>1,3</sup> | 4025150 | 4791052 |
| 732637 | InPost SA<sup>1,3</sup> | 10196922 | 6189870 |
| **Total Poland** | **Total Poland** | **14222072** | **10980922** |
| **Russia (0.00%)** | **Russia (0.00%)** | **Russia (0.00%)** | **Russia (0.00%)** |
| 487800 | Sberbank of Russia PJSC<sup>1,2,4</sup> | **1644868** | **383** |
| **Spain (3.45%)** | **Spain (3.45%)** | **Spain (3.45%)** | **Spain (3.45%)** |
| 85854 | Cellnex Telecom S.A., 144A<sup>3</sup> | 4589734 | 2847881 |
| 1317072 | eDreams ODIGEO SA<sup>1,3</sup> | 10498902 | 5559922 |
| 310534 | Industria de Diseno Textil, S.A.<sup>3</sup> | 9881964 | 8248104 |
| **Total Spain** | **Total Spain** | **24970600** | **16655907** |
| **Sweden (1.25%)** | **Sweden (1.25%)** | **Sweden (1.25%)** | **Sweden (1.25%)** |
| 331088 | Epiroc AB, Cl A<sup>3</sup> | **4910056** | **6028816** |
| **Switzerland (5.83%)** | **Switzerland (5.83%)** | **Switzerland (5.83%)** | **Switzerland (5.83%)** |
| 360168 | Clariant AG<sup>3</sup> | 7368151 | 5719983 |
| 29849 | Compagnie Financiere Richemont SA<sup>3</sup> | 3494052 | 3870219 |
| 18212446 | Meyer Burger Technology AG<sup>1,3</sup> | 7465722 | 10582659 |
| 68981 | Nestle S.A.<sup>3</sup> | 7389937 | 7967951 |
| **Total Switzerland** | **Total Switzerland** | **25717862** | **28140812** |
| **Taiwan (1.60%)** | **Taiwan (1.60%)** | **Taiwan (1.60%)** | **Taiwan (1.60%)** |
| 103537 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | **10279679** | **7712471** |
| **United Kingdom (14.20%)** | **United Kingdom (14.20%)** | **United Kingdom (14.20%)** | **United Kingdom (14.20%)** |
| 202571 | AstraZeneca PLC, ADR | 8867929 | 13734314 |
| 855972 | B&M European Value Retail S.A.<sup>3</sup> | 3563157 | 4248873 |
| 472416 | Ceres Power Holdings PLC<sup>1,3</sup> | 4390275 | 1997117 |
| 85286 | Dechra Pharmaceuticals PLC<sup>3</sup> | 2771384 | 2688199 |
| 36289 | Endava plc, ADR<sup>1</sup> | 725780 | 2776108 |
| 170217 | Experian plc<sup>3</sup> | 3928940 | 5764966 |
| 274336 | Future PLC<sup>3</sup> | 3934771 | 4181532 |
| 901912 | Glencore PLC<sup>3</sup> | 3799703 | 6014530 |
| 165379 | J D Wetherspoon PLC<sup>1,3</sup> | 1830729 | 883514 |
| 34980 | Linde Public Limited Company<sup>3</sup> | 6288750 | 11402119 |
| 4462095 | Lloyds Banking Group<sup>3</sup> | 1537604 | 2435022 |
| 1606733 | S4 Capital PLC<sup>1,3</sup> | 4110670 | 3673796 |
| 443392 | WANdisco plc<sup>1</sup> | 3824622 | 4931557 |
| 389494 | Watches of Switzerland<br>Group PLC, 144A<sup>1,3</sup> | 3446481 | 3805534 |
| **Total United Kingdom** | **Total United Kingdom** | **53020795** | **68537181** |
| **United States (4.48%)** | **United States (4.48%)** | **United States (4.48%)** | **United States (4.48%)** |
| 50934 | Agilent Technologies, Inc. | 2577583 | 7622273 |
| 222670 | Arch Capital Group Ltd.<sup>1</sup> | 5203272 | 13979223 |
| **Total United States** | **Total United States** | **7780855** | **21601496** |
| **Uruguay (0.13%)** | **Uruguay (0.13%)** | **Uruguay (0.13%)** | **Uruguay (0.13%)** |
| 41140 | Dlocal Ltd.<sup>1</sup> | **932421** | **640550** |
| **Total Common Stocks** | **Total Common Stocks** | **428313604** | **468937546** |
| **Warrants (0.01%)** | **Warrants (0.01%)** | **Warrants (0.01%)** | **Warrants (0.01%)** |
| **Israel (0.01%)** | **Israel (0.01%)** |  |  |
| 16052 | Innovid Corp. Exp 12/31/2027<sup>1</sup> | 27444 | 6420 |
| 56745 | Taboola.com Ltd. Exp 6/29/2026<sup>1</sup> | 104540 | 27805 |
| **Total Warrants** | **Total Warrants** | **131984** | **34225** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (2.98%)** | **Short Term Investments (2.98%)** | **Short Term Investments (2.98%)** |
| $14380099 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $14,386,250; (Fully Collateralized by $16,817,400 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $14,667,703)<sup>3</sup> | $**14380099** | $**14380099** |
| **Total Investments (100.14%)** | $**442825687** | **483351870** |
| **Liabilities Less Cash and Other Assets (-0.14%)** | **Liabilities Less Cash and Other Assets (-0.14%)** | **(694787)** |
| **Net Assets** | **Net Assets** | $**482657083** |
| **Retail Shares (Equivalent to $23.80 per share<br>based on 2,807,621 shares outstanding)** | **Retail Shares (Equivalent to $23.80 per share<br>based on 2,807,621 shares outstanding)** | $**66811459** |
| **Institutional Shares (Equivalent to $24.29 per share<br>based on 12,501,077 shares outstanding)** | **Institutional Shares (Equivalent to $24.29 per share<br>based on 12,501,077 shares outstanding)** | $**303651896** |
| **R6 Shares (Equivalent to $24.28 per share<br>based on 4,621,517 shares outstanding)** | **R6 Shares (Equivalent to $24.28 per share<br>based on 4,621,517 shares outstanding)** | $**112193728** |

---

------

---

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

---

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

<sup>2</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $383 or 0.00% of net assets. This security is not deemed liquid. See Note 6 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 7 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 7 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 December 31, 2022, the market value of Rule 144A securities amounted to $20,264,897 or 4.20% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br>as of December 31, 2022** | **Percentage of<br>Net Assets** | |
|  Industrials | 15.5 | % |
|  Materials | 14.1 |  |
|  Health Care | 12.9 |  |
|  Information Technology | 12.8 |  |
|  Financials | 12.3 |  |
|  Consumer Discretionary | 12.3 |  |
|  Communication Services | 7.8 |  |
|  Energy | 4.5 |  |
|  Consumer Staples | 4.4 |  |
|  Real Estate | 0.6 |  |
|  Cash and Cash Equivalents\* | 2.8 |  |
|  | 100.0 | %\*\* |

---

\* Includes short term investments.

\*\* Individual weights may not sum to displayed total due to rounding. 

See Notes to Financial Statements. 29

------

---

| | |
|:---|:---|
| **Baron Real Estate Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (89.01%)** | **Common Stocks (89.01%)** | **Common Stocks (89.01%)** | **Common Stocks (89.01%)** |
| **Consumer Discretionary (29.28%)** | **Consumer Discretionary (29.28%)** | **Consumer Discretionary (29.28%)** | **Consumer Discretionary (29.28%)** |
|  | **Casinos & Gaming (5.91%)** | **Casinos & Gaming (5.91%)** | **Casinos & Gaming (5.91%)** |
| 324350 | Boyd Gaming Corporation | $4835157 | $17686806 |
| 277455 | Las Vegas Sands Corp.<sup>1</sup> | 9132873 | 13337262 |
| 730106 | MGM Resorts International | 25381716 | 24480454 |
| 496840 | Red Rock Resorts, Inc., Cl A | 3556669 | 19878568 |
|  |  | 42906415 | 75383090 |
|  | **Distributors (2.55%)** |  |  |
| 107400 | Pool Corp. | 39791393 | 32470242 |
|  | **Home Improvement Retail (4.77%)** |  |  |
| 540550 | Floor & Decor Holdings, Inc., Cl A<sup>1</sup> | 40522814 | 37638497 |
| 11250 | The Home Depot, Inc. | 1033809 | 3553425 |
| 99000 | Lowe's Companies, Inc. | 11176831 | 19724760 |
|  |  | 52733454 | 60916682 |
|  | **Homebuilding (11.72%)** | **Homebuilding (11.72%)** | **Homebuilding (11.72%)** |
| 450547 | D.R. Horton, Inc. | 30870860 | 40161760 |
| 525149 | Lennar Corp., Cl A | 39097942 | 47525984 |
| 1240150 | Toll Brothers, Inc. | 58498507 | 61908288 |
|  |  | 128467309 | 149596032 |
|  | **Hotels, Resorts & Cruise Lines (2.58%)** |  |  |
| 56050 | Hilton Worldwide Holdings, Inc. | 7070760 | 7082478 |
| 68900 | Hyatt Hotels Corp., Cl A<sup>1</sup> | 5133050 | 6232005 |
| 145736 | Marriott Vacations Worldwide Corp. | 8801307 | 19614608 |
|  |  | 21005117 | 32929091 |
|  | **Leisure Facilities (1.75%)** | **Leisure Facilities (1.75%)** | **Leisure Facilities (1.75%)** |
| 93900 | Vail Resorts, Inc. | 24987918 | 22381065 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **309891606** | **373676202** |
| **Financials (7.34%)** | **Financials (7.34%)** | **Financials (7.34%)** | **Financials (7.34%)** |
|  | **Asset Management & Custody Banks (7.34%)** |  |  |
| 266800 | Blackstone, Inc. | 25876807 | 19793892 |
| 539906 | Brookfield Asset<br>Management Ltd., Cl A<sup>1,2</sup> | 14447415 | 15479105 |
| 1855025 | Brookfield Corp.<sup>2</sup> | 51416272 | 58359087 |
| **Total Financials** | **Total Financials** | **91740494** | **93632084** |
| **Industrials (12.38%)** | **Industrials (12.38%)** | **Industrials (12.38%)** | **Industrials (12.38%)** |
|  | **Building Products (4.01%)** | **Building Products (4.01%)** |  |
| 371350 | Fortune Brands Innovations, Inc. (formerly, Fortune Brands Home & Security, Inc.) | 20182502 | 21207799 |
| 707550 | Trex Co., Inc.<sup>1</sup> | 38423252 | 29950591 |
|  |  | 58605754 | 51158390 |
|  | **Research & Consulting Services (5.32%)** |  |  |
| 878800 | CoStar Group, Inc.<sup>1</sup> | 47961154 | 67913664 |
|  | **Trading Companies & Distributors (3.05%)** |  |  |
| 332185 | SiteOne Landscape Supply, Inc.<sup>1</sup> | 39742334 | 38971944 |
| **Total Industrials** | **Total Industrials** | **146309242** | **158043998** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Materials (3.73%)** | **Materials (3.73%)** | **Materials (3.73%)** | **Materials (3.73%)** |
|  | **Construction Materials (2.28%)** | **Construction Materials (2.28%)** |  |
| 166300 | Vulcan Materials Co. | $22796570 | $29120793 |
|  | **Specialty Chemicals (1.45%)** | **Specialty Chemicals (1.45%)** | **Specialty Chemicals (1.45%)** |
| 77650 | The Sherwin-Williams Co. | 16570029 | 18428674 |
| **Total Materials** | **Total Materials** | **39366599** | **47549467** |
| **Real Estate (35.30%)** | **Real Estate (35.30%)** | **Real Estate (35.30%)** | **Real Estate (35.30%)** |
|  | **Industrial REITs (8.21%)** |  |  |
| 593200 | Prologis, Inc. | 60877935 | 66871436 |
| 693459 | Rexford Industrial Realty, Inc. | 35755743 | 37890600 |
|  |  | 96633678 | 104762036 |
|  | **Real Estate Services (6.80%)** | **Real Estate Services (6.80%)** | **Real Estate Services (6.80%)** |
| 630350 | CBRE Group, Inc., Cl A<sup>1</sup> | 33666130 | 48511736 |
| 240157 | Jones Lang LaSalle, Inc.<sup>1</sup> | 30891454 | 38273821 |
|  |  | 64557584 | 86785557 |
|  | **Residential REITs (2.86%)** | **Residential REITs (2.86%)** | **Residential REITs (2.86%)** |
| 347950 | American Homes 4 Rent, Cl A | 11205115 | 10487213 |
| 248500 | Equity LifeStyle Properties, Inc. | 13469267 | 16053100 |
| 337700 | Invitation Homes, Inc. | 7823352 | 10009428 |
|  |  | 32497734 | 36549741 |
|  | **Specialized REITs (17.43%)** | **Specialized REITs (17.43%)** | **Specialized REITs (17.43%)** |
| 123450 | Alexandria Real Estate<br>Equities, Inc.<sup>3</sup> | 12660306 | 17982962 |
| 259000 | American Tower Corp. | 47233210 | 54871740 |
| 75840 | Equinix, Inc. | 34919562 | 49677475 |
| 93150 | Extra Space Storage, Inc. | 14792700 | 13709817 |
| 382848 | Gaming and Leisure<br>Properties, Inc. | 12713275 | 19942552 |
| 115254 | Public Storage | 40399114 | 32293018 |
| 121450 | SBA Communications Corp. | 35623549 | 34043650 |
|  |  | 198341716 | 222521214 |
| **Total Real Estate** | **Total Real Estate** | **392030712** | **450618548** |
| **Special Purpose Acquisition<br>Company (0.98%)** | **Special Purpose Acquisition<br>Company (0.98%)** | **Special Purpose Acquisition<br>Company (0.98%)** | **Special Purpose Acquisition<br>Company (0.98%)** |
| 1250000 | Fifth Wall<br>Acquisition Corp. III, Cl A<sup>1,2</sup> | **12500000** | **12562500** |
| **Total Common Stocks** | **Total Common Stocks** | **991838653** | **1136082799** |

---

30 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Real Estate Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (11.02%)** | **Short Term Investments (11.02%)** | **Short Term Investments (11.02%)** |
| $140644217 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $140,704,381; (Fully Collateralized by $11,805,700 U.S.Treasury Note, 2.375% due 5/15/2029 Market value - $10,802,019 and $152,097,000 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $132,655,088)<sup>4</sup> | $**140644217** | $**140644217** |
| **Total Investments (100.03%)** | $**1132482870** | **1276727016** |
| **Liabilities Less Cash and Other Assets (-0.03%)** | **Liabilities Less Cash and Other Assets (-0.03%)** | **(369213)** |
| **Net Assets** | **Net Assets** | $**1276357803** |
| **Retail Shares (Equivalent to $27.86 per share<br>based on 11,560,580 shares outstanding)** | **Retail Shares (Equivalent to $27.86 per share<br>based on 11,560,580 shares outstanding)** | $**322028606** |
| **Institutional Shares (Equivalent to $28.73 per share<br>based on 32,328,373 shares outstanding)** | **Institutional Shares (Equivalent to $28.73 per share<br>based on 32,328,373 shares outstanding)** | $**928677650** |
| **R6 Shares (Equivalent to $28.73 per share<br>based on 892,990 shares outstanding)** | **R6 Shares (Equivalent to $28.73 per share<br>based on 892,990 shares outstanding)** | $**25651547** |

---

------

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 31

------

---

| | |
|:---|:---|
| **Baron Emerging Markets Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (93.22%)** | **Common Stocks (93.22%)** | **Common Stocks (93.22%)** | **Common Stocks (93.22%)** |
| **Brazil (5.69%)** | **Brazil (5.69%)** | **Brazil (5.69%)** | **Brazil (5.69%)** |
| 19523896 | Aeris Indústria E Comércio De Equipamentos Para Geracão De Energia SA<sup>3</sup> | $20530702 | $4194508 |
| 1932753 | Afya Ltd., Cl A<sup>1</sup> | 45636673 | 30189602 |
| 1598080 | Azul SA<sup>1,3</sup> | 5204673 | 3286759 |
| 362459 | Azul SA, ADR<sup>1</sup> | 3224365 | 2214624 |
| 12105223 | B3 S.A. - Brasil, Bolsa, Balcao<sup>3</sup> | 29506117 | 30246378 |
| 21194813 | Hapvida Participacoes e Investimentos SA, 144A<sup>1,3</sup> | 27226432 | 20424020 |
| 2199111 | Inter & Co., Inc. BDR<sup>3</sup> | 8819846 | 4632454 |
| 3785041 | Localiza Rent a Car SA<sup>3</sup> | 22600450 | 37584497 |
| 3010743 | StoneCo Ltd., Cl A<sup>1</sup> | 33226861 | 28421414 |
| 10255945 | Suzano SA<sup>3</sup> | 96268121 | 94694052 |
| 992821 | XP, Inc., Cl A<sup>1</sup> | 27516252 | 15229874 |
| **Total Brazil** | **Total Brazil** | **319760492** | **271118182** |
| **China (31.71%)** | **China (31.71%)** | **China (31.71%)** | **China (31.71%)** |
| 1655301 | Alibaba Group Holding<br>Limited, ADR<sup>1</sup> | 143760816 | 145815465 |
| 596493 | Baidu, Inc., ADR<sup>1</sup> | 74087335 | 68226869 |
| 7837568 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl A<sup>3</sup> | 33981583 | 37655733 |
| 26680767 | China Conch Environment Protection Holdings Ltd.<sup>1,3</sup> | 10883176 | 10743997 |
| 7344029 | China Conch Venture Holdings Ltd.<sup>3</sup> | 23973274 | 15931602 |
| 14701725 | China Mengniu Dairy Co. Ltd.<sup>3</sup> | 31619318 | 66291700 |
| 1520232 | China Tourism Group Duty Free Corporation Ltd., Cl A<sup>3</sup> | 30787869 | 47056747 |
| 19172780 | Estun Automation Co. Ltd., Cl A<sup>3</sup> | 72215865 | 59696368 |
| 9550569 | Full Truck Alliance Co. Ltd., ADR<sup>1</sup> | 76664311 | 76404552 |
| 7665878 | Galaxy Entertainment Group Ltd.<sup>1,3</sup> | 52765699 | 50400472 |
| 2631830 | GDS Holdings Limited, Cl A<sup>1,3</sup> | 26325865 | 6814815 |
| 799930 | GDS Holdings Limited, ADR<sup>1</sup> | 24117091 | 16494557 |
| 4618632 | Glodon Co. Ltd., Cl A<sup>3</sup> | 25321297 | 39748579 |
| 4088050 | Han's Laser Technology Industry Group Co., Ltd., Cl A<sup>3</sup> | 22020024 | 15026754 |
| 1938892 | Hangzhou Tigermed<br>Consulting Co. Ltd., Cl A<sup>3</sup> | 23205875 | 29132944 |
| 3029378 | Hua Hong Semiconductor Limited, 144A<sup>1,3</sup> | 5675914 | 10497413 |
| 1021828 | JD.com, Inc., ADR<sup>1</sup> | 59923356 | 57355206 |
| 209580 | JD.com, Inc., Cl A<sup>1,3</sup> | 7645515 | 5850765 |
| 7213046 | Jiangsu Hengli<br>Hydraulic Co. Ltd., Cl A<sup>3</sup> | 60971462 | 65406414 |
| 22207666 | Kingdee International Software Group Co. Ltd.<sup>1,3</sup> | 9948397 | 47126790 |
| 17463369 | Kingsoft Corp. Ltd.<sup>3</sup> | 64815436 | 57874609 |
| 6777483 | Lufax Holding Ltd., ADR | 31203360 | 13148317 |
| 9336810 | Midea Group Co., Ltd., Cl A<sup>3</sup> | 54136283 | 69291398 |
| 9730536 | NARI Technology Co. Ltd., Cl A<sup>3</sup> | 37252489 | 34006155 |
| 2503214 | Shanghai Henlius<br>Biotech, Inc., Cl H, 144A<sup>1,3</sup> | 15214653 | 4083784 |
| 1063029 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cl A<sup>3</sup> | 30631747 | 48205961 |
| 3633168 | Shenzhou International Group Holdings Ltd.<sup>3</sup> | 15562046 | 40516533 |
| 2765622 | Tencent Holdings Limited<sup>3</sup> | 54927698 | 117263379 |
| 309929 | Tencent Holdings Limited, ADR | 15746484 | 13128592 |
| 10444864 | Venustech Group, Inc., Cl A<sup>3</sup> | 52448782 | 39121345 |
| 4255454 | Wuxi Biologics<br>Cayman, Inc., 144A<sup>1,3</sup> | 31398616 | 32230403 |
| 847322 | Yum China Holdings, Inc. | 42937446 | 46306147 |
| 550529 | Yum China Holdings, Inc., (Hong Kong)<sup>3</sup> | 29260696 | 30741477 |
| 5446371 | Yunnan Baiyao<br>Group Co. Ltd., Cl A<sup>3</sup> | 54381334 | 42527254 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Cost** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
| 1086768 | Zai Lab Limited, ADR<sup>1</sup> | $| 23028700 | $| 33363778 |
| 2657482 | Zhejiang Dingli<br>Machinery Co. Ltd., Cl A<sup>3</sup> |  | 22089249 |  | 18235828 |
| **Total China** | **Total China** |  | **1390929061** |  | **1511722702** |
| **Hong Kong (3.77%)** | **Hong Kong (3.77%)** | **Hong Kong (3.77%)** | **Hong Kong (3.77%)** | **Hong Kong (3.77%)** | **Hong Kong (3.77%)** |
| 4458215 | AIA Group Ltd.<sup>3</sup> |  | 41369520 |  | 49233769 |
| 19106298 | Budweiser Brewing Co.<br>APAC Ltd., 144A<sup>3</sup> |  | 59315525 |  | 59726205 |
| 666824 | Hong Kong Exchanges & Clearing Ltd.<sup>3</sup> |  | 27709878 |  | 28653587 |
| 3803097 | Techtronic Industries Co. Ltd.<sup>3</sup> |  | 14941977 |  | 42240374 |
| **Total Hong Kong** | **Total Hong Kong** |  | **143336900** |  | **179853935** |
| **India (21.74%)** | **India (21.74%)** | **India (21.74%)** | **India (21.74%)** | **India (21.74%)** | **India (21.74%)** |
| 3853312 | Aarti Industries Ltd.<sup>3</sup> |  | 38758101 |  | 28361675 |
| 1023320 | Aarti Pharmalabs Ltd.<sup>1,2,4</sup> |  | 5978189 |  | 4695422 |
| 468916 | Asian Paints Ltd.<sup>3</sup> |  | 10355106 |  | 17432489 |
| 1547732 | Bajaj Finance Limited<sup>3</sup> |  | 55713607 |  | 122603200 |
| 8191366 | Bharti Airtel Ltd.<sup>3</sup> |  | 60805600 |  | 79661974 |
| 877087 | Bharti Airtel Ltd. PP<sup>3</sup> |  | 1566815 |  | 4587333 |
| 770186 | Divi's Laboratories Ltd.<sup>3</sup> |  | 7391068 |  | 31722990 |
| 36262120 | Edelweiss Financial Services Ltd.<sup>3</sup> |  | 51031635 |  | 28030808 |
| 3968110 | Godrej Consumer Products Ltd.<sup>1,3</sup> |  | 49520943 |  | 41866428 |
| 2023308 | Godrej Properties Ltd.<sup>1,3</sup> |  | 39225854 |  | 29906101 |
| 3904231 | HDFC Bank Ltd.<sup>3</sup> |  | 61833249 |  | 76575828 |
| 6154358 | ICICI Bank Ltd.<sup>3</sup> |  | 61621173 |  | 66194843 |
| 963399 | ICICI Lombard General<br>Insurance Co. Ltd., 144A<sup>3</sup> |  | 15909550 |  | 14384280 |
| 43464202 | JM Financial Limited<sup>3</sup> |  | 61649851 |  | 37468462 |
| 4037947 | Jubilant FoodWorks Ltd.<sup>3</sup> |  | 33254240 |  | 24895116 |
| 5053057 | Max Financial Services Ltd.<sup>1,3</sup> |  | 36649139 |  | 41260533 |
| 3019116 | Muthoot Finance Ltd.<sup>3</sup> |  | 45355213 |  | 38749603 |
| 10371017 | Nippon Life India Asset Management Ltd., 144A<sup>3</sup> |  | 35610795 |  | 31185703 |
| 4152706 | Reliance Industries Limited<sup>3</sup> |  | 78425683 |  | 127490610 |
| 4128052 | SBI Life Insurance<br>Company Limited, 144A<sup>3</sup> |  | 43123777 |  | 61268771 |
| 4089369 | Tata Communications Ltd.<sup>3</sup> |  | 24719031 |  | 62903908 |
| 3259524 | Tata Consumer Products Ltd.<sup>3</sup> |  | 11391576 |  | 30166742 |
| 1124284 | Titan Co. Ltd.<sup>3</sup> |  | 16713845 |  | 35275850 |
| **Total India** | **Total India** |  | **846604040** |  | **1036688669** |
| **Indonesia (2.62%)** | **Indonesia (2.62%)** | **Indonesia (2.62%)** | **Indonesia (2.62%)** | **Indonesia (2.62%)** | **Indonesia (2.62%)** |
| 245542971 | Bank Rakyat Indonesia<br>(Persero) Tbk PT<sup>3</sup> |  | 71971521 |  | 77849425 |
| 99307116 | Merdeka Copper Gold Tbk PT<sup>1,3</sup> |  | 29748547 |  | 26236235 |
| 34866071 | PT Bank Negara Indonesia (Persero) Tbk<sup>3</sup> |  | 20986769 |  | 20657014 |
| **Total Indonesia** | **Total Indonesia** |  | **122706837** |  | **124742674** |
| **Italy (1.31%)** | **Italy (1.31%)** | **Italy (1.31%)** | **Italy (1.31%)** | **Italy (1.31%)** | **Italy (1.31%)** |
| 1789767 | Tenaris SA<sup>3</sup> |  | 22511065 |  | 31388396 |
| 890117 | Tenaris SA, ADR |  | 22981905 |  | 31296514 |
| **Total Italy** | **Total Italy** |  | **45492970** |  | **62684910** |
| **Japan (1.07%)** | **Japan (1.07%)** | **Japan (1.07%)** | **Japan (1.07%)** | **Japan (1.07%)** | **Japan (1.07%)** |
| 131465 | Keyence Corporation<sup>3</sup> |  | **48760020** |  | **51040564** |

---

32 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Emerging Markets Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Korea, Republic of (7.77%)** | **Korea, Republic of (7.77%)** | **Korea, Republic of (7.77%)** | **Korea, Republic of (7.77%)** |
| 1727877 | Coupang, Inc., Cl A<sup>1</sup> | $20543215 | $25417071 |
| 606209 | Hyundai Heavy<br>Industries Co. Ltd.<sup>3</sup> | 31766411 | 55870143 |
| 923409 | Korea Aerospace Industries Ltd.<sup>1,3</sup> | 30289331 | 37319614 |
| 1412030 | Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>3</sup> | 140960990 | 79401304 |
| 3931949 | Samsung Electronics Co., Ltd.<sup>3</sup> | 129645519 | 172585995 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | **353205466** | **370594127** |
| **Mexico (2.32%)** | **Mexico (2.32%)** | **Mexico (2.32%)** | **Mexico (2.32%)** |
| 10646148 | Grupo Mexico<br>S.A.B. de C.V., Series B | 26802868 | 37533183 |
| 20604393 | Wal-Mart de Mexico,<br>S.A.B de C.V.<sup>1</sup> | 48395872 | 72831478 |
| **Total Mexico** | **Total Mexico** | **75198740** | **110364661** |
| **Norway (0.46%)** | **Norway (0.46%)** | **Norway (0.46%)** | **Norway (0.46%)** |
| 2950296 | Norsk Hydro ASA<sup>1,3</sup> | **18510069** | **22045685** |
| **Peru (1.30%)** | **Peru (1.30%)** | **Peru (1.30%)** | **Peru (1.30%)** |
| 458041 | Credicorp, Ltd. | **57988607** | **62137842** |
| **Philippines (1.85%)** | **Philippines (1.85%)** | **Philippines (1.85%)** | **Philippines (1.85%)** |
| 63726965 | Ayala Land, Inc.<sup>3</sup> | 46875405 | 35375382 |
| 27652201 | BDO Unibank, Inc.<sup>3</sup> | 48718104 | 52585588 |
| **Total Philippines** | **Total Philippines** | **95593509** | **87960970** |
| **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** | **Poland (1.19%)** |
| 6732703 | InPost SA<sup>1,3</sup> | **109620766** | **56882950** |
| **Russia (0.02%)** | **Russia (0.02%)** | **Russia (0.02%)** | **Russia (0.02%)** |
| 2384838 | Fix Price Group Ltd., GDR<sup>1,2,4</sup> | 20761023 | 95393 |
| 4746202 | Fix Price Group Ltd., GDR, 144A<sup>1,2,4</sup> | 46272864 | 189848 |
| 1873612 | Ozon Holdings PLC, ADR<sup>1,2,4</sup> | 76824628 | 374722 |
| 17949100 | Sberbank of Russia PJSC<sup>1,2,4</sup> | 64206206 | 14092 |
| 809897 | Yandex N.V., Cl A<sup>1,2,4</sup> | 16974482 | 299662 |
| **Total Russia** | **Total Russia** | **225039203** | **973717** |
| **South Africa (1.53%)** | **South Africa (1.53%)** | **South Africa (1.53%)** | **South Africa (1.53%)** |
| 1447153 | Gold Fields Ltd.<sup>3</sup> | 15245377 | 15028451 |
| 3482547 | Gold Fields Ltd., ADR | 35515975 | 36044361 |
| 132126 | Naspers Limited, Cl N<sup>3</sup> | 18983447 | 22079005 |
| **Total South Africa** | **Total South Africa** | **69744799** | **73151817** |
| **Spain (0.12%)** | **Spain (0.12%)** | **Spain (0.12%)** | **Spain (0.12%)** |
| 1791760 | Codere Online Luxembourg, S.A. Forward Shares<sup>1</sup> | 17917600 | 4622741 |
| 358352 | Codere Online Luxembourg, S.A. Founders Share<sup>1,2,4</sup> | 3116 | 895880 |
| 26518 | Codere Online Luxembourg, S.A. Private Shares<sup>1</sup> | 265181 | 68416 |
| **Total Spain** | **Total Spain** | **18185897** | **5587037** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Taiwan (6.98%)** | **Taiwan (6.98%)** | **Taiwan (6.98%)** | **Taiwan (6.98%)** |
| 8380054 | Delta Electronics, Inc.<sup>3</sup> | $36125676 | $77682985 |
| 982155 | MediaTek, Inc.<sup>3</sup> | 17633522 | 19858118 |
| 3157911 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 125606031 | 235232790 |
| **Total Taiwan** | **Total Taiwan** | **179365229** | **332773893** |
| **United Arab Emirates (0.29%)** | **United Arab Emirates (0.29%)** | **United Arab Emirates (0.29%)** | **United Arab Emirates (0.29%)** |
| 3772092 | Network International<br>Holdings plc, 144A<sup>1</sup> | **22252784** | **13589608** |
| **United Kingdom (1.40%)** | **United Kingdom (1.40%)** | **United Kingdom (1.40%)** | **United Kingdom (1.40%)** |
| 9987322 | Glencore PLC<sup>3</sup> | **29527947** | **66601892** |
| **United States (0.08%)** | **United States (0.08%)** | **United States (0.08%)** | **United States (0.08%)** |
| 483442 | ACM Research, Inc., Cl A<sup>1</sup> | **13732437** | **3727338** |
| **Total Common Stocks** | **Total Common Stocks** | **4185555773** | **4444243173** |
| **Private Common Stocks (1.32%)** | **Private Common Stocks (1.32%)** |  |  |
| **India (1.32%)** | **India (1.32%)** | **India (1.32%)** | **India (1.32%)** |
| 27027 | Pine Labs PTE. Ltd., Series 1<sup>1,2,4</sup> | 10077362 | 15843768 |
| 6833 | Pine Labs PTE. Ltd., Series A<sup>1,2,4</sup> | 2547771 | 4005641 |
| 7600 | Pine Labs PTE. Ltd., Series B<sup>1,2,4</sup> | 2833757 | 4455272 |
| 6174 | Pine Labs PTE. Ltd., Series B2<sup>1,2,4</sup> | 2302055 | 3619322 |
| 9573 | Pine Labs PTE. Ltd., Series C<sup>1,2,4</sup> | 3569416 | 5611884 |
| 1932 | Pine Labs PTE. Ltd., Series C1<sup>1,2,4</sup> | 720371 | 1132577 |
| 2459 | Pine Labs PTE. Ltd., Series D<sup>1,2,4</sup> | 916870 | 1441515 |
| 45680 | Pine Labs PTE. Ltd., Series J<sup>1,2,4</sup> | 17032398 | 26778530 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **40000000** | **62888509** |
| **Private Convertible Preferred Stocks (2.61%)** | **Private Convertible Preferred Stocks (2.61%)** | **Private Convertible Preferred Stocks (2.61%)** | **Private Convertible Preferred Stocks (2.61%)** |
| **India (2.61%)** | **India (2.61%)** | **India (2.61%)** | **India (2.61%)** |
| 11578 | Bundl Technologies Private Ltd., Series K<sup>1,2,4</sup> | 76776872 | 50924652 |
| 15334 | Think & Learn Private Limited, Series F<sup>1,2,4</sup> | 49776072 | 73568842 |
| **Total Private Convertible Preferred Stocks** | **Total Private Convertible Preferred Stocks** | **126552944** | **124493494** |
| **Rights (0.00%)** | **Rights (0.00%)** | **Rights (0.00%)** | **Rights (0.00%)** |
| **Brazil (0.00%)** | **Brazil (0.00%)** | **Brazil (0.00%)** | **Brazil (0.00%)** |
| 16543 | Localiza Rent a Car SA,<br>Rights Exp. 1/31/2023<sup>1</sup> | **0** | **33714** |
| **Warrants (0.00%)** | **Warrants (0.00%)** |  |  |
| **Spain (0.00%)** | **Spain (0.00%)** | **Spain (0.00%)** | **Spain (0.00%)** |
|  | **Casinos & Gaming (0.00%)** | **Casinos & Gaming (0.00%)** | **Casinos & Gaming (0.00%)** |
| 13259 | Codere Online Luxembourg S.A. Private Shares, Exp. 11/30/2026 <sup>1</sup> | **0** | **1762** |

---

See Notes to Financial Statements. 33

------

---

| | |
|:---|:---|
| **Baron Emerging Markets Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (3.10%)** | **Short Term Investments (3.10%)** | **Short Term Investments (3.10%)** |
| $147792706 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $147,855,929; (Fully Collateralized by $172,842,300 U.S. Treasury Note, 1.5% due 11/30/2028 Market value -$150,748,605)<sup>3</sup> | $**147792706** | $**147792706** |
| **Total Investments (100.25%)** | $**4499901423** | **4779453358** |
| **Liabilities Less Cash and Other Assets (-0.25%)** | **Liabilities Less Cash and Other Assets (-0.25%)** | **(11740783)** |
| **Net Assets** | **Net Assets** | $**4767712575** |
| **Retail Shares (Equivalent to $12.96 per share<br>based on 21,895,316 shares outstanding)** | **Retail Shares (Equivalent to $12.96 per share<br>based on 21,895,316 shares outstanding)** | $**283655403** |
| **Institutional Shares (Equivalent to $13.04 per share<br>based on 342,959,339 shares outstanding)** | **Institutional Shares (Equivalent to $13.04 per share<br>based on 342,959,339 shares outstanding)** | $**4473580812** |
| **R6 Shares (Equivalent to $13.05 per share<br>based on 802,782 shares outstanding)** | **R6 Shares (Equivalent to $13.05 per share<br>based on 802,782 shares outstanding)** | $**10476360** |

---

------

---

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

---

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

<sup>2</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $193,947,022 or 4.07% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 7 regarding Fair Value Measurements.

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

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

<sup>GDR</sup> Global 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 December 31, 2022, the market value of Rule 144A securities amounted to $247,580,035 or 5.19% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br>as of December 31, 2022** | **Percentage of<br>Net Assets** | |
|  Financials | 18.3 | % |
|  Information Technology | 17.3 |  |
|  Consumer Discretionary | 16.0 |  |
|  Industrials | 12.9 |  |
|  Communication Services | 8.5 |  |
|  Materials | 8.0 |  |
|  Consumer Staples | 5.7 |  |
|  Health Care | 5.2 |  |
|  Energy | 4.0 |  |
|  Real Estate | 1.4 |  |
|  Cash and Cash Equivalents\* | 2.9 |  |
|  | 100.00 | %\*\* |

---

\* Includes short term investments.

\*\* Individual weights may not sum to displayed total due to rounding. 

34 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Global Advantage Fund** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (88.19%)** | **Common Stocks (88.19%)** | **Common Stocks (88.19%)** |
| **Argentina (7.21%)** | **Argentina (7.21%)** | **Argentina (7.21%)** |
| 73496 Globant S.A.<sup>1</sup> | $5218035 | $12359088 |
| 51109 MercadoLibre, Inc.<sup>1</sup> | 37263021 | 43250480 |
| **Total Argentina** | **42481056** | **55609568** |
| **Brazil (2.35%)** | **Brazil (2.35%)** | **Brazil (2.35%)** |
| 1159220 Afya Ltd., Cl A<sup>1</sup> | **24415674** | **18107016** |
| **Canada (3.28%)** | **Canada (3.28%)** | **Canada (3.28%)** |
| 727369 Shopify, Inc., Cl A<sup>1</sup> | **27502905** | **25246978** |
| **China (2.76%)** | **China (2.76%)** | **China (2.76%)** |
| 959865 Meituan Inc., Cl B, 144A<sup>1,3</sup> | **12096383** | **21266606** |
| **India (5.57%)** | **India (5.57%)** | **India (5.57%)** |
| 475005 Bajaj Finance Limited<sup>3</sup> | 29538367 | 37627402 |
| 7379067 Zomato Ltd.<sup>1,3</sup> | 12454606 | 5289899 |
| **Total India** | **41992973** | **42917301** |
| **Israel (3.89%)** | **Israel (3.89%)** | **Israel (3.89%)** |
| 296267 Fiverr International Ltd.<sup>1</sup> | 6675896 | 8633220 |
| 3375264 Innovid Corp.<sup>1</sup> | 32939278 | 5771702 |
| 2753705 Taboola.com Ltd.<sup>1</sup> | 26501176 | 8481411 |
| 92553 Wix.com Ltd.<sup>1</sup> | 7477921 | 7110847 |
| **Total Israel** | **73594271** | **29997180** |
| **Korea, Republic of (3.39%)** | **Korea, Republic of (3.39%)** | **Korea, Republic of (3.39%)** |
| 1778267 Coupang, Inc., Cl A<sup>1</sup> | **36953125** | **26158308** |
| **Netherlands (10.21%)** | **Netherlands (10.21%)** | **Netherlands (10.21%)** |
| 16186 Adyen N.V., 144A<sup>1,3</sup> | 16437273 | 22470198 |
| 93395 argenx SE, ADR<sup>1</sup> | 8921603 | 35380828 |
| 38227 ASML Holding N.V.<sup>3</sup> | 8394703 | 20843334 |
| **Total Netherlands** | **33753579** | **78694360** |
| **Poland (1.95%)** | **Poland (1.95%)** | **Poland (1.95%)** |
| 1782866 InPost SA<sup>1,3</sup> | **28082950** | **15062996** |
| **Spain (0.57%)** | **Spain (0.57%)** | **Spain (0.57%)** |
| 996069 Codere Online Luxembourg S.A.<sup>1</sup> | 9115057 | 2569858 |
| 584567 Codere Online Luxembourg, S.A. Forward Shares<sup>1</sup> | 5845670 | 1508183 |
| 116913 Codere Online Luxembourg, S.A. Founders Share<sup>1,2,4</sup> | 1017 | 292283 |
| 8652 Codere Online Luxembourg, S.A. Private Shares<sup>1</sup> | 86516 | 22322 |
| **Total Spain** | **15048260** | **4392646** |
| **United Kingdom (6.67%)** | **United Kingdom (6.67%)** | **United Kingdom (6.67%)** |
| 671911 Endava plc, ADR<sup>1</sup> | **27929394** | **51401191** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (38.85%)** | **United States (38.85%)** | **United States (38.85%)** | **United States (38.85%)** |
| 141583 | Bill.Com Holdings, Inc.<sup>1</sup> | $6149064 | $15426884 |
| 204952 | Block, Inc., Cl A<sup>1</sup> | 16736676 | 12879184 |
| 371841 | Cloudflare, Inc., Cl A<sup>1</sup> | 9123087 | 16810932 |
| 280005 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 30341565 | 29481726 |
| 358515 | Datadog, Inc., Cl A<sup>1</sup> | 28000451 | 26350852 |
| 57437 | EPAM Systems, Inc.<sup>1</sup> | 8184400 | 18824402 |
| 195308 | Guardant Health, Inc.<sup>1</sup> | 13633862 | 5312378 |
| 93454 | Illumina, Inc.<sup>1</sup> | 28662832 | 18896399 |
| 1732760 | MaxCyte, Inc.<sup>1</sup> | 21231690 | 9460869 |
| 146664 | NVIDIA Corp. | 31174400 | 21433477 |
| 660574 | Rivian Automotive, Inc., Cl A<sup>1</sup> | 14000003 | 12174379 |
| 420456 | Schrödinger, Inc.<sup>1</sup> | 13998791 | 7858323 |
| 241005 | Snowflake, Inc., Cl A<sup>1</sup> | 38654482 | 34593858 |
| 120215 | Tesla, Inc.<sup>1</sup> | 34613214 | 14808084 |
| 132883 | Veeva Systems, Inc., Cl A<sup>1</sup> | 18929211 | 21444658 |
| 727495 | ZoomInfo Technologies, Inc.<sup>1</sup> | 21829647 | 21904874 |
| 105009 | Zscaler, Inc.<sup>1</sup> | 5825395 | 11750507 |
| **Total United States** | **Total United States** | **341088770** | **299411786** |
| **Uruguay (1.49%)** | **Uruguay (1.49%)** | **Uruguay (1.49%)** | **Uruguay (1.49%)** |
| 735783 | Dlocal Ltd.<sup>1</sup> | **15669063** | **11456141** |
| **Total Common Stocks** | **Total Common Stocks** | **720608403** | **679722077** |
| **Private Common Stocks (3.12%)** | **Private Common Stocks (3.12%)** | **Private Common Stocks (3.12%)** | **Private Common Stocks (3.12%)** |
| **United States (3.12%)** | **United States (3.12%)** | **United States (3.12%)** | **United States (3.12%)** |
| 252130 | Space Exploration<br>Technologies Corp., Cl A<sup>1,2,4</sup> | 11571518 | 18547426 |
| 75250 | Space Exploration<br>Technologies Corp., Cl C<sup>1,2,4</sup> | 3428124 | 5535612 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **14999642** | **24083038** |
| **Private Convertible Preferred Stocks (7.59%)** | **Private Convertible Preferred Stocks (7.59%)** | **Private Convertible Preferred Stocks (7.59%)** | **Private Convertible Preferred Stocks (7.59%)** |
| **India (5.73%)** | **India (5.73%)** | **India (5.73%)** | **India (5.73%)** |
| 9201 | Think & Learn Private Limited, Series F<sup>1,2,4</sup> | **29867591** | **44144184** |
| **United States (1.86%)** | **United States (1.86%)** | **United States (1.86%)** | **United States (1.86%)** |
| 219321 | Farmers Business Network, Inc., Series F<sup>1,2,4</sup> | 7250006 | 7875817 |
| 80440 | Farmers Business Network, Inc., Series G<sup>1,2,4</sup> | 5000000 | 5297778 |
| 69926 | Resident Home, Inc., Series B1<sup>1,2,4</sup> | 4999968 | 1165667 |
| **Total United States** | **Total United States** | **17249974** | **14339262** |
| **Total Private Convertible Preferred Stocks** | **Total Private Convertible Preferred Stocks** | **47117565** | **58483446** |
| **Private Preferred Stocks (1.44%)** | **Private Preferred Stocks (1.44%)** | **Private Preferred Stocks (1.44%)** | **Private Preferred Stocks (1.44%)** |
| **United States (1.44%)** | **United States (1.44%)** | **United States (1.44%)** | **United States (1.44%)** |
| 461004 | GM Cruise Holdings, Cl G<sup>1,2,4</sup> | **12147455** | **11087146** |

---

See Notes to Financial Statements. 35

------

---

| | |
|:---|:---|
| **Baron Global Advantage Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Warrants (0.03%)** | **Warrants (0.03%)** | **Warrants (0.03%)** |
| **Israel (0.02%)** | **Israel (0.02%)** | **Israel (0.02%)** |
| 68986 Innovid Corp.<sup>1</sup> | $117942 | $27594 |
| 228748 Taboola.com Ltd., Exp. 6/29/2026<sup>1</sup> | 417100 | 112087 |
| **Total Israel** | **535042** | **139681** |
| **Spain (0.01%)** | **Spain (0.01%)** | **Spain (0.01%)** |
| 502360 Codere Online Luxembourg S.A., Exp. 11/30/2026<sup>1</sup> | **845632** | **66764** |
| **Total Warrants** | **1380674** | **206445** |
| **Total Investments (100.37%)** | $**796253739** | **773582152** |
| **Liabilities Less Cash and Other Assets (-0.37%)** | **Liabilities Less Cash and Other Assets (-0.37%)** | **(2852046)** |
| **Net Assets** |  | $**770730106** |
| **Retail Shares (Equivalent to $24.51 per share<br>based on 9,110,593 shares outstanding)** | **Retail Shares (Equivalent to $24.51 per share<br>based on 9,110,593 shares outstanding)** | $**223265268** |
| **Institutional Shares (Equivalent to $25.08 per share<br>based on 21,459,389 shares outstanding)** | **Institutional Shares (Equivalent to $25.08 per share<br>based on 21,459,389 shares outstanding)** | $**538167010** |
| **R6 Shares (Equivalent to $25.09 per share<br>based on 370,533 shares outstanding)** | **R6 Shares (Equivalent to $25.09 per share<br>based on 370,533 shares outstanding)** | $**9297828** |

---

------

---

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

---

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

<sup>2</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $93,945,913 or 12.19% of net assets. These securities are not deemed liquid. See Note 6 regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 7 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 7 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 December 31, 2022, the market value of Rule 144A securities amounted to $43,736,804 or 5.67% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br>as of December 31, 2022** | **Percentage of<br>Total Investments** | |
|  Information Technology | 43.7 | % |
|  Consumer Discretionary | 25.8 |  |
|  Health Care | 12.7 |  |
|  Industrials | 6.5 |  |
|  Financials | 4.9 |  |
|  Communication Services | 4.7 |  |
|  Materials | 1.7 |  |
|  | 100.0 | %\* |

---

\* Individual weights may not sum to displayed total due to rounding. 

36 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Real Estate Income Fund** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (98.31%)** | **Common Stocks (98.31%)** | **Common Stocks (98.31%)** | **Common Stocks (98.31%)** |
| **Consumer Discretionary (0.48%)** | **Consumer Discretionary (0.48%)** | **Consumer Discretionary (0.48%)** | **Consumer Discretionary (0.48%)** |
|  | **Leisure Facilities (0.48%)** |  |  |
| 1541 | Vail Resorts, Inc. | $**338707** | $**367297** |
| **Financials (4.47%)** | **Financials (4.47%)** | **Financials (4.47%)** | **Financials (4.47%)** |
|  | **Asset Management & Custody Banks (4.47%)** |  |  |
| 65706 | Brookfield Corp. <sup>2</sup> | 2161942 | 2067111 |
| 48481 | Brookfield Asset<br>Management Ltd., Cl A <sup>1,2</sup> | 1508220 | 1389950 |
| **Total Financials** | **Total Financials** | **3670162** | **3457061** |
| **Real Estate (90.48%)** | **Real Estate (90.48%)** | **Real Estate (90.48%)** | **Real Estate (90.48%)** |
|  | **Health Care REITs (4.30%)** |  |  |
| 45665 | Ventas, Inc. | 2079343 | 2057208 |
| 19312 | Welltower, Inc. | 1300738 | 1265902 |
|  |  | 3380081 | 3323110 |
|  | **Industrial REITs (22.98%)** |  |  |
| 21339 | EastGroup Properties, Inc. | 3171778 | 3159452 |
| 94945 | Prologis, Inc. | 10626425 | 10703150 |
| 46439 | Rexford Industrial Realty, Inc. | 2478580 | 2537427 |
| 24050 | Terreno Realty Corp. | 1353437 | 1367724 |
|  |  | 17630220 | 17767753 |
|  | **Residential REITs (12.65%)** |  |  |
| 48300 | American Homes 4 Rent, Cl A | 1467463 | 1455762 |
| 3134 | AvalonBay Communities, Inc. | 662090 | 506203 |
| 33018 | Equity LifeStyle Properties, Inc. | 2093160 | 2132963 |
| 15096 | Equity Residential | 888911 | 890664 |
| 34559 | Invitation Homes, Inc. | 952607 | 1024329 |
| 26355 | Sun Communities, Inc. | 3559360 | 3768765 |
|  |  | 9623591 | 9778686 |
|  | **Retail REITs (4.94%)** |  |  |
| 32551 | Simon Property Group, Inc. | 3168005 | 3824091 |
|  | **Specialized REITs (45.61%)** |  |  |
| 13625 | Alexandria Real<br>Estate Equities, Inc. <sup>3</sup> | 1876685 | 1984754 |
| 37776 | American Tower Corp. | 8387431 | 8003223 |
| 10867 | Crown Castle, Inc. | 1492745 | 1474000 |
| 50025 | CubeSmart | 2057791 | 2013506 |
| 12565 | Digital Realty Trust, Inc. | 1413223 | 1259892 |
| 8572 | Equinix, Inc. | 5413874 | 5614917 |
| 17589 | Extra Space Storage, Inc. | 2878967 | 2588749 |
| 36896 | Gaming and Leisure<br>Properties, Inc. | 1609756 | 1921913 |
| 16667 | Public Storage | 4709032 | 4669927 |
| 14741 | SBA Communications Corp. | 4268882 | 4132050 |
| 49534 | VICI Properties, Inc. | 1628757 | 1604902 |
|  |  | 35737143 | 35267833 |
| **Total Real Estate** | **Total Real Estate** | **69539040** | **69961473** |
| **Utilities (2.88%)** | **Utilities (2.88%)** | **Utilities (2.88%)** | **Utilities (2.88%)** |
|  | **Multi-Utilities (2.88%)** |  |  |
| 57245 | Brookfield Infrastructure<br>Corp., Cl A <sup>2,3</sup> | **2212819** | **2226831** |
| **Total Common Stocks** | **Total Common Stocks** | **75760728** | **76012662** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (1.82%)** | **Short Term Investments (1.82%)** | **Short Term Investments (1.82%)** |
| $1406814 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $1,407,416; (Fully Collateralized by $1,645,300 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $1,434,988)<sup>4</sup> | $**1406814** | $**1406814** |
| **Total Investments (100.13%)** | $**77167542** | **77419476** |
| **Liabilities Less Cash and Other Assets (-0.13%)** | **Liabilities Less Cash and Other Assets (-0.13%)** | **(99088)** |
| **Net Assets** |  | $**77320388** |
| **Retail Shares (Equivalent to $12.71 per share<br>based on 1,050,536 shares outstanding)** | **Retail Shares (Equivalent to $12.71 per share<br>based on 1,050,536 shares outstanding)** | $**13357459** |
| **Institutional Shares (Equivalent to $12.85 per share<br>based on 4,929,406 shares outstanding)** | **Institutional Shares (Equivalent to $12.85 per share<br>based on 4,929,406 shares outstanding)** | $**63363186** |
| **R6 Shares (Equivalent to $12.84 per share<br>based on 46,700 shares outstanding)** | **R6 Shares (Equivalent to $12.84 per share<br>based on 46,700 shares outstanding)** | $**599743** |

---

------

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 37

------

---

| | |
|:---|:---|
| **Baron Health Care Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (92.94%)** | **Common Stocks (92.94%)** | **Common Stocks (92.94%)** | **Common Stocks (92.94%)** |
| **Health Care (92.94%)** | **Health Care (92.94%)** | **Health Care (92.94%)** | **Health Care (92.94%)** |
|  | **Biotechnology (22.55%)** |  |  |
| 40400 | AbbVie, Inc. | $5683668 | $6529044 |
| 11650 | Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 2450205 | 2768622 |
| 20178 | argenx SE, ADR<sup>1,2</sup> | 5104756 | 7644032 |
| 28000 | Arrowhead Pharmaceuticals, Inc.<sup>1</sup> | 949775 | 1135680 |
| 35306 | Ascendis Pharma A/S, ADR <sup>1,2</sup> | 3868666 | 4311922 |
| 44100 | Cytokinetics, Incorporated<sup>1</sup> | 1709310 | 2020662 |
| 45814 | Genmab A/S, ADR<sup>1,2</sup> | 1598230 | 1941597 |
| 70000 | Inhibrx, Inc.<sup>1</sup> | 2123831 | 1724800 |
| 36000 | Legend Biotech Corp., ADR <sup>1</sup> | 1737806 | 1797120 |
| 30000 | Moderna, Inc.<sup>1</sup> | 4644663 | 5388600 |
| 11800 | Prometheus Biosciences, Inc.<sup>1</sup> | 1293245 | 1298000 |
| 117000 | Rocket Pharmaceuticals, Inc.<sup>1</sup> | 1967381 | 2289690 |
| 23000 | Vertex Pharmaceuticals Incorporated<sup>1</sup> | 5946486 | 6641940 |
| 47400 | Xenon Pharmaceuticals, Inc.<sup>1,2</sup> | 1560413 | 1868982 |
|  |  | 40638435 | 47360691 |
|  | **Health Care Distributors (3.50%)** |  |  |
| 19600 | McKesson Corp. | 4478355 | 7352352 |
|  | **Health Care Equipment (14.16%)** |  |  |
| 33862 | Abbott Laboratories | 3366066 | 3717709 |
| 27888 | DexCom, Inc.<sup>1</sup> | 2545144 | 3158037 |
| 31551 | Edwards Lifesciences Corp. <sup>1</sup> | 2320236 | 2354020 |
| 5195 | IDEXX Laboratories, Inc.<sup>1</sup> | 2089355 | 2119352 |
| 17000 | Inari Medical, Inc. <sup>1</sup> | 1050955 | 1080520 |
| 18336 | Inspire Medical Systems, Inc.<sup>1</sup> | 2937644 | 4618472 |
| 4215 | Insulet Corp.<sup>1</sup> | 746377 | 1240854 |
| 26933 | Intuitive Surgical, Inc.<sup>1</sup> | 6469925 | 7146672 |
| 1387480 | Opsens, Inc. (Canada)<sup>1,2</sup> | 2019084 | 1926486 |
| 11600 | Shockwave Medical, Inc.<sup>1</sup> | 1298694 | 2385076 |
|  |  | 24843480 | 29747198 |
|  | **Health Care Facilities (2.00%)** |  |  |
| 17500 | HCA Healthcare, Inc. | 3935976 | 4199300 |
|  | **Health Care Services (3.53%)** |  |  |
| 16000 | Cigna Corp. | 4900566 | 5301440 |
| 70000 | Option Care Health, Inc.<sup>1</sup> | 2161376 | 2106300 |
|  |  | 7061942 | 7407740 |
|  | **Health Care Supplies (0.71%)** |  |  |
| 4500 | The Cooper Companies, Inc. | 1497332 | 1488015 |
|  | **Health Care Technology (0.22%)** |  |  |
| 25000 | Schrödinger, Inc.<sup>1</sup> | 624227 | 467250 |
|  | **Life Sciences Tools & Services (13.72%)** |  |  |
| 79500 | Bio-Techne Corporation | 7043085 | 6588960 |
| 8000 | Danaher Corp. | 2183927 | 2123360 |
| 8600 | ICON plc<sup>1,2</sup> | 1479567 | 1670550 |
| 11337 | Illumina, Inc.<sup>1</sup> | 2339775 | 2292341 |
| 100000 | MaxCyte, Inc.<sup>1</sup> | 1101625 | 546000 |
| 3210 | Mettler-Toledo International, Inc.<sup>1</sup> | 3497758 | 4639895 |
| 8600 | Repligen Corp.<sup>1</sup> | 1696290 | 1456066 |
| 15949 | Thermo Fisher Scientific, Inc. | 7550888 | 8782955 |
| 3000 | West Pharmaceutical Services, Inc. | 805864 | 706050 |
|  |  | 27698779 | 28806177 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **Managed Health Care (16.35%)** |  |  |
| 11600 | Elevance Health, Inc. | $5256969 | $5950452 |
| 16550 | Humana, Inc. | 7619479 | 8476744 |
| 37572 | UnitedHealth Group, Incorporated | 13933454 | 19919923 |
|  |  | 26809902 | 34347119 |
|  | **Pharmaceuticals (16.20%)** |  |  |
| 122300 | AstraZeneca PLC, ADR<sup>2</sup> | 7346153 | 8291940 |
| 50000 | Dechra Pharmaceuticals PLC (United Kingdom)<sup>2,3</sup> | 2211947 | 1575991 |
| 34592 | Eli Lilly & Co. | 8224141 | 12655137 |
| 70300 | Merck & Co., Inc. | 6233909 | 7799785 |
| 25185 | Zoetis, Inc. | 3871384 | 3690862 |
|  |  | 27887534 | 34013715 |
| **Total Common Stocks** | **Total Common Stocks** | **165475962** | **195189557** |
| **Principal Amount** | **Principal Amount** |  |  |
| **Short Term Investments (7.87%)** | **Short Term Investments (7.87%)** | **Short Term Investments (7.87%)** | **Short Term Investments (7.87%)** |
| $16518028 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $16,525,094; (Fully Collateralized by $19,317,700 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $16,848,401)<sup>3</sup> | **16518028** | **16518028** |
| **Total Investments (100.81%)** | **Total Investments (100.81%)** | $**181993990** | **211707585** |
| **Liabilities Less Cash and Other Assets (-0.81%)** | **Liabilities Less Cash and Other Assets (-0.81%)** |  | **(1693561)** |
| **Net Assets** | **Net Assets** |  | $**210014024** |
| **Retail Shares (Equivalent to $17.69 per share<br>based on 3,109,564 shares outstanding)** | **Retail Shares (Equivalent to $17.69 per share<br>based on 3,109,564 shares outstanding)** | **Retail Shares (Equivalent to $17.69 per share<br>based on 3,109,564 shares outstanding)** | $**55016541** |
| **Institutional Shares (Equivalent to $17.91 per share<br>based on 8,340,371 shares outstanding)** | **Institutional Shares (Equivalent to $17.91 per share<br>based on 8,340,371 shares outstanding)** | **Institutional Shares (Equivalent to $17.91 per share<br>based on 8,340,371 shares outstanding)** | $**149336854** |
| **R6 Shares (Equivalent to $17.90 per share<br>based on 316,254 shares outstanding)** | **R6 Shares (Equivalent to $17.90 per share<br>based on 316,254 shares outstanding)** | **R6 Shares (Equivalent to $17.90 per share<br>based on 316,254 shares outstanding)** | $**5660629** |

---

------

---

| | |
|:---|:---|
| % | 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 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.

38 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron FinTech Fund** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (96.11%)** | **Common Stocks (96.11%)** | **Common Stocks (96.11%)** | **Common Stocks (96.11%)** |
| **Consumer Discretionary (2.38%)** | **Consumer Discretionary (2.38%)** | **Consumer Discretionary (2.38%)** | **Consumer Discretionary (2.38%)** |
|  | **Internet & Direct Marketing Retail (2.38%)** |  |  |
| 1200 | MercadoLibre, Inc.<sup>1</sup> | $**1841556** | $**1015488** |
| **Financials (36.86%)** | **Financials (36.86%)** | **Financials (36.86%)** | **Financials (36.86%)** |
|  | **Asset Management & Custody Banks (2.33%)** |  |  |
| 1400 | BlackRock, Inc. | 1234393 | 992082 |
|  | **Financial Exchanges & Data (18.65%)** |  |  |
| 4600 | CME Group, Inc. | 983175 | 773536 |
| 2700 | FactSet Research Systems, Inc. | 1135176 | 1083267 |
| 1600 | MarketAxess Holdings, Inc. | 690718 | 446224 |
| 3800 | Moody's Corp. | 1351262 | 1058756 |
| 3300 | MSCI, Inc. | 1495793 | 1535061 |
| 6000 | S&P Global, Inc. | 2367167 | 2009640 |
| 16000 | Tradeweb Markets, Inc., Cl A | 1359703 | 1038880 |
|  |  | 9382994 | 7945364 |
|  | **Insurance Brokers (1.09%)** |  |  |
| 18500 | BRP Group, Inc., Cl A<sup>1</sup> | 552407 | 465090 |
|  | **Investment Banking & Brokerage (10.21%)** |  |  |
| 10000 | Houlihan Lokey, Inc. | 751325 | 871600 |
| 8000 | LPL Financial Holdings, Inc. | 1337774 | 1729360 |
| 21000 | The Charles Schwab Corp. | 1524736 | 1748460 |
|  |  | 3613835 | 4349420 |
|  | **Property & Casualty Insurance (4.58%)** |  |  |
| 2600 | Kinsale Capital Group, Inc. | 458703 | 679952 |
| 9800 | The Progressive Corp. | 1170302 | 1271158 |
|  |  | 1629005 | 1951110 |
| **Total Financials** | **Total Financials** | **16412634** | **15703066** |
| **Industrials (6.36%)** | **Industrials (6.36%)** | **Industrials (6.36%)** | **Industrials (6.36%)** |
|  | **Research & Consulting Services (6.36%)** |  |  |
| 10000 | CoStar Group, Inc.<sup>1</sup> | 863804 | 772800 |
| 3700 | Equifax, Inc. | 799376 | 719132 |
| 9000 | TransUnion | 936138 | 510750 |
| 4000 | Verisk Analytics, Inc. | 754922 | 705680 |
| **Total Industrials** | **Total Industrials** | **3354240** | **2708362** |
| **Information Technology (50.51%)** | **Information Technology (50.51%)** | **Information Technology (50.51%)** | **Information Technology (50.51%)** |
|  | **Application Software (13.32%)** |  |  |
| 10000 | Alkami Technology, Inc.<sup>1</sup> | 273107 | 145900 |
| 4000 | Bill.Com Holdings, Inc. <sup>1</sup> | 482722 | 435840 |
| 2000 | Ceridian HCM Holding, Inc.<sup>1</sup> | 226093 | 128300 |
| 27000 | Clearwater Analytics Holdings, Inc., Cl A<sup>1</sup> | 635932 | 506250 |
| 16000 | Expensify, Inc., Cl A<sup>1</sup> | 455818 | 141280 |
| 2200 | Fair Isaac Corp. <sup>1</sup> | 1008137 | 1316876 |
| 12000 | Guidewire Software, Inc.<sup>1</sup> | 1367684 | 750720 |
| 5100 | Intuit, Inc. | 1893149 | 1985022 |
| 10000 | nCino, Inc.<sup>1</sup> | 719726 | 264400 |
|  |  | 7062368 | 5674588 |
|  | **Data Processing & Outsourced<br>Services (25.66%)** |  |  |
| 600 | Adyen N.V., 144A (Netherlands)<sup>1,2,3</sup> | 1306284 | 832949 |
| 12000 | Block, Inc., Cl A<sup>1</sup> | 2404198 | 754080 |
| 14000 | Dlocal Ltd. <sup>1,2</sup> | 402023 | 217980 |
| 6000 | &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National<br> Information Services, Inc. | 744799 | 407100 |
| 7200 | Fiserv, Inc.<sup>1</sup> | 733653 | 727704 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| | **Data Processing & Outsourced<br>Services (continued)** | | |
| 6200 | Global Payments, Inc. | $850018 | $615784 |
| 4100 | Jack Henry & Associates, Inc. | 690451 | 719796 |
| 6800 | MasterCard Incorporated, Cl A | 2359749 | 2364564 |
| 175000 | Network International Holdings<br>plc, 144A (United Kingdom)<sup>1,2</sup> | 662160 | 630467 |
| 5000 | Nuvei Corp., 144A (Canada)<sup>1,2</sup> | 220015 | 127050 |
| 15000 | Paymentus Holdings, Inc., Cl A<sup>1</sup> | 346901 | 120150 |
| 15000 | Repay Holdings Corporation<sup>1</sup> | 290606 | 120750 |
| 12100 | Visa, Inc., Cl A | 2604565 | 2513896 |
| 115000 | Wise PLC, Cl A (United Kingdom)<sup>1,2,3</sup> | 1400080 | 779100 |
|  |  | 15015502 | 10931370 |
|  | **Internet Services &<br>Infrastructure (0.98%)** |  |  |
| 12000 | Shopify, Inc., Cl A<sup>1,2</sup> | 1697734 | 416520 |
|  | **IT Consulting & Other<br>Services (10.55%)** |  |  |
| 6200 | Accenture plc, Cl A<sup>2</sup> | 1784552 | 1654408 |
| 35000 | CI&T, Inc., Cl A<sup>1,2</sup> | 517710 | 227500 |
| 19200 | Endava plc, ADR<sup>1,2</sup> | 1372105 | 1468800 |
| 6800 | Globant S.A.<sup>1,2</sup> | 1704456 | 1143488 |
|  |  | 5378823 | 4494196 |
| **Total Information Technology** | **Total Information Technology** | **29154427** | **21516674** |
| **Total Common Stocks** | **Total Common Stocks** | **50762857** | **40943590** |
| **Principal Amount** | **Principal Amount** |  |  |
| **Short Term Investments (4.34%)** | **Short Term Investments (4.34%)** | **Short Term Investments (4.34%)** | **Short Term Investments (4.34%)** |
| $1848412 | Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $1,849,202; (Fully Collateralized by $2,161,800 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $1,885,466)<sup>3</sup> | **1848412** | **1848412** |
| **Total Investments (100.45%)** | **Total Investments (100.45%)** | $**52611269** | **42792002** |
| **Liabilities Less Cash and Other Assets (-0.45%)** | **Liabilities Less Cash and Other Assets (-0.45%)** |  | **(190493)** |
| **Net Assets** | **Net Assets** |  | $**42601509** |
| **Retail Shares (Equivalent to $11.09 per share<br>based on 636,282 shares outstanding)** | **Retail Shares (Equivalent to $11.09 per share<br>based on 636,282 shares outstanding)** | **Retail Shares (Equivalent to $11.09 per share<br>based on 636,282 shares outstanding)** | $**7054667** |
| **Institutional Shares (Equivalent to $11.17 per share<br>based on 2,782,425 shares outstanding)** | **Institutional Shares (Equivalent to $11.17 per share<br>based on 2,782,425 shares outstanding)** | **Institutional Shares (Equivalent to $11.17 per share<br>based on 2,782,425 shares outstanding)** | $**31070144** |
| **R6 Shares (Equivalent to $11.17 per share<br>based on 400,843 shares outstanding)** | **R6 Shares (Equivalent to $11.17 per share<br>based on 400,843 shares outstanding)** | **R6 Shares (Equivalent to $11.17 per share<br>based on 400,843 shares outstanding)** | $**4476698** |

---

------

---

| | |
|:---|:---|
| % | 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 7 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 December 31, 2022, the market value of Rule 144A securities amounted to $1,590,466 or 3.73% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 39

------

---

| | |
|:---|:---|
| **Baron New Asia Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (93.81%)** | **Common Stocks (93.81%)** | **Common Stocks (93.81%)** | **Common Stocks (93.81%)** |
| **China (33.52%)** | **China (33.52%)** | **China (33.52%)** | **China (33.52%)** |
| 1294 | Alibaba Group Holding Limited, ADR<sup>1</sup> | $165533 | $113988 |
| 394 | Baidu, Inc., ADR<sup>1</sup> | 60091 | 45066 |
| 1100 | Baidu, Inc., Cl A<sup>1,3</sup> | 18059 | 15687 |
| 5952 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Cl A<sup>3</sup> | 37741 | 28597 |
| 5186 | China Conch Venture Holdings Ltd.<sup>3</sup> | 22811 | 11250 |
| 12894 | China Mengniu Dairy Co. Ltd.<sup>3</sup> | 48934 | 58140 |
| 1399 | China Tourism Group Duty Free<br>Corporation Ltd., Cl A<sup>3</sup> | 45920 | 43304 |
| 15658 | Estun Automation Co. Ltd., Cl A<sup>3</sup> | 62514 | 48753 |
| 7747 | Full Truck Alliance Co. Ltd., ADR<sup>1</sup> | 53782 | 61976 |
| 6712 | Galaxy Entertainment Group Ltd.<sup>1,3</sup> | 43452 | 44129 |
| 4223 | Glodon Co. Ltd., Cl A<sup>3</sup> | 30570 | 36344 |
| 3093 | Han's Laser Technology Industry<br>Group Co., Ltd., Cl A<sup>3</sup> | 24436 | 11369 |
| 1580 | Hangzhou Tigermed Consulting Co. Ltd., Cl A<sup>3</sup> | 31739 | 23741 |
| 2322 | Hua Hong Semiconductor Limited, 144A<sup>1,3</sup> | 15333 | 8046 |
| 906 | JD.com, Inc., ADR<sup>1</sup> | 60311 | 50854 |
| 6376 | Jiangsu Hengli Hydraulic Co. Ltd., Cl A<sup>3</sup> | 54774 | 57816 |
| 20101 | Kingdee International Software<br>Group Co. Ltd.<sup>1,3</sup> | 45652 | 42656 |
| 14454 | Kingsoft Corp. Ltd.<sup>3</sup> | 65253 | 47901 |
| 5191 | Lufax Holding Ltd., ADR | 29816 | 10071 |
| 7824 | Midea Group Co., Ltd., Cl A<sup>3</sup> | 72352 | 58064 |
| 8970 | NARI Technology Co. Ltd., Cl A<sup>3</sup> | 39985 | 31348 |
| 963 | Shenzhen Mindray Bio-Medical<br>Electronics Co. Ltd., Cl A<sup>3</sup> | 49338 | 43670 |
| 3002 | Tencent Holdings Limited, ADR | 172400 | 127165 |
| 8536 | Venustech Group, Inc., Cl A<sup>3</sup> | 35643 | 31972 |
| 1915 | WuXi AppTec Co. Ltd., Cl H, 144A<sup>3</sup> | 37894 | 20093 |
| 3445 | Wuxi Biologics Cayman, Inc., 144A<sup>1,3</sup> | 45672 | 26092 |
| 1421 | Yum China Holdings, Inc., (Hong Kong)<sup>3</sup> | 82816 | 79348 |
| 4594 | Yunnan Baiyao Group Co. Ltd., Cl A<sup>3</sup> | 45695 | 35871 |
| 861 | Zai Lab Limited, ADR<sup>1</sup> | 66495 | 26433 |
| 2011 | Zhejiang Dingli Machinery Co. Ltd., Cl A<sup>3</sup> | 22670 | 13800 |
| **Total China** | **Total China** | **1587681** | **1253544** |
| **Hong Kong (5.63%)** | **Hong Kong (5.63%)** | **Hong Kong (5.63%)** | **Hong Kong (5.63%)** |
| 6127 | AIA Group Ltd.<sup>3</sup> | 66775 | 67663 |
| 17702 | Budweiser Brewing Co. APAC Ltd., 144A<sup>3</sup> | 48609 | 55336 |
| 1065 | Hong Kong Exchanges & Clearing Ltd.<sup>3</sup> | 55650 | 45763 |
| 3748 | Techtronic Industries Co. Ltd.<sup>3</sup> | 58665 | 41629 |
| **Total Hong Kong** | **Total Hong Kong** | **229699** | **210391** |
| **India (30.55%)** | **India (30.55%)** | **India (30.55%)** | **India (30.55%)** |
| 3293 | Aarti Industries Ltd.<sup>3</sup> | 38012 | 24238 |
| 1105 | Aarti Pharmalabs Ltd.<sup>1,2,4</sup> | 7364 | 5070 |
| 702 | Amber Enterprises India Ltd.<sup>1,3</sup> | 29431 | 16007 |
| 662 | Apollo Hospitals Enterprise Ltd.<sup>3</sup> | 41603 | 35773 |
| 556 | Asian Paints Ltd.<sup>3</sup> | 24656 | 20670 |
| 1332 | Bajaj Finance Limited<sup>3</sup> | 116451 | 105514 |
| 8265 | Bharti Airtel Ltd.<sup>3</sup> | 74023 | 80378 |
| 582 | Bharti Airtel Ltd. PP<sup>3</sup> | 1202 | 3044 |
| 633 | Divi's Laboratories Ltd.<sup>3</sup> | 42833 | 26072 |
| 527 | Dixon Technologies India Ltd.<sup>3</sup> | 31911 | 24822 |
| 5035 | Godrej Consumer Products Ltd.<sup>1,3</sup> | 63177 | 53123 |
| 2069 | Godrej Properties Ltd.<sup>1,3</sup> | 46827 | 30581 |
| 4483 | HDFC Bank Ltd.<sup>3</sup> | 89805 | 87928 |
| 9475 | ICICI Bank Ltd.<sup>3</sup> | 91331 | 101911 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| 758 | IIFL Wealth Management Ltd.<sup>3</sup> | $| 16513 | $| 16235 |
| 20005 | JM Financial Limited<sup>3</sup> |  | 19176 |  | 17245 |
| 5189 | Jubilant FoodWorks Ltd.<sup>3</sup> |  | 52157 |  | 31992 |
| 2998 | Max Financial Services Ltd.<sup>1,3</sup> |  | 45414 |  | 24480 |
| 1853 | Neogen Chemicals Ltd.<sup>3</sup> |  | 28765 |  | 27916 |
| 767 | PI Industries Ltd.<sup>3</sup> |  | 32464 |  | 31676 |
| 3642 | Reliance Industries Limited<sup>3</sup> |  | 111352 |  | 111812 |
| 5278 | SBI Life Insurance Company Limited, 144A<sup>3</sup> |  | 83975 |  | 78336 |
| 2208 | Tata Communications Ltd.<sup>3</sup> |  | 41543 |  | 33964 |
| 5532 | Tata Consumer Products Ltd.<sup>3</sup> |  | 57802 |  | 51198 |
| 1972 | Titan Co. Ltd.<sup>3</sup> |  | 55002 |  | 61874 |
| 363 | Tube Investments of India Ltd.<sup>3</sup> |  | 12675 |  | 12175 |
| 39712 | Zomato Ltd.<sup>1,3</sup> |  | 50714 |  | 28469 |
| **Total India** | **Total India** |  | **1306178** |  | **1142503** |
| **Indonesia (3.31%)** | **Indonesia (3.31%)** | **Indonesia (3.31%)** | **Indonesia (3.31%)** | **Indonesia (3.31%)** | **Indonesia (3.31%)** |
| 216700 | Bank Rakyat Indonesia (Persero) Tbk PT<sup>3</sup> |  | 63788 |  | 68705 |
| 93362 | Merdeka Copper Gold Tbk PT<sup>1,3</sup> |  | 24948 |  | 24666 |
| 51300 | PT Bank Negara Indonesia (Persero) Tbk<sup>3</sup> |  | 30681 |  | 30393 |
| **Total Indonesia** | **Total Indonesia** |  | **119417** |  | **123764** |
| **Japan (3.37%)** | **Japan (3.37%)** | **Japan (3.37%)** | **Japan (3.37%)** | **Japan (3.37%)** | **Japan (3.37%)** |
| 421 | Hoya Corp.<sup>3</sup> |  | 59401 |  | 40323 |
| 160 | Keyence Corporation<sup>3</sup> |  | 91935 |  | 62119 |
| 80 | Tokyo Electron Limited<sup>3</sup> |  | 35204 |  | 23506 |
| **Total Japan** | **Total Japan** |  | **186540** |  | **125948** |
| **Korea, Republic of (7.74%)** | **Korea, Republic of (7.74%)** | **Korea, Republic of (7.74%)** | **Korea, Republic of (7.74%)** | **Korea, Republic of (7.74%)** | **Korea, Republic of (7.74%)** |
| 1291 | Coupang, Inc., Cl A<sup>1</sup> |  | 17089 |  | 18991 |
| 624 | Hyundai Heavy Industries Co. Ltd.<sup>3</sup> |  | 49174 |  | 57510 |
| 832 | Korea Aerospace Industries Ltd.<sup>3</sup> |  | 28168 |  | 33625 |
| 707 | Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>1,3</sup> |  | 63046 |  | 39756 |
| 3182 | Samsung Electronics Co., Ltd.<sup>3</sup> |  | 180250 |  | 139668 |
| **Total Korea, Republic of** | **Total Korea, Republic of** |  | **337727** |  | **289550** |
| **Taiwan (8.19%)** | **Taiwan (8.19%)** | **Taiwan (8.19%)** | **Taiwan (8.19%)** | **Taiwan (8.19%)** | **Taiwan (8.19%)** |
| 603 | Airtac International Group<sup>3</sup> |  | 21407 |  | 18205 |
| 5077 | Delta Electronics, Inc.<sup>3</sup> |  | 42228 |  | 47064 |
| 1003 | MediaTek, Inc.<sup>3</sup> |  | 30196 |  | 20280 |
| 1691 | Silergy Corp.<sup>3</sup> |  | 43975 |  | 23885 |
| 2642 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR |  | 287845 |  | 196803 |
| **Total Taiwan** | **Total Taiwan** |  | **425651** |  | **306237** |
| **Thailand (1.43%)** | **Thailand (1.43%)** | **Thailand (1.43%)** | **Thailand (1.43%)** | **Thailand (1.43%)** | **Thailand (1.43%)** |
| 19300 | Energy Absolute PCL Foreign<sup>3</sup> |  | **47325** |  | **53609** |
| **United States (0.07%)** | **United States (0.07%)** | **United States (0.07%)** | **United States (0.07%)** | **United States (0.07%)** | **United States (0.07%)** |
| 359 | ACM Research, Inc., Cl A<sup>1</sup> |  | **6060** |  | **2768** |
| **Total Common Stocks** | **Total Common Stocks** |  | **4246278** |  | **3508314** |

---

40 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron New Asia Fund** |

---

**STATEMENT OF NET ASSETS (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Cost** | **Value** |
| **Short Term Investments (6.17%)** | **Short Term Investments (6.17%)** | **Short Term Investments (6.17%)** |
| $230950 Repurchase Agreement with Fixed Income Clearing Corp., dated 12/30/2022, 3.85% due 1/3/2023; Proceeds at maturity $231,049; (Fully Collateralized by $270,100 U.S. Treasury Note, 1.5% due 11/30/2028 Market value - $235,574)<sup>3</sup> | $**230950** | $**230950** |
| **Total Investments (99.98%)** | $**4477228** | **3739264** |
| **Cash and Other Assets Less Liabilities (0.02%)** |  | **886** |
| **Net Assets** |  | $**3740150** |
| **Retail Shares (Equivalent to $7.40 per share<br>based on 119,310 shares outstanding)** | **Retail Shares (Equivalent to $7.40 per share<br>based on 119,310 shares outstanding)** | $**883379** |
| **Institutional Shares (Equivalent to $7.43 per share<br>based on 360,701 shares outstanding)** | **Institutional Shares (Equivalent to $7.43 per share<br>based on 360,701 shares outstanding)** | $**2680807** |
| **R6 Shares (Equivalent to $7.44 per share<br>based on 23,659 shares outstanding)** | **R6 Shares (Equivalent to $7.44 per share<br>based on 23,659 shares outstanding)** | $**175964** |

---

------

---

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

---

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

<sup>2</sup> At December 31, 2022, the market value of restricted and fair valued securities amounted to $5,070 or 0.14% of net assets. This security is not deemed liquid. See Note 6 Regarding Restricted Securities. 

<sup>3</sup> Level 2 security. See Note 7 regarding Fair Value Measurements.

<sup>4</sup> Level 3 security. See Note 7 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 December 31, 2022, the market value of Rule 144A securities amounted to $187,903 or 5.02% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector as of<br>December 31, 2022** | **Percentage of<br>Net Assets** | |
|  Financials | 17.5 | % |
|  Information Technology | 17.0 |  |
|  Consumer Discretionary | 15.6 |  |
|  Industrials | 11.4 |  |
|  Communication Services | 9.4 |  |
|  Health Care | 7.6 |  |
|  Consumer Staples | 5.8 |  |
|  Materials | 4.2 |  |
|  Energy | 3.0 |  |
|  Utilities | 1.4 |  |
|  Real Estate | 0.8 |  |
|  Cash and Cash Equivalents\* | 6.2 |  |
|  | 100.0 | %\*\* |

---

\* Includes short term investments.

\*\* Individual weights may not sum to displayed total due to rounding. 

See Notes to Financial Statements. 41

------

---

| | |
|:---|:---|
| **Baron Technology Fund** | **December 31, 2022** |

---

**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Common Stocks (99.32%)** | **Common Stocks (99.32%)** | **Common Stocks (99.32%)** | **Common Stocks (99.32%)** |
| **Communication Services (8.94%)** | **Communication Services (8.94%)** | **Communication Services (8.94%)** | **Communication Services (8.94%)** |
|  | **Advertising (1.97%)** |  |  |
| 13440 | S4 Capital PLC (United Kingdom)<sup>1,2,4</sup> | $90929 | $30730 |
| 766 | The Trade Desk, Inc., Cl A<sup>1</sup> | 60062 | 34340 |
|  |  | 150991 | 65070 |
|  | **Interactive Media & Services (6.97%)** |  |  |
| 784 | Alphabet, Inc., Cl C<sup>1</sup> | 113531 | 69564 |
| 540 | Meta Platforms, Inc., Cl A<sup>1</sup> | 65431 | 64984 |
| 3200 | ZoomInfo Technologies, Inc.<sup>1</sup> | 172234 | 96352 |
|  |  | 351196 | 230900 |
| **Total Communication Services** | **Total Communication Services** | **502187** | **295970** |
| **Consumer Discretionary (13.03%)** | **Consumer Discretionary (13.03%)** | **Consumer Discretionary (13.03%)** | **Consumer Discretionary (13.03%)** |
|  | **Automobile Manufacturers (4.07%)** | **Automobile Manufacturers (4.07%)** | **Automobile Manufacturers (4.07%)** |
| 1098 | Rivian Automotive, Inc., Cl A<sup>1</sup> | 74012 | 20236 |
| 930 | Tesla, Inc.<sup>1</sup> | 252034 | 114558 |
|  |  | 326046 | 134794 |
|  | **Hotels, Resorts & Cruise Lines (0.74%)** |  |  |
| 5839 | eDreams ODIGEO SA (Spain)<sup>1,2,4</sup> | 55378 | 24649 |
|  | **Internet & Direct Marketing Retail (8.22%)** |  |  |
| 3239 | Amazon.com, Inc.<sup>1</sup> | 491196 | 272076 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **872620** | **431519** |
| **Industrials (3.59%)** | **Industrials (3.59%)** | **Industrials (3.59%)** | **Industrials (3.59%)** |
|  | **Research & Consulting Services (3.59%)** | **Research & Consulting Services (3.59%)** | **Research & Consulting Services (3.59%)** |
| 1537 | CoStar Group, Inc.<sup>1</sup> | **114765** | **118779** |
| **Information Technology (73.76%)** | **Information Technology (73.76%)** | **Information Technology (73.76%)** | **Information Technology (73.76%)** |
|  | **Application Software (15.48%)** |  |  |
| 207 | Atlassian Corp. Ltd., Cl A<sup>1,2</sup> | 62227 | 26637 |
| 1360 | Braze, Inc., Cl A<sup>1</sup> | 51995 | 37101 |
| 1720 | Ceridian HCM Holding, Inc.<sup>1</sup> | 148433 | 110338 |
| 783 | Gitlab, Inc., Cl A<sup>1,3</sup> | 34429 | 35580 |
| 177 | HubSpot, Inc.<sup>1</sup> | 97654 | 51176 |
| 209 | Intuit, Inc. | 118879 | 81347 |
| 324 | ServiceNow, Inc.<sup>1,3</sup> | 178279 | 125799 |
| 267 | Workday, Inc., Cl A<sup>1</sup> | 66344 | 44677 |
|  |  | 758240 | 512655 |
|  | **Data Processing & Outsourced Services (6.68%)** |  |  |
| 884 | Dlocal Ltd.<sup>1,2</sup> | 28627 | 13764 |
| 300 | MasterCard Incorporated, Cl A | 111363 | 104319 |
| 497 | Visa, Inc., Cl A | 109997 | 103257 |
|  |  | 249987 | 221340 |
|  | **Electronic Equipment & Instruments (1.63%)** |  |  |
| 2075 | PAR Technology Corp.<sup>1</sup> | 93818 | 54095 |
|  | **Internet Services & Infrastructure (1.15%)** |  |  |
| 1095 | Shopify, Inc., Cl A<sup>1,2</sup> | 112363 | 38007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
|  | **IT Consulting & Other Services (7.45%)** | **IT Consulting & Other Services (7.45%)** | **IT Consulting & Other Services (7.45%)** |
| 1623 | Endava plc, ADR<sup>1,2</sup> | $197648 | $124159 |
| 364 | Gartner, Inc.<sup>1</sup> | 115031 | 122355 |
|  |  | 312679 | 246514 |
|  | **Semiconductor Equipment (5.00%)** | **Semiconductor Equipment (5.00%)** | **Semiconductor Equipment (5.00%)** |
| 196 | ASML Holding N.V.<sup>2</sup> | 128731 | 107094 |
| 139 | Lam Research Corp. | 91249 | 58422 |
|  |  | 219980 | 165516 |
|  | **Semiconductors (14.32%)** | **Semiconductors (14.32%)** | **Semiconductors (14.32%)** |
| 1339 | Advanced Micro Devices, Inc.<sup>1</sup> | 153676 | 86727 |
| 128 | Broadcom, Inc. | 83031 | 71569 |
| 8238 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 61136 | 48028 |
| 503 | Marvell Technology, Inc. | 41144 | 18631 |
| 149 | Monolithic Power Systems, Inc. | 63825 | 52688 |
| 858 | NVIDIA Corp. | 211004 | 125388 |
| 4285 | Taiwan Semiconductor<br>Manufacturing Co. Ltd. (Taiwan)<sup>2,4</sup> | 93710 | 62233 |
| 117 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR<sup>2</sup> | 10090 | 8715 |
|  |  | 717616 | 473979 |
|  | **Systems Software (19.15%)** | **Systems Software (19.15%)** | **Systems Software (19.15%)** |
| 1022 | Cloudflare, Inc., Cl A<sup>1,3</sup> | 55801 | 46205 |
| 475 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 86183 | 50013 |
| 1748 | Datadog, Inc., Cl A<sup>1,3</sup> | 154582 | 128478 |
| 1477 | Microsoft Corporation | 473904 | 354214 |
| 384 | Snowflake, Inc., Cl A<sup>1,3</sup> | 96574 | 55119 |
|  |  | 867044 | 634029 |
|  | **Technology Hardware, Storage & Peripherals (2.90%)** |  |  |
| 740 | Apple, Inc. | 107630 | 96148 |
| **Total Information Technology** | **Total Information Technology** | **3439357** | **2442283** |
| **Total Investments (99.32%)** | **Total Investments (99.32%)** | $**4928929** | **3288551** |
| **Cash and Other Assets Less Liabilities (0.68%)** | **Cash and Other Assets Less Liabilities (0.68%)** | **Cash and Other Assets Less Liabilities (0.68%)** | **22491** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**3311042** |
| **Retail Shares (Equivalent to $5.56 per share<br>based on 241,939 shares outstanding)** | **Retail Shares (Equivalent to $5.56 per share<br>based on 241,939 shares outstanding)** | **Retail Shares (Equivalent to $5.56 per share<br>based on 241,939 shares outstanding)** | $**1344383** |
| **Institutional Shares (Equivalent to $5.57 per share<br>based on 280,040 shares outstanding)** | **Institutional Shares (Equivalent to $5.57 per share<br>based on 280,040 shares outstanding)** | **Institutional Shares (Equivalent to $5.57 per share<br>based on 280,040 shares outstanding)** | $**1560263** |
| **R6 Shares (Equivalent to $5.57 per share<br>based on 72,943 shares outstanding)** | **R6 Shares (Equivalent to $5.57 per share<br>based on 72,943 shares outstanding)** | **R6 Shares (Equivalent to $5.57 per share<br>based on 72,943 shares outstanding)** | $**406396** |

---

------

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> 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 7 regarding Fair Value Measurements.

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

All securities are Level 1, unless otherwise noted.

42 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**STATEMENTS OF ASSETS AND LIABILITIES** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Partners<br>Fund** | **Baron Focused<br>Growth Fund** | **Baron<br>International<br>Growth Fund** | **Baron Real<br>Estate Fund** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $5802084578 | $671698294 | $468971771 | $1136082799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value\*\* | 305352 | 73387599 | 14380099 | 140644217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 5802389930 | 745085893 | 483351870 | 1276727016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† |  |  | 3238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 119000 |  |  | 179693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 16215221 | 7818030 |  | 4637454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares sold | 8957112 | 1358652 | 431671 | 3226928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2756565 | 446813 | 424924 | 1298215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 455208 | 931 | 765 | 2106 |
|  | 5830893036 | 754710319 | 484212468 | 1286071412 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for borrowings against line of credit | 995000000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares redeemed | 5518364 | 942270 | 839088 | 2649765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 816 | 740 | 211 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 34 | 184 | 475 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  | 26188073 |  | 6835306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued capital gains taxes |  |  | 610894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 4470021 | 62597 | 104717 | 227062 |
|  | 1004989235 | 27193864 | 1555385 | 9713609 |
|  **Net Assets** | $4825903801 | $727516455 | $482657083 | $1276357803 |
|  **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1219613604 | $550019520 | $492232690 | $1273931084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(losses) | 3606290197 | 177496935 | (9575607) | 2426719 |
|  **Net Assets** | $4825903801 | $727516455 | $482657083 | $1276357803 |
|  **Retail Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $2136389274 | $174316730 | $66811459 | $322028606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 19151070 | 6093503 | 2807621 | 11560580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $111.55 | $28.61 | $23.80 | $27.86 |
|  **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $2329663028 | $300322300 | $303651896 | $928677650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 20109198 | 10072596 | 12501077 | 32328373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $115.85 | $29.82 | $24.29 | $28.73 |
|  **R6 Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $359851499 | $252877425 | $112193728 | $25651547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 3106363 | 8474301 | 4621517 | 892990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $115.84 | $29.84 | $24.28 | $28.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost | $1904048214 | $414189959 | $428445588 | $991838653 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Repurchase agreements, at cost | 305352 | 73387599 | 14380099 | 140644217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $1904353566 | $487577558 | $442825687 | $1132482870 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $— | $— | $3238 | $— |

---

See Notes to Financial Statements. 43

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron<br>Emerging<br>Markets Fund** | **Baron Global<br>Advantage<br>Fund** | **Baron<br>Real Estate<br>Income Fund** | **Baron<br>Health<br>Care Fund** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $4631660652 | $773582152 | $76012662 | $195189557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value\*\* | 147792706 |  | 1406814 | 16518028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 4779453358 | 773582152 | 77419476 | 211707585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† | 248875 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 42619 | 27798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 45935 | 25933170 | 514898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares sold | 9254756 | 801614 | 153262 | 594210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3100241 |  | 260906 | 113702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10143 | 2289 | 164 | 429 |
|  | 4792113308 | 800361844 | 78376504 | 212415926 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for borrowings against line of credit |  | 24100000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares redeemed | 13572924 | 3318869 | 440806 | 1147782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 206 | 51 | 776 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 897 | 317 | 432 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  | 572587 | 1199766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued capital gains taxes | 9510051 | 1900898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 1316655 | 311603 | 41515 | 52996 |
|  | 24400733 | 29631738 | 1056116 | 2401902 |
|  **Net Assets** | $4767712575 | $770730106 | $77320388 | $210014024 |
|  **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $5676087299 | $1120551041 | $97873781 | $218640283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(losses) | (908374724) | (349820935) | (20553393) | (8626259) |
|  **Net Assets** | $4767712575 | $770730106 | $77320388 | $210014024 |
|  **Retail Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $283655403 | $223265268 | $13357459 | $55016541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 21895316 | 9110593 | 1050536 | 3109564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $12.96 | $24.51 | $12.71 | $17.69 |
|  **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $4473580812 | $538167010 | $63363186 | $149336854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 342959339 | 21459389 | 4929406 | 8340371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $13.04 | $25.08 | $12.85 | $17.91 |
|  **R6 Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $10476360 | $9297828 | $599743 | $5660629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 802782 | 370533 | 46700 | 316254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $13.05 | $25.09 | $12.84 | $17.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost | $4352108717 | $796253739 | $75760728 | $165475962 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Repurchase agreements, at cost | 147792706 |  | 1406814 | 16518028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $4499901423 | $796253739 | $77167542 | $181993990 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $247815 | $— | $— | $— |

---

44 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Baron FinTech<br>Fund** | **Baron New Asia<br>Fund** | **Baron<br>Technology<br>Fund** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $40943590 | $3508314 | $3288551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value\*\* | 1848412 | 230950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 42792002 | 3739264 | 3288551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† |  | 1758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  | 69451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares sold | 19526 | 46786 | 6124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 21095 | 1959 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 105 | 6 | 5 |
|  | 42832728 | 3789773 | 3364827 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for borrowings against line of credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares redeemed | 56951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 495 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 933 | 214 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 129162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued capital gains taxes |  | 1225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 43678 | 48184 | 53765 |
|  | 231219 | 49623 | 53785 |
|  **Net Assets** | $42601509 | $3740150 | $3311042 |
|  **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $57006156 | $4971013 | $5388481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(losses) | (14404647) | (1230863) | (2077439) |
|  **Net Assets** | $42601509 | $3740150 | $3311042 |
|  **Retail Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $7054667 | $883379 | $1344383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 636282 | 119310 | 241939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $11.09 | $7.40 | $5.56 |
|  **Institutional Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $31070144 | $2680807 | $1560263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 2782425 | 360701 | 280040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $11.17 | $7.43 | $5.57 |
|  **R6 Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $4476698 | $175964 | $406396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 400843 | 23659 | 72943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $11.17 | $7.44 | $5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in securities, at cost | $50762857 | $4246278 | $4928929 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\*Repurchase agreements, at cost | 1848412 | 230950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $52611269 | $4477228 | $4928929 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $— | $1756 | $— |

---

See Notes to Financial Statements. 45

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**STATEMENTS OF OPERATIONS** 

------

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Partners<br>Fund** | **Baron Focused<br>Growth Fund** | **Baron<br>International<br>Growth Fund** | **Baron Real<br>Estate Fund** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments | $26235901 | $3770095 | $7385298 | $19895358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2301 | 640896 | 202213 | 896363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 9390 | 11144 | 546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld on dividends | (84000) |  | (669140) | (138434) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 26163592 | 4422135 | 6918917 | 20653287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 65492188 | 7486434 | 4853300 | 15593962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 7307922 | 466311 | 196598 | 967870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 253675 | 37775 | 22097 | 58172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 116110 | 22515 | 24344 | 63885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 21513 | 12352 | 5386 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 719630 | 105872 | 104210 | 437900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 668600 | 8823 | 6995 | 20828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 341884 | 38261 | 28589 | 80559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 253460 | 82320 | 83142 | 169200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 241067 | 42827 | 237852 | 139799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 167594 | 44536 | 54473 | 69976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 92997 | 9236 | 8314 | 21609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 62839 | 46453 | 46268 | 49067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2400 | 2449 | 2664 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 75741879 | 8406164 | 5674232 | 17676624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 25803487 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 101545366 | 8406164 | 5674232 | 17676624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Retail Shares (Note 4)** |  |  | (48323) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Institutional Shares (Note 4)** |  |  | (139065) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — R6 Shares (Note 4)** |  |  | (45440) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 101545366 | 8406164 | 5441404 | 17676624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (75381774) | (3984029) | 1477513 | 2976663 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | (265006363) | (80011397) | (34308697)<sup>1</sup> | (117841924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold —"Affiliated" investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  | (302711) | 9674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (3339810395) | (171073560) | (172721416)<sup>2</sup> | (470170670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (4968) |  |
|  **Net gain (loss) on investments** | (3604816758) | (251084957) | (207337792) | (588002920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser (Note 4) |  |  |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | $(3680198532) | $(255068986) | $(205860279) | $(585026257) |

---

------

<sup>1</sup> Net of realized foreign capital gains tax of $657,738. 

<sup>2</sup> Decrease in accrued foreign capital gains tax payable of $1,052,754. 

46 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**STATEMENTS OF OPERATIONS (Continued)** 

------

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron<br>Emerging<br>Markets Fund** | **Baron Global<br>Advantage<br>Fund** | **Baron<br>Real Estate<br>Income Fund** | **Baron<br>Health<br>Care Fund** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments | $92529982 | $419036 | $2472251 | $1486486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1698338 | 4415 | 21252 | 178146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld on dividends | (9093528) | (68331) | (11115) | (30035) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 85134792 | 355120 | 2482388 | 1634597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 64542750 | 11055810 | 878395 | 1538841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 850476 | 922346 | 40627 | 141594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 42356 | 50820 | 16924 | 39310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 194970 | 67927 | 14227 | 14428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 650 | 531 | 31 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 2232450 | 382095 | 36367 | 66412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 86975 | 22308 | 1688 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 337180 | 71219 | 5968 | 10494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 408400 | 108480 | 62720 | 85380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 4238492 | 240026 | 44594 | 30324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 273901 | 63100 | 34378 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 103948 | 25355 | 1436 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 63329 | 48871 | 44953 | 45141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 4261 | 3072 | 2459 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 73380138 | 13061960 | 1184767 | 2019022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** |  | 167879 | 3239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 73380138 | 13229839 | 1188006 | 2019022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Retail Shares (Note 4)** |  | (138876) | (42957) | (61107) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Institutional Shares (Note 4)** |  | (290603) | (163078) | (69831) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — R6 Shares (Note 4)** |  | (3760) | (1150) | (2470) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 73380138 | 12796600 | 980821 | 1885614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 11754654 | (12441480) | 1501567 | (251017) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | (808544155)<sup>1</sup> | (313426428) | (20026191) | (36539373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — "Affiliated" investments |  | (208869) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | (6693856) | (9506) | (142) | (2238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (1498548744)<sup>2</sup> | (857098202)<sup>3</sup> | (19099697) | (6033195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  | (119502) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2091 | 2271 |  | (237) |
|  **Net gain (loss) on investments** | (2313784664) | (1170860236) | (39126030) | (42575043) |
|  Voluntary payment from Adviser<sup>4</sup> |  | 82890 |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | $(2302030010) | $(1183218826) | $(37624463) | $(42826060) |

---

------

<sup>1</sup> Net of realized foreign capital gains tax of $30,652,344. 

<sup>2</sup> Decrease in accrued foreign capital gains tax payable of $46,116,530. 

<sup>3</sup> Increase in accrued foreign capital gains tax payable of $154,503. 

<sup>4</sup> See Note 4f.

See Notes to Financial Statements. 47

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**STATEMENTS OF OPERATIONS (Continued)** 

------

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Baron<br>FinTech<br>Fund** | **Baron New<br>Asia Fund** | **Baron<br>Technology<br>Fund<sup>3</sup>** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — Unaffiliated investments | $311164 | $36212 | $13499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 15075 | 2146 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld on dividends |  | (4489) | (460) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 326239 | 33869 | 14350 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 404257 | 38871 | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 21364 | 2584 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 17775 | 18768 | 15276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 13948 | 7014 | 11808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 221 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11061 | 3109 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 726 | 33 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 2663 | 198 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 55820 | 60341 | 39200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 17023 | 67690 | 34462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48032 | 52490 | 49386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 820 | 45 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 44844 | 44078 | 44857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2459 | 4032 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 641013 | 299258 | 234031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 508 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 641521 | 299258 | 234031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Retail Shares (Note 4)** | (36509) | (77601) | (91003) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Institutional Shares (Note 4)** | (91975) | (165547) | (100697) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — R6 Shares (Note 4)** | (11110) | (6810) | (4125) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 501927 | 49300 | 38206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (175688) | (15431) | (23856) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | (4278930) | (463058)<sup>1</sup> | (437060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold —"Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | 162 | (12352) | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | (21750624) | (806859)<sup>2</sup> | (1640378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — "Affiliated" investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (15) | (571) | (1) |
|  **Net gain (loss) on investments** | (26029407) | (1282840) | (2077688) |
|  Voluntary payment from Adviser |  |  |  |
|  **Net increase (decrease) in net assets resulting from operations** | $(26205095) | $(1298271) | $(2101544) |

---

------

<sup>1</sup> Net of realized foreign capital gains tax of $143. 

<sup>2</sup> Increase in accrued foreign capital gains tax payable of $1,225. 

<sup>3</sup> For the period January 3, 2022 (commencement of operations) to December 31, 2022.

48 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**STATEMENTS OF CHANGES IN NET ASSETS** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** |
|  | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(75381774) | $(71627916) | $(3984029) | $(6770651) | $1477513 | $(678032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (265006363) | 453084289 | (80011397) | 166060000 | (34611408) | 42359984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (3339810395) | 1670609178 | (171073560) | (30438918) | (172726384) | 19033061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (3680198532) | 2052065551 | (255068986) | 128850431 | (205860279) | 60715013 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (68063872) | (285298657) | (18933575) | (29204820) | (915413) | (4978372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (72259596) | (288366616) | (29459747) | (40962362) | (3986597) | (25823557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (10782528) | (44229727) | (26677072) | (43072849) | (1368153) | (8078444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (151105996) | (617895000) | (75070394) | (113240031) | (6270163) | (38880373) |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 398339883 | 760220414 | 82836180 | 107438521 | 22294374 | 26389114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 751295223 | 856707561 | 164997120 | 101240629 | 122814951 | 171578819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 9899960 | 22193831 | 28163593 | 1133991 | 2850938 | 9613640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 65040643 | 274538982 | 17980369 | 27975547 | 898076 | 4859989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 66530390 | 264241681 | 28878758 | 39977395 | 3930642 | 24384727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 10782358 | 44229222 | 26674109 | 43067080 | 1368153 | 8078444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (516267316) | (991708697) | (53073738) | (84117090) | (26130321) | (19781360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (774038148) | (872220298) | (73222570) | (73129942) | (182849146) | (72675963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (11744747) | (10795083) | (3769962) | (3735292) | (8062072) | (28513714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (161754) | 347407613 | 219463859 | 159850839 | (62884405) | 123933696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (3831466282) | 1781578164 | (110675521) | 175461239 | (275014847) | 145768336 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8657370083 | 6875791919 | 838191976 | 662730737 | 757671930 | 611903594 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4825903801 | $8657370083 | $727516455 | $838191976 | $482657083 | $757671930 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2524336 | 4153964 | 2330875 | 2315981 | 823044 | 765936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 451953 | 1469247 | 592044 | 621323 | 43554 | 147181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3439409) | (5617512) | (1542264) | (1863154) | (1067572) | (578887) |
|  **Net increase (decrease)** | (463120) | 5699 | 1380655 | 1074150 | (200974) | 334230 |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4793892 | 4596371 | 4565527 | 2161007 | 4694726 | 4901187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 445437 | 1366284 | 913018 | 858473 | 186907 | 725762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5166867) | (4805393) | (2083927) | (1585524) | (7055251) | (2115742) |
|  **Net increase (decrease)** | 72462 | 1157262 | 3394618 | 1433956 | (2173618) | 3511207 |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 61296 | 125110 | 790694 | 23770 | 102702 | 283369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 72195 | 228916 | 842784 | 924242 | 65088 | 240565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (74154) | (58052) | (110890) | (80086) | (280305) | (822259) |
|  **Net increase (decrease)** | 59337 | 295974 | 1522588 | 867926 | (112515) | (298325) |

---

See Notes to Financial Statements. 49

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Real Estate Fund** | **Baron Real Estate Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** |
|  | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2976663 | $(730779) | $11754654 | $(19780086) | $(12441480) | $(26934071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (117832250) | 123683094 | (815238011) | 237539657 | (313644803) | 47749909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (470170670) | 198411190 | (1498546653) | (851364442) | (857215433) | (33614877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser |  |  |  |  | 82890 | 162538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (585026257) | 321363505 | (2302030010) | (633604871) | (1183218826) | (12636501) |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (9553450) | (39207046) |  | (7294907) | (5031192) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (27322313) | (110082837) |  | (160640852) | (12161336) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (712297) | (2424404) |  | (308031) | (181497) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  | (11672) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  | (257031) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  | (493) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (37588060) | (151714287) |  | (168512986) | (17374025) |  |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 59590068 | 217078341 | 67033744 | 122767339 | 44254667 | 264263760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 483181884 | 874061573 | 2079672381 | 4700939406 | 302723128 | 894386561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 6760855 | 9984087 | 6304250 | 10022205 | 2609115 | 6586797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 9263230 | 37967450 |  | 7146540 | 4960818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 24478594 | 99196171 |  | 134615154 | 11941036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 712296 | 2424402 |  | 308523 | 181497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (106418322) | (110928775) | (129006843) | (136854830) | (264733452) | (402410382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (613002553) | (305518199) | (3834842644) | (1893024620) | (736455365) | (546840326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (4494829) | (2218427) | (8213227) | (5447438) | (2119961) | (2977826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (139928777) | 822046623 | (1819052339) | 2940472279 | (636638517) | 213008584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (762543094) | 991695841 | (4121082349) | 2138354422 | (1837231368) | 200372083 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2038900897 | 1047205056 | 8888794924 | 6750440502 | 2607961474 | 2407589391 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1276357803 | $2038900897 | $4767712575 | $8888794924 | $770730106 | $2607961474 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1812350 | 5476910 | 4724917 | 6397417 | 1274802 | 4820909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 351118 | 968256 |  | 399471 | 185313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3394899) | (2790098) | (9251041) | (7132190) | (7572415) | (7550400) |
|  **Net increase (decrease)** | (1231431) | 3655068 | (4526124) | (335302) | (6112300) | (2729491) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14402800 | 21464101 | 143749723 | 244714600 | 9090396 | 16132364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 900468 | 2464137 |  | 7495276 | 436282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19020658) | (7466622) | (279025117) | (100833631) | (22282796) | (10065491) |
|  **Net increase (decrease)** | (3717390) | 16461616 | (135275394) | 151376245 | (12756118) | 6066873 |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 199883 | 244142 | 428816 | 526399 | 76330 | 115322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 26201 | 60234 |  | 17168 | 6626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (138974) | (54984) | (617347) | (283235) | (61662) | (53114) |
|  **Net increase (decrease)** | 87110 | 249392 | (188531) | 260332 | 21294 | 62208 |

---

50 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Real Estate Income Fund** | **Baron Real Estate Income Fund** | **Baron Health Care Fund** | **Baron Health Care Fund** | **Baron FinTech Fund** | **Baron FinTech Fund** |
|  | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1501567 | $757786 | $(251017) | $(1090017) | $(175688) | $(379861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20026333) | 353826 | (36541611) | 1796864 | (4278768) | 516732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (19099697) | 16908392 | (6033432) | 20019523 | (21750639) | 6328857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (37624463) | 18020004 | (42826060) | 20726370 | (26205095) | 6465728 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (281915) | (213514) |  | (936377) | (97665) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (1553146) | (1092106) |  | (2204913) | (422971) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (11812) | (11394) |  | (90063) | (59028) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (1846873) | (1317014) |  | (3231353) | (579664) |  |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 6889635 | 18532126 | 18554295 | 62643750 | 1258218 | 11236191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 46009611 | 72503424 | 60083778 | 127638444 | 19921986 | 32857233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 16149 | 74626 | 347738 | 811359 | 261712 | 2425253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 265967 | 206150 |  | 920858 | 87889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 1548668 | 1088034 |  | 2202329 | 422482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 11811 | 11393 |  | 90063 | 59029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (6020420) | (6119041) | (26956968) | (18710961) | (3303351) | (5233598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (64380854) | (17585205) | (54346101) | (8207188) | (27459084) | (3460637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (28842) | (871) | (66440) | (296) | (172949) | (72123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (15688275) | 68710636 | (2383698) | 167388358 | (8924068) | 37752319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (55159611) | 85413626 | (45209758) | 184883375 | (35708827) | 44218047 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 132479999 | 47066373 | 255223782 | 70340407 | 78310336 | 34092289 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $77320388 | $132479999 | $210014024 | $255223782 | $42601509 | $78310336 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 443438 | 1150039 | 1025988 | 3005430 | 95010 | 653709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20108 | 12092 |  | 43948 | 8299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (414272) | (368965) | (1491763) | (904603) | (248879) | (309417) |
|  **Net increase (decrease)** | 49274 | 793166 | (465775) | 2144775 | (145570) | 344292 |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2978879 | 4326943 | 3341951 | 6240144 | 1471454 | 2022530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 114489 | 63501 |  | 104129 | 39633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4463935) | (1167532) | (3006070) | (386422) | (2173512) | (204171) |
|  **Net increase (decrease)** | (1370567) | 3222912 | 335881 | 5957851 | (662425) | 1818359 |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1076 | 4452 | 19309 | 37902 | 20189 | 141596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 885 | 672 |  | 4253 | 5537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1698) | (52) | (3735) | (14) | (14617) | (4193) |
|  **Net increase (decrease)** | 263 | 5072 | 15574 | 42141 | 11109 | 137403 |

---

See Notes to Financial Statements. 51

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron**<br>**Technology Fund** |
|  | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021<sup>1</sup>** | **For the Year<br>Ended<br>December 31,<br>2022<sup>2</sup>** |
|  **Increase (Decrease) in Net Assets:** |  |  |  |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15431) | $(15369) | $(23856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (475410) | (27698) | (437309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (807430) | 68243 | (1640379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voluntary payment from Adviser |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (1298271) | 25176 | (2101544) |
|  **Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders |  |  |  |
|  **Capital share transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 404589 | 1451489 | 3097770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 475741 | 3200922 | 2840234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 211622 | 25000 | 500946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (414664) | (204914) | (858897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (94844) | (7348) | (164004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (34348) |  | (3463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 548096 | 4465149 | 5412586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (750175) | 4490325 | 3311042 |
|  **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4490325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3740150 | $4490325 | $3311042 |
|  **Capital share transactions — Retail Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 47829 | 142534 | 371469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (51511) | (19542) | (129530) |
|  **Net increase (decrease)** | (3682) | 122992 | 241939 |
|  **Capital share transactions — Institutional Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 57334 | 316629 | 306820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12553) | (709) | (26780) |
|  **Net increase (decrease)** | 44781 | 315920 | 280040 |
|  **Capital share transactions — R6 Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25139 | 2500 | 73481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3980) |  | (538) |
|  **Net increase (decrease)** | 21159 | 2500 | 72943 |

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<sup>1</sup> For the period July 30, 2021 (commencement of operations) to December 31, 2021.

<sup>2</sup> For the period January 3, 2022 (commencement of operations) to December 31, 2022.

52 See Notes to Financial Statements.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

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**STATEMENT OF CASH FLOWS** 

------

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2022**<br>

---

| | |
|:---|:---|
|  | **Baron Partners<br>Fund** |
|  **Increase (Decrease) in Cash:** |  |
|  **Cash Provided (Used) from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | $(3680198532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decease) in net assets resulting from operations to net cash provided (used) by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of portfolio securities | (679570747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of portfolio securities | 455170397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net purchases, sales and maturities of short term investments | (16775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends and interest receivable | (308134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses | (7031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued expenses | 3523843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | 265006363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments | 3339810395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities | $(296590221) |
|  **Cash Provided in Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders | (8752605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1162906366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (1300557740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings against line of credit | 993000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings against line of credit | (550000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) in financing activities | 296596021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash | 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at beginning of year** | 113200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at end of year** | 119000 |
|  **Supplemental cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $22088412 |

---

See Notes to Financial Statements. 53

------

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| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

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**NOTES TO FINANCIAL STATEMENTS** 

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**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, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services — Investment Companies. 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 Advantage Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund. Baron WealthBuilder Fund is presented in a separate report. Baron Technology Fund commenced investment operations on January 3, 2022.

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 Advantage 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 non-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 New Asia Fund is a diversified fund that seeks capital appreciation through investments primarily in equity securities located in Asia, but including all other developed, developing, and frontier countries in the Asian region.

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.

Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans) (collectively, "Qualified Plans"), endowment funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the "Adviser"), and any entity that is considered a corporation for tax purposes, including corporate non-qualified deferred compensation plans of such corporations. There is no minimum initial investment for Qualified Plans. All other R6 eligible investors must meet a minimum initial investment of at least $5 million per Fund. 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.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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**2. SIGNIFICANT ACCOUNTING POLICIES** 

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 preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates. Events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements have been evaluated for adjustment to or disclosure in the financial statements.

**a) Security Valuation.** 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. 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 the Adviser's 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"). Some of the more common reasons that may necessitate that a security be valued using "fair value" pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the "Committee") comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market.

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.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has designated the Adviser as the Funds' valuation designee to perform fair value determinations, subject to Board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act, which requires a fund to fair value when market quotations are not readily available. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds adopted a valuation policy conforming to the new rules, effective September 8, 2022, and there was no material impact to the Funds.

**b) Securities Transactions, Investment Income and Expense Allocation.** Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer. The Funds are charged for those expenses of the Trust that are directly attributable to each Fund, such as advisory and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**c) Single Issuer.** Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer's securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund's and Baron Focused Growth Fund's investments in Tesla, Inc. ("Tesla"), 31% and 10%, respectively, of these Fund's net assets as of December 31, 2022, the NAVs of the Funds will be materially impacted by the price of Tesla stock.

**d) Non-Diversified Portfolio.** Certain Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified Fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on

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| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**2. SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

the Fund's performance compared to a diversified fund. Thus, a non-diversified Fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified Funds may encounter difficulty liquidating securities.

**e) Industry Concentration.** From time to time, market fluctuations in the value of a Fund's investments, combined with a Fund's non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund's and Baron Focused Growth Fund's investments in Tesla, which represent about 31% and 10%, respectively, of these Funds' net assets as of December 31, 2022, these Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

**f) Foreign Currency Translations.** 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 gain (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 that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions on the Statements of Operations. 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.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income for U.S. federal income tax purposes.

**g) 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, both of which are included in securities lending income in the Statements of Operations. 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 December 31, 2022.

**h) 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. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds' investments in repurchase agreements at December 31, 2022, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective Fund's Statement of Net Assets.

**i) Master Limited Partnerships.** The Funds may invest in master limited partnerships ("MLPs"). MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources.

**j) Special Purpose Acquisition Company.** The Funds may acquire an interest in a special purpose acquisition company ("SPAC") in an initial public offering ("IPO"), via a private placement or a secondary market transaction. A SPAC is typically a publicly traded company that raises investment capital via an IPO for the purpose of acquiring the equity securities of one or more existing companies via merger, combination, acquisition, or other similar transactions. To the extent the SPAC is invested in cash or similar securities, this may negatively affect a Fund's performance if the Fund is invested in the SPAC during such period. There is no guarantee that the SPACs will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. These transactions will require the approval of the respective shareholders and are subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met, the SPAC's acquisition may not close and, to the extent a Fund had committed to participate in a private placement (i.e., PIPE transaction, defined below), the Fund will no longer be obligated to fulfill its commitment.

**k) Private Investment in Public Equity.** The Funds may acquire equity securities of an issuer that are issued through a private investment in public equity ("PIPE") transaction, including through commitments to purchase securities on a when-issued basis. A Fund will generally earmark an amount of cash or high-quality securities equal to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded

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| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**2. SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

company in a private placement transaction, including securities issued by a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of a Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restriction can last an uncertain amount of time and may be many months. Until the public registration process is completed, securities acquired via a PIPE are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause these securities to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. Publicly traded securities acquired via a PIPE transaction are typically valued at a discount to the market price of an issuer's common stock and classified as Level 2 or Level 3 in the fair value hierarchy depending on the significance of the unobservable inputs. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up time period and volatility of the underlying security.

**l) Federal and Foreign Income Taxes.** The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. None of the Funds will be subject to federal or state income taxes to the extent that they qualify as regulated investment companies and substantially all of their income is distributed.

The Funds may be subject to foreign taxes on income and gains on investments that are accrued based upon the Funds' understanding of the tax rules and regulations that exist in the countries in which the Funds invest. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

**m) Restricted Securities.** The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board.

**n) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral.

**o) Commitments and Contingencies.** In the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Funds under these agreements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**p) Cash and Cash Equivalents.** The Funds consider all short term liquid investments with a maturity of three months or less when purchased to be cash equivalents.

**3. PURCHASES AND SALES OF SECURITIES** 

**Purchases and sales of securities, other than short term securities, for the year ended December 31, 2022 were as follows:**

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Baron Partners Fund | $659183775 | $468713995 |
|  Baron Focused Growth Fund | 244736419 | 157411226 |
|  Baron International Growth Fund | 246977221 | 274128575 |
|  Baron Real Estate Fund | 1638351579 | 1883282304 |
|  Baron Emerging Markets Fund | 2698717556 | 4283887104 |
|  Baron Global Advantage Fund | 155395322 | 812363186 |
|  Baron Real Estate Income Fund | 212644222 | 228162113 |
|  Baron Health Care Fund | 144128630 | 135597115 |
|  Baron FinTech Fund | 13415267 | 23127195 |
|  Baron New Asia Fund | 2759871 | 2047094 |
|  Baron Technology Fund | 6015817 | 649827 |

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| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. ("BCG"), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee payable monthly from Baron Partners Fund, Baron Focused Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, and Baron New Asia Fund equal to 1% per annum of the average daily net assets of the respective Fund. The Adviser receives a fee payable monthly from Baron International Growth Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron FinTech Fund, and Baron Technology Fund equal to 0.88%, 0.85%, 0.75%, 0.75%, 0.80%, and 0.80%, respectively, per annum of the average daily net assets of the respective Fund. The Adviser has contractually agreed to reduce its fee or reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest, dividend and extraordinary expenses), as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Annual Operating**<br>**Expense Ratio Cap** | **Annual Operating**<br>**Expense Ratio Cap** | **Annual Operating**<br>**Expense Ratio Cap** |
| **Fund** | **Retail<br>Shares** | **Institutional<br>Shares** | **R6<br>Shares** |
|  Baron Partners Fund | 1.45% | 1.20% | 1.20% |
|  Baron Focused Growth Fund | 1.35% | 1.10% | 1.10% |
|  Baron International Growth Fund | 1.20% | 0.95% | 0.95% |
|  Baron Real Estate Fund | 1.35% | 1.10% | 1.10% |
|  Baron Emerging Markets Fund | 1.50% | 1.25% | 1.25% |
|  Baron Global Advantage Fund | 1.15% | 0.90% | 0.90% |
|  Baron Real Estate Income Fund | 1.05% | 0.80% | 0.80% |
|  Baron Health Care Fund | 1.10% | 0.85% | 0.85% |
|  Baron FinTech Fund | 1.20% | 0.95% | 0.95% |
|  Baron New Asia Fund | 1.45% | 1.20% | 1.20% |
|  Baron Technology Fund | 1.20% | 0.95% | 0.95% |

---

**b) Distribution Fees.** Baron Capital, Inc. ("BCI"), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Funds' shares. The Funds are authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares' average daily net assets of the respective Funds.

**c) Trustee Fees.** Certain Trustees of the Trust are interested persons (as defined by the 1940 Act) of the Trust. None of these Trustees received compensation for his or her services as a Trustee of the Trust. None of the Funds' officers received compensation from the Funds for their services as an officer.

**d) Fund Accounting and Administration Fees.** The Funds have entered into an agreement with State Street Bank and Trust Company ("State Street") to perform accounting and certain administrative services. State Street is compensated for fund accounting services based on a percentage of the Funds' net assets, plus fixed annual fees for the administrative services.

**e) Cross Trades.** The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Investment Funds Trust and other entities advised or subadvised by the Adviser, pursuant to "Cross-Trading Procedures" adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. Pursuant to these procedures, for the year ended December 31, 2022, the Funds engaged in the following cross-trades:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** |
|  Baron International Growth Fund | $305410 | $— | $— |
|  Baron Real Estate Fund |  | 4045272 | (449498) |
|  Baron Global Advantage Fund |  | 305410 | (152224) |

---

**f) Voluntary Payment.** The Adviser made a voluntary payment to Baron Global Advantage Fund in the amount of $82,890 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by less than 0.01%.

**5. LINE OF CREDIT** 

Baron Partners Fund participates in a committed syndicated line of credit agreement with State Street in the amount of $1 billion. Depending on the outstanding loan amount, a commitment fee of 0.15% or 0.25% per annum is incurred on the unused portion of the line of credit. The line of credit is used for investment purposes and expires on October 27, 2023. Baron Partners Fund may borrow up to the lesser of $1 billion or the maximum amount Baron Partners Fund may borrow under the 1940 Act, the limitations included in Baron Partners Fund's prospectus, or any limit or restriction under any law or regulation to which Baron Partners Fund is subject or any agreement to which Baron Partners Fund is a party. Interest is charged to Baron Partners Fund, based on its borrowings, at a rate per annum equal to the higher of the One-Month Term Secured Overnight Financing Rate plus 0.10%, the Federal Funds Effective Rate, or the Overnight Bank Funding Rate; plus a margin of 0.85%. An upfront fee of 0.05% is incurred on the commitment amount. For the year ended December 31, 2022, interest expense incurred on these loans amounted to $25,803,487. During the year ended December 31, 2022, Baron Partners Fund had an average daily balance on the line of credit of $904.8 million at a weighted average interest rate of 2.85%. At December 31, 2022, Baron Partners Fund had an outstanding balance in the amount of $995 million.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**5. LINE OF CREDIT (Continued)** 

The Funds (except Baron Partners Fund), together with the funds in Baron Investment Funds Trust, participate in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund's prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate plus 0.10% or the Federal Funds Effective Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets.

During the year ended December 31, 2022, Baron Global Advantage Fund, Baron Real Estate Income Fund, and Baron FinTech Fund, had borrowings under the line of credit and incurred interest expense of $167,879, $3,239, and $508, respectively. For the 259 days during which there were borrowings, Baron Global Advantage Fund had an average daily balance on the line of credit of $8.6 million at a weighted average interest rate of 2.74%. For the 4 days during which there were borrowings, Baron Real Estate Income Fund had an average daily balance on the line of credit of $8.5 million at a weighted average interest rate of 3.48%. For the 5 days during which there were borrowings, Baron FinTech Fund had an average daily balance on the line of credit of $3.1 million at a weighted average interest rate of 1.20%. At December 31, 2022, Baron Global Advantage Fund had an outstanding balance in the amount of $24.1 million.

**6. RESTRICTED SECURITIES** 

At December 31, 2022, 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 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 December 31, 2022, 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** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 9/13/2017 | $185269761 |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc. | 12/22/2021 | 22138585 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Holdings, Inc. | 5/4/2022 | 42121800 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 5/19/2021 | 7651108 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-8/4/2020 | 407449715 |
|  **Total Restricted Securities:** |  | $664630969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $246,093,669)<sup>†</sup> (13.77% of Net Assets) |  |  |
|  | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 9/13/2017 | $56845034 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-12/3/2021 | 29695891 |
|  **Total Restricted Securities:** |  | $86540925 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,949,596)<sup>†</sup> (11.90% of Net Assets) |  |  |
|  | **Baron International Growth Fund** | **Baron International Growth Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 1/24/2017-10/29/2021 | $383 |
|  **Total Restricted Securities:** |  | $383 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,644,868) (0.00% of Net Assets) |  |  |

---

------

† See Statements of Net Assets for cost of individual securities.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**6. RESTRICTED SECURITIES (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aarti Pharmalabs Ltd. | 10/19/2022 | $4695422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Codere Online Luxembourg, S.A.,Founders Shares | 12/10/2020 | 895880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fix Price Group Ltd | 3/5/2021-9/14/2021 | 285241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ozon Holdings PLC | 11/24/2020-2/7/2022 | 374722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 2/11/2016-11/10/2021 | 14092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yandex N.V. | 2/3/2016-10/28/2021 | 299662 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Labs PTE. Ltd. | 5/17/2021 | 62888509 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundl Technologies Private Ltd. | 1/3/2022 | 50924652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 73568842 |
|  **Total Restricted Securities:** |  | $193947022 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $397,573,452)<sup>†</sup> (4.07% of Net Assets) |  |  |
|  | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Codere Online Luxembourg, S.A.,Founders Shares | 12/10/2020 | $292283 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | 24083038 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020-9/5/2021 | 13173595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resident Home, Inc. | 12/3/2020 | 1165667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 44144184 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Cruise Holdings LLC | 1/19/2021 | 11087146 |
|  **Total Restricted Securities:** |  | $93945913 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $74,265,679)<sup>†</sup> (12.19% of Net Assets) |  |  |
|  | **Baron New Asia Fund** | **Baron New Asia Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aarti Pharmalab Ltd. | 10/19/2022 | $5070 |
|  **Total Restricted Securities:** |  | $5070 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,364) (0.14% of Net Assets) |  |  |

---

------

† See Statements of Net Assets for cost of individual securities.

**7. 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;• Level 1 — quoted prices in active markets for identical assets or liabilities;

&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;• 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).

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

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.

**The following is a summary of the inputs used as of December 31, 2022 in valuing the Funds' investments carried at fair value:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $5055205412 | $82248197 | $— | $5137453609 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 249530146 | 249530146 |
|  **Private Convertible Preferred Stocks** |  |  | 7651108 | 7651108 |
|  **Private Preferred Stocks** |  |  | 407449715 | 407449715 |
|  **Short Term Investments** |  | 305352 |  | 305352 |
|  **Total Investments** | $**5055205412** | $**82553549** | $**664630969** | $**5802389930** |
|  | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $585157369 | $— | $— | $585157369 |
|  **Private Common Stocks** |  |  | 56845034 | 56845034 |
|  **Private Preferred Stocks** |  |  | 29695891 | 29695891 |
|  **Short Term Investments** |  | 73387599 |  | 73387599 |
|  **Total Investments** | $**585157369** | $**73387599** | $**86540925** | $**745085893** |
|  | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $144047665 | $324889498 | $383 | $468937546 |
|  **Warrants<sup>†</sup>**  | 34225 |  |  | 34225 |
|  **Short Term Investments** |  | 14380099 |  | 14380099 |
|  **Total Investments** | $**144081890** | $**339269597** | $**383** | $**483351870** |

---

------

† See Statement of Net Assets for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Real Estate Fund** | **Baron Real Estate Fund** | **Baron Real Estate Fund** | **Baron Real Estate Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $1136082799 | $— | $— | $1136082799 |
|  **Short Term Investments** |  | 140644217 |  | 140644217 |
|  **Total Investments** | $**1136082799** | $**140644217** | $**—** | $**1276727016** |
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $1068800339 | $3368877815 | $6565019 | $4444243173 |
|  **Private Common Stocks** |  |  | 62888509 | 62888509 |
|  **Private Convertible Preferred Stocks<sup>†</sup>** |  |  | 124493494 | 124493494 |
|  **Rights** | 33714 |  |  | 33714 |
|  **Warrants** | 1762 |  |  | 1762 |
|  **Short Term Investments** |  | 147792706 |  | 147792706 |
|  **Total Investments** | $**1068835815** | $**3516670521** | $**193947022** | $**4779453358** |
|  | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $556869359 | $122560435 | $292283 | $679722077 |
|  **Private Common Stocks** |  |  | 24083038 | 24083038 |
|  **Private Convertible Preferred Stocks<sup>†</sup>** |  |  | 58483446 | 58483446 |
|  **Private Preferred Stocks** |  |  | 11087146 | 11087146 |
|  **Warrants<sup>†</sup>**  | 206445 |  |  | 206445 |
|  **Total Investments** | $**557075804** | $**122560435** | $**93945913** | $**773582152** |
|  | **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<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $76012662 | $— | $— | $76012662 |
|  **Short Term Investments** |  | 1406814 |  | 1406814 |
|  **Total Investments** | $**76012662** | $**1406814** | $**—** | $**77419476** |

---

------

† See Statement of Net Assets for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baron Health Care Fund** | **Baron Health Care Fund** | **Baron Health Care Fund** | **Baron Health Care Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $193613566 | $1575991 | $— | $195189557 |
|  **Short Term Investments** |  | 16518028 |  | 16518028 |
|  **Total Investments** | $**193613566** | $**18094019** | $**—** | $**211707585** |
|  | **Baron FinTech Fund** | **Baron FinTech Fund** | **Baron FinTech Fund** | **Baron FinTech Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $39331541 | $1612049 | $— | $40943590 |
|  **Short Term Investments** |  | 1848412 |  | 1848412 |
|  **Total Investments** | $**39331541** | $**3460461** | $**—** | $**42792002** |
|  | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $654114 | $2849130 | $5070 | $3508314 |
|  **Short Term Investments** |  | 230950 |  | 230950 |
|  **Total Investments** | $**654114** | $**3080080** | $**5070** | $**3739264** |
|  | **Baron Technology Fund** | **Baron Technology Fund** | **Baron Technology Fund** | **Baron Technology Fund** |
| **Description** | **Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>(Level 1)** | **Other<br>Observable<br>Inputs<br>(Level 2)** | **Unobservable<br>Inputs<br>(Level 3)** | **Total** |
|  **Common Stocks<sup>†</sup>** | $**3170939** | $**117612** | $**—** | $**3288551** |

---

------

† See Statement of Net Assets for additional detailed categorizations.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. 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** |
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>December 31,<br>2022** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $— | $— | $— | $(17878200) | $60000000 | $— | $— | $— | $42121800 | $(17878200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 46367914 |  |  | (24229329) |  |  |  |  | 22138585 | (24229329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 139906305 |  |  | 45363456 |  |  |  |  | 185269761 | 45363456 |
|  **Private Convertible<br>Preferred Stocks** | **Private Convertible<br>Preferred Stocks** | **Private Convertible<br>Preferred Stocks** | **Private Convertible<br>Preferred Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7562202 |  |  | 88906 |  |  |  |  | 7651108 | 88906 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 307685323 |  |  | 99764392 |  |  |  |  | 407449715 | 99764392 |
|  **Total** | $**501521744** | $**—** | $**—** | $**103109225** | $**60000000** | $**—** | $**—** | $**—** | $**664630969** | $**103109225** |
|  | **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 as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>December 31,<br>2022** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $42926480 | $— | $— | $13918554 | $— | $— | $— | $— | $56845034 | $13918554 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 22424828 |  |  | 7271063 |  |  |  |  | 29695891 | 7271063 |
|  **Total** | $**65351308** | $**—** | $**—** | **21189617** | $**—** | $**—** | $**—** | $**—** | $**86540925** | $**21189617** |
|  | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** | **Baron International Growth Fund** |
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>December 31,<br>2022** |
|  **Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia<sup>1</sup> | $**—** | $**—** | $**—** | $**(63805)** | $**—** | $**—** | $**64188** | $**—** | $**383** | $**(2580151)** |

---

------

<sup>1</sup> Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. 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** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2022** |
|  **Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India<sup>1</sup>  | $— | $— | $— | $(1282767) | $5978189 | $— | $— | $— | $4695422 | $(1282767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia<sup>2</sup> |  |  |  | (25930620) |  |  | 26904337 |  | 973717 | (243049336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain<sup>3</sup> | 12456029 |  |  | (6087132) |  |  |  | (5473017) | 895880 | (1014136) |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 49281368 |  |  | 13607141 |  |  |  |  | 62888509 | 13607141 |
|  **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 56938929 |  |  | (9222307) | 76776872 |  |  |  | 124493494 | (9222307) |
|  **Warrants** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain<sup>2</sup> | 12331 |  |  | (7690) |  |  |  | (4641) |  |  |
|  **Total** | $**118688657** | $**—** | $**—** | $**(28923375)** | $**82755061** | $**—** | $**26904337** | $**(5477658)** | $**193947022** | $**(240961405)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** |
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>December 31,<br>2022** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain<sup>3</sup> | $4063817 | $— | $— | $(1985944) |  | $— | $— | $(1785590) | $292283 | $(330863) |
| &nbsp;&nbsp;&nbsp;&nbsp; United States<sup>4</sup> | 64749464 |  |  | (49701588) |  |  |  | (15047876) |  |  |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 18186286 |  |  | 5896752 |  |  |  |  | 24083038 | 5896752 |
|  **Private Convertible<br>Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 34165586 |  |  | 9978598 |  |  |  |  | 44144184 | 9978598 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 20266353 |  |  | (5927091) |  |  |  |  | 14339262 | (5927091) |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 12105965 |  |  | (1018819) |  |  |  |  | 11087146 | (1018819) |
|  **Warrants** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain<sup>3</sup> | 4023 |  |  | (2509) |  |  |  | (1514) |  |  |
|  **Total** | $**153541494** | $**—** | $**—** | $**(42760601)** | $**—** | $**—** |  | $**(16834980)** | $**93945913** | $**8598577** |

---

------

<sup>1</sup> Represents securities received (Aarti Pharmalabs Ltd.) as a spinoff from Aarti Industries Limited on October 19, 2022. Aarti Pharmalabs Ltd. had not commenced trading on an exchange as of December 31, 2022.

<sup>2</sup> Russian securities transferred into Level 3 on February 28, 2022 due to imposed sanctions.

<sup>3</sup> Codere Online Luxembourg, S.A. Forward, Private shares, and Private Warrants restriction on resale was lifted on May 31, 2022.

<sup>4</sup> Rivian Automotive restriction on resale was lifted on May 9, 2022.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** | **Baron New Asia Fund** |
| **Investments in Securities** | **Balance as of<br>December 31,<br>2021** | **Accrued<br>Premiums/<br>Discounts** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance as of<br>December 31,<br>2022** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from Investments<br>still held at<br>December 31,<br>2022** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; India<sup>1</sup> | $**—** | $**—** | $**—** | $**(2294)** | $**7364** | $**—** | $**—** | $**—** | $**5070** | $**(2294)** |

---

------

<sup>1</sup> Represents securities received (Aarti Pharmalabs Ltd.) as a spinoff from Aarti Industries Limited on October 19, 2022. Aarti Pharmalabs Ltd. had not commenced trading on an exchange as of December 31, 2022.

**Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2022 were as follows:** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Baron Partners Fund** | **Baron Partners Fund** |  |  |  |  |  |  |
| **Sector** | | **Company** | | **Fair Value as of<br>December 31, 2022** | | **Valuation Technique** | | **Unobservable Input** | | **Weighted Average**<br> **used on**<br> **December 31, 2022** | | **Range used on**<br> **December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Consumer Discretionary |  | StubHub<br>Holdings, Inc. |  | **$22138585** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Change in the composite<br>equity index of<br>comparable companies |  | (0.25)% |  | (2.36)% - 0.97% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Consumer Discretionary |  | StubHub<br>Holdings, Inc. |  | **$22138585** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Discount for lack of<br> marketability |  | 16.27% |  | 13.91% - 17.06% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Consumer Discretionary |  | StubHub<br>Holdings, Inc. |  | **$22138585** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Estimated volatility of the<br>returns of equity<sup>1</sup> |  | 59.78% |  | 42.46% - 77.08% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Consumer Discretionary |  | StubHub<br>Holdings, Inc. |  | **$22138585** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Scenario Probabilities:<br>Scenario A / Scenario B /<br>Scenario C2<sup>7</sup> |  | 90% / 9% / 1% |  | 1% - 90% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services |  | X Holdings,<br>Inc. |  | **$42121800** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  | Change in the composite<br>equity index of<br>comparable companies |  | 1.29% |  | (0.25)% - 1.93% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services |  | X Holdings,<br>Inc. |  | **$42121800** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  | Discount for lack of<br> marketability |  | 32.82% |  | 32.82% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services |  | X Holdings,<br>Inc. |  | **$42121800** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  | Estimated volatility of the<br>returns of equity<sup>3</sup> |  | 72.77% |  | 34.37% - 88.83% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks and Private Preferred Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$592719476** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  | Discount for lack of<br> marketability |  | 4.46% |  | 4.46% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks and Private Preferred Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$592719476** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  | Discount for lack of<br> marketability |  | 4.46% |  | 4.46% | Estimated volatility of the<br>returns of equity<sup>3</sup> |  | 39.04% |  | 23.50% - 63.98% |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks and Private Preferred Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$592719476** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Industrials |  | Northvolt AB |  | **$7651108** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods | Change in the composite<br>equity index of<br>comparable companies |  | 0.54% |  | (0.52)% - 2.25% |
|  | Discount for lack of<br> marketability |  | 13.24% |  | 13.24% | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Industrials |  | Northvolt AB |  | **$7651108** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  |  |  |  |  |  |
|  | Estimated volatility of the<br>returns of equity<sup>4</sup> |  | 56.96% |  | 27.36% - 85.31% | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Industrials |  | Northvolt AB |  | **$7651108** |  | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods |  |  |  |  |  |  |

---

------

See Footnotes on page 68.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Company** | **Fair Value as of<br>December 31, 2022** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2022** | **Range used on**<br> **December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks and Private Preferred Stocks:**<br> Industrials | Space<br>Exploration<br>Technologies<br>Corp. | **$86540925** | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods | Discount for lack of<br>marketability | 4.46% | 4.46% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks and Private Preferred Stocks:**<br> Industrials | Space<br>Exploration<br>Technologies<br>Corp. | **$86540925** | Combination of recent<br>transaction, current value<br>via comparable<br>companies, and option-<br>pricing methods | Estimated volatility of the<br>returns of equity<sup>3</sup> | 39.04% | 23.50% - 63.98% |
| **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** |
| **Sector** | **Company** | **Fair Value as of<br>December 31, 2022** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **December 31, 2022** | **Range used on**<br> **December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Common Stocks:**<br> Consumer Discretionary | Codere Online<br>Luxembourg, S.A. | **$895880** | Discount for lack of<br>marketability<br>calculated using<br>option pricing | Discount for lack of<br>marketability | 3.27% | 3.27% |
| &nbsp;&nbsp;&nbsp; **Common Stocks:**<br> Consumer Discretionary | Codere Online<br>Luxembourg, S.A. | **$895880** | Discount for lack of<br>marketability<br>calculated using<br>option pricing | Estimated volatility of<br>the returns of equity<sup>5</sup> | 85.77% | 85.77% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Information Technology | Pine Labs PTE.<br>Ltd. | **$62888509** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Change in the<br>composite equity index<br>of comparable<br>companies | (0.36)% | (0.39)% - 0.00% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Information Technology | Pine Labs PTE.<br>Ltd. | **$62888509** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Discount for lack of<br>marketability | 5.38% | 5.38% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Information Technology | Pine Labs PTE.<br>Ltd. | **$62888509** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Estimated volatility of<br>the returns of equity<sup>2</sup> | 19.08% | 16.16% - 45.36% |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Information Technology | Pine Labs PTE.<br>Ltd. | **$62888509** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Scenario Probabilities:<br>Scenario A / Scenario B<sup>6</sup> | 100% / 0% | 0% - 100% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Bundl<br>Technologies<br>Private Ltd. | **$50924652** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Change in the<br>composite equity index<br>of comparable<br>companies | (1.63)% | (2.55)% - 0.13% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Bundl<br>Technologies<br>Private Ltd. | **$50924652** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Discount for lack of<br>marketability | 4.19% | 4.19% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Bundl<br>Technologies<br>Private Ltd. | **$50924652** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Estimated volatility of<br>the returns of equity<sup>2</sup> | 44.89% | 13.60% - 63.13% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Bundl<br>Technologies<br>Private Ltd. | **$50924652** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Scenario Probabilities:<br>Scenario A / Scenario B<sup>6</sup> | 100% / 0% | 0% - 100% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Think & Learn<br>Private Limited | **$73568842** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Change in the<br>composite equity index<br>of comparable<br>companies | (0.44)% | (8.88)% - 5.32% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Think & Learn<br>Private Limited | **$73568842** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Discount for lack of<br>marketability | 6.63% | 6.63% |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary | Think & Learn<br>Private Limited | **$73568842** | Combination of<br>recent transaction,<br>current value via<br>comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods | Estimated volatility of<br>the returns of equity<sup>2</sup> | 23.47% | 16.16% - 121.55% |

---

------

See Footnotes on page 68.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**7. FAIR VALUE MEASUREMENTS (Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** | **Baron Global Advantage Fund** |  |  |  |  |  |  |
| **Sector** | | **Company** | | **Fair Value as of<br>December 31, 2022** | | **Valuation Technique** | | **Unobservable Input** | | **Weighted Average**<br> **used on**<br> **December 31, 2022** | | **Range used on**<br> **December 31, 2022** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Common Stocks:**<br> Consumer Discretionary |  | Codere Online<br>Luxembourg, S.A. |  | **$292283** |  | Discount for lack of<br>marketability<br>calculated using<br>option pricing |  | Discount for lack of<br>marketability |  | 3.27% |  | 3.27% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Common Stocks:**<br> Consumer Discretionary |  | Codere Online<br>Luxembourg, S.A. |  | **$292283** |  | Discount for lack of<br>marketability<br>calculated using<br>option pricing |  | Estimated volatility of the<br>returns of equity<sup>5</sup> |  | 85.77% |  | 85.77% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$24083038** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, and<br>option-pricing<br>methods |  | Discount for lack of<br>marketability |  | 4.46% |  | 4.46% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$24083038** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, and<br>option-pricing<br>methods |  | Discount for lack of<br>marketability |  | 4.46% |  | 4.46% | Estimated volatility of the<br>returns of equity<sup>3</sup> |  | 39.04% |  | 23.50% - 63.98% |  |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials |  | Space<br>Exploration<br>Technologies<br>Corp. |  | **$24083038** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, and<br>option-pricing<br>methods | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Materials |  | Farmers Business<br>Network, Inc. |  | **$13173595** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods. | Change in the composite<br>equity index of comparable<br>companies |  | (0.25)% |  | (2.36)% - 6.52% |
|  | Discount for lack of<br>marketability |  | 16.56% |  | 16.56% | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Materials |  | Farmers Business<br>Network, Inc. |  | **$13173595** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods. |  |  |  |  |  |  |
|  | Estimated volatility of the<br>returns of equity<sup>3</sup> |  | 63.66% |  | 28.22% - 154.49% | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Materials |  | Farmers Business<br>Network, Inc. |  | **$13173595** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods. |  |  |  |  |  |  |
|  | Scenario Probabilities:<br>Scenario A / Scenario B<sup>6</sup> |  | 90% / 10% |  | 10% - 90% | &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Materials |  | Farmers Business<br>Network, Inc. |  | **$13173595** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Resident<br>Home, Inc. |  | **$1165667** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Change in the composite<br>equity index of comparable<br>companies |  | (0.79)% |  | (1.70)% - 0.84% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Resident<br>Home, Inc. |  | **$1165667** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Discount for lack of<br>marketability |  | 22.31% |  | 22.31% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Resident<br>Home, Inc. |  | **$1165667** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Estimated volatility of the<br>returns of equity<sup>1</sup> |  | 79.49% |  | 46.49% - 94.82% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Resident<br>Home, Inc. |  | **$1165667** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Scenario Probabilities:<br>Scenario A / Scenario B<sup>6</sup> |  | 90% / 10% |  | 10% - 90% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Think & Learn<br>Private Limited. |  | **$44144184** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods |  | Change in the composite<br>equity index of comparable<br>companies |  | (0.44)% |  | (8.88)% - 5.32% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Think & Learn<br>Private Limited. |  | **$44144184** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods |  | Discount for lack of<br>marketability |  | 6.63% |  | 6.63% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Consumer Discretionary |  | Think & Learn<br>Private Limited. |  | **$44144184** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, scenario<br>analysis, and option-<br>pricing methods |  | Estimated volatility of the<br>returns of equity<sup>2</sup> |  | 23.47% |  | 16.16% - 121.55% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials |  | GM Cruise<br>Holdings |  | **$11087146** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Change in the composite<br>equity index of comparable<br>companies |  | (0.35)% |  | (2.40)% - 1.57% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials |  | GM Cruise<br>Holdings |  | **$11087146** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Discount for lack of<br>marketability |  | 13.29% |  | 13.29% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials |  | GM Cruise<br>Holdings |  | **$11087146** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Estimated volatility of the<br>returns of equity<sup>2</sup> |  | 40.44% |  | 31.69% - 89.00% |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials |  | GM Cruise<br>Holdings |  | **$11087146** |  | Combination of recent<br>transaction, current<br>value via comparable<br>companies, option-<br>pricing, and scenario<br>analysis methods |  | Scenario Probabilities:<br>Scenario A / Scenario B<sup>6</sup> |  | 70% / 30% |  | 30% - 70% |  |  |  |  |  |  |

---

------

<sup>1)</sup> The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies. Some companies have a higher weight in the calculation than others.

<sup>2)</sup> The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies and an ETF. Some companies have a higher weight in the calculation than others.

<sup>3)</sup> The volatility was calculated as a weighted-average of the volatilities of several groups of comparable companies with different industry focus. Each group's volatility was calculated as the simple average volatilities of comparable companies in the group.

<sup>4)</sup> The volatility was calculated as a simple-average of the volatilities of the individual comparable companies.

<sup>5)</sup> The volatility was calculated using the daily returns of the publicly traded stock of the company.

<sup>6)</sup> Scenario A represents an IPO Event, while Scenario B represents a Liquidation/M&A Event.

<sup>7)</sup> Scenario A represents a Direct Listing/ IPO Event, Scenario B represents an Other Sale Event, and Scenario C represents a Liquidation Event.

A significant change in the EV/EBITDA multiple ratio may result in a directionally similar significant change in the fair value measurement, while a significant change in the discount for lack of marketability and equity index of comparable companies may not result in a materially higher or lower fair value measurement.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) differ for financial statement and tax purposes due to differing treatments of net investment loss, foreign currency gains and losses, foreign capital gains tax, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, late year loss deferral, post-October loss deferral and wash sale loss deferral. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

For the year ended December 31, 2022, the Funds recorded the following permanent reclassifications to reflect tax character. Reclassifications between distributable earnings (losses) and paid-in capital relate primarily to the tax treatment of net investment loss, foreign currency gains and losses, foreign capital gains tax, partnership basis adjustments, and income from passive foreign investment companies. Results of operations and net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br>Earnings/<br>(Losses)** | **Paid-In<br>Capital** |
|  Baron Partners Fund | $49585537 | $(49585537) |
|  Baron Focused Growth Fund | 3984712 | (3984712) |
|  Baron International Growth Fund | 507500 | (507500) |
|  Baron Real Estate Fund |  |  |
|  Baron Emerging Markets Fund | 94243863 | (94243863) |
|  Baron Global Advantage Fund | 20360292 | (20360292) |
|  Baron Real Estate Income Fund |  |  |
|  Baron Health Care Fund | 253255 | (253255) |
|  Baron FinTech Fund | 175570 | (175570) |
|  Baron New Asia Fund | 39596 | (39596) |
|  Baron Technology Fund | 24105 | (24105) |

---

**As of December 31, 2022, the components of net assets on a tax basis were as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baron<br>Partners Fund** | **Baron<br>Focused<br>Growth<br>Fund** | **Baron<br>International<br>Growth<br>Fund** | **Baron Real<br>Estate Fund** | **Baron<br>Emerging<br>Markets Fund** |
|  Cost of investments | $1904429173 | $487845217 | $460911548 | $1184429491 | $4832315473 |
|  Gross tax unrealized appreciation | 4128243772 | 291239743 | 91188026 | 142161385 | 803835505 |
|  Gross tax unrealized depreciation | (230283015) | (33999067) | (68747704) | (49863860) | (856697620) |
|  Net tax unrealized appreciation (depreciation) | 3897960757 | 257240676 | 22440322 | 92297525 | (52862115) |
|  Net tax unrealized currency appreciation (depreciation) |  |  | (620163) |  | (9519563) |
|  Non-deductible interest expense | (25801186) |  |  |  |  |
|  Undistributed (accumulated) ordinary income (loss) |  |  |  | 2040394 |  |
|  Qualified late year loss deferral |  |  | (425067) |  | (7667882) |
|  Capital loss carryforwards | (265869374) | (79743741) | (30970699) | (91911200) | (838325164) |
|  Paid-in capital | 1219613604 | 550019520 | 492232690 | 1273931084 | 5676087299 |
|  Net Assets | $4825903801 | $727516455 | $482657083 | $1276357803 | $4767712575 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Global<br>Advantage<br>Fund** | **Baron Real<br>Estate<br>Income<br>Fund** | **Baron<br>Health Care<br>Fund** | **Baron<br>FinTech<br>Fund** | **Baron<br>New Asia<br>Fund** | **Baron<br>Technology<br>Fund** |
|  Cost of investments | $807833728 | $81706191 | $182829735 | $53022117 | $4537244 | $4929841 |
|  Gross tax unrealized appreciation | 157464793 | 1793654 | 31935071 | 1577259 | 86343 | 12482 |
|  Gross tax unrealized depreciation | (191716369) | (6080369) | (3057221) | (11807374) | (884322) | (1653772) |
|  Net tax unrealized appreciation (depreciation) | (34251576) | (4286715) | 28877850 | (10230115) | (797979) | (1641290) |
|  Net tax unrealized currency appreciation (depreciation) | (1900898) |  |  |  | (1225) | (1) |
|  Non-deductible interest expense | (163464) |  |  |  |  |  |
|  Undistributed (accumulated) ordinary income (loss) |  | 133923 |  |  |  |  |
|  Qualified late year loss deferral | (3430637) |  |  |  |  |  |
|  Capital loss carryforwards | (310074360) | (16400601) | (37504109) | (4174532) | (431659) | (436148) |
|  Paid-in capital | 1120551041 | 97873781 | 218640283 | 57006156 | 4971013 | 5388481 |
|  Net Assets | $770730106 | $77320388 | $210014024 | $42601509 | $3740150 | $3311042 |

---

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)** 

**As of December 31, 2022 the Funds had capital loss carryforwards as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baron Partners<br>Fund** | **Baron Focused<br>Growth Fund** | **Baron<br>International<br>Growth Fund** | **Baron Real<br>Estate Fund** | **Baron<br>Emerging<br>Markets<br>Fund** |
|  **Short term:** |  |  |  |  |  |
|  No expiration date | $154545137 | $55201381 | $30970699 | $91911200 | $621031462 |
|  **Long term:** |  |  |  |  |  |
|  No expiration date | $111324237 | $24542360 | $— | $— | $217293702 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Global<br>Advantage<br>Fund** | **Baron Real<br>Estate Income<br>Fund** | **Baron<br>Health<br>Care Fund** | **Baron<br>FinTech<br>Fund** | **Baron<br>New Asia<br>Fund** | **Baron<br>Technology<br>Fund** |
|  **Short term:** | **Short term:** | **Short term:** |  |  |  |  |
|  No expiration date | $176146724 | $15900608 | $31164519 | $2817052 | $295760 | $436148 |
|  **Long term:** |  |  |  |  |  |  |
|  No expiration date | $133927636 | $499993 | $6339590 | $1357480 | $135899 | $— |

---

**The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021 was as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
| **Fund** | **Ordinary<sup>1</sup>** | **Long Term<br>Capital Gain** | **Return of<br>Capital** | **Ordinary<sup>1</sup>** | **Long Term<br>Capital Gain** | **Return of<br>Capital** |
|  Baron Partners Fund | $— | $151105996 | $— | $— | $617895000 | $— |
|  Baron Focused Growth Fund |  | 75070394 |  |  | 113240031 |  |
|  Baron International Growth Fund | 67263 | 6202900 |  | 14928322 | 23952051 |  |
|  Baron Real Estate Fund | 23995802 | 13592258 |  | 21144244 | 130570043 |  |
|  Baron Emerging Markets Fund |  |  |  | 168243790 |  | 269196 |
|  Baron Global Advantage Fund |  | 17374025 |  |  |  |  |
|  Baron Real Estate Income Fund | 1233337 | 613536 |  | 690123 | 626891 |  |
|  Baron Health Care Fund |  |  |  | 1026513 | 2204840 |  |
|  Baron FinTech Fund |  | 579664 |  |  |  |  |
|  Baron New Asia Fund |  |  |  |  |  |  |
|  Baron Technology Fund |  |  |  | NA | NA | NA |

---

------

<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2022 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

**9. OWNERSHIP CONCENTRATION** 

As of December 31, 2022, the officers, trustees and portfolio managers owned, directly or indirectly, 50.90% of Baron Focused Growth Fund, 25.30% of Baron FinTech Fund, 65.73% of Baron New Asia Fund, and 55.02% of Baron Technology Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Focused Growth Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund shareholders.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

------

**10. TRANSACTIONS IN "AFFILIATED" COMPANIES<sup>1</sup>** 

**Baron Global Advantage Fund** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of issuer** | **Value at<br>December 31,<br>2021** | **Purchase<br>Cost/**<br> **Transfer In** | **Sales<br>Proceeds/**<br> **Transfer Out** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gains/**<br> **(Losses)** | **Dividend<br>Income** | **Shares<br>Held at<br>December 31,<br>2022** | **Value at<br>December 31,<br>2022** | **% of Net<br>Assets at<br>December 31,<br>2022** |
|  **No longer "Affiliated" Company as of December 31, 2022:** | **No longer "Affiliated" Company as of December 31, 2022:** | **No longer "Affiliated" Company as of December 31, 2022:** | **No longer "Affiliated" Company as of December 31, 2022:** | **No longer "Affiliated" Company as of December 31, 2022:** | **No longer "Affiliated" Company as of December 31, 2022:** |  |  |  |  |
|  Sarissa Capital Acquisition Corp. | $15057242 | $— | $(14728871) | $(119502) | $(208869) | $— |  | $— | 0.00% |

---

------

<sup>1</sup> An "Affiliated" company ("affiliated person" as defined in the 1940 Act) is a company in which a Fund held 5% or more of the company's outstanding voting securities at any time during the year ended December 31, 2022. 

**11. RUSSIA/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 United States 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.

**12. RECENT ACCOUNTING PRONOUNCEMENTS** 

Effective August 19, 2022, the Funds began complying with Rule 18f-4 under the 1940 Act, which governs the use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount will not be subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. The Adviser is currently evaluating the implications, if any, of the additional requirements and their impact on the Funds' financial statements.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS** 

------

**BARON PARTNERS FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net**<br> **realized**<br> **and<br>unrealized<br>gain**<br> **(loss) on**<br> **investments<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Total<br>expenses<br>(%)** | **Less:<br>Interest<br>expense<br>(%)** | **Net<br>operating<br>expenses <br>(%)** | **Net<br>investment<br>income<br>(loss) <br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year**<br>**($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 199.00 | (1.96) | (81.93) | (83.89) | 0.00 | (3.56) | (3.56) | 111.55 | (42.56) | 1.69 | (0.39) | 1.30 | (1.29) | 2136.4 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 164.18 | (1.98) | 52.16 | 50.18 | 0.00 | (15.36) | (15.36) | 199.00 | 31.39 | 1.36 | (0.06) | 1.30 | (1.11) | 3903.2 | 9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 69.04 | (1.12) | 102.29 | 101.17 | 0.00 | (6.03) | (6.03) | 164.18 | 148.56 | 1.56 | (0.25) | 1.31 | (1.18) | 3219.4 | 10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 47.77 | (0.75) | 22.20 | 21.45 | 0.00 | (0.18) | (0.18) | 69.04 | 44.97 | 2.22 | (0.90) | 1.32 | (1.29) | 1353.6 | 7.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 48.75 | (0.61) | (0.37) | (0.98) | 0.00 | 0.00 | 0.00 | 47.77 | (2.01) | 2.03 | (0.71) | 1.32 | (1.13) | 1016.2 | 8.09 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205.95 | (1.63) | (84.91) | (86.54) | 0.00 | (3.56) | (3.56) | 115.85 | (42.41) | 1.44 | (0.40) | 1.04 | (1.04) | 2329.7 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 169.04 | (1.58) | 53.85 | 52.27 | 0.00 | (15.36) | (15.36) | 205.95 | 31.73 | 1.11 | (0.06) | 1.05 | (0.86) | 4126.7 | 9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 70.82 | (0.92) | 105.17 | 104.25 | 0.00 | (6.03) | (6.03) | 169.04 | 149.18 | 1.30 | (0.25) | 1.05 | (0.93) | 3191.4 | 10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 48.86 | (0.62) | 22.76 | 22.14 | 0.00 | (0.18) | (0.18) | 70.82 | 45.38 | 1.96 | (0.90) | 1.06 | (1.03) | 1187 | 7.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 49.73 | (0.49) | (0.38) | (0.87) | 0.00 | 0.00 | 0.00 | 48.86 | (1.75) | 1.77 | (0.71) | 1.06 | (0.88) | 815.6 | 8.09 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205.94 | (1.63) | (84.91) | (86.54) | 0.00 | (3.56) | (3.56) | 115.84 | (42.41) | 1.44 | (0.40) | 1.04 | (1.04) | 359.8 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 169.03 | (1.58) | 53.85 | 52.27 | 0.00 | (15.36) | (15.36) | 205.94 | 31.73 | 1.11 | (0.06) | 1.05 | (0.86) | 627.5 | 9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 70.82 | (0.91) | 105.15 | 104.24 | 0.00 | (6.03) | (6.03) | 169.03 | 149.16 | 1.30 | (0.25) | 1.05 | (0.93) | 465 | 10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 48.86 | (0.62) | 22.76 | 22.14 | 0.00 | (0.18) | (0.18) | 70.82 | 45.38 | 1.96 | (0.90) | 1.06 | (1.03) | 186.9 | 7.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 49.73 | (0.46) | (0.41) | (0.87) | 0.00 | 0.00 | 0.00 | 48.86 | (1.75) | 1.79 | (0.73) | 1.06 | (0.82) | 123.4 | 8.09 |

---

------

<sup>1</sup> Based on average shares outstanding.

72 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON FOCUSED GROWTH FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of**<br> **year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses <br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44.52 | (0.26) | (12.14) | (12.40) | 0.00 | (3.51) | (3.51) | 28.61 | (28.30) | 1.32 | 0.00 | 1.32 | (0.74) | 174.3 | 22.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 43.36 | (0.51) | 8.59 | 8.08 | 0.00 | (6.92) | (6.92) | 44.52 | 18.83 | 1.32<sup>2</sup> | 0.00 | 1.32 | (1.12) | 209.8 | 45.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 20.18 | (0.32) | 24.74 | 24.42 | 0.00 | (1.24) | (1.24) | 43.36 | 122.21 | 1.35 | 0.00 | 1.35 | (1.15) | 157.7 | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 15.81 | (0.12) | 4.85 | 4.73 | 0.00 | (0.36) | (0.36) | 20.18 | 30.03<sup>3</sup> | 1.39<sup>2</sup> | (0.04) | 1.35 | (0.67) | 49.1 | 4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.38 | (0.08) | 0.68 | 0.60 | 0.00 | (0.17) | (0.17) | 15.81 | 3.75<sup>3</sup> | 1.39<sup>2</sup> | (0.04) | 1.35 | (0.49) | 40.9 | 1.85 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46.09 | (0.16) | (12.60) | (12.76) | 0.00 | (3.51) | (3.51) | 29.82 | (28.11) | 1.06 | 0.00 | 1.06 | (0.45) | 300.3 | 22.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44.56 | (0.40) | 8.85 | 8.45 | 0.00 | (6.92) | (6.92) | 46.09 | 19.16 | 1.05<sup>2</sup> | 0.00 | 1.05 | (0.85) | 307.8 | 45.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 20.67 | (0.24) | 25.37 | 25.13 | 0.00 | (1.24) | (1.24) | 44.56 | 122.75 | 1.07 | 0.00 | 1.07 | (0.88) | 233.7 | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 16.15 | (0.08) | 4.96 | 4.88 | 0.00 | (0.36) | (0.36) | 20.67 | 30.33<sup>3</sup> | 1.11<sup>2</sup> | (0.01) | 1.10 | (0.42) | 91.3 | 4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.66 | (0.05) | 0.71 | 0.66 | 0.00 | (0.17) | (0.17) | 16.15 | 4.07 | 1.09<sup>2</sup> | 0.00 | 1.09 | (0.30) | 70.7 | 1.85 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46.12 | (0.17) | (12.60) | (12.77) | 0.00 | (3.51) | (3.51) | 29.84 | (28.11) | 1.05 | 0.00 | 1.05 | (0.48) | 252.9 | 22.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44.59 | (0.40) | 8.85 | 8.45 | 0.00 | (6.92) | (6.92) | 46.12 | 19.15 | 1.05<sup>2</sup> | 0.00 | 1.05 | (0.86) | 320.6 | 45.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 20.68 | (0.24) | 25.39 | 25.15 | 0.00 | (1.24) | (1.24) | 44.59 | 122.78 | 1.07 | 0.00 | 1.07 | (0.87) | 271.3 | 18.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 16.16 | (0.07) | 4.95 | 4.88 | 0.00 | (0.36) | (0.36) | 20.68 | 30.31 | 1.10<sup>2</sup> | 0.00 | 1.10 | (0.40) | 122 | 4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.67 | (0.03) | 0.69 | 0.66 | 0.00 | (0.17) | (0.17) | 16.16 | 4.07<sup>3</sup> | 1.10<sup>2</sup> | (0.00)<sup>4</sup> | 1.10 | (0.18) | 92.2 | 1.85 |

---

------

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Interest expense rounds to less than 0.01%. 

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Less than 0.01%. 

See Notes to Financial Statements. 73

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON INTERNATIONAL GROWTH FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net**<br> **investment**<br>**income<br>(loss)<br>($)<sup>1</sup>** | **Net**<br> **realized**<br> **and<br>unrealized<br>gain**<br> **(loss)**<br>**($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.29 | 0.02 | (9.21) | (9.19) | 0.00 | (0.30) | (0.30) | 23.80 | (27.47)<sup>2</sup> | 1.26 | (0.06) | 1.20 | 0.06 | 66.8 | 47.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31.97 | (0.11) | 3.18 | 3.07 | (0.63) | (1.12) | (1.75) | 33.29 | 9.64<sup>2</sup> | 1.23 | (0.03) | 1.20 | (0.33) | 100.2 | 36.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 24.50 | (0.01) | 7.49 | 7.48 | (0.01) | 0.00 | (0.01) | 31.97 | 30.52<sup>2</sup> | 1.28 | (0.08) | 1.20 | (0.05) | 85.5 | 41.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 19.00 | 0.01 | 5.51 | 5.52 | (0.01) | (0.01) | (0.02) | 24.50 | 29.06<sup>2</sup> | 1.31 | (0.11) | 1.20 | 0.06 | 82 | 56.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 23.90 | (0.01) | (4.21) | (4.22) | 0.00 | (0.68) | (0.68) | 19.00 | (17.90)<sup>2</sup> | 1.34<sup>3</sup> | (0.14) | 1.20 | (0.03) | 59.8 | 50.83 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.88 | 0.08 | (9.37) | (9.29) | 0.00 | (0.30) | (0.30) | 24.29 | (27.29)<sup>2</sup> | 0.99 | (0.04) | 0.95 | 0.30 | 303.7 | 47.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32.51 | (0.02) | 3.22 | 3.20 | (0.71) | (1.12) | (1.83) | 33.88 | 9.88<sup>2</sup> | 0.96 | (0.01) | 0.95 | (0.05) | 497.2 | 36.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 24.88 | 0.06 | 7.61 | 7.67 | (0.04) | 0.00 | (0.04) | 32.51 | 30.83<sup>2</sup> | 1.01 | (0.06) | 0.95 | 0.25 | 362.9 | 41.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 19.29 | 0.06 | 5.61 | 5.67 | (0.07) | (0.01) | (0.08) | 24.88 | 29.39<sup>2</sup> | 1.04 | (0.09) | 0.95 | 0.27 | 223.6 | 56.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 24.19 | 0.06 | (4.28) | (4.22) | 0.00 | (0.68) | (0.68) | 19.29 | (17.68)<sup>2</sup> | 1.07<sup>3</sup> | (0.12) | 0.95 | 0.26 | 154.2 | 50.83 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.86 | 0.08 | (9.36) | (9.28) | 0.00 | (0.30) | (0.30) | 24.28 | (27.28)<sup>2</sup> | 0.99 | (0.04) | 0.95 | 0.31 | 112.2 | 47.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32.49 | (0.03) | 3.23 | 3.20 | (0.71) | (1.12) | (1.83) | 33.86 | 9.89<sup>2</sup> | 0.96 | (0.01) | 0.95 | (0.10) | 160.3 | 36.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 24.88 | 0.04 | 7.61 | 7.65 | (0.04) | 0.00 | (0.04) | 32.49 | 30.75<sup>2</sup> | 0.98 | (0.03) | 0.95 | 0.15 | 163.5 | 41.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 19.29 | 0.06 | 5.61 | 5.67 | (0.07) | (0.01) | (0.08) | 24.88 | 29.39<sup>2</sup> | 1.03 | (0.08) | 0.95 | 0.28 | 17.7 | 56.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 24.19 | 0.07 | (4.29) | (4.22) | 0.00 | (0.68) | (0.68) | 19.29 | (17.68)<sup>2</sup> | 1.06<sup>3</sup> | (0.11) | 0.95 | 0.31 | 12.4 | 50.83 |

---

------

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>3</sup> Interest expense rounds to less than 0.01%. 

74 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON REAL ESTATE FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40.24 | 0.00<sup>2</sup> | (11.56) | (11.56) | (0.02) | (0.80) | (0.82) | 27.86 | (28.61) | 1.33 | 0.00<sup>3</sup> | 322 | 112.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.21 | (0.10) | 8.42 | 8.32 | 0.00 | (3.29) | (3.29) | 40.24 | 24.03 | 1.31 | (0.26) | 514.8 | 64.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 26.18 | (0.10) | 11.34 | 11.24 | (0.00)<sup>2</sup> | (2.21) | (2.21) | 35.21 | 43.85 | 1.34 | (0.36) | 321.8 | 71.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 20.77 | (0.03) | 9.08 | 9.05 | 0.00 | (3.64) | (3.64) | 26.18 | 44.11 | 1.33<sup>4</sup> | (0.10) | 246.9 | 53.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 29.58 | (0.03) | (6.28) | (6.31) | 0.00 | (2.50) | (2.50) | 20.77 | (22.22) | 1.32<sup>4</sup> | (0.10) | 213 | 56.47 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41.36 | 0.08 | (11.89) | (11.81) | (0.02) | (0.80) | (0.82) | 28.73 | (28.44) | 1.07 | 0.25 | 928.7 | 112.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.02 | 0.01 | 8.62 | 8.63 | 0.00 | (3.29) | (3.29) | 41.36 | 24.36 | 1.05 | 0.04 | 1490.8 | 64.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 26.68 | (0.03) | 11.60 | 11.57 | (0.02) | (2.21) | (2.23) | 36.02 | 44.28 | 1.08 | (0.10) | 705.4 | 71.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 21.10 | 0.04 | 9.22 | 9.26 | (0.04) | (3.64) | (3.68) | 26.68 | 44.44 | 1.08<sup>4</sup> | 0.15 | 360.2 | 53.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 30.01 | 0.05 | (6.39) | (6.34) | (0.07) | (2.50) | (2.57) | 21.10 | (22.04) | 1.06<sup>4</sup> | 0.17 | 320.9 | 56.47 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41.36 | 0.09 | (11.90) | (11.81) | (0.02) | (0.80) | (0.82) | 28.73 | (28.44) | 1.07 | 0.29 | 25.7 | 112.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.02 | 0.01 | 8.62 | 8.63 | 0.00 | (3.29) | (3.29) | 41.36 | 24.36 | 1.05 | 0.02 | 33.3 | 64.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 26.69 | (0.03) | 11.59 | 11.56 | (0.02) | (2.21) | (2.23) | 36.02 | 44.23 | 1.07 | (0.10) | 20 | 71.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 21.10 | 0.04 | 9.23 | 9.27 | (0.04) | (3.64) | (3.68) | 26.69 | 44.51 | 1.07<sup>4</sup> | 0.17 | 13.2 | 53.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 30.01 | 0.09 | (6.43) | (6.34) | (0.07) | (2.50) | (2.57) | 21.10 | (22.03) | 1.07<sup>4</sup> | 0.31 | 9.3 | 56.47 |

---

------

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Less than $0.01 per share. 

<sup>3</sup> Less than 0.01%. 

<sup>4</sup> Interest expense rounds to less than 0.01%. 

See Notes to Financial Statements. 75

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON EMERGING MARKETS FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net<br>Assets:** | **Ratios to Average Net<br>Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Return<br>of<br>capital<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.51 | (0.01) | (4.54) | (4.55) | 0.00 | 0.00 | 0.00 | 0.00 | 12.96 | (25.99) | 1.38 | (0.07) | 283.7 | 43.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.97 | (0.09) | (1.09) | (1.18) | (0.28) | 0.00 | (0.00)<sup>2</sup> | (0.28) | 17.51 | (6.26) | 1.33 | (0.46) | 462.6 | 33.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 14.72 | (0.06) | 4.31 | 4.25 | 0.00 | 0.00 | 0.00 | 0.00 | 18.97 | 28.87 | 1.35 | (0.44) | 507.7 | 55.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 12.45 | 0.03 | 2.27 | 2.30 | (0.03) | 0.00 | (0.00)<sup>2</sup> | (0.03) | 14.72 | 18.48 | 1.35 | 0.23 | 667.1 | 59.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.33 | 0.05 | (2.91) | (2.86) | (0.02) | 0.00 | 0.00 | (0.02) | 12.45 | (18.67) | 1.36 | 0.36 | 753.5 | 43.27 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.58 | 0.03 | (4.57) | (4.54) | 0.00 | 0.00 | 0.00 | 0.00 | 13.04 | (25.82) | 1.12 | 0.20 | 4473.6 | 43.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.06 | (0.04) | (1.11) | (1.15) | (0.33) | 0.00 | (0.00)<sup>2</sup> | (0.33) | 17.58 | (6.07) | 1.08 | (0.22) | 8408.8 | 33.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 14.75 | (0.03) | 4.34 | 4.31 | 0.00 | 0.00 | 0.00 | 0.00 | 19.06 | 29.22 | 1.09 | (0.20) | 6228.8 | 55.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 12.47 | 0.07 | 2.28 | 2.35 | (0.06) | 0.00 | (0.01) | (0.07) | 14.75 | 18.86 | 1.09 | 0.50 | 4644.8 | 59.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.37 | 0.09 | (2.93) | (2.84) | (0.06) | 0.00 | 0.00 | (0.06) | 12.47 | (18.49) | 1.10 | 0.62 | 3850 | 43.27 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.59 | 0.03 | (4.57) | (4.54) | 0.00 | 0.00 | 0.00 | 0.00 | 13.05 | (25.81) | 1.13 | 0.20 | 10.4 | 43.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.07 | (0.04) | (1.11) | (1.15) | (0.33) | 0.00 | (0.00)<sup>2</sup> | (0.33) | 17.59 | (6.07) | 1.08 | (0.21) | 17.4 | 33.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 14.75 | (0.03) | 4.35 | 4.32 | 0.00 | 0.00 | 0.00 | 0.00 | 19.07 | 29.29 | 1.09 | (0.18) | 13.9 | 55.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 12.48 | 0.07 | 2.27 | 2.34 | (0.06) | 0.00 | (0.01) | (0.07) | 14.75 | 18.77 | 1.09 | 0.49 | 10.1 | 59.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 15.38 | 0.10 | (2.94) | (2.84) | (0.06) | 0.00 | 0.00 | (0.06) | 12.48 | (18.47) | 1.11 | 0.69 | 7.3 | 43.27 |

---

------

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Less than $0.01 per share. 

76 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON GLOBAL ADVANTAGE FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of period<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Total<br>expenses<br>(%)** | **Less:<br>Interest<br>expense%** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net**<br> **assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51.65 | (0.37) | (26.27) | (26.64) | 0.00 | (0.50) | (0.50) | 24.51 | (51.69)<sup>2</sup><sup>,5</sup> | 1.20 | (0.01) | 1.19 | (0.04) | 1.15 | (1.14) | 223.3 | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51.34 | (0.62) | 0.93 | 0.31 | 0.00 | 0.00 | 0.00 | 51.65 | 0.60<sup>2,4</sup> | 1.15 | (0.00)<sup>3</sup> | 1.15 | (0.00)<sup>6</sup> | 1.15 | (1.14) | 786.3 | 23.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 28.68 | (0.44) | 23.10 | 22.66 | 0.00 | 0.00 | 0.00 | 51.34 | 79.01<sup>2</sup> | 1.17 | 0.00 | 1.17 | (0.02) | 1.15 | (1.10) | 921.7 | 8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 19.77 | (0.02) | 8.93 | 8.91 | 0.00 | 0.00 | 0.00 | 28.68 | 45.07<sup>2</sup> | 1.25 | (0.00)<sup>3</sup> | 1.25 | (0.10) | 1.15 | (0.08) | 174.6 | 19.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 20.56 | (0.21) | (0.58) | (0.79) | 0.00 | 0.00 | 0.00 | 19.77 | (3.84)<sup>2</sup> | 1.45 | (0.00)<sup>3</sup> | 1.45 | (0.30) | 1.15 | (0.94) | 35.7 | 19.77 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 52.70 | (0.30) | (26.82) | (27.12) | 0.00 | (0.50) | (0.50) | 25.08 | (51.57)<sup>2</sup><sup>,5</sup> | 0.94 | (0.01) | 0.93 | (0.03) | 0.90 | (0.89) | 538.1 | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 52.25 | (0.49) | 0.94 | 0.45 | 0.00 | 0.00 | 0.00 | 52.70 | 0.86<sup>2,4</sup> | 0.90 | (0.00)<sup>3</sup> | 0.90 | (0.00)<sup>6</sup> | 0.90 | (0.89) | 1803.3 | 23.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 29.12 | (0.35) | 23.48 | 23.13 | 0.00 | 0.00 | 0.00 | 52.25 | 79.43<sup>2</sup> | 0.92 | 0.00 | 0.92 | (0.02) | 0.90 | (0.85) | 1470.9 | 8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 20.02 | (0.01) | 9.11 | 9.10 | 0.00 | 0.00 | 0.00 | 29.12 | 45.45<sup>2</sup> | 1.00 | (0.00)<sup>3</sup> | 1.00 | (0.10) | 0.90 | (0.03) | 212.8 | 19.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 20.77 | (0.16) | (0.59) | (0.75) | 0.00 | 0.00 | 0.00 | 20.02 | (3.61)<sup>2</sup> | 1.18 | (0.00)<sup>3</sup> | 1.18 | (0.28) | 0.90 | (0.71) | 49.2 | 19.77 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 52.73 | (0.29) | (26.85) | (27.14) | 0.00 | (0.50) | (0.50) | 25.09 | (51.58)<sup>2</sup><sup>,5</sup> | 0.95 | (0.02) | 0.93 | (0.03) | 0.90 | (0.89) | 9.3 | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 52.28 | (0.50) | 0.95 | 0.45 | 0.00 | 0.00 | 0.00 | 52.73 | 0.86<sup>2,4</sup> | 0.90 | (0.00)<sup>3</sup> | 0.90 | (0.00)<sup>6</sup> | 0.90 | (0.89) | 18.4 | 23.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 29.14 | (0.32) | 23.46 | 23.14 | 0.00 | 0.00 | 0.00 | 52.28 | 79.41<sup>2</sup> | 0.92 | 0.00 | 0.92 | (0.02) | 0.90 | (0.83) | 15 | 8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 20.03 | (0.03) | 9.14 | 9.11 | 0.00 | 0.00 | 0.00 | 29.14 | 45.48<sup>2</sup> | 1.00 | (0.00)<sup>3</sup> | 1.00 | (0.10) | 0.90 | (0.10) | 6.8 | 19.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 20.79 | (0.15) | (0.61) | (0.76) | 0.00 | 0.00 | 0.00 | 20.03 | (3.66)<sup>2</sup> | 1.16 | (0.00)<sup>3</sup> | 1.16 | (0.26) | 0.90 | (0.69) | 4.3 | 19.77 |

---

------

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>3</sup> Interest expense rounds to less than 0.01%. 

<sup>4</sup> The Adviser made voluntary payments to the Fund in the amount of $162,538 to compensate the Fund for losses incurred due to valuation errors. The impact of these payments increased the Fund's total return by less than 0.01%. 

<sup>5</sup> The Adviser made a voluntary payment to the Fund in the amount of $82,890 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by less than 0.01%. 

<sup>6</sup> Less than 0.01%. 

See Notes to Financial Statements. 77

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON REAL ESTATE INCOME FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to <br>shareholders from:** | **Less distributions to <br>shareholders from:** | **Less distributions to <br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental**<br>**Data:** | **Supplemental**<br>**Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>($)<sup>2</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(%)** | **Net<br>assets (in<br>millions),<br>end<br>of year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.90 | 0.17 | (5.10) | (4.93) | (0.17) | (0.09) | (0.26) | 12.71 | (27.61)<sup>3</sup> | 1.32<sup>4</sup> | (0.27) | 1.05 | 1.13 | 13.3 | 185.25<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.08 | 0.15 | 3.93 | 4.08 | (0.19) | (0.07) | (0.26) | 17.90 | 29.08<sup>3</sup> | 1.42<sup>4</sup> | (0.37) | 1.05 | 0.94 | 17.9 | 96.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 11.65 | 0.11 | 2.43 | 2.54 | (0.11) | 0.00 | (0.11) | 14.08 | 22.02<sup>3</sup> | 4.40 | (3.35) | 1.05 | 0.91 | 2.9 | 41.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 8.63 | 0.13 | 3.02 | 3.15 | (0.13) | 0.00 | (0.13) | 11.65 | 36.67<sup>3</sup> | 6.87 | (5.82) | 1.05 | 1.20 | 1.4 | 52.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | 0.14 | (1.25) | (1.11) | (0.26) | 0.00 | (0.26) | 8.63 | (11.33)<sup>3</sup> | 10.47 | (9.42) | 1.05 | 1.43 | 0.4 | 67.39 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.05 | 0.20 | (5.14) | (4.94) | (0.17) | (0.09) | (0.26) | 12.85 | (27.43)<sup>3</sup> | 0.96<sup>4</sup> | (0.16) | 0.80 | 1.31 | 63.4 | 185.25<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.15 | 0.18 | 3.98 | 4.16 | (0.19) | (0.07) | (0.26) | 18.05 | 29.51<sup>3</sup> | 1.08<sup>4</sup> | (0.28) | 0.80 | 1.11 | 113.7 | 96.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 11.68 | 0.37 | 2.21 | 2.58 | (0.11) | 0.00 | (0.11) | 14.15 | 22.30<sup>3</sup> | 3.45 | (2.65) | 0.80 | 3.00 | 43.6 | 41.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 8.66 | 0.14 | 3.01 | 3.15 | (0.13) | 0.00 | (0.13) | 11.68 | 36.54<sup>3</sup> | 5.63 | (4.83) | 0.80 | 1.37 | 2.7 | 52.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | 0.16 | (1.24) | (1.08) | (0.26) | 0.00 | (0.26) | 8.66 | (11.03)<sup>3</sup> | 7.18 | (6.38) | 0.80 | 1.71 | 2 | 67.39 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.03 | 0.21 | (5.14) | (4.93) | (0.17) | (0.09) | (0.26) | 12.84 | (27.41)<sup>3</sup> | 0.97<sup>4</sup> | (0.17) | 0.80 | 1.38 | 0.6 | 185.25<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.14 | 0.16 | 3.99 | 4.15 | (0.19) | (0.07) | (0.26) | 18.03 | 29.46<sup>3</sup> | 1.08<sup>4</sup> | (0.28) | 0.80 | 1.01 | 0.9 | 96.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 11.67 | 0.11 | 2.47 | 2.58 | (0.11) | 0.00 | (0.11) | 14.14 | 22.32<sup>3</sup> | 3.47 | (2.67) | 0.80 | 1.06 | 0.6 | 41.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 8.66 | 0.14 | 3.00 | 3.14 | (0.13) | 0.00 | (0.13) | 11.67 | 36.42<sup>3</sup> | 5.27 | (4.47) | 0.80 | 1.36 | 0.4 | 52.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | 0.20 | (1.28) | (1.08) | (0.26) | 0.00 | (0.26) | 8.66 | (11.03)<sup>3</sup> | 7.05 | (6.25) | 0.80 | 2.07 | 0.4 | 67.39 |

---

------

<sup>1</sup> For the period January 2, 2018 (commencement of operations) to December 31, 2018.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Interest expense rounds to less than 0.01% 

<sup>5</sup> Increased market volatility and large net capital stock outflows caused an increase in the Fund's portfolio turnover rate in 2022 beyond historical levels.

78 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON HEALTH CARE FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss) from**<br>**investment operations:** | **Income (loss) from**<br>**investment operations:** | **Income (loss) from**<br>**investment operations:** | **Less distributions to**<br>**shareholders from:** | **Less distributions to**<br>**shareholders from:** | **Less distributions to**<br>**shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)**<br> **($)<sup>2</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss) ($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income**<br> **($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year**<br> **($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser**<br> **(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year**<br> **($)** | **Portfolio<br>turnover<br>rate**<br> **(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.34 | (0.06) | (3.59) | (3.65) | 0.00 | 0.00 | 0.00 | 17.69 | (17.10)<sup>3</sup> | 1.21 | (0.11) | 1.10 | (0.31) | 55.0 | 71.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.75 | (0.17) | 3.06 | 2.89 | 0.00 | (0.30) | (0.30) | 21.34 | 15.46<sup>3</sup> | 1.17 | (0.07) | 1.10 | (0.82) | 76.3 | 55.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.86 | (0.09) | 6.17 | 6.08 | 0.00 | (0.19) | (0.19) | 18.75 | 47.40<sup>3</sup> | 1.73 | (0.63) | 1.10 | (0.60) | 26.8 | 35.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.51 | (0.06) | 3.41 | 3.35 | 0.00 | 0.00 | 0.00 | 12.86 | 35.23<sup>3</sup> | 2.80 | (1.70) | 1.10 | (0.54) | 5.0 | 68.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | (0.04) | (0.45) | (0.49) | 0.00 | 0.00 | 0.00 | 9.51 | (4.90)<sup>3,4</sup> | 4.94<sup>5</sup> | (3.84)<sup>5</sup> | 1.10<sup>5</sup> | (0.60)<sup>5</sup> | 2.8 | 27.30<sup>4</sup> |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.54 | (0.01) | (3.62) | (3.63) | 0.00 | 0.00 | 0.00 | 17.91 | (16.85)<sup>3</sup> | 0.90 | (0.05) | 0.85 | (0.05) | 149.3 | 71.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.88 | (0.12) | 3.08 | 2.96 | 0.00 | (0.30) | (0.30) | 21.54 | 15.72<sup>3</sup> | 0.89 | (0.04) | 0.85 | (0.57) | 172.4 | 55.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.92 | (0.05) | 6.20 | 6.15 | 0.00 | (0.19) | (0.19) | 18.88 | 47.72<sup>3</sup> | 1.45 | (0.60) | 0.85 | (0.31) | 38.6 | 35.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.53 | (0.03) | 3.42 | 3.39 | 0.00 | 0.00 | 0.00 | 12.92 | 35.57<sup>3</sup> | 2.39 | (1.54) | 0.85 | (0.28) | 9.1 | 68.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | (0.02) | (0.45) | (0.47) | 0.00 | 0.00 | 0.00 | 9.53 | (4.70)<sup>3,4</sup> | 4.06<sup>5</sup> | (3.21)<sup>5</sup> | 0.85<sup>5</sup> | (0.33)<sup>5</sup> | 4.5 | 27.30<sup>4</sup> |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.54 | (0.01) | (3.63) | (3.64) | 0.00 | 0.00 | 0.00 | 17.90 | (16.90)<sup>3</sup> | 0.89 | (0.04) | 0.85 | (0.05) | 5.7 | 71.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.87 | (0.12) | 3.09 | 2.97 | 0.00 | (0.30) | (0.30) | 21.54 | 15.79<sup>3</sup> | 0.89 | (0.04) | 0.85 | (0.57) | 6.5 | 55.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.91 | (0.04) | 6.19 | 6.15 | 0.00 | (0.19) | (0.19) | 18.87 | 47.76<sup>3</sup> | 1.44 | (0.59) | 0.85 | (0.25) | 4.9 | 35.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.52 | (0.03) | 3.42 | 3.39 | 0.00 | 0.00 | 0.00 | 12.91 | 35.61<sup>3</sup> | 2.22 | (1.37) | 0.85 | (0.28) | 1.3 | 68.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018<sup>1</sup> | 10.00 | (0.02) | (0.46) | (0.48) | 0.00 | 0.00 | 0.00 | 9.52 | (4.80)<sup>3,4</sup> | 3.14<sup>5</sup> | (2.29)<sup>5</sup> | 0.85<sup>5</sup> | (0.32)<sup>5</sup> | 0.7 | 27.30<sup>4</sup> |

---

------

<sup>1</sup> For the period April 30, 2018 (commencement of operations) to December 31, 2022.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Not Annualized.

<sup>5</sup> Annualized.

See Notes to Financial Statements. 79

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON FINTECH FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>2</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($)** | **Total<br>from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net<br>realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16.90 | (0.07) | (5.59) | (5.66) | 0.00 | (0.15) | (0.15) | 11.09 | (33.46)<sup>3</sup> | 1.63<sup>4</sup> | (0.43) | 1.20 | (0.56) | 7.0 | 27.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.69 | (0.14) | 2.35 | 2.21 | 0.00 | 0.00 | 0.00 | 16.90 | 15.04<sup>3</sup> | 1.57 | (0.37) | 1.20 | (0.85) | 13.2 | 11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020<sup>1</sup> | 10.00 | (0.09) | 4.78 | 4.69 | 0.00 | 0.00 | 0.00 | 14.69 | 46.90<sup>3</sup> | 3.09 | (1.89) | 1.20 | (0.77) | 6.4 | 8.12 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16.98 | (0.04) | (5.62) | (5.66) | 0.00 | (0.15) | (0.15) | 11.17 | (33.30)<sup>3</sup> | 1.20<sup>4</sup> | (0.25) | 0.95 | (0.30) | 31.1 | 27.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.72 | (0.10) | 2.36 | 2.26 | 0.00 | 0.00 | 0.00 | 16.98 | 15.35<sup>3</sup> | 1.18 | (0.23) | 0.95 | (0.60) | 58.5 | 11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020<sup>1</sup> | 10.00 | (0.07) | 4.79 | 4.72 | 0.00 | 0.00 | 0.00 | 14.72 | 47.20<sup>3</sup> | 2.43 | (1.48) | 0.95 | (0.54) | 24.0 | 8.12 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 16.98 | (0.04) | (5.62) | (5.66) | 0.00 | (0.15) | (0.15) | 11.17 | (33.30)<sup>3</sup> | 1.18<sup>4</sup> | (0.23) | 0.95 | (0.30) | 4.5 | 27.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.73 | (0.10) | 2.35 | 2.25 | 0.00 | 0.00 | 0.00 | 16.98 | 15.28<sup>3</sup> | 1.18 | (0.23) | 0.95 | (0.60) | 6.6 | 11.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020<sup>1</sup> | 10.00 | (0.06) | 4.79 | 4.73 | 0.00 | 0.00 | 0.00 | 14.73 | 47.30<sup>3</sup> | 2.33 | (1.38) | 0.95 | (0.53) | 3.7 | 8.12 |

---

------

<sup>1</sup> For the period January 2, 2020 (commencement of operations) to December 31, 2020.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Interest expense rounds to less than 0.01%. 

80 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON NEW ASIA FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net**<br> **asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>2</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain**<br> **(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net**<br> **realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end<br>of year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.05) | (2.72) | (2.77) | 0.00 | 0.00 | 0.00 | 7.40 | (27.24)<sup>3</sup> | 8.96 | (7.51) | 1.45 | (0.58) | 0.9 | 56.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>1</sup> | 10.00 | (0.05) | 0.22 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,4</sup> | 10.06<sup>5,6</sup> | (8.61)<sup>5,6</sup> | 1.45<sup>5,6</sup> | (1.25)<sup>6</sup> | 1.3 | 14.32<sup>4</sup> |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.03) | (2.71) | (2.74) | 0.00 | 0.00 | 0.00 | 7.43 | (26.94)<sup>3</sup> | 7.22 | (6.02) | 1.20 | (0.33) | 2.7 | 56.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>1</sup> | 10.00 | (0.04) | 0.21 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,4</sup> | 8.59<sup>5,6</sup> | (7.39)<sup>5,6</sup> | 1.20<sup>5,6</sup> | (1.00)<sup>6</sup> | 3.2 | 14.32<sup>4</sup> |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.03) | (2.70) | (2.73) | 0.00 | 0.00 | 0.00 | 7.44 | (26.84)<sup>3</sup> | 7.95 | (6.75) | 1.20 | (0.42) | 0.1 | 56.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>1</sup> | 10.00 | (0.04) | 0.21 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,4</sup> | 8.10<sup>5,6</sup> | (6.90)<sup>5,6</sup> | 1.20<sup>5,6</sup> | (0.99)<sup>6</sup> | 0.0<sup>7</sup> | 14.32<sup>4</sup> |

---

------

<sup>1</sup> For the period July 30, 2021 (commencement of operations) to December 31, 2021.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>4</sup> Not Annualized.

<sup>5</sup> Certain fixed expenses incurred by the Fund were not annualized for the period ended December 31, 2021.

<sup>6</sup> Annualized

<sup>7</sup> Amount represents less than $500,000. 

See Notes to Financial Statements. 81

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FINANCIAL HIGHLIGHTS (Continued)** 

------

**BARON TECHNOLOGY FUND** 

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to**<br>**shareholders from:** | **Less distributions to**<br>**shareholders from:** | **Less distributions to**<br>**shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br>Data:** | **Supplemental<br>Data:** |
|  | **Net<br>asset<br>value,<br>beginning<br>of period<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>2</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain<br>(loss)<br>($)** | **Total**<br> **from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net<br>realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end<br>of<br>year<br>($)** | **Total<br>return<br>(%)** | **Operating**<br> **expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses by<br>Adviser<br>(%)** | **Net**<br> **operating**<br> **expenses<br>(%)** | **Net<br>investment**<br> **income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year**<br>**($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022<sup>1</sup> | 10.00 | (0.06) | (4.38) | (4.44) | 0.00 | 0.00 | 0.00 | 5.56 | (44.40)<sup>3</sup> | 6.86 | (5.66) | 1.20 | (0.81) | 1.3 | 19.13 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022<sup>1</sup> | 10.00 | (0.04) | (4.39) | (4.43) | 0.00 | 0.00 | 0.00 | 5.57 | (44.30)<sup>3</sup> | 6.42 | (5.47) | 0.95 | (0.55) | 1.6 | 19.13 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022<sup>1</sup> | 10.00 | (0.03) | (4.40) | (4.43) | 0.00 | 0.00 | 0.00 | 5.57 | (44.30)<sup>3</sup> | 3.75 | (2.80) | 0.95 | (0.46) | 0.4 | 19.13 |

---

------

<sup>1</sup> For the period January 3, 2022 (commencement of operations) to December 31, 2022.

<sup>2</sup> Based on average shares outstanding.

<sup>3</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

82 See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**Report of Independent Registered Public Accounting Firm** 

------

To the Board of Trustees of Baron Select Funds and Shareholders of Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the statements of net assets, of each of the funds listed in the table below (eleven of the funds constituting Baron Select Funds, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations and of changes in net assets, and for Baron Partners Fund, the statement of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets, and for Baron Partners Fund, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| Baron Partners Fund<sup>(1)</sup> |
| Baron Focused Growth Fund<sup>(2)</sup><br> Baron Health Care Fund<sup>(2)</sup> |
| Baron International Growth Fund<sup>(2)</sup><br> Baron FinTech Fund<sup>(2)</sup> |
| Baron Real Estate Fund<sup>(2)</sup><br> Baron New Asia Fund<sup>(3)</sup> |
| Baron Emerging Markets Fund<sup>(2)</sup><br> Baron Technology Fund<sup>(4)</sup> |
| Baron Global Advantage Fund<sup>(2)</sup> |

---

------

<sup>(1)</sup> Statements of operations and cash flows for the year ended December 31, 2022 and statement of changes in net assets for the years ended December 31, 2022 and 2021

<sup>(2)</sup> Statement of operations for the year ended December 31, 2022 and statement of changes in net assets for the years ended December 31, 2022 and 2021

<sup>(3)</sup> Statement of operations for the year ended December 31, 2022, and statement of changes in net assets for the year ended December 31, 2022 and the period July 30, 2021 (commencement of operations) through December 31, 2021

<sup>(4)</sup> Statement of operations and statement of changes in net assets for the period January 3, 2022 (commencement of operations) through December 31, 2022

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, portfolio companies and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the Baron group of funds since 1987.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**TAX INFORMATION (Unaudited)** 

------

The federal tax status of distributions paid by the Funds during the year ended December 31, 2022 are listed below.

During the fiscal year ended December 31, 2022, the Funds' distributions to shareholders included:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income<sup>1,3</sup>** | **Long-Term<br>Capital Gains<sup>2.3</sup>** | **Return of<br>Capital** |
|  Baron Partners Fund | $— | $151105996 | $— |
|  Baron Focused Growth Fund |  | 75070394 |  |
|  Baron International Growth Fund | 67263 | 6202900 |  |
|  Baron Real Estate Fund | 23995802 | 13592258 |  |
|  Baron Emerging Markets Fund |  |  |  |
|  Baron Global Advantage Fund |  | 17374025 |  |
|  Baron Real Estate Income Fund | 1233337 | 613536 |  |
|  Baron Health Care Fund |  |  |  |
|  Baron FinTech Fund |  | 579664 |  |
|  Baron New Asia Fund |  |  |  |
|  Baron Technology Fund |  |  |  |

---

------

<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

<sup>2</sup> Long-term capital gains are subject to a maximum allowable rate of 20% for individuals pursuant to the Tax Cuts and Jobs Act of 2017. 

<sup>3</sup> Under the Patient Protection and Affordable Care Act, higher income taxpayers must pay a 3.8% additional tax on investment income. 

Of the total ordinary income distributions paid by Baron International Growth Fund, Baron Real Estate Fund, and Baron Real Estate Income Fund, 87.23%, 38.73%, and 22.73%, respectively, is qualified dividend income subject to a reduced tax rate. Of the total ordinary income distributions paid by these Funds, 0.33%, 33.70%, and 16.95%, respectively, qualifies for the corporate dividends received deduction.

The information and distributions reported may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2022. The information necessary to complete your income tax return for the calendar year ended December 31, 2022 will be listed on the Form 1099-DIV, which was mailed to you in January/February 2023.

------

---

| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

---

**FUND EXPENSES (Unaudited)** 

------

As a shareholder of the Funds, you incur ongoing expenses. Ongoing expenses include advisory fees, distribution and service (12b-1) fees and other Fund expenses. The information on this page is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The information in the following table is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**ACTUAL EXPENSES** 

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading titled "Expenses Paid During the Period."

**BASED ON ACTUAL TOTAL RETURN FOR THE SIX MONTHS ENDED DECEMBER 31, 2022<sup>1</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual**<br> **Total Return** | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Annualized**<br> **Expense Ratio** | **Expenses**<br> **Paid During**<br> **the Period<sup>3</sup>** |
|  Baron Partners Fund — Retail Shares | (12.06)% | $1000.00 | $879.40 | 1.92%<sup>2</sup> | $9.10 |
|  Baron Partners Fund — Institutional Shares | (11.94)% | $1000.00 | $880.60 | 1.67%<sup>2</sup> | $7.92 |
|  Baron Partners Fund — R6 Shares | (11.95)% | $1000.00 | $880.50 | 1.67%<sup>2</sup> | $7.92 |
|  Baron Focused Growth Fund — Retail Shares | (2.53)% | $1000.00 | $974.70 | 1.32% | $6.57 |
|  Baron Focused Growth Fund — Institutional Shares | (2.41)% | $1000.00 | $975.90 | 1.06% | $5.28 |
|  Baron Focused Growth Fund — R6 Shares | (2.40)% | $1000.00 | $976.00 | 1.05% | $5.23 |
|  Baron International Growth Fund — Retail Shares | 1.53% | $1000.00 | $1015.30<sup>4</sup> | 1.20%<sup>5</sup> | $6.10 |
|  Baron International Growth Fund — Institutional Shares | 1.63% | $1000.00 | $1016.30<sup>4</sup> | 0.95%<sup>5</sup> | $4.83 |
|  Baron International Growth Fund — R6 Shares | 1.63% | $1000.00 | $1016.30<sup>4</sup> | 0.95%<sup>5</sup> | $4.83 |
|  Baron Real Estate Fund — Retail Shares | 0.90% | $1000.00 | $1009.00 | 1.33% | $6.73 |
|  Baron Real Estate Fund — Institutional Shares | 1.05% | $1000.00 | $1010.50 | 1.07% | $5.42 |
|  Baron Real Estate Fund — R6 Shares | 1.05% | $1.000.00 | $1010.50 | 1.07% | $5.42 |
|  Baron Emerging Markets Fund — Retail Shares | (3.79)% | $1000.00 | $962.10 | 1.39% | $6.87 |
|  Baron Emerging Markets Fund — Institutional Shares | (3.69)% | $1000.00 | $963.10 | 1.13% | $5.59 |
|  Baron Emerging Markets Fund — R6 Shares | (3.69)% | $1000.00 | $963.10 | 1.13% | $5.59 |
|  Baron Global Advantage Fund — Retail Shares | (7.43)% | $1000.00 | $925.70<sup>4</sup> | 1.17%<sup>5,6</sup> | $5.68 |
|  Baron Global Advantage Fund — Institutional Shares | (7.31)% | $1000.00 | $926.90<sup>4</sup> | 0.92%<sup>5,6</sup> | $4.47 |
|  Baron Global Advantage Fund — R6 Shares | (7.34)% | $1000.00 | $926.60<sup>4</sup> | 0.92%<sup>5,6</sup> | $4.47 |
|  Baron Real Estate Income Fund — Retail Shares | (8.52)% | $1000.00 | $914.80<sup>4</sup> | 1.06%<sup>5,7</sup> | $5.12 |
|  Baron Real Estate Income Fund — Institutional Shares | (8.43)% | $1000.00 | $915.70<sup>4</sup> | 0.81%<sup>5,7</sup> | $3.91 |
|  Baron Real Estate Income Fund — R6 Shares | (8.44)% | $1000.00 | $915.60<sup>4</sup> | 0.81%<sup>5,7</sup> | $3.91 |
|  Baron Health Care Fund — Retail Shares | 2.37% | $1000.00 | $1023.70<sup>4</sup> | 1.10%<sup>5</sup> | $5.61 |
|  Baron Health Care Fund — Institutional Shares | 2.58% | $1000.00 | $1025.80<sup>4</sup> | 0.85%<sup>5</sup> | $4.34 |
|  Baron Health Care Fund — R6 Shares | 2.52% | $1000.00 | $1025.20<sup>4</sup> | 0.85%<sup>5</sup> | $4.34 |
|  Baron FinTech Fund — Retail Shares | 3.08% | $1000.00 | $1030.80<sup>4</sup> | 1.20%<sup>5</sup> | $6.14 |
|  Baron FinTech Fund — Institutional Shares | 3.24% | $1000.00 | $1032.40<sup>4</sup> | 0.95%<sup>5</sup> | $4.87 |
|  Baron FinTech Fund — R6 Shares | 3.15% | $1000.00 | $1031.50<sup>4</sup> | 0.95%<sup>5</sup> | $4.86 |
|  Baron New Asia Fund — Retail Shares | (6.57)% | $1000.00 | $934.30<sup>4</sup> | 1.45%<sup>5</sup> | $7.07 |
|  Baron New Asia Fund — Institutional Shares | (6.42)% | $1000.00 | $935.80<sup>4</sup> | 1.20%<sup>5</sup> | $5.86 |
|  Baron New Asia Fund — R6 Shares | (6.42)% | $1000.00 | $935.80<sup>4</sup> | 1.20%<sup>5</sup> | $5.86 |
|  Baron Technology Fund — Retail Shares | (10.18)% | $1000.00 | $898.20<sup>4</sup> | 1.20%<sup>5</sup> | $5.74 |
|  Baron Technology Fund — Institutional Shares | (10.02)% | $1000.00 | $899.80<sup>4</sup> | 0.95%<sup>5</sup> | $4.55 |
|  Baron Technology Fund — R6 Shares | (10.02)% | $1000.00 | $899.80<sup>4</sup> | 0.95%<sup>5</sup> | $4.55 |

---

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<sup>1</sup> Assumes reinvestment of all dividends and capital gain distributions, if any.

<sup>2</sup> Annualized expense ratio for Baron Partners Fund for the six months ended December 31, 2022 includes 1.30%, 1.04%, and 1.04% for net operating expenses and 0.62%, 0.63% and 0.63% for interest expense for the Retail, Institutional and R6 Shares, respectively. 

<sup>3</sup> Expenses are equal to each share class' respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

<sup>4</sup> Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

<sup>5</sup> Annualized expense ratios are adjusted to reflect fee waiver.

<sup>6</sup> Annualized expense ratio for Baron Global Advantage Fund for the six months ended December 31, 2022 includes 1.15%, 0.90%, and 0.90% for net operating expenses and 0.02%, 0.02%, and 0.02% for interest expense for Retail, Institutional, and R6 Shares, respectively. 

<sup>7</sup> Annualized expense ratio for Baron Real Estate Income Fund for the six months ended December 31, 2022 includes 1.05%, 0.80%, and 0.80% for net operating expenses and 0.01%, 0.01%, and 0.01% for interest expense for Retail, Institutional, and R6 Shares, respectively. 

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---

| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

---

**FUND EXPENSES (Unaudited) (Continued)** 

------

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account values and expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.

**BASED ON HYPOTHETICAL TOTAL RETURN FOR THE SIX MONTHS ENDED DECEMBER 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Hypothetical**<br> **Annualized**<br> **Total Return** | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Annualized**<br> **Expense Ratio** | **Expenses**<br> **Paid During**<br> **the Period<sup>3</sup>** |
|  Baron Partners Fund — Retail Shares | 5.00% | $1000.00 | $1015.53 | 1.92%<sup>2</sup> | $9.75 |
|  Baron Partners Fund — Institutional Shares | 5.00% | $1000.00 | $1016.79 | 1.67%<sup>2</sup> | $8.49 |
|  Baron Partners Fund — R6 Shares | 5.00% | $1000.00 | $1016.79 | 1.67%<sup>2</sup> | $8.49 |
|  Baron Focused Growth Fund — Retail Shares | 5.00% | $1000.00 | $1018.55 | 1.32% | $6.72 |
|  Baron Focused Growth Fund — Institutional Shares | 5.00% | $1000.00 | $1019.86 | 1.06% | $5.40 |
|  Baron Focused Growth Fund — R6 Shares | 5.00% | $1000.00 | $1019.91 | 1.05% | $5.35 |
|  Baron International Growth Fund — Retail Shares | 5.00% | $1000.00 | $1019.16<sup>4</sup> | 1.20%<sup>5</sup> | $6.11 |
|  Baron International Growth Fund — Institutional Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |
|  Baron International Growth Fund — R6 Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |
|  Baron Real Estate Fund — Retail Shares | 5.00% | $1000.00 | $1018.50 | 1.33% | $6.77 |
|  Baron Real Estate Fund — Institutional Shares | 5.00% | $1000.00 | $1019.81 | 1.07% | $5.45 |
|  Baron Real Estate Fund — R6 Shares | 5.00% | $1000.00 | $1019.81 | 1.07% | $5.45 |
|  Baron Emerging Markets Fund — Retail Shares | 5.00% | $1000.00 | $1018.20 | 1.39% | $7.07 |
|  Baron Emerging Markets Fund — Institutional Shares | 5.00% | $1000.00 | $1019.51 | 1.13% | $5.75 |
|  Baron Emerging Markets Fund — R6 Shares | 5.00% | $1000.00 | $1019.51 | 1.13% | $5.75 |
|  Baron Global Advantage Fund — Retail Shares | 5.00% | $1000.00 | $1019.31<sup>4</sup> | 1.17%<sup>5,6</sup> | $5.96 |
|  Baron Global Advantage Fund — Institutional Shares | 5.00% | $1000.00 | $1020.57<sup>4</sup> | 0.92%<sup>5,6</sup> | $4.69 |
|  Baron Global Advantage Fund — R6 Shares | 5.00% | $1000.00 | $1020.57<sup>4</sup> | 0.92%<sup>5,6</sup> | $4.69 |
|  Baron Real Estate Income Fund — Retail Shares | 5.00% | $1000.00 | $1019.86<sup>4</sup> | 1.06%<sup>5,7</sup> | $5.40 |
|  Baron Real Estate Income Fund — Institutional Shares | 5.00% | $1000.00 | $1021.12<sup>4</sup> | 0.81%<sup>5,7</sup> | $4.13 |
|  Baron Real Estate Income Fund — R6 Shares | 5.00% | $1000.00 | $1021.12<sup>4</sup> | 0.81%<sup>5,7</sup> | $4.13 |
|  Baron Health Care Fund — Retail Shares | 5.00% | $1000.00 | $1019.66<sup>4</sup> | 1.10%<sup>5</sup> | $5.60 |
|  Baron Health Care Fund — Institutional Shares | 5.00% | $1000.00 | $1020.92<sup>4</sup> | 0.85%<sup>5</sup> | $4.33 |
|  Baron Health Care Fund — R6 Shares | 5.00% | $1000.00 | $1020.92<sup>4</sup> | 0.85%<sup>5</sup> | $4.33 |
|  Baron FinTech Fund — Retail Shares | 5.00% | $1000.00 | $1019.16<sup>4</sup> | 1.20%<sup>5</sup> | $6.11 |
|  Baron FinTech Fund — Institutional Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |
|  Baron FinTech Fund — R6 Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |
|  Baron New Asia Fund — Retail Shares | 5.00% | $1000.00 | $1017.90<sup>4</sup> | 1.45%<sup>5</sup> | $7.37 |
|  Baron New Asia Fund — Institutional Shares | 5.00% | $1000.00 | $1019.16<sup>4</sup> | 1.20%<sup>5</sup> | $6.11 |
|  Baron New Asia Fund — R6 Shares | 5.00% | $1000.00 | $1019.16<sup>4</sup> | 1.20%<sup>5</sup> | $6.11 |
|  Baron Technology Fund — Retail Shares | 5.00% | $1000.00 | $1019.16<sup>4</sup> | 1.20%<sup>5</sup> | $6.11 |
|  Baron Technology Fund — Institutional Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |
|  Baron Technology Fund — R6 Shares | 5.00% | $1000.00 | $1020.42<sup>4</sup> | 0.95%<sup>5</sup> | $4.84 |

---

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<sup>1</sup> Assumes reinvestment of all dividends and capital gain distributions, if any.

<sup>2</sup> Annualized expense ratio for Baron Partners Fund for the six months ended December 31, 2022 includes 1.30%, 1.04%, and 1.04% for net operating expenses and 0.62%, 0.63% and 0.63% for interest expense for the Retail, Institutional and R6 Shares, respectively. 

<sup>3</sup> Expenses are equal to each share class' respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

<sup>4</sup> Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

<sup>5</sup> Annualized expense ratios are adjusted to reflect fee waiver.

<sup>6</sup> Annualized expense ratio for Baron Global Advantage Fund for the six months ended December 31, 2022 includes 1.15%, 0.90%, and 0.90% for net operating expenses and 0.02%, 0.02%, and 0.02% for interest expense for Retail, Institutional, and R6 Shares, respectively. 

<sup>7</sup> Annualized expense ratio for Baron Real Estate Income Fund for the six months ended December 31, 2022 includes 1.05%, 0.80%, and 0.80% for net operating expenses and 0.01%, 0.01%, and 0.01% for interest expense for Retail, Institutional, and R6 Shares, respectively. 

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| | |
|:---|:---|
| **December 31, 2022** | **Baron Select Funds** |

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**MANAGEMENT OF THE FUNDS (Unaudited)** 

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**Board of Trustees and Officers.** 

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Trustees of the Trust, together with information as to their positions with the Trust, principal occupations and other board memberships and affiliations for the past five years, are shown below. Each Trustee serves as Trustee of a Fund until its termination; until the Trustee's retirement, resignation or death; or as otherwise specified in the Trust's organizational documents. Unless otherwise noted, the address of each Executive Officer and Trustee is Baron Select Funds, 767 Fifth Avenue, 49th Floor, New York, NY 10153. All Trustees listed below, whether Interested or Independent, serve as Trustees for the Trust. Additional information about the Trustees and Officers of the Trust can be found in the Trust's Statement of Additional Information (the "SAI") which may be obtained without charge by writing or calling 1-800-99BARON. The SAI is also available on the Baron Funds<sup>®</sup> website, www.BaronFunds.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address & Age** | **Position(s) Held**<br> **With the Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) <br>During the Past Five Years** | **Number of<br>Portfolios<br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships <br>Held by Trustee** |
|  **Interested Trustees** |  |  |  |  |  |
| Ronald Baron<sup>(1),(2)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 79 | Chief Executive Officer, Trustee and Portfolio Manager | 19 years | Director, Chairman, and CEO: the Firm\* (1982-Present); Trustee: Baron Investment Funds Trust (1987-Present); Trustee: Baron Select Funds (2003-Present); Portfolio Manager: Baron USA Partners Fund, Ltd. (1994-Present). | 19 | None. |
| Linda S. Martinson<sup>(1),(2)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Chairman, President, Chief Operating Officer and Trustee | 19 years | Director: the Firm\* (2003-Present); Secretary: the Firm\* (1997-2008); President: the Firm\* (2007-Present); Chief Operating Officer: the Firm (2006-Present); Chairman (2010-Present), President (2007-Present), Trustee (1987-Present): Baron Investment Funds Trust; Chairman (2010-Present), President (2007-Present), Trustee (2003-Present): Baron Select Funds; Director: Baron USA Partners Fund, Ltd. (2006-Present); Baron Emerging Markets Ltd.(2016-Present). | 19 | None. |
| Peggy Wong<sup>(1)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 61 | Chief Financial Officer, Treasurer and Trustee | 19 years | Trustee (11/2021-Present): Baron<br> Investment Funds Trust and Baron Select<br> Funds; Chief Financial Officer and<br> Treasurer: the Firm\* (1987-Present), Baron<br> Investment Funds Trust (1987-Present),<br> Baron Select Funds (2003-Present); Baron<br> USA Partners Fund Ltd. (1994-Present);<br> Baron Emerging Markets Fund Ltd.<br> (2016-Present). | 19 | None. |
|  **Independent Trustees** |  |  |  |  |  |
| Thomas J. Folliard <sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 58 | Trustee | 5 years | Non-Executive Chair of the Board:<br> CarMax, Inc. (2016-Present); Trustee: Baron Investment Funds Trust (2017-Present), Baron Select Funds (2017-Present). | 19 | Director:<br> PulteGroup, Inc. (2012-Present). |
| Abraham (Avi) Nachmany<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 70 | Trustee | 3 Years | Independent mutual fund industry consultant (2016-Present); Advisory Board Member: Baron Investment Funds Trust and Baron Select Funds (5/2019-5/2020); Trustee: Baron Investment Funds Trust, Baron Select Funds (5/2020-Present). | 19 | None. |
| Raymond Noveck<sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 79 | Lead Trustee | 19 years | Private Investor (1999-Present); Trustee: Baron Investment Funds Trust (1987-Present), Baron Select Funds (2003-Present). | 19 | None. |
| Anita James Rival<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 58 | Trustee | 9 years | Advisory Board Member: ValueAct Capital, LLC (2014-Present); Advisory Board Member: Impala Asset Management, LLC (2014-2022); Trustee: Baron Investment Funds Trust, Baron Select Funds (2013-Present). | 19 | Director: Golub Capital BDC, Inc. (2011-Present); Director: Trian Investors 1 Limited (2022-Present). |

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| | |
|:---|:---|
| **Baron Select Funds** | **December 31, 2022** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address & Age** | **Position(s) Held**<br> **With the Funds** | **Term of <br>Office and <br>Length of <br>Time Served** | **Principal Occupation(s) <br>During the Past Five Years** | **Number of<br>Portfolios<br>in Fund <br>Complex <br>Overseen <br>by Trustee** | **Other<br>Directorships <br>Held by Trustee** |
|  **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |  |  |  |
| David A. Silverman, MD<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 72 | Trustee | 19 years | Physician and Faculty: New York University School of Medicine (1976-Present); President: Harley Street Medical (2021-Present); Trustee: Baron Investment Funds Trust (1987-Present), Baron Select Funds (2003-Present). | 19 | None. |
| Marvelle Sullivan<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 43 | Trustee | 2 years | Founder and CEO: Marvelle Co. LLC (2019-Present); Managing Director: J.P. Morgan (2017-2019); Trustee: Baron Investment Funds Trust and Baron Select Funds (5/2020-Present). | 19 | None. |
| Errol Taylor<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Trustee | 2 years | Partner: Milbank LLP (2003-2020); Trustee: Baron Investment Funds Trust, Baron Select Funds (12/2020-Present). | 19 | Trustee: New York Law School (2014-Present); Trustee: Clark Atlanta University (2017-Present). |
| Alejandro (Alex) Yemenidjian<sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Trustee | 15 years | Chairman and CEO: GAST Enterprises, Ltd. (investment company) (2005-Present); Manager: Armenco Capital LLC (investment company) (2013-Present); Trustee: Baron Investment Funds Trust (2006-Present), Baron Select Funds (2006-Present). | 19 | Director: Guess?, Inc. (2005-Present). |
|  **Additional Officers of the Funds** | **Additional Officers of the Funds** | **Additional Officers of the Funds** | **Additional Officers of the Funds** | **Additional Officers of the Funds** | **Additional Officers of the Funds** |
| Louis Beasley<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 52 | Vice President and Chief Compliance Officer | 8 years | Chief Compliance Officer: Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management Inc., Baron Investment Funds Trust, Baron Select Funds, Baron USA Partners Fund, Ltd (2014-Present); Baron Emerging Markets Fund Ltd. (2016-Present); Vice President: the Firm\* (2014-Present). | N/A | N/A |
| Clifford Greenberg<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 63 | Senior Vice President and Co-Chief Investment Officer | 19 years | Director, Senior Vice President and Co-Chief Investment Officer : the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2020-Present); Portfolio Manager: Baron Small Cap Fund (1997-Present). | N/A | N/A |
| Patrick M. Patalino<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 54 | Vice President, General Counsel and Secretary | 15 years | Vice President, General Counsel and Secretary: the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2007-Present); General Counsel: Baron USA Partners Fund, Ltd. (2007-Present), Baron Emerging Markets Fund Ltd. (2016-Present). | N/A | N/A |
| Andrew Peck<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 53 | Senior Vice President and Co-Chief Investment Officer | 20 years | Director, Senior Vice President and Co-Chief Investment Officer: the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2020-Present); Portfolio Manager: Baron Asset Fund (2003-Present). | N/A | N/A |

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<sup>\*</sup> The "Firm" means Baron Capital Group, Inc. ("BCG") along with its subsidiaries BCI, Baron Capital Management, Inc. ("BCM") and BAMCO.

<sup>(1)</sup> Trustees deemed to be "Interested Trustees" by reason of their employment with the Adviser and BCI.

<sup>(2)</sup> Members of the Executive Committee, which is empowered to exercise all of the powers, including the power to declare dividends, of the full Board when the full Board is not in session.

<sup>(3)</sup> Members of the Audit Committee.

<sup>(4)</sup> Members of the Nominating Committee.

<sup>(5)</sup> Members of the Independent Trustees Committee.

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**Privacy Notice** 

The Fund collects nonpublic personal information about you from the following sources:

∎ Information we receive from you on applications or other forms;

∎ Information about your transactions with us, our Adviser or others; and

∎ Information we receive from third parties, such as credit reporting agencies.

"Nonpublic personal information" is private information about you that we obtain in connection with providing a financial product or service to you.

We may share your name and address with other Baron Funds and the Adviser and its affiliates for the purpose of sending you information about our products that we believe may be of interest to you and informing you of our upcoming Baron Investment Conference and for sending required information.

We do not disclose any nonpublic personal information about our customers to anyone, except as permitted or required by law. Examples of permitted disclosures under the law include sharing with companies that work for us to provide you services, such as the Transfer Agent or mailing house. All such companies that act on our behalf are contractually obligated to keep the information that we provide to them confidential and to use the information only to provide the services that we have asked them to perform for you and us.

We restrict access to nonpublic information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to guard your nonpublic personal information.

This privacy notice is also available at all times on the Baron Funds<sup>®</sup> website, www.BaronFunds.com or by calling 1-800-99BARON.

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![LOGO](g456410g69p35.jpg)

767 Fifth Avenue, 49<sup>th</sup> Fl.

New York, NY 10153

1.800.99.BARON

212-583-2000

**www.BaronFunds.com** 

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![LOGO](g456410g69p35.jpg)

**ANNUAL SELECT 12/31/2022** 

------

December 31, 2022

## Baron Funds

## Baron WealthBuilder Fund

## Annual Financial Report

---

| | |
|:---|:---|
| **Ticker Symbols:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BWBFX* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TA Shares: BWBTX* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Shares: BWBIX* |  |
| [Performance](#cov443179_1) | **3** |
| [Country Exposures](#cov443179_2) | **4** |
| [Sector Exposures](#cov443179_3) | **4** |
| [Management's Discussion of Fund Performance](#cov443179_4) | **4** |
| **Financial Statements** |  |
| [Statement of Net Assets](#cov443179_5) | **5** |
| [Statement of Assets and Liabilities](#cov443179_6) | **6** |
| [Statement of Operations](#cov443179_7) | **7** |
| [Statements of Changes in Net Assets](#cov443179_8) | **8** |
| [Notes to Financial Statements](#cov443179_9) | **9** |
| **[Financial Highlights](#cov443179_10)** | **14** |
| **[Report of Independent Registered Public Accounting Firm](#cov443179_50)** | **15** |
| **[Tax Information](#cov443179_51)** | **16** |
| **[Fund Expenses](#cov443179_11)** | **17** |
| **Management of the Fund** | **18** |

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**DEAR BARON WEALTHBUILDER FUND SHAREHOLDER:** 

In this report, you will find audited financial statements for Baron WealthBuilder Fund (the "Fund") for the year ended December 31, 2022. The U.S. Securities and Exchange Commission (the "SEC") requires mutual funds to furnish these statements semi-annually to their shareholders. We hope you find these statements informative and useful.

We thank you for choosing to join us as fellow shareholders in Baron Funds. We will continue to work hard to justify your confidence.

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g443179rbaron_sig307.jpg) | ![LOGO](g443179martinson_sig307.jpg) | ![LOGO](g443179wong_sig307.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> February 27, 2023 | Linda S. Martinson<br> Chairman, President and<br> Chief Operating Officer<br> February 27, 2023 | Peggy Wong<br> Treasurer and<br> Chief Financial Officer<br> February 27, 2023 |

---

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This Annual Financial Report is for the Baron WealthBuilder Fund. If you are interested in the other series of Baron Select Funds, which contains the Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Advantage Fund, Baron Real Estate Income Fund, Baron Health Care Fund, Baron FinTech Fund, Baron New Asia Fund, and Baron Technology Fund or Baron Investment Funds Trust, which contains the Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, please visit the Funds' website at www.BaronFunds.com or contact us at 1-800-99BARON.

The Funds' Proxy Voting Policy is available without charge and can be found on the Funds' website at www.BaronFunds.com, by clicking on the "Regulatory Documents" link at the bottom left corner of the homepage or by calling 1-800-99BARON and on the SEC's website at www.sec.gov. The Funds' most current proxy voting record, Form N-PX, is also available on the Funds' website and on the SEC's website.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. Schedules of portfolio holdings current to the most recent quarter are also available on the Funds' website.

Some of the comments contained in this report are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "estimate," "may," "expect," "should," "could," "believe," "plan", and other similar terms. We cannot promise future returns and our opinions are a reflection of our best judgment at the time this report is compiled.

The views expressed in this report reflect those of BAMCO, Inc. ("BAMCO" or the "Adviser") only through the end of the period stated in this report. The views are not intended as recommendations or investment advice to any person reading this report and are subject to change at any time without notice based on market and other conditions.

**Past performance is no guarantee of future results.** The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. For more complete information about Baron Funds, including charges and expenses, call, write or go to www.BaronFunds.com for a prospectus or summary prospectus. Read them carefully before you invest or send money. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund, unless accompanied or preceded by the Fund's current prospectus or summary prospectus.

![LOGO](g443179g69p35.jpg)

------

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| | |
|:---|:---|
| **Baron WealthBuilder Fund (Unaudited)** | **December 31, 2022** |

---

Baron WealthBuilder Fund is an open end, no-load mutual fund that invests only in shares of individual Baron mutual funds ("Baron Funds"). Long-term capital appreciation is its objective. It is not a target date fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Baron WealthBuilder Fund's objective is to provide investors with a diversified portfolio of Baron Funds that
will outperform its benchmark index over the long term, although we cannot guarantee it will meet its objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Baron WealthBuilder Fund's minimum initial investment is $2,000, making it suitable for periodic purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Baron WealthBuilder Fund has no management fee, but it will indirectly bear its pro-rata share of the expenses of the
Baron Funds in which it invests (acquired funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Baron WealthBuilder Fund's annual operating expenses are capped at 5 bps per year for TA Shares (available
directly through Baron Funds) and Institutional Shares. Retail Shares operating expenses are capped at 30 bps per year. Acquired fund fees and expenses, portfolio transaction costs, interest, dividend, and extraordinary expenses are not subject to
the operating expense limitation.

Several criteria, including our qualitative assessments, are used to continually determine Baron WealthBuilder Fund allocations among Baron Funds.

Among the criteria are: (a) absolute performance; (b) excess performance vs. benchmark; (c) performance standard deviation (a measure of risk); (d) Sharpe ratio (a measure of performance per unit of risk); (e) beta (a measure of a fund's sensitivity to market movements); (f) alpha (a measure of excess return given level of risk as measured by beta); (g) portfolio turnover; (h) growth rates of portfolio investments; (i) fund size; and (j) manager tenure.

As of December 31, 2022, the five largest Baron Funds represented 61.0% of Baron WealthBuilder Fund's net assets.

Ronald Baron, CEO of Baron Capital is the lead portfolio manager of Baron WealthBuilder Fund. Michael Baron, Vice President, is the co-portfolio manager.

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| | |
|:---|:---|
| **December 31, 2022 (Unaudited)** | **Baron WealthBuilder Fund** |

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**COMPARISON OF THE CHANGE IN VALUE OF $10,000 INVESTMENT IN BARON WEALTHBUILDER FUND (RETAIL SHARES)** 

**IN RELATION TO THE S&P 500 INDEX AND THE MSCI ACWI INDEX**![LOGO](g443179g59p28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** | **AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2022** |
| | **One<br>Year** | **Three<br>Years** | **Five Years and<br>Since Inception<br>(December 29,<br>2017)** |
|  Baron WealthBuilder Fund — Retail Shares<sup>1,2</sup>  | (32.75)% | 8.35% | 10.11% |
|  Baron WealthBuilder Fund — TA Shares<sup>1,2</sup>  | (32.59)% | 8.61% | 10.36% |
|  Baron WealthBuilder Fund — Institutional Shares<sup>1,2</sup>  | (32.59)% | 8.61% | 10.36% |
|  S&P 500 Index<sup>1</sup>  | (18.11)% | 7.66% | 9.42% |
|  MSCI ACWI Index Net<sup>1</sup> | (18.36)% | 4.00% | 5.23% |

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<sup>1</sup> The S&P 500 Index measures the performance of 500 widely held large cap U.S. companies. The MSCI ACWI Index is an unmanaged, free float-adjusted market capitalization weighted index reflected in U.S. dollars that measures the equity market performance of large- and mid-cap securities across developed and emerging markets, including the United States. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. The Indexes and Baron WealthBuilder Fund are with dividends, which positively impact the performance results. The MSCI ACWI Index is net of foreign withholding taxes. The indexes are unmanaged. The index performance is not fund performance; one cannot invest directly into an index. 

<sup>2</sup> Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser has agreed that, pursuant to a contract expiring on August 29, 2033, unless renewed for another 11-year term, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (acquired fund fees and expenses, portfolio transaction costs, interest, dividend, and extraordinary expense are not subject to the operating expense limitation) to 0.30% of average daily net assets of Retail Shares, 0.05% of average daily net assets of Institutional shares and 0.05% of average daily net assets of TA shares, without which performance would have been lower. 

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| | |
|:---|:---|
| **Baron WealthBuilder Fund (Unaudited)** | **December 31, 2022** |

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**COUNTRY EXPOSURES THROUGH BARON UNDERLYING FUNDS AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| | **Percent of<br>Net Assets**\* |
|  United States | 87.2% |
|  United Kingdom | 1.8% |
|  Netherlands | 1.7% |
|  China | 1.5% |
|  India | 1.4% |
|  Canada | 1.3% |
|  Ireland | 0.6% |
|  Korea | 0.5% |
|  Argentina | 0.5% |
|  Japan | 0.4% |
|  Other | 3.0% |
|  | **100.0%** |

---

**SECTOR EXPOSURES THROUGH BARON UNDERLYING FUNDS AS OF DECEMBER 31, 2022<sup>†</sup>\*** 

**(as a percentage of net assets)**![LOGO](g443179g56a32.jpg)

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE** 

For the 12 months ended December 31, 2022, Baron WealthBuilder Fund<sup>1</sup> declined 32.75%, underperforming the S&P 500 Index, which retreated 18.11%.

Baron WealthBuilder Fund is a diversified fund that invests exclusively in other Baron mutual funds. At any given time, it invests in the securities of a select number of Baron mutual funds representing specific investment strategies. The Fund can invest in funds holding U.S. and international stocks; small-cap, small- to mid-cap, mid-cap, large-cap, all-cap stocks; and sector stocks. Baron WealthBuilder Fund normally invests in a variety of domestic and international equity funds. It seeks to invest in businesses it believes have significant opportunities for growth, durable competitive advantages, exceptional management, and an attractive valuation. Of course, there can be no assurance that we will be successful in achieving the Fund's investment goals.

2022 was an exceptionally challenging time for U.S. equities. Stubbornly high inflation, a much more hawkish U.S. Federal Reserve, global supply-chain disruptions, Russia's invasion of Ukraine, and China's COVID-related shutdown combined to spur a precipitous sell-off. Growth stocks underperformed value stocks in the risk-off environment. However, toward year-end, the markets rallied on raised expectations that the Fed would ease up on its aggressive tightening program given signs of a slowdown in inflation.

No sector contributed. Consumer Discretionary, Information Technology, and Health Care detracted the most.

No country materially contributed. The U.S., the U.K., and Canada detracted the most.

No Fund contributed. Baron Partners Fund detracted the most.

We invest for the long term in businesses that we believe will benefit from secular growth trends, durable competitive advantages, and best-in-class management. We remain optimistic that this approach will generate strong long-term performance regardless of the economic climate.

------

\* Individual weights may not sum to displayed total due to rounding. 

† Sector levels are provided from the Global Industry Classification Standard ("GICS"), developed and
exclusively owned by MSCI, Inc. and Standard & Poor's Financial Services LLC, unless otherwise stated that they have been reclassified or classified by the Adviser. All GICS data is provided "as is" with no warranties. Individual
weights may not sum to 100% due to rounding.

<sup>1</sup> Performance information reflects results of the Retail Shares.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**STATEMENT OF NET ASSETS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Cost** | **Value** |
| **Affiliated Mutual Funds (100.01%)** | **Affiliated Mutual Funds (100.01%)** | **Affiliated Mutual Funds (100.01%)** | **Affiliated Mutual Funds (100.01%)** |
| **Small Cap Funds (33.54%)** | **Small Cap Funds (33.54%)** | **Small Cap Funds (33.54%)** | **Small Cap Funds (33.54%)** |
| 895723 | Baron Discovery Fund — Institutional Shares | $23066652 | $20467271 |
| 753962 | Baron Growth Fund — Institutional Shares | 72456076 | 67472097 |
| 2079605 | Baron Small Cap Fund — Institutional Shares | 70633824 | 55067948 |
| **Total Small Cap Funds** | **Total Small Cap Funds** | **166156552** | **143007316** |
| **Small to Mid Cap Funds (6.18%)** | **Small to Mid Cap Funds (6.18%)** | **Small to Mid Cap Funds (6.18%)** | **Small to Mid Cap Funds (6.18%)** |
| 884450 | Baron Focused Growth Fund — Institutional Shares | **29575033** | **26365450** |
| **Mid Cap Funds (13.78%)** | **Mid Cap Funds (13.78%)** | **Mid Cap Funds (13.78%)** | **Mid Cap Funds (13.78%)** |
| 641042 | Baron Asset Fund — Institutional Shares | **62647967** | **58777134** |
| **Large Cap Funds (6.14%)** | **Large Cap Funds (6.14%)** | **Large Cap Funds (6.14%)** | **Large Cap Funds (6.14%)** |
| 691114 | Baron Durable Advantage Fund — Institutional Shares | 10886550 | 10726089 |
| 562376 | Baron Fifth Avenue Growth Fund — Institutional Shares | 20447904 | 15470963 |
| **Total Large Cap Funds** | **Total Large Cap Funds** | **31334454** | **26197052** |
| **All Cap Funds (16.02%)** | **All Cap Funds (16.02%)** | **All Cap Funds (16.02%)** | **All Cap Funds (16.02%)** |
| 632696 | Baron Opportunity Fund — Institutional Shares | 16105789 | 15849030 |
| 452999 | Baron Partners Fund — Institutional Shares | 41326583 | 52479980 |
| **Total All Cap Funds** | **Total All Cap Funds** | **57432372** | **68329010** |
| **International Funds (10.08%)** | **International Funds (10.08%)** | **International Funds (10.08%)** | **International Funds (10.08%)** |
| 1021061 | Baron Emerging Markets Fund — Institutional Shares | 14935289 | 13314631 |
| 598997 | Baron Global Advantage Fund — Institutional Shares | 16274125 | 15022835 |
| 603224 | Baron International Growth Fund — Institutional Shares | 16649618 | 14652318 |
| **Total International Funds** | **Total International Funds** | **47859032** | **42989784** |
| **Sector Funds (14.27%)** | **Sector Funds (14.27%)** | **Sector Funds (14.27%)** | **Sector Funds (14.27%)** |
| 982376 | Baron FinTech Fund — Institutional Shares | 13830279 | 10973144 |
| 776069 | Baron Health Care Fund — Institutional Shares | 13833916 | 13891635 |
| 903928 | Baron Real Estate Fund — Institutional Shares | 30965563 | 25969840 |
| 778419 | Baron Real Estate Income Fund — Institutional Shares | 12599490 | 10002678 |
| **Total Sector Funds** | **Total Sector Funds** | **71229248** | **60837297** |
| **Total Affiliated Investments (100.01%)** | **Total Affiliated Investments (100.01%)** | $**466234658** | **426503043** |
| **Liabilities Less Cash and Other Assets (-0.01%)** | **Liabilities Less Cash and Other Assets (-0.01%)** |  | **(62614)** |
| **Net Assets** | **Net Assets** |  | $**426440429** |
| **Retail Shares (Equivalent to $14.04 per share based on 5,415,049 shares outstanding)** | **Retail Shares (Equivalent to $14.04 per share based on 5,415,049 shares outstanding)** |  | $**76025828** |
| **TA Shares (Equivalent to $14.21 per share based on 2,670,322 shares outstanding)** | **TA Shares (Equivalent to $14.21 per share based on 2,670,322 shares outstanding)** |  | $**37941605** |
| **Institutional Shares (Equivalent to $14.21 per share based on 21,983,496 shares outstanding)** | **Institutional Shares (Equivalent to $14.21 per share based on 21,983,496 shares outstanding)** |  | $**312472996** |

---

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

---

All Affiliated Mutual Funds are Level 1.

See Notes to Financial Statements. 5

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| | |
|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**STATEMENT OF ASSETS AND LIABILITIES** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Mutual Funds, at value\* | $426503043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 476268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares sold | 674709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 661 |
|  | 427654681 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian bank | 95612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares redeemed | 1048966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 68895 |
|  | 1214252 |
|  **Net Assets** | $426440429 |
|  **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $499507220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(losses) | (73066791) |
|  **Net Assets** | $426440429 |
|  **Retail Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $76025828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 5415049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $14.04 |
|  **TA Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $37941605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 2670322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $14.21 |
|  **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $312472996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 21983496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share | $14.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in Affiliated Mutual Funds, at cost | $466234658 |

---

6 See Notes to Financial Statements.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**STATEMENT OF OPERATIONS** 

------

&nbsp;&nbsp; <br> **DECEMBER 31, 2022**<br>

---

| | |
|:---|:---|
|  | **For The Year<br>Ended<br>December 31,<br>2022** |
|  **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Mutual Funds | $141523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 141523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 219521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — TA Shares | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 25168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 96673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 97090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 63865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 24029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 44841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 5925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 631232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Retail Shares (Note 4)** | (32194) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — TA Shares (Note 4)** | (13813) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Reimbursement of expenses by Adviser — Institutional Shares (Note 4)** | (131915) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 453310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (311787) |
|  **Realized and unrealized gain (loss) on investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain(loss) loss on Affiliated Mutual Funds | (44857529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from Affiliated Mutual Funds | 12603390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of Affiliated Mutual Funds | (165137587) |
|  **Net gain (loss) on investments** | (197391726) |
|  **Net increase (decrease) in net assets resulting from operations** | $(197703513) |

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See Notes to Financial Statements. 7

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| | |
|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**STATEMENTS OF CHANGES IN NET ASSETS** 

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| | | |
|:---|:---|:---|
|  | **For the Year<br>Ended<br>December 31,<br>2022** | **For the Year<br>Ended<br>December 31,<br>2021** |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(311787) | $288319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (32254139) | 33097145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (165137587) | 29572297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | (197703513) | 62957761 |
|  **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (2459751) | (5644131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — TA Shares | (1168124) | (2408486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (9769520) | (20327209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (13397395) | (28379826) |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 39365696 | 85424591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — TA Shares | 10452738 | 19321748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 89164588 | 196410214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 2423777 | 5604634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — TA Shares | 1152024 | 2396842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 9411127 | 19970891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (42109348) | (23711099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — TA Shares | (3247842) | (21527655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (45911410) | (14246416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 60701350 | 269643750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (150399558) | 304221685 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 576839987 | 272618302 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $426440429 | $576839987 |
|  **Capital share transactions — Retail Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2368462 | 4031168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 173872 | 264767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2575221) | (1122484) |
|  **Net increase (decrease)** | (32887) | 3173451 |
|  **Capital share transactions — TA Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 623662 | 903512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 81704 | 112241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (203700) | (1079573) |
|  **Net increase (decrease)** | 501666 | (63820) |
|  **Capital share transactions — Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5184852 | 9332265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 666983 | 934807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2808680) | (670794) |
|  **Net increase (decrease)** | 3043155 | 9596278 |

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8 See Notes to Financial Statements.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**NOTES TO FINANCIAL STATEMENTS** 

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**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, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The Trust currently offers 12 series. This report covers only the Baron WealthBuilder Fund (the "Fund"). The Fund's investment objective is capital appreciation. The Fund is a diversified fund that invests, at any given time, in the securities of a select number of Baron mutual funds (the "Underlying Funds"), representing specific investment strategies. The Fund normally invests in a variety of Baron domestic and international equity funds managed by BAMCO, Inc. ("BAMCO" or the "Adviser"). The Fund can invest in Underlying Funds holding U.S. and international stocks; small-cap, small- to mid-cap, large-cap, all-cap stocks; and specialty stocks. The Adviser decides how much of the Fund's assets to allocate to Underlying Funds based on the outlook for, and on the relative valuations of, the Underlying Funds and the various markets in which they invest. For information on the Underlying Funds, please refer to the Prospectuses and Statements of Additional Information of the Underlying Funds. Also, information on the Underlying Funds is available at www.BaronFunds.com.

The Fund offers Retail Shares, TA Shares and Institutional Shares. Each class of shares differs only in its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors but are not available through the Fund's transfer agent. TA Shares are available only to investors who purchase shares directly through the Fund's transfer agent. TA Shares do not charge a 12b-1 fee and no revenue sharing, sub-transfer agency or record-keeping service payments are made by or in respect of TA Shares. Institutional Shares are for investments in the amount of $1 million or more. Institutional Shares are intended for certain financial intermediaries that offer shares of the Fund through fee-based platforms, retirement platforms or other platforms. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and shareholder servicing. The Fund's investment income, realized and unrealized gains or losses on investments, 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.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates. Events occurring subsequent to the date of the Statement of Assets and Liabilities and through the date of issuance of the financial statements have been evaluated for adjustment to or disclosure in the financial statements.

**a) Security Valuation.** The Fund's share price or net asset value ("NAV") is 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 Fund's NAV is calculated (the "NAV Calculation Time")) on the New York Stock Exchange (the "Exchange") on any day the Exchange is scheduled to be open. Investments in the Underlying Funds are valued at their closing NAV per share on the day of valuation.

Portfolio securities held by the Underlying Funds 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 Underlying 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 the Adviser's judgment, they do not accurately reflect the fair value of a security held by one of the Underlying Funds, or an event occurs after the market close but before the Underlying 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"). Some of the more common reasons that may necessitate that a security held by one of the Underlying Funds be valued using "fair value" pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation Committee (the "Committee") comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent, or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Underlying Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market.

U.S. Government obligations, money market instruments, and other debt instruments held by the Underlying 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 Underlying 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 held by the Underlying Funds 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 Underlying 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

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| | |
|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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**2. SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

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 Underlying Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Board has designated the Adviser as the Fund's valuation designee to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act, which requires the Fund to fair value when market quotations are not readily available. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund adopted a valuation policy conforming to the new rules, effective September 8, 2022, and there was no material impact to the Fund.

**b) Securities Transactions, Investment Income and Expenses.** Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Dividend income and capital gain distributions from the Underlying Funds are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Dividends received from Underlying Funds are reflected as dividend income; capital gain distributions as realized gains. The Fund is charged for those expenses directly attributable to the Fund, such as distribution and transfer agency fees. Expenses that are not directly attributable to the Fund are typically allocated among the Baron Funds in proportion to their respective net assets.

Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Because Underlying Funds have varied expenses and fee levels and the Fund may own different proportion of Underlying Funds at different times, the amount of acquired fund fees and expenses incurred indirectly by the Fund will vary.

**c) Single Issuer.** Single issuer risk is the possibility that factors specific to an issuer to which an Underlying Fund is exposed will affect the market prices of the issuer's securities and therefore the NAV of the Underlying Fund. Due to the size of Baron Partners Fund's and Baron Focused Growth Fund's investments in Tesla, Inc. ("Tesla"), 31% and 10%, respectively, of these Underlying Funds' net assets as of December 31, 2022, the NAVs of these Underlying Funds will be materially impacted by the price of Tesla stock. The Fund's indirect proportional ownership of Tesla is $17,810,950, which represents 4.2% of the Fund's net assets as of December 31, 2022. The financial statements of the Underlying Funds are available at www.BaronFunds.com.

**d) Non-Diversified Portfolio.** Certain Underlying Funds are non-diversified, which means they will likely have a greater percentage of their assets in a single issuer than a diversified fund. As a result, a non-diversified fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Underlying Fund's performance (and consequently the Fund's performance) compared to a diversified fund. Thus, a non-diversified fund is more likely to experience significant fluctuations in value, exposing the Underlying Fund (and consequently the Fund) to a greater risk of loss in any given period than a diversified fund. Additionally, non-diversified funds may encounter difficulty liquidating securities.

**e) Industry Concentration.** From time to time, market fluctuations in the value of an Underlying Fund's investments, combined with an Underlying Fund's non-diversified portfolio, may result in an Underlying Fund being concentrated in the securities of a single issuer or a small number of issuers, in a particular industry. As a result, this Underlying Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, an Underlying Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund's and Baron Focused Growth Fund's investments in Tesla, which represent about 31% and 10%, respectively, of these Underlying Funds' net assets as of December 31, 2022, these Underlying Funds will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

**f) Federal Income Taxes.** The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. The Fund will not be subject to federal or state income taxes to the extent that it qualifies as regulated investment companies and substantially all of its income is distributed.

**g) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, short-term capital gain distributions, and wash sale losses deferred.

**h) Commitments and Contingencies.** In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnification. The maximum exposure to the Fund under these agreements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

**i) Cash and Cash Equivalents.** The Fund considers all short term liquid investments with a maturity of three months or less when purchased to be cash equivalents.

**3. PURCHASES AND SALES OF SECURITIES** 

**Purchases and sales of securities, other than short term securities, for the year ended December 31, 2022 were as follows:** 

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Baron WealthBuilder Fund | $157921824 | $98327211 |

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**4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. ("BCG"), serves as investment adviser to the Fund and the Underlying Funds. The Adviser will not be paid a management fee for performing investment management services for the Fund. However, the Adviser receives management fees for

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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**4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)** 

managing the Underlying Funds. See the Underlying Funds' Prospectuses or Statements of Additional Information for specific fees. The Adviser is contractually obligated to reimburse certain expenses of the Fund so that its net annual operating expenses (excluding acquired fund fees and expenses, portfolio transaction costs, interest, dividend and extraordinary expenses) are limited to 0.30% of average daily net assets of Retail Shares, 0.05% of average daily net assets of TA Shares and 0.05% of average daily net assets of Institutional Shares.

**b) Distribution Fees.** Baron Capital, Inc. ("BCI"), a wholly owned subsidiary of BCG, is a registered broker-dealer and the distributor of the Fund's shares. The Fund is authorized to pay BCI a distribution fee payable monthly pursuant to a distribution plan under Rule 12b-1 of the 1940 Act equal to 0.25% per annum of the Retail Shares' average daily net assets.

**c) Trustee Fees.** Certain Trustees of the Fund are interested persons (as defined by the 1940 Act) of the Trust. None of these Trustees received compensation for his or her services as a Trustee of the Fund. None of the Fund's officers received compensation from the Fund for their services as an officer.

**d) Fund Accounting and Administration Fees.** The Fund has entered into an agreement with State Street Bank and Trust Company ("State Street") to perform accounting and certain administrative services. State Street is compensated for fund accounting services based on a percentage of the Fund's net assets, plus fixed annual fees for the administrative services.

**5. ASSET ALLOCATION AND RISKS OF INVESTING IN THE UNDERLYING FUNDS** 

The Fund's ability to meet its investment objective depends largely upon selecting the best mix of Underlying Funds. The selection of the Underlying Funds and the allocation of the Fund's assets among the various market sectors could cause the Fund to underperform in comparison to other funds with a similar investment objective. In addition, each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund's investments. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, it will have greater exposure to the risks of that Underlying Fund.

**6. LINE OF CREDIT** 

Baron WealthBuilder Fund, together with other funds in Baron Select Funds (except Baron Partners Fund) and Baron Investment Funds Trust, participate in a committed line of credit agreement with State Street to be used for temporary purposes, primarily for financing redemptions. Each fund may borrow up to the lesser of $200 million or the maximum amount each fund may borrow under the 1940 Act, the limitations included in each fund's prospectus, or any limit or restriction under any law or regulation to which each fund is subject or any agreement to which each fund is a party; provided that the aggregate outstanding principal amount of all loans to any of the funds may not exceed $200 million. Interest is charged to each fund, based on its borrowings, at a rate per annum equal to the higher of the Overnight Bank Funding Rate plus 0.10% or the Federal Funds Effective Rate plus 0.10%; plus a margin of 1.00%. An upfront fee of 0.05% is incurred on the commitment amount and a commitment fee of 0.20% per annum is incurred on the unused portion of the line of credit. Both fees are allocated to the participating funds based on their relative net assets. For the year ended December 31, 2022, there were no borrowings by the Fund on the line of credit.

**7. FAIR VALUE MEASUREMENTS** 

Fair value is defined by GAAP as the price that the Fund 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 Fund. Unobservable inputs are inputs that reflect the Fund's 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;• Level 1 — quoted prices in active markets for identical assets or liabilities;

&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;• 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 the Fund's own assumptions in determining the fair value of assets or liabilities and would be based on the best information
available).

Investments in open-end registered investment companies are valued at NAV and are classified in the fair value hierarchy as Level 1.

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|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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**8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) differ for financial statement and tax purposes due to differing treatments of net investment loss, short-term capital gain distributions, and wash sale losses deferred. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

**As of December 31, 2022, the components of net assets on a tax basis were as follows:** 

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| | |
|:---|:---|
|  Cost of investments | $477289125 |
|  Gross tax unrealized appreciation | 9217147 |
|  Gross tax unrealized depreciation | (60003229) |
|  Net tax unrealized appreciation (depreciation) | (50786082) |
|  Undistributed (accumulated) ordinary income (loss) | 132105 |
|  Capital loss carryforwards | (22412814) |
|  Paid-in capital | 499507220 |
|  Net Assets | $426440429 |

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**As of December 31, 2022, the Fund had capital loss carryforwards as follows:** 

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| | |
|:---|:---|
|  **Short term:** |  |
|  No expiration date | $18511843.0 |
|  **Long term:** |  |
|  No expiration date | $3900971.0 |

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**The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021 was as follows:** 

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| | | | |
|:---|:---|:---|:---|
| **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** | **Year Ended<br>December 31, 2021** |
| **Ordinary<sup>1</sup>** | **Long Term<br>Capital Gain** | **Ordinary<sup>1</sup>** | **Long Term<br>Capital Gain** |
| $2479054 | $10918341 | $155342 | $28224484 |

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<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

The Fund follows the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Fund is required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Fund's federal income tax returns for the current year and prior two years, and has concluded that no provision for federal income tax is required in the Fund's financial statements. At December 31, 2022, the Fund did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Fund's federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

**9. OWNERSHIP CONCENTRATION** 

As of December 31, 2022 the officers, trustees and portfolio managers owned, directly or indirectly, 15.21% of the Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to the Fund's shareholders.

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|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**NOTES TO FINANCIAL STATEMENTS (Continued)** 

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**10. TRANSACTIONS IN "AFFILIATED" COMPANIES** 

**The Fund invests in the Institutional Shares of the Underlying Funds which are considered to be affiliated with the Fund.** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Value at<br>December 31,<br>2021** | **Purchase<br>Cost** | **Sales<br>Proceeds/**<br> **Return of<br>Capital** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gains/**<br> **(Losses)** | **Dividend<br>Income** | **Other<br>Distributions** | **Shares<br>Held at<br>December 31,<br>2022** | **Value at<br>December 31,<br>2022** | **% of Net<br>Assets at<br>December 31,<br>2022** |
|  **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** | **"Affiliated" Company as of December 31, 2022:** |  |
|  Baron Asset Fund, Institutional Shares | $73555131 | $13631404 | $9211313 | $(15600309) | $(3597779) | $— | $3938 | 641042 | $58777134 | 13.78% |
|  Baron Discovery Fund, Institutional Shares | 25651149 | 14583685 | 8879079 | (5747432) | (5141052) |  |  | 895723 | 20467271 | 4.80% |
|  Baron Durable Advantage Fund, Institutional Shares | 9924047 | 4108409 | 309706 | (2906311) | (90350) |  |  | 691114 | 10726089 | 2.51% |
|  Baron Emerging Markets Fund, Institutional Shares | 23698078 | 4275140 | 8469383 | (2278493) | (3910711) |  |  | 1021061 | 13314631 | 3.12% |
|  Baron Fifth Avenue Growth Fund, Institutional Shares | 33337789 | 8063796 | 8625964 | (11604872) | (5699786) |  |  | 562376 | 15470963 | 3.63% |
|  Baron FinTech Fund, Institutional Shares | 12668556 | 4230341 | 706104 | (4902411) | (317238) |  | 145283 | 982376 | 10973144 | 2.57% |
|  Baron Focused Growth Fund, Institutional Shares | 27747887 | 15378855 | 4353834 | (10600881) | (1806577) |  | 3119507 | 884450 | 26365450 | 6.18% |
|  Baron Global Advantage Fund, Institutional Shares | 36127604 | 11929177 | 16769153 | (7081552) | (9183241) |  | 110302 | 598997 | 15022835 | 3.52% |
|  Baron Growth Fund, Institutional Shares | 73956736 | 24048511 | 8760492 | (17992114) | (3780544) |  | 3694584 | 753962 | 67472097 | 15.82% |
|  Baron Health Care Fund, Institutional Shares | 15583416 | 2536668 | 1444119 | (2411064) | (373266) |  |  | 776069 | 13891635 | 3.26% |
|  Baron International Growth Fund, Institutional Shares | 14143268 | 6498564 | 1447461 | (3649119) | (892934) |  | 192706 | 603224 | 14652318 | 3.44% |
|  Baron Opportunity Fund, Institutional Shares | 33577147 | 6208098 | 11299508 | (8153091) | (4483616) |  |  | 632696 | 15849030 | 3.72% |
|  Baron Partners Fund, Institutional Shares | 89688787 | 10857306 | 8578335 | (37880832) | (1606946) |  | 1659071 | 452999 | 52479980 | 12.31% |
|  Baron Real Estate Fund, Institutional Shares | 28760215 | 7814548 | 734887 | (9566710) | (303326) | 20182 | 706568 | 903928 | 25969840 | 6.09% |
|  Baron Real Estate Income Fund, Institutional Shares | 8690011 | 5165512 | 282909 | (3467876) | (102060) | 121341 | 70997 | 778419 | 10002678 | 2.35% |
|  Baron Small Cap Fund, Institutional Shares | 69793725 | 18591810 | 8454964 | (21294520) | (3568103) |  | 2900434 | 2079605 | 55067948 | 12.91% |
|  | $576903546 | $157921824 | $98327211 | $(165137587) | $(44857529) | $141523 | $12603390 |  | $426503043 |  |

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|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**FINANCIAL HIGHLIGHTS** 

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Selected data for a share outstanding throughout each year:

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Income (loss) from<br>investment operations:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | **Less distributions to<br>shareholders from:** | | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | | **Supplemental<br>Data:** |
|  | **Net<br>asset<br>value,<br>beginning<br>of year<br>($)** | **Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup>** | **Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($)** | **Total<br>from<br>investment<br>operations<br>($)** | **Net<br>investment<br>income<br>($)** | **Net<br>realized<br>gain on<br>investments<br>($)** | **Total<br>distributions<br>($)** | **Net<br>asset<br>value,<br>end of<br>year<br>($)** | **Total<br>returns<br>(%)** | **Total<br>expenses<br>(%)<sup>5</sup>** | **Less:<br>Interest<br>expense%** | **Operating<br>expenses<br>(%)** | **Less:<br>Reimbursement<br>of expenses<br>by Adviser<br>(%)** | **Net<br>operating<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets (in<br>millions),<br>end of<br>year<br>($)** | **Portfolio<br>turnover<br>rate<br>(%)** |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.56 | (0.04) | (7.02) | (7.06) | (0.08) | (0.38) | (0.46) | 14.04 | (32.75)<sup>2</sup> | 0.34 | 0.00 | 0.34 | (0.04) | 0.30 | (0.27) | 76.0 | 20.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.57 | (0.03) | 3.21 | 3.18 | 0.00 | (1.19) | (1.19) | 21.56 | 16.42<sup>2</sup> | 0.33 | (0.00)<sup>3</sup> | 0.33 | (0.03) | 0.30 | (0.13) | 117.4 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.23 | (0.04) | 7.62 | 7.58 | 0.00 | (0.24) | (0.24) | 19.57 | 62.45<sup>2</sup> | 0.41 | (0.00)<sup>3</sup> | 0.41 | (0.11) | 0.30 | (0.29) | 44.5 | 6.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.33 | (0.03) | 3.37 | 3.34 | (0.01) | (0.43) | (0.44) | 12.23 | 36.24<sup>2</sup> | 0.41 | (0.02) | 0.39 | (0.09) | 0.30 | (0.26) | 5.9 | 22.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 10.00 | (0.01) | (0.65) | (0.66) | 0.00 | (0.01) | (0.01) | 9.33 | (6.58)<sup>2</sup> | 0.90 | 0.00 | 0.90 | (0.60) | 0.30 | (0.13) | 2.1 | 1.24 |
|  **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  | **TA SHARES**  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.76 | (0.00)<sup>4</sup> | (7.09) | (7.09) | (0.08) | (0.38) | (0.46) | 14.21 | (32.59)<sup>2</sup> | 0.08 | 0.00 | 0.08 | (0.03) | 0.05 | (0.02) | 37.9 | 20.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.70 | 0.03 | 3.22 | 3.25 | (0.00)<sup>4</sup> | (1.19) | (1.19) | 21.76 | 16.70<sup>2</sup> | 0.08 | (0.00)<sup>3</sup> | 0.08 | (0.03) | 0.05 | 0.12 | 47.2 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.28 | (0.01) | 7.67 | 7.66 | 0.00 | (0.24) | (0.24) | 19.70 | 62.85<sup>2</sup> | 0.16 | (0.00)<sup>3</sup> | 0.16 | (0.11) | 0.05 | (0.04) | 44.0 | 6.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.35 | (0.00)<sup>4</sup> | 3.37 | 3.37 | (0.01) | (0.43) | (0.44) | 12.28 | 36.49<sup>2</sup> | 0.17 | (0.02) | 0.15 | (0.10) | 0.05 | (0.03) | 21.4 | 22.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 10.00 | 0.01 | (0.65) | (0.64) | 0.00 | (0.01) | (0.01) | 9.35 | (6.38)<sup>2</sup> | 0.59 | 0.00 | 0.59 | (0.54) | 0.05 | 0.05 | 9.7 | 1.24 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.76 | (0.00)<sup>4</sup> | (7.09) | (7.09) | (0.08) | (0.38) | (0.46) | 14.21 | (32.59)<sup>2</sup> | 0.09 | 0.00 | 0.09 | (0.04) | 0.05 | (0.02) | 312.5 | 20.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.70 | 0.02 | 3.23 | 3.25 | (0.00)<sup>4</sup> | (1.19) | (1.19) | 21.76 | 16.70<sup>2</sup> | 0.08 | (0.00)<sup>3</sup> | 0.08 | (0.03) | 0.05 | 0.09 | 412.2 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 12.28 | (0.01) | 7.67 | 7.66 | 0.00 | (0.24) | (0.24) | 19.70 | 62.85<sup>2</sup> | 0.16 | (0.00)<sup>3</sup> | 0.16 | (0.11) | 0.05 | (0.04) | 184.1 | 6.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 | 9.35 | (0.00)<sup>4</sup> | 3.37 | 3.37 | (0.01) | (0.43) | (0.44) | 12.28 | 36.49<sup>2</sup> | 0.17 | (0.02) | 0.15 | (0.10) | 0.05 | (0.02) | 93.8 | 22.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 | 10.00 | 0.01 | (0.65) | (0.64) | 0.00 | (0.01) | (0.01) | 9.35 | (6.38)<sup>2</sup> | 0.49 | 0.00 | 0.49 | (0.44) | 0.05 | 0.12 | 83.0 | 1.24 |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>3</sup> Interest expense rounds to less than 0.01%. 

<sup>4</sup> Less than $0.01 per share. 

<sup>5</sup> Expenses do not include acquired fund fees and expenses of the Underlying Funds.

14 See Notes to Financial Statements.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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To the Board of Trustees of Baron Select Funds and Shareholders of

Baron WealthBuilder Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the statement of net assets, of Baron WealthBuilder Fund (one of the funds constituting Baron Select Funds, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the Baron group of funds since 1987.

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| | |
|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**TAX INFORMATION (Unaudited)** 

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The federal tax status of distributions paid by the Fund during the year ended December 31, 2022 are listed below.

During the fiscal year ended December 31, 2022, the Fund's distributions to shareholders included:

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| | | |
|:---|:---|:---|
|  | **Ordinary<br>Income<sup>1,3</sup>** | **Long-Term<br>Capital Gains<sup>2.3</sup>** |
| Baron WealthBuilder Fund | $2479054 | $10918341 |

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<sup>1</sup> For tax purposes, short-term capital gains are considered ordinary income distributions.

<sup>2</sup> Long-term capital gains are subject to a maximum allowable rate of 20% for individuals pursuant to the Tax Cuts and Jobs Act of 2017. 

<sup>3</sup> Under the Patient Protection and Affordable Care Act, higher income taxpayers must pay a 3.8% additional tax on investment income. 

Of the total ordinary income distributions paid, 18.93% is qualified dividend income subject to a reduced tax rate and 3.94% qualifies for the corporate dividends received deduction.

The information and distributions reported may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2022. The information necessary to complete your income tax return for the calendar year ended December 31, 2022 will be listed on the Form 1099-DIV, which was mailed to you in January/February 2023.

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**FUND EXPENSES (Unaudited)** 

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As a shareholder of the Fund, you may incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include distribution and service (12b-1) fees and other Fund expenses. Due to the payment of Rule 12b-1 fees, long-term shareholders may indirectly pay more than the maximum permitted front-end sales charge. The information on this page is intended to help you understand your ongoing costs of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The information in the following table is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**ACTUAL EXPENSES** 

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading titled "Expenses Paid During the Period."

**BASED ON ACTUAL TOTAL RETURN FOR THE SIX MONTHS ENDED DECEMBER 31, 2022<sup>1</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual**<br> **Total Return** | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Annualized**<br> **Expense Ratio** | **Expenses**<br> **Paid During**<br> **the Period<sup>2</sup>** |
|  Baron WealthBuilder Fund — Retail Shares | (0.01)% | $1000.00 | $999.90<sup>3</sup> | 0.30%<sup>4</sup> | $1.51 |
|  Baron WealthBuilder Fund — TA Shares | 0.13% | $1000.00 | $1001.30<sup>3</sup> | 0.05%<sup>4</sup> | $0.25 |
|  Baron WealthBuilder Fund — Institutional Shares | 0.06% | $1000.00 | $1000.60<sup>3</sup> | 0.05%<sup>4</sup> | $0.25 |

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**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account values and expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table below are meant to highlight your ongoing costs and do not reflect any transactional costs, such as redemption fees, if any. Therefore, the table is useful in comparing ongoing costs only and will not help you determine your relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

**BASED ON HYPOTHETICAL TOTAL RETURN FOR THE SIX MONTHS ENDED DECEMBER 31, 2022<sup>1</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Hypothetical**<br> **Annualized**<br> **Total Return** | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Annualized**<br> **Expense Ratio** | **Expenses**<br> **Paid During**<br> **the Period<sup>2</sup>** |
|  Baron WealthBuilder Fund — Retail Shares | 5.00% | $1000.00 | $1023.69<sup>3</sup> | 0.30%<sup>4</sup> | $1.53 |
|  Baron WealthBuilder Fund — TA Shares | 5.00% | $1000.00 | $1024.95<sup>3</sup> | 0.05%<sup>4</sup> | $0.26 |
|  Baron WealthBuilder Fund — Institutional Shares | 5.00% | $1000.00 | $1024.95<sup>3</sup> | 0.05%<sup>4</sup> | $0.26 |

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<sup>1</sup> Assumes reinvestment of all dividends and capital gain distributions, if any.

<sup>2</sup> Expenses are equal to each share class' respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

<sup>3</sup> Ending account value assumes the return earned after waiver and would have been lower if a portion of the expenses had not been waived.

<sup>4</sup> Annualized expense ratios are adjusted to reflect fee waiver and do not include acquired fund fees and expenses of the Underlying Funds.

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| | |
|:---|:---|
| **Baron WealthBuilder Fund** | **December 31, 2022** |

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**MANAGEMENT OF THE FUNDS (Unaudited)** 

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**Board of Trustees and Officers.** 

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Trustees of the Trust, together with information as to their positions with the Trust, principal occupations and other board memberships and affiliations for the past five years, are shown below. Each Trustee serves as Trustee of a Fund until its termination; until the Trustee's retirement, resignation or death; or as otherwise specified in the Trust's organizational documents. Unless otherwise noted, the address of each Executive Officer and Trustee is Baron Select Funds, 767 Fifth Avenue, 49th Floor, New York, NY 10153. All Trustees listed below, whether Interested or Independent, serve as Trustees for the Trust. Additional information about the Trustees and Officers of the Trust can be found in the Trust's Statement of Additional Information (the "SAI") which may be obtained without charge by writing or calling 1-800-99BARON. The SAI is also available on the Baron Funds<sup>®</sup> website, www.BaronFunds.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address & Age** | **Position(s) Held**<br> **With the Funds** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee** | **Other<br>Directorships**<br> **Held by Trustee** |
|  **Interested Trustees** |  |  |  |  |  |
| Ronald Baron<sup>(1),(2)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 79 | Chief Executive Officer, Trustee and Portfolio Manager | 19 years | Director, Chairman, and CEO: the Firm\* (1982-Present); Trustee: Baron Investment Funds Trust (1987-Present); Trustee: Baron Select Funds (2003-Present); Portfolio Manager: Baron USA Partners Fund, Ltd. (1994-Present). | 19 | None. |
| Linda S. Martinson<sup>(1),(2)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Chairman, President, Chief Operating Officer and Trustee | 19 years | Director: the Firm\* (2003-Present); Secretary: the Firm\* (1997-2008); President: the Firm\* (2007-Present); Chief Operating Officer: the Firm (2006-Present); Chairman (2010-Present), President (2007-Present), Trustee (1987-Present): Baron Investment Funds Trust; Chairman (2010-Present), President (2007-Present), Trustee (2003-Present): Baron Select Funds; Director: Baron USA Partners Fund, Ltd. (2006-Present); Baron Emerging Markets Ltd. (2016-Present). | 19 | None. |
| Peggy Wong<sup>(1)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 61 | Chief Financial Officer, Treasurer and Trustee | 19 years | Trustee (11/2021-Present): Baron<br> Investment Funds Trust and Baron Select<br> Funds; Chief Financial Officer and<br> Treasurer: the Firm\* (1987-Present), Baron<br> Investment Funds Trust (1987-Present),<br> Baron Select Funds (2003-Present); Baron<br> USA Partners Fund Ltd. (1994-Present);<br> Baron Emerging Markets Fund Ltd.<br> (2016-Present). | 19 | None. |
|  **Independent Trustees** |  |  |  |  |  |
| Thomas J. Folliard <sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 58 | Trustee | 5 years | Non-Executive Chair of the Board:<br> CarMax, Inc. (2016-Present); Trustee: Baron Investment Funds Trust (2017-Present), Baron Select Funds (2017-Present). | 19 | Director:<br> PulteGroup, Inc. (2012-Present). |
| Abraham (Avi) Nachmany<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 70 | Trustee | 3 Years | Independent mutual fund industry consultant (2016-Present); Advisory Board Member: Baron Investment Funds Trust and Baron Select Funds (5/2019-5/2020); Trustee: Baron Investment Funds Trust, Baron Select Funds (5/2020-Present). | 19 | None. |
| Raymond Noveck<sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 79 | Lead Trustee | 19 years | Private Investor (1999-Present); Trustee: Baron Investment Funds Trust (1987-Present), Baron Select Funds (2003-Present). | 19 | None. |
| Anita James Rival<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 58 | Trustee | 9 years | Advisory Board Member: ValueAct Capital, LLC (2014-Present); Advisory Board Member: Impala Asset Management, LLC (2014-2022); Trustee: Baron Investment Funds Trust, Baron Select Funds (2013-Present). | 19 | Director: Golub Capital BDC, Inc. (2011-Present); Director: Trian Investors 1 Limited (2022-Present). |

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| | |
|:---|:---|
| **December 31, 2022** | **Baron WealthBuilder Fund** |

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**MANAGEMENT OF THE FUNDS (Unaudited) (Continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address & Age** | **Position(s) Held**<br> **With the Funds** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex**<br> **Overseen**<br> **by Trustee** | **Other<br>Directorships**<br> **Held by Trustee** |
|  **Independent Trustees (continued)** | **Independent Trustees (continued)** |  |  |  |  |
| David A. Silverman, MD<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 72 | Trustee | 19 years | Physician and Faculty: New York University School of Medicine (1976-Present); President: Harley Street Medical (2021-Present); Trustee: Baron Investment Funds Trust (1987-Present), Baron Select Funds (2003-Present). | 19 | None. |
| Marvelle Sullivan<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 43 | Trustee | 2 years | Founder and CEO: Marvelle Co. LLC (2019-Present); Managing Director: J.P. Morgan (2017-2019); Trustee: Baron Investment Funds Trust and Baron Select Funds (5/2020-Present). | 19 | None. |
| Errol Taylor<sup>(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Trustee | 2 years | Partner: Milbank LLP (2003-2020); Trustee: Baron Investment Funds Trust, Baron Select Funds (12/2020-Present). | 19 | Trustee: New York Law School (2014-Present); Trustee: Clark Atlanta University (2017-Present). |
| Alejandro (Alex) Yemenidjian<sup>(3),(4),(5)</sup><br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 67 | Trustee | 15 years | Chairman and CEO: GAST Enterprises, Ltd. (investment company) (2005-Present); Manager: Armenco Capital LLC (investment company) (2013-Present); Trustee: Baron Investment Funds Trust (2006-Present), Baron Select Funds (2006-Present). | 19 | Director: Guess?, Inc. (2005-Present). |
|  **Additional Officers of the Funds** | **Additional Officers of the Funds** |  |  |  |  |
| Louis Beasley<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 52 | Vice President and Chief Compliance Officer | 8 years | Chief Compliance Officer: Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management Inc., Baron Investment Funds Trust, Baron Select Funds, Baron USA Partners Fund, Ltd (2014-Present); Baron Emerging Markets Fund Ltd. (2016-Present); Vice President: the Firm\* (2014-Present). | N/A | N/A |
| Clifford Greenberg<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 63 | Senior Vice President and Co-Chief Investment Officer | 19 years | Director, Senior Vice President and Co-Chief Investment Officer : the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2020-Present); Portfolio Manager: Baron Small Cap Fund (1997-Present). | N/A | N/A |
| Patrick M. Patalino<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 54 | Vice President, General Counsel and Secretary | 15 years | Vice President, General Counsel and Secretary: the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2007-Present); General Counsel: Baron USA Partners Fund, Ltd. (2007-Present), Baron Emerging Markets Fund Ltd. (2016-Present). | N/A | N/A |
| Andrew Peck<br> 767 Fifth Avenue<br> New York, NY 10153<br> Age: 53 | Senior Vice President and Co-Chief Investment Officer | 20 years | Director, Senior Vice President and Co-Chief Investment Officer: the Firm\*, Baron Investment Funds Trust, Baron Select Funds (2020-Present); Portfolio Manager: Baron Asset Fund (2003-Present). | N/A | N/A |

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\* The "Firm" means Baron Capital Group, Inc. ("BCG") along with its subsidiaries BCI, Baron Capital Management, Inc. ("BCM") and BAMCO.

<sup>(1)</sup> Trustees deemed to be "Interested Trustees" by reason of their employment with the Adviser and BCI.

<sup>(2)</sup> Members of the Executive Committee, which is empowered to exercise all of the powers, including the power to declare dividends, of the full Board when the full Board is not in session.

<sup>(3)</sup> Members of the Audit Committee.

<sup>(4)</sup> Members of the Nominating Committee.

<sup>(5)</sup> Members of the Independent Trustees Committee.

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**Privacy Notice** 

The Fund collects nonpublic personal information about you from the following sources:

∎ Information we receive from you on applications or other forms;

∎ Information about your transactions with us, our Adviser or others; and

∎ Information we receive from third parties, such as credit reporting agencies.

"Nonpublic personal information" is private information about you that we obtain in connection with providing a financial product or service to you.

We may share your name and address with other Baron Funds and the Adviser and its affiliates for the purpose of sending you information about our products that we believe may be of interest to you and informing you of our upcoming Baron Investment Conference and for sending required information.

We do not disclose any nonpublic personal information about our customers to anyone, except as permitted or required by law. Examples of permitted disclosures under the law include sharing with companies that work for us to provide you services, such as the Transfer Agent or mailing house. All such companies that act on our behalf are contractually obligated to keep the information that we provide to them confidential and to use the information only to provide the services that we have asked them to perform for you and us.

We restrict access to nonpublic information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to guard your nonpublic personal information.

This privacy notice is also available at all times on the Baron Funds<sup>®</sup> website, www.BaronFunds.com or by calling 1-800-99BARON.

Go Paperless!

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Enjoy the speed and convenience of receiving Fund documents electronically.

For more information, and to enroll today, go to www.baronfunds.com/edelivery.

![LOGO](g443179g69p35.jpg)

767 Fifth Avenue, 49<sup>th</sup> Fl.

New York, NY 10153

1.800.99.BARON

212-583-2000

**www.BaronFunds.com** 

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![LOGO](g443179g69p35.jpg)

**ANNUALWEALTH** 

**12/31/2022** 

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Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"). Upon request, the Registrant will provide a copy of the Code to any person without charge. To obtain a copy of the Code, please send your request to info@Baronfunds.com or call 1-800-99BARON (1-800-992-2766).

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that the Registrant has three audit committee financial experts serving on its Audit Committee, Raymond Noveck, Alex Yemenidjian, and Thomas Folliard. Mr. Noveck, Mr. Yemenidjian, and Mr. Folliard are "independent" for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The following table shows the fees paid to PricewaterhouseCoopers, LLP, the Registrant's principal accounting firm during the fiscal years ended December 31, 2022 and December 31, 2021:

(a) <u>Audit Fees:</u> for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings or engagements:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Baron Select Funds | $590301 | $431121 |

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(b) <u>Audit-Related Fees:</u> for assurance and related services that are reasonably related to the performance of the audit and are not included as Audit Fees:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Baron Select Funds | $0 | $0 |

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(c) <u>Tax Fees:</u> for professional services rendered for tax compliance, tax advice and tax planning:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Baron Select Funds | $176821 | $155916 |

---

The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

(d) <u>All Other Fees:</u> for products and services provided by such accounting firm that are not included in (a), (b) or (c) above:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Baron Select Funds | $0 | $0 |

---

(e) <u>Audit Committee Pre-Approval Policies and Procedures</u>: (i) Pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X and to its charter, the Audit Committee shall pre-approve all audit and non-audit services provided by the independent auditors and in connection therewith to review and evaluate the qualifications, independence and performance of the Fund's independent auditors; (ii) 100% of the services described in each of items 4(b) through 4(d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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(f) Not Applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years is as follows:

2022: $37,822

2021: $35,020

(h) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Raymond Noveck, Alex Yemenidjian, and Thomas Folliard.

Item 6. Schedule of Investments.

Included herein under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.](d456410dex99cert.htm)

Item 12. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.](d456410dex99906ct.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| BARON SELECT FUNDS | BARON SELECT FUNDS |
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Chief Executive Officer |
| Date: March 9, 2023 | Date: March 9, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Chief Executive Officer |
| Date: March 9, 2023 | Date: March 9, 2023 |
| By: | /s/ Peggy Wong |
|  | Peggy Wong |
|  | Treasurer and Chief Financial Officer |
| Date: March 9, 2023 | Date: March 9, 2023 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Ronald Baron**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Select Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 9, 2023 |
| /s/ Ronald Baron |
| Ronald Baron |
| Chief Executive Officer |

---

------

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Peggy Wong**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Select Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 9, 2023 |
| /s/ Peggy Wong |
| Peggy Wong |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON SELECT FUNDS (the "Issuer") and its separate series for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
| By: | /s/ Ronald Baron | Date: March 9, 2023 |
|  | Ronald Baron<br> Chief Executive Officer |  |

---

------

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON SELECT FUNDS (the "Issuer") and its separate series for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
| By: | /s/ Peggy Wong | Date: March 9, 2023 |
|  | Peggy Wong<br> Treasurer and Chief Financial Officer |  |

---