# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-049910
**Filing Date:** 2026-5
**Character Count:** 133236
**Document Hash:** 780a27a410e204f232060c4e5b9c8cdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-049910.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001410368-26-049910

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 261011510

**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 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           |

## Nport-Ex

**Baron Partners Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (75.93%)** | **Common Stocks (75.93%)** | **Common Stocks (75.93%)** |
| **Communication Services (2.44%)** | **Communication Services (2.44%)** | **Communication Services (2.44%)** |
|  | **Movies &<br>Entertainment (2.44%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;524000 Spotify Technology SA <sup>1,2,7</sup> | $**187026515** | $**254092840** |
| **Consumer Discretionary (36.20%)** | **Consumer Discretionary (36.20%)** | **Consumer Discretionary (36.20%)** |
|  | **Automobile<br>Manufacturers (23.09%)** |  |
| 6455000 Tesla, Inc. <sup>1,6,7</sup> | 95897630 | 2399646250 |
|  | **Casinos & Gaming (1.61%)** |  |
| 3140000 Red Rock Resorts, Inc., Cl A <sup>7</sup> | 142345674 | 167550400 |
|  | **Footwear (2.17%)** |  |
| 3490000 Birkenstock Holding PLC <sup>1,2,7</sup> | 148751040 | 125046700 |
| 2948579 On Holding AG, Cl A <sup>1,2,7</sup> | 112584294 | 100310657 |
|  | 261335334 | 225357357 |
|  | **Hotels, Resorts &<br>Cruise Lines (7.11%)** |  |
| 2488000 Choice Hotels International, Inc. <sup>4,7</sup> | 248875789 | 257508000 |
| 3350000 Hyatt Hotels Corp., Cl A <sup>7</sup> | 120944360 | 481696500 |
|  | 369820149 | 739204500 |
|  | **Leisure Facilities (2.22%)** |  |
| 1800000 Vail Resorts, Inc. <sup>4,7</sup> | 192334241 | 230976000 |
| **Total Consumer Discretionary** | **1061733028** | **3762734507** |
| **Financials (19.89%)** | **Financials (19.89%)** | **Financials (19.89%)** |
|  | **Financial Exchanges &<br>Data (8.58%)** |  |
| 1875000 FactSet Research Systems, Inc. <sup>4,7</sup> | 411222334 | 406856250 |
| 898500 MSCI, Inc. <sup>7</sup> | 450508188 | 484300485 |
|  | 861730522 | 891156735 |
|  | **Investment Banking &<br>Brokerage (4.40%)** |  |
| 4865500 The Charles Schwab Corp. <sup>7</sup> | 157813402 | 457259690 |
|  | **Property & Casualty<br>Insurance (6.91%)** |  |
| 6175000 Arch Capital Group Ltd. <sup>1,2,7</sup> | 27361902 | 592738250 |
| &nbsp;&nbsp;&nbsp;&nbsp;368401 Kinsale Capital Group, Inc. <sup>7</sup> | 140062300 | 125867886 |
|  | 167424202 | 718606136 |
| **Total Financials** | **1186968126** | **2067022561** |
| **Health Care (3.35%)** | **Health Care (3.35%)** | **Health Care (3.35%)** |
|  | **Health Care<br>Equipment (3.35%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;620000 IDEXX Laboratories, Inc. <sup>1,7</sup> | **27074536** | **348371800** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Industrials (1.93%)** | **Industrials (1.93%)** | **Industrials (1.93%)** |
|  | **Aerospace & Defense (0.57%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;125625 HEICO Corp. <sup>7</sup> | $9632520 | $34446375 |
| 116875 HEICO Corp., Cl A <sup>7</sup> | 7586429 | 24671144 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17218949 | 59117519 |
|  | **Research & Consulting<br>Services (1.36%)** |  |
| 746000 Verisk Analytics, Inc. <sup>7</sup> | 146099785 | 141553500 |
| **Total Industrials** | **163318734** | **200671019** |
| **Information Technology (8.55%)** | **Information Technology (8.55%)** | **Information Technology (8.55%)** |
|  | **Application Software (2.69%)** |  |
| 1257000 Figma, Inc., Cl A <sup>1,7</sup> | 36904178 | 26572980 |
| 1694550 Guidewire Software, Inc. <sup>1,7</sup> | 187223861 | 253436898 |
|  | 224128039 | 280009878 |
|  | **Internet Services &<br>Infrastructure (2.24%)** |  |
| 1960000 Shopify, Inc., Cl A <sup>1,2,7</sup> | 245433871 | 232495200 |
|  | **IT Consulting & Other<br>Services (3.62%)** |  |
| 2372500 Gartner, Inc. <sup>1,7</sup> | 425873305 | 375661650 |
| **Total Information Technology** | **895435215** | **888166728** |
| **Real Estate (3.57%)** | **Real Estate (3.57%)** | **Real Estate (3.57%)** |
|  | **Other Specialized REITs (0.76%)** |  |
| 1775000 Gaming and Leisure<br>Properties, Inc. <sup>7</sup> | 55052805 | 78756750 |
|  | **Real Estate Services (2.81%)** |  |
| 7250000 CoStar Group, Inc. <sup>1,7</sup> | 116351106 | 292465000 |
| **Total Real Estate** | **171403911** | **371221750** |
| **Total Common Stocks** | **3692960065** | **7892281205** |
| **Private Common Stocks (12.76%)** | **Private Common Stocks (12.76%)** | **Private Common Stocks (12.76%)** |
| **Industrials (12.76%)** | **Industrials (12.76%)** | **Industrials (12.76%)** |
|  | **Aerospace & Defense (12.76%)** |  |
| 2216310 Space Exploration<br>Technologies Corp., Cl A <sup>1,3,5,9</sup> | 29920185 | 1167086683 |
| 302210 Space Exploration<br>Technologies Corp., Cl C <sup>1,3,5,9</sup> | 4079835 | 159140764 |
| **Total Private Common Stocks** | **34000020** | **1326227447** |

---

See Notes to Portfolios of Investments.

------

**Baron Partners Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** | **Private Convertible Preferred Stocks (0.00%)** |
| **Unclassified (0.00%)** | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
|  | **Unclassified (0.00%)** |  |
| 21213656 Northvolt AB, Series E2 (Sweden)<sup>1,2,3,8,9</sup> | $**7843621** | $**0** |
| **Private Preferred Stocks (24.66%)** | **Private Preferred Stocks (24.66%)** | **Private Preferred Stocks (24.66%)** |
| **Industrials (24.66%)** | **Industrials (24.66%)** | **Industrials (24.66%)** |
|  | **Aerospace & Defense (24.66%)** |  |
| 311111 Space Exploration<br>Technologies Corp., Cl H <sup>1,3,5,9</sup> | 41999985 | 1638279415 |
| 131657 Space Exploration<br>Technologies Corp., Cl I <sup>1,3,5,9</sup> | 22250032 | 693292596 |
| 44146 Space Exploration<br>Technologies Corp., Series N <sup>1,3,5,9</sup> | 11919420 | 232468421 |
| **Total Private Preferred Stocks** | **76169437** | **2564040432** |
| **Total Investments (113.35%)** | $**3810973143** | **11782549084** |
| **Liabilities Less Cash and Other Assets (-13.35%)** | **Liabilities Less Cash and Other Assets (-13.35%)** | **(1388078940)** |
| **Net Assets** | **Net Assets** | $**10394470144** |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $3,890,267,879 or 37.43% of net assets. See Note 3 regarding Restricted Securities. 

<sup>4</sup> See Note 5 regarding "Affiliated" companies.

<sup>5</sup> Sector levels are provided from the Global Industry Classification Standard (GICS), developed and exclusively owned by MSCI Inc. (MSCI) and Standard and Poor's Financial Services LLC (S&P). The Adviser has reclassified/classified certain securities in or out of this sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). 

<sup>6</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>7</sup> All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable outstanding. At March 31, 2026, the total market value of pledged securities amounted to $2,872,509,991 or 27.63% of net assets. 

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

<sup>9</sup> Level 3 security. See Note 4 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Focused Growth Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (78.25%)** | **Common Stocks (78.25%)** | **Common Stocks (78.25%)** | **Common Stocks (78.25%)** |
| **Communication Services (4.90%)** | **Communication Services (4.90%)** | **Communication Services (4.90%)** | **Communication Services (4.90%)** |
|  | **Movies & Entertainment (4.90%)** | **Movies & Entertainment (4.90%)** |  |
| 265000 | Live Nation Entertainment, Inc.<sup>1</sup> | $35488718 | $40415150 |
| 307800 | Spotify Technology SA<sup>1,2</sup> | 57311630 | 149255298 |
| **Total Communication Services** | **Total Communication Services** | **92800348** | **189670448** |
| **Consumer Discretionary (35.68%)** | **Consumer Discretionary (35.68%)** | **Consumer Discretionary (35.68%)** | **Consumer Discretionary (35.68%)** |
|  | **Apparel, Accessories &<br>Luxury Goods (3.43%)** | **Apparel, Accessories &<br>Luxury Goods (3.43%)** |  |
| 9000000 | Figs, Inc., Cl A<sup>1</sup> | 70373876 | 132930000 |
|  | **Automobile Manufacturers (5.98%)** | **Automobile Manufacturers (5.98%)** |  |
| 622800 | Tesla, Inc.<sup>1</sup> | 11144474 | 231525900 |
|  | **Casinos & Gaming (5.65%)** | **Casinos & Gaming (5.65%)** |  |
| 900000 | Las Vegas Sands Corp. | 34975522 | 48492000 |
| 2368500 | Red Rock Resorts, Inc., Cl A | 105455976 | 126383160 |
| 431500 | Wynn Resorts Ltd. | 47455025 | 43818825 |
|  |  | 187886523 | 218693985 |
|  | **Footwear (6.53%)** | **Footwear (6.53%)** |  |
| 3275500 | Birkenstock Holding PLC<sup>1,2</sup> | 149824187 | 117361165 |
| 3977872 | On Holding AG, Cl A<sup>1,2</sup> | 150834402 | 135327206 |
|  |  | 300658589 | 252688371 |
|  | **Homebuilding (1.00%)** | **Homebuilding (1.00%)** |  |
| 285000 | Toll Brothers, Inc. | 30630554 | 38893950 |
|  | **Hotels, Resorts &<br>Cruise Lines (9.64%)** | **Hotels, Resorts &<br>Cruise Lines (9.64%)** |  |
| 852700 | Airbnb, Inc., Cl A<sup>1</sup> | 103954060 | 107678956 |
| 1105000 | Choice Hotels International, Inc. | 108947158 | 114367500 |
| 1052400 | Hyatt Hotels Corp., Cl A | 105273492 | 151324596 |
|  |  | 318174710 | 373371052 |
|  | **Leisure Facilities (3.45%)** | **Leisure Facilities (3.45%)** |  |
| 1040000 | Vail Resorts, Inc. | 157449616 | 133452800 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **1076318342** | **1381556058** |
| **Financials (17.11%)** | **Financials (17.11%)** | **Financials (17.11%)** | **Financials (17.11%)** |
|  | **Financial Exchanges &<br>Data (9.31%)** | **Financial Exchanges &<br>Data (9.31%)** |  |
| 604100 | FactSet Research Systems, Inc. | 155690861 | 131083659 |
| 91000 | Morningstar, Inc. | 15338965 | 15383550 |
| 397300 | MSCI, Inc. | 217153376 | 214148673 |
|  |  | 388183202 | 360615882 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
|  | **Investment Banking &<br>Brokerage (5.34%)** | **Investment Banking &<br>Brokerage (5.34%)** |  |  |
| 2160000 | Interactive Brokers<br>Group, Inc., Cl A | $47496721 | $| 144871200 |
| 1500700 | Jefferies Financial Group, Inc. | 66685919 |  | 61933889 |
|  |  | 114182640 |  | 206805089 |
|  | **Property & Casualty<br>Insurance (2.46%)** | **Property & Casualty<br>Insurance (2.46%)** |  |  |
| 990100 | Arch Capital Group Ltd.<sup>1,2</sup> | 33660935 |  | 95039699 |
| **Total Financials** | **Total Financials** | **536026777** |  | **662460670** |
| **Health Care (3.47%)** | **Health Care (3.47%)** | **Health Care (3.47%)** | **Health Care (3.47%)** | **Health Care (3.47%)** |
|  | **Health Care Equipment (3.47%)** | **Health Care Equipment (3.47%)** |  |  |
| 238900 | IDEXX Laboratories, Inc.<sup>1</sup> | **101746139** |  | **134235521** |
| **Industrials (3.78%)** | **Industrials (3.78%)** | **Industrials (3.78%)** | **Industrials (3.78%)** | **Industrials (3.78%)** |
|  | **Research & Consulting<br>Services (3.78%)** | **Research & Consulting<br>Services (3.78%)** |  |  |
| 772500 | Verisk Analytics, Inc. | **158572590** |  | **146581875** |
| **Information Technology (11.78%)** | **Information Technology (11.78%)** | **Information Technology (11.78%)** | **Information Technology (11.78%)** | **Information Technology (11.78%)** |
|  | **Application Software (5.66%)** | **Application Software (5.66%)** |  |  |
| 658500 | Figma, Inc., Cl A<sup>1</sup> | 17258683 |  | 13920690 |
| 895500 | Guidewire Software, Inc.<sup>1</sup> | 104937422 |  | 133930980 |
| 2251800 | Samsara, Inc., Cl A<sup>1</sup> | 78475671 |  | 71359542 |
|  |  | 200671776 |  | 219211212 |
|  | **Internet Services &<br>Infrastructure (3.06%)** | **Internet Services &<br>Infrastructure (3.06%)** |  |  |
| 998700 | Shopify, Inc., Cl A<sup>1,2</sup> | 72441389 |  | 118465794 |
|  | **IT Consulting & Other<br>Services (3.06%)** | **IT Consulting & Other<br>Services (3.06%)** |  |  |
| 749647 | Gartner, Inc.<sup>1</sup> | 118050676 |  | 118699106 |
| **Total Information Technology** | **Total Information Technology** | **391163841** |  | **456376112** |
| **Real Estate (1.53%)** | **Real Estate (1.53%)** | **Real Estate (1.53%)** | **Real Estate (1.53%)** | **Real Estate (1.53%)** |
|  | **Real Estate Services (1.53%)** | **Real Estate Services (1.53%)** |  |  |
| 1465900 | CoStar Group, Inc.<sup>1</sup> | **72979377** |  | **59134406** |
| **Total Common Stocks** | **Total Common Stocks** | **2429607414** |  | **3030015090** |

---

See Notes to Portfolios of Investments.

------

**Baron Focused Growth Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Common Stocks (14.04%)** | **Private Common Stocks (14.04%)** | **Private Common Stocks (14.04%)** |
| **Industrials (14.04%)** | **Industrials (14.04%)** | **Industrials (14.04%)** |
|  | **Aerospace & Defense (14.04%)** |  |
| 732896 Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | $48295957 | $385935705 |
| 299280 Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,5</sup> | 39904140 | 157597855 |
| **Total Private Common Stocks** | **88200097** | **543533560** |
| **Private Preferred Stocks (7.30%)** | **Private Preferred Stocks (7.30%)** | **Private Preferred Stocks (7.30%)** |
| **Health Care (0.13%)** | **Health Care (0.13%)** | **Health Care (0.13%)** |
|  | **Health Care Equipment (0.13%)** |  |
| 99010 Neuralink Corp., Series E<sup>1,3,4,5</sup> | **5000005** | **5000005** |
| **Industrials (7.17%)** | **Industrials (7.17%)** | **Industrials (7.17%)** |
|  | **Aerospace & Defense (7.17%)** |  |
| 29630 Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | 4000050 | 156028617 |
| 1479 Space Exploration<br>Technologies Corp., Cl I<sup>1,3,4,5</sup> | 249951 | 7788266 |
| 12346 Space Exploration<br>Technologies Corp., Series K<sup>1,3,4,5</sup> | 10000260 | 65012801 |
| 9259 Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,5</sup> | 2499930 | 48756968 |
| **Total Industrials** | **16750191** | **277586652** |
| **Total Private Preferred Stocks** | **21750196** | **282586657** |
| **Total Investments (99.59%)** | $**2539557707** | **3856135307** |
| **Cash and Other Assets Less Liabilities (0.41%)** | **Cash and Other Assets Less Liabilities (0.41%)** | **15952105** |
| **Net Assets** | **Net Assets** | $**3872087412** |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At March 31, 2026, the market value of restricted securities amounted to $826,120,217 or 21.34% of net assets. See Note 3 regarding Restricted Securities. 

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron International Growth Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (97.18%)** | **Common Stocks (97.18%)** | **Common Stocks (97.18%)** | **Common Stocks (97.18%)** |
| **Australia (2.20%)** | **Australia (2.20%)** | **Australia (2.20%)** | **Australia (2.20%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;370796 | Lynas Rare Earths Ltd.<sup>1,3</sup> | $1592817 | $5034469 |
| 50436 | WiseTech Global Ltd.<sup>3</sup> | 3207034 | 1360792 |
| **Total Australia** | **Total Australia** | **4799851** | **6395261** |
| **Brazil (1.70%)** | **Brazil (1.70%)** | **Brazil (1.70%)** | **Brazil (1.70%)** |
| 69380 | Afya Ltd., Cl A | 895591 | 1031680 |
| 202834 | Localiza Rent a Car SA | 1865786 | 1837191 |
| 109601 | XP, Inc., Cl A | 2111925 | 2086803 |
| **Total Brazil** | **Total Brazil** | **4873302** | **4955674** |
| **Canada (4.69%)** | **Canada (4.69%)** | **Canada (4.69%)** | **Canada (4.69%)** |
| 13367 | Agnico Eagle Mines Ltd. | 616374 | 2713234 |
| 1070 | Constellation Software, Inc. | 22712 | 1878319 |
| 362620 | Lundin Mining Corp. | 3779533 | 9042691 |
| **Total Canada** | **Total Canada** | **4418619** | **13634244** |
| **Chile (0.71%)** | **Chile (0.71%)** | **Chile (0.71%)** | **Chile (0.71%)** |
| 25688 | Sociedad Quimica y Minera<br>de Chile SA, ADR<sup>1</sup> | **1175625** | **2079187** |
| **China (5.89%)** | **China (5.89%)** | **China (5.89%)** | **China (5.89%)** |
| 9245 | Alibaba Group Holding Limited, ADR | 726905 | 1159878 |
| 128103 | BYD Co. Ltd., Cl H<sup>3</sup> | 1747696 | 1751338 |
| 31537 | Contemporary Amperex<br>Technology Co. Ltd., Cl A<sup>3</sup> | 1315362 | 1865920 |
| 127005 | Full Truck Alliance Co. Ltd., ADR | 780224 | 1054142 |
| 63700 | GDS Holdings Ltd., ADR<sup>1</sup> | 2353305 | 2566473 |
| 767508 | Kingdee International Software<br>Group Co. Ltd.<sup>1,3</sup> | 253848 | 852045 |
| 103503 | Kuaishou Technology, 144A<sup>3</sup> | 951560 | 609666 |
| 48172 | Montage Technology Co. Ltd., Cl A<sup>3</sup> | 1049851 | 896064 |
| 61101 | Pony AI, Inc., ADR<sup>1</sup> | 799511 | 576793 |
| 26896 | Tencent Holdings Limited<sup>3</sup> | 39495 | 1696394 |
| 27255 | Tencent Holdings Limited, ADR | 1112351 | 1723061 |
| 81821 | Zai Lab Limited, ADR<sup>1</sup> | 1682055 | 1539053 |
| 162091 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A<sup>3</sup> | 750857 | 859058 |
| **Total China** | **Total China** | **13563020** | **17149885** |
| **France (11.27%)** | **France (11.27%)** | **France (11.27%)** | **France (11.27%)** |
| 21954 | Airbus SE<sup>3</sup> | 3603732 | 4150905 |
| 88837 | BNP Paribas S.A.<sup>3</sup> | 3205453 | 8462935 |
| 8276 | EssilorLuxottica SA<sup>3</sup> | 2463089 | 1928516 |
| 69573 | Eurofins Scientific SE<sup>3</sup> | 962422 | 5076671 |
| 24097 | Euronext NV, 144A<sup>3</sup> | 3527258 | 3869541 |
| 2275 | LVMH Moët Hennessy Louis Vuitton SE<sup>3</sup> | 508679 | 1243627 |
| 87652 | TotalEnergies SE<sup>3</sup> | 5385679 | 8044184 |
| **Total France** | **Total France** | **19656312** | **32776379** |
| **Germany (2.17%)** | **Germany (2.17%)** | **Germany (2.17%)** | **Germany (2.17%)** |
| 139697 | Deutsche Bank AG | 3243230 | 4160177 |
| 25181 | Symrise AG<sup>3</sup> | 1103824 | 2150249 |
| **Total Germany** | **Total Germany** | **4347054** | **6310426** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** |
| 404257 | Piraeus Bank SA<sup>3</sup> | $**2381748** | $**3321378** |
| **India (8.49%)** | **India (8.49%)** | **India (8.49%)** | **India (8.49%)** |
| 219872 | Bharti Airtel Ltd.<sup>3</sup> | 2081329 | 4178311 |
| 94972 | Centum Electronics Ltd.<sup>3</sup> | 2618989 | 2812774 |
| 31458 | Cummins India Ltd.<sup>3</sup> | 1638084 | 1506231 |
| 704059 | Eternal Ltd.<sup>1,3</sup> | 2167624 | 1732145 |
| 1301048 | GMR Power & Urban Infra Ltd.<sup>1,3</sup> | 1877374 | 1251399 |
| 48164 | Godrej Properties Ltd.<sup>1,3</sup> | 623962 | 754110 |
| 36993 | InterGlobe Aviation Ltd., 144A<sup>3</sup> | 1478987 | 1561495 |
| 912395 | JM Financial Limited | 860570 | 1092868 |
| 243528 | JSW Energy Ltd.<sup>3</sup> | 1308306 | 1220200 |
| 24890 | Kaynes Technology India Ltd.<sup>1,3</sup> | 787336 | 914646 |
| 85289 | Kirloskar Oil Engines Ltd.<sup>3</sup> | 1321012 | 1215004 |
| 151166 | Max Healthcare Institute Ltd.<sup>3</sup> | 1010143 | 1551087 |
| 187655 | Nippon Life India Asset<br>Management Ltd., 144A | 601069 | 1586037 |
| 467254 | Power Grid Corp. of India Ltd.<sup>3</sup> | 1533633 | 1471050 |
| 70253 | Reliance Industries Limited<sup>3</sup> | 573178 | 1010348 |
| 23974 | Trent Ltd.<sup>3</sup> | 434014 | 844302 |
| **Total India** | **Total India** | **20915610** | **24702007** |
| **Ireland (1.80%)** | **Ireland (1.80%)** | **Ireland (1.80%)** | **Ireland (1.80%)** |
| 287980 | Bank of Ireland Group PLC<sup>3</sup> | **2073088** | **5224887** |
| **Israel (0.29%)** | **Israel (0.29%)** | **Israel (0.29%)** | **Israel (0.29%)** |
| 62630 | Oddity Tech Ltd., Cl A<sup>1</sup> | **1948345** | **837989** |
| **Italy (0.80%)** | **Italy (0.80%)** | **Italy (0.80%)** | **Italy (0.80%)** |
| 10374 | Brunello Cucinelli SpA<sup>3</sup> | 1120824 | 906627 |
| 103456 | Stevanato Group SpA | 2048522 | 1422520 |
| **Total Italy** | **Total Italy** | **3169346** | **2329147** |
| **Japan (17.11%)** | **Japan (17.11%)** | **Japan (17.11%)** | **Japan (17.11%)** |
| 234031 | Ajinomoto Co., Inc.<sup>3</sup> | 4383842 | 6616346 |
| 461502 | Japan Exchange Group, Inc.<sup>3</sup> | 4827836 | 5389410 |
| 86300 | The Japan Steel Works Ltd.<sup>3</sup> | 5476115 | 4753734 |
| 14845 | Keyence Corporation<sup>3</sup> | 4366791 | 5283441 |
| 336533 | Mitsubishi UFJ Financial<br>Group, Inc., ADR | 2711400 | 5710965 |
| &nbsp;&nbsp;&nbsp;&nbsp;272100 | Mitsui Fudosan Co. Ltd.<sup>3</sup> | 3158925 | 2900705 |
| 646422 | Nomura Holdings, Inc.<sup>3</sup> | 4674553 | 5089948 |
| 205200 | SMS Co. Ltd.<sup>3</sup> | 3202129 | 2170950 |
| 171957 | Sumitomo Mitsui Financial Group, Inc.<sup>3</sup> | 2433730 | 5653999 |
| 25048 | Tokyo Electron Limited<sup>3</sup> | 2776488 | 6223199 |
| **Total Japan** | **Total Japan** | **38011809** | **49792697** |
| **Korea, Republic of (5.68%)** | **Korea, Republic of (5.68%)** | **Korea, Republic of (5.68%)** | **Korea, Republic of (5.68%)** |
| 18934 | Doosan Enerbility Co. Ltd.<sup>1,3</sup> | 1318246 | 1189774 |
| 2166 | HD Hyundai Heavy<br>Industries Co. Ltd.<sup>3</sup> | 196028 | 693813 |
| 5888 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>3</sup> | 347615 | 1364646 |

---

See Notes to Portfolios of Investments.

------

**Baron International Growth Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Korea, Republic of (continued)** | **Korea, Republic of (continued)** | **Korea, Republic of (continued)** | **Korea, Republic of (continued)** |
| 61203 | HPSP Co. Ltd.<sup>3</sup> | 1505642 | 1728026 |
| 24031 | ISC Co. Ltd.<sup>3</sup> | 977638 | 3861115 |
| 8023 | Park Systems Corp.<sup>3</sup> | 1048597 | 1271773 |
| 38117 | Samsung Electronics Co., Ltd.<sup>3</sup> | 3094783 | 4458214 |
| 3474 | SK Hynix, Inc.<sup>3</sup> | 457614 | 1971025 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | **8946163** | **16538386** |
| **Netherlands (6.76%)** | **Netherlands (6.76%)** | **Netherlands (6.76%)** | **Netherlands (6.76%)** |
| 125709 | AMG Critical Materials NV<sup>3</sup> | 2906933 | 5035786 |
| 12315 | argenx SE, ADR<sup>1</sup> | 345189 | 8993029 |
| 28782 | Prosus NV<sup>3</sup> | 1009886 | 1332478 |
| 221172 | Universal Music Group NV<sup>3</sup> | 4832272 | 4293127 |
| **Total Netherlands** | **Total Netherlands** | **9094280** | **19654420** |
| **Peru (1.55%)** | **Peru (1.55%)** | **Peru (1.55%)** | **Peru (1.55%)** |
| 13270 | Credicorp, Ltd. | **1981657** | **4500919** |
| **Poland (1.50%)** | **Poland (1.50%)** | **Poland (1.50%)** | **Poland (1.50%)** |
| 246233 | InPost SA<sup>1,3</sup> | **1636792** | **4359300** |
| **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** |
| 487800 | Sberbank of Russia PJSC<sup>1,2,4</sup> | **1650983** | **347** |
| **Spain (1.41%)** | **Spain (1.41%)** | **Spain (1.41%)** | **Spain (1.41%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;374143 | eDreams ODIGEO SA<sup>1,3</sup> | 2111701 | 1336807 |
| 47358 | Industria de Diseno Textil, S.A.<sup>3</sup> | 1323774 | 2756652 |
| **Total Spain** | **Total Spain** | **3435475** | **4093459** |
| **Sweden (1.91%)** | **Sweden (1.91%)** | **Sweden (1.91%)** | **Sweden (1.91%)** |
| 225591 | Epiroc AB, Cl A<sup>3</sup> | **3535421** | **5553335** |
| **Switzerland (2.10%)** | **Switzerland (2.10%)** | **Switzerland (2.10%)** | **Switzerland (2.10%)** |
| 44417 | Nestle S.A.<sup>3</sup> | 4099979 | 4356908 |
| 51307 | On Holding AG, Cl A<sup>1</sup> | 2546758 | 1745464 |
| **Total Switzerland** | **Total Switzerland** | **6646737** | **6102372** |
| **Taiwan (6.20%)** | **Taiwan (6.20%)** | **Taiwan (6.20%)** | **Taiwan (6.20%)** |
| 25614 | eMemory Technology, Inc.<sup>3</sup> | 1856041 | 2180930 |
| 273943 | Taiwan Semiconductor<br>Manufacturing Co., Ltd.<sup>3</sup> | 5363909 | 15843363 |
| **Total Taiwan** | **Total Taiwan** | **7219950** | **18024293** |
| **United Kingdom (7.16%)** | **United Kingdom (7.16%)** | **United Kingdom (7.16%)** | **United Kingdom (7.16%)** |
| 32835 | AstraZeneca PLC, ADR | 2335459 | 6475719 |
| 184989 | BAE Systems PLC<sup>3</sup> | 3469508 | 5423600 |
| 82008 | Experian plc<sup>3</sup> | 1178211 | 2837025 |
| 12265 | Linde Public Limited Company<sup>3</sup> | 1748440 | 6106882 |
| **Total United Kingdom** | **Total United Kingdom** | **8731618** | **20843226** |
| **United States (4.65%)** | **United States (4.65%)** | **United States (4.65%)** | **United States (4.65%)** |
| 36589 | Agilent Technologies, Inc. | 1219419 | 4170414 |
| 67613 | Arch Capital Group Ltd.<sup>1</sup> | 872367 | 6490172 |
| 17932 | Palo Alto Networks, Inc.<sup>1</sup> | 2859011 | 2874858 |
| **Total United States** | **Total United States** | **4950797** | **13535444** |
| **Total Common Stocks** | **Total Common Stocks** | **179163602** | **282714662** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Warrants (0.00%)** | **Warrants (0.00%)** | **Warrants (0.00%)** |
| **Canada (0.00%)** | **Canada (0.00%)** | **Canada (0.00%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 Constellation Software, Inc. Exp. 3/31/2040 <sup>1,2,4</sup> | $**0** | $**0** |
| **Total Investments (97.18%)** | $**179163602** | **282714662** |
| **Cash and Other Assets Less Liabilities (2.82%)** | **Cash and Other Assets Less Liabilities (2.82%)** | **8192704** |
| **Net Assets** | **Net Assets** | $**290907366** |

---

---

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

---

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

<sup>2</sup> At March 31, 2026, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $347 or 0.00% of net assets. See Note 3 regarding Restricted Securities. 

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

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

---

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

---

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

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the market value of Rule 144A securities amounted to $7,626,739 or 2.62% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | |
|:---|:---|
| **Summary of Investments by Sector**<br> **as of March 31, 2026** | **Percentage**<br> **of Net Assets** |
|  Financials | 21.5% |
|  Information Technology | 19.8% |
|  Industrials | 14.7% |
|  Materials | 11.1% |
|  Health Care | 10.7% |
|  Consumer Discretionary | 5.7% |
|  Communication Services | 4.3% |
|  Consumer Staples | 4.1% |
|  Energy | 3.1% |
|  Real Estate | 1.3% |
|  Utilities | 0.9% |
|  Cash and Cash Equivalents\* | 2.8% |
|  | 100.0%\*\* |

---

\* Includes other assets and liabilities-net.

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

See Notes to Portfolios of Investments.

------

**Baron Real Estate Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (95.00%)** | **Common Stocks (95.00%)** | **Common Stocks (95.00%)** | **Common Stocks (95.00%)** |
| **Consumer Discretionary (30.93%)** | **Consumer Discretionary (30.93%)** | **Consumer Discretionary (30.93%)** | **Consumer Discretionary (30.93%)** |
|  | **Casinos & Gaming (10.99%)** | **Casinos & Gaming (10.99%)** |  |
| 1617000 | Caesars Entertainment, Inc. <sup>1</sup> | $34577062 | $42737310 |
| 321200 | Las Vegas Sands Corp. | 11352077 | 17306256 |
| 980350 | MGM Resorts International <sup>1</sup> | 36016191 | 36282753 |
| 2056900 | Penn Entertainment, Inc. <sup>1</sup> | 30963032 | 30915207 |
| 700649 | Red Rock Resorts, Inc., Cl A | 17316554 | 37386631 |
| 711578 | Wynn Resorts Ltd. | 60979778 | 72260746 |
|  |  | 191204694 | 236888903 |
|  | **Home Improvement Retail (2.23%)** | **Home Improvement Retail (2.23%)** |  |
| 203466 | Lowe's Companies, Inc. | 43040672 | 48074946 |
|  | **Homebuilding (7.10%)** | **Homebuilding (7.10%)** |  |
| 462251 | Champion Homes, Inc. <sup>1</sup> | 34731892 | 34377607 |
| 545700 | Taylor Morrison Home Corp. <sup>1</sup> | 32992860 | 31781568 |
| 636600 | Toll Brothers, Inc. | 61930249 | 86876802 |
|  |  | 129655001 | 153035977 |
|  | **Hotels, Resorts & Cruise Lines (9.11%)** | **Hotels, Resorts & Cruise Lines (9.11%)** |  |
| 545116 | Airbnb, Inc., Cl A <sup>1</sup> | 64370859 | 68837249 |
| 218900 | Hilton Worldwide Holdings, Inc. | 34287300 | 66563112 |
| 424900 | Hyatt Hotels Corp., Cl A | 52171547 | 61096371 |
|  |  | 150829706 | 196496732 |
|  | **Leisure Facilities (1.50%)** | **Leisure Facilities (1.50%)** |  |
| 252093 | Vail Resorts, Inc. | 34397314 | 32348574 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **549127387** | **666845132** |
| **Financials (7.85%)** | **Financials (7.85%)** | **Financials (7.85%)** | **Financials (7.85%)** |
|  | **Asset Management &<br>Custody Banks (4.94%)** | **Asset Management &<br>Custody Banks (4.94%)** |  |
| 378510 | Brookfield Asset<br>Management Ltd., Cl A <sup>2</sup> | 12184332 | 16824769 |
| 2216900 | Brookfield Corp., Cl A <sup>2</sup> | 60589445 | 89717943 |
|  |  | 72773777 | 106542712 |
|  | **Commercial & Residential<br>Mortgage Finance (1.83%)** | **Commercial & Residential<br>Mortgage Finance (1.83%)** |  |
| 2765200 | Rocket Cos., Inc., Cl A <sup>1</sup> | 45136242 | 39404100 |
|  | **Mortgage REITs (1.08%)** | **Mortgage REITs (1.08%)** |  |
| 1221033 | Blackstone Mortgage<br>Trust, Inc., Cl A | 23326006 | 23382782 |
| **Total Financials** | **Total Financials** | **141236025** | **169329594** |
| **Industrials (6.92%)** | **Industrials (6.92%)** | **Industrials (6.92%)** | **Industrials (6.92%)** |
|  | **Building Products (3.37%)** | **Building Products (3.37%)** |  |
| 403950 | AAON, Inc. | 31792563 | 33426863 |
| 286400 | Advanced Drainage<br>Systems, Inc. | 33339481 | 39274032 |
|  |  | 65132044 | 72700895 |
|  | **Construction & Engineering (0.37%)** | **Construction & Engineering (0.37%)** |  |
| 143281 | Legence Corp., Cl A <sup>1</sup> | 4253128 | 8089645 |
|  | **Trading Companies &<br>Distributors (3.18%)** | **Trading Companies &<br>Distributors (3.18%)** |  |
| 514535 | SiteOne Landscape Supply, Inc. <sup>1</sup> | 61093746 | 68489754 |
| **Total Industrials** | **Total Industrials** | **130478918** | **149280294** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Information Technology (2.58%)** | **Information Technology (2.58%)** | **Information Technology (2.58%)** | **Information Technology (2.58%)** |
|  | **Internet Services &<br>Infrastructure (2.58%)** | **Internet Services &<br>Infrastructure (2.58%)** |  |
| 1378675 | GDS Holdings Ltd., ADR <sup>1,2</sup> | $**32255029** | $**55546816** |
| **Materials (5.06%)** | **Materials (5.06%)** | **Materials (5.06%)** | **Materials (5.06%)** |
|  | **Construction Materials (4.02%)** | **Construction Materials (4.02%)** |  |
| 640600 | CRH PLC <sup>2</sup> | 65246351 | 67339872 |
| 71495 | Vulcan Materials Co. | 17323211 | 19468088 |
|  |  | 82569562 | 86807960 |
|  | **Specialty Chemicals (1.04%)** | **Specialty Chemicals (1.04%)** |  |
| 69700 | The Sherwin-Williams Co. | 25104084 | 22342335 |
| **Total Materials** | **Total Materials** | **107673646** | **109150295** |
| **Real Estate (41.66%)** | **Real Estate (41.66%)** | **Real Estate (41.66%)** | **Real Estate (41.66%)** |
|  | **Data Center REITs (9.84%)** | **Data Center REITs (9.84%)** |  |
| 367601 | Digital Realty Trust, Inc. | 57966660 | 66245376 |
| 148915 | Equinix, Inc. | 104155294 | 145972440 |
|  |  | 162121954 | 212217816 |
|  | **Health Care REITs (9.74%)** | **Health Care REITs (9.74%)** |  |
| 711500 | Ventas, Inc. | 53663900 | 58186470 |
| 768013 | Welltower, Inc. | 78560835 | 151843850 |
|  |  | 132224735 | 210030320 |
|  | **Industrial REITs (4.73%)** | **Industrial REITs (4.73%)** |  |
| 770700 | Prologis, Inc. | 86261431 | 101871126 |
|  | **Multi-Family Residential REITs (1.98%)** | **Multi-Family Residential REITs (1.98%)** |  |
| 366350 | Equity Residential | 22747577 | 21669602 |
| 618900 | UDR, Inc. | 24142389 | 20906442 |
|  |  | 46889966 | 42576044 |
|  | **Other Specialized REITs (2.05%)** | **Other Specialized REITs (2.05%)** |  |
| 433300 | Iron Mountain, Inc. | 41531279 | 44257262 |
|  | **Real Estate Services (6.67%)** | **Real Estate Services (6.67%)** |  |
| 528148 | CBRE Group, Inc., Cl A <sup>1</sup> | 42423804 | 71542928 |
| 237392 | Jones Lang LaSalle, Inc. <sup>1</sup> | 48389394 | 72243134 |
|  |  | 90813198 | 143786062 |
|  | **Retail REITs (3.85%)** | **Retail REITs (3.85%)** |  |
| 3202114 | The Macerich Co. | 55831667 | 60519955 |
| 120500 | Simon Property Group, Inc. | 19608011 | 22476865 |
|  |  | 75439678 | 82996820 |
|  | **Self Storage REITs (2.80%)** | **Self Storage REITs (2.80%)** |  |
| 222950 | Public Storage | 64536914 | 60392696 |
| **Total Real Estate** | **Total Real Estate** | **699819155** | **898128146** |
| **Total Investments (95.00%)** | **Total Investments (95.00%)** | $**1660590160** | **2048280277** |
| **Cash and Other Assets Less Liabilities (5.00%)** | **Cash and Other Assets Less Liabilities (5.00%)** | **Cash and Other Assets Less Liabilities (5.00%)** | **107721548** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**2156001825** |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Emerging Markets Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (97.33%)** | **Common Stocks (97.33%)** | **Common Stocks (97.33%)** | **Common Stocks (97.33%)** |
| **Argentina (1.09%)** | **Argentina (1.09%)** | **Argentina (1.09%)** | **Argentina (1.09%)** |
| 495093 | Vista Energy SAB de CV, ADR<sup>1</sup> | $**29123894** | $**37364669** |
| **Brazil (7.69%)** | **Brazil (7.69%)** | **Brazil (7.69%)** | **Brazil (7.69%)** |
| 810246 | Afya Ltd., Cl A | 15886696 | 12048358 |
| 8793033 | Banco Bradesco SA, ADR | 35102688 | 32094570 |
| 3893296 | Banco BTG Pactual SA | 26757511 | 42308876 |
| 9515691 | GPS Participacoes e Empreendimentos SA, 144A | 23073621 | 30678888 |
| 972122 | Inter & Co., Inc., BDR | 3898832 | 7750927 |
| 5313352 | Localiza Rent a Car SA | 31780211 | 48127121 |
| 1047515 | NU Holdings Ltd., Cl A<sup>1</sup> | 16634649 | 15052791 |
| 2542737 | PRIO SA<sup>1</sup> | 26775551 | 32501832 |
| 2252312 | XP, Inc., Cl A | 38270287 | 42884021 |
| **Total Brazil** | **Total Brazil** | **218180046** | **263447384** |
| **Chile (1.11%)** | **Chile (1.11%)** | **Chile (1.11%)** | **Chile (1.11%)** |
| 470585 | Sociedad Quimica y Minera de Chile SA, ADR<sup>1</sup> | **20981050** | **38089150** |
| **China (21.18%)** | **China (21.18%)** | **China (21.18%)** | **China (21.18%)** |
| 555055 | Alibaba Group Holding Limited, ADR | 43571202 | 69637200 |
| 3707376 | BYD Co. Ltd., Cl H<sup>3</sup> | 50857526 | 50684759 |
| 16016052 | China Mengniu Dairy Co. Ltd.<sup>3</sup> | 28190267 | 35384302 |
| 883036 | Contemporary Amperex Technology Co. Ltd., Cl A<sup>3</sup> | 28488587 | 52245758 |
| 3595680 | Full Truck Alliance Co. Ltd., ADR | 23761933 | 29844144 |
| 3357882 | Fuyao Glass Industry<br>Group Co. Ltd., Cl A<sup>3</sup> | 23081261 | 28009509 |
| 1211004 | GDS Holdings Ltd., ADR<sup>1</sup> | 43427322 | 48791351 |
| 2356646 | Jiangsu Hengli<br>Hydraulic Co. Ltd., Cl A<sup>3</sup> | 18690105 | 33216301 |
| 24549896 | Kingdee International Software Group Co. Ltd.<sup>1,3</sup> | 11596763 | 27253935 |
| 4064354 | Kuaishou Technology, 144A<sup>3</sup> | 38001919 | 23940369 |
| 586152 | Montage<br>Technology Co. Ltd., Cl A<sup>3</sup> | 14488189 | 10903217 |
| 744769 | Montage<br>Technology Co. Ltd., Cl H<sup>1</sup> | 14091181 | 14627152 |
| 1831640 | Pony AI, Inc., ADR<sup>1</sup> | 24204521 | 17290682 |
| 2907050 | SF Holding Co. Ltd., Cl H<sup>3</sup> | 12956527 | 13129551 |
| 1840043 | Tencent Holdings Limited<sup>3</sup> | 31178207 | 116055814 |
| 366025 | Tencent Holdings Limited, ADR | 15071009 | 23140101 |
| 1822788 | Tencent Music Entertainment Group, ADR | 19255193 | 16915473 |
| 1923387 | WuXi AppTec Co. Ltd., Cl A<sup>3</sup> | 28547023 | 27902011 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | **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)** |
| 3472564 | Wuxi Biologics<br>Cayman, Inc., 144A<sup>1,3</sup> | $| 10250520 | $| 14933732 |
| 1397386 | Zai Lab Limited, ADR<sup>1</sup> |  | 27260913 |  | 26284831 |
| 6023247 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Cl H<sup>3</sup> |  | 19687346 |  | 22078798 |
| 4469884 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A<sup>3</sup> |  | 20166194 |  | 23689706 |
| **Total China** | **Total China** |  | **546823708** |  | **725958696** |
| **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** | **Greece (1.14%)** |
| 4767625 | Piraeus Bank SA<sup>3</sup> |  | **28569005** |  | **39170832** |
| **India (19.73%)** | **India (19.73%)** | **India (19.73%)** | **India (19.73%)** | **India (19.73%)** | **India (19.73%)** |
| 6855312 | Bajaj Finance Limited<sup>3</sup> |  | 34172761 |  | 58658698 |
| 7861396 | Bharat Electronics Ltd.<sup>3</sup> |  | 37481873 |  | 33640860 |
| 2881990 | Bharti Airtel Ltd.<sup>3</sup> |  | 19275806 |  | 54767545 |
| 1042250 | Cholamandalam Investment & Finance Co. Ltd.<sup>3</sup> |  | 15856050 |  | 15068928 |
| 839932 | Cummins India Ltd.<sup>3</sup> |  | 35580809 |  | 40216531 |
| 13797929 | Eternal Ltd.<sup>1,3</sup> |  | 43146569 |  | 33946029 |
| 937096 | Godrej Properties Ltd.<sup>1,3</sup> |  | 16977315 |  | 14672223 |
| 1397701 | HDFC Bank Ltd.<sup>3</sup> |  | 9207523 |  | 10948249 |
| 720148 | InterGlobe Aviation Ltd., 144A<sup>3</sup> |  | 28647402 |  | 30397849 |
| 21289939 | JM Financial Limited |  | 22679528 |  | 25501127 |
| 3639668 | JSW Energy Ltd.<sup>3</sup> |  | 19657888 |  | 18236598 |
| 448053 | Kaynes Technology India Ltd.<sup>1,3</sup> |  | 14690275 |  | 16464844 |
| 1256536 | Kirloskar Oil Engines Ltd.<sup>3</sup> |  | 19695178 |  | 17900272 |
| 5286012 | Kotak Mahindra Bank Ltd.<sup>3</sup> |  | 23996481 |  | 19898361 |
| 3868880 | Max Healthcare Institute Ltd.<sup>3</sup> |  | 36361651 |  | 39697881 |
| 3667096 | Nippon Life India Asset Management Ltd., 144A |  | 12462036 |  | 30993846 |
| 1129325 | Nuvama Wealth<br>Management Ltd.<sup>3</sup> |  | 7590364 |  | 13931079 |
| 13643347 | Pine Labs Ltd., 144A<sup>1,2,3</sup> |  | 39999997 |  | 22764624 |
| 11873066 | Power Grid Corp. of India Ltd.<sup>3</sup> |  | 43144723 |  | 37379837 |
| 1811548 | Reliance Industries Limited<sup>3</sup> |  | 14421049 |  | 26052892 |
| 1838618 | SBI Life Insurance Company Limited, 144A<sup>3</sup> |  | 18583724 |  | 34779411 |
| 8882772 | Swiggy Ltd.<sup>1,3</sup> |  | 42358666 |  | 24648393 |
| 916909 | Tata Communications Ltd. |  | 6828323 |  | 13030237 |
| 1595351 | Tata Consumer Products Ltd.<sup>3</sup> |  | 13553151 |  | 17157436 |
| 723538 | Trent Ltd.<sup>3</sup> |  | 16914551 |  | 25481126 |
| **Total India** | **Total India** |  | **593283693** |  | **676234876** |
| **Japan (0.82%)** | **Japan (0.82%)** | **Japan (0.82%)** | **Japan (0.82%)** | **Japan (0.82%)** | **Japan (0.82%)** |
| 511000 | The Japan Steel Works Ltd.<sup>3</sup> |  | **32420722** |  | **28147833** |

---

See Notes to Portfolios of Investments.

------

**Baron Emerging Markets Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Korea, Republic of (16.73%)** | **Korea, Republic of (16.73%)** | **Korea, Republic of (16.73%)** | **Korea, Republic of (16.73%)** |
| 186388 | Coupang, Inc.<sup>1</sup> | $2068045 | $3519005 |
| 229579 | D'Alba Global Co. Ltd.<sup>3</sup> | 25378715 | 21804845 |
| 539172 | Doosan Enerbility Co. Ltd.<sup>1,3</sup> | 16279384 | 33880476 |
| 307471 | Hanwha Systems Co. Ltd.<sup>3</sup> | 4949937 | 24075192 |
| 52023 | HD Hyundai Heavy<br>Industries Co. Ltd.<sup>3</sup> | 2726096 | 16664011 |
| 148455 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>3</sup> | 9990514 | 34407009 |
| 1267437 | HPSP Co. Ltd.<sup>3</sup> | 30646583 | 35785245 |
| 250993 | Hyundai Glovis Co. Ltd.<sup>3</sup> | 24917257 | 35648715 |
| 464550 | ISC Co. Ltd.<sup>3</sup> | 17036843 | 74640299 |
| 259780 | Korea Aerospace Industries Ltd.<sup>3</sup> | 11803462 | 29367017 |
| 90778 | Park Systems Corp.<sup>3</sup> | 11579327 | 14389749 |
| 15967 | Samsung<br>Biologics Co. Ltd., 144A<sup>1,3</sup> | 16784309 | 16364032 |
| 1342129 | Samsung Electronics Co., Ltd.<sup>3</sup> | 45038219 | 156977144 |
| 133967 | SK Hynix, Inc.<sup>3</sup> | 16199785 | 76008154 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | **235398476** | **573530893** |
| **Mexico (1.65%)** | **Mexico (1.65%)** | **Mexico (1.65%)** | **Mexico (1.65%)** |
| 5299034 | Grupo Mexico<br>S.A.B. de C.V., Series B | **12527691** | **56680121** |
| **Peru (1.83%)** | **Peru (1.83%)** | **Peru (1.83%)** | **Peru (1.83%)** |
| 185173 | Credicorp, Ltd. | **21983912** | **62806978** |
| **Philippines (0.63%)** | **Philippines (0.63%)** | **Philippines (0.63%)** | **Philippines (0.63%)** |
| 11423620 | BDO Unibank, Inc.<sup>3</sup> | **18486298** | **21491932** |
| **Poland (1.62%)** | **Poland (1.62%)** | **Poland (1.62%)** | **Poland (1.62%)** |
| 3134099 | InPost SA<sup>1,3</sup> | **27097868** | **55485971** |
| **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** | **Russia (0.00%)<sup>^</sup>** |
| 17949100 | Sberbank of Russia PJSC<sup>1,2,4</sup> | **64430586** | **12783** |
| **South Africa (1.93%)** | **South Africa (1.93%)** | **South Africa (1.93%)** | **South Africa (1.93%)** |
| 1976902 | Absa Group Ltd.<sup>3</sup> | 24406252 | 28477060 |
| 4750541 | FirstRand Ltd.<sup>3</sup> | 23023442 | 24319496 |
| 254705 | Naspers Ltd., N Shares<sup>3</sup> | 7095787 | 13175119 |
| **Total South Africa** | **Total South Africa** | **54525481** | **65971675** |
| **Spain (0.54%)** | **Spain (0.54%)** | **Spain (0.54%)** | **Spain (0.54%)** |
| 2176630 | Codere Online Luxembourg, S.A. Private Shares<sup>1</sup> | **18185897** | **18501355** |
| **Taiwan (19.64%)** | **Taiwan (19.64%)** | **Taiwan (19.64%)** | **Taiwan (19.64%)** |
| 99410 | ASPEED Technology, Inc.<sup>3</sup> | 10608142 | 34266093 |
| 786537 | Chroma ATE, Inc.<sup>3</sup> | 8048893 | 37741513 |
| 1645886 | Delta Electronics, Inc.<sup>3</sup> | 5673093 | 74213568 |
| 3196672 | E Ink Holdings, Inc.<sup>3</sup> | 25876734 | 13943860 |
| 428688 | eMemory Technology, Inc.<sup>3</sup> | 31502552 | 36501078 |
| 8039016 | Taiwan Semiconductor Manufacturing Co., Ltd.<sup>3</sup> | 143967287 | 464932671 |
| 34442 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR | 600951 | 11639674 |
| **Total Taiwan** | **Total Taiwan** | **226277652** | **673238457** |
| **Total Common Stocks** | **Total Common Stocks** | **2148295979** | **3336133605** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** |
| **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** |
| 15334 Think & Learn Private<br>Limited, Series F<sup>1,2,4</sup> | $**49776072** | $**66376** |
| **Warrants (0.00%)<sup>^</sup>** | **Warrants (0.00%)<sup>^</sup>** | **Warrants (0.00%)<sup>^</sup>** |
| **Spain (0.00%)<sup>^</sup>** | **Spain (0.00%)<sup>^</sup>** | **Spain (0.00%)<sup>^</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13259 Codere Online Luxembourg S.A. Private Shares Exp. 11/30/2026 exercise price USD 11.50 <sup>1</sup> | **0** | **9016** |
| **Total Investments (97.33%)** | $**2198072051** | **3336208997** |
| **Cash and Other Assets Less Liabilities (2.67%)** | **Cash and Other Assets Less Liabilities (2.67%)** | **91625693** |
| **Net Assets** | **Net Assets** | $**3427834690** |

---

---

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

---

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

<sup>2</sup> At March 31, 2026, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $22,843,783 or 0.67% of net assets. See Note 3 regarding Restricted Securities. 

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

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

---

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

---

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

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the market value of Rule 144A securities amounted to $204,852,751 or 5.98% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | |
|:---|:---|
| **Summary of Investments by Sector**<br> **as of March 31, 2026** | **Percentage<br>of Net Assets** |
|  Information Technology | 34.0% |
|  Industrials | 17.8% |
|  Financials | 16.0% |
|  Consumer Discretionary | 8.9% |
|  Communication Services | 7.2% |
|  Health Care | 3.7% |
|  Energy | 2.8% |
|  Materials | 2.8% |
|  Consumer Staples | 2.2% |
|  Utilities | 1.6% |
|  Real Estate | 0.4% |
|  Cash and Cash Equivalents\* | 2.7% |
|  | 100.0%\*\* |

---

\* Includes other assets and liabilities-net.

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

See Notes to Portfolios of Investments.

------

**Baron Global Opportunity Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (77.24%)** | **Common Stocks (77.24%)** | **Common Stocks (77.24%)** | **Common Stocks (77.24%)** |
| **Argentina (4.82%)** | **Argentina (4.82%)** | **Argentina (4.82%)** | **Argentina (4.82%)** |
| 23388 | MercadoLibre, Inc.<sup>1</sup> | $**12558847** | $**40438320** |
| **Brazil (3.75%)** | **Brazil (3.75%)** | **Brazil (3.75%)** | **Brazil (3.75%)** |
| 416760 | Afya Ltd., Cl A | 7447704 | 6197221 |
| &nbsp;&nbsp;&nbsp;&nbsp;1760205 | NU Holdings Ltd., Cl A<sup>1</sup> | 22930550 | 25294146 |
| **Total Brazil** | **Total Brazil** | **30378254** | **31491367** |
| **Canada (5.05%)** | **Canada (5.05%)** | **Canada (5.05%)** | **Canada (5.05%)** |
| 357327 | Shopify, Inc., Cl A<sup>1</sup> | **21066709** | **42386129** |
| **China (3.53%)** | **China (3.53%)** | **China (3.53%)** | **China (3.53%)** |
| 605829 | GDS Holdings Ltd., ADR<sup>1</sup> | 13215667 | 24408850 |
| 51155 | PDD Holdings, Inc., ADR<sup>1</sup> | 7069328 | 5227018 |
| **Total China** | **Total China** | **20284995** | **29635868** |
| **India (5.27%)** | **India (5.27%)** | **India (5.27%)** | **India (5.27%)** |
| 2603165 | Bajaj Finance Limited<sup>3</sup> | 17595628 | 22274445 |
| 8914430 | Eternal Ltd.<sup>1,3</sup> | 17771212 | 21931516 |
| **Total India** | **Total India** | **35366840** | **44205961** |
| **Israel (1.18%)** | **Israel (1.18%)** | **Israel (1.18%)** | **Israel (1.18%)** |
| 231622 | Fiverr International Ltd.<sup>1</sup> | 5280620 | 2320852 |
| 84698 | Wix.com Ltd.<sup>1</sup> | 8219775 | 7628749 |
| **Total Israel** | **Total Israel** | **13500395** | **9949601** |
| **Korea, Republic of (3.54%)** | **Korea, Republic of (3.54%)** | **Korea, Republic of (3.54%)** | **Korea, Republic of (3.54%)** |
| 1572655 | Coupang, Inc.<sup>1</sup> | **26837723** | **29691726** |
| **Netherlands (7.43%)** | **Netherlands (7.43%)** | **Netherlands (7.43%)** | **Netherlands (7.43%)** |
| 11287 | Adyen N.V., 144A<sup>1,3</sup> | 9602869 | 11296599 |
| 32477 | argenx SE, ADR<sup>1</sup> | 1592288 | 23716329 |
| 17155 | ASML Holding N.V.<sup>3</sup> | 3495349 | 22811964 |
| 43753 | Nebius Group NV<sup>1</sup> | 4908915 | 4539811 |
| **Total Netherlands** | **Total Netherlands** | **19599421** | **62364703** |
| **Poland (1.43%)** | **Poland (1.43%)** | **Poland (1.43%)** | **Poland (1.43%)** |
| 678096 | InPost SA<sup>1,3</sup> | **7568083** | **12004986** |
| **Spain (1.22%)** | **Spain (1.22%)** | **Spain (1.22%)** | **Spain (1.22%)** |
| 827902 | Codere Online Luxembourg S.A.<sup>1</sup> | 7576156 | 7037167 |
| 375992 | Codere Online Luxembourg, S.A. Private Shares<sup>1</sup> | 2714710 | 3195932 |
| **Total Spain** | **Total Spain** | **10290866** | **10233099** |
| **Taiwan (4.98%)** | **Taiwan (4.98%)** | **Taiwan (4.98%)** | **Taiwan (4.98%)** |
| 123587 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR | **27665859** | **41766227** |
| **United States (35.04%)** | **United States (35.04%)** | **United States (35.04%)** | **United States (35.04%)** |
| 200807 | Amazon.com, Inc.<sup>1</sup> | 46136954 | 41822074 |
| 58294 | Billiontoone, Inc., Cl A<sup>1</sup> | 4173994 | 4601728 |
| 109976 | Block, Inc.<sup>1</sup> | 9647337 | 6618356 |
| 148964 | Cloudflare, Inc., Cl A<sup>1</sup> | 10498970 | 30737232 |
| 49466 | Crowdstrike<br>Holdings, Inc., Cl A<sup>1</sup> | 15032305 | 19312021 |
| 153422 | Datadog, Inc., Cl A<sup>1</sup> | 8363017 | 18111467 |
| 73112 | Figma, Inc., Cl A<sup>1</sup> | 2030782 | 1545588 |
| 415031 | Forgent Power Solutions, Inc.<sup>1</sup> | 12164803 | 12147957 |
| 154 | GRAIL, Inc.<sup>1</sup> | 7341 | 7959 |
| 340420 | HeartFlow, Inc.<sup>1</sup> | 8366390 | 8282418 |
| 92028 | Illumina, Inc.<sup>1</sup> | 9839166 | 11343371 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;2546326 | indie Semiconductor, Inc., Cl A<sup>1</sup> | $12337941 | $8199170 |
| 277268 | Loar Holdings, Inc.<sup>1</sup> | 20568975 | 15884684 |
| 699673 | Netskope, Inc., Cl A<sup>1</sup> | 12349074 | 5940224 |
| 356883 | NVIDIA Corp. | 6728358 | 62240395 |
| 222263 | SailPoint, Inc.<sup>1</sup> | 4629759 | 2942762 |
| 76195 | ServiceTitan, Inc., Cl A<sup>1</sup> | 5667456 | 4835335 |
| 106673 | Snowflake, Inc., Cl A<sup>1</sup> | 13393986 | 16088422 |
| 27899 | Tesla, Inc.<sup>1</sup> | 6610652 | 10371453 |
| 74811 | Viking Therapeutics, Inc.<sup>1</sup> | 4953838 | 2434350 |
| 75960 | Zscaler, Inc.<sup>1</sup> | 6468045 | 10656428 |
| **Total United States** | **Total United States** | **219969143** | **294123394** |
| **Total Common Stocks** | **Total Common Stocks** | **445087135** | **648291381** |
| **Private Common Stocks (20.61%)** | **Private Common Stocks (20.61%)** | **Private Common Stocks (20.61%)** | **Private Common Stocks (20.61%)** |
| **United States (20.61%)** | **United States (20.61%)** | **United States (20.61%)** | **United States (20.61%)** |
| 299761 | Farmers Business Network, Inc.<sup>1,2,4</sup> | 12250007 | 557555 |
| 252130 | Space Exploration<br>Technologies Corp., Cl A<sup>1,2,4</sup> | 11571518 | 132769137 |
| 75250 | Space Exploration<br>Technologies Corp., Cl C<sup>1,2,4</sup> | 3428124 | 39625898 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | **27249649** | **172952590** |
| **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** | **Private Convertible Preferred Stocks (0.00%)<sup>^</sup>** |
| **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** | **India (0.00%)<sup>^</sup>** |
| 9201 | Think & Learn Private Limited, Series F<sup>1,2,4</sup> | **29867591** | **39828** |
| **Warrants (0.04%)** | **Warrants (0.04%)** | **Warrants (0.04%)** | **Warrants (0.04%)** |
| **Israel (0.00%)<sup>^</sup>** | **Israel (0.00%)<sup>^</sup>** | **Israel (0.00%)<sup>^</sup>** | **Israel (0.00%)<sup>^</sup>** |
| 228748 | Taboola.com Ltd., Exp. 6/29/2026 exercise price USD 11.50<sup>1</sup> | **417099** | **2287** |
| **Spain (0.04%)** | **Spain (0.04%)** | **Spain (0.04%)** | **Spain (0.04%)** |
| 502360 | Codere Online Luxembourg S.A., Exp. 11/30/2026 exercise price USD 11.50<sup>1</sup> | **845632** | **341605** |
| **Total Warrants** | **Total Warrants** | **1262731** | **343892** |
| **Total Investments (97.89%)** | **Total Investments (97.89%)** | $**503467106** | **821627691** |
| **Cash and Other Assets Less Liabilities (2.11%)** | **Cash and Other Assets Less Liabilities (2.11%)** | **Cash and Other Assets Less Liabilities (2.11%)** | **17667572** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**839295263** |

---

---

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

---

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

<sup>2</sup> At March 31, 2026, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $172,992,418 or 20.61% of net assets. See Note 3 regarding Restricted Securities. 

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

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

---

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

---

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

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the market value of Rule 144A securities amounted to $11,296,599 or 1.35% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Global Opportunity Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector**<br> **as of March 31, 2026** | **Percentage<br>of Net Assets** | |
|  Information Technology | 38.6% |  |
|  Industrials | 25.6% |  |
|  Consumer Discretionary | 19.8% |  |
|  Financials | 7.8% |  |
|  Health Care | 6.0% |  |
|  Unclassified | 0.1% |  |
|  Communication Services | 0.0% | † |
|  Cash and Cash Equivalents\* | 2.1% |  |
|  | 100.0% | \*\* |

---

† Rounds to less than 0.1%.

\* Includes other assets and liabilities-net.

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

See Notes to Portfolios of Investments.

------

**Baron Real Estate Income Fund** 

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (95.22%)** | **Common Stocks (95.22%)** | **Common Stocks (95.22%)** | **Common Stocks (95.22%)** |
| **Consumer Discretionary (6.71%)** | **Consumer Discretionary (6.71%)** | **Consumer Discretionary (6.71%)** | **Consumer Discretionary (6.71%)** |
|  | **Casinos & Gaming (2.34%)** | **Casinos & Gaming (2.34%)** | **Casinos & Gaming (2.34%)** |
| 61083 | Wynn Resorts Ltd. | $5214184 | $6202979 |
|  | **Hotels, Resorts & Cruise Lines (2.66%)** | **Hotels, Resorts & Cruise Lines (2.66%)** | **Hotels, Resorts & Cruise Lines (2.66%)** |
| 108140 | Marriott Vacations Worldwide Corp. | 6570203 | 7042077 |
|  | **Leisure Facilities (1.71%)** | **Leisure Facilities (1.71%)** | **Leisure Facilities (1.71%)** |
| 35173 | Vail Resorts, Inc. | 5156668 | 4513399 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **16941055** | **17758455** |
| **Financials (3.68%)** | **Financials (3.68%)** | **Financials (3.68%)** | **Financials (3.68%)** |
|  | **Asset Management & Custody Banks (2.10%)** | **Asset Management & Custody Banks (2.10%)** | **Asset Management & Custody Banks (2.10%)** |
| 137263 | Brookfield Corp., Cl A <sup>2</sup> | 4704919 | 5555034 |
|  | **Mortgage REITs (1.58%)** | **Mortgage REITs (1.58%)** | **Mortgage REITs (1.58%)** |
| 217794 | Blackstone Mortgage Trust, Inc., Cl A | 4129398 | 4170755 |
| **Total Financials** | **Total Financials** | **8834317** | **9725789** |
| **Information Technology (2.38%)** | **Information Technology (2.38%)** | **Information Technology (2.38%)** | **Information Technology (2.38%)** |
|  | **Internet Services & Infrastructure (2.38%)** | **Internet Services & Infrastructure (2.38%)** | **Internet Services & Infrastructure (2.38%)** |
| 156241 | GDS Holdings Ltd., ADR <sup>1,2</sup> | **4331630** | **6294950** |
| **Materials (2.33%)** | **Materials (2.33%)** | **Materials (2.33%)** | **Materials (2.33%)** |
|  | **Construction Materials (2.33%)** | **Construction Materials (2.33%)** | **Construction Materials (2.33%)** |
| 58675 | CRH PLC <sup>2</sup> | **5968373** | **6167916** |
| **Real Estate (80.12%)** | **Real Estate (80.12%)** | **Real Estate (80.12%)** | **Real Estate (80.12%)** |
|  | **Data Center REITs (13.83%)** | **Data Center REITs (13.83%)** | **Data Center REITs (13.83%)** |
| 58232 | Digital Realty Trust, Inc. | 9525895 | 10493989 |
| 26639 | Equinix, Inc. | 20856376 | 26112613 |
|  |  | 30382271 | 36606602 |
|  | **Diversified REITs (3.32%)** | **Diversified REITs (3.32%)** | **Diversified REITs (3.32%)** |
| 289266 | Essential Properties Realty Trust, Inc. | 8971421 | 8782116 |
|  | **Health Care REITs (19.28%)** | **Health Care REITs (19.28%)** | **Health Care REITs (19.28%)** |
| 136175 | American Healthcare REIT, Inc. | 3937813 | 6422013 |
| 149832 | Janus Living, Inc., Cl A <sup>1</sup> | 2996640 | 3531540 |
| 183160 | Ventas, Inc. | 11149379 | 14978825 |
| 132019 | Welltower, Inc. | 12308168 | 26101477 |
|  |  | 30392000 | 51033855 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
|  | **Hotel & Resort REITs (5.57%)** | **Hotel & Resort REITs (5.57%)** | **Hotel & Resort REITs (5.57%)** |
| 462399 | Host Hotels & Resorts, Inc. | $7635324 | $8859565 |
| 465632 | Pebblebrook Hotel Trust | 5780109 | 5880932 |
|  |  | 13415433 | 14740497 |
|  | **Industrial REITs (14.37%)** | **Industrial REITs (14.37%)** | **Industrial REITs (14.37%)** |
| 56445 | EastGroup Properties, Inc. | 9452304 | 10447405 |
| 188042 | Prologis, Inc. | 20932483 | 24855392 |
| 44575 | Terreno Realty Corp. | 2551316 | 2737796 |
|  |  | 32936103 | 38040593 |
|  | **Multi-Family Residential REITs (3.71%)** | **Multi-Family Residential REITs (3.71%)** | **Multi-Family Residential REITs (3.71%)** |
| 67389 | Equity Residential | 4116037 | 3986059 |
| 10760 | Essex Property Trust, Inc. | 2735877 | 2603920 |
| 95832 | UDR, Inc. | 3735673 | 3237205 |
|  |  | 10587587 | 9827184 |
|  | **Other Specialized REITs (2.19%)** | **Other Specialized REITs (2.19%)** | **Other Specialized REITs (2.19%)** |
| 56650 | Iron Mountain, Inc. | 5412187 | 5786231 |
|  | **Retail REITs (7.57%)** | **Retail REITs (7.57%)** | **Retail REITs (7.57%)** |
| 55422 | Agree Realty Corp. | 4494174 | 4177710 |
| 551784 | The Macerich Co. | 9045085 | 10428718 |
| 29101 | Simon Property Group, Inc. | 4223133 | 5428209 |
|  |  | 17762392 | 20034637 |
|  | **Self Storage REITs (6.47%)** | **Self Storage REITs (6.47%)** | **Self Storage REITs (6.47%)** |
| 125271 | CubeSmart | 4813962 | 4591182 |
| 39960 | Extra Space Storage, Inc. | 5652192 | 5239955 |
| 26871 | Public Storage | 7684117 | 7278816 |
|  |  | 18150271 | 17109953 |
|  | **Telecom Tower REITs (1.03%)** | **Telecom Tower REITs (1.03%)** | **Telecom Tower REITs (1.03%)** |
| 15798 | American Tower Corp. | 3018845 | 2726419 |
|  | **Timber REITs (2.78%)** | **Timber REITs (2.78%)** | **Timber REITs (2.78%)** |
| 300913 | Weyerhaeuser Co. | 6840329 | 7351305 |
| **Total Real Estate** | **Total Real Estate** | **177868839** | **212039392** |
| **Total Investments (95.22%)** | **Total Investments (95.22%)** | $**213944214** | **251986502** |
| **Cash and Other Assets Less Liabilities (4.78%)** | **Cash and Other Assets Less Liabilities (4.78%)** | **Cash and Other Assets Less Liabilities (4.78%)** | **12655915** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**264642417** |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron Health Care Fund** 

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Cost** | **Value** |
| **Common Stocks (98.48%)** | **Common Stocks (98.48%)** | **Common Stocks (98.48%)** | **Common Stocks (98.48%)** |
| **Health Care (96.26%)** | **Health Care (96.26%)** | **Health Care (96.26%)** | **Health Care (96.26%)** |
|  | **Biotechnology (32.19%)** | **Biotechnology (32.19%)** | **Biotechnology (32.19%)** |
| 8000 | AbbVie, Inc. | $1532415 | $1739920 |
| 5500 | Abivax SA, ADR <sup>1,2</sup> | 456311 | 612425 |
| 15000 | Apogee Therapeutics, Inc. <sup>1</sup> | 1051173 | 1262550 |
| 73000 | Arcutis Biotherapeutics, Inc. <sup>1</sup> | 2137772 | 1719880 |
| 5200 | argenx SE, ADR <sup>1,2</sup> | 729916 | 3797300 |
| 5600 | Ascendis Pharma AS, ADR <sup>1,2</sup> | 980180 | 1280888 |
| 23000 | Cytokinetics, Inc. <sup>1</sup> | 1488277 | 1515930 |
| 30000 | Gilead Sciences, Inc. | 3509409 | 4181100 |
| 20000 | Insmed, Inc. <sup>1</sup> | 1436301 | 3270400 |
| 45000 | Ionis Pharmaceuticals, Inc. <sup>1</sup> | 2790223 | 3379050 |
| 20000 | Kymera Therapeutics, Inc. <sup>1</sup> | 1189645 | 1665800 |
| 5300 | Madrigal Pharmaceuticals, Inc. <sup>1</sup> | 2395677 | 2774391 |
| 15000 | Protagonist Therapeutics, Inc. <sup>1</sup> | 1366048 | 1581000 |
| 2500 | Revolution Medicines, Inc. <sup>1</sup> | 243638 | 243125 |
| 125000 | Roivant Sciences Ltd. <sup>1,2</sup> | 1727861 | 3462500 |
| 7500 | Vertex Pharmaceuticals, Incorporated <sup>1</sup> | 2306922 | 3349050 |
| 25000 | Xenon Pharmaceuticals, Inc. <sup>1,2</sup> | 738848 | 1453750 |
|  |  | 26080616 | 37289059 |
|  | **Health Care Equipment (11.80%)** | **Health Care Equipment (11.80%)** | **Health Care Equipment (11.80%)** |
| 16000 | DexCom, Inc. <sup>1</sup> | 1412699 | 1004800 |
| 33300 | Edwards Lifesciences Corp. <sup>1</sup> | 2632793 | 2666664 |
| 4700 | IDEXX Laboratories, Inc. <sup>1</sup> | 1734417 | 2640883 |
| 8000 | Insulet Corp. <sup>1</sup> | 2344392 | 1678720 |
| 8400 | Intuitive Surgical, Inc. <sup>1</sup> | 1691851 | 3872316 |
| 5500 | Stryker Corp. | 1442251 | 1807245 |
|  |  | 11258403 | 13670628 |
|  | **Health Care Services (2.89%)** | **Health Care Services (2.89%)** | **Health Care Services (2.89%)** |
| 60000 | RadNet, Inc. <sup>1</sup> | 2871502 | 3353400 |
|  | **Health Care Supplies (0.54%)** | **Health Care Supplies (0.54%)** | **Health Care Supplies (0.54%)** |
| 14000 | Medline, Inc., Cl A <sup>1</sup> | 602723 | 623000 |
|  | **Health Care Technology (1.03%)** | **Health Care Technology (1.03%)** | **Health Care Technology (1.03%)** |
| 48848 | HeartFlow, Inc. <sup>1</sup> | 1131100 | 1188472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **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)** |
|  | **Life Sciences Tools & Services (16.40%)** | **Life Sciences Tools & Services (16.40%)** | **Life Sciences Tools & Services (16.40%)** |
| 27000 | BillionToOne, Inc., Cl A <sup>1,3</sup> | $2022447 | $2131380 |
| 32000 | Guardant Health, Inc. <sup>1,3</sup> | 3454857 | 2955840 |
| 3800 | Mettler-Toledo International, Inc. <sup>1</sup> | 4188883 | 4792560 |
| 14700 | Natera, Inc. <sup>1,3</sup> | 2974120 | 2939853 |
| 9000 | Repligen Corp. <sup>1</sup> | 1396625 | 1060380 |
| 10400 | Thermo Fisher Scientific, Inc. | 4589753 | 5111912 |
|  |  | 18626685 | 18991925 |
|  | **Pharmaceuticals (31.41%)** | **Pharmaceuticals (31.41%)** | **Pharmaceuticals (31.41%)** |
| 31000 | AstraZeneca PLC, ADR <sup>2</sup> | 4248229 | 6113820 |
| 142500 | Elanco Animal Health, Inc. <sup>1</sup> | 3292749 | 3410025 |
| 13000 | Eli Lilly & Co. | 2678780 | 11957010 |
| 22500 | Johnson & Johnson | 5072265 | 5499900 |
| 25000 | Merck & Co., Inc. | 2925723 | 3007250 |
| 35000 | Terns Pharmaceuticals, Inc. <sup>1</sup> | 1526831 | 1845200 |
| 130000 | Teva Pharmaceutical<br>Industries Ltd., ADR <sup>1,2</sup> | 2590790 | 3915600 |
| 10000 | VeraDermics, Inc. <sup>1</sup> | 554433 | 631500 |
|  |  | 22889800 | 36380305 |
| **Total Health Care** | **Total Health Care** | **83460829** | **111496789** |
| **Real Estate (2.22%)** | **Real Estate (2.22%)** |  |  |
|  | **Health Care REITs (2.22%)** | **Health Care REITs (2.22%)** | **Health Care REITs (2.22%)** |
| 13000 | Welltower, Inc. | **2567652** | **2570230** |
| **Total Investments (98.48%)** | **Total Investments (98.48%)** | $**86028481** | **114067019** |
| **Cash and Other Assets Less Liabilities (1.52%)** | **Cash and Other Assets Less Liabilities (1.52%)** | **Cash and Other Assets Less Liabilities (1.52%)** | **1766404** |
| **Net Assets** | **Net Assets** | **Net Assets** | $**115833423** |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Portfolios of Investments.

------

**Baron India Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (99.48%)** | **Common Stocks (99.48%)** | **Common Stocks (99.48%)** |
| **Communication Services (9.43%)** | **Communication Services (9.43%)** | **Communication Services (9.43%)** |
|  | **Integrated Telecommunication<br>Services (1.53%)** |  |
| 78610 Indus Towers Ltd. <sup>1,3</sup> | $359296 | $349967 |
|  | **Wireless Telecommunication<br>Services (7.90%)** |  |
| 95171 Bharti Airtel Ltd. <sup>3</sup> | 1730266 | 1808570 |
| **Total Communication Services** | **2089562** | **2158537** |
| **Consumer Discretionary (10.18%)** | **Consumer Discretionary (10.18%)** | **Consumer Discretionary (10.18%)** |
|  | **Apparel Retail (1.03%)** |  |
| 6695 Trent Ltd. <sup>3</sup> | 255202 | 235781 |
|  | **Apparel, Accessories &<br>Luxury Goods (1.27%)** |  |
| 6936 Titan Co. Ltd. <sup>3</sup> | 280278 | 291331 |
|  | **Automobile Manufacturers (2.53%)** |  |
| 18480 Mahindra & Mahindra Ltd. <sup>3</sup> | 635944 | 579654 |
|  | **Consumer Electronics (0.41%)** |  |
| 911 Dixon Technologies India Ltd. <sup>3</sup> | 123569 | 94369 |
|  | **Household Appliances (0.83%)** |  |
| 2709 Amber Enterprises India Ltd. <sup>1,3</sup> | 222748 | 189211 |
|  | **Restaurants (4.11%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;382345 Eternal Ltd. <sup>1,3</sup> | 1067872 | 940655 |
| **Total Consumer Discretionary** | **2585613** | **2331001** |
| **Consumer Staples (2.69%)** | **Consumer Staples (2.69%)** | **Consumer Staples (2.69%)** |
|  | **Packaged Foods & Meats (2.69%)** |  |
| 57191 Tata Consumer Products Ltd. <sup>3</sup> | **709826** | **615069** |
| **Energy (2.72%)** | **Energy (2.72%)** | **Energy (2.72%)** |
|  | **Oil & Gas Refining & Marketing (2.72%)** |  |
| 43275 Reliance Industries Limited <sup>3</sup> | **672618** | **622362** |
| **Financials (30.23%)** | **Financials (30.23%)** | **Financials (30.23%)** |
|  | **Asset Management &<br>Custody Banks (2.44%)** |  |
| 55330 360 ONE WAM Ltd. <sup>3</sup> | 657222 | 558971 |
|  | **Consumer Finance (7.14%)** |  |
| 112788 Bajaj Finance Limited <sup>3</sup> | 1070926 | 965091 |
| 46327 Cholamandalam Investment & Finance Co. Ltd. <sup>3</sup> | 790083 | 669799 |
|  | 1861009 | 1634890 |
|  | **Diversified Banks (14.63%)** |  |
| 45622 Axis Bank Ltd. <sup>3</sup> | 663292 | 565038 |
| &nbsp;&nbsp;&nbsp;&nbsp;157252 HDFC Bank Ltd. <sup>3</sup> | 1682430 | 1231761 |
| 78737 ICICI Bank Ltd. <sup>3</sup> | 1187088 | 1010767 |
| 143305 Kotak Mahindra Bank Ltd. <sup>3</sup> | 654822 | 539449 |
|  | 4187632 | 3347015 |
|  | **Diversified Financial Services (1.04%)** |  |
| 13668 Bajaj Finserv Ltd. <sup>3</sup> | 286353 | 237413 |
|  | **Investment Banking & Brokerage (1.31%)** |  |
| 24231 Nuvama Wealth Management Ltd. <sup>3</sup> | 359838 | 298908 |
|  | **Life & Health Insurance (3.67%)** |  |
| 44466 SBI Life Insurance Company Limited, 144A <sup>3</sup> | 916513 | 841122 |
| **Total Financials** | **8268567** | **6918319** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Health Care (11.65%)** | **Health Care (11.65%)** | **Health Care (11.65%)** |
|  | **Health Care Facilities (8.55%)** |  |
| 127137 Aster DM Healthcare Ltd., 144A <sup>3</sup> | $762787 | $904106 |
| 93229 HealthCare Global Enterprises Ltd. <sup>1</sup> | 626809 | 516231 |
| 52237 Max Healthcare Institute Ltd. <sup>3</sup> | 598196 | 535995 |
|  | 1987792 | 1956332 |
|  | **Life Sciences Tools & Services (1.61%)** |  |
| 5826 Divi's Laboratories Ltd. <sup>3</sup> | 402542 | 368120 |
|  | **Pharmaceuticals (1.49%)** |  |
| 12504 Acutaas Chemicals Ltd. <sup>3</sup> | 296401 | 340787 |
| **Total Health Care** | **2686735** | **2665239** |
| **Industrials (21.18%)** | **Industrials (21.18%)** | **Industrials (21.18%)** |
|  | **Aerospace & Defense (4.36%)** |  |
| 233351 Bharat Electronics Ltd. <sup>3</sup> | 1036508 | 998567 |
|  | **Construction & Engineering (1.45%)** |  |
| 344133 GMR Power & Urban Infra Ltd. <sup>1,3</sup> | 443373 | 331001 |
|  | **Construction & Machinery &<br>Heavy Trucks (3.12%)** |  |
| 14900 Cummins India Ltd. <sup>3</sup> | 672927 | 713423 |
|  | **Electrical Components &<br>Equipment (5.47%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;399698 Precision Wires India Ltd. <sup>3</sup> | 840861 | 1251923 |
|  | **Heavy Electrical Equipment (1.13%)** |  |
| 9473 Siemens Energy India Ltd. <sup>2,3</sup> | 335192 | 257850 |
|  | **Industrial Machinery & Supplies<br>& Components (4.47%)** | **Industrial Machinery & Supplies<br>& Components (4.47%)** |
| 50526 Kirloskar Oil Engines Ltd. <sup>3</sup> | 641483 | 719780 |
| 13642 Shaily Engineering Plastics Ltd. <sup>3</sup> | 247766 | 302424 |
|  | 889249 | 1022204 |
|  | **Passenger Airlines (1.18%)** |  |
| 6423 InterGlobe Aviation Ltd., 144A <sup>3</sup> | 312901 | 271118 |
| **Total Industrials** | **4531011** | **4846086** |
| **Information Technology (6.53%)** | **Information Technology (6.53%)** | **Information Technology (6.53%)** |
|  | **Communications Equipment (0.91%)** |  |
| 22921 Astra Microwave Products Ltd. <sup>3</sup> | 260825 | 208291 |
|  | **Electronic Components (3.74%)** |  |
| 28937 Centum Electronics Ltd. <sup>3</sup> | 775765 | 857024 |
|  | **Electronic Equipment &<br>Instruments (0.62%)** |  |
| 7424 Aditya Infotech Ltd. <sup>1</sup> | 138711 | 140756 |
|  | **Electronic Manufacturing<br>Services (0.51%)** |  |
| 3185 Kaynes Technology India Ltd. <sup>1,3</sup> | 120781 | 117041 |
|  | **IT Consulting & Other<br>Services (0.75%)** |  |
| 6775 Tata Consultancy Services Ltd. <sup>3</sup> | 243203 | 170599 |
| **Total Information Technology** | **1539285** | **1493711** |

---

See Notes to Portfolios of Investments.

------

**Baron India Fund**

**PORTFOLIO OF INVESTMENTS** 

**MARCH 31, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Real Estate (0.52%)** | **Real Estate (0.52%)** | **Real Estate (0.52%)** |
|  | **Real Estate Development (0.52%)** |  |
| 7570 Godrej Properties Ltd. <sup>1,3</sup> | $**158541** | $**118524** |
| **Utilities (4.35%)** | **Utilities (4.35%)** | **Utilities (4.35%)** |
|  | **Electric Utilities (3.48%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;253444 Power Grid Corp. of India Ltd. <sup>3</sup> | 845430 | 797915 |
|  | **Independent Power Producers &<br>Energy Traders (0.87%)** | **Independent Power Producers &<br>Energy Traders (0.87%)** |
| 39681 JSW Energy Ltd. <sup>3</sup> | 204906 | 198822 |
| **Total Utilities** | **1050336** | **996737** |
| **Total Investments (99.48%)** | $**24292094** | **22765585** |
| **Cash and Other Assets Less Liabilities (0.52%)** | **Cash and Other Assets Less Liabilities (0.52%)** | **118893** |
| **Net Assets** | **Net Assets** | $**22884478** |

---

---

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

---

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

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

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

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the market value of Rule 144A securities amounted to $2,016,346 or 8.81% of net assets. 

All securities are Level 1, unless otherwise noted.

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

See Notes to Portfolios of Investments.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**1. ORGANIZATION** 

Baron Select Funds (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Delaware statutory trust on April 30, 2003. The Trust currently offers 10 series (individually, a Fund and collectively, the Funds): Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron WealthBuilder Fund, Baron Health Care Fund, and Baron India Fund. Prior to October 1, 2025, Baron Global Opportunity Fund was named Baron Global Advantage Fund. Baron WealthBuilder Fund is presented in a separate report.

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

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

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

The investment goals of the Funds are as follows:

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

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

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

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

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

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

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

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

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

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

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

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

**b) Security Valuation.** Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last sale price from a prior day. Where market quotations are not readily available, or, if in BAMCO, Inc.'s (the Adviser) judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board).The Board has designated the Adviser to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Adviser has a Fair

------

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

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

Valuation Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Accordingly, the Committee may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Adviser's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

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

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

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

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

There were no securities on loan at March 31, 2026.

**e) 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. Refer to Note 3 for additional information.

**f) In-Kind Redemptions.** In accordance with guidelines described in a Fund's prospectus and in accordance with procedures adopted by the Board, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (In-Kind Redemption).

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

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**3. RESTRICTED SECURITIES** 

At March 31, 2026, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

**At March 31, 2026, 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 | $1326227447 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northvolt AB | 5/19/2021 | 0 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-8/4/2020 | 2564040432 |
|  **Total Restricted Securities:** |  | $3890267879 |
|  (Cost $118,013,078)<sup>†</sup> (37.43% 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. | 9/13/2017-10/17/2025 | $543533560 |
|  **Private Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuralink Corp. | 5/30/2025 | 5000005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-11/29/2023 | 277586652 |
|  **Total Restricted Securities:** |  | $826120217 |
|  (Cost $109,950,293)<sup>†</sup> (21.34% 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 | $347 |
|  **Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. Exp 3/31/2040 | 8/23/2023 | 0 |
|  **Total Restricted Securities:** |  | $347 |
|  (Cost $1,650,983)<sup>†</sup> (0.00%^ of Net Assets) |  |  |
|  | **Baron Emerging Markets Fund** | **Baron Emerging Markets Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Labs PTE. Ltd.\*\* | 5/17/2021 | $22764624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 2/11/2016 | 12783 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 66376 |
|  **Total Restricted Securities:** |  | $22843783 |
|  (Cost $154,206,655)<sup>†</sup> (0.67% of Net Assets) |  |  |

---

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**3. RESTRICTED SECURITIES (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Name of Issuer** | **Acquisition Date(s)** | **Value** |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers Business Network, Inc. | 7/31/2020 – 9/15/2021 | $557555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | 172395035 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 39828 |
|  **Total Restricted Securities:** |  | $172992418 |
|  (Cost $57,117,240)<sup>†</sup> (20.61% of Net Assets)  |  |  |

---

† See Portfolios of Investments for cost of individual securities.

---

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

---

\*\* Pine Labs Ltd. went public via an initial public offering on 11/14/2025. The publicly traded shares are subject to a lock-up period, expiring on 5/15/2026.

**4. FAIR VALUE MEASUREMENTS** 

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

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

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

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

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

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

**The following is a summary of the inputs used as of March 31, 2026 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>** | $7892281205 | $— | $— | $7892281205 |
|  **Private Common Stocks** |  |  | 1326227447 | 1326227447 |
|  **Private Convertible Preferred Stocks** |  |  | 0 | 0 |
|  **Private Preferred Stocks** |  |  | 2564040432 | 2564040432 |
|  **Total Investments** | $**7892281205** | $**—** | $**3890267879** | $**11782549084** |

---

† See Portfolios of Investments for additional detailed categorizations.

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>** | $3030015090 | $— | $— | $3030015090 |
|  **Private Common Stocks** |  |  | 543533560 | 543533560 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 282586657 | 282586657 |
|  **Total Investments** | $**3030015090** | $**—** | $**826120217** | $**3856135307** |
|  | **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)<sup>1</sup>** | **Total** |
|  **Common Stocks<sup>†</sup>** | $79349636 | $203364679 | $347 | $282714662 |
|  **Warrants** |  |  | 0 | 0 |
|  **Total Investments** | $**79349636** | $**203364679** | $**347** | $**282714662** |
|  | **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>** | $2048280277 | $— | $— | $2048280277 |
|  **Total Investments** | $**2048280277** | $**—** | $**—** | $**2048280277** |
|  | **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>** | $808104480 | $2528016342 | $12783 | $3336133605 |
|  **Private Convertible Preferred Stocks** |  |  | 66376 | 66376 |
|  **Warrants** | 9016 |  |  | 9016 |
|  **Total Investments** | $**808113496** | $**2528016342** | $**79159** | $**3336208997** |
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity 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>** | $557971871 | $90319510 | $— | 648291381 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 172952590 | 172952590 |
|  **Private Convertible Preferred Stocks** |  |  | 39828 | 39828 |
|  **Warrants<sup>†</sup>**  | 343892 |  |  | 343892 |
|  **Total Investments** | $**558315763** | $**90319510** | $**172992418** | $**821627691** |

---

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

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

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>** | $251986502 | $— | $— | $251986502 |
|  **Total Investments** | $**251986502** | $**—** | $**—** | $**251986502** |
|  | **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>** | $114067019 | $— | $— | $114067019 |
|  **Total Investments** | $**114067019** | $**—** | $**—** | $**114067019** |
|  | **Baron India Fund** | **Baron India Fund** | **Baron India Fund** | **Baron India 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>** | $656987 | $22108598 |  | $22765585 |
|  **Total Investments** | $**656987** | $**22108598** | $**—** | $**22765585** |

---

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

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

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Investments in Securities** | **Balance<br>as of<br>December 31,<br>2025** | **Accrued<br>Premiums/<br>Discounts** | **Net Realized<br>Gain (Loss)** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance<br>as of<br>March 31,<br>2026** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>March 31,<br>2026** |
|  **Private Common Stocks** | **Private Common Stocks** | | | | | | | | | |
|  Communication Services | $125697796 | $— | $65697797 | $(65697796) | $— | $(125697797) | $— | $— | $— | $— |
|  Industrials | 1060296920 |  |  | 265930527 |  |  |  |  | 1326227447 | 265930527 |
|  **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
|  Unclassified\* | 0 |  |  | 0 |  |  |  |  | 0 | 0 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
|  Communication Services | 24999974 |  |  |  |  | (24999974) |  |  |  |  |
|  Industrials | 2049907940 |  |  | 514132492 |  |  |  |  | 2564040432 | 514132492 |
|  **Total** | $**3260902630** | $**—** | $**65697797** | $**714365223** | $**—** | $**(150697771)** | $**—** | $**—** | $**3890267879** | $**780063019** |

---

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

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| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**4. 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** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** | **Baron Focused Growth Fund** |
| **Investments in Securities** | **Balance<br>as of<br>December 31,<br>2025** | **Accrued<br>Premiums/<br>Discounts** | **Net Realized<br>Gain (Loss)** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance<br>as of<br>March 31,<br>2026** | **Change<br>in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held at<br>March 31,<br>2026** |
|  **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |
|  Industrials | $434546096 | $— | $— | $108987464 | $— | $— | $— | $— | $543533560 | $108987464 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |
|  Communication Services | 126081813 |  | 106081822 | (106081822) |  | (126081813) |  |  |  |  |
|  Health Care | 5000005 |  |  | 0 |  |  |  |  | 5000005 | 0 |
|  Industrials | 221925940 |  |  | 55660712 |  |  |  |  | 277586652 | 55660712 |
|  **Total** | $**787553854** | $**—** | $**106081822** | $**58566354** | $**—** | $**(126081813)** | $**—** | $**—** | $**826120217** | $**164648176** |
|  | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Investments in Securities** | **Balance**<br>**as of**<br>**December 31,**<br>**2025** | **Accrued<br>Premiums/**<br>**Discounts** | **Net Realized<br>Gain (Loss)** | **Change**<br>**in Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Purchases** | **Sales** | **Transfers<br>Into**<br>**Level 3** | **Transfers<br>Out of<br>Level 3** | **Balance**<br>**as of**<br>**March 31,**<br>**2026** | **Change**<br>**in Net**<br>**Unrealized**<br>**Appreciation<br>(Depreciation)**<br>**from**<br>**Investments** <br>**still held at**<br>**March 31,**<br>**2026** |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
|  United States | $138384536 | $— | $— | $34568054 | $— | $— | $— | $— | $172952590 | $34568054 |
|  **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
|  India | 42030 |  |  | (2202) |  |  |  |  | 39828 | (2202) |
|  **Total** | $**138426566** | $**—** | $**—** | $**34565852** | $**—** | $**—** | $**—** | $**—** | $**172992418** | $**34565852** |

---

**Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of March 31, 2026 were as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** | **Baron Partners Fund** |
| **Sector** | **Fair Value as of<br>March 31, 2026** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on<br>March 31, 2026** | **Range used on**<br> **March 31, 2026\*** | **Impact to<br>Valuation from<br>an Increase in<br>input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $**1326227447** | Observed Transaction | Observed<br>Transaction Price | $526.59 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred** <br> **Stocks:**<br> Unclassified | $**0** | Scenario Analysis | Scenario<br>Probabilities<br>Scenario A /<br>Scenario B<sup>1</sup> | 100.00% /0.00% | N/A | N/A |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $**2564040432** | Observed Transaction | Observed<br>Transaction Price | $5265.90 | N/A | Increase |

---

See Notes on page 23.

------

---

| | |
|:---|:---|
| **Baron Select Funds** | **March 31, 2026** |

---

**NOTES TO FINANCIAL STATEMENTS (UNAUDITED)** 

**4. 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** | **Fair Value as of<br>March 31, 2026** | **Valuation Technique** | **Unobservable Input** | **Weighted Average**<br> **used on**<br> **March 31, 2026** | **Range used on**<br> **March 31, 2026\*** | **Impact to<br>Valuation from<br>an Increase in<br>input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:** <br> Industrials | $**543533560** | Observed Transaction | Observed Transaction Price | $526.59 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br> Health Care | $**5000005** | Observed Transaction | Observed Transaction Price | $50.50 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:** <br> Industrials | $**277586652** | Observed Transaction | Observed Transaction Price | $5265.90 | N/A | Increase |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** | **Baron Global Opportunity Fund** |
| **Country** | **Fair Value as of**<br> **March 31, 2026**  | **Valuation Technique** | **Unobservable Input** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average** <br> **used on**<br> **March 31, 2026** | **Range used on**<br> **March 31, 2026\*** | **Impact to**<br> **Valuation from**<br> **an Increase in<br>Input\*\*** |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:** <br> United States | $**557555** | Scenario <br> Analysis  | Projected IPO <br> Valuation  | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:** <br> United States | $**557555** | Scenario <br> Analysis  | Probability for IPO <br> Outcome  | 50.00% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:** <br> United States | $**557555** | Scenario <br> Analysis  | Discount in the Event <br> of Liquidation <br> Outcome  | 100.00% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:** <br> United States | $**172395035** | Observed <br> Transaction  | Observed Transaction <br> Price  | $526.59 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:** India | $**39828** | Recent <br> Transaction  | Rights Offering Price | INR 410.57 | N/A | Increase |

---

<sup>1)</sup> Scenario A represents total loss for equity holders, while Scenario B reflects positive equity holder value. An increase to Scenario B and corresponding decrease to Scenario A would have the effect of increase the fair value. 

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

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

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

**BARON PARTNERS FUND** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Shares held at**<br>**December 31,<br>2025** | **Value at<br>December 31,<br>2025** | **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** | **Shares Held<br>at March 31,<br>2026** | **Value at<br>March 31, 2026** | **% of Net<br>Assets at<br>March 31,<br>2026** |
|  **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** | **"Affiliated" Company as of March 31, 2026:** |
|  Choice Hotels International, Inc. | 2100000 | $200046000 | $40692921 | $— | $16769079 | $— | $603750 | 2488000 | $257508000 | 2.48% |
|  FactSet Research Systems, Inc. | 1300000 | 377247000 | 146908254 |  | (117299004) |  | 2062500 | 1875000 | 406856250 | 3.91% |
|  Vail Resorts, Inc. | 1560000 | 207168000 | 33244410 |  | (9436410) |  | 3996000 | 1800000 | 230976000 | 2.22% |
|  |  | $784461000 | $220845585 | $— | $(109966335) | $— | 6662250 |  | 895340250 |  |

---

<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 three months ended March 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

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

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

- **a. Name of Series:** Baron Real Estate Income Fund

- **b. EDGAR series identifier (if any):** S000060170

- **c. LEI of Series:** 549300EWYY8GKC701E67

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $264509923.29

**Total Liabilities:** $58638.10

**Net Assets:** $264451285.19

**Cash Not Reported:** $14227478.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196927 | 1.07%                | 5.27%                | -5.00%               |
| Class ID C000196928 | 1.05%                | 5.32%                | -4.99%               |
| Class ID C000196929 | 1.05%                | 5.32%                | -4.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1342775.17              | $1528918.18                                |
| Month 2  | $-430831.26              | $14238494.53                               |
| Month 3  | $-568012.42              | $-14631484.94                              |

### Schedule of Portfolio Investments

| Name                                  | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agree Realty Corp                     | Agree Realty Corp                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |     55422 | NS      | $4177710.36   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                   | American Tower Corp                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     15798 | NS      | $2726418.84   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc         | Blackstone Mortgage Trust Inc         | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |    217794 | NS      | $4170755.10   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                       | Brookfield Corp                       | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    115663 | NS      | $4680881.61   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                             | CubeSmart                             | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |    125271 | NS      | $4591182.15   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc              | Digital Realty Trust Inc              | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     53732 | NS      | $9683043.72   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc              | EastGroup Properties Inc              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     56445 | NS      | $10447405.05  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                           | Equinix Inc                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     26639 | NS      | $26112613.36  | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                    | Equity Residential                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |     67389 | NS      | $3986059.35   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc | Essential Properties Realty Trust Inc | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |    289266 | NS      | $8782115.76   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc              | Essex Property Trust Inc              | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |     10760 | NS      | $2603920.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc               | Extra Space Storage Inc               | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     39960 | NS      | $5239954.80   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                      | GDS Holdings Ltd                      | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    156241 | NS      | $6294949.89   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc          | American Healthcare REIT Inc          | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    136175 | NS      | $6422013.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc             | Host Hotels & Resorts Inc             | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    462399 | NS      | $8859564.84   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                     | Iron Mountain Inc                     | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |     56650 | NS      | $5786231.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Living Inc                      | Janus Living Inc                      | CUSIP: 471024109<br>LEI: 2549003JCIOFKGHO7313 | Long             | EC               |  | US        |    149832 | NS      | $3531540.24   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                       | Macerich Co/The                       | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |    551784 | NS      | $10428717.60  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp     | Marriott Vacations Worldwide Corp     | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    108140 | NS      | $7042076.80   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust               | Pebblebrook Hotel Trust               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |    445632 | NS      | $5628332.16   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                          | Prologis Inc                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    188042 | NS      | $24855391.56  | 9.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                        | Public Storage                        | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |     26871 | NS      | $7278816.48   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc              | Simon Property Group Inc              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     29101 | NS      | $5428209.53   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                   | Terreno Realty Corp                   | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     44575 | NS      | $2737796.50   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                               | UDR Inc                               | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |     95832 | NS      | $3237204.96   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                      | Vail Resorts Inc                      | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     33573 | NS      | $4308087.36   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                            | Ventas Inc                            | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    183160 | NS      | $14978824.80  | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                         | Welltower Inc                         | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    132019 | NS      | $26101476.49  | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                       | Weyerhaeuser Co                       | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    294413 | NS      | $7192509.59   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                      | Wynn Resorts Ltd                      | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     58383 | NS      | $5928793.65   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                               | CRH PLC                               | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     56975 | NS      | $5989212.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer