# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-26-196138
**Filing Date:** 2026-4
**Character Count:** 24888
**Document Hash:** 358d76c931a265156261bf0d9fe63d8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196138.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196138

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103025
- **FILM NUMBER:** 26922928

**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 Focused Growth Fund (Series ID: S000022521)

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

![LOGO](g103552g01g01.jpg)

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**Baron Focused Growth Fund** 

**Investment Goal** 

The investment goal of Baron Focused Growth Fund<sup>®</sup> (the "Fund") is capital appreciation.

**Fees and Expenses of the Fund** 

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

Annual Fund Operating Expenses

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Management<br>Fee** | **Distribution<br>(12b-1)<br>Fee** | **Other<br>Expenses** | **Total<br>Annual<br>Fund<br>Operating<br>Expenses** |
|  Baron Focused Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | 1.00% | 0.25% | 0.06% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1.00% | 0.00% | 0.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Shares | 1.00% | 0.00% | 0.05% | 1.05% |

---

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **YEAR** | **1** | **3** | **5** | **10** |
|  Baron Focused Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | $133 | $415 | $718 | $1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $107 | $334 | $579 | $1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; R6 Shares | $107 | $334 | $579 | $1283 |

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate

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**Baron Focused Growth Fund** 

may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.

**Investments, Risks, and Performance** 

Principal Investment Strategies of the Fund

The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges.

Principal Risks of Investing in the Fund

**Non-Diversified Portfolio.** The Fund is non-diversified, which means it will likely have a greater percentage of its assets in a single issuer than a diversified fund. As a result, a non-diversified fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund's performance compared to a diversified fund. Thus, a non-diversified fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund.

**Single or Related Issuers.** Single or related issuers risk is the possibility that factors specific to an issuer or issuers to which the Fund is exposed will affect the market prices of such issuer's securities. The performance of those issuers may have a greater effect on the Fund's performance compared to a fund that has a greater diversity of investments in multiple issuers. Thus, a fund with concentrated investments in certain single issuers is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period. The Fund currently has significant investments in Space Exploration Technologies Corp. ("SpaceX") and Tesla, Inc. ("Tesla"). As a result, the net asset value of the Fund will be materially impacted by the price of each issuer's stock. Before investing in the Fund, investors should carefully consider publicly available information about SpaceX and Tesla. As long as the Fund maintains a substantial investment in these issuers, the Fund's performance

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**Baron Focused Growth Fund** 

will be significantly affected by the performance of the stock and a decline in the price of SpaceX or Tesla stock could materially and adversely affect your investment in the Fund. This risk may be amplified because these companies share the same Chief Executive Officer and major stockholder. See "Common CEO Risk."

**Common CEO Risk.** The Fund may invest in different companies that have certain persons in common, including the Chief Executive Officer or other person or persons fundamental to the success of the company. As a result, the Fund may be exposed to risks associated with an individual which may be greater than would be the case if measured only by investments on a per company basis. Notably, the Fund has made investments in SpaceX and Tesla, the Chief Executive Officer of each is Elon Musk. As such, the Fund may be considered to be exposed to risk associated with Mr. Musk.

**Industry Concentration.** From time to time, market fluctuations in the value of the Fund's investments, combined with the Fund's non-diversified portfolio, may result in the Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, the Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, the Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of the Fund's investments in SpaceX and Tesla, which represent about 19% and 6%, respectively, of its net assets as of the date of this prospectus, the Fund will be adversely impacted by developments affecting the aerospace & defense, automotive and energy industries, as well as governmental environmental regulations. (Please see "Single or Related Issuers" in the "Principal Risks of Investing in the Fund" section.)

**Growth Investing.** Growth stocks can react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, because growth stocks tend to be sensitive to changes in their earnings and to increasing interest rates and inflation, they tend to be more volatile than other types of stocks. In response, from time to time, growth investing as an investment style may go out of favor with investors.

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

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**Baron Focused Growth Fund** 

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

**General Stock Market.** Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia's invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund's securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.

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**Baron Focused Growth Fund** 

**Risks of Emphasizing a Sector or Industry.** If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry may have a significant impact on the performance of the Fund's overall portfolio. The economies and financial markets of certain regions — such as Latin America, Asia, and Europe and the Mediterranean region — can be interdependent and may all decline at the same time.

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

**Performance** 

Although **Baron Focused Growth Fund** was registered as a mutual fund on June 30, 2008, it has been managed in the same style and by the same portfolio manager since the predecessor partnership's inception on May 31, 1996. The Fund was added as a series of Baron Select Funds, a Delaware statutory trust, on June 30, 2008. The Fund's investment goals, policies, guidelines and restrictions are, in all material respects, equivalent to the predecessor partnership's. The following information shows the Fund's annual returns and long-term performance reflecting the actual fees and expenses that were charged when the Fund was a partnership and since it converted to a mutual fund. The predecessor partnership charged a 15% performance fee after it reached a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the partnership charged a performance fee, the returns would have been higher. The Fund does not charge a performance fee. From its inception on May 31, 1996 through June 30, 2008, the predecessor partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the "1940 Act"), or the Internal Revenue Code of 1986, as amended (the "Code"), which if they had been applicable, might have adversely affected its performance. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in

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**Baron Focused Growth Fund** 

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

**Year by Year Total Return (%)** as of December 31 of Each Year (Retail Shares)

![LOGO](g103552g43w05.jpg)

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| | |
|:---|:---|
| Best Quarter: | 9/30/20: 43.62%  |

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| | |
|:---|:---|
| Worst Quarter: | 6/30/22: (19.97)%  |

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

The following table shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes), which includes its predecessor partnership's average annual returns, and the change in value of market indexes over various periods ended December 31, 2025. This table shows how the Fund's performance compares to that of the Russell 2500® Growth Index, which measures the performance of the small to mid-cap growth segment of the U.S. equity universe, in which the Fund invests, and the Russell 3000<sup>®</sup> Index, a broad-based securities index comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The table also shows the average annual returns of the Fund's Institutional Shares and R6 Shares, but it does not show after-tax returns.

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

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**Baron Focused Growth Fund** 

not have a distribution policy prior to July 1, 2008, the Fund is unable to show after-tax returns prior to that date.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** | **Since<br>Inception** |
| <br>&nbsp;&nbsp;&nbsp; **Baron Focused Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Retail Shares**<br> (Inception date: 5-31-96) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 21.94% | 11.39% | 20.66% | 14.00% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions | 21.94% | 10.09% | 19.55% | 13.52% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions and sale of Fund shares | 12.99% | 8.68% | 17.45% | 12.70% |
| &nbsp;&nbsp;&nbsp; **Institutional Shares\***<br> (Inception date: 5-29-09) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 22.26% | 11.68% | 20.97% | 14.16% |
| &nbsp;&nbsp;&nbsp; **R6 Shares\***<br> (Inception date: 8-31-16) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 22.26% | 11.68% | 20.97% | 14.17% |
| &nbsp;&nbsp;&nbsp; Russell 2500<sup>™</sup> Growth Index (reflects no deduction for fees, expenses or taxes) | 10.31% | 2.98% | 10.55% | 8.31% |
| &nbsp;&nbsp;&nbsp; Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.03% |

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

**Management** 

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

**Portfolio Manager.** Ronald Baron has been the Lead Portfolio Manager of the Fund since its inception on June 30, 2008. Prior to that, he was the portfolio manager of the predecessor partnership from its inception on May 31, 1996 to June 30, 2008. David Baron has been the co-manager of the Fund since August 28, 2018. Mr. Ronald

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**Baron Focused Growth Fund** 

Baron founded the Adviser in 1987. Mr. David Baron joined the Adviser as a research analyst in July of 2005.

**Purchase and Sale of Fund Shares** 

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

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| | | | |
|:---|:---|:---|:---|
|  | **Minimum Initial<br>Investment** | **Minimum Subsequent<br>Investment** | **Maximum Subsequent<br>Investment** |
| &nbsp;&nbsp;&nbsp; **Retail Shares** | $2000 | No Minimum | No Maximum |
| &nbsp;&nbsp;&nbsp; Baron Automatic Investment Plan | $500 (with subsequent minimum investments of $50 per month until your investment has reached $2,000.) | No Minimum | No Maximum |
| &nbsp;&nbsp;&nbsp; Baron Funds<sup>®</sup> website purchases | $2000 | $10 | $7,000 for retirement accounts ($8,000 for individuals 50 or older) and $250,000 for non-retirement accounts. |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | $1,000,000 (Employees of the Adviser and its affiliates and Trustees of the Baron Funds<sup>®</sup> and employer sponsored retirement plans (qualified and nonqualified) are not subject to the eligibility requirements for Institutional Shares.) | No Minimum | No Maximum |
| &nbsp;&nbsp;&nbsp; Baron Funds<sup>®</sup> website purchases | You may not make an initial purchase through the Baron Funds<sup>®</sup> website. | $10 | $7,000 for retirement accounts ($8,000 for individuals 50 or older) and $250,000 for non-retirement accounts. |
| &nbsp;&nbsp;&nbsp; **R6 Shares** | $5,000,000 (There is no minimum initial investment for qualified retirement plans; however, the shares must be held through plan-level or omnibus accounts held on the books of the Fund.) | No Minimum | No Maximum |

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**Baron Focused Growth Fund** 

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

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

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

2. Wire (Purchase Only);

3. Calling 1-800-442-3814;

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

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

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

**Tax Information** 

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

**Financial Intermediary Compensation** 

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

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![LOGO](g103552g02g02.jpg)