# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-26-088830
**Filing Date:** 2026-3
**Character Count:** 558326
**Document Hash:** b1169e7e973906f6a27ab91a4f9f9216
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-088830.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-088830

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 26716833

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

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

## Series and Classes Contracts Data

### Baron Partners Fund (Series ID: S000000588)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Baron India Fund (Series ID: S000071635)

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

?xml version='1.0' encoding='ASCII'? Baron Select Funds

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## BARON SELECT FUNDS

#### (Exact Name of Registrant as Specified in Charter)

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

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

#### Kristine Treglia, Chief Legal Officer

#### c/o Baron Select Funds

#### 767 Fifth Avenue, 49th Floor

#### New York, NY 10153

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

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

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

#### Date of reporting period: December 31, 2025

------

Item 1. Reports to Stockholders.

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Partners Fund

# Retail: BPTRX
This annual shareholder report contains important information about Baron Partners Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $214 | 1.91% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i2d53e05d19b8011aaa7b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 3000 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9728 | $10097 | $10058 |
| **06/30/16** | $10039 | $10362 | $10215 |
| **09/30/16** | $10407 | $10818 | $10684 |
| **12/31/16** | $10404 | $11274 | $10733 |
| **03/31/17** | $11656 | $11921 | $11473 |
| **06/30/17** | $13360 | $12280 | $11956 |
| **09/30/17** | $13540 | $12842 | $12588 |
| **12/31/17** | $13686 | $13656 | $13445 |
| **03/31/18** | $14155 | $13568 | $13737 |
| **06/30/18** | $15786 | $14095 | $14171 |
| **09/30/18** | $16112 | $15099 | $15244 |
| **12/31/18** | $13411 | $12940 | $12806 |
| **03/31/19** | $15654 | $14757 | $15319 |
| **06/30/19** | $16819 | $15361 | $16146 |
| **09/30/19** | $16531 | $15540 | $16038 |
| **12/31/19** | $19445 | $16954 | $17348 |
| **03/31/20** | $15410 | $13410 | $13872 |
| **06/30/20** | $23016 | $16364 | $18070 |
| **09/30/20** | $33847 | $17871 | $19763 |
| **12/31/20** | $48326 | $20495 | $23522 |
| **03/31/21** | $48111 | $21796 | $23389 |
| **06/30/21** | $50401 | $23592 | $25979 |
| **09/30/21** | $53150 | $23568 | $25781 |
| **12/31/21** | $63495 | $25754 | $26516 |
| **03/31/22** | $59749 | $24395 | $23180 |
| **06/30/22** | $41473 | $20321 | $18296 |
| **09/30/22** | $45587 | $19413 | $18176 |
| **12/31/22** | $36471 | $20808 | $19431 |
| **03/31/23** | $44979 | $22302 | $21206 |
| **06/30/23** | $51936 | $24172 | $22528 |
| **09/30/23** | $48180 | $23386 | $21351 |
| **12/31/23** | $52191 | $26209 | $24457 |
| **03/31/24** | $47460 | $28835 | $26779 |
| **06/30/24** | $47918 | $29762 | $25919 |
| **09/30/24** | $54562 | $31616 | $27614 |
| **12/31/24** | $69276 | $32448 | $29862 |
| **03/31/25** | $57203 | $30916 | $27736 |
| **06/30/25** | $64114 | $34314 | $32785 |
| **09/30/25** | $72508 | $37120 | $33696 |
| **12/31/25** | $86282 | $38012 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 24.55% | 12.29% | 24.05% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9687799024 |
| # of Issuers | 22 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $76231995 |

---

# Baron Partners Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Total Investments (12/31/25)\*** |
| Space Exploration Technologies Corp. | 28.6% |
| Tesla, Inc. | 26.7% |
| Arch Capital Group Ltd. | 5.4% |
| Hyatt Hotels Corp. | 4.9% |
| CoStar Group, Inc. | 4.2% |
| MSCI, Inc. | 4.2% |
| The Charles Schwab Corp. | 4.0% |
| IDEXX Laboratories, Inc. | 3.9% |
| FactSet Research Systems, Inc. | 3.5% |
| Gartner, Inc. | 2.9% |
| Total | 88.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of total investments)<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g61019id022e795efa49ad19301.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 37.4% |
| Industrials | 29.2% |
| Financials | 17.2% |
| Real Estate | 5.0% |
| Information Technology | 4.6% |
| Health Care | 3.9% |
| Communication Services | 2.7% |
| Unclassified | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Partners Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BPTRX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Partners Fund

# Institutional: BPTIX
This annual shareholder report contains important information about Baron Partners Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $186 | 1.65% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i51ff6ecbff250f21e5f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 3000 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 |
| **03/31/16** | $973444 | $1009683 | $1005789 |
| **06/30/16** | $1005256 | $1036242 | $1021506 |
| **09/30/16** | $1042600 | $1081814 | $1068413 |
| **12/31/16** | $1042877 | $1127351 | $1073286 |
| **03/31/17** | $1169571 | $1192098 | $1147280 |
| **06/30/17** | $1341355 | $1228046 | $1195639 |
| **09/30/17** | $1360166 | $1284185 | $1258804 |
| **12/31/17** | $1375657 | $1365567 | $1344480 |
| **03/31/18** | $1423790 | $1356766 | $1373716 |
| **06/30/18** | $1588935 | $1409528 | $1417093 |
| **09/30/18** | $1622960 | $1509942 | $1524431 |
| **12/31/18** | $1351591 | $1293987 | $1280608 |
| **03/31/19** | $1578700 | $1475708 | $1531881 |
| **06/30/19** | $1697095 | $1536139 | $1614630 |
| **09/30/19** | $1668926 | $1553997 | $1603754 |
| **12/31/19** | $1964977 | $1695370 | $1734838 |
| **03/31/20** | $1558219 | $1341042 | $1387178 |
| **06/30/20** | $2329005 | $1636441 | $1806952 |
| **09/30/20** | $3427188 | $1787117 | $1976326 |
| **12/31/20** | $4896301 | $2049495 | $2352210 |
| **03/31/21** | $4877763 | $2179574 | $2338914 |
| **06/30/21** | $5113251 | $2359167 | $2597879 |
| **09/30/21** | $5395379 | $2356767 | $2578138 |
| **12/31/21** | $6449764 | $2575418 | $2651600 |
| **03/31/22** | $6073332 | $2439475 | $2318020 |
| **06/30/22** | $4218105 | $2032055 | $1829573 |
| **09/30/22** | $4639781 | $1941331 | $1817629 |
| **12/31/22** | $3714454 | $2080759 | $1943071 |
| **03/31/23** | $4583992 | $2230164 | $2120587 |
| **06/30/23** | $5296424 | $2417203 | $2252787 |
| **09/30/23** | $4916482 | $2338552 | $2135103 |
| **12/31/23** | $5329128 | $2620858 | $2445678 |
| **03/31/24** | $4849150 | $2883451 | $2677937 |
| **06/30/24** | $4898847 | $2976182 | $2591881 |
| **09/30/24** | $5581781 | $3161573 | $2761425 |
| **12/31/24** | $7091753 | $3244826 | $2986248 |
| **03/31/25** | $5859766 | $3091607 | $2773626 |
| **06/30/25** | $6571459 | $3431413 | $3278473 |
| **09/30/25** | $7436715 | $3711972 | $3369592 |
| **12/31/25** | $8854926 | $3801166 | $3244767 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 24.86% | 12.58% | 24.37% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9687799024 |
| # of Issuers | 22 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $76231995 |

---

# Baron Partners Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Total Investments (12/31/25)\*** |
| Space Exploration Technologies Corp. | 28.6% |
| Tesla, Inc. | 26.7% |
| Arch Capital Group Ltd. | 5.4% |
| Hyatt Hotels Corp. | 4.9% |
| CoStar Group, Inc. | 4.2% |
| MSCI, Inc. | 4.2% |
| The Charles Schwab Corp. | 4.0% |
| IDEXX Laboratories, Inc. | 3.9% |
| FactSet Research Systems, Inc. | 3.5% |
| Gartner, Inc. | 2.9% |
| Total | 88.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of total investments)<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g61019id022e795efa49ad19301.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 37.4% |
| Industrials | 29.2% |
| Financials | 17.2% |
| Real Estate | 5.0% |
| Information Technology | 4.6% |
| Health Care | 3.9% |
| Communication Services | 2.7% |
| Unclassified | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Partners Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BPTIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Partners Fund

# R6: BPTUX
This annual shareholder report contains important information about Baron Partners Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $186 | 1.65% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i7a381870b3655fe3fe41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 3000 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 |
| **03/31/16** | $4867220 | $5048414 | $5028946 |
| **06/30/16** | $5026279 | $5181212 | $5107528 |
| **09/30/16** | $5213001 | $5409069 | $5342065 |
| **12/31/16** | $5215768 | $5636756 | $5366432 |
| **03/31/17** | $5847856 | $5960489 | $5736399 |
| **06/30/17** | $6706777 | $6140231 | $5978195 |
| **09/30/17** | $6800830 | $6420923 | $6294019 |
| **12/31/17** | $6878285 | $6827836 | $6722400 |
| **03/31/18** | $7118949 | $6783829 | $6868579 |
| **06/30/18** | $7944675 | $7047641 | $7085463 |
| **09/30/18** | $8114799 | $7549711 | $7622156 |
| **12/31/18** | $6757953 | $6469935 | $6403042 |
| **03/31/19** | $7893499 | $7378538 | $7659406 |
| **06/30/19** | $8486860 | $7680695 | $8073149 |
| **09/30/19** | $8346014 | $7769985 | $8018768 |
| **12/31/19** | $9824878 | $8476848 | $8674188 |
| **03/31/20** | $7791092 | $6705212 | $6935891 |
| **06/30/20** | $11645020 | $8182206 | $9034759 |
| **09/30/20** | $17135945 | $8935585 | $9881629 |
| **12/31/20** | $24480119 | $10247474 | $11761051 |
| **03/31/21** | $24387430 | $10897872 | $11694569 |
| **06/30/21** | $25564874 | $11795834 | $12989394 |
| **09/30/21** | $26975515 | $11783835 | $12890692 |
| **12/31/21** | $32247521 | $12877088 | $13258002 |
| **03/31/22** | $30365345 | $12197377 | $11590101 |
| **06/30/22** | $21090699 | $10160274 | $9147863 |
| **09/30/22** | $23197530 | $9706657 | $9088144 |
| **12/31/22** | $18570849 | $10403795 | $9715353 |
| **03/31/23** | $22916980 | $11150818 | $10602937 |
| **06/30/23** | $26479171 | $12086016 | $11263933 |
| **09/30/23** | $24577839 | $11692758 | $10675517 |
| **12/31/23** | $26641089 | $13104290 | $12228391 |
| **03/31/24** | $24242782 | $14417255 | $13389684 |
| **06/30/24** | $24489666 | $14880912 | $12959404 |
| **09/30/24** | $27904369 | $15807865 | $13807127 |
| **12/31/24** | $35452704 | $16224131 | $14931241 |
| **03/31/25** | $29292700 | $15458036 | $13868128 |
| **06/30/25** | $32851204 | $17157066 | $16392365 |
| **09/30/25** | $37175925 | $18559858 | $16847961 |
| **12/31/25** | $44265461 | $19005828 | $16223836 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 24.86% | 12.58% | 24.37% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9687799024 |
| # of Issuers | 22 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $76231995 |

---

# Baron Partners Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Total Investments (12/31/25)\*** |
| Space Exploration Technologies Corp. | 28.6% |
| Tesla, Inc. | 26.7% |
| Arch Capital Group Ltd. | 5.4% |
| Hyatt Hotels Corp. | 4.9% |
| CoStar Group, Inc. | 4.2% |
| MSCI, Inc. | 4.2% |
| The Charles Schwab Corp. | 4.0% |
| IDEXX Laboratories, Inc. | 3.9% |
| FactSet Research Systems, Inc. | 3.5% |
| Gartner, Inc. | 2.9% |
| Total | 88.3% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of total investments)<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g61019id022e795efa49ad19301.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 37.4% |
| Industrials | 29.2% |
| Financials | 17.2% |
| Real Estate | 5.0% |
| Information Technology | 4.6% |
| Health Care | 3.9% |
| Communication Services | 2.7% |
| Unclassified | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Partners Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BPTUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Focused Growth Fund

# Retail: BFGFX
This annual shareholder report contains important information about Baron Focused Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $145 | 1.31% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i45bd9688f6844804c37c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 3000 Index** | **Russell 2500 Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9908 | $10097 | $9734 |
| **06/30/16** | $10038 | $10362 | $9997 |
| **09/30/16** | $10138 | $10818 | $10695 |
| **12/31/16** | $10067 | $11274 | $10973 |
| **03/31/17** | $10926 | $11921 | $11659 |
| **06/30/17** | $12019 | $12280 | $12140 |
| **09/30/17** | $12401 | $12842 | $12841 |
| **12/31/17** | $12721 | $13656 | $13656 |
| **03/31/18** | $12845 | $13568 | $13981 |
| **06/30/18** | $14466 | $14095 | $14754 |
| **09/30/18** | $14877 | $15099 | $15811 |
| **12/31/18** | $13199 | $12940 | $12637 |
| **03/31/19** | $14802 | $14757 | $15036 |
| **06/30/19** | $14944 | $15361 | $15659 |
| **09/30/19** | $14877 | $15540 | $15161 |
| **12/31/19** | $17163 | $16954 | $16763 |
| **03/31/20** | $14280 | $13410 | $12871 |
| **06/30/20** | $20080 | $16364 | $17101 |
| **09/30/20** | $28839 | $17871 | $18704 |
| **12/31/20** | $38137 | $20495 | $23547 |
| **03/31/21** | $38145 | $21796 | $24133 |
| **06/30/21** | $39051 | $23592 | $25589 |
| **09/30/21** | $40916 | $23568 | $24685 |
| **12/31/21** | $45319 | $25754 | $24735 |
| **03/31/22** | $41654 | $24395 | $21691 |
| **06/30/22** | $33338 | $20321 | $17450 |
| **09/30/22** | $34050 | $19413 | $17429 |
| **12/31/22** | $32494 | $20808 | $18251 |
| **03/31/23** | $37162 | $22302 | $19446 |
| **06/30/23** | $39887 | $24172 | $20693 |
| **09/30/23** | $37752 | $23386 | $19278 |
| **12/31/23** | $41398 | $26209 | $21706 |
| **03/31/24** | $42068 | $28835 | $23553 |
| **06/30/24** | $41954 | $29762 | $22561 |
| **09/30/24** | $46861 | $31616 | $24137 |
| **12/31/24** | $53618 | $32448 | $24723 |
| **03/31/25** | $49325 | $30916 | $22053 |
| **06/30/25** | $55595 | $34314 | $24548 |
| **09/30/25** | $58241 | $37120 | $27182 |
| **12/31/25** | $65385 | $38012 | $27272 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 21.94% | 11.39% | 20.66% |
| Russell 2500 Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3418080575 |
| # of Issuers | 28 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $25433058 |

---

# Baron Focused Growth Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 19.2% |
| Tesla, Inc. | 8.1% |
| IDEXX Laboratories, Inc. | 4.7% |
| Spotify Technology SA | 4.5% |
| MSCI, Inc. | 4.3% |
| On Holding AG | 4.3% |
| Interactive Brokers Group, Inc. | 4.1% |
| X.AI Holdings Corp. | 3.7% |
| Red Rock Resorts, Inc. | 3.7% |
| Hyatt Hotels Corp. | 3.7% |
| Total | 60.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i4104edd27a3a053330f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 36.0% |
| Industrials | 21.5% |
| Financials | 14.7% |
| Communication Services | 9.2% |
| Information Technology | 8.2% |
| Health Care | 4.9% |
| Real Estate | 2.7% |
| Cash and Cash Equivalents | 2.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Focused Growth Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BFGFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Focused Growth Fund

# Institutional: BFGIX
This annual shareholder report contains important information about Baron Focused Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $117 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i816b1062bc59b928e4e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 3000 Index** | **Russell 2500 Growth Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 |
| **03/31/16** | $991698 | $1009683 | $973408 |
| **06/30/16** | $1005283 | $1036242 | $999683 |
| **09/30/16** | $1015849 | $1081814 | $1069507 |
| **12/31/16** | $1009717 | $1127351 | $1097279 |
| **03/31/17** | $1096058 | $1192098 | $1165868 |
| **06/30/17** | $1206384 | $1228046 | $1213971 |
| **09/30/17** | $1245037 | $1284185 | $1284114 |
| **12/31/17** | $1278244 | $1365567 | $1365625 |
| **03/31/18** | $1292120 | $1356766 | $1398108 |
| **06/30/18** | $1456186 | $1409528 | $1475390 |
| **09/30/18** | $1498313 | $1509942 | $1581122 |
| **12/31/18** | $1330277 | $1293987 | $1263658 |
| **03/31/19** | $1491723 | $1475708 | $1503586 |
| **06/30/19** | $1508197 | $1536139 | $1565865 |
| **09/30/19** | $1501607 | $1553997 | $1516067 |
| **12/31/19** | $1733744 | $1695370 | $1676297 |
| **03/31/20** | $1443528 | $1341042 | $1287082 |
| **06/30/20** | $2030669 | $1636441 | $1710141 |
| **09/30/20** | $2917992 | $1787117 | $1870435 |
| **12/31/20** | $3861881 | $2049495 | $2354678 |
| **03/31/21** | $3866214 | $2179574 | $2413253 |
| **06/30/21** | $3959814 | $2359167 | $2558918 |
| **09/30/21** | $4152271 | $2356767 | $2468538 |
| **12/31/21** | $4601907 | $2575418 | $2473458 |
| **03/31/22** | $4232476 | $2439475 | $2169120 |
| **06/30/22** | $3389775 | $2032055 | $1745041 |
| **09/30/22** | $3463546 | $1941331 | $1742916 |
| **12/31/22** | $3307121 | $2080759 | $1825145 |
| **03/31/23** | $3786381 | $2230164 | $1944577 |
| **06/30/23** | $4065950 | $2417203 | $2069322 |
| **09/30/23** | $3850726 | $2338552 | $1927846 |
| **12/31/23** | $4225703 | $2620858 | $2170648 |
| **03/31/24** | $4296705 | $2883451 | $2355331 |
| **06/30/24** | $4287830 | $2976182 | $2256050 |
| **09/30/24** | $4792607 | $3161573 | $2413719 |
| **12/31/24** | $5487091 | $3244826 | $2472341 |
| **03/31/25** | $5051097 | $3091607 | $2205331 |
| **06/30/25** | $5696768 | $3431413 | $2454751 |
| **09/30/25** | $5971899 | $3711972 | $2718237 |
| **12/31/25** | $6708540 | $3801166 | $2727206 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 22.26% | 11.68% | 20.97% |
| Russell 2500 Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3418080575 |
| # of Issuers | 28 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $25433058 |

---

# Baron Focused Growth Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 19.2% |
| Tesla, Inc. | 8.1% |
| IDEXX Laboratories, Inc. | 4.7% |
| Spotify Technology SA | 4.5% |
| MSCI, Inc. | 4.3% |
| On Holding AG | 4.3% |
| Interactive Brokers Group, Inc. | 4.1% |
| X.AI Holdings Corp. | 3.7% |
| Red Rock Resorts, Inc. | 3.7% |
| Hyatt Hotels Corp. | 3.7% |
| Total | 60.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i4104edd27a3a053330f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 36.0% |
| Industrials | 21.5% |
| Financials | 14.7% |
| Communication Services | 9.2% |
| Information Technology | 8.2% |
| Health Care | 4.9% |
| Real Estate | 2.7% |
| Cash and Cash Equivalents | 2.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Focused Growth Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BFGIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Focused Growth Fund

# R6: BFGUX
This annual shareholder report contains important information about Baron Focused Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $117 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019ib4ae5f3ba603e8ad4ccd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 3000 Index** | **Russell 2500 Growth Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 |
| **03/31/16** | $4958491 | $5048414 | $4867040 |
| **06/30/16** | $5026415 | $5181212 | $4998414 |
| **09/30/16** | $5079245 | $5409069 | $5347536 |
| **12/31/16** | $5048359 | $5636756 | $5486397 |
| **03/31/17** | $5480048 | $5960489 | $5829338 |
| **06/30/17** | $6031650 | $6140231 | $6069853 |
| **09/30/17** | $6228907 | $6420923 | $6420571 |
| **12/31/17** | $6394931 | $6827836 | $6828125 |
| **03/31/18** | $6464309 | $6783829 | $6990541 |
| **06/30/18** | $7280509 | $7047641 | $7376951 |
| **09/30/18** | $7495213 | $7549711 | $7905610 |
| **12/31/18** | $6655090 | $6469935 | $6318290 |
| **03/31/19** | $7462267 | $7378538 | $7517932 |
| **06/30/19** | $7540514 | $7680695 | $7829323 |
| **09/30/19** | $7511686 | $7769985 | $7580333 |
| **12/31/19** | $8672292 | $8476848 | $8381484 |
| **03/31/20** | $7221319 | $6705212 | $6435408 |
| **06/30/20** | $10156814 | $8182206 | $8550707 |
| **09/30/20** | $14597300 | $8935585 | $9352175 |
| **12/31/20** | $19320562 | $10247474 | $11773391 |
| **03/31/21** | $19337893 | $10897872 | $12066266 |
| **06/30/21** | $19810183 | $11795834 | $12794592 |
| **09/30/21** | $20772509 | $11783835 | $12342691 |
| **12/31/21** | $23020458 | $12877088 | $12367289 |
| **03/31/22** | $21173630 | $12197377 | $10845598 |
| **06/30/22** | $16955875 | $10160274 | $8725205 |
| **09/30/22** | $17330224 | $9706657 | $8714582 |
| **12/31/22** | $16548284 | $10403795 | $9125726 |
| **03/31/23** | $18944014 | $11150818 | $9722886 |
| **06/30/23** | $20341524 | $12086016 | $10346612 |
| **09/30/23** | $19265663 | $11692758 | $9639231 |
| **12/31/23** | $21140100 | $13104290 | $10853238 |
| **03/31/24** | $21495023 | $14417255 | $11776654 |
| **06/30/24** | $21456204 | $14880912 | $11280251 |
| **09/30/24** | $23979484 | $15807865 | $12068595 |
| **12/31/24** | $27451075 | $16224131 | $12361706 |
| **03/31/25** | $25271626 | $15458036 | $11026657 |
| **06/30/25** | $28499207 | $17157066 | $12273755 |
| **09/30/25** | $29874533 | $18559858 | $13591184 |
| **12/31/25** | $33562405 | $19005828 | $13636030 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 22.26% | 11.68% | 20.97% |
| Russell 2500 Growth Index | 10.31% | 2.98% | 10.55% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3418080575 |
| # of Issuers | 28 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $25433058 |

---

# Baron Focused Growth Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 19.2% |
| Tesla, Inc. | 8.1% |
| IDEXX Laboratories, Inc. | 4.7% |
| Spotify Technology SA | 4.5% |
| MSCI, Inc. | 4.3% |
| On Holding AG | 4.3% |
| Interactive Brokers Group, Inc. | 4.1% |
| X.AI Holdings Corp. | 3.7% |
| Red Rock Resorts, Inc. | 3.7% |
| Hyatt Hotels Corp. | 3.7% |
| Total | 60.1% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i4104edd27a3a053330f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 36.0% |
| Industrials | 21.5% |
| Financials | 14.7% |
| Communication Services | 9.2% |
| Information Technology | 8.2% |
| Health Care | 4.9% |
| Real Estate | 2.7% |
| Cash and Cash Equivalents | 2.7%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Focused Growth Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BFGUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron International Growth Fund

# Retail: BIGFX
This annual shareholder report contains important information about Baron International Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $134 | 1.21% |

---

## How did the Fund perform last year and what affected its performance?
International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i68c5b5d1e3358211f30f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA IMI Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9839 | $9962 | $9968 |
| **06/30/16** | $10022 | $9898 | $9999 |
| **09/30/16** | $10787 | $10582 | $10618 |
| **12/31/16** | $10114 | $10450 | $10006 |
| **03/31/17** | $11143 | $11271 | $10917 |
| **06/30/17** | $11903 | $11922 | $11734 |
| **09/30/17** | $12911 | $12657 | $12487 |
| **12/31/17** | $13851 | $13291 | $13232 |
| **03/31/18** | $14123 | $13134 | $13121 |
| **06/30/18** | $13804 | $12790 | $12958 |
| **09/30/18** | $13451 | $12880 | $12889 |
| **12/31/18** | $11372 | $11404 | $11253 |
| **03/31/19** | $13269 | $12580 | $12627 |
| **06/30/19** | $13610 | $12955 | $13134 |
| **09/30/19** | $13465 | $12722 | $13014 |
| **12/31/19** | $14677 | $13858 | $14288 |
| **03/31/20** | $11520 | $10621 | $11535 |
| **06/30/20** | $14772 | $12333 | $13852 |
| **09/30/20** | $16166 | $13104 | $15312 |
| **12/31/20** | $19156 | $15334 | $17488 |
| **03/31/21** | $19593 | $15869 | $17555 |
| **06/30/21** | $21247 | $16738 | $18718 |
| **09/30/21** | $21019 | $16238 | $18145 |
| **12/31/21** | $21002 | $16533 | $18532 |
| **03/31/22** | $17917 | $15634 | $16546 |
| **06/30/22** | $15002 | $13488 | $13848 |
| **09/30/22** | $13267 | $12151 | $12578 |
| **12/31/22** | $15232 | $13888 | $14179 |
| **03/31/23** | $15789 | $14841 | $15339 |
| **06/30/23** | $16326 | $15203 | $15635 |
| **09/30/23** | $15181 | $14629 | $14568 |
| **12/31/23** | $16348 | $16056 | $16170 |
| **03/31/24** | $16560 | $16784 | $17007 |
| **06/30/24** | $16753 | $16970 | $17157 |
| **09/30/24** | $18096 | $18338 | $18380 |
| **12/31/24** | $17020 | $16944 | $16948 |
| **03/31/25** | $17131 | $17831 | $17195 |
| **06/30/25** | $20012 | $19977 | $19673 |
| **09/30/25** | $21203 | $21354 | $20803 |
| **12/31/25** | $20563 | $22432 | $21310 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 20.81% | 1.43% | 7.48% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |
| MSCI ACWI ex USA IMI Growth Index | 25.74% | 4.03% | 7.86% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $326915202 |
| # of Issuers | 90 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of fees waived) | $2853377 |

---

# Baron International Growth Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.4% |
| argenx SE | 3.4% |
| BNP Paribas S.A. | 2.7% |
| Lundin Mining Corp. | 2.7% |
| Bank of Ireland Group PLC | 2.5% |
| Deutsche Bank AG | 2.4% |
| Sumitomo Mitsui Financial Group, Inc. | 2.2% |
| Arch Capital Group Ltd. | 2.1% |
| AstraZeneca PLC | 2.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Total | 26.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i180fc43062f69075aed6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Information Technology | 17.0% |
| Industrials | 14.0% |
| Health Care | 11.7% |
| Consumer Discretionary | 9.9% |
| Materials | 9.2% |
| Communication Services | 5.5% |
| Consumer Staples | 4.1% |
| Energy | 2.7% |
| Real Estate | 0.9% |
| Cash and Cash Equivalents | 2.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i5bda91f463db063919fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.0% |
| France | 10.1% |
| China | 9.1% |
| India | 8.1% |
| Netherlands | 7.0% |
| United Kingdom | 6.7% |
| Korea, Republic of | 5.4% |
| Canada | 5.1% |
| Taiwan | 4.7% |
| Others | 29.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron International Growth Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BIGFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron International Growth Fund

# Institutional: BINIX
This annual shareholder report contains important information about Baron International Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $106 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019icc457e210f93f662c432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA IMI Growth Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 |
| **03/31/16** | $984590 | $996239 | $996776 |
| **06/30/16** | $1003852 | $989824 | $999886 |
| **09/30/16** | $1080903 | $1058238 | $1061828 |
| **12/31/16** | $1013548 | $1044964 | $1000571 |
| **03/31/17** | $1117958 | $1127095 | $1091719 |
| **06/30/17** | $1195154 | $1192246 | $1173357 |
| **09/30/17** | $1296872 | $1265749 | $1248690 |
| **12/31/17** | $1391923 | $1329075 | $1323214 |
| **03/31/18** | $1420119 | $1313368 | $1312058 |
| **06/30/18** | $1389622 | $1279022 | $1295776 |
| **09/30/18** | $1354505 | $1288037 | $1288948 |
| **12/31/18** | $1145819 | $1140424 | $1125301 |
| **03/31/19** | $1337679 | $1258006 | $1262708 |
| **06/30/19** | $1373319 | $1295504 | $1313409 |
| **09/30/19** | $1359191 | $1272219 | $1301407 |
| **12/31/19** | $1482557 | $1385764 | $1428847 |
| **03/31/20** | $1163760 | $1062109 | $1153461 |
| **06/30/20** | $1493879 | $1233284 | $1385194 |
| **09/30/20** | $1636059 | $1310436 | $1531152 |
| **12/31/20** | $1939702 | $1533378 | $1748847 |
| **03/31/21** | $1985047 | $1586914 | $1755542 |
| **06/30/21** | $2153899 | $1673801 | $1871780 |
| **09/30/21** | $2131780 | $1623804 | $1814488 |
| **12/31/21** | $2131426 | $1653338 | $1853186 |
| **03/31/22** | $1819388 | $1563354 | $1654550 |
| **06/30/22** | $1524964 | $1348764 | $1384804 |
| **09/30/22** | $1349442 | $1215143 | $1257772 |
| **12/31/22** | $1549785 | $1388751 | $1417910 |
| **03/31/23** | $1607846 | $1484099 | $1533872 |
| **06/30/23** | $1663355 | $1520270 | $1563478 |
| **09/30/23** | $1547233 | $1462917 | $1456846 |
| **12/31/23** | $1667602 | $1605608 | $1617012 |
| **03/31/24** | $1690068 | $1678392 | $1700705 |
| **06/30/24** | $1711250 | $1696975 | $1715655 |
| **09/30/24** | $1849332 | $1833803 | $1838008 |
| **12/31/24** | $1740168 | $1694431 | $1694799 |
| **03/31/25** | $1752487 | $1783143 | $1719507 |
| **06/30/25** | $2048782 | $1997677 | $1967274 |
| **09/30/25** | $2172617 | $2135391 | $2080316 |
| **12/31/25** | $2108413 | $2243239 | $2130979 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 21.16% | 1.68% | 7.74% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |
| MSCI ACWI ex USA IMI Growth Index | 25.74% | 4.03% | 7.86% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $326915202 |
| # of Issuers | 90 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of fees waived) | $2853377 |

---

# Baron International Growth Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.4% |
| argenx SE | 3.4% |
| BNP Paribas S.A. | 2.7% |
| Lundin Mining Corp. | 2.7% |
| Bank of Ireland Group PLC | 2.5% |
| Deutsche Bank AG | 2.4% |
| Sumitomo Mitsui Financial Group, Inc. | 2.2% |
| Arch Capital Group Ltd. | 2.1% |
| AstraZeneca PLC | 2.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Total | 26.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i180fc43062f69075aed6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Information Technology | 17.0% |
| Industrials | 14.0% |
| Health Care | 11.7% |
| Consumer Discretionary | 9.9% |
| Materials | 9.2% |
| Communication Services | 5.5% |
| Consumer Staples | 4.1% |
| Energy | 2.7% |
| Real Estate | 0.9% |
| Cash and Cash Equivalents | 2.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i5bda91f463db063919fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.0% |
| France | 10.1% |
| China | 9.1% |
| India | 8.1% |
| Netherlands | 7.0% |
| United Kingdom | 6.7% |
| Korea, Republic of | 5.4% |
| Canada | 5.1% |
| Taiwan | 4.7% |
| Others | 29.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron International Growth Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BINIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron International Growth Fund

# R6: BIGUX
This annual shareholder report contains important information about Baron International Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $106 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i2b8fd5d2830cf5a322ab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA IMI Growth Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 |
| **03/31/16** | $4922950 | $4981196 | $4983880 |
| **06/30/16** | $5019263 | $4949118 | $4999429 |
| **09/30/16** | $5404513 | $5291190 | $5309139 |
| **12/31/16** | $5067742 | $5224822 | $5002853 |
| **03/31/17** | $5589789 | $5635474 | $5458596 |
| **06/30/17** | $5975771 | $5961230 | $5866786 |
| **09/30/17** | $6484358 | $6328743 | $6243450 |
| **12/31/17** | $6959618 | $6645374 | $6616071 |
| **03/31/18** | $7100594 | $6566838 | $6560292 |
| **06/30/18** | $6948109 | $6395111 | $6478882 |
| **09/30/18** | $6772510 | $6440186 | $6444739 |
| **12/31/18** | $5729083 | $5702118 | $5626504 |
| **03/31/19** | $6688385 | $6290028 | $6313542 |
| **06/30/19** | $6866584 | $6477518 | $6567044 |
| **09/30/19** | $6795945 | $6361097 | $6507033 |
| **12/31/19** | $7412772 | $6928820 | $7144236 |
| **03/31/20** | $5821767 | $5310547 | $5767307 |
| **06/30/20** | $7469381 | $6166418 | $6925970 |
| **09/30/20** | $8174319 | $6552182 | $7655758 |
| **12/31/20** | $9692531 | $7666888 | $8744234 |
| **03/31/21** | $9919257 | $7934572 | $8777711 |
| **06/30/21** | $10763512 | $8369006 | $9358898 |
| **09/30/21** | $10652921 | $8119020 | $9072441 |
| **12/31/21** | $10651153 | $8266689 | $9265932 |
| **03/31/22** | $9094059 | $7816769 | $8272751 |
| **06/30/22** | $7621897 | $6743819 | $6924021 |
| **09/30/22** | $6744263 | $6075715 | $6288862 |
| **12/31/22** | $7746013 | $6943753 | $7089551 |
| **03/31/23** | $8033139 | $7420497 | $7669358 |
| **06/30/23** | $8313884 | $7601349 | $7817389 |
| **09/30/23** | $7733252 | $7314584 | $7284231 |
| **12/31/23** | $8335122 | $8028040 | $8085062 |
| **03/31/24** | $8447456 | $8391958 | $8503524 |
| **06/30/24** | $8550160 | $8484874 | $8578276 |
| **09/30/24** | $9240595 | $9169017 | $9190039 |
| **12/31/24** | $8697998 | $8472153 | $8473994 |
| **03/31/25** | $8759593 | $8915713 | $8597535 |
| **06/30/25** | $10237896 | $9988386 | $9836372 |
| **09/30/25** | $10857098 | $10676954 | $10401581 |
| **12/31/25** | $10532786 | $11216194 | $10654893 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 21.09% | 1.68% | 7.74% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |
| MSCI ACWI ex USA IMI Growth Index | 25.74% | 4.03% | 7.86% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $326915202 |
| # of Issuers | 90 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of fees waived) | $2853377 |

---

# Baron International Growth Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.4% |
| argenx SE | 3.4% |
| BNP Paribas S.A. | 2.7% |
| Lundin Mining Corp. | 2.7% |
| Bank of Ireland Group PLC | 2.5% |
| Deutsche Bank AG | 2.4% |
| Sumitomo Mitsui Financial Group, Inc. | 2.2% |
| Arch Capital Group Ltd. | 2.1% |
| AstraZeneca PLC | 2.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Total | 26.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i180fc43062f69075aed6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.8% |
| Information Technology | 17.0% |
| Industrials | 14.0% |
| Health Care | 11.7% |
| Consumer Discretionary | 9.9% |
| Materials | 9.2% |
| Communication Services | 5.5% |
| Consumer Staples | 4.1% |
| Energy | 2.7% |
| Real Estate | 0.9% |
| Cash and Cash Equivalents | 2.2%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i5bda91f463db063919fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.0% |
| France | 10.1% |
| China | 9.1% |
| India | 8.1% |
| Netherlands | 7.0% |
| United Kingdom | 6.7% |
| Korea, Republic of | 5.4% |
| Canada | 5.1% |
| Taiwan | 4.7% |
| Others | 29.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron International Growth Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BIGUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Fund

# Retail: BREFX
This annual shareholder report contains important information about Baron Real Estate Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $135 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
Real Estate trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund performed similarly to the Index during the year yet outperformed the MSCI US REIT Index, which was up 1.68%. The Fund failed to distance itself from the Index because solid stock selection in casinos & gaming (Wynn and Red Rock), homebuilders & land developers (Toll Brothers, Installed Building Products, and Champion Homes), and real estate services (Jones Lang LaSalle and CBRE) was mostly offset stock-specific weakness in REITs (Equinix, Vornado, Kilroy, Digital Realty, and Independence Realty Trust) and hotels & leisure (Expedia and Hyatt).

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i3cce1d744b626dae023a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Retail** | **S&P 500 Index** | **MSCI USA IMI Extended Real Estate Index** | **MSCI US REIT Index** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **03/31/16** | $9542 | $10135 | $10414 | $10587 |
| **06/30/16** | $9592 | $10384 | $10792 | $11276 |
| **09/30/16** | $9798 | $10784 | $10803 | $11077 |
| **12/31/16** | $9799 | $11196 | $10824 | $10714 |
| **03/31/17** | $10549 | $11875 | $11444 | $10787 |
| **06/30/17** | $11331 | $12242 | $11808 | $10932 |
| **09/30/17** | $11716 | $12790 | $12071 | $11001 |
| **12/31/17** | $12841 | $13640 | $12777 | $11115 |
| **03/31/18** | $12142 | $13537 | $12102 | $10182 |
| **06/30/18** | $12281 | $14002 | $12685 | $11174 |
| **09/30/18** | $11932 | $15081 | $12928 | $11261 |
| **12/31/18** | $9988 | $13042 | $11407 | $10467 |
| **03/31/19** | $11887 | $14822 | $13206 | $12134 |
| **06/30/19** | $12382 | $15460 | $13678 | $12254 |
| **09/30/19** | $12976 | $15723 | $14432 | $13158 |
| **12/31/19** | $14393 | $17149 | $14853 | $13014 |
| **03/31/20** | $11523 | $13788 | $10577 | $9469 |
| **06/30/20** | $14959 | $16620 | $12878 | $10548 |
| **09/30/20** | $17742 | $18105 | $14026 | $10689 |
| **12/31/20** | $20704 | $20304 | $15478 | $11881 |
| **03/31/21** | $22986 | $21558 | $17366 | $12891 |
| **06/30/21** | $24039 | $23401 | $18580 | $14405 |
| **09/30/21** | $23624 | $23537 | $18599 | $14512 |
| **12/31/21** | $25680 | $26132 | $21136 | $16837 |
| **03/31/22** | $22910 | $24931 | $18803 | $16116 |
| **06/30/22** | $18169 | $20916 | $15585 | $13350 |
| **09/30/22** | $17279 | $19895 | $14807 | $11979 |
| **12/31/22** | $18332 | $21399 | $16097 | $12566 |
| **03/31/23** | $19615 | $23004 | $16858 | $12866 |
| **06/30/23** | $21050 | $25015 | $18046 | $13166 |
| **09/30/23** | $19319 | $24196 | $16949 | $12203 |
| **12/31/23** | $22860 | $27025 | $19813 | $14107 |
| **03/31/24** | $24743 | $29878 | $21118 | $14019 |
| **06/30/24** | $22452 | $31157 | $20267 | $13989 |
| **09/30/24** | $26454 | $32992 | $23430 | $16198 |
| **12/31/24** | $25646 | $33786 | $22330 | $15163 |
| **03/31/25** | $23912 | $32343 | $21636 | $15278 |
| **06/30/25** | $24763 | $35882 | $22962 | $15055 |
| **09/30/25** | $27288 | $38797 | $24258 | $15731 |
| **12/31/25** | $26907 | $39827 | $23421 | $15418 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 4.92% | 5.38% | 10.40% |
| MSCI USA IMI Extended Real Estate Index | 4.88% | 8.64% | 8.88% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.42% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2327571791 |
| # of Issuers | 41 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $22155893 |

---

# Baron Real Estate Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Jones Lang LaSalle, Inc. | 7.4% |
| Welltower, Inc. | 5.8% |
| Brookfield Corp. | 5.6% |
| CBRE Group, Inc. | 5.5% |
| Toll Brothers, Inc. | 4.7% |
| Prologis, Inc. | 4.2% |
| CRH PLC | 4.0% |
| Wynn Resorts Ltd. | 3.4% |
| Hyatt Hotels Corp. | 3.0% |
| CoStar Group, Inc. | 2.9% |
| Total | 46.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ifc943b6e24d086928bb3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 40.7% |
| Consumer Discretionary | 27.5% |
| Financials | 12.8% |
| Materials | 8.9% |
| Industrials | 7.1% |
| Information Technology | 1.5% |
| Cash and Cash Equivalents | 1.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BREFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Fund

# Institutional: BREIX
This annual shareholder report contains important information about Baron Real Estate Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $108 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Real Estate trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund performed similarly to the Index during the year yet outperformed the MSCI US REIT Index, which was up 1.68%. The Fund failed to distance itself from the Index because solid stock selection in casinos & gaming (Wynn and Red Rock), homebuilders & land developers (Toll Brothers, Installed Building Products, and Champion Homes), and real estate services (Jones Lang LaSalle and CBRE) was mostly offset stock-specific weakness in REITs (Equinix, Vornado, Kilroy, Digital Realty, and Independence Realty Trust) and hotels & leisure (Expedia and Hyatt).

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i7ed7c9fba18b4fed65fb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **S&P 500 Index** | **MSCI USA IMI Extended Real Estate Index** | **MSCI US REIT Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 | $999999 |
| **03/31/16** | $954712 | $1013479 | $1041423 | $1058712 |
| **06/30/16** | $960424 | $1038364 | $1079243 | $1127604 |
| **09/30/16** | $981640 | $1078360 | $1080300 | $1107711 |
| **12/31/16** | $982491 | $1119599 | $1082437 | $1071352 |
| **03/31/17** | $1058446 | $1187516 | $1144367 | $1078683 |
| **06/30/17** | $1137275 | $1224189 | $1180752 | $1093187 |
| **09/30/17** | $1177101 | $1279038 | $1207063 | $1100052 |
| **12/31/17** | $1291164 | $1364026 | $1277690 | $1111459 |
| **03/31/18** | $1221464 | $1353671 | $1210234 | $1018244 |
| **06/30/18** | $1236093 | $1400154 | $1268546 | $1117431 |
| **09/30/18** | $1202000 | $1508117 | $1292775 | $1126134 |
| **12/31/18** | $1006623 | $1304223 | $1140659 | $1046689 |
| **03/31/19** | $1198883 | $1482222 | $1320627 | $1213356 |
| **06/30/19** | $1249452 | $1546015 | $1367782 | $1225393 |
| **09/30/19** | $1310276 | $1572271 | $1443248 | $1315798 |
| **12/31/19** | $1454008 | $1714876 | $1485300 | $1301366 |
| **03/31/20** | $1165168 | $1378794 | $1057670 | $946918 |
| **06/30/20** | $1513956 | $1662045 | $1287823 | $1054761 |
| **09/30/20** | $1796308 | $1810454 | $1402617 | $1068885 |
| **12/31/20** | $2097842 | $2030393 | $1547827 | $1188135 |
| **03/31/21** | $2330224 | $2155767 | $1736606 | $1289080 |
| **06/30/21** | $2438552 | $2340062 | $1857970 | $1440476 |
| **09/30/21** | $2398037 | $2353682 | $1859897 | $1451252 |
| **12/31/21** | $2608822 | $2613225 | $2113550 | $1683714 |
| **03/31/22** | $2328134 | $2493055 | $1880345 | $1611652 |
| **06/30/22** | $1848126 | $2091645 | $1558506 | $1335041 |
| **09/30/22** | $1758326 | $1989517 | $1480703 | $1197861 |
| **12/31/22** | $1866848 | $2139947 | $1609684 | $1256554 |
| **03/31/23** | $1998755 | $2300379 | $1685834 | $1286580 |
| **06/30/23** | $2146908 | $2501484 | $1804551 | $1316625 |
| **09/30/23** | $1971152 | $2419599 | $1694850 | $1220260 |
| **12/31/23** | $2334302 | $2702488 | $1981320 | $1410680 |
| **03/31/24** | $2527575 | $2987762 | $2111796 | $1401918 |
| **06/30/24** | $2295125 | $3115750 | $2026676 | $1398879 |
| **09/30/24** | $2705741 | $3299160 | $2342965 | $1619790 |
| **12/31/24** | $2625204 | $3378642 | $2233046 | $1516285 |
| **03/31/25** | $2449535 | $3234302 | $2163575 | $1527783 |
| **06/30/25** | $2538025 | $3588212 | $2296170 | $1505522 |
| **09/30/25** | $2798245 | $3879736 | $2425816 | $1573121 |
| **12/31/25** | $2761365 | $3982743 | $2342095 | $1541789 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 5.19% | 5.65% | 10.69% |
| MSCI USA IMI Extended Real Estate Index | 4.88% | 8.64% | 8.88% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.42% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2327571791 |
| # of Issuers | 41 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $22155893 |

---

# Baron Real Estate Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Jones Lang LaSalle, Inc. | 7.4% |
| Welltower, Inc. | 5.8% |
| Brookfield Corp. | 5.6% |
| CBRE Group, Inc. | 5.5% |
| Toll Brothers, Inc. | 4.7% |
| Prologis, Inc. | 4.2% |
| CRH PLC | 4.0% |
| Wynn Resorts Ltd. | 3.4% |
| Hyatt Hotels Corp. | 3.0% |
| CoStar Group, Inc. | 2.9% |
| Total | 46.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ifc943b6e24d086928bb3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 40.7% |
| Consumer Discretionary | 27.5% |
| Financials | 12.8% |
| Materials | 8.9% |
| Industrials | 7.1% |
| Information Technology | 1.5% |
| Cash and Cash Equivalents | 1.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BREIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Fund

# R6: BREUX
This annual shareholder report contains important information about Baron Real Estate Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $108 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
Real Estate trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund performed similarly to the Index during the year yet outperformed the MSCI US REIT Index, which was up 1.68%. The Fund failed to distance itself from the Index because solid stock selection in casinos & gaming (Wynn and Red Rock), homebuilders & land developers (Toll Brothers, Installed Building Products, and Champion Homes), and real estate services (Jones Lang LaSalle and CBRE) was mostly offset stock-specific weakness in REITs (Equinix, Vornado, Kilroy, Digital Realty, and Independence Realty Trust) and hotels & leisure (Expedia and Hyatt).

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i37ea010ea95ef11dd979.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R6** | **S&P 500 Index** | **MSCI USA IMI Extended Real Estate Index** | **MSCI US REIT Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 | $4999999 |
| **03/31/16** | $4773562 | $5067393 | $5207117 | $5293563 |
| **06/30/16** | $4802122 | $5191818 | $5396216 | $5638023 |
| **09/30/16** | $4910241 | $5391799 | $5401501 | $5538560 |
| **12/31/16** | $4912953 | $5597996 | $5412185 | $5356765 |
| **03/31/17** | $5292767 | $5937579 | $5721836 | $5393419 |
| **06/30/17** | $5686953 | $6120944 | $5903758 | $5465941 |
| **09/30/17** | $5886099 | $6395188 | $6035314 | $5500265 |
| **12/31/17** | $6456474 | $6820128 | $6388452 | $5557298 |
| **03/31/18** | $6107940 | $6768356 | $6051169 | $5091225 |
| **06/30/18** | $6183241 | $7000772 | $6342732 | $5587159 |
| **09/30/18** | $6011039 | $7540585 | $6463877 | $5630672 |
| **12/31/18** | $5033982 | $6521117 | $5703293 | $5233446 |
| **03/31/19** | $5995449 | $7411111 | $6603133 | $6066785 |
| **06/30/19** | $6248341 | $7730074 | $6838908 | $6126967 |
| **09/30/19** | $6552971 | $7861354 | $7216239 | $6578995 |
| **12/31/19** | $7274527 | $8574380 | $7426500 | $6506835 |
| **03/31/20** | $5827253 | $6893971 | $5288352 | $4734591 |
| **06/30/20** | $7571613 | $8310223 | $6439115 | $5273808 |
| **09/30/20** | $8983946 | $9052269 | $7013085 | $5344426 |
| **12/31/20** | $10492020 | $10151965 | $7739135 | $5940676 |
| **03/31/21** | $11654240 | $10778836 | $8683032 | $6445405 |
| **06/30/21** | $12196026 | $11700309 | $9289851 | $7202383 |
| **09/30/21** | $11993393 | $11768409 | $9299487 | $7256265 |
| **12/31/21** | $13047778 | $13066124 | $10567751 | $8418575 |
| **03/31/22** | $11643943 | $12465276 | $9401724 | $8058265 |
| **06/30/22** | $9243228 | $10458224 | $7792532 | $6675209 |
| **09/30/22** | $8794103 | $9947587 | $7403515 | $5989308 |
| **12/31/22** | $9336865 | $10699733 | $8048422 | $6282773 |
| **03/31/23** | $9996588 | $11501897 | $8429170 | $6432902 |
| **06/30/23** | $10737558 | $12507418 | $9022753 | $6583130 |
| **09/30/23** | $9858704 | $12097996 | $8474252 | $6101306 |
| **12/31/23** | $11674780 | $13512442 | $9906601 | $7053402 |
| **03/31/24** | $12641419 | $14938808 | $10558980 | $7009594 |
| **06/30/24** | $11478840 | $15578750 | $10133378 | $6994401 |
| **09/30/24** | $13532500 | $16495800 | $11714824 | $8098956 |
| **12/31/24** | $13129540 | $16893212 | $11165229 | $7581430 |
| **03/31/25** | $12247681 | $16171512 | $10817877 | $7638922 |
| **06/30/25** | $12693528 | $17941059 | $11480849 | $7527613 |
| **09/30/25** | $13995041 | $19398681 | $12129082 | $7865608 |
| **12/31/25** | $13810458 | $19913714 | $11710473 | $7708949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 5.19% | 5.65% | 10.69% |
| MSCI USA IMI Extended Real Estate Index | 4.88% | 8.64% | 8.88% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.42% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2327571791 |
| # of Issuers | 41 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $22155893 |

---

# Baron Real Estate Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Jones Lang LaSalle, Inc. | 7.4% |
| Welltower, Inc. | 5.8% |
| Brookfield Corp. | 5.6% |
| CBRE Group, Inc. | 5.5% |
| Toll Brothers, Inc. | 4.7% |
| Prologis, Inc. | 4.2% |
| CRH PLC | 4.0% |
| Wynn Resorts Ltd. | 3.4% |
| Hyatt Hotels Corp. | 3.0% |
| CoStar Group, Inc. | 2.9% |
| Total | 46.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ifc943b6e24d086928bb3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 40.7% |
| Consumer Discretionary | 27.5% |
| Financials | 12.8% |
| Materials | 8.9% |
| Industrials | 7.1% |
| Information Technology | 1.5% |
| Cash and Cash Equivalents | 1.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BREUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Emerging Markets Fund

# Retail: BEXFX
This annual shareholder report contains important information about Baron Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $159 | 1.38% |

---

## How did the Fund perform last year and what affected its performance?
EM equities significantly outperformed their U.S. and global counterparts for first time in several years. Semiconductor-related strength in Taiwan and Korea contributed to EM's excellent performance, overshadowing weakness in India, where equity markets were pressured by a temporary deceleration in economic growth and a related loss of earnings momentum. Poor stock selection in Poland, China, and India was largely responsible for the Fund's relative shortfall. Meaningfully higher exposure to lagging Indian equities also proved costly. Somewhat offsetting the above was solid stock selection in Taiwan, higher exposure to strong performing Korean securities, and lack of exposure to lagging Saudi stocks.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i32dac549d07686ee2bd9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets IMI Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $10076 | $10571 | $10297 |
| **06/30/16** | $10549 | $10641 | $10443 |
| **09/30/16** | $11315 | $11602 | $11420 |
| **12/31/16** | $10375 | $11119 | $10584 |
| **03/31/17** | $11721 | $12391 | $11913 |
| **06/30/17** | $12469 | $13168 | $12931 |
| **09/30/17** | $13724 | $14208 | $14158 |
| **12/31/17** | $14560 | $15264 | $15315 |
| **03/31/18** | $14674 | $15459 | $15467 |
| **06/30/18** | $13287 | $14248 | $14387 |
| **09/30/18** | $12623 | $14092 | $13614 |
| **12/31/18** | $11841 | $13040 | $12491 |
| **03/31/19** | $13239 | $14333 | $13928 |
| **06/30/19** | $13277 | $14420 | $13938 |
| **09/30/19** | $12823 | $13808 | $13633 |
| **12/31/19** | $14030 | $15443 | $15439 |
| **03/31/20** | $10513 | $11798 | $12298 |
| **06/30/20** | $13305 | $13932 | $15098 |
| **09/30/20** | $15021 | $15263 | $17227 |
| **12/31/20** | $18081 | $18270 | $20186 |
| **03/31/21** | $18042 | $18687 | $20448 |
| **06/30/21** | $18910 | $19630 | $21506 |
| **09/30/21** | $17680 | $18042 | $19363 |
| **12/31/21** | $16949 | $17805 | $19077 |
| **03/31/22** | $14549 | $16563 | $17196 |
| **06/30/22** | $13039 | $14667 | $14989 |
| **09/30/22** | $11558 | $12969 | $13288 |
| **12/31/22** | $12545 | $14228 | $14521 |
| **03/31/23** | $12865 | $14791 | $15140 |
| **06/30/23** | $13348 | $14923 | $15175 |
| **09/30/23** | $12681 | $14487 | $14570 |
| **12/31/23** | $13543 | $15626 | $15695 |
| **03/31/24** | $13863 | $15953 | $16104 |
| **06/30/24** | $14437 | $16796 | $16970 |
| **09/30/24** | $15737 | $18261 | $18438 |
| **12/31/24** | $14576 | $16799 | $17177 |
| **03/31/25** | $15006 | $17291 | $17241 |
| **06/30/25** | $17292 | $19363 | $19751 |
| **09/30/25** | $19170 | $21424 | $22019 |
| **12/31/25** | $18915 | $22438 | $22679 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 29.77% | 0.91% | 6.58% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets IMI Growth Index | 32.03% | 2.36% | 8.53% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3541794045 |
| # of Issuers | 88 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $36571671 |

---

# Baron Emerging Markets Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.7% |
| Tencent Holdings Limited | 5.1% |
| Alibaba Group Holding Limited | 3.9% |
| Samsung Electronics Co., Ltd. | 3.4% |
| Contemporary Amperex Technology Co. Ltd. | 2.4% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.4% |
| Bharti Airtel Ltd. | 2.4% |
| Bajaj Finance Limited | 2.2% |
| SK Hynix, Inc. | 2.0% |
| Credicorp, Ltd. | 1.9% |
| Total | 37.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i5f5b5690280b0a014891.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Industrials | 19.4% |
| Financials | 17.8% |
| Consumer Discretionary | 15.1% |
| Communication Services | 10.1% |
| Health Care | 3.0% |
| Materials | 3.0% |
| Consumer Staples | 1.9% |
| Energy | 1.4% |
| Utilities | 0.8% |
| Real Estate | 0.5% |
| Cash and Cash Equivalents | 0.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i2563cdac1f599976c133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.2% |
| India | 25.5% |
| Taiwan | 15.4% |
| Korea, Republic of | 15.3% |
| Brazil | 4.9% |
| South Africa | 2.2% |
| Peru | 1.9% |
| Mexico | 1.5% |
| Poland | 1.2% |
| Others | 5.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Emerging Markets Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BEXFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Emerging Markets Fund

# Institutional: BEXIX
This annual shareholder report contains important information about Baron Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $129 | 1.12% |

---

## How did the Fund perform last year and what affected its performance?
EM equities significantly outperformed their U.S. and global counterparts for first time in several years. Semiconductor-related strength in Taiwan and Korea contributed to EM's excellent performance, overshadowing weakness in India, where equity markets were pressured by a temporary deceleration in economic growth and a related loss of earnings momentum. Poor stock selection in Poland, China, and India was largely responsible for the Fund's relative shortfall. Meaningfully higher exposure to lagging Indian equities also proved costly. Somewhat offsetting the above was solid stock selection in Taiwan, higher exposure to strong performing Korean securities, and lack of exposure to lagging Saudi stocks.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i19d737076598091367e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets IMI Growth Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 |
| **03/31/16** | $1008499 | $1057136 | $1029669 |
| **06/30/16** | $1056657 | $1064130 | $1044273 |
| **09/30/16** | $1134089 | $1160184 | $1142001 |
| **12/31/16** | $1040762 | $1111869 | $1058357 |
| **03/31/17** | $1176308 | $1239122 | $1191258 |
| **06/30/17** | $1252137 | $1316810 | $1293050 |
| **09/30/17** | $1378655 | $1420755 | $1415779 |
| **12/31/17** | $1463597 | $1526408 | $1531461 |
| **03/31/18** | $1475976 | $1545914 | $1546668 |
| **06/30/18** | $1337901 | $1424813 | $1438656 |
| **09/30/18** | $1271244 | $1409221 | $1361416 |
| **12/31/18** | $1193046 | $1304033 | $1249145 |
| **03/31/19** | $1335599 | $1433329 | $1392779 |
| **06/30/19** | $1339426 | $1442021 | $1393821 |
| **09/30/19** | $1294680 | $1380805 | $1363254 |
| **12/31/19** | $1418087 | $1544260 | $1543921 |
| **03/31/20** | $1063325 | $1179831 | $1229822 |
| **06/30/20** | $1346942 | $1393162 | $1509769 |
| **09/30/20** | $1520959 | $1526325 | $1722729 |
| **12/31/20** | $1832457 | $1826955 | $2018639 |
| **03/31/21** | $1829573 | $1868712 | $2044845 |
| **06/30/21** | $1918023 | $1963031 | $2150631 |
| **09/30/21** | $1794000 | $1804180 | $1936312 |
| **12/31/21** | $1721195 | $1780517 | $1907655 |
| **03/31/22** | $1478387 | $1656327 | $1719634 |
| **06/30/22** | $1325653 | $1466681 | $1498923 |
| **09/30/22** | $1175856 | $1296950 | $1328816 |
| **12/31/22** | $1276700 | $1422787 | $1452106 |
| **03/31/23** | $1310967 | $1479071 | $1514038 |
| **06/30/23** | $1360899 | $1492338 | $1517510 |
| **09/30/23** | $1294323 | $1448684 | $1457009 |
| **12/31/23** | $1382497 | $1562620 | $1569514 |
| **03/31/24** | $1417010 | $1595277 | $1610387 |
| **06/30/24** | $1476176 | $1679595 | $1697023 |
| **09/30/24** | $1609994 | $1826097 | $1843803 |
| **12/31/24** | $1491714 | $1679881 | $1717673 |
| **03/31/25** | $1536436 | $1729061 | $1724097 |
| **06/30/25** | $1772964 | $1936342 | $1975131 |
| **09/30/25** | $1965978 | $2142426 | $2201940 |
| **12/31/25** | $1941295 | $2243751 | $2267865 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 30.14% | 1.16% | 6.86% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets IMI Growth Index | 32.03% | 2.36% | 8.53% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3541794045 |
| # of Issuers | 88 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $36571671 |

---

# Baron Emerging Markets Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.7% |
| Tencent Holdings Limited | 5.1% |
| Alibaba Group Holding Limited | 3.9% |
| Samsung Electronics Co., Ltd. | 3.4% |
| Contemporary Amperex Technology Co. Ltd. | 2.4% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.4% |
| Bharti Airtel Ltd. | 2.4% |
| Bajaj Finance Limited | 2.2% |
| SK Hynix, Inc. | 2.0% |
| Credicorp, Ltd. | 1.9% |
| Total | 37.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i5f5b5690280b0a014891.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Industrials | 19.4% |
| Financials | 17.8% |
| Consumer Discretionary | 15.1% |
| Communication Services | 10.1% |
| Health Care | 3.0% |
| Materials | 3.0% |
| Consumer Staples | 1.9% |
| Energy | 1.4% |
| Utilities | 0.8% |
| Real Estate | 0.5% |
| Cash and Cash Equivalents | 0.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i2563cdac1f599976c133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.2% |
| India | 25.5% |
| Taiwan | 15.4% |
| Korea, Republic of | 15.3% |
| Brazil | 4.9% |
| South Africa | 2.2% |
| Peru | 1.9% |
| Mexico | 1.5% |
| Poland | 1.2% |
| Others | 5.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Emerging Markets Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BEXIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Emerging Markets Fund

# R6: BEXUX
This annual shareholder report contains important information about Baron Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $129 | 1.12% |

---

## How did the Fund perform last year and what affected its performance?
EM equities significantly outperformed their U.S. and global counterparts for first time in several years. Semiconductor-related strength in Taiwan and Korea contributed to EM's excellent performance, overshadowing weakness in India, where equity markets were pressured by a temporary deceleration in economic growth and a related loss of earnings momentum. Poor stock selection in Poland, China, and India was largely responsible for the Fund's relative shortfall. Meaningfully higher exposure to lagging Indian equities also proved costly. Somewhat offsetting the above was solid stock selection in Taiwan, higher exposure to strong performing Korean securities, and lack of exposure to lagging Saudi stocks.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i5b55778656fa3d9602f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets IMI Growth Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 |
| **03/31/16** | $5047214 | $5285680 | $5148343 |
| **06/30/16** | $5288008 | $5320649 | $5221365 |
| **09/30/16** | $5670444 | $5800920 | $5710004 |
| **12/31/16** | $5208672 | $5559343 | $5291784 |
| **03/31/17** | $5881676 | $6195608 | $5956289 |
| **06/30/17** | $6260833 | $6584049 | $6465250 |
| **09/30/17** | $6898174 | $7103777 | $7078895 |
| **12/31/17** | $7322866 | $7632039 | $7657305 |
| **03/31/18** | $7384763 | $7729569 | $7733340 |
| **06/30/18** | $6694375 | $7124064 | $7193280 |
| **09/30/18** | $6361085 | $7046104 | $6807078 |
| **12/31/18** | $5970046 | $6520165 | $6245723 |
| **03/31/19** | $6678032 | $7166646 | $6963897 |
| **06/30/19** | $6701951 | $7210103 | $6969106 |
| **09/30/19** | $6478219 | $6904023 | $6816269 |
| **12/31/19** | $7090449 | $7721301 | $7719604 |
| **03/31/20** | $5321442 | $5899157 | $6149109 |
| **06/30/20** | $6734724 | $6965812 | $7548843 |
| **09/30/20** | $7609614 | $7631625 | $8613644 |
| **12/31/20** | $9167109 | $9134773 | $10093193 |
| **03/31/21** | $9152688 | $9343560 | $10224225 |
| **06/30/21** | $9594939 | $9815156 | $10753153 |
| **09/30/21** | $8974825 | $9020902 | $9681561 |
| **12/31/21** | $8610657 | $8902583 | $9538273 |
| **03/31/22** | $7396648 | $8281635 | $8598172 |
| **06/30/22** | $6632996 | $7333406 | $7494613 |
| **09/30/22** | $5884031 | $6484750 | $6644079 |
| **12/31/22** | $6388236 | $7113934 | $7260532 |
| **03/31/23** | $6559568 | $7395353 | $7570188 |
| **06/30/23** | $6809224 | $7461692 | $7587550 |
| **09/30/23** | $6471455 | $7243419 | $7285043 |
| **12/31/23** | $6916802 | $7813101 | $7847572 |
| **03/31/24** | $7084423 | $7976385 | $8051933 |
| **06/30/24** | $7380223 | $8397976 | $8485115 |
| **09/30/24** | $8054187 | $9130486 | $9219016 |
| **12/31/24** | $7462720 | $8399404 | $8588367 |
| **03/31/25** | $7686303 | $8645307 | $8620487 |
| **06/30/25** | $8863843 | $9681708 | $9875657 |
| **09/30/25** | $9833779 | $10712130 | $11009702 |
| **12/31/25** | $9710216 | $11218754 | $11339325 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 30.12% | 1.16% | 6.86% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets IMI Growth Index | 32.03% | 2.36% | 8.53% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser may waive or reimburse certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3541794045 |
| # of Issuers | 88 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $36571671 |

---

# Baron Emerging Markets Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.7% |
| Tencent Holdings Limited | 5.1% |
| Alibaba Group Holding Limited | 3.9% |
| Samsung Electronics Co., Ltd. | 3.4% |
| Contemporary Amperex Technology Co. Ltd. | 2.4% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.4% |
| Bharti Airtel Ltd. | 2.4% |
| Bajaj Finance Limited | 2.2% |
| SK Hynix, Inc. | 2.0% |
| Credicorp, Ltd. | 1.9% |
| Total | 37.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i5f5b5690280b0a014891.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Industrials | 19.4% |
| Financials | 17.8% |
| Consumer Discretionary | 15.1% |
| Communication Services | 10.1% |
| Health Care | 3.0% |
| Materials | 3.0% |
| Consumer Staples | 1.9% |
| Energy | 1.4% |
| Utilities | 0.8% |
| Real Estate | 0.5% |
| Cash and Cash Equivalents | 0.6%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i2563cdac1f599976c133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.2% |
| India | 25.5% |
| Taiwan | 15.4% |
| Korea, Republic of | 15.3% |
| Brazil | 4.9% |
| South Africa | 2.2% |
| Peru | 1.9% |
| Mexico | 1.5% |
| Poland | 1.2% |
| Others | 5.1%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Emerging Markets Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BEXUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Global Opportunity Fund

# Retail: BGAFX
This annual shareholder report contains important information about Baron Global Opportunity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $131 | 1.15% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and U.S. Federal Reserve rate cuts helped push markets to fresh record highs. The Fund appreciated more than 25% and beat the Index in each of the last three years, bouncing back from a difficult stretch of absolute and relative performance in 2021 and 2022. The Fund's U.S. holdings, specifically SpaceX and Cloudflare, were responsible for relative strength in 2025.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i4120a58c9b7f9ee04f2b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **MSCI ACWI Index** | **MSCI ACWI Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9504 | $10024 | $9970 |
| **06/30/16** | $9597 | $10123 | $10044 |
| **09/30/16** | $10654 | $10660 | $10575 |
| **12/31/16** | $9885 | $10786 | $10327 |
| **03/31/17** | $11567 | $11532 | $11265 |
| **06/30/17** | $12480 | $12024 | $11909 |
| **09/30/17** | $13465 | $12647 | $12595 |
| **12/31/17** | $14788 | $13372 | $13425 |
| **03/31/18** | $15794 | $13234 | $13502 |
| **06/30/18** | $16671 | $13314 | $13821 |
| **09/30/18** | $16607 | $13884 | $14451 |
| **12/31/18** | $14213 | $12113 | $12333 |
| **03/31/19** | $17922 | $13588 | $14119 |
| **06/30/19** | $19137 | $14079 | $14811 |
| **09/30/19** | $18382 | $14075 | $14851 |
| **12/31/19** | $20618 | $15335 | $16369 |
| **03/31/20** | $19037 | $12059 | $13797 |
| **06/30/20** | $27850 | $14376 | $17266 |
| **09/30/20** | $31481 | $15545 | $19338 |
| **12/31/20** | $36909 | $17828 | $21869 |
| **03/31/21** | $36211 | $18643 | $21931 |
| **06/30/21** | $40496 | $20021 | $24120 |
| **09/30/21** | $38490 | $19810 | $23945 |
| **12/31/21** | $37153 | $21133 | $25609 |
| **03/31/22** | $28677 | $20000 | $23120 |
| **06/30/22** | $19389 | $16868 | $18460 |
| **09/30/22** | $19712 | $15717 | $17366 |
| **12/31/22** | $17947 | $17252 | $18283 |
| **03/31/23** | $19624 | $18512 | $20803 |
| **06/30/23** | $20869 | $19656 | $22716 |
| **09/30/23** | $19595 | $18987 | $21604 |
| **12/31/23** | $22480 | $21082 | $24356 |
| **03/31/24** | $23271 | $22798 | $26657 |
| **06/30/24** | $24040 | $23464 | $28326 |
| **09/30/24** | $25350 | $25016 | $29478 |
| **12/31/24** | $28345 | $24769 | $30257 |
| **03/31/25** | $25665 | $24441 | $28192 |
| **06/30/25** | $31472 | $27258 | $33058 |
| **09/30/25** | $33932 | $29336 | $36026 |
| **12/31/25** | $36122 | $30302 | $37048 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Retail | 27.43% | (0.43)% | 13.70% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| MSCI ACWI Growth Index | 22.44% | 11.12% | 13.99% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $737169360 |
| # of Issuers | 42 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of fees waived) | $4979140 |

---

# Baron Global Opportunity Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 18.7% |
| NVIDIA Corp. | 9.0% |
| MercadoLibre, Inc. | 6.2% |
| Shopify, Inc. | 5.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.1% |
| Amazon.com, Inc. | 4.0% |
| argenx SE | 3.7% |
| Coupang, Inc. | 3.6% |
| Bajaj Finance Limited | 3.4% |
| Eternal Ltd. | 3.1% |
| Total | 62.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i729309dd4adf99adbcd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 40.2% |
| Industrials | 22.4% |
| Consumer Discretionary | 21.7% |
| Financials | 9.1% |
| Health Care | 6.5% |
| Unclassified | 0.1% |
| Communication Services | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 0.0%<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>‡</sup> | Rounds to less than 0.1%. |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i6b23529260d11437134d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.7% |
| Netherlands | 8.2% |
| India | 6.5% |
| Argentina | 6.3% |
| Canada | 5.6% |
| Taiwan | 5.1% |
| Brazil | 3.6% |
| Korea, Republic of | 3.6% |
| China | 2.9% |
| Others | 4.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Global Opportunity Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BGAFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Global Opportunity Fund

# Institutional: BGAIX
This annual shareholder report contains important information about Baron Global Opportunity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $102 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and U.S. Federal Reserve rate cuts helped push markets to fresh record highs. The Fund appreciated more than 25% and beat the Index in each of the last three years, bouncing back from a difficult stretch of absolute and relative performance in 2021 and 2022. The Fund's U.S. holdings, specifically SpaceX and Cloudflare, were responsible for relative strength in 2025.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019if9ebca18090e8d889e08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI ACWI Index** | **MSCI ACWI Growth Index** |
| **12/31/15** | $1000000 | $1000000 | $1000000 |
| **03/31/16** | $950714 | $1002382 | $996980 |
| **06/30/16** | $960714 | $1012294 | $1004379 |
| **09/30/16** | $1067143 | $1065964 | $1057453 |
| **12/31/16** | $990714 | $1078643 | $1032681 |
| **03/31/17** | $1159286 | $1153158 | $1126486 |
| **06/30/17** | $1250714 | $1202435 | $1190893 |
| **09/30/17** | $1350714 | $1264746 | $1259497 |
| **12/31/17** | $1484286 | $1337217 | $1342497 |
| **03/31/18** | $1586429 | $1323396 | $1350161 |
| **06/30/18** | $1675000 | $1331425 | $1382129 |
| **09/30/18** | $1670000 | $1388369 | $1445145 |
| **12/31/18** | $1430000 | $1211326 | $1233345 |
| **03/31/19** | $1804286 | $1358805 | $1411908 |
| **06/30/19** | $1927857 | $1407884 | $1481098 |
| **09/30/19** | $1852857 | $1407519 | $1485064 |
| **12/31/19** | $2080000 | $1533507 | $1636931 |
| **03/31/20** | $1921429 | $1205870 | $1379698 |
| **06/30/20** | $2812857 | $1437625 | $1726619 |
| **09/30/20** | $3181429 | $1554508 | $1933778 |
| **12/31/20** | $3732857 | $1782776 | $2186905 |
| **03/31/21** | $3664286 | $1864274 | $2193088 |
| **06/30/21** | $4100714 | $2002105 | $2411975 |
| **09/30/21** | $3899286 | $1980997 | $2394502 |
| **12/31/21** | $3766429 | $2113256 | $2560918 |
| **03/31/22** | $2908571 | $1999968 | $2311983 |
| **06/30/22** | $1967857 | $1686763 | $1846013 |
| **09/30/22** | $2002122 | $1571731 | $1736554 |
| **12/31/22** | $1823945 | $1725177 | $1828284 |
| **03/31/23** | $1995576 | $1851216 | $2080265 |
| **06/30/23** | $2123573 | $1965570 | $2271566 |
| **09/30/23** | $1994849 | $1898691 | $2160374 |
| **12/31/23** | $2290113 | $2108199 | $2435629 |
| **03/31/24** | $2372292 | $2279790 | $2665721 |
| **06/30/24** | $2452290 | $2346442 | $2832564 |
| **09/30/24** | $2588286 | $2501633 | $2947838 |
| **12/31/24** | $2895186 | $2476895 | $3025673 |
| **03/31/25** | $2623194 | $2444088 | $2819181 |
| **06/30/25** | $3218085 | $2725809 | $3305771 |
| **09/30/25** | $3466078 | $2933592 | $3602605 |
| **12/31/25** | $3692148 | $3030169 | $3704752 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| Institutional | 27.53% | (0.22)% | 13.95% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| MSCI ACWI Growth Index | 22.44% | 11.12% | 13.99% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $737169360 |
| # of Issuers | 42 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of fees waived) | $4979140 |

---

# Baron Global Opportunity Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 18.7% |
| NVIDIA Corp. | 9.0% |
| MercadoLibre, Inc. | 6.2% |
| Shopify, Inc. | 5.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.1% |
| Amazon.com, Inc. | 4.0% |
| argenx SE | 3.7% |
| Coupang, Inc. | 3.6% |
| Bajaj Finance Limited | 3.4% |
| Eternal Ltd. | 3.1% |
| Total | 62.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i729309dd4adf99adbcd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 40.2% |
| Industrials | 22.4% |
| Consumer Discretionary | 21.7% |
| Financials | 9.1% |
| Health Care | 6.5% |
| Unclassified | 0.1% |
| Communication Services | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 0.0%<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>‡</sup> | Rounds to less than 0.1%. |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i6b23529260d11437134d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.7% |
| Netherlands | 8.2% |
| India | 6.5% |
| Argentina | 6.3% |
| Canada | 5.6% |
| Taiwan | 5.1% |
| Brazil | 3.6% |
| Korea, Republic of | 3.6% |
| China | 2.9% |
| Others | 4.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Global Opportunity Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BGAIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Annual Shareholder Report - December 31, 2025

# Baron Global Opportunity Fund

# R6: BGLUX
This annual shareholder report contains important information about Baron Global Opportunity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $102 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and U.S. Federal Reserve rate cuts helped push markets to fresh record highs. The Fund appreciated more than 25% and beat the Index in each of the last three years, bouncing back from a difficult stretch of absolute and relative performance in 2021 and 2022. The Fund's U.S. holdings, specifically SpaceX and Cloudflare, were responsible for relative strength in 2025.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i90dde6af461c399295af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **MSCI ACWI Index** | **MSCI ACWI Growth Index** |
| **12/31/15** | $5000000 | $5000000 | $5000000 |
| **03/31/16** | $4753571 | $5011909 | $4984901 |
| **06/30/16** | $4803571 | $5061470 | $5021896 |
| **09/30/16** | $5339286 | $5329820 | $5287264 |
| **12/31/16** | $4953571 | $5393216 | $5163407 |
| **03/31/17** | $5800000 | $5765791 | $5632429 |
| **06/30/17** | $6257143 | $6012174 | $5954466 |
| **09/30/17** | $6757143 | $6323729 | $6297483 |
| **12/31/17** | $7425000 | $6686084 | $6712484 |
| **03/31/18** | $7939286 | $6616979 | $6750806 |
| **06/30/18** | $8378571 | $6657126 | $6910643 |
| **09/30/18** | $8353571 | $6941843 | $7225727 |
| **12/31/18** | $7153571 | $6056629 | $6166723 |
| **03/31/19** | $9028571 | $6794027 | $7059541 |
| **06/30/19** | $9646429 | $7039419 | $7405492 |
| **09/30/19** | $9267857 | $7037596 | $7425322 |
| **12/31/19** | $10403571 | $7667535 | $8184655 |
| **03/31/20** | $9610714 | $6029350 | $6898488 |
| **06/30/20** | $14071429 | $7188126 | $8633096 |
| **09/30/20** | $15917857 | $7772539 | $9668892 |
| **12/31/20** | $18671429 | $8913881 | $10934526 |
| **03/31/21** | $18332143 | $9321370 | $10965442 |
| **06/30/21** | $20514286 | $10010524 | $12059874 |
| **09/30/21** | $19507143 | $9904985 | $11972510 |
| **12/31/21** | $18842857 | $10566279 | $12804588 |
| **03/31/22** | $14553571 | $9999842 | $11559914 |
| **06/30/22** | $9846429 | $8433817 | $9230064 |
| **09/30/22** | $10017751 | $7858654 | $8682768 |
| **12/31/22** | $9126880 | $8625887 | $9141418 |
| **03/31/23** | $9985025 | $9256078 | $10401325 |
| **06/30/23** | $10624997 | $9827852 | $11357828 |
| **09/30/23** | $9981389 | $9493453 | $10801870 |
| **12/31/23** | $11457689 | $10540994 | $12178146 |
| **03/31/24** | $11864944 | $11398948 | $13328603 |
| **06/30/24** | $12268563 | $11732209 | $14162818 |
| **09/30/24** | $12944897 | $12508163 | $14739188 |
| **12/31/24** | $14483013 | $12384476 | $15128365 |
| **03/31/25** | $13119435 | $12220440 | $14095907 |
| **06/30/25** | $16097489 | $13629045 | $16528853 |
| **09/30/25** | $17370162 | $14667960 | $18013024 |
| **12/31/25** | $18504062 | $15150847 | $18523758 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | 10 Years |
| R6 | 27.76% | (0.18)% | 13.98% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |
| MSCI ACWI Growth Index | 22.44% | 11.12% | 13.99% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $737169360 |
| # of Issuers | 42 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of fees waived) | $4979140 |

---

# Baron Global Opportunity Fund

# December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Space Exploration Technologies Corp. | 18.7% |
| NVIDIA Corp. | 9.0% |
| MercadoLibre, Inc. | 6.2% |
| Shopify, Inc. | 5.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.1% |
| Amazon.com, Inc. | 4.0% |
| argenx SE | 3.7% |
| Coupang, Inc. | 3.6% |
| Bajaj Finance Limited | 3.4% |
| Eternal Ltd. | 3.1% |
| Total | 62.5% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i729309dd4adf99adbcd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 40.2% |
| Industrials | 22.4% |
| Consumer Discretionary | 21.7% |
| Financials | 9.1% |
| Health Care | 6.5% |
| Unclassified | 0.1% |
| Communication Services | 0.0%<sup>Footnote Reference‡</sup> |
| Cash and Cash Equivalents | 0.0%<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>‡</sup> | Rounds to less than 0.1%. |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Country Chart](g61019i6b23529260d11437134d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.7% |
| Netherlands | 8.2% |
| India | 6.5% |
| Argentina | 6.3% |
| Canada | 5.6% |
| Taiwan | 5.1% |
| Brazil | 3.6% |
| Korea, Republic of | 3.6% |
| China | 2.9% |
| Others | 4.5%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>†</sup> | Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Global Opportunity Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BGLUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Income Fund

# Retail: BRIFX
This annual shareholder report contains important information about Baron Real Estate Income Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $107 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
REITs trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund outperformed because of its unique exposure to non-REIT real estate companies, which were up over 18%. GDS, Wynn, Jones Lang LaSalle, Brookfield, Las Vegas Sands, CRH, and Toll Brothers led the way in the group. Stock selection in health care (American Healthcare, Ventas, and Welltower) and self-storage (SmartStop Self Storage) REITs also added value but was undone by stock-specific weakness in all other REIT categories where the Fund had investments.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i33218b169bc18f590d41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **S&P 500 Index** | **MSCI US REIT Index** |
| **12/29/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10000 | $10000 | $10000 |
| **3/31/18** | $9390 | $9924 | $9162 |
| **6/30/18** | $9975 | $10265 | $10054 |
| **9/30/18** | $10006 | $11056 | $10132 |
| **12/31/18** | $8867 | $9562 | $9417 |
| **3/31/19** | $10451 | $10867 | $10917 |
| **6/30/19** | $10694 | $11334 | $11025 |
| **9/30/19** | $11408 | $11527 | $11839 |
| **12/31/19** | $12118 | $12572 | $11709 |
| **3/31/20** | $10195 | $10108 | $8520 |
| **6/30/20** | $11937 | $12185 | $9490 |
| **9/30/20** | $12941 | $13273 | $9617 |
| **12/31/20** | $14787 | $14885 | $10690 |
| **3/31/21** | $15892 | $15804 | $11598 |
| **6/30/21** | $17217 | $17156 | $12961 |
| **9/30/21** | $16927 | $17255 | $13057 |
| **12/31/21** | $19087 | $19158 | $15149 |
| **3/31/22** | $18530 | $18277 | $14501 |
| **6/30/22** | $15115 | $15334 | $12012 |
| **9/30/22** | $13541 | $14586 | $10778 |
| **12/31/22** | $13818 | $15688 | $11306 |
| **3/31/23** | $14456 | $16865 | $11576 |
| **6/30/23** | $14925 | $18339 | $11846 |
| **9/30/23** | $13962 | $17739 | $10979 |
| **12/31/23** | $15917 | $19813 | $12692 |
| **3/31/24** | $16223 | $21904 | $12614 |
| **6/30/24** | $15909 | $22842 | $12586 |
| **9/30/24** | $18480 | $24187 | $14574 |
| **12/31/24** | $18648 | $24770 | $13643 |
| **3/31/25** | $18441 | $23711 | $13746 |
| **6/30/25** | $18398 | $26306 | $13546 |
| **9/30/25** | $19375 | $28443 | $14154 |
| **12/31/25** | $19283 | $29198 | $13872 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Retail | 3.41% | 5.45% | 8.55% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.17% |
| S&P 500 Index | 17.88% | 14.42% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $258828817 |
| # of Issuers | 35 |
| Portfolio Turnover Rate | 122% |
| Total Advisory Fees Paid (Net of fees waived) | $1589738 |

---

# Baron Real Estate Income Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Prologis, Inc. | 10.8% |
| Welltower, Inc. | 10.2% |
| Ventas, Inc. | 7.0% |
| Simon Property Group, Inc. | 4.3% |
| Brookfield Corp. | 4.0% |
| Jones Lang LaSalle, Inc. | 4.0% |
| EastGroup Properties, Inc. | 3.9% |
| Macerich Co. | 3.7% |
| Equinix, Inc. | 3.6% |
| American Tower Corp. | 2.9% |
| Total | 54.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i8c52b00ee5d583f2d97a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 72.8% |
| Financials | 9.2% |
| Consumer Discretionary | 8.3% |
| Materials | 2.9% |
| Information Technology | 1.7% |
| Industrials | 1.3% |
| Cash and Cash Equivalents | 3.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Income Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BRIFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Income Fund

# Institutional: BRIIX
This annual shareholder report contains important information about Baron Real Estate Income Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $81 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
REITs trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund outperformed because of its unique exposure to non-REIT real estate companies, which were up over 18%. GDS, Wynn, Jones Lang LaSalle, Brookfield, Las Vegas Sands, CRH, and Toll Brothers led the way in the group. Stock selection in health care (American Healthcare, Ventas, and Welltower) and self-storage (SmartStop Self Storage) REITs also added value but was undone by stock-specific weakness in all other REIT categories where the Fund had investments.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019ibfd183f519567efc42db.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **S&P 500 Index** | **MSCI US REIT Index** |
| **12/29/17** | $1000000 | $1000000 | $1000000 |
| **12/31/17** | $1000000 | $1000000 | $1000000 |
| **3/31/18** | $940000 | $992409 | $916133 |
| **6/30/18** | $998508 | $1026487 | $1005373 |
| **9/30/18** | $1002593 | $1105637 | $1013203 |
| **12/31/18** | $889736 | $956158 | $941725 |
| **3/31/19** | $1049110 | $1086653 | $1091679 |
| **6/30/19** | $1073502 | $1133421 | $1102508 |
| **9/30/19** | $1142797 | $1152670 | $1183848 |
| **12/31/19** | $1214860 | $1257217 | $1170863 |
| **3/31/20** | $1023575 | $1010827 | $851959 |
| **6/30/20** | $1197739 | $1218485 | $948988 |
| **9/30/20** | $1299230 | $1327287 | $961695 |
| **12/31/20** | $1485821 | $1488530 | $1068986 |
| **3/31/21** | $1598482 | $1580445 | $1159809 |
| **6/30/21** | $1733020 | $1715556 | $1296022 |
| **9/30/21** | $1705139 | $1725541 | $1305718 |
| **12/31/21** | $1925315 | $1915818 | $1514868 |
| **3/31/22** | $1869667 | $1827719 | $1450033 |
| **6/30/22** | $1525035 | $1533435 | $1201161 |
| **9/30/22** | $1367663 | $1458563 | $1077737 |
| **12/31/22** | $1396373 | $1568846 | $1130544 |
| **3/31/23** | $1462378 | $1686464 | $1157559 |
| **6/30/23** | $1510709 | $1833898 | $1184592 |
| **9/30/23** | $1413162 | $1773866 | $1097891 |
| **12/31/23** | $1612935 | $1981259 | $1269214 |
| **3/31/24** | $1644526 | $2190400 | $1261331 |
| **6/30/24** | $1613032 | $2284231 | $1258597 |
| **9/30/24** | $1875084 | $2418694 | $1457355 |
| **12/31/24** | $1892961 | $2476964 | $1364229 |
| **3/31/25** | $1874471 | $2371145 | $1374575 |
| **6/30/25** | $1870154 | $2630605 | $1354545 |
| **9/30/25** | $1971653 | $2844328 | $1415365 |
| **12/31/25** | $1963687 | $2919845 | $1387176 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Institutional | 3.74% | 5.74% | 8.79% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.17% |
| S&P 500 Index | 17.88% | 14.42% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $258828817 |
| # of Issuers | 35 |
| Portfolio Turnover Rate | 122% |
| Total Advisory Fees Paid (Net of fees waived) | $1589738 |

---

# Baron Real Estate Income Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Prologis, Inc. | 10.8% |
| Welltower, Inc. | 10.2% |
| Ventas, Inc. | 7.0% |
| Simon Property Group, Inc. | 4.3% |
| Brookfield Corp. | 4.0% |
| Jones Lang LaSalle, Inc. | 4.0% |
| EastGroup Properties, Inc. | 3.9% |
| Macerich Co. | 3.7% |
| Equinix, Inc. | 3.6% |
| American Tower Corp. | 2.9% |
| Total | 54.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i8c52b00ee5d583f2d97a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 72.8% |
| Financials | 9.2% |
| Consumer Discretionary | 8.3% |
| Materials | 2.9% |
| Information Technology | 1.7% |
| Industrials | 1.3% |
| Cash and Cash Equivalents | 3.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Income Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BRIIX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Real Estate Income Fund

# R6: BRIUX
This annual shareholder report contains important information about Baron Real Estate Income Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $81 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
REITs trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund outperformed because of its unique exposure to non-REIT real estate companies, which were up over 18%. GDS, Wynn, Jones Lang LaSalle, Brookfield, Las Vegas Sands, CRH, and Toll Brothers led the way in the group. Stock selection in health care (American Healthcare, Ventas, and Welltower) and self-storage (SmartStop Self Storage) REITs also added value but was undone by stock-specific weakness in all other REIT categories where the Fund had investments.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i34805985ae98eac14313.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **S&P 500 Index** | **MSCI US REIT Index** |
| **12/29/17** | $5000000 | $5000000 | $4999999 |
| **12/31/17** | $5000000 | $5000000 | $4999999 |
| **3/31/18** | $4705000 | $4962045 | $4580666 |
| **6/30/18** | $4997538 | $5132435 | $5026866 |
| **9/30/18** | $5012835 | $5528185 | $5066016 |
| **12/31/18** | $4448569 | $4780788 | $4708624 |
| **3/31/19** | $5245419 | $5433264 | $5458394 |
| **6/30/19** | $5372526 | $5667103 | $5512541 |
| **9/30/19** | $5708651 | $5763348 | $5919238 |
| **12/31/19** | $6068938 | $6286085 | $5854314 |
| **3/31/20** | $5112523 | $5054136 | $4259796 |
| **6/30/20** | $5983322 | $6092425 | $4744939 |
| **9/30/20** | $6490762 | $6636436 | $4808475 |
| **12/31/20** | $7423695 | $7442650 | $5344932 |
| **3/31/21** | $7986989 | $7902225 | $5799045 |
| **6/30/21** | $8659665 | $8577778 | $6480111 |
| **9/30/21** | $8514971 | $8627704 | $6528590 |
| **12/31/21** | $9621126 | $9579091 | $7574341 |
| **3/31/22** | $9337551 | $9138595 | $7250164 |
| **6/30/22** | $7619763 | $7667176 | $6005804 |
| **9/30/22** | $6827557 | $7292816 | $5388687 |
| **12/31/22** | $6976529 | $7844232 | $5652722 |
| **3/31/23** | $7306561 | $8432318 | $5787796 |
| **6/30/23** | $7548221 | $9169490 | $5922958 |
| **9/30/23** | $7060478 | $8869332 | $5489453 |
| **12/31/23** | $8053838 | $9906297 | $6346071 |
| **3/31/24** | $8217349 | $10952000 | $6306656 |
| **6/30/24** | $8059895 | $11421157 | $6292986 |
| **9/30/24** | $9370224 | $12093469 | $7286774 |
| **12/31/24** | $9453994 | $12384821 | $6821147 |
| **3/31/25** | $9361539 | $11855725 | $6872873 |
| **6/30/25** | $9339954 | $13153023 | $6772727 |
| **9/30/25** | $9847477 | $14221641 | $7076827 |
| **12/31/25** | $9807645 | $14599224 | $6935878 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| R6 | 3.74% | 5.73% | 8.78% |
| MSCI US REIT Index | 1.67% | 5.35% | 4.17% |
| S&P 500 Index | 17.88% | 14.42% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $258828817 |
| # of Issuers | 35 |
| Portfolio Turnover Rate | 122% |
| Total Advisory Fees Paid (Net of fees waived) | $1589738 |

---

# Baron Real Estate Income Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Prologis, Inc. | 10.8% |
| Welltower, Inc. | 10.2% |
| Ventas, Inc. | 7.0% |
| Simon Property Group, Inc. | 4.3% |
| Brookfield Corp. | 4.0% |
| Jones Lang LaSalle, Inc. | 4.0% |
| EastGroup Properties, Inc. | 3.9% |
| Macerich Co. | 3.7% |
| Equinix, Inc. | 3.6% |
| American Tower Corp. | 2.9% |
| Total | 54.4% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019i8c52b00ee5d583f2d97a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 72.8% |
| Financials | 9.2% |
| Consumer Discretionary | 8.3% |
| Materials | 2.9% |
| Information Technology | 1.7% |
| Industrials | 1.3% |
| Cash and Cash Equivalents | 3.8%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Real Estate Income Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BRIUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Health Care Fund

# R6: BHCUX
This annual shareholder report contains important information about Baron Health Care Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $89 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Health Care struggled to keep pace with the broader U.S. equity market for a third straight year, with most of the weakness coming in May, June, and July when the sector trailed the Russell 3000 Index by approximately 20%. Health Care performance was hampered by multiple factors, including regulatory uncertainty, federal investigations involving sector heavyweight UnitedHealth, cancellations/delays of National Institutes of Health grants for academic research, concerns about tariffs on the pharmaceutical industry, and renewed investor interest in AI-driven technology companies. Against this challenging backdrop, the Fund trailed the Index due to a combination of disappointing stock selection and lower exposure to strong-performing mega cap pharmaceutical stocks.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i14d5081227f0ced9afd0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6** | **Russell 3000 Index** | **Russell 3000 Health Care Index** |
| **4/30/18** | $5000000 | $5000000 | $5000000 |
| **6/30/18** | $5240000 | $5174774 | $5169101 |
| **9/30/18** | $5800000 | $5543421 | $5872428 |
| **12/31/18** | $4760000 | $4750590 | $5242465 |
| **3/31/19** | $5475000 | $5417737 | $5697244 |
| **6/30/19** | $5825000 | $5639597 | $5778840 |
| **9/30/19** | $5475000 | $5705159 | $5570154 |
| **12/31/19** | $6455000 | $6224177 | $6401579 |
| **3/31/20** | $5855000 | $4923343 | $5576793 |
| **6/30/20** | $7300000 | $6007835 | $6517950 |
| **9/30/20** | $8150000 | $6561008 | $6940235 |
| **12/31/20** | $9537612 | $7524270 | $7639687 |
| **3/31/21** | $9598264 | $8001829 | $7803056 |
| **6/30/21** | $10690010 | $8661163 | $8439848 |
| **9/30/21** | $10816260 | $8652354 | $8454091 |
| **12/31/21** | $11043325 | $9455081 | $9060627 |
| **3/31/22** | $9941043 | $8955999 | $8647788 |
| **6/30/22** | $8951553 | $7460243 | $8005630 |
| **9/30/22** | $8408103 | $7127173 | $7627711 |
| **12/31/22** | $9177137 | $7639050 | $8508021 |
| **3/31/23** | $8833635 | $8187557 | $8229641 |
| **6/30/23** | $9653938 | $8874231 | $8512817 |
| **9/30/23** | $9069472 | $8585479 | $8182555 |
| **12/31/23** | $9766729 | $9621905 | $8751949 |
| **3/31/24** | $10633174 | $10585958 | $9497668 |
| **6/30/24** | $10361449 | $10926401 | $9400994 |
| **9/30/24** | $10963688 | $11607022 | $10034642 |
| **12/31/24** | $9913151 | $11912668 | $9056080 |
| **3/31/25** | $9660816 | $11350158 | $9406654 |
| **6/30/25** | $9171596 | $12597681 | $8824260 |
| **9/30/25** | $9665966 | $13627690 | $9269650 |
| **12/31/25** | $10932789 | $13955146 | $10374687 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 4/30/2018 |
| R6 | 10.29% | 2.77% | 10.73% |
| Russell 3000 Health Care Index | 14.56% | 6.31% | 9.98% |
| Russell 3000 Index | 17.15% | 13.15% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $143988886 |
| # of Issuers | 43 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of fees waived) | $994776 |

---

# Baron Health Care Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Eli Lilly & Co. | 11.4% |
| argenx SE | 6.8% |
| Thermo Fisher Scientific, Inc. | 5.2% |
| Insmed, Inc. | 4.6% |
| AstraZeneca PLC | 4.0% |
| AbbVie, Inc. | 3.9% |
| Mettler-Toledo International, Inc. | 3.4% |
| Intuitive Surgical, Inc. | 3.3% |
| Boston Scientific Corp. | 3.1% |
| Danaher Corp. | 3.1% |
| Total | 48.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ic68cf91e742314a626b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 94.7% |
| Real Estate | 1.0% |
| Cash and Cash Equivalents | 4.3%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Health Care Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BHCUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Health Care Fund

# Retail: BHCFX
This annual shareholder report contains important information about Baron Health Care Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $116 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
Health Care struggled to keep pace with the broader U.S. equity market for a third straight year, with most of the weakness coming in May, June, and July when the sector trailed the Russell 3000 Index by approximately 20%. Health Care performance was hampered by multiple factors, including regulatory uncertainty, federal investigations involving sector heavyweight UnitedHealth, cancellations/delays of National Institutes of Health grants for academic research, concerns about tariffs on the pharmaceutical industry, and renewed investor interest in AI-driven technology companies. Against this challenging backdrop, the Fund trailed the Index due to a combination of disappointing stock selection and lower exposure to strong-performing mega cap pharmaceutical stocks.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i340390b191a26a1391f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **Russell 3000 Index** | **Russell 3000 Health Care Index** |
| **4/30/18** | $10000 | $10000 | $10000 |
| **6/30/18** | $10480 | $10350 | $10338 |
| **9/30/18** | $11590 | $11087 | $11745 |
| **12/31/18** | $9510 | $9501 | $10485 |
| **3/31/19** | $10930 | $10835 | $11394 |
| **6/30/19** | $11620 | $11279 | $11558 |
| **9/30/19** | $10910 | $11410 | $11140 |
| **12/31/19** | $12860 | $12448 | $12803 |
| **3/31/20** | $11650 | $9847 | $11154 |
| **6/30/20** | $14520 | $12016 | $13036 |
| **9/30/20** | $16200 | $13122 | $13880 |
| **12/31/20** | $18955 | $15049 | $15279 |
| **3/31/21** | $19056 | $16004 | $15606 |
| **6/30/21** | $21220 | $17322 | $16880 |
| **9/30/21** | $21452 | $17305 | $16908 |
| **12/31/21** | $21886 | $18910 | $18121 |
| **3/31/22** | $19691 | $17912 | $17296 |
| **6/30/22** | $17722 | $14920 | $16011 |
| **9/30/22** | $16635 | $14254 | $15255 |
| **12/31/22** | $18142 | $15278 | $17016 |
| **3/31/23** | $17455 | $16375 | $16459 |
| **6/30/23** | $19065 | $17748 | $17026 |
| **9/30/23** | $17896 | $17171 | $16365 |
| **12/31/23** | $19260 | $19244 | $17504 |
| **3/31/24** | $20963 | $21172 | $18995 |
| **6/30/24** | $20419 | $21853 | $18802 |
| **9/30/24** | $21588 | $23214 | $20069 |
| **12/31/24** | $19502 | $23825 | $18112 |
| **3/31/25** | $18988 | $22700 | $18813 |
| **6/30/25** | $18022 | $25195 | $17649 |
| **9/30/25** | $18988 | $27255 | $18539 |
| **12/31/25** | $21454 | $27910 | $20749 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 4/30/2018 |
| Retail | 10.01% | 2.51% | 10.46% |
| Russell 3000 Health Care Index | 14.56% | 6.31% | 9.98% |
| Russell 3000 Index | 17.15% | 13.15% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $143988886 |
| # of Issuers | 43 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of fees waived) | $994776 |

---

# Baron Health Care Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Eli Lilly & Co. | 11.4% |
| argenx SE | 6.8% |
| Thermo Fisher Scientific, Inc. | 5.2% |
| Insmed, Inc. | 4.6% |
| AstraZeneca PLC | 4.0% |
| AbbVie, Inc. | 3.9% |
| Mettler-Toledo International, Inc. | 3.4% |
| Intuitive Surgical, Inc. | 3.3% |
| Boston Scientific Corp. | 3.1% |
| Danaher Corp. | 3.1% |
| Total | 48.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ic68cf91e742314a626b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 94.7% |
| Real Estate | 1.0% |
| Cash and Cash Equivalents | 4.3%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Health Care Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BHCFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron Health Care Fund

# Institutional: BHCHX
This annual shareholder report contains important information about Baron Health Care Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $89 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Health Care struggled to keep pace with the broader U.S. equity market for a third straight year, with most of the weakness coming in May, June, and July when the sector trailed the Russell 3000 Index by approximately 20%. Health Care performance was hampered by multiple factors, including regulatory uncertainty, federal investigations involving sector heavyweight UnitedHealth, cancellations/delays of National Institutes of Health grants for academic research, concerns about tariffs on the pharmaceutical industry, and renewed investor interest in AI-driven technology companies. Against this challenging backdrop, the Fund trailed the Index due to a combination of disappointing stock selection and lower exposure to strong-performing mega cap pharmaceutical stocks.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019ia8bf923f2d6a4aa34f41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 3000 Index** | **Russell 3000 Health Care Index** |
| **4/30/18** | $1000000 | $1000000 | $1000000 |
| **6/30/18** | $1049000 | $1034955 | $1033820 |
| **9/30/18** | $1160000 | $1108684 | $1174486 |
| **12/31/18** | $953000 | $950118 | $1048493 |
| **3/31/19** | $1096000 | $1083547 | $1139449 |
| **6/30/19** | $1165000 | $1127919 | $1155768 |
| **9/30/19** | $1095000 | $1141032 | $1114031 |
| **12/31/19** | $1292000 | $1244835 | $1280316 |
| **3/31/20** | $1171000 | $984669 | $1115359 |
| **6/30/20** | $1460000 | $1201567 | $1303590 |
| **9/30/20** | $1630000 | $1312202 | $1388047 |
| **12/31/20** | $1908533 | $1504854 | $1527937 |
| **3/31/21** | $1919653 | $1600366 | $1560611 |
| **6/30/21** | $2139013 | $1732233 | $1687970 |
| **9/30/21** | $2164263 | $1730471 | $1690818 |
| **12/31/21** | $2208650 | $1891016 | $1812125 |
| **3/31/22** | $1989221 | $1791200 | $1729558 |
| **6/30/22** | $1790299 | $1492049 | $1601126 |
| **9/30/22** | $1682635 | $1425435 | $1525542 |
| **12/31/22** | $1835415 | $1527810 | $1701604 |
| **3/31/23** | $1767741 | $1637511 | $1645928 |
| **6/30/23** | $1930775 | $1774846 | $1702563 |
| **9/30/23** | $1813882 | $1717096 | $1636511 |
| **12/31/23** | $1953333 | $1924381 | $1750390 |
| **3/31/24** | $2127646 | $2117192 | $1899534 |
| **6/30/24** | $2073301 | $2185280 | $1880199 |
| **9/30/24** | $2193748 | $2321404 | $2006928 |
| **12/31/24** | $1983643 | $2382534 | $1811216 |
| **3/31/25** | $1933176 | $2270032 | $1881331 |
| **6/30/25** | $1835333 | $2519536 | $1764852 |
| **9/30/25** | $1934206 | $2725538 | $1853930 |
| **12/31/25** | $2187569 | $2791029 | $2074937 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 4/30/2018 |
| Institutional | 10.28% | 2.77% | 10.74% |
| Russell 3000 Health Care Index | 14.56% | 6.31% | 9.98% |
| Russell 3000 Index | 17.15% | 13.15% | 14.32% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $143988886 |
| # of Issuers | 43 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (Net of fees waived) | $994776 |

---

# Baron Health Care Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| Eli Lilly & Co. | 11.4% |
| argenx SE | 6.8% |
| Thermo Fisher Scientific, Inc. | 5.2% |
| Insmed, Inc. | 4.6% |
| AstraZeneca PLC | 4.0% |
| AbbVie, Inc. | 3.9% |
| Mettler-Toledo International, Inc. | 3.4% |
| Intuitive Surgical, Inc. | 3.3% |
| Boston Scientific Corp. | 3.1% |
| Danaher Corp. | 3.1% |
| Total | 48.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ic68cf91e742314a626b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 94.7% |
| Real Estate | 1.0% |
| Cash and Cash Equivalents | 4.3%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron Health Care Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BHCHX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron India Fund

# Retail: BINRX
This annual shareholder report contains important information about Baron India Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $145 | 1.45% |

---

## How did the Fund perform last year and what affected its performance?
After delivering stellar performance over the 2020 to 2024 period, Indian equities experienced a phase of consolidation in 2025, driven by a temporary deceleration in economic growth and a related loss of earnings momentum. The Fund trailed the Index for the year with most of the underperformance coming in the fourth quarter when the breadth of equity returns narrowed in favor of large caps and value-oriented equities significantly outpaced growth peers. Consequently, the Fund's sizable exposure to SMID-cap stocks and growth-oriented investment bias were key drags on relative performance.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i9e7d788e866823322c06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Retail** | **MSCI Emerging Markets Index** | **MSCI AC Asia ex Japan/India Linked Index** | **MSCI India Index** |
| **7/30/21** | $10000 | $10000 | $10000 | $10000 |
| **9/30/21** | $10370 | $9854 | $9802 | $11161 |
| **12/31/21** | $10170 | $9725 | $9681 | $11137 |
| **3/31/22** | $8610 | $9046 | $8907 | $10930 |
| **6/30/22** | $7920 | $8011 | $8105 | $9439 |
| **9/30/22** | $6950 | $7084 | $6984 | $10052 |
| **12/31/22** | $7400 | $7771 | $7776 | $10251 |
| **3/31/23** | $7610 | $8078 | $8114 | $9600 |
| **6/30/23** | $7770 | $8151 | $8012 | $10775 |
| **9/30/23** | $7370 | $7912 | $7744 | $11068 |
| **12/31/23** | $7810 | $8535 | $8242 | $12384 |
| **3/31/24** | $8310 | $8713 | $8437 | $13136 |
| **6/30/24** | $9200 | $9173 | $9045 | $14477 |
| **9/30/24** | $9772 | $9974 | $9403 | $15531 |
| **12/31/24** | $9181 | $9175 | $8339 | $13773 |
| **3/31/25** | $8901 | $9444 | $8092 | $13366 |
| **6/30/25** | $9712 | $10576 | $8839 | $14599 |
| **9/30/25** | $9091 | $11701 | $8167 | $13489 |
| **12/31/25** | $9123 | $12255 | $8557 | $14134 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Class/Index Name | 1 Year | Since Inception 7/30/2021 |
| Retail | (0.63)% | (2.05)% |
| MSCI AC Asia ex Japan/India Linked Index | 2.62% | (3.46)% |
| MSCI India Index | 2.62% | 8.13% |
| MSCI Emerging Markets Index | 33.57% | 4.70% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $25384873 |
| # of Issuers | 38 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net of fees waived) | $0 |

---

# Baron India Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| HDFC Bank Ltd. | 7.9% |
| Bharti Airtel Ltd. PP | 7.4% |
| Reliance Industries Limited | 6.7% |
| Precision Wires India Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.4% |
| Bajaj Finance Limited | 4.3% |
| Max Healthcare Institute Ltd. | 4.3% |
| Eternal Ltd. | 3.9% |
| Aster DM Healthcare Ltd. | 3.0% |
| Mahindra & Mahindra Ltd. | 3.0% |
| Total | 49.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ia4c4116ca0ac759cc65e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 30.4% |
| Industrials | 17.8% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.9% |
| Communication Services | 8.2% |
| Information Technology | 7.5% |
| Energy | 6.7% |
| Utilities | 2.1% |
| Consumer Staples | 2.0% |
| Real Estate | 0.6% |
| Materials | 0.4% |
| Cash and Cash Equivalents | 4.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron India Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BINRX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron India Fund

# Institutional: BINDX
This annual shareholder report contains important information about Baron India Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $120 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
After delivering stellar performance over the 2020 to 2024 period, Indian equities experienced a phase of consolidation in 2025, driven by a temporary deceleration in economic growth and a related loss of earnings momentum. The Fund trailed the Index for the year with most of the underperformance coming in the fourth quarter when the breadth of equity returns narrowed in favor of large caps and value-oriented equities significantly outpaced growth peers. Consequently, the Fund's sizable exposure to SMID-cap stocks and growth-oriented investment bias were key drags on relative performance.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i6662a728c3d8eb1ef4ad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **MSCI Emerging Markets Index** | **MSCI AC Asia ex Japan/India Linked Index** | **MSCI India Index** |
| **7/30/21** | $1000000 | $1000000 | $1000000 | $1000000 |
| **9/30/21** | $1037000 | $985394 | $980150 | $1116115 |
| **12/31/21** | $1017000 | $972470 | $968070 | $1113710 |
| **3/31/22** | $862000 | $904641 | $890690 | $1093020 |
| **6/30/22** | $794000 | $801061 | $810480 | $943873 |
| **9/30/22** | $697000 | $708359 | $698360 | $1005184 |
| **12/31/22** | $743000 | $777088 | $777640 | $1025124 |
| **3/31/23** | $764000 | $807828 | $811390 | $960030 |
| **6/30/23** | $780000 | $815075 | $801170 | $1077480 |
| **9/30/23** | $741000 | $791232 | $774380 | $1106751 |
| **12/31/23** | $786000 | $853461 | $824150 | $1238417 |
| **3/31/24** | $836000 | $871297 | $843740 | $1313580 |
| **6/30/24** | $926000 | $917349 | $904470 | $1447661 |
| **9/30/24** | $984645 | $997365 | $940330 | $1553144 |
| **12/31/24** | $925486 | $917505 | $833870 | $1377295 |
| **3/31/25** | $898413 | $944366 | $809240 | $1336631 |
| **6/30/25** | $980634 | $1057577 | $883880 | $1459915 |
| **9/30/25** | $918467 | $1170135 | $816650 | $1348862 |
| **12/31/25** | $922368 | $1225476 | $855710 | $1413372 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Class/Index Name | 1 Year | Since Inception 7/30/2021 |
| Institutional | (0.34)% | (1.81)% |
| MSCI AC Asia ex Japan/India Linked Index | 2.62% | (3.46)% |
| MSCI India Index | 2.62% | 8.13% |
| MSCI Emerging Markets Index | 33.57% | 4.70% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $25384873 |
| # of Issuers | 38 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net of fees waived) | $0 |

---

# Baron India Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| HDFC Bank Ltd. | 7.9% |
| Bharti Airtel Ltd. PP | 7.4% |
| Reliance Industries Limited | 6.7% |
| Precision Wires India Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.4% |
| Bajaj Finance Limited | 4.3% |
| Max Healthcare Institute Ltd. | 4.3% |
| Eternal Ltd. | 3.9% |
| Aster DM Healthcare Ltd. | 3.0% |
| Mahindra & Mahindra Ltd. | 3.0% |
| Total | 49.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ia4c4116ca0ac759cc65e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 30.4% |
| Industrials | 17.8% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.9% |
| Communication Services | 8.2% |
| Information Technology | 7.5% |
| Energy | 6.7% |
| Utilities | 2.1% |
| Consumer Staples | 2.0% |
| Real Estate | 0.6% |
| Materials | 0.4% |
| Cash and Cash Equivalents | 4.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron India Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BINDX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron India Fund

# R6: BINUX
This annual shareholder report contains important information about Baron India Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $120 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
After delivering stellar performance over the 2020 to 2024 period, Indian equities experienced a phase of consolidation in 2025, driven by a temporary deceleration in economic growth and a related loss of earnings momentum. The Fund trailed the Index for the year with most of the underperformance coming in the fourth quarter when the breadth of equity returns narrowed in favor of large caps and value-oriented equities significantly outpaced growth peers. Consequently, the Fund's sizable exposure to SMID-cap stocks and growth-oriented investment bias were key drags on relative performance.

## Comparison of the Change in Value of $5,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i191e2f409571934833df.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R6** | **MSCI Emerging Markets Index** | **MSCI AC Asia ex Japan/India Linked Index** | **MSCI India Index** |
| **7/30/21** | $5000000 | $5000000 | $5000000 | $5000000 |
| **9/30/21** | $5185000 | $4926972 | $4900750 | $5580573 |
| **12/31/21** | $5085000 | $4862349 | $4840350 | $5568552 |
| **3/31/22** | $4315000 | $4523204 | $4453450 | $5465098 |
| **6/30/22** | $3975000 | $4005307 | $4052400 | $4719364 |
| **9/30/22** | $3490000 | $3541794 | $3491800 | $5025918 |
| **12/31/22** | $3715000 | $3885438 | $3888200 | $5125622 |
| **3/31/23** | $3825000 | $4039141 | $4056950 | $4800152 |
| **6/30/23** | $3905000 | $4075373 | $4005850 | $5387398 |
| **9/30/23** | $3710000 | $3956159 | $3871900 | $5533755 |
| **12/31/23** | $3930000 | $4267304 | $4120750 | $6192083 |
| **3/31/24** | $4185000 | $4356485 | $4218700 | $6567901 |
| **6/30/24** | $4635000 | $4586747 | $4522350 | $7238306 |
| **9/30/24** | $4928225 | $4986824 | $4701650 | $7765719 |
| **12/31/24** | $4632431 | $4587527 | $4169350 | $6886477 |
| **3/31/25** | $4497068 | $4721832 | $4046200 | $6683155 |
| **6/30/25** | $4908171 | $5287886 | $4419400 | $7299573 |
| **9/30/25** | $4592324 | $5850674 | $4083250 | $6744312 |
| **12/31/25** | $4616840 | $6127379 | $4278550 | $7066859 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Class/Index Name | 1 Year | Since Inception 7/30/2021 |
| R6 | (0.34)% | (1.79)% |
| MSCI AC Asia ex Japan/India Linked Index | 2.62% | (3.46)% |
| MSCI India Index | 2.62% | 8.13% |
| MSCI Emerging Markets Index | 33.57% | 4.70% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser waives and/or reimburses certain Fund expenses pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term and the Fund's transfer agency expenses may be reduced by expense offsets from an unaffiliated transfer agent, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $25384873 |
| # of Issuers | 38 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net of fees waived) | $0 |

---

# Baron India Fund
December 31, 2025

## What did the Fund invest in?

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets (12/31/25)\*** |
| HDFC Bank Ltd. | 7.9% |
| Bharti Airtel Ltd. PP | 7.4% |
| Reliance Industries Limited | 6.7% |
| Precision Wires India Ltd. | 4.8% |
| ICICI Bank Ltd. | 4.4% |
| Bajaj Finance Limited | 4.3% |
| Max Healthcare Institute Ltd. | 4.3% |
| Eternal Ltd. | 3.9% |
| Aster DM Healthcare Ltd. | 3.0% |
| Mahindra & Mahindra Ltd. | 3.0% |
| Total | 49.8% |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

### Sector Breakdown

### (as a % of net assets)\*
![Group By Sector Chart](g61019ia4c4116ca0ac759cc65e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 30.4% |
| Industrials | 17.8% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.9% |
| Communication Services | 8.2% |
| Information Technology | 7.5% |
| Energy | 6.7% |
| Utilities | 2.1% |
| Consumer Staples | 2.0% |
| Real Estate | 0.6% |
| Materials | 0.4% |
| Cash and Cash Equivalents | 4.9%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Includes other assets and liabilities-net. |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron India Fund

#### Annual Shareholder Report - December 31, 2025

# R6: BINUX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron WealthBuilder Fund

# Retail: BWBFX
This annual shareholder report contains important information about Baron WealthBuilder Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $31 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and a series of U.S. Federal Reserve rate cuts helped push markets to new record highs. Smaller cap growth stocks trailed large caps for a fifth straight year. Given this backdrop, the Fund underperformed largely due to its elevated exposure to small- and mid-cap growth stocks via positions in Baron Growth, Small Cap, Discovery, and Asset, which together accounted for approximately 40% of average assets. Exposure to Baron Real Estate, Real Estate Income, and Health Care that are heavily invested in certain sectors that were out of favor during the year (Real Estate, REITs, and Health Care) and lower exposure to the prime beneficiaries of AI (semiconductors) also proved costly.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i865d2a41c729852f2a4b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retail** | **S&P 500 Index** | **MSCI ACWI Index** |
| **12/29/17** | $1000000 | $1000000 | $1000000 |
| **3/31/18** | $1024000 | $992409 | $989664 |
| **6/30/18** | $1074000 | $1026487 | $995669 |
| **9/30/18** | $1118000 | $1105637 | $1038252 |
| **12/31/18** | $934233 | $956158 | $905856 |
| **3/31/19** | $1110466 | $1086653 | $1016144 |
| **6/30/19** | $1174550 | $1133421 | $1052846 |
| **9/30/19** | $1148952 | $1152670 | $1052574 |
| **12/31/19** | $1272797 | $1257217 | $1146790 |
| **3/31/20** | $1037595 | $1010827 | $901776 |
| **6/30/20** | $1403927 | $1218485 | $1075088 |
| **9/30/20** | $1681127 | $1327287 | $1162495 |
| **12/31/20** | $2067630 | $1488530 | $1333199 |
| **3/31/21** | $2091931 | $1580445 | $1394145 |
| **6/30/21** | $2258862 | $1715556 | $1497218 |
| **9/30/21** | $2270484 | $1725541 | $1481433 |
| **12/31/21** | $2407218 | $1915818 | $1580339 |
| **3/31/22** | $2083427 | $1827719 | $1495620 |
| **6/30/22** | $1618954 | $1533435 | $1261399 |
| **9/30/22** | $1601533 | $1458563 | $1175375 |
| **12/31/22** | $1618828 | $1568846 | $1290125 |
| **3/31/23** | $1786015 | $1686464 | $1384380 |
| **6/30/23** | $1916305 | $1833898 | $1469897 |
| **9/30/23** | $1821758 | $1773866 | $1419882 |
| **12/31/23** | $2029300 | $1981259 | $1576557 |
| **3/31/24** | $2127306 | $2190400 | $1704877 |
| **6/30/24** | $2069656 | $2284231 | $1754721 |
| **9/30/24** | $2279504 | $2418694 | $1870776 |
| **12/31/24** | $2404029 | $2476964 | $1852277 |
| **3/31/25** | $2213782 | $2371145 | $1827743 |
| **6/30/25** | $2442078 | $2630605 | $2038420 |
| **9/30/25** | $2519519 | $2844328 | $2193804 |
| **12/31/25** | $2641588 | $2919845 | $2266027 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Retail | 9.88% | 5.02% | 12.91% |
| S&P 500 Index | 17.88% | 14.42% | 14.33% |
| MSCI ACWI Index | 22.34% | 11.19% | 10.77% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser has agreed that, pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expense are not subject to the operating expense limitation) to 0.05% of average expense limitation) to 0.05% of average daily net assets of TA shares, 0.30% of average daily net assets of Retail Shares, and 0.05% of average daily net assets of Institutional shares, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $559087397 |
| # of Issuers | 18 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $0 |

---

# Baron WealthBuilder Fund
December 31, 2025

## What did the Fund invest in?

### Sector Breakdown

### (as a % of net assets)\*<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Consumer Discretionary | 20.3% |
| Financials | 20.1% |
| Information Technology | 19.0% |
| Industrials | 16.8% |
| Health Care | 9.8% |
| Real Estate | 7.0% |
| Communication Services | 5.2% |
| Materials | 1.1% |
| Consumer Staples | 0.4% |
| Energy | 0.1% |
| Utilities | 0.0%<sup>Footnote Reference‡</sup> |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Sector Chart](g61019i517f277c7a91b0edd5ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 86.1% |
| Canada | 1.7% |
| Taiwan | 1.4% |
| China | 1.4% |
| India | 1.3% |
| Netherlands | 1.1% |
| Sweden | 0.9% |
| Korea,Republic of | 0.8% |
| Germany | 0.6% |
| Other | 4.5% |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron WealthBuilder Fund

#### Annual Shareholder Report - December 31, 2025

# Retail: BWBFX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron WealthBuilder Fund

# TA Shares: BWBTX
This annual shareholder report contains important information about Baron WealthBuilder Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TA Shares | $5 | 0.05% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and a series of U.S. Federal Reserve rate cuts helped push markets to new record highs. Smaller cap growth stocks trailed large caps for a fifth straight year. Given this backdrop, the Fund underperformed largely due to its elevated exposure to small- and mid-cap growth stocks via positions in Baron Growth, Small Cap, Discovery, and Asset, which together accounted for approximately 40% of average assets. Exposure to Baron Real Estate, Real Estate Income, and Health Care that are heavily invested in certain sectors that were out of favor during the year (Real Estate, REITs, and Health Care) and lower exposure to the prime beneficiaries of AI (semiconductors) also proved costly.

## Comparison of the Change in Value of $10,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i9b50671335eb34d36582.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TA Shares** | **S&P 500 Index** | **MSCI ACWI Index** |
| **12/29/17** | $1000000 | $1000000 | $1000000 |
| **3/31/18** | $1024000 | $992409 | $989664 |
| **6/30/18** | $1074000 | $1026487 | $995669 |
| **9/30/18** | $1120000 | $1105637 | $1038252 |
| **12/31/18** | $936233 | $956158 | $905856 |
| **3/31/19** | $1113467 | $1086653 | $1016144 |
| **6/30/19** | $1177551 | $1133421 | $1052846 |
| **9/30/19** | $1152953 | $1152670 | $1052574 |
| **12/31/19** | $1277822 | $1257217 | $1146790 |
| **3/31/20** | $1042652 | $1010827 | $901776 |
| **6/30/20** | $1412055 | $1218485 | $1075088 |
| **9/30/20** | $1691304 | $1327287 | $1162495 |
| **12/31/20** | $2080889 | $1488530 | $1333199 |
| **3/31/21** | $2106240 | $1580445 | $1394145 |
| **6/30/21** | $2276302 | $1715556 | $1497218 |
| **9/30/21** | $2288978 | $1725541 | $1481433 |
| **12/31/21** | $2428402 | $1915818 | $1580339 |
| **3/31/22** | $2103648 | $1827719 | $1495620 |
| **6/30/22** | $1634931 | $1533435 | $1261399 |
| **9/30/22** | $1618636 | $1458563 | $1175375 |
| **12/31/22** | $1637069 | $1568846 | $1290125 |
| **3/31/23** | $1806420 | $1686464 | $1384380 |
| **6/30/23** | $1940059 | $1833898 | $1469897 |
| **9/30/23** | $1846205 | $1773866 | $1419882 |
| **12/31/23** | $2057102 | $1981259 | $1576557 |
| **3/31/24** | $2157364 | $2190400 | $1704877 |
| **6/30/24** | $2100894 | $2284231 | $1754721 |
| **9/30/24** | $2314676 | $2418694 | $1870776 |
| **12/31/24** | $2442629 | $2476964 | $1852277 |
| **3/31/25** | $2251276 | $2371145 | $1827743 |
| **6/30/25** | $2485280 | $2630605 | $2038420 |
| **9/30/25** | $2564926 | $2844328 | $2193804 |
| **12/31/25** | $2692021 | $2919845 | $2266027 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| TA Shares | 10.21% | 5.28% | 13.18% |
| S&P 500 Index | 17.88% | 14.42% | 14.33% |
| MSCI ACWI Index | 22.34% | 11.19% | 10.77% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser has agreed that, pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expense are not subject to the operating expense limitation) to 0.05% of average expense limitation) to 0.05% of average daily net assets of TA shares, 0.30% of average daily net assets of Retail Shares, and 0.05% of average daily net assets of Institutional shares, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $559087397 |
| # of Issuers | 18 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $0 |

---

# Baron WealthBuilder Fund
December 31, 2025

## What did the Fund invest in?

### Sector Breakdown

### (as a % of net assets)\*<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Consumer Discretionary | 20.3% |
| Financials | 20.1% |
| Information Technology | 19.0% |
| Industrials | 16.8% |
| Health Care | 9.8% |
| Real Estate | 7.0% |
| Communication Services | 5.2% |
| Materials | 1.1% |
| Consumer Staples | 0.4% |
| Energy | 0.1% |
| Utilities | 0.0%<sup>Footnote Reference‡</sup> |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Sector Chart](g61019i517f277c7a91b0edd5ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 86.1% |
| Canada | 1.7% |
| Taiwan | 1.4% |
| China | 1.4% |
| India | 1.3% |
| Netherlands | 1.1% |
| Sweden | 0.9% |
| Korea,Republic of | 0.8% |
| Germany | 0.6% |
| Other | 4.5% |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron WealthBuilder Fund

#### Annual Shareholder Report - December 31, 2025

# TA Shares: BWBTX
![Image](g61019ia568ea70c6a1d21e3c98.jpg)

#### Annual Shareholder Report - December 31, 2025

# Baron WealthBuilder Fund

# Institutional: BWBIX
This annual shareholder report contains important information about Baron WealthBuilder Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at BaronCapitalGroup.com. You can also request this information by contacting us at 1.800.99.BARON.

## What were the Fund costs for the the past 12 months?
*(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $5 | 0.05% |

---

## How did the Fund perform last year and what affected its performance?
Global equities rose sharply for a third consecutive year, overcoming a swift selloff early in the period related to investor concerns about President Trump's new tariff policies. Tariff-related fears diminished as the year wore on and the AI boom and a series of U.S. Federal Reserve rate cuts helped push markets to new record highs. Smaller cap growth stocks trailed large caps for a fifth straight year. Given this backdrop, the Fund underperformed largely due to its elevated exposure to small- and mid-cap growth stocks via positions in Baron Growth, Small Cap, Discovery, and Asset, which together accounted for approximately 40% of average assets. Exposure to Baron Real Estate, Real Estate Income, and Health Care that are heavily invested in certain sectors that were out of favor during the year (Real Estate, REITs, and Health Care) and lower exposure to the prime beneficiaries of AI (semiconductors) also proved costly.

## Comparison of the Change in Value of $1,000,000 Investment in the Fund in Relation to the Benchmarks
![Growth of 10K Chart](g61019i345e1a9ee8230a764dd2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **S&P 500 Index** | **MSCI ACWI Index** |
| **12/29/17** | $1000000 | $1000000 | $1000000 |
| **12/31/17** | $1000000 | $1000000 | $999092 |
| **3/31/18** | $1024000 | $992409 | $988766 |
| **6/30/18** | $1074000 | $1026487 | $994765 |
| **9/30/18** | $1119000 | $1105637 | $1037310 |
| **12/31/18** | $936233 | $956158 | $905034 |
| **3/31/19** | $1112465 | $1086653 | $1015222 |
| **6/30/19** | $1177551 | $1133421 | $1051890 |
| **9/30/19** | $1152993 | $1152670 | $1051618 |
| **12/31/19** | $1277865 | $1257217 | $1145749 |
| **3/31/20** | $1041648 | $1010827 | $900957 |
| **6/30/20** | $1411063 | $1218485 | $1074112 |
| **9/30/20** | $1690310 | $1327287 | $1161440 |
| **12/31/20** | $2080960 | $1488530 | $1331989 |
| **3/31/21** | $2107368 | $1580445 | $1392879 |
| **6/30/21** | $2276380 | $1715556 | $1495859 |
| **9/30/21** | $2289056 | $1725541 | $1480088 |
| **12/31/21** | $2428424 | $1915818 | $1578904 |
| **3/31/22** | $2103667 | $1827719 | $1494262 |
| **6/30/22** | $1636062 | $1533435 | $1260253 |
| **9/30/22** | $1618614 | $1458563 | $1174308 |
| **12/31/22** | $1637047 | $1568846 | $1288954 |
| **3/31/23** | $1807549 | $1686464 | $1383123 |
| **6/30/23** | $1941185 | $1833898 | $1468562 |
| **9/30/23** | $1847333 | $1773866 | $1418593 |
| **12/31/23** | $2058227 | $1981259 | $1575126 |
| **3/31/24** | $2158488 | $2190400 | $1703329 |
| **6/30/24** | $2102019 | $2284231 | $1753128 |
| **9/30/24** | $2315798 | $2418694 | $1869077 |
| **12/31/24** | $2443749 | $2476964 | $1850595 |
| **3/31/25** | $2251246 | $2371145 | $1826083 |
| **6/30/25** | $2486399 | $2630605 | $2036569 |
| **9/30/25** | $2566044 | $2844328 | $2191813 |
| **12/31/25** | $2691896 | $2919845 | $2263970 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class/Index Name | 1 Year | 5 Years | Since Inception 12/29/2017 |
| Institutional | 10.15% | 5.28% | 13.16% |
| S&P 500 Index | 17.88% | 14.42% | 14.32% |
| MSCI ACWI Index | 22.34% | 11.19% | 10.76% |

---

Past performance is not predictive of future performance. The performance data does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Adviser has agreed that, pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expense are not subject to the operating expense limitation) to 0.05% of average expense limitation) to 0.05% of average daily net assets of TA shares, 0.30% of average daily net assets of Retail Shares, and 0.05% of average daily net assets of Institutional shares, without which performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $559087397 |
| # of Issuers | 18 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $0 |

---

# Baron WealthBuilder Fund
December 31, 2025

## What did the Fund invest in?

### Sector Breakdown

### (as a % of net assets)\*<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Consumer Discretionary | 20.3% |
| Financials | 20.1% |
| Information Technology | 19.0% |
| Industrials | 16.8% |
| Health Care | 9.8% |
| Real Estate | 7.0% |
| Communication Services | 5.2% |
| Materials | 1.1% |
| Consumer Staples | 0.4% |
| Energy | 0.1% |
| Utilities | 0.0%<sup>Footnote Reference‡</sup> |
| Unclassified | 0.0%<sup>Footnote Reference‡</sup> |

---

\* Individual weights may not sum to 100% (or displayed total) due to rounding.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Individual weights may not sum to 100% (or displayed total) due torounding. |

---

### **Country Exposures** 

### (as a % of net assets)\*
![Group By Sector Chart](g61019i517f277c7a91b0edd5ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 86.1% |
| Canada | 1.7% |
| Taiwan | 1.4% |
| China | 1.4% |
| India | 1.3% |
| Netherlands | 1.1% |
| Sweden | 0.9% |
| Korea,Republic of | 0.8% |
| Germany | 0.6% |
| Other | 4.5% |

---

## Additional Information
If you wish to view additional information about the Fund; including but not limited to its financial statements, prospectus, or holdings, please visit connect.rightprospectus.com/Baron. For benchmark definitions and attribution language please visit BaronCapitalGroup.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/Baron](g61019i23f5fe97c36e301115f2.jpg)

Phone: 1.800.99.BARON

Email: info@BaronCapitalGroup.com

![Image](g61019ia568ea70c6a1d21e3c98.jpg)

# Baron WealthBuilder Fund

#### Annual Shareholder Report - December 31, 2025

# Institutional: BWBIX

------

##### [**Table of Contents**](#toc)
Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"). Upon request, the Registrant will provide a copy of the Code to any person without charge. To obtain a copy of the Code, please send your request to info@BaronCapitalGroup.com or call 1-800-99BARON (1-800-992-2766).

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that the Registrant has three audit committee financial experts serving on its Audit Committee, Alex Yemenidjian, Thomas J. Folliard, and Marvelle Sullivan. Mr. Yemenidjian, Mr. Folliard, and Ms. Sullivan are "independent" for purposes of Item 3(a)(2) of Form N-CSR.

------

##### [**Table of Contents**](#toc)
Item 4. Principal Accountant Fees and Services.

The following table shows the fees paid to PricewaterhouseCoopers, LLP, the Registrant's principal accounting firm during the fiscal years ended December 31, 2024 and December 31, 2025:

(a) Audit Fees: for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings or engagements:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Select Funds | $440125 | $527775 |

---

(b) Audit-Related Fees: for assurance and related services that are reasonably related to the performance of the audit and are not included as Audit Fees:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Select Funds | $0 | $0 |

---

(c) Tax Fees: for professional services rendered for tax compliance, tax advice and tax planning:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Select Funds | $127126 | $159893 |

---

The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

(d) All Other Fees: for products and services provided by such accounting firm that are not included in (a), (b) or (c) above:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Select Funds | $0 | $0 |

---

e) <u>Audit Committee Pre-Approval Policies and Procedures</u> 

(1) Pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X and to its charter, the Audit Committee shall pre-approve all audit and non-audit services provided by the independent auditors and in connection therewith to review and evaluate the qualifications, independence and performance of the Fund's independent auditors;

(2) 0% of the services described in each of items 4(b) through 4(d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Baron Select Funds | $127126 | $159893 |

---

(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

------

##### [**Table of Contents**](#toc)
Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Alex Yemenidjian, Thomas J. Folliard, and Marvelle Sullivan.

Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information is disclosed as part of the Financial Statements and Other Important Information included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

##### [**Table of Contents**](#toc)
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 Health Care Fund

Baron India Fund

December 31, 2025

## Baron Funds<sup>®</sup>

## Baron Select Funds

## Annual Financial Statements and Other Important Information

---

| | | |
|:---|:---|:---|
| Baron Partners Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BPTRX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BPTIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BPTUX* |
| Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BFGFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BFGIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BFGUX* |
| Baron International Growth Fund | Baron International Growth Fund | Baron International Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BIGFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BINIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BIGUX* |
| Baron Real Estate Fund | Baron Real Estate Fund | Baron Real Estate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BREFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BREIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BREUX* |
| Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BEXFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BEXIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BEXUX* |
| Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BGAFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BGAIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BGLUX* |
| Baron Real Estate Income Fund | Baron Real Estate Income Fund | Baron Real Estate Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BRIFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BRIIX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BRIUX* |
| Baron Health Care Fund | Baron Health Care Fund | Baron Health Care Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BHCFX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BHCHX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BHCUX* |
| Baron India Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BINRX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Shares: BINDX* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *R6 Shares: BINUX* |

---

---

| | |
|:---|:---|
| **Financial Statements** |  |
| [Portfolios of Investments](#tx15407_1) | **2** |
| [Statements of Assets and Liabilities](#tx15407_2) | **19** |
| [Statements of Operations](#tx15407_3) | **21** |
| [Statements of Changes in Net Assets](#tx15407_4) | **23** |
| [Statement of Cash Flows](#tx15407_5) | **26** |
| [Notes to Financial Statements](#tx15407_6) | **27** |
| **[Financial Highlights](#tx15407_7)** | **42** |
| **[Report of Independent Registered Public Accounting Firm](#tx15407_7a)** | **51** |
| **[Tax Information (Unaudited)](#tx15407_7b)** | **52** |
| **[Changes in and Disagreements with Accountants](#tx15407_8)** | **53** |
| **[Results of Meeting(s) of Shareholders](#tx15407_9)** | **53** |
| **[Remuneration Paid to Directors, Officers, and Others](#tx15407_10)** | **53** |

---

DEAR BARON SELECT FUNDS SHAREHOLDER:

In this report, you will find audited financial statements and other important information for 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 Health Care Fund, and Baron India Fund (the Funds) for the year ended December 31, 2025.

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

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g15407rbaron_sig307.jpg) | ![LOGO](g15407g01a01.jpg) <br>| ![LOGO](g15407g01a03.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> February 27, 2026 | Patrick M. Patalino<br> Chief Operating Officer<br> February 27, 2026 | Christopher Snively<br>Chief Financial Officer<br> and Treasurer<br> February 27, 2026 |

---

These Annual Financial Statements are for the Baron Select Funds, which currently has 10 series: 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 Health Care Fund, Baron WealthBuilder Fund, and Baron India Fund. Baron WealthBuilder Fund is included in separate Financial Statements. If you are interested in Baron WealthBuilder Fund, Baron Investment Funds Trust, which contains the Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, or Baron ETF Trust, which contains Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, and Baron Technology ETF, please visit the Funds' website at BaronCapitalGroup.com or contact us at 1-800-99BARON.

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

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

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

![LOGO](g15407g69p35.jpg)

------

##### [**Table of Contents**](#toc)
Baron Partners Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (78.63%) | Common Stocks (78.63%) | Common Stocks (78.63%) | Common Stocks (78.63%) |
| Communication Services (1.49%) | Communication Services (1.49%) | Communication Services (1.49%) | Communication Services (1.49%) |
|  | **Movies & Entertainment (1.49%)** | **Movies & Entertainment (1.49%)** | **Movies & Entertainment (1.49%)** |
| 225000 | Spotify Technology SA<sup>1,2,6</sup> | $36152862 | $130659750 |
| 988065 | StubHub Holdings, Inc., Cl A<sup>1,3</sup> | 50000041 | 13368520 |
| **Total Communication Services** | **Total Communication Services** | 86152903 | 144028270 |
| Consumer Discretionary (42.01%) | Consumer Discretionary (42.01%) | Consumer Discretionary (42.01%) | Consumer Discretionary (42.01%) |
|  | **Automobile Manufacturers (29.96%)** | **Automobile Manufacturers (29.96%)** | **Automobile Manufacturers (29.96%)** |
| 6455000 | Tesla, Inc.<sup>1,5,6</sup> | 95897630 | 2902942600 |
|  | **Casinos & Gaming (1.28%)** | **Casinos & Gaming (1.28%)** | **Casinos & Gaming (1.28%)** |
| 2000000 | Red Rock Resorts, Inc., Cl A<sup>6</sup> | 73791427 | 123900000 |
|  | **Footwear (1.09%)** | **Footwear (1.09%)** | **Footwear (1.09%)** |
| 2575000 | Birkenstock Holding PLC<sup>1,2,6</sup> | 113141007 | 105317500 |
|  | **Hotels, Resorts & Cruise Lines (7.54%)** |  |  |
| 2100000 | Choice Hotels International, Inc.<sup>6</sup> | 208182868 | 200046000 |
| 3310000 | Hyatt Hotels Corp., Cl A<sup>6</sup> | 114517357 | 530659200 |
|  |  | 322700225 | 730705200 |
|  | **Leisure Facilities (2.14%)** | **Leisure Facilities (2.14%)** | **Leisure Facilities (2.14%)** |
| 1560000 | Vail Resorts, Inc.<sup>6</sup> | 159089831 | 207168000 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 764620120 | 4070033300 |
| Financials (19.28%) | Financials (19.28%) | Financials (19.28%) | Financials (19.28%) |
|  | **Financial Exchanges & Data (8.63%)** | **Financial Exchanges & Data (8.63%)** | **Financial Exchanges & Data (8.63%)** |
| 1300000 | FactSet Research Systems, Inc.<sup>6</sup> | 264314080 | 377247000 |
| 800000 | MSCI, Inc.<sup>6</sup> | 396396488 | 458984000 |
|  |  | 660710568 | 836231000 |
|  | **Investment Banking & Brokerage (4.54%)** |  |  |
| 4400000 | The Charles Schwab Corp.<sup>6</sup> | 113630269 | 439604000 |
|  | **Property & Casualty Insurance (6.11%)** | **Property & Casualty Insurance (6.11%)** | **Property & Casualty Insurance (6.11%)** |
| 6175000 | Arch Capital Group Ltd. <sup>1,2,6</sup> | 27361902 | 592306000 |
| **Total Financials** | **Total Financials** | 801702739 | 1868141000 |
| Health Care (4.33%) | Health Care (4.33%) | Health Care (4.33%) | Health Care (4.33%) |
|  | **Health Care Equipment (4.33%)** | **Health Care Equipment (4.33%)** | **Health Care Equipment (4.33%)** |
| 620000 | IDEXX Laboratories, Inc.<sup>1,6</sup> | 27074536 | 419448600 |
| Industrials (0.73%) | Industrials (0.73%) | Industrials (0.73%) | Industrials (0.73%) |
|  | **Aerospace & Defense (0.73%)** | **Aerospace & Defense (0.73%)** | **Aerospace & Defense (0.73%)** |
| 125625 | HEICO Corp.<sup>6</sup> | 9632520 | 40650994 |
| 116875 | HEICO Corp., Cl A<sup>6</sup> | 7586429 | 29502756 |
| **Total Industrials** | **Total Industrials** | 17218949 | 70153750 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Information Technology (5.21%) | Information Technology (5.21%) | Information Technology (5.21%) | Information Technology (5.21%) |
|  | **Application Software (2.01%)** | **Application Software (2.01%)** | **Application Software (2.01%)** |
| 476412 | Figma, Inc., Cl A<sup>1,6</sup> | $15721596 | $17803516 |
| 880000 | Guidewire Software, Inc.<sup>1,6</sup> | 71023556 | 176888800 |
|  |  | 86745152 | 194692316 |
|  | **IT Consulting & Other Services (3.20%)** |  |  |
| 1230000 | Gartner, Inc.<sup>1,6</sup> | 216702960 | 310304400 |
| **Total Information Technology** | **Total Information Technology** | 303448112 | 504996716 |
| Real Estate (5.58%) | Real Estate (5.58%) | Real Estate (5.58%) | Real Estate (5.58%) |
|  | **Other Specialized REITs (0.82%)** | **Other Specialized REITs (0.82%)** | **Other Specialized REITs (0.82%)** |
| 1775000 | Gaming and Leisure Properties, Inc.<sup>6</sup> | 54880338 | 79324750 |
|  | **Real Estate Services (4.76%)** | **Real Estate Services (4.76%)** | **Real Estate Services (4.76%)** |
| 6865000 | CoStar Group, Inc.<sup>1,6</sup> | 92989423 | 461602600 |
| **Total Real Estate** | **Total Real Estate** | 147869761 | 540927350 |
| **Total Common Stocks** | **Total Common Stocks** | 2148087120 | 7617728986 |
| Private Common Stocks (12.24%) | Private Common Stocks (12.24%) | Private Common Stocks (12.24%) | Private Common Stocks (12.24%) |
| Communication Services (1.30%) | Communication Services (1.30%) | Communication Services (1.30%) | Communication Services (1.30%) |
|  | **Interactive Media &<br>Services (1.30%)** | **Interactive Media &<br>Services (1.30%)** | **Interactive Media &<br>Services (1.30%)** |
| 1665754 | X.AI Holdings Corp., Cl A<sup>1,3,4,8</sup> | 60000000 | 125697796 |
| Industrials (10.94%) | Industrials (10.94%) | Industrials (10.94%) | Industrials (10.94%) |
|  | **Aerospace & Defense (10.94%)** | **Aerospace & Defense (10.94%)** | **Aerospace & Defense (10.94%)** |
| 2216310 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,8</sup> | 29920185 | 933066510 |
| 302210 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,8</sup> | 4079835 | 127230410 |
| **Total Industrials** | **Total Industrials** | 34000020 | 1060296920 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | 94000020 | 1185994716 |
| Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) | Private Convertible Preferred Stocks (0.00%) |
| Unclassified (0.00%) | Unclassified (0.00%) | Unclassified (0.00%) | Unclassified (0.00%) |
|  | **Unclassified (0.00%)** | **Unclassified (0.00%)** | **Unclassified (0.00%)** |
| 21213656 | Northvolt AB, Series E2 (Sweden)<sup>1,2,3,7,8</sup> | 7843621 | 0 |

---

2 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Partners Fund

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Private Preferred Stocks (21.42%) | Private Preferred Stocks (21.42%) | Private Preferred Stocks (21.42%) | Private Preferred Stocks (21.42%) |
| Communication Services (0.26%) | Communication Services (0.26%) | Communication Services (0.26%) | Communication Services (0.26%) |
|  | **Interactive Media & Services (0.26%)** |  |  |
| 331301 | X.AI Holdings Corp., Series E<sup>1,3,4,8</sup> | $24999974 | $24999974 |
| Industrials (21.16%) | Industrials (21.16%) | Industrials (21.16%) | Industrials (21.16%) |
|  | **Aerospace & Defense (21.16%)** | **Aerospace & Defense (21.16%)** | **Aerospace & Defense (21.16%)** |
| 311111 | Space Exploration<br>Technologies Corp., Cl H<sup>1,3,4,8</sup> | 41999985 | 1309777310 |
| 131657 | Space Exploration<br>Technologies Corp., Cl I<sup>1,3,4,8</sup> | 22250032 | 554275970 |
| 44146 | Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,8</sup> | 11919420 | 185854660 |
| **Total Industrials** | **Total Industrials** | 76169437 | 2049907940 |
| **Total Private Preferred Stocks** | **Total Private Preferred Stocks** | 101169411 | 2074907914 |
| Total Investments (112.29%) | Total Investments (112.29%) | $2351100172 | 10878631616 |
| Liabilities Less Cash and Other Assets (-12.29%) | Liabilities Less Cash and Other Assets (-12.29%) | Liabilities Less Cash and Other Assets (-12.29%) | (1190832592) |
| Net Assets | Net Assets |  | $9687799024 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities amounted to $3,274,271,150 or 33.80% of net assets. See Note 6 regarding Restricted Securities. 

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

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

<sup>6</sup> All or a portion of this security is pledged with the custodian in connection with the Fund's loans payable outstanding. At December 31, 2025, the total market value of pledged securities amounted to $2,384,818,535 or 24.62% of net assets. 

<sup>7</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>8</sup> Level 3 security. See Note 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 3

------

##### [**Table of Contents**](#toc)
Baron Focused Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (74.22%) | Common Stocks (74.22%) | Common Stocks (74.22%) | Common Stocks (74.22%) |
| Communication Services (5.56%) | Communication Services (5.56%) | Communication Services (5.56%) | Communication Services (5.56%) |
|  | **Movies & Entertainment (5.56%)** | **Movies & Entertainment (5.56%)** | **Movies & Entertainment (5.56%)** |
| 265000 | Live Nation Entertainment, Inc.<sup>1</sup> | $35488718 | $37762500 |
| 262000 | Spotify Technology SA<sup>1,2</sup> | 35016218 | 152146020 |
| **Total Communication Services** | **Total Communication Services** | 70504936 | 189908520 |
| Consumer Discretionary (36.01%) | Consumer Discretionary (36.01%) | Consumer Discretionary (36.01%) | Consumer Discretionary (36.01%) |
|  | **Apparel, Accessories &<br>Luxury Goods (2.85%)** | **Apparel, Accessories &<br>Luxury Goods (2.85%)** | **Apparel, Accessories &<br>Luxury Goods (2.85%)** |
| 8563131 | Figs, Inc., Cl A<sup>1</sup> | 65775811 | 97277168 |
|  | **Automobile Manufacturers (8.09%)** | **Automobile Manufacturers (8.09%)** | **Automobile Manufacturers (8.09%)** |
| 615000 | Tesla, Inc.<sup>1</sup> | 8168271 | 276577800 |
|  | **Casinos & Gaming (5.35%)** | **Casinos & Gaming (5.35%)** | **Casinos & Gaming (5.35%)** |
| 875000 | Las Vegas Sands Corp. | 33668402 | 56953750 |
| 2035000 | Red Rock Resorts, Inc., Cl A | 86323075 | 126068250 |
|  |  | 119991477 | 183022000 |
|  | **Footwear (7.62%)** | **Footwear (7.62%)** | **Footwear (7.62%)** |
| 2810000 | Birkenstock Holding PLC<sup>1,2</sup> | 133146511 | 114929000 |
| 3130000 | On Holding AG, Cl A<sup>1,2</sup> | 116482505 | 145482400 |
|  |  | 249629016 | 260411400 |
|  | **Homebuilding (1.13%)** | **Homebuilding (1.13%)** | **Homebuilding (1.13%)** |
| 285000 | Toll Brothers, Inc. | 30630554 | 38537700 |
|  | **Hotels, Resorts &<br>Cruise Lines (7.70%)** | **Hotels, Resorts &<br>Cruise Lines (7.70%)** | **Hotels, Resorts &<br>Cruise Lines (7.70%)** |
| 384000 | Airbnb, Inc., Cl A<sup>1</sup> | 45306913 | 52116480 |
| 900000 | Choice Hotels International, Inc. | 87624344 | 85734000 |
| 781500 | Hyatt Hotels Corp., Cl A | 63750712 | 125290080 |
|  |  | 196681969 | 263140560 |
|  | **Leisure Facilities (3.27%)** | **Leisure Facilities (3.27%)** | **Leisure Facilities (3.27%)** |
| 843000 | Vail Resorts, Inc. | 130280753 | 111950400 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 801157851 | 1230917028 |
| Financials (14.70%) | Financials (14.70%) | Financials (14.70%) | Financials (14.70%) |
|  | **Financial Exchanges &<br>Data (7.08%)** | **Financial Exchanges &<br>Data (7.08%)** | **Financial Exchanges &<br>Data (7.08%)** |
| 330000 | FactSet Research Systems, Inc. | 83967818 | 95762700 |
| 255000 | MSCI, Inc. | 137904195 | 146301150 |
|  |  | 221872013 | 242063850 |
|  | **Investment Banking &<br>Brokerage (5.09%)** | **Investment Banking &<br>Brokerage (5.09%)** | **Investment Banking &<br>Brokerage (5.09%)** |
| 2160000 | Interactive Brokers<br>Group, Inc., Cl A | 47496720 | 138909600 |
| 567000 | Jefferies Financial Group, Inc. | 23345515 | 35136990 |
|  |  | 70842235 | 174046590 |
|  | **Property & Casualty<br>Insurance (2.53%)** | **Property & Casualty<br>Insurance (2.53%)** | **Property & Casualty<br>Insurance (2.53%)** |
| 900000 | Arch Capital Group Ltd.<sup>1,2</sup> | 25104585 | 86328000 |
| **Total Financials** | **Total Financials** | 317818833 | 502438440 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (4.72%) | Health Care (4.72%) | Health Care (4.72%) | Health Care (4.72%) |
|  | **Health Care Equipment (4.72%)** | **Health Care Equipment (4.72%)** | **Health Care Equipment (4.72%)** |
| 238500 | IDEXX Laboratories, Inc.<sup>1</sup> | $101512967 | $161352405 |
| Industrials (2.32%) | Industrials (2.32%) | Industrials (2.32%) | Industrials (2.32%) |
|  | **Research & Consulting<br>Services (2.32%)** | **Research & Consulting<br>Services (2.32%)** | **Research & Consulting<br>Services (2.32%)** |
| 355000 | Verisk Analytics, Inc. | 76138680 | 79409950 |
| Information Technology (8.20%) | Information Technology (8.20%) | Information Technology (8.20%) | Information Technology (8.20%) |
|  | **Application Software (5.02%)** | **Application Software (5.02%)** | **Application Software (5.02%)** |
| 169502 | Figma, Inc., Cl A<sup>1</sup> | 5593566 | 6334290 |
| 572800 | Guidewire Software, Inc.<sup>1</sup> | 56746264 | 115138528 |
| 1419900 | Samsara, Inc., Cl A<sup>1</sup> | 53016498 | 50335455 |
|  |  | 115356328 | 171808273 |
|  | **Internet Services &<br>Infrastructure (3.18%)** | **Internet Services &<br>Infrastructure (3.18%)** | **Internet Services &<br>Infrastructure (3.18%)** |
| 675000 | Shopify, Inc., Cl A<sup>1,2</sup> | 34732649 | 108654750 |
| **Total Information Technology** | **Total Information Technology** | 150088977 | 280463023 |
| Real Estate (2.71%) | Real Estate (2.71%) | Real Estate (2.71%) | Real Estate (2.71%) |
|  | **Real Estate Services (2.71%)** | **Real Estate Services (2.71%)** | **Real Estate Services (2.71%)** |
| 1376000 | CoStar Group, Inc.<sup>1</sup> | 71503811 | 92522240 |
| **Total Common Stocks** | **Total Common Stocks** | 1588726055 | 2537011606 |
| Private Common Stocks (12.71%) | Private Common Stocks (12.71%) | Private Common Stocks (12.71%) | Private Common Stocks (12.71%) |
| Industrials (12.71%) | Industrials (12.71%) | Industrials (12.71%) | Industrials (12.71%) |
|  | **Aerospace & Defense (12.71%)** | **Aerospace & Defense (12.71%)** | **Aerospace & Defense (12.71%)** |
| 732896 | Space Exploration<br>Technologies Corp., Cl A<sup>1,3,4,5</sup> | 48295957 | 308549216 |
| 299280 | Space Exploration<br>Technologies Corp., Cl C<sup>1,3,4,5</sup> | 39904140 | 125996880 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | 88200097 | 434546096 |
| Private Preferred Stocks (10.33%) | Private Preferred Stocks (10.33%) | Private Preferred Stocks (10.33%) | Private Preferred Stocks (10.33%) |
| Communication Services (3.69%) | Communication Services (3.69%) | Communication Services (3.69%) | Communication Services (3.69%) |
|  | **Interactive Media & Services (3.69%)** | **Interactive Media & Services (3.69%)** | **Interactive Media & Services (3.69%)** |
| 1670843 | X.AI Holdings Corp., Cl B<sup>1,3,4,5</sup> | 19999991 | 126081813 |
| Health Care (0.15%) | Health Care (0.15%) | Health Care (0.15%) | Health Care (0.15%) |
|  | **Health Care Equipment (0.15%)** | **Health Care Equipment (0.15%)** | **Health Care Equipment (0.15%)** |
| 99010 | Neuralink Corp., Series E<sup>1,3,4,5</sup> | 5000005 | 5000005 |

---

4 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Focused Growth Fund

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Private Preferred Stocks (continued) | Private Preferred Stocks (continued) | Private Preferred Stocks (continued) |
| Industrials (6.49%) | Industrials (6.49%) | Industrials (6.49%) |
|  | **Aerospace & Defense (6.49%)** | **Aerospace & Defense (6.49%)** |
| 29630 Space Exploration<br>Technologies Corp., Cl H<sup>1,3,4,5</sup> | $4000050 | $124742300 |
| 1479 Space Exploration<br>Technologies Corp., Cl I<sup>1,3,4,5</sup> | 249951 | 6226590 |
| 12346 Space Exploration<br>Technologies Corp., Series K<sup>1,3,4,5</sup> | 10000260 | 51976660 |
| 9259 Space Exploration<br>Technologies Corp., Series N<sup>1,3,4,5</sup> | 2499930 | 38980390 |
| **Total Industrials** | 16750191 | 221925940 |
| **Total Private Preferred Stocks** | 41750187 | 353007758 |
| Total Investments (97.26%) | $1718676339 | 3324565460 |
| Cash and Other Assets Less<br>Liabilities (2.74%) |  | 93515115 |
| Net Assets |  | $3418080575 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

<sup>3</sup> At December 31, 2025, the market value of restricted securities amounted to $787,553,854 or 23.04% of net assets. See Note 6 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 7 regarding Fair Value Measurements.

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 5

------

##### [**Table of Contents**](#toc)
Baron International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (97.78%) | Common Stocks (97.78%) | Common Stocks (97.78%) | Common Stocks (97.78%) |
| Australia (2.05%) | Australia (2.05%) | Australia (2.05%) | Australia (2.05%) |
| 548019 | Lynas Rare Earths Ltd.<sup>1,3</sup> | $2375610 | $4494541 |
| 48311 | WiseTech Global Ltd.<sup>3</sup> | 3285174 | 2196436 |
| **Total Australia** | **Total Australia** | 5660784 | 6690977 |
| Brazil (1.20%) | Brazil (1.20%) | Brazil (1.20%) | Brazil (1.20%) |
| 86059 | Afya Ltd., Cl A | 1117182 | 1326169 |
| 214917 | Localiza Rent a Car SA<sup>1,3</sup> | 2011721 | 1698256 |
| 54960 | XP, Inc., Cl A | 956200 | 899695 |
| **Total Brazil** | **Total Brazil** | 4085103 | 3924120 |
| Canada (5.13%) | Canada (5.13%) | Canada (5.13%) | Canada (5.13%) |
| 14922 | Agnico Eagle Mines Ltd. | 691600 | 2529727 |
| 2238 | Constellation Software, Inc. | 49984 | 5383070 |
| 411795 | Lundin Mining Corp. | 4284861 | 8850645 |
| **Total Canada** | **Total Canada** | 5026445 | 16763442 |
| Chile (0.57%) | Chile (0.57%) | Chile (0.57%) | Chile (0.57%) |
| 27224 | Sociedad Quimica y Minera<br>de Chile SA, ADR<sup>1</sup> | 1268232 | 1873011 |
| China (9.13%) | China (9.13%) | China (9.13%) | China (9.13%) |
| 25758 | Alibaba Group Holding Limited, ADR | 2351750 | 3775608 |
| 120806 | BYD Co. Ltd., Cl H<sup>3</sup> | 1838442 | 1476341 |
| 63774 | Contemporary Amperex<br>Technology Co. Ltd., Cl A<sup>3</sup> | 2076249 | 3353398 |
| 321012 | Full Truck Alliance Co. Ltd., ADR | 2126674 | 3444459 |
| 50498 | GDS Holdings Ltd., ADR<sup>1</sup> | 1842158 | 1762380 |
| 1147691 | Kingdee International Software Group Co. Ltd.<sup>1,3</sup> | 669626 | 1967573 |
| 236313 | Kuaishou Technology, 144A<sup>1,3</sup> | 2285606 | 1953460 |
| 112885 | Pony AI, Inc., ADR<sup>1</sup> | 1519839 | 1636832 |
| 33822 | Tencent Holdings Limited<sup>3</sup> | 263759 | 2595620 |
| 28886 | Tencent Holdings Limited, ADR | 1179815 | 2211223 |
| 93663 | Tencent Music Entertainment Group, ADR | 850955 | 1641912 |
| 90659 | Zai Lab Limited, ADR<sup>1</sup> | 1933756 | 1599225 |
| 358930 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A<sup>3</sup> | 1703598 | 2437169 |
| **Total China** | **Total China** | 20642227 | 29855200 |
| Denmark (0.43%) | Denmark (0.43%) | Denmark (0.43%) | Denmark (0.43%) |
| 27426 | Novo Nordisk AS, ADR | 2308343 | 1395435 |
| France (10.14%) | France (10.14%) | France (10.14%) | France (10.14%) |
| 23266 | Airbus SE<sup>3</sup> | 3883254 | 5402918 |
| 94150 | BNP Paribas S.A.<sup>3</sup> | 3671787 | 8907247 |
| 8770 | EssilorLuxottica SA<sup>3</sup> | 2610113 | 2773055 |
| 65406 | Eurofins Scientific SE<sup>3</sup> | 626089 | 4783036 |
| 21180 | Euronext NV, 144A<sup>3</sup> | 3104636 | 3181614 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| France (continued) | France (continued) | France (continued) | France (continued) | France (continued) | France (continued) |
| 2411 | LVMH Moët Hennessy<br>Louis Vuitton SE<sup>3</sup> | $| 539088 | $| 1817257 |
| 8875 | Pernod Ricard SA<sup>3</sup> |  | 954988 |  | 759933 |
| 84919 | TotalEnergies SE<sup>3</sup> |  | 5143375 |  | 5536548 |
| **Total France** | **Total France** |  | **20533330** |  | **33161608** |
| Germany (3.09%) | Germany (3.09%) | Germany (3.09%) | Germany (3.09%) | Germany (3.09%) | Germany (3.09%) |
| 202402 | Deutsche Bank AG |  | 4743914 |  | 7804621 |
| 28258 | Symrise AG<sup>3</sup> |  | 1395969 |  | 2289506 |
| **Total Germany** | **Total Germany** |  | **6139883** |  | **10094127** |
| Greece (0.96%) | Greece (0.96%) | Greece (0.96%) | Greece (0.96%) | Greece (0.96%) | Greece (0.96%) |
| 394791 | Piraeus Bank (formerly, Piraeus Financial Holdings) SA |  | **2306046** |  | **3152133** |
| India (8.13%) | India (8.13%) | India (8.13%) | India (8.13%) | India (8.13%) | India (8.13%) |
| 226104 | Bharti Airtel Ltd. PP<sup>3</sup> |  | 1159388 |  | 4256944 |
| 93973 | Centum Electronics Ltd.<sup>3</sup> |  | 2608551 |  | 2440104 |
| 650563 | Eternal Ltd.<sup>1,3</sup> |  | 2013573 |  | 2016083 |
| 1100621 | GMR Power & Urban Infra Ltd.<sup>1,3</sup> |  | 1656409 |  | 1364589 |
| 37690 | Godrej Properties Ltd.<sup>1,3</sup> |  | 440051 |  | 840849 |
| 45494 | InterGlobe Aviation Ltd., 144A<sup>3</sup> |  | 1971812 |  | 2566108 |
| 383174 | Jio Financial Services Ltd.<sup>3</sup> |  | 869533 |  | 1258472 |
| 966962 | JM Financial Limited<sup>3</sup> |  | 923345 |  | 1615954 |
| 26379 | Kaynes Technology India Ltd.<sup>1,3</sup> |  | 839826 |  | 1177976 |
| 195730 | Max Healthcare Institute Ltd.<sup>3</sup> |  | 1569428 |  | 2276618 |
| 198879 | Nippon Life India Asset<br>Management Ltd., 144A<sup>3</sup> |  | 637020 |  | 1948224 |
| 186781 | Reliance Industries Limited<sup>3</sup> |  | 1939757 |  | 3268409 |
| 32443 | Trent Ltd.<sup>3</sup> |  | 587898 |  | 1547234 |
| **Total India** | **Total India** |  | **17216591** |  | **26577564** |
| Ireland (2.47%) | Ireland (2.47%) | Ireland (2.47%) | Ireland (2.47%) | Ireland (2.47%) | Ireland (2.47%) |
| 421578 | Bank of Ireland Group PLC<sup>3</sup> |  | **3109952** |  | **8062805** |
| Israel (2.44%) | Israel (2.44%) | Israel (2.44%) | Israel (2.44%) | Israel (2.44%) | Israel (2.44%) |
| 8105 | CyberArk Software Ltd.<sup>1</sup> |  | 1415409 |  | 3615316 |
| 85794 | Oddity Tech Ltd., Cl A<sup>1</sup> |  | 2755517 |  | 3447203 |
| 8974 | Wix.com Ltd.<sup>1</sup> |  | 396619 |  | 932309 |
| **Total Israel** | **Total Israel** |  | **4567545** |  | **7994828** |
| Italy (1.41%) | Italy (1.41%) | Italy (1.41%) | Italy (1.41%) | Italy (1.41%) | Italy (1.41%) |
| 19795 | Brunello Cucinelli SpA<sup>3</sup> |  | 2159061 |  | 2270440 |
| 115568 | Stevanato Group SpA |  | 2426495 |  | 2325228 |
| **Total Italy** | **Total Italy** |  | **4585556** |  | **4595668** |

---

6 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron International Growth Fund

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (13.97%) | Japan (13.97%) | Japan (13.97%) | Japan (13.97%) |
| 241280 | Ajinomoto Co., Inc.<sup>3</sup> | $4481438 | $5100656 |
| 489104 | Japan Exchange Group, Inc.<sup>3</sup> | 5149194 | 5220478 |
| 13439 | Keyence Corporation<sup>3</sup> | 3848721 | 4861218 |
| 422964 | Mitsubishi UFJ Financial<br>Group, Inc., ADR | 3960098 | 6708209 |
| 197100 | Mitsui Fudosan Co. Ltd.<sup>3</sup> | 2270310 | 2239898 |
| 725798 | Nomura Holdings, Inc.<sup>3</sup> | 5257662 | 6046238 |
| 16500 | Recruit Holdings Co, Ltd.<sup>3</sup> | 250235 | 927161 |
| 152700 | SMS Co. Ltd.<sup>3</sup> | 2786159 | 1314965 |
| 221370 | Sumitomo Mitsui Financial<br>Group, Inc.<sup>3</sup> | 3134615 | 7119572 |
| 27540 | Tokyo Electron Limited<sup>3</sup> | 3235497 | 6133909 |
| **Total Japan** | **Total Japan** | 34373929 | 45672304 |
| Korea, Republic of (5.39%) | Korea, Republic of (5.39%) | Korea, Republic of (5.39%) | Korea, Republic of (5.39%) |
| 82449 | Coupang, Inc.<sup>1</sup> | 942142 | 1944972 |
| 7287 | HD Hyundai Heavy<br>Industries Co. Ltd.<sup>3</sup> | 664681 | 2568296 |
| 17967 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>3</sup> | 1156121 | 5069777 |
| 25468 | ISC Co. Ltd.<sup>3</sup> | 1039083 | 1967875 |
| 10589 | Park Systems Corp.<sup>3</sup> | 1387334 | 1537687 |
| 30233 | Samsung Electronics Co., Ltd.<sup>3</sup> | 2160939 | 2533976 |
| 4426 | SK Hynix, Inc.<sup>3</sup> | 594338 | 2004437 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | 7944638 | 17627020 |
| Netherlands (7.05%) | Netherlands (7.05%) | Netherlands (7.05%) | Netherlands (7.05%) |
| 128087 | AMG Critical Materials NV<sup>3</sup> | 2942843 | 4267095 |
| 13049 | argenx SE, ADR<sup>1</sup> | 365763 | 10973556 |
| 41990 | Prosus NV<sup>3</sup> | 1473321 | 2599977 |
| 199193 | Universal Music Group NV<sup>3</sup> | 4316153 | 5192928 |
| **Total Netherlands** | **Total Netherlands** | 9098080 | 23033556 |
| Peru (1.74%) | Peru (1.74%) | Peru (1.74%) | Peru (1.74%) |
| 19865 | Credicorp, Ltd. | 2931265 | 5701255 |
| Poland (1.06%) | Poland (1.06%) | Poland (1.06%) | Poland (1.06%) |
| 281347 | InPost SA<sup>1,3</sup> | 1980758 | 3457394 |
| 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 | 357 |
| Spain (1.99%) | Spain (1.99%) | Spain (1.99%) | Spain (1.99%) |
| 686780 | eDreams ODIGEO SA<sup>1,3</sup> | 4396976 | 3210715 |
| 50191 | Industria de Diseno Textil, S.A.<sup>3</sup> | 1406803 | 3310832 |
| **Total Spain** | **Total Spain** | 5803779 | 6521547 |
| Sweden (1.65%) | Sweden (1.65%) | Sweden (1.65%) | Sweden (1.65%) |
| 239084 | Epiroc AB, Cl A<sup>3</sup> | 3811164 | 5389400 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Switzerland (2.63%) | Switzerland (2.63%) | Switzerland (2.63%) | Switzerland (2.63%) |
| 9135 | Compagnie Financiere<br>Richemont SA, Cl A<sup>3</sup> | $1259491 | $1969971 |
| 41363 | Nestle S.A.<sup>3</sup> | 3784709 | 4105655 |
| 54377 | On Holding AG, Cl A<sup>1</sup> | 2719513 | 2527443 |
| **Total Switzerland** | **Total Switzerland** | 7763713 | 8603069 |
| Taiwan (4.71%) | Taiwan (4.71%) | Taiwan (4.71%) | Taiwan (4.71%) |
| 20635 | eMemory Technology, Inc.<sup>3</sup> | 1542751 | 1133301 |
| 290330 | Taiwan Semiconductor<br>Manufacturing Co., Ltd.<sup>3</sup> | 5828948 | 14271826 |
| **Total Taiwan** | **Total Taiwan** | 7371699 | 15405127 |
| United Kingdom (6.72%) | United Kingdom (6.72%) | United Kingdom (6.72%) | United Kingdom (6.72%) |
| 73025 | AstraZeneca PLC, ADR | 2601115 | 6713188 |
| 151656 | BAE Systems PLC<sup>3</sup> | 2622249 | 3490372 |
| 129580 | Experian plc<sup>3</sup> | 2321033 | 5842316 |
| 13926 | Linde Public Limited Company<sup>3</sup> | 1992614 | 5917904 |
| **Total United Kingdom** | **Total United Kingdom** | 9537011 | 21963780 |
| United States (3.72%) | United States (3.72%) | United States (3.72%) | United States (3.72%) |
| 38777 | Agilent Technologies, Inc. | 1385217 | 5276386 |
| 71655 | Arch Capital Group Ltd.<sup>1</sup> | 1227334 | 6873148 |
| **Total United States** | **Total United States** | 2612551 | 12149534 |
| **Total Common Stocks** | **Total Common Stocks** | 192329607 | 319665261 |
| Warrants (0.00%) | Warrants (0.00%) | Warrants (0.00%) | Warrants (0.00%) |
| Canada (0.00%) | Canada (0.00%) | Canada (0.00%) | Canada (0.00%) |
| 5029 | Constellation Software, Inc.<br>Exp. 3/31/2040 <sup>1,2,4</sup> | 0 | 0 |
| Total Investments (97.78%) | Total Investments (97.78%) | $192329607 | 319665261 |
| Cash and Other Assets Less Liabilities (2.22%) | Cash and Other Assets Less Liabilities (2.22%) |  | 7249941 |
| Net Assets | Net Assets |  | $326915202 |

---

---

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

---

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

<sup>2</sup> At December 31, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $357 or 0.00% of net assets. See Note 6 regarding Restricted Securities. 

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

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

---

| | |
|:---|:---|
| <sup>^</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 December 31, 2025, the market value of Rule 144A securities amounted to $9,649,406 or 2.95% of net assets. 

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 7

------

##### [**Table of Contents**](#toc)
Baron International Growth Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
| Summary of Investments by Sector <br>as of December 31, 2025 | Percentage of<br>Net Assets |  |
|  Financials | 22.8 | % |
|  Information Technology | 17.0 | % |
|  Industrials | 14.0 | % |
|  Health Care | 11.7 | % |
|  Consumer Discretionary | 9.9 | % |
|  Materials | 9.2 | % |
|  Communication Services | 5.5 | % |
|  Consumer Staples | 4.1 | % |
|  Energy | 2.7 | % |
|  Real Estate | 0.9 | % |
|  Cash and Cash Equivalents\* | 2.2 | % |
|  | 100.0 | % \*\* |

---

\* Includes other assets and liabilities-net.

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

8 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Real Estate Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (98.44%) | Common Stocks (98.44%) | Common Stocks (98.44%) | Common Stocks (98.44%) |
| Consumer Discretionary (27.52%) | Consumer Discretionary (27.52%) | Consumer Discretionary (27.52%) | Consumer Discretionary (27.52%) |
|  | **Casinos & Gaming (6.57%)** | **Casinos & Gaming (6.57%)** | **Casinos & Gaming (6.57%)** |
| 521200 | Las Vegas Sands Corp. | $21938793 | $33924908 |
| 655949 | Red Rock Resorts, Inc., Cl A | 14794046 | 40636040 |
| 651478 | Wynn Resorts Ltd. | 53643713 | 78392348 |
|  |  | 90376552 | 152953296 |
|  | **Home Improvement Retail (2.26%)** | **Home Improvement Retail (2.26%)** | **Home Improvement Retail (2.26%)** |
| 218466 | Lowe's Companies, Inc. | 46909520 | 52685261 |
|  | **Homebuilding (10.15%)** | **Homebuilding (10.15%)** | **Homebuilding (10.15%)** |
| 36500 | Cavco Industries, Inc.<sup>1</sup> | 20592585 | 21562010 |
| 714114 | Champion Homes, Inc.<sup>1</sup> | 55069919 | 60342633 |
| 83687 | Installed Building Products, Inc. | 11413997 | 21707571 |
| 394100 | Taylor Morrison Home Corp.<sup>1</sup> | 23220161 | 23200667 |
| 809800 | Toll Brothers, Inc. | 66295985 | 109501156 |
|  |  | 176592647 | 236314037 |
|  | **Hotels, Resorts &<br>Cruise Lines (8.54%)** | **Hotels, Resorts &<br>Cruise Lines (8.54%)** | **Hotels, Resorts &<br>Cruise Lines (8.54%)** |
| 477666 | Airbnb, Inc., Cl A<sup>1</sup> | 55486883 | 64828829 |
| 218900 | Hilton Worldwide Holdings, Inc. | 34287301 | 62879025 |
| 442500 | Hyatt Hotels Corp., Cl A | 53482747 | 70941600 |
|  |  | 143256931 | 198649454 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 457135650 | 640602048 |
| Financials (12.77%) | Financials (12.77%) | Financials (12.77%) | Financials (12.77%) |
|  | **Asset Management &<br>Custody Banks (10.40%)** | **Asset Management &<br>Custody Banks (10.40%)** | **Asset Management &<br>Custody Banks (10.40%)** |
| 431900 | Blackstone, Inc. | 43120958 | 66573066 |
| 881160 | Brookfield Asset<br>Management Ltd., Cl A<sup>2</sup> | 33124546 | 46163972 |
| 2816050 | Brookfield Corp., Cl A<sup>2</sup> | 78395647 | 129228535 |
|  |  | 154641151 | 241965573 |
|  | **Commercial & Residential<br>Mortgage Finance (1.14%)** | **Commercial & Residential<br>Mortgage Finance (1.14%)** | **Commercial & Residential<br>Mortgage Finance (1.14%)** |
| 1376300 | Rocket Cos., Inc., Cl A<sup>1</sup> | 25901263 | 26645168 |
|  | **Mortgage REITs (1.23%)** | **Mortgage REITs (1.23%)** | **Mortgage REITs (1.23%)** |
| 1498050 | Blackstone Mortgage<br>Trust, Inc., Cl A | 27700173 | 28657696 |
| **Total Financials** | **Total Financials** | 208242587 | 297268437 |
| Industrials (7.12%) | Industrials (7.12%) | Industrials (7.12%) | Industrials (7.12%) |
|  | **Building Products (4.34%)** | **Building Products (4.34%)** | **Building Products (4.34%)** |
| 340450 | AAON, Inc. | 26426970 | 25959313 |
| 290000 | Advanced Drainage<br>Systems, Inc. | 33790661 | 42000700 |
| 661764 | Fortune Brands Innovations, Inc. | 33456628 | 33101435 |
|  |  | 93674259 | 101061448 |
|  | **Construction & Engineering (0.27%)** | **Construction & Engineering (0.27%)** | **Construction & Engineering (0.27%)** |
| 143281 | Legence Corp., Cl A<sup>1</sup> | 4253127 | 6166814 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Industrials (continued) | Industrials (continued) | Industrials (continued) | Industrials (continued) |
|  | **Trading Companies &<br>Distributors (2.51%)** | **Trading Companies &<br>Distributors (2.51%)** | **Trading Companies &<br>Distributors (2.51%)** |
| 469535 | SiteOne Landscape Supply, Inc.<sup>1</sup> | $55014087 | $58485280 |
| **Total Industrials** | **Total Industrials** | **152941473** | **165713542** |
| Information Technology (1.47%) | Information Technology (1.47%) | Information Technology (1.47%) | Information Technology (1.47%) |
|  | **Internet Services &<br>Infrastructure (1.47%)** | **Internet Services &<br>Infrastructure (1.47%)** | **Internet Services &<br>Infrastructure (1.47%)** |
| 977575 | GDS Holdings Ltd., ADR<sup>1,2</sup> | **14427768** | **34117368** |
| Materials (8.88%) | Materials (8.88%) | Materials (8.88%) | Materials (8.88%) |
|  | **Construction Materials (6.56%)** | **Construction Materials (6.56%)** | **Construction Materials (6.56%)** |
| 741400 | CRH PLC<sup>2</sup> | 73124460 | 92526720 |
| 211095 | Vulcan Materials Co. | 45884282 | 60208516 |
|  |  | 119008742 | 152735236 |
|  | **Forest Products (2.32%)** | **Forest Products (2.32%)** | **Forest Products (2.32%)** |
| 667652 | Louisiana-Pacific Corp. | 58754264 | 53919576 |
| **Total Materials** | **Total Materials** | **177763006** | **206654812** |
| Real Estate (40.68%) | Real Estate (40.68%) | Real Estate (40.68%) | Real Estate (40.68%) |
|  | **Data Center REITs (2.88%)** | **Data Center REITs (2.88%)** | **Data Center REITs (2.88%)** |
| 81651 | Digital Realty Trust, Inc. | 10292263 | 12632226 |
| 70965 | Equinix, Inc. | 38488632 | 54370544 |
|  |  | 48780895 | 67002770 |
|  | **Health Care REITs (8.63%)** | **Health Care REITs (8.63%)** | **Health Care REITs (8.63%)** |
| 853000 | Ventas, Inc. | 64992135 | 66005140 |
| 726313 | Welltower, Inc. | 69559946 | 134810956 |
|  |  | 134552081 | 200816096 |
|  | **Industrial REITs (5.66%)** | **Industrial REITs (5.66%)** | **Industrial REITs (5.66%)** |
| 1624700 | Goodman Group, (Australia)<sup>2,3</sup> | 36199681 | 33433338 |
| 770700 | Prologis, Inc. | 86261431 | 98387562 |
|  |  | 122461112 | 131820900 |
|  | **Multi-Family Residential REITs (1.42%)** | **Multi-Family Residential REITs (1.42%)** | **Multi-Family Residential REITs (1.42%)** |
| 525300 | Equity Residential | 32758729 | 33114912 |
|  | **Office REITs (0.50%)** | **Office REITs (0.50%)** | **Office REITs (0.50%)** |
| 171700 | BXP, Inc. | 12053564 | 11586316 |
|  | **Real Estate Services (16.86%)** | **Real Estate Services (16.86%)** | **Real Estate Services (16.86%)** |
| 799898 | CBRE Group, Inc., Cl A<sup>1</sup> | 73203043 | 128615599 |
| 1018963 | CoStar Group, Inc.<sup>1</sup> | 68372091 | 68515072 |
| 1457850 | Cushman & Wakefield Ltd.<sup>1,2</sup> | 23594989 | 23602592 |
| 510242 | Jones Lang LaSalle, Inc.<sup>1</sup> | 104827910 | 171681126 |
|  |  | 269998033 | 392414389 |
|  | **Retail REITs (3.22%)** | **Retail REITs (3.22%)** | **Retail REITs (3.22%)** |
| 2472514 | The Macerich Co. | 40561162 | 45642608 |
| 158650 | Simon Property Group, Inc. | 25834901 | 29367702 |
|  |  | 66396063 | 75010310 |

---

See Notes to Financial Statements. 9

------

##### [**Table of Contents**](#toc)
Baron Real Estate Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| 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) |
|  | **Telecom Tower REITs (1.51%)** | **Telecom Tower REITs (1.51%)** | **Telecom Tower REITs (1.51%)** |
| 200085 | American Tower Corp. | $35911606 | $35128923 |
| **Total Real Estate** | **Total Real Estate** | 722912083 | 946894616 |
| Total Investments (98.44%) | Total Investments (98.44%) | $1733422567 | 2291250823 |
| Cash and Other Assets Less<br>Liabilities (1.56%) | Cash and Other Assets Less<br>Liabilities (1.56%) |  | 36320968 |
| Net Assets | Net Assets |  | $2327571791 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

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

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

All securities are Level 1, unless otherwise noted.

10 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Emerging Markets Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (99.38%) | Common Stocks (99.38%) | Common Stocks (99.38%) | Common Stocks (99.38%) |
| Argentina (0.80%) | Argentina (0.80%) | Argentina (0.80%) | Argentina (0.80%) |
| 14095 | MercadoLibre, Inc.<sup>1</sup> | $27245018 | $28390995 |
| Brazil (4.86%) | Brazil (4.86%) | Brazil (4.86%) | Brazil (4.86%) |
| 925480 | Afya Ltd., Cl A | 18609655 | 14261647 |
| 4188048 | Banco BTG Pactual SA<sup>3</sup> | 28929004 | 40120955 |
| 9630305 | GPS Participacoes e Empreendimentos SA, 144A<sup>3</sup> | 23351538 | 28315207 |
| 1008173 | Inter & Co., Inc., BDR<sup>3</sup> | 4043419 | 8572311 |
| 5272501 | Localiza Rent a Car SA<sup>1,3</sup> | 31397924 | 41662863 |
| 1351153 | NU Holdings Ltd., Cl A<sup>1</sup> | 21716112 | 22618301 |
| 1011702 | XP, Inc., Cl A | 12348633 | 16561562 |
| **Total Brazil** | **Total Brazil** | 140396285 | 172112846 |
| Chile (0.93%) | Chile (0.93%) | Chile (0.93%) | Chile (0.93%) |
| 478333 | Sociedad Quimica y Minera de Chile SA, ADR<sup>1</sup> | 21460149 | 32909310 |
| China (27.18%) | China (27.18%) | China (27.18%) | China (27.18%) |
| 934105 | Alibaba Group Holding<br>Limited, ADR | 88630573 | 136921111 |
| 2577086 | BYD Co. Ltd., Cl H<sup>3</sup> | 36803430 | 31493940 |
| 16116638 | China Mengniu Dairy Co. Ltd.<sup>3</sup> | 28378096 | 30936664 |
| 1649500 | Contemporary Amperex Technology Co. Ltd., Cl A<sup>3</sup> | 46770814 | 86734893 |
| 4869031 | Full Truck Alliance Co. Ltd., ADR | 33415475 | 52244703 |
| 3436750 | Fuyao Glass Industry<br>Group Co. Ltd., Cl A<sup>3</sup> | 23788268 | 31861516 |
| 1047678 | GDS Holdings Ltd., ADR<sup>1</sup> | 37101579 | 36563962 |
| 3007093 | Jiangsu Hengli<br>Hydraulic Co. Ltd., Cl A<sup>3</sup> | 23623603 | 47258357 |
| 28558633 | Kingdee International Software Group Co. Ltd.<sup>1,3</sup> | 15938898 | 48960213 |
| 4911081 | Kuaishou Technology, 144A<sup>1,3</sup> | 46775866 | 40597003 |
| 2212113 | Pony AI, Inc., ADR<sup>1</sup> | 29823948 | 32075638 |
| 5850207 | SF Holding Co. Ltd., Cl H<sup>3</sup> | 26044959 | 26085058 |
| 1961346 | Tencent Holdings Limited<sup>3</sup> | 33798365 | 150520619 |
| 372856 | Tencent Holdings Limited, ADR | 15366889 | 28542127 |
| 1764998 | Tencent Music Entertainment Group, ADR | 18685652 | 30940415 |
| 2962955 | Wuxi Biologics<br>Cayman, Inc., 144A<sup>1,3</sup> | 7550588 | 11981636 |
| 841016 | XPeng, Inc., ADR<sup>1</sup> | 15496572 | 17055804 |
| 725673 | XPeng, Inc., Cl A<sup>1,3</sup> | 5208491 | 7378546 |
| 1179109 | Zai Lab Limited, ADR<sup>1</sup> | 23303045 | 20799483 |
| 8498344 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Cl H<sup>3</sup> | 27798585 | 41974532 |
| 7620832 | Zhejiang Shuanghuan<br>Driveline Co. Ltd., Cl A<sup>3</sup> | 35111821 | 51746174 |
| **Total China** | **Total China** | 619415517 | 962672394 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Greece (1.06%) | Greece (1.06%) | Greece (1.06%) | Greece (1.06%) |
| 4699668 | Piraeus Bank (formerly, Piraeus Financial Holdings) SA | $28021853 | $37523600 |
| India (25.45%) | India (25.45%) | India (25.45%) | India (25.45%) |
| 6935389 | Bajaj Finance Limited<sup>3</sup> | 34913532 | 76268380 |
| 5383632 | Bharat Electronics Ltd.<sup>3</sup> | 25407556 | 23963619 |
| 3022347 | Bharti Airtel Ltd.<sup>3</sup> | 21075238 | 70938964 |
| 730401 | Bharti Airtel Ltd. PP<sup>3</sup> | 1390218 | 13751533 |
| 1063553 | Cholamandalam Investment & Finance Co. Ltd.<sup>3</sup> | 16220732 | 20173141 |
| 656193 | Cummins India Ltd.<sup>3</sup> | 25911363 | 32383708 |
| 5570336 | DCW Ltd.<sup>3</sup> | 6204179 | 3617312 |
| 10400268 | Eternal Ltd.<sup>1,3</sup> | 32009609 | 32230243 |
| 1372408 | Godrej Consumer Products Ltd.<sup>3</sup> | 15069859 | 18680149 |
| 724998 | Godrej Properties Ltd.<sup>1,3</sup> | 13002018 | 16174417 |
| 3124601 | HDFC Bank Ltd.<sup>3</sup> | 27923793 | 34517130 |
| 739461 | InterGlobe Aviation Ltd., 144A<sup>3</sup> | 29700043 | 41709604 |
| 5880974 | Jio Financial Services Ltd.<sup>3</sup> | 13454933 | 19315099 |
| 21289939 | JM Financial Limited<sup>3</sup> | 22679528 | 35579027 |
| 448053 | Kaynes Technology India Ltd.<sup>1,3</sup> | 14690275 | 20008173 |
| 1275933 | Kotak Mahindra Bank Ltd.<sup>3</sup> | 29514445 | 31299215 |
| 670046 | Mahindra & Mahindra Ltd.<sup>3</sup> | 15855407 | 27672262 |
| 4052398 | Max Healthcare Institute Ltd.<sup>3</sup> | 39067149 | 47135142 |
| 3622817 | Nippon Life India Asset Management Ltd., 144A<sup>3</sup> | 11604068 | 35489214 |
| 1129325 | Nuvama Wealth<br>Management Ltd.<sup>3</sup> | 7590364 | 18597468 |
| 13643347 | Pine Labs Ltd., 144A<sup>1,2</sup> | 39999997 | 36329373 |
| 9638530 | Power Grid Corp. of India Ltd.<sup>3</sup> | 36180350 | 28421695 |
| 2863804 | Reliance Industries Limited<sup>3</sup> | 27133339 | 50112604 |
| 1870192 | SBI Life Insurance Company Limited, 144A<sup>3</sup> | 19234012 | 42391700 |
| 471922 | SRF Ltd.<sup>3</sup> | 14719823 | 16169807 |
| 8882772 | Swiggy Ltd.<sup>1,3</sup> | 42358666 | 38237866 |
| 1159644 | Tata Communications Ltd.<sup>3</sup> | 12251059 | 23551863 |
| 1327155 | Tata Consumer Products Ltd.<sup>3</sup> | 10255142 | 17600717 |
| 609323 | Trent Ltd.<sup>3</sup> | 11904374 | 29059126 |
| **Total India** | **Total India** | 617321071 | 901378551 |
| Korea, Republic of (15.30%) | Korea, Republic of (15.30%) | Korea, Republic of (15.30%) | Korea, Republic of (15.30%) |
| 1766295 | Coupang, Inc.<sup>1</sup> | 20516881 | 41666899 |
| 431079 | Doosan Enerbility Co. Ltd.<sup>1,3</sup> | 8325074 | 22547181 |
| 461247 | Hanwha Systems Co. Ltd.<sup>3</sup> | 7433566 | 17421073 |
| 111052 | HD Hyundai Heavy<br>Industries Co. Ltd.<sup>3</sup> | 5819319 | 39140164 |
| 304677 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd.<sup>3</sup> | 22714291 | 85971196 |
| 475181 | HPSP Co. Ltd.<sup>3</sup> | 10608359 | 11068338 |

---

See Notes to Financial Statements. 11

------

##### [**Table of Contents**](#toc)
Baron Emerging Markets Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| 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) |
| 265630 | Hyundai Glovis Co. Ltd.<sup>3</sup> | 26408994 | 33342005 |
| 476036 | ISC Co. Ltd.<sup>3</sup> | 17504748 | 36782609 |
| 287484 | Korea Aerospace Industries Ltd.<sup>3</sup> | 9489171 | 22778188 |
| 92801 | Park Systems Corp.<sup>3</sup> | 11856145 | 13476144 |
| 19095 | Samsung<br>Biologics Co. Ltd., 144A<sup>1,3</sup> | 20168744 | 22421051 |
| 1424710 | Samsung Electronics Co., Ltd.<sup>3</sup> | 51126725 | 119411912 |
| 10263 | Samsung Episholdings Co. Ltd.<sup>1</sup> | 2397176 | 5293401 |
| 155906 | SK Hynix, Inc.<sup>3</sup> | 17999980 | 70606369 |
| **Total Korea, Republic of** | **Total Korea, Republic of** | 232369173 | 541926530 |
| Mexico (1.50%) | Mexico (1.50%) | Mexico (1.50%) | Mexico (1.50%) |
| 5629188 | Grupo Mexico<br>S.A.B. de C.V., Series B | 13400546 | 53204931 |
| Peru (1.92%) | Peru (1.92%) | Peru (1.92%) | Peru (1.92%) |
| 236839 | Credicorp, Ltd. | 28528730 | 67972793 |
| Philippines (0.84%) | Philippines (0.84%) | Philippines (0.84%) | Philippines (0.84%) |
| 12982090 | BDO Unibank, Inc.<sup>3</sup> | 21217265 | 29649617 |
| Poland (1.23%) | Poland (1.23%) | Poland (1.23%) | Poland (1.23%) |
| 3542313 | InPost SA<sup>1,3</sup> | 32219846 | 43530483 |
| 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 | 13138 |
| South Africa (2.21%) | South Africa (2.21%) | South Africa (2.21%) | South Africa (2.21%) |
| 2036599 | Absa Group Ltd.<sup>3</sup> | 25199624 | 29434687 |
| 4931934 | FirstRand Ltd.<sup>3</sup> | 23956395 | 27026950 |
| 329615 | Naspers Ltd., N Shares<sup>3</sup> | 9253691 | 21982506 |
| **Total South Africa** | **Total South Africa** | 58409710 | 78444143 |
| Spain (0.49%) | Spain (0.49%) | Spain (0.49%) | Spain (0.49%) |
| 2176630 | Codere Online Luxembourg, S.A. Private Shares<sup>1</sup> | 18185897 | 17478339 |
| Taiwan (15.40%) | Taiwan (15.40%) | Taiwan (15.40%) | Taiwan (15.40%) |
| 97743 | ASPEED Technology, Inc.<sup>3</sup> | 10144310 | 22487749 |
| 767181 | Chroma ATE, Inc.<sup>3</sup> | 7458387 | 18975035 |
| 1688815 | Delta Electronics, Inc.<sup>3</sup> | 5826022 | 51515502 |
| 3151216 | E Ink Holdings, Inc.<sup>3</sup> | 25602279 | 19798882 |
| 302226 | eMemory Technology, Inc.<sup>3</sup> | 23084215 | 16598640 |
| 8250287 | Taiwan Semiconductor Manufacturing Co., Ltd.<sup>3</sup> | 150471997 | 405561467 |
| 34442 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 600951 | 10466580 |
| **Total Taiwan** | **Total Taiwan** | 223188161 | 545403855 |
| United Arab Emirates (0.21%) | United Arab Emirates (0.21%) | United Arab Emirates (0.21%) | United Arab Emirates (0.21%) |
| 28541528 | Talabat Holding PLC<sup>3</sup> | 12432840 | 7289099 |
| **Total Common Stocks** | **Total Common Stocks** | 2158242647 | 3519900624 |

---

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Private Convertible Preferred Stocks (0.00%)^ | Private Convertible Preferred Stocks (0.00%)^ | Private Convertible Preferred Stocks (0.00%)^ |
| India (0.00%)^ | India (0.00%)^ | India (0.00%)^ |
| 15334 Think & Learn Private Limited, Series F<sup>1,2,4</sup> | $49776072 | $70046 |
| Warrants (0.00%)<sup>^</sup> | Warrants (0.00%)<sup>^</sup> | Warrants (0.00%)<sup>^</sup> |
| Spain (0.00%)<sup>^</sup> | Spain (0.00%)<sup>^</sup> | Spain (0.00%)<sup>^</sup> |
| 13259 Codere Online Luxembourg S.A. Private Shares Exp. 11/30/2026 exercise price USD 11.50 <sup>1</sup> | 0 | 10740 |
| Total Investments (99.38%) | $2208018719 | 3519981410 |
| Cash and Other Assets Less Liabilities (0.62%) | Cash and Other Assets Less Liabilities (0.62%) | 21812635 |
| Net Assets |  | $3541794045 |

---

---

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

---

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

<sup>2</sup> At December 31, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $36,412,557 or 1.03% of net assets. See Note 6 regarding Restricted Securities. 

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

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

---

| | |
|:---|:---|
| <sup>^</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 December 31, 2025, the market value of Rule 144A securities amounted to $259,234,788 or 7.32% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector**<br> **as of December 31, 2025** | **Percentage of**<br> **Net Assets** |  |
|  Information Technology | 26.4 | % |
|  Industrials | 19.4 | % |
|  Financials | 17.8 | % |
|  Consumer Discretionary | 15.1 | % |
|  Communication Services | 10.1 | % |
|  Health Care | 3.0 | % |
|  Materials | 3.0 | % |
|  Consumer Staples | 1.9 | % |
|  Energy | 1.4 | % |
|  Utilities | 0.8 | % |
|  Real Estate | 0.5 | % |
|  Cash and Cash Equivalents\* | 0.6 | % |
|  | 100.0 | %\*\* |

---

\* Includes other assets and liabilities-net.

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

12 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Global Opportunity Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (80.89%) | Common Stocks (80.89%) | Common Stocks (80.89%) | Common Stocks (80.89%) |
| Argentina (6.25%) | Argentina (6.25%) | Argentina (6.25%) | Argentina (6.25%) |
| 22871 | MercadoLibre, Inc.<sup>1</sup> | $11646784 | $46068140 |
| Brazil (3.64%) | Brazil (3.64%) | Brazil (3.64%) | Brazil (3.64%) |
| 416760 | Afya Ltd., Cl A | 7447704 | 6422272 |
| 1218404 | NU Holdings Ltd., Cl A<sup>1</sup> | 14892736 | 20396083 |
| **Total Brazil** | **Total Brazil** | 22340440 | 26818355 |
| Canada (5.63%) | Canada (5.63%) | Canada (5.63%) | Canada (5.63%) |
| 257699 | Shopify, Inc., Cl A<sup>1</sup> | 9758407 | 41481808 |
| China (2.87%) | China (2.87%) | China (2.87%) | China (2.87%) |
| 441040 | GDS Holdings Ltd., ADR<sup>1</sup> | 6233704 | 15392296 |
| 51155 | PDD Holdings, Inc., ADR<sup>1</sup> | 7069327 | 5800465 |
| **Total China** | **Total China** | 13303031 | 21192761 |
| India (6.51%) | India (6.51%) | India (6.51%) | India (6.51%) |
| 2272718 | Bajaj Finance Limited<sup>3</sup> | 14022343 | 24993049 |
| 7408729 | Eternal Ltd.<sup>1,3</sup> | 13553207 | 22959518 |
| **Total India** | **Total India** | 27575550 | 47952567 |
| Israel (1.81%) | Israel (1.81%) | Israel (1.81%) | Israel (1.81%) |
| 231622 | Fiverr International Ltd.<sup>1</sup> | 5280620 | 4576851 |
| 84698 | Wix.com Ltd.<sup>1</sup> | 8219775 | 8799275 |
| **Total Israel** | **Total Israel** | 13500395 | 13376126 |
| Korea, Republic of (3.56%) | Korea, Republic of (3.56%) | Korea, Republic of (3.56%) | Korea, Republic of (3.56%) |
| 1112089 | Coupang, Inc.<sup>1</sup> | 17833026 | 26234180 |
| Netherlands (8.17%) | Netherlands (8.17%) | Netherlands (8.17%) | Netherlands (8.17%) |
| 8934 | Adyen N.V., 144A<sup>1,3</sup> | 6863044 | 14406740 |
| 32477 | argenx SE, ADR<sup>1</sup> | 1592288 | 27311533 |
| 17155 | ASML Holding N.V.<sup>3</sup> | 3495349 | 18484859 |
| **Total Netherlands** | **Total Netherlands** | 11950681 | 60203132 |
| Poland (1.34%) | Poland (1.34%) | Poland (1.34%) | Poland (1.34%) |
| 802024 | InPost SA<sup>1,3</sup> | 9445913 | 9855846 |
| Spain (1.31%) | Spain (1.31%) | Spain (1.31%) | Spain (1.31%) |
| 827902 | Codere Online Luxembourg S.A.<sup>1</sup> | 7576156 | 6648053 |
| 375992 | Codere Online Luxembourg, S.A.<br>Private Shares<sup>1</sup> | 2714710 | 3019216 |
| **Total Spain** | **Total Spain** | 10290866 | 9667269 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Taiwan (5.09%) | Taiwan (5.09%) | Taiwan (5.09%) | Taiwan (5.09%) |
| 123587 | Taiwan Semiconductor<br>Manufacturing Co., Ltd., ADR | $27665859 | $37556853 |
| United States (34.71%) | United States (34.71%) | United States (34.71%) | United States (34.71%) |
| 128187 | Amazon.com, Inc.<sup>1</sup> | 29738511 | 29588123 |
| 16396 | Billiontoone, Inc., Cl A<sup>1</sup> | 983760 | 1341849 |
| 109976 | Block, Inc.<sup>1</sup> | 9647337 | 7158338 |
| 101715 | Cloudflare, Inc., Cl A<sup>1</sup> | 2267119 | 20053112 |
| 25825 | Crowdstrike Holdings, Inc., Cl A<sup>1</sup> | 5102677 | 12105727 |
| 125157 | Datadog, Inc., Cl A<sup>1</sup> | 5157932 | 17020100 |
| 40494 | Figma, Inc., Cl A<sup>1</sup> | 1336302 | 1513261 |
| 154 | GRAIL, Inc.<sup>1</sup> | 7341 | 13181 |
| 154807 | HeartFlow, Inc.<sup>1</sup> | 3853287 | 4512624 |
| 92028 | Illumina, Inc.<sup>1</sup> | 9839166 | 12070392 |
| 1744399 | indie Semiconductor, Inc., Cl A<sup>1</sup> | 9330953 | 6157728 |
| 163103 | Loar Holdings, Inc.<sup>1</sup> | 12634501 | 11091004 |
| 413617 | Netskope, Inc., Cl A<sup>1</sup> | 8570735 | 7254842 |
| 356883 | NVIDIA Corp. | 6728358 | 66558680 |
| 188611 | SailPoint, Inc.<sup>1</sup> | 4148024 | 3815601 |
| 45099 | ServiceTitan, Inc., Cl A<sup>1</sup> | 3636169 | 4803044 |
| 95516 | Snowflake, Inc., Cl A<sup>1</sup> | 11461920 | 20952390 |
| 27899 | Tesla, Inc.<sup>1</sup> | 6610652 | 12546738 |
| 74811 | Viking Therapeutics, Inc.<sup>1</sup> | 4953838 | 2631851 |
| 65339 | Zscaler, Inc.<sup>1</sup> | 4713393 | 14696048 |
| **Total United States** | **Total United States** | 140721975 | 255884633 |
| **Total Common Stocks** | **Total Common Stocks** | 316032927 | 596291670 |
| Private Common Stocks (18.77%) | Private Common Stocks (18.77%) | Private Common Stocks (18.77%) | Private Common Stocks (18.77%) |
| United States (18.77%) | United States (18.77%) | United States (18.77%) | United States (18.77%) |
| 299761 | Farmers Business Network, Inc.<sup>1,2,4</sup> | 12250007 | 557556 |
| 252130 | Space Exploration<br>Technologies Corp., Cl A<sup>1,2,4</sup> | 11571518 | 106146730 |
| 75250 | Space Exploration<br>Technologies Corp., Cl C<sup>1,2,4</sup> | 3428124 | 31680250 |
| **Total Private Common Stocks** | **Total Private Common Stocks** | 27249649 | 138384536 |
| Private Convertible Preferred Stocks (0.01%) | Private Convertible Preferred Stocks (0.01%) | Private Convertible Preferred Stocks (0.01%) | Private Convertible Preferred Stocks (0.01%) |
| India (0.01%) | India (0.01%) | India (0.01%) | India (0.01%) |
| 9201 | Think & Learn Private<br>Limited, Series F<sup>1,2,4</sup> | 29867591 | 42030 |

---

See Notes to Financial Statements. 13

------

##### [**Table of Contents**](#toc)
Baron Global Opportunity Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Warrants (0.05%) | Warrants (0.05%) | Warrants (0.05%) |
| Israel (0.00%)<sup>^</sup> | Israel (0.00%)<sup>^</sup> | Israel (0.00%)<sup>^</sup> |
| 228748 Taboola.com Ltd., Exp. 12/31/2027 exercise price USD 11.50<sup>1</sup> | $417099 | $8372 |
| Spain (0.05%) | Spain (0.05%) | Spain (0.05%) |
| 502360 Codere Online Luxembourg SA, Exp. 11/30/2026 exercise price USD 11.50<sup>1</sup> | 845632 | 406912 |
| **Total Warrants** | 1262731 | 415284 |
| Total Investments (99.72%) | $374412898 | 735133520 |
| Cash and Other Assets Less Liabilities (0.28%) |  | 2035840 |
| Net Assets |  | $737169360 |

---

---

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

---

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

<sup>2</sup> At December 31, 2025, the market value of restricted securities, excluding Rule 144A securities as separately described below, amounted to $138,426,566 or 18.78% of net assets. See Note 6 regarding Restricted Securities. 

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

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

---

| | |
|:---|:---|
| <sup>^</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 December 31, 2025, the market value of Rule 144A securities amounted to $14,406,740 or 1.95% of net assets. 

All securities are Level 1, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector**<br> **as of December 31, 2025** | **Percentage of**<br> **Net Assets** |  |
|  Information Technology | 40.2 | % |
|  Industrials | 22.1 | % |
|  Consumer Discretionary | 21.7 | % |
|  Financials | 9.1 | % |
|  Health Care | 6.5 | % |
|  Unclassified | 0.1 | % |
|  Communication Services | 0.0 | %† |
|  Cash and Cash Equivalents\* | 0.3 | % |
|  | 100.0 | % \*\* |

---

† Rounds to less than 0.1%.

\* Includes other assets and liabilities-net.

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

14 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Real Estate Income Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (96.17%) | Common Stocks (96.17%) | Common Stocks (96.17%) | Common Stocks (96.17%) |
| Consumer Discretionary (8.28%) | Consumer Discretionary (8.28%) | Consumer Discretionary (8.28%) | Consumer Discretionary (8.28%) |
|  | **Casinos & Gaming (3.84%)** | **Casinos & Gaming (3.84%)** | **Casinos & Gaming (3.84%)** |
| 61969 | Las Vegas Sands Corp. | $3028316 | $4033562 |
| 49233 | Wynn Resorts Ltd. | 3861734 | 5924207 |
|  |  | 6890050 | 9957769 |
|  | **Homebuilding (1.69%)** | **Homebuilding (1.69%)** | **Homebuilding (1.69%)** |
| 32315 | Toll Brothers, Inc. | 3312197 | 4369634 |
|  | **Hotels, Resorts & Cruise Lines (1.09%)** | **Hotels, Resorts & Cruise Lines (1.09%)** | **Hotels, Resorts & Cruise Lines (1.09%)** |
| 37279 | Wyndham Hotels & Resorts, Inc. | 2876475 | 2816801 |
|  | **Leisure Facilities (1.66%)** | **Leisure Facilities (1.66%)** | **Leisure Facilities (1.66%)** |
| 32373 | Vail Resorts, Inc. | 4789, 294 | 4299135 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 17868016 | 21443339 |
| Financials (9.20%) | Financials (9.20%) | Financials (9.20%) | Financials (9.20%) |
|  | **Asset Management & Custody Banks (6.86%)** | **Asset Management & Custody Banks (6.86%)** | **Asset Management & Custody Banks (6.86%)** |
| 30907 | Blackstone, Inc. | 4323705 | 4764005 |
| 225540 | Brookfield Corp., Cl A<sup>2</sup> | 7450418 | 10350031 |
| 50239 | Brookfield Asset<br>Management Ltd., Cl A<sup>2</sup> | 1629003 | 2632021 |
|  |  | 13403126 | 17746057 |
|  | **Mortgage REITs (2.34%)** | **Mortgage REITs (2.34%)** | **Mortgage REITs (2.34%)** |
| 316971 | Blackstone Mortgage Trust, Inc., Cl A | 5869805 | 6063655 |
| **Total Financials** | **Total Financials** | 19272931 | 23809712 |
| Industrials (1.28%) | Industrials (1.28%) | Industrials (1.28%) | Industrials (1.28%) |
|  | **Building Products (1.28%)** | **Building Products (1.28%)** | **Building Products (1.28%)** |
| 66199 | Fortune Brands Innovations, Inc. | 3228461 | 3311274 |
| Information Technology (1.67%) | Information Technology (1.67%) | Information Technology (1.67%) | Information Technology (1.67%) |
|  | **Internet Services & Infrastructure (1.67%)** | **Internet Services & Infrastructure (1.67%)** | **Internet Services & Infrastructure (1.67%)** |
| 123642 | GDS Holdings Ltd., ADR <sup>1,2</sup> | 2836262 | 4315106 |
| Materials (2.91%) | Materials (2.91%) | Materials (2.91%) | Materials (2.91%) |
|  | **Construction Materials (2.91%)** | **Construction Materials (2.91%)** | **Construction Materials (2.91%)** |
| 60430 | CRH PLC<sup>2</sup> | 6092211 | 7541664 |
| Real Estate (72.83%) | Real Estate (72.83%) | Real Estate (72.83%) | Real Estate (72.83%) |
|  | **Data Center REITs (4.89%)** | **Data Center REITs (4.89%)** | **Data Center REITs (4.89%)** |
| 20941 | Digital Realty Trust, Inc. | 3314887 | 3239782 |
| 12299 | Equinix, Inc. | 9091664 | 9423002 |
|  |  | 12406551 | 12662784 |
|  | **Health Care REITs (19.97%)** | **Health Care REITs (19.97%)** | **Health Care REITs (19.97%)** |
| 151675 | American Healthcare REIT, Inc. | 4636322 | 7137825 |
| 233960 | Ventas, Inc. | 15092300 | 18103825 |
| 142419 | Welltower, Inc. | 14174360 | 26434391 |
|  |  | 33902982 | 51676041 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 (3.47%)** | **Hotel & Resort REITs (3.47%)** | **Hotel & Resort REITs (3.47%)** |
| 279317 | Host Hotels & Resorts, Inc. | $4155095 | $4952290 |
| 451641 | Sunstone Hotel Investors, Inc. | 4300411 | 4037671 |
|  |  | 8455506 | 8989961 |
|  | **Industrial REITs (17.41%)** | **Industrial REITs (17.41%)** | **Industrial REITs (17.41%)** |
| 56445 | EastGroup Properties, Inc. | 9452304 | 10055112 |
| 221075 | Goodman Group, (Australia)<sup>2,3</sup> | 4882310 | 4549317 |
| 218142 | Prologis, Inc. | 24191031 | 27848008 |
| 44575 | Terreno Realty Corp. | 2551316 | 2616998 |
|  |  | 41076961 | 45069435 |
|  | **Multi-Family Residential REITs (3.54%)** | **Multi-Family Residential REITs (3.54%)** | **Multi-Family Residential REITs (3.54%)** |
| 93970 | Equity Residential | 5766037 | 5923869 |
| 12360 | Essex Property Trust, Inc. | 3147788 | 3234365 |
|  |  | 8913825 | 9158234 |
|  | **Office REITs (1.87%)** | **Office REITs (1.87%)** | **Office REITs (1.87%)** |
| 19098 | BXP, Inc. | 1279279 | 1288733 |
| 94976 | Kilroy Realty Corp. | 3916619 | 3549253 |
|  |  | 5195898 | 4837986 |
|  | **Real Estate Services (3.96%)** | **Real Estate Services (3.96%)** | **Real Estate Services (3.96%)** |
| 30450 | Jones Lang LaSalle, Inc.<sup>1</sup> | 8457929 | 10245511 |
|  | **Retail REITs (9.35%)** | **Retail REITs (9.35%)** | **Retail REITs (9.35%)** |
| 48697 | Agree Realty Corp. | 3341533 | 3507645 |
| 511784 | The Macerich Co. | 8065191 | 9447533 |
| 60778 | Simon Property Group, Inc. | 9604120 | 11250615 |
|  |  | 21010844 | 24205793 |
|  | **Self Storage REITs (2.16%)** | **Self Storage REITs (2.16%)** | **Self Storage REITs (2.16%)** |
| 42950 | Extra Space Storage, Inc. | 6203230 | 5592949 |
|  | **Single-Family Residential REITs (0.98%)** | **Single-Family Residential REITs (0.98%)** | **Single-Family Residential REITs (0.98%)** |
| 78970 | American Homes 4 Rent, Cl A | 2638020 | 2534937 |
|  | **Telecom Tower REITs (2.93%)** | **Telecom Tower REITs (2.93%)** | **Telecom Tower REITs (2.93%)** |
| 43122 | American Tower Corp. | 8174442 | 7570930 |
|  | **Timber REITs (2.30%)** | **Timber REITs (2.30%)** | **Timber REITs (2.30%)** |
| 251520 | Weyerhaeuser Co. | 5658664 | 5958509 |
| Total Real Estate | Total Real Estate | 162094852 | 188503070 |
| Total Investments (96.17%) | Total Investments (96.17%) | $211392733 | 248924165 |
| Cash and Other Assets Less Liabilities (3.83%) | Cash and Other Assets Less Liabilities (3.83%) |  | 9904652 |
| Net Assets | Net Assets |  | $258828817 |

---

---

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

---

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

<sup>2</sup> Foreign corporation.

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

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

All securities are Level 1, unless otherwise noted.

See Notes to Financial Statements. 15

------

##### [**Table of Contents**](#toc)
Baron Health Care Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Common Stocks (95.70%) | Common Stocks (95.70%) | Common Stocks (95.70%) | Common Stocks (95.70%) |
| Health Care (94.67%) | Health Care (94.67%) | Health Care (94.67%) | Health Care (94.67%) |
|  | **Biotechnology (33.20%)** | **Biotechnology (33.20%)** | **Biotechnology (33.20%)** |
| 24800 | AbbVie, Inc. | $4991078 | $5666552 |
| 25000 | Abivax SA, ADR<sup>1,2</sup> | 2230311 | 3371375 |
| 3500 | Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 1179695 | 1391775 |
| 27000 | Arcellx, Inc.<sup>1</sup> | 943658 | 1760400 |
| 61000 | Arcutis Biotherapeutics, Inc.<sup>1</sup> | 1825254 | 1771440 |
| 11600 | argenx SE, ADR<sup>1,2</sup> | 2522131 | 9755020 |
| 5600 | Ascendis Pharma AS, ADR<sup>1,2</sup> | 980180 | 1194144 |
| 26500 | Gilead Sciences, Inc. | 2999580 | 3252610 |
| 38200 | Insmed, Inc.<sup>1</sup> | 2762308 | 6648328 |
| 36000 | Ionis Pharmaceuticals, Inc.<sup>1</sup> | 2054332 | 2847960 |
| 20000 | Kymera Therapeutics, Inc.<sup>1</sup> | 1189645 | 1556200 |
| 2500 | Madrigal Pharmaceuticals, Inc.<sup>1</sup> | 1044088 | 1455850 |
| 8300 | Protagonist Therapeutics, Inc.<sup>1</sup> | 729218 | 724922 |
| 125000 | Roivant Sciences Ltd.<sup>1,2</sup> | 1727861 | 2712500 |
| 5200 | Vertex Pharmaceuticals, Incorporated<sup>1</sup> | 1246703 | 2357472 |
| 30000 | Xenon Pharmaceuticals, Inc.<sup>1,2</sup> | 917389 | 1344600 |
|  |  | 29343431 | 47811148 |
|  | **Health Care Distributors (2.85%)** | **Health Care Distributors (2.85%)** | **Health Care Distributors (2.85%)** |
| 5000 | McKesson Corp. | 3142543 | 4101450 |
|  | **Health Care Equipment (17.60%)** | **Health Care Equipment (17.60%)** | **Health Care Equipment (17.60%)** |
| 47000 | Boston Scientific Corp.<sup>1</sup> | 2398771 | 4481450 |
| 7500 | DexCom, Inc.<sup>1</sup> | 823467 | 497775 |
| 33300 | Edwards Lifesciences Corp.<sup>1</sup> | 2632793 | 2838825 |
| 6000 | IDEXX Laboratories, Inc.<sup>1</sup> | 2349368 | 4059180 |
| 6500 | Insulet Corp.<sup>1</sup> | 1953423 | 1847560 |
| 8400 | Intuitive Surgical, Inc.<sup>1</sup> | 1691851 | 4757424 |
| 13000 | Penumbra, Inc.<sup>1</sup> | 3594922 | 4041830 |
| 8000 | Stryker Corp. | 2123053 | 2811760 |
|  |  | 17567648 | 25335804 |
|  | **Health Care Facilities (1.77%)** | **Health Care Facilities (1.77%)** | **Health Care Facilities (1.77%)** |
| 17500 | Encompass Health Corp. | 1870305 | 1857450 |
| 3500 | Tenet Healthcare Corp.<sup>1</sup> | 670505 | 695520 |
|  |  | 2540810 | 2552970 |
|  | **Health Care Services (2.97%)** | **Health Care Services (2.97%)** | **Health Care Services (2.97%)** |
| 60000 | RadNet, Inc.<sup>1</sup> | 2871502 | 4281000 |
|  | **Health Care Technology (0.56%)** | **Health Care Technology (0.56%)** | **Health Care Technology (0.56%)** |
| 27512 | HeartFlow, Inc.<sup>1</sup> | 522728 | 801975 |
|  | **Life Sciences Tools & Services (14.21%)** | **Life Sciences Tools & Services (14.21%)** | **Life Sciences Tools & Services (14.21%)** |
| 6904 | BillionToOne, Inc., Cl A<sup>1 3</sup> | 414240 | 565023 |
| 19500 | Danaher Corp. | 4185353 | 4463940 |
| 3500 | Mettler-Toledo International, Inc.<sup>1</sup> | 3777592 | 4879665 |
| 9000 | Repligen Corp.<sup>1</sup> | 1396625 | 1474740 |
| 13000 | Thermo Fisher Scientific, Inc. | 6128950 | 7532850 |
| 5600 | West Pharmaceutical Services, Inc. | 1508853 | 1540784 |
|  |  | 17411613 | 20457002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Health Care (continued) | Health Care (continued) | Health Care (continued) | Health Care (continued) |
|  | **Managed Health Care (1.76%)** | **Managed Health Care (1.76%)** | **Managed Health Care (1.76%)** |
| 6000 | HealthEquity, Inc.<sup>1</sup> | $555636 | $549660 |
| 6000 | UnitedHealth Group, Incorporated | 2115765 | 1980660 |
|  |  | 2671401 | 2530320 |
|  | **Pharmaceuticals (19.75%)** | **Pharmaceuticals (19.75%)** | **Pharmaceuticals (19.75%)** |
| 62000 | AstraZeneca PLC, ADR <sup>2</sup> | 4248229 | 5699660 |
| 80000 | Elanco Animal Health, Inc.<sup>1</sup> | 1778363 | 1810400 |
| 15300 | Eli Lilly & Co. | 3208635 | 16442604 |
| 3600 | Johnson & Johnson | 730220 | 745020 |
| 120000 | Teva Pharmaceutical<br>Industries Ltd., ADR<sup>1,2</sup> | 2249135 | 3745200 |
|  |  | 12214582 | 28442884 |
| **Total Health Care** | **Total Health Care** | **88286258** | **136314553** |
| Real Estate (1.03%) | Real Estate (1.03%) | Real Estate (1.03%) | Real Estate (1.03%) |
|  | **Health Care REITs (1.03%)** | **Health Care REITs (1.03%)** | **Health Care REITs (1.03%)** |
| 8000 | Welltower, Inc. | **1536230** | **1484880** |
| Total Investments (95.70%) | Total Investments (95.70%) | $89822488 | 137799433 |
| Cash and Other Assets Less Liabilities (4.30%) | Cash and Other Assets Less Liabilities (4.30%) |  | 6189453 |
| Net Assets | Net Assets |  | $143988886 |

---

---

| | |
|:---|:---|
| % | 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.

16 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron India Fund

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Common Stocks (95.13%) | Common Stocks (95.13%) | Common Stocks (95.13%) |
| Communication Services (8.23%) | Communication Services (8.23%) | Communication Services (8.23%) |
|  | **Integrated Telecommunication<br>Services (0.79%)** | **Integrated Telecommunication<br>Services (0.79%)** |
| 9878 Tata Communications Ltd.<sup>3</sup> | $193387 | $200618 |
|  | **Wireless Telecommunication<br>Services (7.44%)** | **Wireless Telecommunication<br>Services (7.44%)** |
| 100226 Bharti Airtel Ltd. PP<sup>3</sup> | 1371672 | 1886992 |
| **Total Communication Services** | 1565059 | 2087610 |
| Consumer Discretionary (10.54%) | Consumer Discretionary (10.54%) | Consumer Discretionary (10.54%) |
|  | **Apparel Retail (1.67%)** | **Apparel Retail (1.67%)** |
| 8912 Trent Ltd.<sup>3</sup> | 428391 | 425021 |
|  | **Apparel, Accessories & Luxury Goods (0.78%)** | **Apparel, Accessories & Luxury Goods (0.78%)** |
| 4387 Titan Co. Ltd.<sup>3</sup> | 165948 | 198044 |
|  | **Automobile Manufacturers (3.04%)** | **Automobile Manufacturers (3.04%)** |
| 18652 Mahindra & Mahindra Ltd.<sup>3</sup> | 644791 | 770310 |
|  | **Consumer Electronics (0.72%)** | **Consumer Electronics (0.72%)** |
| 1350 Dixon Technologies India Ltd.<sup>3</sup> | 209871 | 182138 |
|  | **Hotels, Resorts & Cruise Lines (0.43%)** | **Hotels, Resorts & Cruise Lines (0.43%)** |
| 38616 Le Travenues Technology Ltd.<sup>1,3</sup> | 135241 | 109787 |
|  | **Restaurants (3.90%)** | **Restaurants (3.90%)** |
| 319595 Eternal Ltd.<sup>1,3</sup> | 898099 | 990419 |
| **Total Consumer Discretionary** | 2482341 | 2675719 |
| Consumer Staples (1.98%) | Consumer Staples (1.98%) | Consumer Staples (1.98%) |
|  | **Packaged Foods & Meats (1.98%)** | **Packaged Foods & Meats (1.98%)** |
| 37847 Tata Consumer Products Ltd.<sup>3</sup> | 463660 | 501927 |
| Energy (6.66%) | Energy (6.66%) | Energy (6.66%) |
|  | **Oil & Gas Refining & Marketing (6.66%)** | **Oil & Gas Refining & Marketing (6.66%)** |
| 96631 Reliance Industries Limited<sup>3</sup> | 1601357 | 1690909 |
| Financials (30.42%) | Financials (30.42%) | Financials (30.42%) |
|  | **Asset Management & Custody Banks (1.23%)** | **Asset Management & Custody Banks (1.23%)** |
| 23607 360 ONE WAM Ltd.<sup>3</sup> | 261498 | 312844 |
|  | **Consumer Finance (7.23%)** | **Consumer Finance (7.23%)** |
| 100022 Bajaj Finance Limited<sup>3</sup> | 949852 | 1099941 |
| 38803 Cholamandalam Investment &<br>Finance Co. Ltd.<sup>3</sup> | 654878 | 736003 |
|  | 1604730 | 1835944 |
|  | **Diversified Banks (14.79%)** | **Diversified Banks (14.79%)** |
| 181882 HDFC Bank Ltd.<sup>3</sup> | 1987454 | 2009231 |
| 74132 ICICI Bank Ltd.<sup>3</sup> | 1127689 | 1109502 |
| 25938 Kotak Mahindra Bank Ltd.<sup>3</sup> | 591400 | 636271 |
|  | 3706543 | 3755004 |
|  | **Diversified Financial Services (2.95%)** | **Diversified Financial Services (2.95%)** |
| 32888 Bajaj Finserv Ltd.<sup>3</sup> | 742944 | 747282 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Cost** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Financials (continued) | Financials (continued) | Financials (continued) |
|  | **Investment Banking & Brokerage (1.27%)** | **Investment Banking & Brokerage (1.27%)** |
| 19530 Nuvama Wealth Management Ltd.<sup>3</sup> | $294227 | $321615 |
|  | **Life & Health Insurance (2.95%)** | **Life & Health Insurance (2.95%)** |
| 33043 SBI Life Insurance Company Limited, 144A<sup>3</sup> | 662403 | 748987 |
| **Total Financials** | **7272345** | **7721676** |
| Health Care (8.94%) | Health Care (8.94%) | Health Care (8.94%) |
|  | **Health Care Facilities (8.94%)** | **Health Care Facilities (8.94%)** |
| 112365 Aster DM Healthcare Ltd., 144A<sup>3</sup> | 668830 | 771496 |
| 55487 HealthCare Global Enterprises Ltd.<sup>1</sup> | 382152 | 408686 |
| 93721 Max Healthcare Institute Ltd.<sup>3</sup> | 1164829 | 1090108 |
| **Total Health Care** | **2215811** | **2270290** |
| Industrials (17.82%) | Industrials (17.82%) | Industrials (17.82%) |
|  | **Aerospace & Defense (3.00%)** | **Aerospace & Defense (3.00%)** |
| 171101 Bharat Electronics Ltd.<sup>3</sup> | 741564 | 761605 |
|  | **Construction & Engineering (2.38%)** | **Construction & Engineering (2.38%)** |
| 487462 GMR Power & Urban Infra Ltd.<sup>1,3</sup> | 657900 | 604373 |
|  | **Construction & Machinery & Heavy<br>Trucks (2.12%)** | **Construction & Machinery & Heavy<br>Trucks (2.12%)** |
| 10922 Cummins India Ltd.<sup>3</sup> | 464409 | 539010 |
|  | **Electrical Components & Equipment (4.80%)** | **Electrical Components & Equipment (4.80%)** |
| 460558 Precision Wires India Ltd.<sup>3</sup> | 976220 | 1217479 |
|  | **Heavy Electrical Equipment (1.12%)** | **Heavy Electrical Equipment (1.12%)** |
| 10004 Siemens Energy India Ltd.<sup>1,2,3</sup> | 380569 | 284339 |
|  | **Industrial Machinery & Supplies &<br>Components (2.95%)** | **Industrial Machinery & Supplies &<br>Components (2.95%)** |
| 31499 Kirloskar Oil Engines Ltd.<sup>3</sup> | 339753 | 428256 |
| 12775 Shaily Engineering Plastics Ltd.<sup>3</sup> | 221990 | 321565 |
|  | 561743 | 749821 |
|  | **Passenger Airlines (1.45%)** | **Passenger Airlines (1.45%)** |
| 6521 InterGlobe Aviation Ltd., 144A<sup>3</sup> | 325792 | 367820 |
| **Total Industrials** | **4108197** | **4524447** |
| Information Technology (7.47%) | Information Technology (7.47%) | Information Technology (7.47%) |
|  | **Communications Equipment (0.96%)** | **Communications Equipment (0.96%)** |
| 22356 Astra Microwave Products Ltd.<sup>3</sup> | 256210 | 243946 |
|  | **Electronic Components (2.63%)** | **Electronic Components (2.63%)** |
| 25722 Centum Electronics Ltd.<sup>3</sup> | 682141 | 667898 |
|  | **Electronic Manufacturing Services (0.59%)** | **Electronic Manufacturing Services (0.59%)** |
| 3365 Kaynes Technology India Ltd.<sup>1,3</sup> | 165906 | 150267 |
|  | **IT Consulting & Other Services (3.29%)** | **IT Consulting & Other Services (3.29%)** |
| 12141 Coforge Ltd.<sup>3</sup> | 240179 | 224932 |
| 17067 Tata Consultancy Services Ltd.<sup>3</sup> | 729785 | 609790 |
|  | 969964 | 834722 |
| **Total Information Technology** | **2074221** | **1896833** |

---

See Notes to Financial Statements. 17

------

##### [**Table of Contents**](#toc)
Baron India Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
| Shares | Cost | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Materials (0.40%) | Materials (0.40%) | Materials (0.40%) |
|  | **Commodity Chemicals (0.40%)** | **Commodity Chemicals (0.40%)** |
| 155566 DCW Ltd.<sup>3</sup> | $133013 | $101023 |
| Real Estate (0.57%) | Real Estate (0.57%) | Real Estate (0.57%) |
|  | **Real Estate Development (0.57%)** | **Real Estate Development (0.57%)** |
| 6481 Godrej Properties Ltd.<sup>1,3</sup> | 149075 | 144588 |
| Utilities (2.10%) | Utilities (2.10%) | Utilities (2.10%) |
|  | **Electric Utilities (2.10%)** | **Electric Utilities (2.10%)** |
| 180827 Power Grid Corp. of India Ltd.<sup>3</sup> | 628988 | 533215 |
| Total Investments (95.13%) | $22694067 | 24148237 |
| Cash and Other Assets Less Liabilities (4.87%) |  | 1236636 |
| Net Assets |  | $25384873 |

---

---

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

<sup>144A</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the market value of Rule 144A securities amounted to $1,888,303 or 7.44% of net assets. 

All securities are Level 1, unless otherwise noted.

18 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

STATEMENTS OF ASSETS AND LIABILITIES

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Partners<br>Fund | Baron Focused<br>Growth Fund | Baron<br>International<br>Growth<br>Fund | Baron Real<br>Estate Fund |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* | $10878631616 | $3324565460 | $319665261 | $2291250823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† |  |  | 177951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 254252 | 62578080 | 7847733 | 31204178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 19884280 | 30563681 | 132073 | 5798956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3463200 | 1871460 | 420028 | 1805622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 473512 | 3639 | 265 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold |  |  |  |  |
|  | 10902706860 | 3419582320 | 328243311 | 2330062574 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings against line of credit | 1203000000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4342833 |  |  | 1125766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 2877014 | 1253360 | 50119 | 1137456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 910 | 228 | 822 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 138 | 89 | 346 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued capital gains taxes |  |  | 1179269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 4686941 | 248068 | 97553 | 226594 |
|  | 1214907836 | 1501745 | 1328109 | 2490783 |
|  **Net Assets** | $9687799024 | $3418080575 | $326915202 | $2327571791 |
|  **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1116158485 | $1982159697 | $233923564 | $1841774798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 8571640539 | 1435920878 | 92991638 | 485796993 |
|  **Net Assets** | $9687799024 | $3418080575 | $326915202 | $2327571791 |
|  **Retail Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3758988009 | $581731551 | $59087406 | $378564383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 14870677 | 10104678 | 1876617 | 9610113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $252.78 | $57.57 | $31.49 | $39.39 |
|  **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5112602544 | $2319278739 | $255416684 | $1898706921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 19288965 | 38352212 | 7947939 | 46749210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $265.05 | $60.47 | $32.14 | $40.61 |
|  **R6 Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $816208471 | $517070285 | $12411112 | $50300487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 3080142 | 8543431 | 386463 | 1238583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $264.99 | $60.52 | $32.11 | $40.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Total investments, at cost | $2351100172 | $1718676339 | $192329607 | $1733422567 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $— | $— | $175012 | $— |

---

See Notes to Financial Statements. 19

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Baron<br>Emerging<br>Markets Fund | Baron Global<br>Opportunity<br>Fund | Baron Real<br>Estate<br>Income Fund | Baron<br>Health Care<br>Fund | Baron India<br>Fund |
|  **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value\* | $3519981410 | $735133520 | $248924165 | $137799433 | $24148237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value† | 2276793 |  |  |  | 5690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 49997107 | 19424121 | 7962163 | 6146090 | 1298694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 3731593 | 2252763 | 1234123 | 159415 | 211632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3254677 | 71238 | 814439 | 51137 | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3776 | 698 | 372 | 192 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold |  | 1567974 |  |  |  |
|  | 3579245356 | 758450314 | 258935262 | 144156267 | 25675353 |
|  **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings against line of credit |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  | 16797695 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 1671485 | 412323 | 40760 | 55433 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable (Note 4) | 544 | 938 | 447 | 558 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 4) | 636 | 199 | 758 | 903 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued capital gains taxes | 34630615 | 3771626 |  |  | 226484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 1148031 | 298173 | 64480 | 110487 | 62785 |
|  | 37451311 | 21280954 | 106445 | 167381 | 290480 |
|  **Net Assets** | $3541794045 | $737169360 | $258828817 | $143988886 | $25384873 |
|  **Net Assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2942440706 | $678540910 | $243164606 | $122947728 | $26068344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 599353339 | 58628450 | 15664211 | 21041158 | (683471) |
|  **Net Assets** | $3541794045 | $737169360 | $258828817 | $143988886 | $25384873 |
|  **Retail Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $193680069 | $197043805 | $20413552 | $28099737 | $5752712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 10186558 | 3994172 | 1207938 | 1345799 | 633649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $19.01 | $49.33 | $16.90 | $20.88 | $9.08 |
|  **Institutional Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3341624957 | $524441855 | $228972858 | $102555958 | $17364091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 174636741 | 10350834 | 13377820 | 4829300 | 1898117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $19.13 | $50.67 | $17.12 | $21.24 | $9.15 |
|  **R6 Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $6489019 | $15683700 | $9442407 | $13333191 | $2268070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 338975 | 308805 | 552285 | 628165 | 247739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $19.14 | $50.79 | $17.10 | $21.23 | $9.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Total investments, at cost | $2208018719 | $374412898 | $211392733 | $89822488 | $22694067 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Foreign currency, at cost: | $2262325 | $— | $— | $— | $5587 |

---

20 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

STATEMENTS OF OPERATIONS

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Partners<br>Fund | Baron Focused<br>Growth Fund | Baron<br>International<br>Growth Fund | Baron Real<br>Estate Fund |
|  **Investment income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> | $35724924 | $16169020 | $5145822 | $26904626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest<sup>2</sup> | 21953 | 1806104 | 340058 | 3667478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 200416 | 90322 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union tax reclaims |  |  | 1523458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 35947293 | 18065446 | 7009338 | 30572104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 76231995 | 25433058 | 2967423 | 22155893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 7589025 | 1178132 | 199142 | 973267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 325950 | 80965 | 27518 | 71362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 223146 | 118871 | 27282 | 118431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 37445 | 25590 | 892 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 660258 | 26182 | 7211 | 21417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 591373 | 421032 | 52587 | 462260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 498620 | 165507 | 18859 | 127029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 344975 | 132646 | 90989 | 91181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 258057 | 104506 | 32331 | 128186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 223785 | 193337 | 54669 | 136864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 108899 | 29988 | 4517 | 29955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 87033 | 71562 | 67911 | 70698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2550 | 2600 | 20208 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 87183111 | 27983976 | 3571539 | 24394936 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 46715763 | 1375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 133898874 | 27985351 | 3571539 | 24394936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — Retail Shares (Note 4) |  |  | (37829) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — Institutional Shares (Note 4) |  |  | (71795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — R6 Shares (Note 4) |  |  | (4422) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangements — Retail Shares (Note 4) | (78923) | (20494) | (4204) | (16640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangements — Institutional Shares (Note 4) | (82615) | (44462) | (5575) | (30406) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 133737336 | 27920395 | 3447714 | 24347890 |
|  **Net investment income (loss)** | (97790043) | (9854949) | 3561624 | 6224214 |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | 259917545 | (61432157) | 32108362<sup>3</sup> | (16667455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind | 802736407 |  |  | 94679298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  | (75662) | (45400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | 919254977 | 646491014 | 27544817<sup>4</sup> | 31763685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | 26658 | (389) |
|  **Net gain (loss) on investments** | 1981908929 | 585058857 | 59604175 | 109729739 |
|  **Net increase (decrease) in net assets resulting from operations** | $1884118886 | $575203908 | $63165799 | $115953953 |
|  <sup>1</sup> Net of foreign taxes withheld on dividends of | $— | $— | $550613 | $421878 |
|  <sup>2</sup> Net of foreign taxes withheld on interest of | $— | $— | $14 | $— |
|  <sup>3</sup> Net of realized foreign capital gains tax of | $— | $— | $569069 | $— |
|  <sup>4</sup> Increase (decrease) in accrued foreign capital gains tax payable of | $— | $— | $(1187717) | $— |

---

See Notes to Financial Statements. 21

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

STATEMENTS OF OPERATIONS (Continued)

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Baron Emerging<br>Markets Fund | Baron Global<br>Opportunity<br>Fund | Baron Real<br>Estate Income<br>Fund | Baron Health<br>Care Fund | Baron India<br>Fund |
|  **Investment income (loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> | $46150791 | $532612 | $5528026 | $535782 | $91991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest<sup>2</sup> | 2017471 | 471191 | 314322 | 381459 | 30047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net |  | 21576 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 48168262 | 1025379 | 5842348 | 917241 | 122038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 36571671 | 5256635 | 1793684 | 1157407 | 158698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 4) | 486772 | 450013 | 46063 | 75199 | 10017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 40164 | 40735 | 20658 | 26477 | 17303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 177590 | 38976 | 24464 | 17654 | 12984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — R6 Shares | 360 | 731 | 431 | 734 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 36020 | 6116 | 23530 |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 1291396 | 149294 | 33773 | 47509 | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 4) | 207692 | 37508 | 14321 | 8453 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 184166 | 58920 | 47714 | 40897 | 36911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 1940339 | 91042 | 34283 | 17731 | 37687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 134239 | 100963 | 61288 | 95255 | 10992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 48970 | 8190 | 2710 | 2620 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 82269 | 66251 | 64505 | 64200 | 67659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 67566 | 5735 | 2607 | 2459 | 39657 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 41269214 | 6311109 | 2170031 | 1556595 | 400533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Interest expense on borrowings** | 38302 | 4755 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross expenses** | 41307516 | 6315864 | 2170031 | 1556595 | 400533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — Retail Shares (Note 4) |  | (95329) | (31060) | (45618) | (61810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — Institutional Shares (Note 4) |  | (177161) | (167233) | (105671) | (104555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waived/expenses reimbursed — R6 Shares (Note 4) |  | (5005) | (5653) | (11342) | (31921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangements — Retail Shares (Note 4) | (7423) | (8437) | (2335) | (5500) | (1125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense offset arrangements — Institutional Shares (Note 4) | (33416) | (9315) | (4425) | (1537) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 41266677 | 6020617 | 1959325 | 1386927 | 200453 |
|  **Net investment income (loss)** | 6901585 | (4995238) | 3883023 | (469686) | (78415) |
|  **Realized and unrealized gain (loss) on investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments sold — Unaffiliated investments | 567447976<sup>3</sup> | 284528 | (5372083) | 13059138 | (592098)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption in-kind |  | 64289292 | 5959785 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | (3085298) | (1688) | (7755) | (1042) | (44906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — Unaffiliated investments | 392496924<sup>4</sup> | 94363898<sup>4</sup> | 4976889 | (939309) | 418933<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 129770 |  | (53) |  | (330) |
|  **Net gain (loss) on investments** | 956989372 | 158936030 | 5556783 | 12118787 | (218401) |
|  **Net increase (decrease) in net assets resulting from operations** | $963890957 | $153940792 | $9439806 | $11649101 | $(296816) |
|  <sup>1</sup> Net of foreign taxes withheld on dividends of | $6893092 | $98748 | $34143 | $— | $21207 |
|  <sup>2</sup> Net of foreign taxes withheld on interest of | $162 | $— | $— | $— | $— |
|  <sup>3</sup> Net of realized foreign capital gains tax of | $11037393 | $— | $— | $— | $35503 |
|  <sup>4</sup> Increase (decrease) in accrued foreign capital gains tax payable of | $(7297970) | $3771626 | $— | $— | $133658 |

---

22 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Partners Fund | Baron Partners Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron International Growth<br>Fund | Baron International Growth<br>Fund |
|  | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(97790043) | $(66633111) | $(9854949) | $(995126) | $3561624 | $1842166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1062653952 | 645464306 | (61432157) | (15250871) | 32032700 | 12550370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 919254977 | 1374788144 | 646491014 | 453339682 | 27571475 | (1551489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 1884118886 | 1953619339 | 575203908 | 437093685 | 63165799 | 12841047 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (124654471) | (25210440) |  |  | (501913) | (571642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (163832267) | (29892457) |  |  | (2854507) | (2083196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (26044653) | (4898096) |  |  | (143626) | (173697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |  |  | (56532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |  |  | (212551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |  |  | (17819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (314531391) | (60000993) |  |  | (3500046) | (3115437) |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 348525870 | 249578896 | 169921771 | 138765093 | 11843438 | 27119693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 1600255695 | 489003536 | 1090402715 | 556921650 | 28067812 | 23618084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 8693252 | 6630452 | 16087620 | 16400435 | 626783 | 2985516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 118944447 | 23906097 |  |  | 493260 | 618240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 143165714 | 27257432 |  |  | 2843527 | 2287145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 26043924 | 4760702 |  |  | 143626 | 191515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (609814238) | (703991148) | (116243882) | (117226400) | (47631254) | (26916630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (1572973354) | (829465036) | (410877962) | (237424412) | (40968375) | (124782714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (29353996) | (21362124) | (21142779) | (15495082) | (9411405) | (105564815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 33487314 | (753681193) | 728147483 | 341941284 | (53992588) | (200443966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 1603074809 | 1139937153 | 1303351391 | 779034969 | 5673165 | (190718356) |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8084724215 | 6944787062 | 2114729184 | 1335694215 | 321242037 | 511960393 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $9687799024 | $8084724215 | $3418080575 | $2114729184 | $326915202 | $321242037 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1683101 | 1561724 | 3469330 | 3465074 | 403126 | 1045138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 510109 | 103687 |  |  | 15948 | 23018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3009305) | (4521244) | (2392264) | (3131936) | (1562300) | (1035389) |
|  **Net increase (decrease)** | (816095) | (2855833) | 1077066 | 333138 | (1143226) | 32767 |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7428324 | 2967487 | 21018705 | 13370312 | 931485 | 902735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 585556 | 113228 |  |  | 90071 | 83463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7439062) | (5210109) | (8167295) | (5998307) | (1383842) | (4783200) |
|  **Net increase (decrease)** | 574818 | (2129394) | 12851410 | 7372005 | (362286) | (3797002) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 41022 | 40619 | 316348 | 408781 | 21371 | 117055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 106631 | 19780 |  |  | 4552 | 6995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (125488) | (134251) | (403001) | (391207) | (339462) | (4099258) |
|  **Net increase (decrease)** | 22165 | (73852) | (86653) | 17574 | (313539) | (3975208) |

---

See Notes to Financial Statements. 23

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Real Estate Fund | Baron Real Estate Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund |
|  | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6224214 | $4169412 | $6901585 | $8654761 | $(4995238) | $(5633965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 77966443 | 151887178 | 564362678 | 300635009 | 64572132 | 110179541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 31763296 | 65130810 | 392626694 | 5973001 | 94363898 | 30881548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 115953953 | 221187400 | 963890957 | 315262771 | 153940792 | 135427124 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (13915317) | (648034) | (3469052) | (1039238) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (69820461) | (6663886) | (68638526) | (28029891) | (971345) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (1905195) | (195251) | (127864) | (75530) | (28984) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (85640973) | (7507171) | (72235442) | (29144659) | (1000329) |  |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 53561929 | 67542065 | 20479725 | 23235907 | 18210756 | 10264796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 753543827 | 560119698 | 462373003 | 536355079 | 213265782 | 42286730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 10404092 | 19771626 | 1795774 | 3654235 | 4033359 | 790692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 13314579 | 619622 | 3359288 | 1005260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 64815486 | 6114287 | 59784771 | 24944660 | 958489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 1905195 | 195251 | 127864 | 75530 | 28984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (94857827) | (90726310) | (69787761) | (101578428) | (43592996) | (78821713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (650050310) | (345096962) | (1439972290) | (1693424238) | (194738603) | (204660241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (11094593) | (17102107) | (5942718) | (3451240) | (3425872) | (1592005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 141542378 | 201437170 | (967782344) | (1209183235) | (5260101) | (231731741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 171855358 | 415117399 | (76126829) | (923065123) | 147680362 | (96304617) |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2155716433 | 1740599034 | 3617920874 | 4540985997 | 589488998 | 685793615 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2327571791 | $2155716433 | $3541794045 | $3617920874 | $737169360 | $589488998 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1376572 | 1827523 | 1191853 | 1596183 | 436736 | 308947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 329483 | 15478 | 182007 | 64252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2430096) | (2493397) | (4077089) | (6952227) | (1042827) | (2403267) |
|  **Net increase (decrease)** | (724041) | (650396) | (2703229) | (5291792) | (606091) | (2094320) |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18873379 | 14714109 | 26958575 | 36909354 | 4755278 | 1234474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1557283 | 148128 | 3222385 | 1599724 | 19025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16264257) | (9179776) | (83110593) | (116191973) | (4456348) | (6126592) |
|  **Net increase (decrease)** | 4166405 | 5682461 | (52929633) | (77682895) | 317955 | (4892118) |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 258900 | 523459 | 103268 | 246493 | 89855 | 22340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 45767 | 4730 | 6889 | 4839 | 574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (274975) | (440602) | (375845) | (231056) | (82716) | (47304) |
|  **Net increase (decrease)** | 29692 | 87587 | (265688) | 20276 | 7713 | (24964) |

---

24 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Real Estate Income Fund | Baron Real Estate Income Fund | Baron Health Care Fund | Baron Health Care Fund | Baron India Fund | Baron India Fund |
|  | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3883023 | $2482422 | $(469686) | $(506370) | $(78415) | $(13660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 579947 | 8949613 | 13058096 | 1480035 | (637004) | (55475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 4976836 | 13980136 | (939309) | 4061415 | 418603 | 783332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 9439806 | 25412171 | 11649101 | 5035080 | (296816) | 714197 |
|  **Distributions to shareholders from (Note 8):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (281017) | (184716) |  | (91286) | (19900) | (2001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (3797700) | (2151473) |  | (771074) | (85736) | (9148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — R6 Shares | (127797) | (79588) |  | (67275) | (11905) | (6096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Retail Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital — R6 Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (4206514) | (2415777) |  | (929635) | (117541) | (17245) |
|  **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 9391168 | 4499815 | 2757476 | 8565893 | 5225933 | 1551718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 129578708 | 29186280 | 11577621 | 41664823 | 16160907 | 3341902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — R6 Shares | 4198334 | 4631366 | 281316 | 8573289 | 154238 | 219021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 275924 | 181327 |  | 90422 | 19640 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 2859023 | 1226571 |  | 771006 | 85736 | 8712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issues in reinvestment of distribution — R6 Shares | 126208 | 78291 |  | 67275 | 2286 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (5690927) | (4283307) | (13228027) | (23256499) | (1463535) | (638907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (68891405) | (22578614) | (60619694) | (56797413) | (3075499) | (631004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — R6 Shares | (1787633) | (485172) | (1832423) | (813129) | (145099) | (52506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | 70059400 | 12456557 | (61063731) | (21134333) | 16964607 | 3801610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 75292692 | 35452951 | (49414630) | (17028888) | 16550250 | 4498562 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 183536125 | 148083174 | 193403516 | 210432404 | 8834623 | 4336061 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $258828817 | $183536125 | $143988886 | $193403516 | $25384873 | $8834623 |
|  **Capital share transactions — Retail Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 563649 | 286813 | 143503 | 431552 | 565383 | 168540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16583 | 12050 |  | 4316 | 2197 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (344756) | (290813) | (721501) | (1164116) | (158144) | (70236) |
|  **Net increase (decrease)** | 235476 | 8050 | (577998) | (728248) | 409436 | 98500 |
|  **Capital share transactions — Institutional Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7744664 | 1881584 | 611095 | 2074336 | 1732645 | 358401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 168635 | 80126 |  | 36300 | 9526 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4100883) | (1528421) | (3213238) | (2798843) | (331504) | (69744) |
|  **Net increase (decrease)** | 3812416 | 433289 | (2602143) | (688207) | 1410667 | 289533 |
|  **Capital share transactions — R6 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 247016 | 320007 | 15746 | 440656 | 16623 | 23820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 7493 | 5064 |  | 3169 | 254 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (105719) | (30929) | (101604) | (39939) | (15644) | (6079) |
|  **Net increase (decrease)** | 148790 | 294142 | (85858) | 403886 | 1233 | 17815 |

---

See Notes to Financial Statements. 25

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

STATEMENT OF CASH FLOWS

&nbsp;&nbsp; <br> **FOR THE YEAR ENDED DECEMBER 31, 2025**<br>

---

| | |
|:---|:---|
|  | Baron Partners<br>Fund |
|  **Increase (Decrease) in Cash:** |  |
|  **Cash Provided (Used) from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $1884118886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of portfolio securities | (1051786222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of portfolio securities | 402239013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and interest receivable | (244200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | (127530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued expenses | (389728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (1062653952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized (appreciation) depreciation of investments | (919254977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) by operating activities | $(748098710) |
|  **Cash Provided in Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders (net of dividend reinvestments) (Note 2(n)) | (26200979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1944158526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (1371785294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in due to custodian bank | (5319291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings against line of credit | 1296700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayments against line of credit | (1089200000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided (used) in financing activities | 748352962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash | 254252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at beginning of year** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash at end of year** | $254252 |
|  **Supplemental cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | $288154085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid on line of credit | $47131560 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-Kind redemptions of portfolio securities for shares redeemed | $840456960 |

---

26 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS

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 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.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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) Securities Transactions and Investment Income.** Fund securities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is recognized on an accrual basis, which includes the accretion of discounts and amortization of premiums. Dividend income (net of withholding taxes, if any) is recognized on the ex-dividend date, except in the case of certain dividends from foreign securities which are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Non-cash dividends received in the form of stock are recognized and recorded at fair value as non-cash dividend income.

Distributions received from certain investments such as real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. Since the classification of such payments are generally not known until after the end of the calendar year, the Funds estimate the expected classification of such payments based upon available information which may include the previous year's allocation. Recharacterizations will be reflected in the following year as additional information becomes available from the issuers. The Funds record as dividend income the amounts characterized as ordinary income and as realized gain the amounts characterized as capital gain in the accompanying Statements of Operations. The amounts characterized as a return of capital are reflected as a reduction of cost of the related investment in the accompanying Portfolios of Investments.

**d) Expense Allocation.** The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodian fees. Expenses of the Trust and Baron Investment Funds Trust (collectively, the Fund Complex), not directly chargeable to one or more specific Baron Funds are typically allocated among the funds in the Fund Complex in proportion to their respective net assets. The Funds accrue distribution and service (12b-1) fees to Retail Shares.

**e) Single Issuer and Common CEO Risk.** Single issuer risk is the possibility that factors specific to an issuer to which a Fund is exposed will affect the market prices of the issuer's securities and therefore the NAV of the Fund. Due to the size of Baron Partners Fund's investment in Tesla, Inc. (Tesla) and Baron Partners Fund, Baron Focused Growth Fund, and Baron Global Opportunity Fund's investment in Space Exploration Technologies Corp. (SpaceX) , the NAV of the Funds will be materially impacted by the price of Tesla or SpaceX stock. The Funds may invest in different companies which 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 Funds 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, Baron Partners Fund, Baron Focused Growth Fund, and Baron Global Opportunity Fund have made investments in companies where Elon Musk is the Chief Executive Officer in the amounts of 64%, 31%, and 20% of their respective net assets as of December 31, 2025. As such, the funds may be considered to be exposed to the risk of success of Mr. Musk. On February 2, 2026, SpaceX announced the acquisition of X.AI Holdings Corp.

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

**g) Industry Concentration.** From time to time, market fluctuations in the value of a Fund's investments, combined with a Fund's non-diversified portfolio, may result in a Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, this Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, a Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund's investment in Tesla, which represents about 30% of the Fund's net assets as of December 31, 2025, the Fund will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

**h) Use of Estimates.** The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

**i) 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 on the Statements of Operations. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.

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

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

There were no securities on loan at December 31, 2025.

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

There were no repurchase agreements at December 31, 2025.

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

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

The Funds attempt to qualify for reduced tax rates or exemptions in countries with which the United States has a tax treaty and may file withholding tax reclaims in certain countries to recover portions of amounts previously withheld.

Further, as a result of several court cases across the European Union, the Funds may also file tax reclaims for previously withheld taxes in those countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities, as well as several related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded as a reduction of foreign taxes withheld on dividends, or as dividend income to the extent such claims exceed the foreign taxes withheld on dividends included within dividend income on the Statements of Operations. Such amounts, if and when recorded, could result in an increase in the respective Funds' NAV per share and, if material, would be reported separately in the Statements of Operations.

In certain circumstances and to the extent that EU tax reclaims recognized by a Fund exceed foreign withholding tax paid, and the Fund previously passed-through foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service in order to pay the associated tax liability on behalf of its shareholders.

**m) Restricted Securities.** The Funds may invest in securities that are restricted as to public sale in accordance with the Securities Act of 1933. Such assets are valued by the Adviser pursuant to policies and procedures approved by the Board. Refer to Note 6 for additional information.

**n) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, partnership basis adjustments, income from passive foreign investment companies, foreign capital gains tax, late-year loss deferral, post-October loss deferral, and wash sale loss deferral. Income dividends are normally declared and paid annually, except that the Baron Real Estate Income Fund's income dividends (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Funds, if not distributed. The Funds intend to declare and distribute these amounts, at least annually, to shareholders, but may distribute more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

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

**p) 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). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain/(loss) to paid-in capital. During the year ended December 31, 2025, Baron Partners Fund, Baron Real Estate Fund, Baron Global Opportunity Fund and Baron Real Estate Income Fund realized net gains of $802,736,407, $94,679,298, $64,289,292, and $5,959,785, respectively, on $840,456,960, $201,550,520, $85,053,148, and $25,329,391 of in-kind redemptions in securities.

**q) Segment Reporting.** The Adviser's Management Committee acts as each Fund's chief operating decision maker (CODM), as defined in GAAP, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Financial Statements.

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

**s) Recent Accounting Pronouncements.** In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09). Effective for annual periods beginning after December 15, 2024, the amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if a certain quantitative threshold is met. Management has evaluated ASU 2023-09 and has determined that based upon the amount of foreign or U.S. federal, state or local income taxes paid, no additional disclosures are included in these financial statements.

3. PURCHASES AND SALES OF SECURITIES

**Purchases and sales of securities, other than short-term securities and in-kind transactions, if any, for the year ended December 31, 2025 were as follows:**

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Baron Partners Fund | $1056129055 | $398022459 |
|  Baron Focused Growth Fund | 886264712 | 211308920 |
|  Baron International Growth Fund | 99959992 | 148946043 |
|  Baron Real Estate Fund | 1878690308 | 1489526241 |
|  Baron Emerging Markets Fund | 1413685687 | 2468736965 |
|  Baron Global Opportunity Fund | 127167093 | 56432808 |
|  Baron Real Estate Income Fund | 380134095 | 281948281 |
|  Baron Health Care Fund | 108048456 | 158506879 |
|  Baron India Fund | 21056630 | 5449745 |

---

4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Funds. As compensation for services rendered, the Adviser receives a fee accrued daily as a percentage of each Fund's average daily net assets and payable monthly, at an annual rate set forth below:

---

| | |
|:---|:---|
| Fund | Annual Rate |
|  Baron Partners Fund | 1.00% |
|  Baron Focused Growth Fund | 1.00% |
|  Baron International Growth Fund | 0.88% |
|  Baron Real Estate Fund | 1.00% |
|  Baron Emerging Markets Fund | 1.00% |
|  Baron Global Opportunity Fund | 0.85% |
|  Baron Real Estate Income Fund | 0.75% |
|  Baron Health Care Fund | 0.75% |
|  Baron India Fund | 1.00% |

---

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

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

The Adviser has contractually agreed to waive its fee or reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, extraordinary expenses, and expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement) pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term, as follows:

---

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

---

During the year ended December 31, 2025, the Adviser waived its management fees and reimbursed other expenses, if applicable, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Retail Shares | Retail Shares | Institutional Shares | Institutional Shares | R6 Shares | R6 Shares |
| Fund | Management<br> Fees Waived | Expenses<br>Reimbursed | Management<br> Fees Waived | Expenses<br>Reimbursed | Management<br> Fees Waived | Expenses<br>Reimbursed |
|  Baron International Growth Fund | $37829 | $— | $71795 | $— | $4422 | $— |
|  Baron Global Opportunity Fund | 95329 |  | 177161 |  | 5005 |  |
|  Baron Real Estate Income Fund | 31060 |  | 167233 |  | 5653 |  |
|  Baron Health Care Fund | 45618 |  | 105671 |  | 11342 |  |
|  Baron India Fund | 40034 | 21776 | 95545 | 9010 | 23119 | 8802 |

---

The aforementioned fee waivers and reimbursements, if applicable, are not subject to recoupment by the Adviser.

**b) Expense offset arrangement.** The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2025, the Funds received credits from this arrangement, which resulted in the reduction of the Funds' total expenses as follows:

---

| | | |
|:---|:---|:---|
| Fund | Retail<br>Shares | Institutional<br>shares |
|  Baron Partners Fund | $78923 | $82615 |
|  Baron Focused Growth Fund | 20494 | 44462 |
|  Baron International Growth Fund | 4204 | 5575 |
|  Baron Real Estate Fund | 16640 | 30406 |
|  Baron Emerging Markets Fund | 7423 | 33416 |
|  Baron Global Opportunity Fund | 8437 | 9315 |
|  Baron Real Estate Income Fund | 2335 | 4425 |
|  Baron Health Care Fund | 5500 | 1537 |
|  Baron India Fund | 1125 | 669 |

---

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

**d) Trustee Fees.** Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an interested person (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $215,000 with the lead Independent Trustee receiving an additional $50,000. An additional $60,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

**e) Custody, Fund Accounting and Administration Fees.** The Funds have entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

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

**f) Cross Trades.** The Funds are permitted to purchase securities from, or sell securities to, other Funds within the Trust, the funds in Baron Investment Funds Trust and other entities advised or subadvised by the Adviser, pursuant to "Cross-Trading Procedures" adopted by the Board. These procedures have been designed to ensure that any cross-trade of securities by the respective Baron Fund from or to another fund/other entity that is or could be considered an affiliate of a Fund under certain limited circumstances by virtue of having a common investment adviser, common officers, or common trustees complies with Rule 17a-7 under the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price and with no commissions. For the year ended December 31, 2025, the Funds did not engage in cross-trades.

**g) Ownership Concentration.** As of December 31, 2025, the officers, Trustees, and portfolio managers owned, directly or indirectly, 15.09% of Baron Focused Growth Fund, 10.13% of Baron Health Care Fund, and 20.26% of Baron India Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to Baron Focused Growth Fund, Baron Health Care Fund, and Baron India Fund shareholders.

5. LINE OF CREDIT

Baron Partners Fund participates in a committed syndicated line of credit agreement with State Street in the amount of $1.3 billion that is used for investment purposes. Depending on the outstanding loan amount, a commitment fee of 0.15% or 0.25% per annum is incurred on the unused portion of the line of credit. Baron Partners Fund may borrow up to the lesser of $1.3 billion or the maximum amount Baron Partners Fund may borrow under the 1940 Act, the limitations included in Baron Partners Fund's prospectus, or any limit or restriction under any law or regulation to which Baron Partners Fund is subject or any agreement to which Baron Partners Fund is a party. Interest is charged to Baron Partners Fund, based on its borrowings, at a rate per annum equal to the higher of the One-Month Term Secured Overnight Financing Rate plus 0.10%, the Federal Funds Effective Rate, or the Overnight Bank Funding Rate (OBFR); plus a margin of 0.85%. An upfront fee of 0.05% is incurred on the original commitment amount at time of closing or any incremental commitment amounts thereafter.

The maturity date for this line of credit is the earliest to occur of (i) the date which is 180 days following the date on which the lender, in its sole and absolute discretion, sends written notice of its intention to terminate the line of credit; (ii) termination of the line of credit by Baron Partners Fund; and (iii) acceleration by the lender following an event of default.

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

The term is 364 days from the closing date, renewable on an annual basis. The line of credit shall expire June 25, 2026.

During the year ended December 31, 2025, the following Funds had borrowings under the line of credit as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br> Daily Loan<br>Balance\* | Maximum<br> Daily Loan<br>Outstanding | Weighted<br>Average<br> Interest<br> Rate\* | Number of<br> Days<br>Borrowing<br>Outstanding | Outstanding<br>Balance<br> as of<br> 12/31/2025 |
|  Baron Partners Fund | $893.3 million | $1.2 billion | 5.23% | 365 | $1.2 billion |
|  Baron Focused Growth Fund | $9.5 million | $9.5 million | 5.28% | 1 | $— |
|  Baron Emerging Markets Fund | $29.1 million | $165.3 million | 5.26% | 11 | $— |
|  Baron Global Opportunity Fund | $1.6 million | $4.8 million | 6.08% | 18 | $— |

---

\* For the days borrowings were outstanding.

The Adviser believes that the fair value of the liabilities under each line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates over time. A Fund's outstanding balance under the line of credit, if any, would be categorized as Level 2 in the fair value hierarchy, which is further discussed in Note 7.

6. RESTRICTED SECURITIES

At December 31, 2025, investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. An illiquid investment is any investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the provisions of SEC Rule 22e-4 (the Liquidity Rule) governing classification of portfolio securities. The Funds may receive more or less than this valuation in an actual sale and that difference could be material.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

6. RESTRICTED SECURITIES (Continued)

**At December 31, 2025, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to policies and procedures for fair value pricing as follows:**

---

| | | |
|:---|:---|:---|
|  | Baron Partners Fund | Baron Partners Fund |
| Name of Issuer | Acquisition Date(s) | Value |
|  **Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StubHub Holdings, Inc.\* | 12/22/2021 | $13368520 |
|  **Private Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 9/13/2017 | 1060296920 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 5/4/2022 | 125697796 |
|  **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 | 2049907940 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 12/19/2025 | 24999974 |
|  **Total Restricted Securities:** |  | $3274271150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $253,013,093)<sup>†</sup> (33.80% 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 | $434546096 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** | **Private Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuralink Corp | 5/30/2025 | 5000005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 11/15/2017-11/29/2023 | 221925940 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI Holdings Corp. | 6/11/2024 | 126081813 |
|  **Total Restricted Securities:** |  | $787553854 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $129,950,284)<sup>†</sup> (23.04% 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 | $357 |
|  **Warrants** | **Warrants** | **Warrants** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., Exp 3/31/2040 | 8/23/2023 |  |
|  **Total Restricted Securities:** |  | $357 |
| &nbsp;&nbsp;&nbsp;&nbsp; (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 Ltd.\*\* | 5/17/2021 | $36329373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC | 2/11/2016 | 13138 |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 70046 |
|  **Total Restricted Securities:** |  | $36412557 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $154,206,655)<sup>†</sup> (1.03% of Net Assets) |  |  |

---

\* StubHub Holdings, Inc. went public via an initial public offering on 9/17/2025. The publicly traded shares are subject to a lock-up period, expiring on 3/16/2026.

† 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.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

6. 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 | $557556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp. | 3/25/2021-12/3/2021 | 137826980 |
|  **Private Convertible Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Think & Learn Private Limited | 3/31/2021 | 42030 |
|  **Total Restricted Securities:** |  | $138426566 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $57,117,240)<sup>†</sup> (18.78% of Net Assets)  |  |  |

---

† See Portfolios of Investments for cost of individual securities.

7. FAIR VALUE MEASUREMENTS

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

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

• 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.);

• 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 December 31, 2025 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>** | $7617728986 | $— | $— | $7617728986 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 1185994716 | 1185994716 |
|  **Private Convertible Preferred Stocks** |  |  | 0 | 0 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 2074907914 | 2074907914 |
|  **Total Investments** | $7617728986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3260902630 | $10878631616 |

---

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

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund |
| 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>** | $2537011606 | $— | $— | $2537011606 |
|  **Private Common Stocks** |  |  | 434546096 | 434546096 |
|  **Private Preferred Stocks<sup>†</sup>** |  |  | 353007758 | 353007758 |
|  **Total Investments** | $2537011606 | $— | $787553854 | $3324565460 |
|  | 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>** | $106324358 | $213340546 | $357 | $319665261 |
|  **Warrants** |  |  | 0 | 0 |
|  **Total Investments** | $106324358 | $213340546 | $357 | $319665261 |
|  | 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>** | $2257817485 | $33433338 | $— | $2291250823 |
|  **Total Investments** | $2257817485 | $33433338 | $— | $2291250823 |
|  | 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>** | $739820974 | $2780066512 | $13138 | $3519900624 |
|  **Private Convertible Preferred Stocks** |  |  | 70046 | 70046 |
|  **Warrants** | 10740 |  |  | 10740 |
|  **Total Investments** | $739831714 | $2780066512 | $83184 | $3519981410 |
|  | 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>** | $505591658 | $90700012 | $— | $596291670 |
|  **Private Common Stocks<sup>†</sup>** |  |  | 138384536 | 138384536 |
|  **Private Convertible Preferred Stocks** |  |  | 42030 | 42030 |
|  **Warrants<sup>†</sup>** | 415284 |  |  | 415284 |
|  **Total Investments** | $506006942 | $90700012 | $138426566 | $735133520 |

---

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

<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.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. 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>** | $244374848 | $4549317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $248924165 |
|  **Total Investments** | $244374848 | $4549317 | $— | $248924165 |
|  | 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>** | $137799433 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $137799433 |
|  **Total Investments** | $137799433 | $— | $— | $137799433 |
|  | 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>** | $408686 | $23739551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24148237 |
|  **Total Investments** | $408686 | $23739551 | $— | $24148237 |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund |
| Investments in Securities | Balance as of<br>December 31,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales | Transfers<br>Into<br> Level 3 | Transfers<br>Out of<br>Level 3 | Balance as of<br>December 31,<br>2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br> from Investments<br> still held at<br>December 31,<br>2025 |
|  **Private Common Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $66607439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $82309885 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(23219528) | $125697796 | $109305796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 465926200 |  |  | 594370720 |  |  |  |  | 1060296920 | 594370720 |
|  **Private Convertible**<br> **Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unclassified\* | 0 |  |  | 0 |  |  |  |  | 0 | 0 |
|  **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  |  |  | 0 | 24999974 |  |  |  | 24999974 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 900790900 |  |  | 1149117040 |  |  |  |  | 2049907940 | 1149117040 |
|  **Total** | $1433324539 | $— | $— | $1825797645 | $24999974 | $— | $— | $(23219528) | $3260902630 | $1852793556 |

---

^ StubHub Holdings Inc. transferred out of Level 3 upon the company's IPO and its listing on the New York Stock Exchange on September 17, 2025.

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

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund |
| Investments in Securities | Balance as of<br>December 31,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales | Transfers<br>Into<br> Level 3 | Transfers<br>Out of<br>Level 3 | Balance as of<br>December 31,<br> 2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br> from Investments<br>still held at<br> December 31,<br>2025 |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $142956900 | $— | $— | $236588764 | $55000432 | $— | $— | $— | $434546096 | $236588764 |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services\*\* | 36173751 |  |  | 89908062 |  |  |  |  | 126081813 | 89908062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care |  |  |  | 0 | 5000005 |  |  |  | 5000005 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 97520900 |  |  | 124405040 |  |  |  |  | 221925940 | 124405040 |
|  **Total** | $276651551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $450901866 | $60000437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $787553854 | $450901866 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund | Baron Emerging Markets Fund |
| Investments in Securities | Balance as of<br>December 31,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net<br>Realized<br>Gain<br>(Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales | Transfers<br>Into<br> Level 3 | Transfers<br>Out of<br>Level 3 | Balance as of<br>December 31,<br> 2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br> from<br>Investments<br> still held at<br> December 31,<br>2025 |
|  **Common Stocks** | **Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia | $9156 | $— | $— | $3982 | $— | $— | $— | $— | $13138 | $3982 |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 41418963 |  | (3) | (8259787) |  |  |  | (33159173) |  | (8259787) |
|  **Private Convertible Preferred Stocks** | **Private Convertible Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 73536 |  |  | (3490) |  |  |  |  | 70046 | (3490) |
|  **Total** | $41501655 | $— | $(3) | $(8259295) | $— | $— | $— | $(33159173) | $83184 | $(8259295) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 as of<br>December 31,<br>2024 | Accrued<br>Premiums/<br>Discounts | Net Realized<br>Gain (Loss) | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales | Transfers<br>Into<br> Level 3 | Transfers<br>Out of<br>Level 3 | Balance as of<br>December 31,<br> 2025 | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br> from<br>Investments<br> still held at<br> December 31,<br>2025 |
|  **Private Common Stocks** | **Private Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | $61122856 | $— | $— | $77261680 | $— | $— | $— | $— | $138384536 | $77261680 |
|  **Private Convertible**<br> **Preferred Stocks** | **Private Convertible**<br> **Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 44124 |  |  | (2094) |  |  |  |  | 42030 | (2094) |
|  **Private Preferred Stocks** | **Private Preferred Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 461005 |  | (10418690) | 11686450 |  | (1728765) |  |  |  |  |
|  **Total** | $61627985 | $— | $(10418690) | $88946036 | $— | $(1728765) | $— | $— | $138426566 | $77259586 |

---

^ Pine Labs Ltd. transferred out of Level 3 upon the company's IPO and its listing on the New York Stock Exchange on November 14, 2025.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

**Unobservable valuation inputs developed by the Adviser for significant Level 3 investments as of December 31, 2025 were as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund | Baron Partners Fund |
| Sector | Fair Value as of<br> December 31, 2025 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> December 31, 2025 | Range used on<br>December 31, 2025\* | Impact to Valuation<br> from an Increase<br> in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Communication Services | $125697796 | Observed Transaction | Observed<br>Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $1060296920 | Observed Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $1060296920 | Observed Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $1060296920 | Observed Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible Preferred Stocks:**<br> Unclassified | $0 | Scenario Analysis | Scenario<br>Probabilities:<br>Scenario A /<br>Scenario B<sup>1</sup> | 100% /0% | N/A | N/A |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $24999974 | Observed Transaction | Observed<br>Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $2049907940 | Observed Transaction | Observed<br>Transaction<br>Price | $4210.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $2049907940 | Observed Transaction | Observed<br>Transaction<br>Price | $4210.00 | N/A | Increase |
| Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund | Baron Focused Growth Fund |
| Sector | Fair Value as of<br> December 31, 2025 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> December 31, 2025 | Range used on<br>December 31, 2025\* | Impact to Valuation<br>from an Increase<br> in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> Industrials | $434546096 | Observed Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Communication Services | $126081813 | Observed Transaction | Observed<br>Transaction<br>Price | $75.46 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Health Care | $5000005 | Observed Transaction | Observed<br>Transaction<br>Price | $50.50 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Preferred Stocks:**<br> Industrials | $221925940 | Observed Transaction | Observed<br>Transaction<br>Price | $4210.00 | N/A | Increase |

---

<sup>1</sup> Scenario A represents total loss for equity holders, while Scenario B reflects positive equity holder 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. 

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund | Baron Global Opportunity Fund |
| Sector | Fair Value as of<br> December 31, 2025 | Valuation Technique | Unobservable Input | Weighted Average<br> used on<br> December 31, 2025 | Range used on<br> December 31, 2025\* | Impact to Valuation<br>from an Increase<br> in Input\*\* |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Projected IPO<br>Valuation | $900 million | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Probability<br>for IPO<br>Outcome | 50% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Probability<br>for IPO<br>Outcome | 50% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Probability<br>for IPO<br>Outcome | 50% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Probability<br>for IPO<br>Outcome | 50% | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $557556 | Scenario Analysis | Discount in<br>Event of<br>Liquidation<br>Outcome | 100% | N/A | Decrease |
| &nbsp;&nbsp;&nbsp; **Private Common Stocks:**<br> United States | $137826980 | Observed<br>Transaction | Observed<br>Transaction<br>Price | $421.00 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> India | $42030 | Recent<br>Transaction | Rights<br>Offering<br>Price | INR 410.57 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> India | $42030 | Recent<br>Transaction | Rights<br>Offering<br>Price | INR 410.57 | N/A | Increase |
| &nbsp;&nbsp;&nbsp; **Private Convertible**<br> **Preferred Stocks:**<br> India | $42030 | Recent<br>Transaction | Rights<br>Offering<br>Price | INR 410.57 | N/A | Increase |

---

\* 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. 

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes.

Net investment income (loss) and net realized and unrealized gain (loss) may differ for financial statement and tax purposes due to differing treatments of in-kind transactions, net investment loss, foreign currency gains and losses, non-deductible interest expense, reclassification of distributions, income from passive foreign investment companies, foreign capital gains tax, late year loss deferral, post-October loss deferral, wash sale loss deferral, in-kind transactions, and certain corporate actions of a Fund's investments, including issuer mergers, spin-offs and other reorganization events. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

A fund may elect to defer realized capital, currency, and certain other losses incurred after October 31 within the current taxable year to the following taxable year ("post-October/late year losses"). Such deferred losses are deemed to arise on the first business day of the next taxable year.

For the year ended December 31, 2025, the Funds recorded the following permanent reclassifications to reflect tax character. Reclassifications between income, gains and paid-in capital relate primarily to the tax treatment of in-kind transactions and net investment losses. Results of operations and net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| Fund | Distributable<br>Earnings/<br>(Losses) | Paid-In<br>Capital |
|  Baron Partners Fund | $(688993780) | $688993780 |
|  Baron Focused Growth Fund | 9854949 | (9854949) |
|  Baron International Growth Fund |  |  |
|  Baron Real Estate Fund | (90271508) | 90271508 |
|  Baron Emerging Markets Fund |  |  |
|  Baron Global Opportunity Fund | (64289293) | 64289293 |
|  Baron Real Estate Income Fund | (5515346) | 5515346 |
|  Baron Health Care Fund | 522868 | (522868) |
|  Baron India Fund | 3592 | (3592) |

---

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

As of December 31, 2025, the Funds' cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Baron<br>Partners Fund | Baron<br> Focused<br>Growth Fund | Baron<br>International<br>Growth Fund | Baron<br> Real<br>Estate Fund | Baron<br>Emerging<br>Markets Fund |
|  Cost of investments | $2351100172 | $1721409267 | $201565711 | $1775566757 | $2384133408 |
|  Gross tax unrealized appreciation | 8587966963 | 1644342013 | 126706221 | 526188754 | 1324755144 |
|  Gross tax unrealized depreciation | (60435519) | (41185820) | (8606671) | (10504688) | (188907142) |
|  Net tax unrealized appreciation (depreciation) | 8527531444 | 1603156193 | 118099550 | 515684066 | 1135848002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br> Global Opportunity<br>Fund | Baron<br>Real Estate<br>Income Fund | Baron<br>Health Care<br>Fund | Baron<br>India Fund |
|  Cost of investments | $385736624 | $213923855 | $91318840 | $23113236 |
|  Gross tax unrealized appreciation | 408389322 | 38138491 | 47196609 | 1739380 |
|  Gross tax unrealized depreciation | (58992426) | (3138181) | (716016) | (704379) |
|  Net tax unrealized appreciation (depreciation) | 349396896 | 35000310 | 46480593 | 1035001 |

---

As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Baron<br>Partners Fund | Baron<br> Focused<br>Growth Fund | Baron<br>International<br>Growth Fund | Baron<br> Real<br> Estate Fund | Baron<br> Emerging<br>Markets Fund |
|  Undistributed (accumulated) net investment income (loss) | $— | $— | $1097899 | $— | $— |
|  Undistributed (accumulated) net realized gain (loss) | 107413195 |  |  |  |  |
|  Non-deductible interest expense | (63304100) |  |  |  |  |
|  Qualified late year loss deferral |  |  |  | (29886686) | (30503988) |
|  Capital loss carryforwards |  | (167235315) | (25046454) |  | (471994701) |
|  Net tax unrealized appreciation (depreciation) on investments | 8527531444 | 1603156193 | 118099550 | 515684066 | 1135848002 |
|  Net tax unrealized currency appreciation (depreciation) |  |  | (1159357) | (387) | (33995974) |
|  Paid-in capital | 1116158485 | 1982159697 | 233923564 | 1841774798 | 2942440706 |
|  Net Assets | $9687799024 | $3418080575 | $326915202 | $2327571791 | $3541794045 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Global Opportunity<br>Fund | Baron<br>Real Estate<br>Income Fund | Baron<br>Health Care<br>Fund | Baron<br>India Fund |
|  Undistributed (accumulated) net investment income (loss) | $— | $— | $— | $— |
|  Undistributed (accumulated) net realized gain (loss) |  |  |  |  |
|  Non-deductible interest expense |  |  |  |  |
|  Qualified late year loss deferral | (494992) |  |  | (69444) |
|  Capital loss carryforwards | (286501828) | (19336046) | (25439435) | (1422074) |
|  Net tax unrealized appreciation (depreciation) on investments | 349396896 | 35000310 | 46480593 | 1035001 |
|  Net tax unrealized currency appreciation (depreciation) | (3771626) | (53) |  | (226954) |
|  Paid-in capital | 678540910 | 243164606 | 122947728 | 26068344 |
|  Net Assets | $737169360 | $258828817 | $143988886 | $25384873 |

---

At December 31, 2025, the Funds had capital loss carryforwards with no expiration dates as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Baron<br>Partners Fund | Baron<br>Focused<br>Growth Fund | Baron<br>International<br>Growth Fund | Baron<br>Real Estate<br>Fund | Baron<br>Emerging<br>Markets Fund |
|  **Short Term** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $113747726 | $25046454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $471994701 |
|  **Long Term** | $— | $53487589 | $— | $— | $— |
|  Capital loss carryforward utilized during the year ended December 31, 2025 | $— | $— | $32629118 | $— | $528057575 |

---

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Baron<br>Global Opportunity<br>Fund | Baron<br>Real Estate<br>Income Fund | Baron<br>Health Care<br>Fund | Baron<br>India Fund<sup>1</sup> |
|  **Short Term** | $173826902 | $19336046 | $25439435 | $832483 |
|  **Long Term** | $112674926 | $— | $— | $589591 |
|  Capital loss carryforward utilized during the year ended December 31, 2025 | $— | $— | $13177852 | $— |

---

<sup>1</sup> Future utilization of losses may be subject to limitations under current tax laws.

**The tax character of distributions paid during the years ended December 31, 2025 and December 31, 2024 was as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
|  | Ordinary<sup>1</sup> | Long Term<br>Capital Gain | Return of<br>Capital | Ordinary<sup>1</sup> | Long Term<br>Capital Gain | Return of<br>Capital |
|  Baron Partners Fund | $— | $314531391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $60000993 | $— |
|  Baron Focused Growth Fund |  |  |  |  |  |  |
|  Baron International Growth Fund | 3500046 |  |  | 2828535 |  | 286902 |
|  Baron Real Estate Fund | 7079072 | 78561901 |  | 7229017 | 278154 |  |
|  Baron Emerging Markets Fund | 72235442 |  |  | 29144659 |  |  |
|  Baron Global Opportunity Fund | 1000329 |  |  |  |  |  |
|  Baron Real Estate Income Fund | 4206514 |  |  | 2415777 |  |  |
|  Baron Health Care Fund |  |  |  | 929635 |  |  |
|  Baron India Fund | 117541 |  |  | 17245 |  |  |

---

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

GAAP sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2025, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

FINANCIAL HIGHLIGHTS

#### BARON PARTNERS FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br> asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end<br>of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Operating<br>expenses<br>(%) | Interest<br>expense<br>(%) | Total<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 210.43 | (2.91) | 53.75 | 50.84 | 0.00 | (8.49) | (8.49) | 252.78 | 24.55 | 1.30 | 0.61 | 1.91 | (1.44) | 3759 | 5<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 159.63 | (1.89) | 54.29 | 52.40 | 0.00 | (1.60) | (1.60) | 210.43 | 32.74 | 1.30 | 0.94 | 2.24 | (1.22) | 3300.9 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 111.55 | (2.52) | 50.60 | 48.08 | 0.00 | 0.00 | 0.00 | 159.63 | 43.10 | 1.30 | 0.94 | 2.24 | (1.77) | 2959.9 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 199.00 | (1.96) | (81.93) | (83.89) | 0.00 | (3.56) | (3.56) | 111.55 | (42.56) | 1.30 | 0.39 | 1.69 | (1.29) | 2136.4 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 164.18 | (1.98) | 52.16 | 50.18 | 0.00 | (15.36) | (15.36) | 199.00 | 31.39 | 1.30 | 0.06 | 1.36 | (1.11) | 3903.2 | 9 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 219.73 | (2.49) | 56.30 | 53.81 | 0.00 | (8.49) | (8.49) | 265.05 | 24.86 | 1.04 | 0.61 | 1.65 | (1.18) | 5112.6 | 5<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 166.21 | (1.55) | 56.67 | 55.12 | 0.00 | (1.60) | (1.60) | 219.73 | 33.08 | 1.05 | 0.94 | 1.99 | (0.95) | 4112 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 115.85 | (2.25) | 52.61 | 50.36 | 0.00 | 0.00 | 0.00 | 166.21 | 43.47 | 1.04 | 0.95 | 1.99 | (1.52) | 3464.4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205.95 | (1.63) | (84.91) | (86.54) | 0.00 | (3.56) | (3.56) | 115.85 | (42.41) | 1.04 | 0.40 | 1.44 | (1.04) | 2329.7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 169.04 | (1.58) | 53.85 | 52.27 | 0.00 | (15.36) | (15.36) | 205.95 | 31.73 | 1.05 | 0.06 | 1.11 | (0.86) | 4126.7 | 9 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 219.68 | (2.50) | 56.30 | 53.80 | 0.00 | (8.49) | (8.49) | 264.99 | 24.86 | 1.04 | 0.61 | 1.65 | (1.18) | 816.2 | 5<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 166.18 | (1.52) | 56.62 | 55.10 | 0.00 | (1.60) | (1.60) | 219.68 | 33.08 | 1.05 | 0.94 | 1.99 | (0.93) | 671.8 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 115.84 | (2.25) | 52.59 | 50.34 | 0.00 | 0.00 | 0.00 | 166.18 | 43.46 | 1.05 | 0.94 | 1.99 | (1.52) | 520.5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 205.94 | (1.63) | (84.91) | (86.54) | 0.00 | (3.56) | (3.56) | 115.84 | (42.41) | 1.04 | 0.40 | 1.44 | (1.04) | 359.8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 169.03 | (1.58) | 53.85 | 52.27 | 0.00 | (15.36) | (15.36) | 205.94 | 31.73 | 1.05 | 0.06 | 1.11 | (0.86) | 627.5 | 9 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Excludes impact of in-kind transactions.

42 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON FOCUSED GROWTH FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Income (loss) from <br>investment operations: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Less distributions to <br>shareholders from: | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br> asset<br> value,<br> beginning<br> of year<br> ($) | Net<br>investment<br> income<br> (loss) <br> ($)<sup>1</sup> | Net<br>realized<br> and<br> unrealized<br> gain (loss)<br>($) | Total<br> from<br> investment<br> operations<br>($) | Net<br>investment<br> income <br> ($) | Net<br>realized<br> gains <br> ($) | Total<br>distributions<br> ($) | Net<br>asset<br> value,<br>end of<br>year<br> ($) | Total<br>return<br> (%)<sup>2</sup> | Total<br>expenses<br>(%) | Net<br>investment<br> income<br>(loss)<br> (%) | Net<br>assets (in<br> millions),<br>end<br> of year <br> ($) | Portfolio<br> turnover<br> rate <br> (%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 47.21 | (0.29) | 10.65 | 10.36 | 0.00 | 0.00 | 0.00 | 57.57 | 21.94 | 1.31<sup>3</sup> | (0.60) | 581.7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 36.45 | (0.11) | 10.87 | 10.76 | 0.00 | 0.00 | 0.00 | 47.21 | 29.52 | 1.31 | (0.29) | 426.2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28.61 | (0.19) | 8.03 | 7.84 | 0.00 | 0.00 | 0.00 | 36.45 | 27.40 | 1.32 | (0.57) | 316.9 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 44.52 | (0.26) | (12.14) | (12.40) | 0.00 | (3.51) | (3.51) | 28.61 | (28.30) | 1.32 | (0.74) | 174.3 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 43.36 | (0.51) | 8.59 | 8.08 | 0.00 | (6.92) | (6.92) | 44.52 | 18.83 | 1.32<sup>3</sup> | (1.12) | 209.8 | 45 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 49.46 | (0.17) | 11.18 | 11.01 | 0.00 | 0.00 | 0.00 | 60.47 | 22.26 | 1.05<sup>3</sup> | (0.34) | 2319.3 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38.09 | 0.00<sup>4</sup> | 11.37 | 11.37 | 0.00 | 0.00 | 0.00 | 49.46 | 29.85 | 1.05 | 0.00<sup>5</sup> | 1261.3 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.82 | (0.11) | 8.38 | 8.27 | 0.00 | 0.00 | 0.00 | 38.09 | 27.73 | 1.06 | (0.31) | 690.5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46.09 | (0.16) | (12.60) | (12.76) | 0.00 | (3.51) | (3.51) | 29.82 | (28.11) | 1.06 | (0.45) | 300.3 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44.56 | (0.40) | 8.85 | 8.45 | 0.00 | (6.92) | (6.92) | 46.09 | 19.16 | 1.05<sup>3</sup> | (0.85) | 307.8 | 45 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 49.50 | (0.18) | 11.20 | 11.02 | 0.00 | 0.00 | 0.00 | 60.52 | 22.26 | 1.05<sup>3</sup> | (0.34) | 517.1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 38.12 | (0.01) | 11.39 | 11.38 | 0.00 | 0.00 | 0.00 | 49.50 | 29.85 | 1.05 | (0.03) | 427.2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29.84 | (0.11) | 8.39 | 8.28 | 0.00 | 0.00 | 0.00 | 38.12 | 27.75 | 1.06 | (0.32) | 328.3 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46.12 | (0.17) | (12.60) | (12.77) | 0.00 | (3.51) | (3.51) | 29.84 | (28.11) | 1.05 | (0.48) | 252.9 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44.59 | (0.40) | 8.85 | 8.45 | 0.00 | (6.92) | (6.92) | 46.12 | 19.15 | 1.05<sup>3</sup> | (0.86) | 320.6 | 45 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Includes interest expense of less than 0.01%. 

<sup>4</sup> Less than $0.01 per share. 

<sup>5</sup> Less than 0.01%. 

See Notes to Financial Statements. 43

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON INTERNATIONAL GROWTH FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br> asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Return<br>of<br>Capital<br>($) | Total<br>distributions<br>($) | Net<br> asset<br>value,<br> end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26.29 | 0.26<sup>3</sup> | 5.21 | 5.47 | (0.27) | 0.00 | 0.00 | (0.27) | 31.49 | 20.81<sup>4</sup> | 1.26<sup>3</sup> | 1.21<sup>3</sup> | 0.89<sup>3</sup> | 59.1 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25.45 | 0.09 | 0.96 | 1.05 | (0.19) | 0.00 | (0.02) | (0.21) | 26.29 | 4.11<sup>4</sup> | 1.31 | 1.21 | 0.34 | 79.4 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23.80 | 0.10 | 1.64 | 1.74 | (0.09) | 0.00 | 0.00 | (0.09) | 25.45 | 7.33<sup>4</sup> | 1.26 | 1.20 | 0.40 | 76 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.29 | 0.02 | (9.21) | (9.19) | 0.00 | (0.30) | 0.00 | (0.30) | 23.80 | (27.47)<sup>4</sup> | 1.26 | 1.20 | 0.06 | 66.8 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31.97 | (0.11) | 3.18 | 3.07 | (0.63) | (1.12) | 0.00 | (1.75) | 33.29 | 9.64<sup>4</sup> | 1.23 | 1.20 | (0.33) | 100.2 | 36 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26.84 | 0.34<sup>3</sup> | 5.33 | 5.67 | (0.37) | 0.00 | 0.00 | (0.37) | 32.14 | 21.16<sup>4</sup> | 0.99<sup>3</sup> | 0.96<sup>3</sup> | 1.11<sup>3</sup> | 255.4 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25.98 | 0.16 | 0.98 | 1.14 | (0.25) | 0.00 | (0.03) | (0.28) | 26.84 | 4.35<sup>4</sup> | 1.04 | 0.96 | 0.58 | 223.1 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.29 | 0.16 | 1.68 | 1.84 | (0.15) | 0.00 | 0.00 | (0.15) | 25.98 | 7.60<sup>4</sup> | 0.98 | 0.95 | 0.64 | 314.6 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.88 | 0.08 | (9.37) | (9.29) | 0.00 | (0.30) | 0.00 | (0.30) | 24.29 | (27.29)<sup>4</sup> | 0.99 | 0.95 | 0.30 | 303.7 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32.51 | (0.02) | 3.22 | 3.20 | (0.71) | (1.12) | 0.00 | (1.83) | 33.88 | 9.88<sup>4</sup> | 0.96 | 0.95 | (0.05) | 497.2 | 36 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26.83 | 0.31<sup>3</sup> | 5.34 | 5.65 | (0.37) | 0.00 | 0.00 | (0.37) | 32.11 | 21.09<sup>4</sup> | 0.99<sup>3</sup> | 0.96<sup>3</sup> | 1.04<sup>3</sup> | 12.4 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25.97 | 0.08 | 1.06 | 1.14 | (0.25) | 0.00 | (0.03) | (0.28) | 26.83 | 4.35<sup>4</sup> | 1.01 | 0.95 | 0.31 | 18.7 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.28 | 0.16 | 1.68 | 1.84 | (0.15) | 0.00 | 0.00 | (0.15) | 25.97 | 7.61<sup>4</sup> | 0.98 | 0.95 | 0.64 | 121.4 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33.86 | 0.08 | (9.36) | (9.28) | 0.00 | (0.30) | 0.00 | (0.30) | 24.28 | (27.28)<sup>4</sup> | 0.99 | 0.95 | 0.31 | 112.2 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32.49 | (0.03) | 3.23 | 3.20 | (0.71) | (1.12) | 0.00 | (1.83) | 33.86 | 9.89<sup>4</sup> | 0.96 | 0.95 | (0.10) | 160.3 | 36 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> For the year ended December 31, 2025, the Fund received European Union (EU) tax reclaims and incurred the related fees. Had these EU tax reclaims not been received, the Net Investment Income (loss) Per Share, Net Investment Income (loss) Ratio, Gross Expense Ratio, and Net Expense Ratio of each class would have been reduced by $0.14, 0.45%, 0.01%, 0.01%, respectively. 

<sup>4</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

44 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON REAL ESTATE FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net<br>Assets: | Ratios to Average Net<br>Assets: | Supplemental Data: | Supplemental Data: |
|  | Net asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Total<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets (in<br>millions),<br>end<br>of year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  | **RETAIL SHARES**  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 38.89 | 0.03 | 1.91 | 1.94 | (0.04) | (1.40) | (1.44) | 39.39 | 4.92 | 1.32<sup>4</sup> | 0.07 | 378.6 | 70<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 34.72 | 0.00<sup>4</sup> | 4.23 | 4.23 | (0.06) | 0.00 | (0.06) | 38.89 | 12.19 | 1.31 | 0.01 | 401.9 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27.86 | 0.08 | 6.80 | 6.88 | (0.02) | 0.00 | (0.02) | 34.72 | 24.70 | 1.31 | 0.25 | 381.4 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40.24 | 0.00<sup>5</sup> | (11.56) | (11.56) | (0.02) | (0.80) | (0.82) | 27.86 | (28.61) | 1.33 | 0.00<sup>6</sup> | 322 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35.21 | (0.10) | 8.42 | 8.32 | 0.00 | (3.29) | (3.29) | 40.24 | 24.03 | 1.31 | (0.26) | 514.8 | 64 |
|  **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 40.05 | 0.13 | 1.97 | 2.10 | (0.14) | (1.40) | (1.54) | 40.61 | 5.19 | 1.05 | 0.33 | 1898.7 | 70<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 35.75 | 0.10 | 4.36 | 4.46 | (0.16) | 0.00 | (0.16) | 40.05 | 12.46 | 1.05 | 0.27 | 1705.4 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28.73 | 0.16 | 7.01 | 7.17 | (0.15) | 0.00 | (0.15) | 35.75 | 25.04 | 1.06 | 0.51 | 1319.1 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41.36 | 0.08 | (11.89) | (11.81) | (0.02) | (0.80) | (0.82) | 28.73 | (28.44) | 1.07 | 0.25 | 928.7 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.02 | 0.01 | 8.62 | 8.63 | 0.00 | (3.29) | (3.29) | 41.36 | 24.36 | 1.05 | 0.04 | 1490.8 | 64 |
|  **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 40.05 | 0.12 | 1.98 | 2.10 | (0.14) | (1.40) | (1.54) | 40.61 | 5.19 | 1.05 | 0.32 | 50.3 | 70<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 35.75 | 0.10 | 4.36 | 4.46 | (0.16) | 0.00 | (0.16) | 40.05 | 12.46 | 1.05 | 0.27 | 48.4 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28.73 | 0.16 | 7.01 | 7.17 | (0.15) | 0.00 | (0.15) | 35.75 | 25.04 | 1.06 | 0.52 | 40.1 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41.36 | 0.09 | (11.90) | (11.81) | (0.02) | (0.80) | (0.82) | 28.73 | (28.44) | 1.07 | 0.29 | 25.7 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 36.02 | 0.01 | 8.62 | 8.63 | 0.00 | (3.29) | (3.29) | 41.36 | 24.36 | 1.05 | 0.02 | 33.3 | 64 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Excludes impact of in-kind transactions.

<sup>4</sup> Total expenses were 1.31% after adjusting for certain transfer agency credits. 

<sup>5</sup> Less than $0.01 per share. 

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

See Notes to Financial Statements. 45

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON EMERGING MARKETS FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Return<br>of<br>capital<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Total<br>expenses<br>(%) | Net<br>investment<br>income (loss)<br>(%) | Net<br>assets<br>(in<br>millions),<br>end<br>of year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14.92 | (0.01) | 4.44 | 4.43 | (0.34) | 0.00 | 0.00 | (0.34) | 19.01 | 29.77 | 1.38<sup>3</sup> | (0.08) | 193.7 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13.93 | (0.00)<sup>5</sup> | 1.07 | 1.07 | (0.08) | 0.00 | 0.00 | (0.08) | 14.92 | 7.63 | 1.37 | (0.03) | 192.3 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12.96 | 0.04 | 0.99 | 1.03 | (0.06) | 0.00 | 0.00 | (0.06) | 13.93 | 7.95 | 1.37 | 0.26 | 253.2 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.51 | (0.01) | (4.54) | (4.55) | 0.00 | 0.00 | 0.00 | 0.00 | 12.96 | (25.99) | 1.38 | (0.07) | 283.7 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.97 | (0.09) | (1.09) | (1.18) | (0.28) | 0.00 | (0.00)<sup>3</sup> | (0.28) | 17.51 | (6.26) | 1.33 | (0.46) | 462.6 | 33 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 15.01 | 0.04 | 4.47 | 4.51 | (0.39) | 0.00 | 0.00 | (0.39) | 19.13 | 30.14 | 1.12<sup>3,4</sup> | 0.20 | 3341.6 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14.02 | 0.03 | 1.08 | 1.11 | (0.12) | 0.00 | 0.00 | (0.12) | 15.01 | 7.90 | 1.11 | 0.23 | 3416.5 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13.04 | 0.07 | 1.01 | 1.08 | (0.10) | 0.00 | 0.00 | (0.10) | 14.02 | 8.29 | 1.11 | 0.52 | 4279.6 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.58 | 0.03 | (4.57) | (4.54) | 0.00 | 0.00 | 0.00 | 0.00 | 13.04 | (25.82) | 1.12 | 0.20 | 4473.6 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.06 | (0.04) | (1.11) | (1.15) | (0.33) | 0.00 | (0.00)<sup>3</sup> | (0.33) | 17.58 | (6.07) | 1.08 | (0.22) | 8408.8 | 33 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 15.02 | 0.02 | 4.49 | 4.51 | (0.39) | 0.00 | 0.00 | (0.39) | 19.14 | 30.12 | 1.12<sup>3</sup> | 0.14 | 6.5 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14.03 | 0.03 | 1.08 | 1.11 | (0.12) | 0.00 | 0.00 | (0.12) | 15.02 | 7.89 | 1.11 | 0.22 | 9.1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13.05 | 0.07 | 1.01 | 1.08 | (0.10) | 0.00 | 0.00 | (0.10) | 14.03 | 8.27 | 1.11 | 0.50 | 8.2 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.59 | 0.03 | (4.57) | (4.54) | 0.00 | 0.00 | 0.00 | 0.00 | 13.05 | (25.81) | 1.13 | 0.20 | 10.4 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.07 | (0.04) | (1.11) | (1.15) | (0.33) | 0.00 | (0.00)<sup>3</sup> | (0.33) | 17.59 | (6.07) | 1.08 | (0.21) | 17.4 | 33 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>3</sup> Includes interest expense of less than 0.01%. 

<sup>4</sup> Total expenses were 1.11% after adjusting for certain transfer agency credits. 

<sup>5</sup> Less than $0.01 per share. 

46 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON GLOBAL OPPORTUNITY FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|  | Net<br> asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br> expenses<br>(%) | Net<br>investment<br> income<br>(loss)<br>(%) | Net<br>assets<br>(in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 38.71 | (0.42) | 11.04 | 10.62 | 0.00 | 0.00 | 0.00 | 49.33 | 27.43<sup>3</sup> | 1.21<sup>4,5</sup> | 1.15<sup>5</sup> | (0.99) | 197.0 | 9<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30.70 | (0.37) | 8.38 | 8.01 | 0.00 | 0.00 | 0.00 | 38.71 | 26.09<sup>3</sup> | 1.22<sup>7</sup> | 1.16<sup>7</sup> | (1.11) | 178.1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24.51 | (0.30) | 6.49 | 6.19 | 0.00 | 0.00 | 0.00 | 30.70 | 25.26<sup>3</sup> | 1.21<sup>7</sup> | 1.16<sup>7</sup> | (1.11) | 205.5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 51.65 | (0.37) | (26.27) | (26.64) | 0.00 | (0.50) | (0.50) | 24.51 | (51.69)<sup>3,8</sup> | 1.20<sup>7</sup> | 1.15<sup>7</sup> | (1.14) | 223.3 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51.34 | (0.62) | 0.93 | 0.31 | 0.00 | 0.00 | 0.00 | 51.65 | 0.60<sup>3,9</sup> | 1.15<sup>5</sup> | 1.15<sup>5</sup> | (1.14) | 786.3 | 24 |
|  **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  | **INSTITUTIONAL SHARES**  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 39.81 | (0.32) | 11.28 | 10.96 | (0.10) | 0.00 | (0.10) | 50.67 | 27.53<sup>3</sup> | 0.94<sup>5</sup> | 0.90<sup>5</sup> | (0.73) | 524.5 | 9<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31.49 | (0.29) | 8.61 | 8.32 | 0.00 | 0.00 | 0.00 | 39.81 | 26.42<sup>3</sup> | 0.96<sup>7</sup> | 0.91<sup>7</sup> | (0.86) | 399.4 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 25.08 | (0.24) | 6.65 | 6.41 | 0.00 | 0.00 | 0.00 | 31.49 | 25.56<sup>3</sup> | 0.95<sup>7</sup> | 0.91<sup>7</sup> | (0.86) | 470.0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 52.70 | (0.30) | (26.82) | (27.12) | 0.00 | (0.50) | (0.50) | 25.08 | (51.57)<sup>3,8</sup> | 0.94<sup>5</sup> | 0.90<sup>5</sup> | (0.89) | 538.1 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 52.25 | (0.49) | 0.94 | 0.45 | 0.00 | 0.00 | 0.00 | 52.70 | 0.86<sup>3,9</sup> | 0.90<sup>5</sup> | 0.90<sup>5</sup> | (0.89) | 1803.3 | 24 |
|  **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  | **R6 SHARES**  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 39.83 | (0.32) | 11.38 | 11.06 | (0.10) | 0.00 | (0.10) | 50.79 | 27.76<sup>3</sup> | 0.94<sup>5</sup> | 0.90<sup>5</sup> | (0.73) | 15.7 | 9<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31.51 | (0.29) | 8.61 | 8.32 | 0.00 | 0.00 | 0.00 | 39.83 | 26.40<sup>3</sup> | 0.96<sup>7</sup> | 0.91<sup>7</sup> | (0.86) | 12.0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 25.09 | (0.24) | 6.66 | 6.42 | 0.00 | 0.00 | 0.00 | 31.51 | 25.59<sup>3</sup> | 0.95<sup>7</sup> | 0.91<sup>7</sup> | (0.86) | 10.3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 52.73 | (0.29) | (26.85) | (27.14) | 0.00 | (0.50) | (0.50) | 25.09 | (51.58)<sup>3,8</sup> | 0.95<sup>10</sup> | 0.90<sup>10</sup> | (0.89) | 9.3 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 52.28 | (0.50) | 0.95 | 0.45 | 0.00 | 0.00 | 0.00 | 52.73 | 0.86<sup>3,9</sup> | 0.90<sup>5</sup> | 0.90<sup>5</sup> | (0.89) | 18.4 | 24 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

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

<sup>4</sup> Gross expenses were 1.20% after adjusting for certain transfer agency credits. 

<sup>5</sup> Includes interest expense of less than 0.01%. 

<sup>6</sup> Excludes impact of in-kind transactions.

<sup>7</sup> Includes interest expense of 0.01%. 

<sup>8</sup> The Adviser made a voluntary payment to the Fund in the amount of $82,890 to compensate the Fund for a loss incurred due to a valuation error. The impact of this payment increased the Fund's total return by less than 0.01%. 

<sup>9</sup> The Adviser made voluntary payments to the Fund in the amount of $162,538 to compensate the Fund for losses incurred due to valuation errors. The impact of these payments increased the Fund's total return by less than 0.01%. 

<sup>10</sup> Includes interest expense of 0.02%. 

See Notes to Financial Statements. 47

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON REAL ESTATE INCOME FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br> asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>expenses<br>(%) | <br>Net<br>investment<br>income<br>(%) | Net<br>assets (in<br>millions),<br>end<br>of year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16.59 | 0.23 | 0.33 | 0.56 | (0.25) | 0.00 | (0.25) | 16.90 | 3.41<sup>3</sup> | 1.23<sup>4</sup> | 1.05 | 1.37 | 20.4 | 122<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14.35 | 0.20 | 2.24 | 2.44 | (0.20) | 0.00 | (0.20) | 16.59 | 17.16<sup>3</sup> | 1.27 | 1.05 | 1.34 | 16.1 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12.71 | 0.21 | 1.69 | 1.90 | (0.26) | 0.00 | (0.26) | 14.35 | 15.19<sup>3</sup> | 1.32 | 1.05 | 1.62 | 13.8 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17.90 | 0.17 | (5.10) | (4.93) | (0.17) | (0.09) | (0.26) | 12.71 | (27.61)<sup>3</sup> | 1.32<sup>5</sup> | 1.05<sup>5</sup> | 1.13 | 13.3 | 185<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.08 | 0.15 | 3.93 | 4.08 | (0.19) | (0.07) | (0.26) | 17.90 | 29.08<sup>3</sup> | 1.42<sup>5</sup> | 1.05<sup>5</sup> | 0.94 | 17.9 | 97 |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16.79 | 0.28 | 0.34 | 0.62 | (0.29) | 0.00 | (0.29) | 17.12 | 3.74<sup>3</sup> | 0.88 | 0.80 | 1.65 | 229 | 122<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14.53 | 0.24 | 2.26 | 2.50 | (0.24) | 0.00 | (0.24) | 16.79 | 17.36<sup>3</sup> | 0.90 | 0.80 | 1.60 | 160.6 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12.85 | 0.27 | 1.69 | 1.96 | (0.28) | 0.00 | (0.28) | 14.53 | 15.51<sup>3</sup> | 0.96 | 0.80 | 2.00 | 132.7 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.05 | 0.20 | (5.14) | (4.94) | (0.17) | (0.09) | (0.26) | 12.85 | (27.43)<sup>3</sup> | 0.96<sup>5</sup> | 0.80<sup>5</sup> | 1.31 | 63.4 | 185<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.15 | 0.18 | 3.98 | 4.16 | (0.19) | (0.07) | (0.26) | 18.05 | 29.51<sup>3</sup> | 1.08<sup>5</sup> | 0.80<sup>5</sup> | 1.11 | 113.7 | 97 |
|  **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** | **R6 SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16.77 | 0.27 | 0.35 | 0.62 | (0.29) | 0.00 | (0.29) | 17.10 | 3.74<sup>3</sup> | 0.88 | 0.80 | 1.61 | 9.4 | 122<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 14.51 | 0.26 | 2.24 | 2.50 | (0.24) | 0.00 | (0.24) | 16.77 | 17.39<sup>3</sup> | 0.90 | 0.80 | 1.70 | 6.8 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12.84 | 0.28 | 1.67 | 1.95 | (0.28) | 0.00 | (0.28) | 14.51 | 15.44<sup>3</sup> | 0.97 | 0.80 | 2.12 | 1.6 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 18.03 | 0.21 | (5.14) | (4.93) | (0.17) | (0.09) | (0.26) | 12.84 | (27.41)<sup>3</sup> | 0.97<sup>5</sup> | 0.80<sup>5</sup> | 1.38 | 0.6 | 185<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14.14 | 0.16 | 3.99 | 4.15 | (0.19) | (0.07) | (0.26) | 18.03 | 29.46<sup>3</sup> | 1.08<sup>5</sup> | 0.80<sup>5</sup> | 1.01 | 0.9 | 97 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

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

<sup>4</sup> Gross expenses were 1.22% after adjusting for certain transfer agency credits. 

<sup>5</sup> Includes interest expense of less than 0.01%. 

<sup>6</sup> Excludes impact of in-kind transactions.

<sup>7</sup> Increased market volatility and large net capital stock outflows caused an increase in the Fund's portfolio turnover rate in 2022 beyond historical levels.

48 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

FINANCIAL HIGHLIGHTS (Continued)

#### BARON HEALTH CARE FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|  | Net asset<br>value,<br>beginning<br>of year<br>($) | Net<br> investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total<br> from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end<br>of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets<br>(in<br>millions),<br>end<br>of year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **Retail Shares**  | **Retail Shares**  | **Retail Shares**  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 18.98 | (0.09) | 1.99 | 1.90 | 0.00 | 0.00 | 0.00 | 20.88 | 10.01<sup>3</sup> | 1.27<sup>4</sup> | 1.10 | (0.50) | 28.1 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 18.78 | (0.08) | 0.32 | 0.24 | (0.04) | 0.00 | (0.04) | 18.98 | 1.25<sup>3</sup> | 1.18 | 1.10 | (0.42) | 36.5 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17.69 | (0.04) | 1.13 | 1.09 | 0.00 | 0.00 | 0.00 | 18.78 | 6.16<sup>3</sup> | 1.20 | 1.10 | (0.22) | 49.8 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.34 | (0.06) | (3.59) | (3.65) | 0.00 | 0.00 | 0.00 | 17.69 | (17.10)<sup>3</sup> | 1.21 | 1.10 | (0.31) | 55 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.75 | (0.17) | 3.06 | 2.89 | 0.00 | (0.30) | (0.30) | 21.34 | 15.46<sup>3</sup> | 1.17 | 1.10 | (0.82) | 76.3 | 55 |
|  **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19.26 | (0.05) | 2.03 | 1.98 | 0.00 | 0.00 | 0.00 | 21.24 | 10.28<sup>3</sup> | 0.95<sup>5</sup> | 0.85 | (0.26) | 102.6 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.05 | (0.03) | 0.33 | 0.30 | (0.09) | 0.00 | (0.09) | 19.26 | 1.55<sup>3</sup> | 0.87 | 0.85 | (0.17) | 143.1 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17.91 | 0.01 | 1.13 | 1.14 | 0.00 | 0.00 | 0.00 | 19.05 | 6.37<sup>3</sup> | 0.88 | 0.85 | 0.03 | 154.7 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.54 | (0.01) | (3.62) | (3.63) | 0.00 | 0.00 | 0.00 | 17.91 | (16.85)<sup>3</sup> | 0.90 | 0.85 | (0.05) | 149.3 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.88 | (0.12) | 3.08 | 2.96 | 0.00 | (0.30) | (0.30) | 21.54 | 15.72<sup>3</sup> | 0.89 | 0.85 | (0.57) | 172.4 | 55 |
|  **R6 Shares**  | **R6 Shares**  | **R6 Shares**  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19.25 | (0.05) | 2.03 | 1.98 | 0.00 | 0.00 | 0.00 | 21.23 | 10.29<sup>3</sup> | 0.94 | 0.85 | (0.26) | 13.3 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19.05 | (0.03) | 0.32 | 0.29 | (0.09) | 0.00 | (0.09) | 19.25 | 1.50<sup>3</sup> | 0.87 | 0.85 | (0.14) | 13.8 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17.90 | 0.01 | 1.14 | 1.15 | 0.00 | 0.00 | 0.00 | 19.05 | 6.42<sup>3</sup> | 0.88 | 0.85 | 0.03 | 5.9 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.54 | (0.01) | (3.63) | (3.64) | 0.00 | 0.00 | 0.00 | 17.90 | (16.90)<sup>3</sup> | 0.89 | 0.85 | (0.05) | 5.7 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18.87 | (0.12) | 3.09 | 2.97 | 0.00 | (0.30) | (0.30) | 21.54 | 15.79<sup>3</sup> | 0.89 | 0.85 | (0.57) | 6.5 | 55 |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

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

<sup>4</sup> Gross expenses were 1.25% after adjusting for certain transfer agency credits. 

<sup>5</sup> Gross expenses were 0.94% after adjusting for certain transfer agency credits. 

See Notes to Financial Statements. 49

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

FINANCIAL HIGHLIGHTS (Continued)

#### BARON INDIA FUND
Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental Data: | Supplemental Data: |
|  | Net asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1</sup> | Net<br>realized<br>and<br>unrealized<br>gain (loss)<br>($) | Total from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end<br>of<br>year<br>($) | Total<br>return<br>(%)<sup>2</sup> | Gross<br>expenses<br>(%) | Net<br>expenses<br>(%) | Net<br>investment<br>income<br>(loss)<br>(%) | Net<br>assets<br>(in<br>millions),<br>end<br>of year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **Retail Shares**  | **Retail Shares**  | **Retail Shares**  | **Retail Shares**  | **Retail Shares**  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9.17 | (0.06) | 0.00<sup>10</sup> | (0.06) | (0.03) | 0.00 | (0.03) | 9.08 | (0.63)<sup>3</sup> | 3.02<sup>4</sup> | 1.45 | (0.64) | 5.7 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7.81 | (0.04) | 1.41 | 1.37 | (0.01) | 0.00 | (0.01) | 9.17 | 17.55<sup>3</sup> | 7.96 | 1.45 | (0.43) | 2 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7.40 | 0.00 | 0.41 | 0.41 | 0.00 | 0.00 | 0.00 | 7.81 | 5.54<sup>3</sup> | 7.37 | 1.45 | (0.05) | 1 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.05) | (2.72) | (2.77) | 0.00 | 0.00 | 0.00 | 7.40 | (27.24)<sup>3</sup> | 8.96 | 1.45 | (0.58) | 0.9 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>5</sup> | 10.00 | (0.05) | 0.22 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,6</sup> | 10.06<sup>7,8</sup> | 1.45<sup>7,8</sup> | (1.25)<sup>7</sup> | 1.3 | 14<sup>6</sup> |
|  **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9.23 | (0.04) | 0.01 | (0.03) | (0.05) | 0.00 | (0.05) | 9.15 | (0.34)<sup>3</sup> | 2.30 | 1.20 | (0.46) | 17.4 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7.86 | (0.02) | 1.42 | 1.40 | (0.03) | 0.00 | (0.03) | 9.23 | 17.75<sup>3</sup> | 6.86 | 1.20 | (0.20) | 4.5 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7.43 | 0.03 | 0.40 | 0.43 | 0.00 | 0.00 | 0.00 | 7.86 | 5.79<sup>3</sup> | 6.93 | 1.20 | 0.35 | 1.5 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.03) | (2.71) | (2.74) | 0.00 | 0.00 | 0.00 | 7.43 | (26.94)<sup>3</sup> | 7.22 | 1.20 | (0.33) | 2.7 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>5</sup> | 10.00 | (0.04) | 0.21 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,6</sup> | 8.59<sup>7,8</sup> | 1.20<sup>7,8</sup> | (1.00)<sup>7</sup> | 3.2 | 14<sup>6</sup> |
|  **R6 Shares**  | **R6 Shares**  | **R6 Shares**  | **R6 Shares**  | **R6 Shares**  |  |  |  |  |  |  |  |  |  |  |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9.24 | (0.03) | 0.00<sup>10</sup> | (0.03) | (0.05) | 0.00 | (0.05) | 9.16 | (0.34)<sup>3</sup> | 2.57 | 1.20 | (0.37) | 2.3 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7.86 | (0.01) | 1.42 | 1.41 | (0.03) | 0.00 | (0.03) | 9.24 | 17.87<sup>3</sup> | 6.58 | 1.20 | (0.12) | 2.3 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7.44 | 0.01 | 0.41 | 0.42 | 0.00 | 0.00 | 0.00 | 7.86 | 5.65<sup>3</sup> | 6.21 | 1.20 | 0.07 | 1.8 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10.17 | (0.03) | (2.70) | (2.73) | 0.00 | 0.00 | 0.00 | 7.44 | (26.84)<sup>3</sup> | 7.95 | 1.20 | (0.42) | 0.1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021<sup>5</sup> | 10.00 | (0.04) | 0.21 | 0.17 | 0.00 | 0.00 | 0.00 | 10.17 | 1.70<sup>3,6</sup> | 8.10<sup>7,8</sup> | 1.20<sup>7,8</sup> | (0.99)<sup>7</sup> | 0.0<sup>9</sup> | 14<sup>6</sup> |

---

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

<sup>2</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

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

<sup>4</sup> Gross expenses were 2.99% after adjusting for certain transfer agency credits. 

<sup>5</sup> For the period July 30, 2021 (commencement of operations) to December 31, 2021.

<sup>6</sup> Not Annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Certain fixed expenses incurred by the Fund were not annualized for the period ended December 31, 2021.

<sup>9</sup> Amount represents less than $50,000. 

<sup>10</sup> Less than $0.01 per share. 

50 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Baron Select Funds and Shareholders of Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron Health Care Fund and Baron India Fund.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of 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 Health Care Fund and Baron India Fund (nine of the funds constituting Baron Select Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and, for Baron Partners Fund, of cash flows for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations and, for Baron Partners Fund, its cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodians, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

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

------

##### [**Table of Contents**](#toc)
Baron Select Funds &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

TAX INFORMATION (Unaudited)

The federal tax status of distributions paid by the Funds during the year ended December 31, 2025 are listed below.

During the fiscal year ended December 31, 2025, the Funds' distributions to shareholders included.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Ordinary<br>Income<sup>1,3</sup> | Long-Term<br>Capital Gains<sup>2,3</sup> | Return of<br>Capital |
|  Baron Partners Fund | $— | $314531391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Baron Focused Growth Fund |  |  |  |
|  Baron International Growth Fund | 3500046 |  |  |
|  Baron Real Estate Fund | 7079072 | 78561901 |  |
|  Baron Emerging Markets Fund | 72235442 |  |  |
|  Baron Global Advantage Fund | 1000329 |  |  |
|  Baron Real Estate Income Fund | 4206514 |  |  |
|  Baron Health Care Fund |  |  |  |
|  Baron India Fund | 117541 |  |  |

---

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

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

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

Of the total ordinary income distributions paid by Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, and Baron India Fund, 100.00%, 100.00%, 36.19%, 49.84%, 18.47% and 51.95%, respectively, is qualified dividend income subject to a reduced tax rate. Of the total ordinary income distributions paid by these Funds, 0.89%, 100.00%, 0.00%, 1.43%, 10.28%, and 0.00%, respectively, qualifies for the corporate dividends received deduction.

The information and distributions reported may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. The information necessary to complete your income tax return for the calendar year ended December 31, 2025 will be listed on the Form 1099-DIV, which was mailed to you in January/February 2026.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron Select Funds

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

#### FOR THE PERIOD COVERED BY THIS REPORT
Not applicable.

RESULTS OF MEETING(S) OF SHAREHOLDERS

Not applicable.

REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS

Refer to the financial statements included herein.

------

##### [**Table of Contents**](#toc)
![LOGO](g15407g00a03.jpg)

ANNUAL SELECT 12/31/2025

------

##### [**Table of Contents**](#toc)
December 31, 2025

## Baron Funds

## Baron WealthBuilder Fund

## Annual Financial Statements and Other Important Information

---

| | |
|:---|:---|
| **Ticker Symbols:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail Shares: BWBFX* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TA Shares: BWBTX* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Shares: BWBIX* |  |
| Financial Statements |  |
| [Portfolio of Investments](#cov95971_1) | 2 |
| [Statement of Assets and Liabilities](#cov95971_2) | 3 |
| [Statement of Operations](#cov95971_3) | 4 |
| [Statements of Changes in Net Assets](#cov95971_4) | 5 |
| [Notes to Financial Statements](#cov95971_5) | 6 |
| [Financial Highlights](#cov95971_6) | 11 |
| [Report of Independent Registered Public Accounting Firm](#cov95971_6a) | 12 |
| [Tax Information](#cov95971_6b) | 13 |
| [Changes in and Disagreements with Accountants](#cov95971_9) | 14 |
| [Results of Meeting(s) of Shareholders](#cov95971_10) | 14 |
| [Remuneration Paid to Directors, Officers, and Others](#cov95971_11) | 14 |

---

DEAR BARON WEALTHBUILDER FUND SHAREHOLDER:

In this report, you will find audited financial statements and other important information for Baron WealthBuilder Fund (the Fund) for the year ended December 31, 2025.

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

Sincerely,

---

| | | |
|:---|:---|:---|
| ![LOGO](g90115rbaron_sig307.jpg) | <br> ![LOGO](g90115g01a01.jpg)  | ![LOGO](g90115g01a03.jpg) |
| Ronald Baron<br> Chief Executive Officer<br> February 27, 2026 | Patrick M. Patalino<br> Chief Operating Officer<br> February 27, 2026 | Christopher Snively<br> Chief Financial Officer and Treasurer<br> February 27, 2026 |

---

These Annual Financial Statements are for the Baron WealthBuilder Fund. If you are interested in the other series of Baron Select Funds, which contains the Baron Partners Fund, Baron Focused Growth Fund, Baron International Growth Fund, Baron Real Estate Fund, Baron Emerging Markets Fund, Baron Global Opportunity Fund, Baron Real Estate Income Fund, Baron Health Care Fund, and Baron India Fund, Baron Investment Funds Trust, which contains the Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron Discovery Fund, and Baron Durable Advantage Fund, or Baron ETF Trust, which contains Baron First Principles ETF, Baron Global Durable Advantage ETF, Baron SMID Cap ETF, Baron Financials ETF, and Baron Technology ETF, please visit the Funds' website at BaronCapitalGroup.com or contact us at 1-800-99BARON.

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

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

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

![LOGO](g90115g27s23.jpg)

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

PORTFOLIO OF INVESTMENTS

&nbsp;&nbsp; <br> **DECEMBER 31, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  | Cost | Value |
| Affiliated Mutual Funds (94.71%) | Affiliated Mutual Funds (94.71%) | Affiliated Mutual Funds (94.71%) | Affiliated Mutual Funds (94.71%) |
| Small Cap (28.64%) | Small Cap (28.64%) | Small Cap (28.64%) | Small Cap (28.64%) |
| 710142 | Baron Discovery Fund — Institutional Shares | $17049594 | $25664543 |
| 1004219 | Baron Growth Fund — Institutional Shares | 87489856 | 68768895 |
| 2172114 | Baron Small Cap Fund — Institutional Shares | 68348713 | 65684727 |
| **Total Small Cap** | **Total Small Cap** | 172888163 | 160118165 |
| Small/Mid Cap (7.47%) | Small/Mid Cap (7.47%) | Small/Mid Cap (7.47%) | Small/Mid Cap (7.47%) |
| 690381 | Baron Focused Growth Fund — Institutional Shares | 20123732 | 41747323 |
| Mid Cap (9.60%) | Mid Cap (9.60%) | Mid Cap (9.60%) | Mid Cap (9.60%) |
| 559158 | Baron Asset Fund — Institutional Shares | 49397930 | 53695909 |
| Large Cap (8.22%) | Large Cap (8.22%) | Large Cap (8.22%) | Large Cap (8.22%) |
| 670649 | Baron Durable Advantage Fund — Institutional Shares | 10570360 | 22372852 |
| 350072 | Baron Fifth Avenue Growth Fund — Institutional Shares | 10904773 | 23587881 |
| **Total Large Cap** | **Total Large Cap** | 21475133 | 45960733 |
| All Cap (19.20%) | All Cap (19.20%) | All Cap (19.20%) | All Cap (19.20%) |
| 402470 | Baron Opportunity Fund — Institutional Shares | 8915125 | 23395596 |
| 316671 | Baron Partners Fund — Institutional Shares | 19699202 | 83933690 |
| **Total All Cap** | **Total All Cap** | 28614327 | 107329286 |
| Non-U.S./Global (10.44%) | Non-U.S./Global (10.44%) | Non-U.S./Global (10.44%) | Non-U.S./Global (10.44%) |
| 841928 | Baron Emerging Markets Fund — Institutional Shares | 11399018 | 16106082 |
| 489198 | Baron Global Opportunity Fund — Institutional Shares | 12853378 | 24787642 |
| 543969 | Baron International Growth Fund — Institutional Shares | 14012465 | 17483156 |
| **Total Non-U.S./Global** | **Total Non-U.S./Global** | 38264861 | 58376880 |
| Sector (11.14%) | Sector (11.14%) | Sector (11.14%) | Sector (11.14%) |
| 775854 | Baron Health Care Fund — Institutional Shares | 13595125 | 16479144 |
| 810295 | Baron Real Estate Fund — Institutional Shares | 26207201 | 32906077 |
| 753863 | Baron Real Estate Income Fund — Institutional Shares | 11731329 | 12906141 |
| **Total Sector** | **Total Sector** | 51533655 | 62291362 |
| Total Affiliated Mutual Funds (94.71%) | Total Affiliated Mutual Funds (94.71%) | 382297801 | 529519658 |
| Affiliated Exchange-Traded Funds (5.31%) | Affiliated Exchange-Traded Funds (5.31%) | Affiliated Exchange-Traded Funds (5.31%) | Affiliated Exchange-Traded Funds (5.31%) |
| 520005 | Baron Financials ETF | 9525079 | 12946669 |
| 462000 | Baron SMID Cap ETF | 11321310 | 11171160 |
| 222000 | Baron Technology ETF | 5635470 | 5576329 |
| **Total Affiliated Exchange-Traded Funds** | **Total Affiliated Exchange-Traded Funds** | 26481859 | 29694158 |
| Total Investments in Affiliated Funds (100.02%) | Total Investments in Affiliated Funds (100.02%) | $408779660 | 559213816 |
| Liabilities Less Cash and Other Assets (-0.02%) | Liabilities Less Cash and Other Assets (-0.02%) |  | (126419) |
| Net Assets | Net Assets |  | $559087397 |

---

---

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

---

All Funds are Level 1, see footnote 5f for dividend income and other distributions.

2 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

STATEMENT OF ASSETS AND LIABILITIES

&nbsp;&nbsp; <br> **DECEMBER 31, 2025**<br>

---

| | |
|:---|:---|
|  | Baron<br>WealthBuilder<br>Fund |
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Funds, at value\* | $559213816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares sold | 96269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 752 |
|  | 559310837 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian bank | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 36071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 33436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable (Note 5) | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and other payables | 119223 |
|  | 223440 |
|  **Net Assets** | $559087397 |
|  **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $417561231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 141526166 |
|  **Net Assets** | $559087397 |
|  **Retail Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $83835659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 3935598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $21.30 |
|  **TA Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $58533321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 2699041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $21.69 |
|  **Institutional Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $416718417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding ($0.01 par value; indefinite shares authorized) | 19208040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per Share | $21.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*Investments in Affiliated Funds, at cost | $408779660 |

---

See Notes to Financial Statements. 3

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

STATEMENT OF OPERATIONS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | |
|:---|:---|
|  | For the<br>Year Ended<br>December 31,<br>2025 |
|  **Investment income (loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from Affiliated Funds | $1471692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 1474050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares (Note 5) | 210443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Retail Shares | 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — TA Shares | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees and expenses — Institutional Shares | 28740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 59818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 61824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 31232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses (Note 5) | 30939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 60671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 7924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit fees | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 582030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses reimbursed — Retail Shares (Note 5)** | (15481) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses reimbursed — TA Shares (Note 5)** | (10029) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses reimbursed — Institutional Shares (Note 5)** | (73204) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total net expenses** | 483316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 990734 |
|  **Realized and unrealized gain (loss) on investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on Affiliated Funds | 14051469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distribution received from Affiliated Funds | 28109757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of Affiliated Funds | 7556329 |
|  **Net gain (loss) on investments** | 49717555 |
|  **Net increase (decrease) in net assets resulting from operations** | $50708289 |

---

4 See Notes to Financial Statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | |
|:---|:---|:---|
|  | Baron WealthBuilder Fund | Baron WealthBuilder Fund |
|  | For the Year<br>Ended<br>December 31,<br>2025 | For the Year<br>Ended<br>December 31,<br>2024 |
|  **Increase (Decrease) in Net Assets:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $990734 | $199098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42161226 | 23642920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 7556329 | 70914899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from operations | 50708289 | 94756917 |
|  **Distributions to shareholders from (Note 8):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Retail Shares | (6053710) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings —TA Shares | (4216561) | (14359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings — Institutional Shares | (30489989) | (100334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions to shareholders | (40760260) | (114693) |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Retail Shares | 6234197 | 10511830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — TA Shares | 2180895 | 4357840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares — Institutional Shares | 26837325 | 31583077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Retail Shares | 5992385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — TA Shares | 4161952 | 14166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions — Institutional Shares | 29505985 | 96603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Retail Shares | (21231321) | (29289690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — TA Shares | (8991806) | (3135350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed — Institutional Shares | (68028158) | (83821255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from capital share transactions | (23338546) | (69682779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (13390517) | 24959445 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 572477914 | 547518469 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $559087397 | $572477914 |
|  **Capital share transactions — Retail Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 304058 | 562424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 280324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1028992) | (1577678) |
|  **Net increase (decrease)** | (444610) | (1015254) |
|  **Capital share transactions — TA Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 102440 | 231271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 191285 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (441026) | (159650) |
|  **Net increase (decrease)** | (147301) | 72332 |
|  **Capital share transactions — Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1271505 | 1688346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1355508 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3273774) | (4411732) |
|  **Net increase (decrease)** | (646761) | (2718541) |

---

See Notes to Financial Statements. 5

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS

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. This report covers only the Baron WealthBuilder Fund (the Fund). The Fund's investment objective is capital appreciation. The Fund is a diversified fund that invests, at any given time, in the securities of a select number of Baron mutual funds and affiliated exchange-traded funds (ETFs and collectively, the Underlying Funds), representing specific investment strategies. The Fund normally invests in a variety of Baron domestic and international equity funds managed by BAMCO, Inc. (BAMCO or the Adviser). The Fund can invest in Underlying Funds holding U.S. and international stocks; small-cap, small- to mid-cap, large-cap, all-cap stocks; and sector stocks. The Adviser decides how much of the Fund's assets to allocate to Underlying Funds based on the outlook for, and on the relative valuations of, the Underlying Funds and the various markets in which they invest. For information on the Underlying Funds, please refer to the Prospectuses and Statements of Additional Information of the Underlying Funds. Also, information on the Underlying Funds is available at BaronCapitalGroup.com.

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

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS

The following is a summary of significant accounting policies followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The 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 Fund's share price or net asset value (NAV) is calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Fund's NAV is calculated (the NAV Calculation Time)) on the New York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. The NAV per share of a class is determined by dividing the value of the total assets less all liabilities of the Fund represented by such class, by the total number of Fund shares of such class outstanding.

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

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

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

**c) Securities Transactions and Investment Income.** Fund securities transactions are accounted for on trade date. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Dividend income and capital gain distributions from the Underlying Funds are

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES AND INVESTMENT RISKS (Continued)

recognized on the ex-dividend date and interest income is recognized on an accrual basis. Dividends received from Underlying Funds are reflected as dividend income; capital gain distributions are reflected as realized gains.

**d) Expense Allocation.** The Fund is charged for those expenses directly attributable to the Fund, such as distribution and transfer agency fees. Expenses that are not directly attributable to the Fund are typically allocated among the funds in the Trust and Baron Investment Funds Trust (collectively, the Fund Complex) in proportion to their respective net assets. The Fund accrues distribution and service (12b-1) fees to Retail Shares.

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

**e) Single Issuer and Common CEO Risk.** Single issuer risk is the possibility that factors specific to an issuer to which an Underlying Fund is exposed will affect the market prices of the issuer's securities and therefore the NAV of the Underlying Fund. Due to the size of Baron Partners Fund's investments in Space Exploration Technologies Corp. (Space X) and Tesla, Inc. (Tesla), 32% and 30%, respectively, of Baron Partners Fund's net assets as of December 31, 2025, the NAV of Baron Partners Fund will be materially impacted by the price of these securities. The Fund's indirect proportionate ownership of Space X is $49,057,798, which represents 8.8% of the Fund's net assets, and Tesla is $31,661,379, which represents 5.7% of the Fund's net assets as of December 31, 2025. The Underlying Funds may invest in different companies which 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, certain Underlying Funds have made investments in Space Exploration Technologies Corp., X.AI Holdings Corp., Tesla, and Neuralink Corp. The Chief Executive Officer of each is Elon Musk. The Fund's indirect proportionate ownership of these companies is $88,522,869, which represents 15.8% of the Fund's net assets as of December 31, 2025. As such, the Fund may be considered to be exposed to the risk of success of Mr. Musk. The financial statements of the Underlying Funds are available at BaronCapitalGroup.com.

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

**g) Industry Concentration.** From time to time, market fluctuations in the value of an Underlying Fund's investments, combined with an Underlying Fund's non-diversified portfolio, may result in an Underlying Fund being concentrated in the securities of a single issuer or a small number of issuers, in a particular industry. As a result, this Underlying Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, an Underlying Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of Baron Partners Fund's investments in Space X and Tesla, which represent about 62% of Baron Partners Fund's net assets as of December 31, 2025, Baron Partners Fund will be more adversely impacted by negative developments affecting the automotive and energy industries, as well as governmental environmental regulations.

**h) Use of Estimates.** The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the period. Actual results could differ from those estimates.

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

**j) Distributions to Shareholders.** Income and capital gain distributions to shareholders are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments for net investment loss, short-term capital gain distributions, and wash sale losses deferred. Income dividends are normally declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Fund, if not distributed. The Fund intends to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

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

**l) Segment Reporting.** The Adviser's Management Committee acts as the Fund's chief operating decision maker (CODM), as defined in GAAP, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its respective prospectus, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Financial Statements.

**m) Recent Accounting Pronouncements**. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09). Effective for annual periods beginning after December 15, 2024, the amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if a certain quantitative threshold is met. Management has evaluated ASU 2023-09 and has determined that based upon the amount of foreign or U.S. federal, state or local income taxes paid, no additional disclosures are included in these financial statements.

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

3. ASSET ALLOCATION AND RISKS OF INVESTING IN THE UNDERLYING FUNDS

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

4. PURCHASES AND SALES OF SECURITIES

#### Purchases and sales of securities, other than short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Baron WealthBuilder Fund | $60406761 | $95424997 |

---

5. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

**a) Investment Advisory Fees.** The Adviser, a wholly owned subsidiary of Baron Capital Group, Inc. (BCG), serves as investment adviser to the Fund and the Underlying Funds. The Adviser will not be paid a management fee for performing investment management services for the Fund. However, the Adviser receives management fees for managing the Underlying Funds. See the Underlying Funds' Prospectuses or Statements of Additional Information for specific fees. The Adviser has contractually agreed to reimburse Fund expenses to the extent required to limit the net annual operating expense ratio (excluding portfolio transaction costs, interest, and dividend expenses, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses) pursuant to a contract expiring on August 29, 2036, unless renewed for another 11-year term as follows:

---

| | | |
|:---|:---|:---|
| Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap | Annual Operating<br>Expense Ratio Cap |
| Retail Shares | TA Shares | Institutional<br>Shares |
|  0.30% | 0.05% | 0.05% |

---

The aforementioned reimbursement, if applicable, is not subject to recoupment by the Adviser.

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

**c) Trustee Fees.** Certain Trustees of the Trust are officers of the Adviser and received no direct renumeration in such capacity from the Fund Complex. The Fund Complex pays each Independent Trustee (an Independent Trustee is a Trustee who is not an "interested person" (as defined in the 1940 Act) of the Fund Complex) annual compensation in addition to reimbursement of out-of-pocket expenses in connection with attendance at meetings of the Board. Specifically, each Independent Trustee receives an annual base compensation of $215,000 with the lead Independent Trustee receiving an additional $50,000. An additional $60,000 per annum is paid to each Independent Trustee for attendance at the quarterly meetings of the Board. Each member of the Audit Committee receives an additional $12,500 in annual compensation with the Audit Committee Chairperson receiving an additional $12,500.

**d) Custody, Fund Accounting and Administration Fees.** The Fund has entered into an agreement with State Street Bank and Trust Company (State Street) to perform custody, accounting and certain administrative services.

**e) Ownership Concentration.** As of December 31, 2025 the officers, Trustees and portfolio managers owned, directly or indirectly, 13.59% of the Fund. As a result of their ownership, these investors may be able to materially affect the outcome of matters presented to the Fund's shareholders.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

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

**f) Transactions in "Affiliated" Companies.** The Fund invests in the Institutional Shares of the Underlying Funds which are considered to be affiliated with the Fund.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Issuer | Shares<br>Held at<br>December 31,<br>2024 | Value at<br>December 31,<br>2024 | Purchase<br>Cost | Sales<br>Proceeds/<br>Return of<br>Capital | Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation) | Realized<br>Gains<br>(Losses) | Dividend<br>Income | Other<br>Distributions | Shares<br>Held at<br>December 31,<br>2025 | Value at<br>December 31,<br>2025 | % of Net<br>Assets at<br>December 31,<br>2025 |
|  **"Affiliated" Company as of December 31, 2025:** | **"Affiliated" Company as of December 31, 2025:** | **"Affiliated" Company as of December 31, 2025:** | **"Affiliated" Company as of December 31, 2025:** | **"Affiliated" Company as of December 31, 2025:** |  |  |  |  |  |  |  |
|  Baron Asset Fund\* | $570359 | $55986404 | $5374981 | $6315881 | $(332482) | $(1017113) | $— | $5374981 | 559158 | $53695909 | 9.60% |
|  Baron Discovery Fund\* | 857172 | 27918099 |  | 4877826 | 1968922 | 655348 |  |  | 710142 | 25664543 | 4.59% |
|  Baron Durable Advantage Fund\* | 684537 | 19591455 | 1405323 | 2119448 | 3214573 | 280949 |  |  | 670649 | 22372852 | 4.00% |
|  Baron Emerging Markets Fund\* | 996621 | 14959276 | 324980 | 2968329 | 3798725 | (8570) | 324980 |  | 841928 | 16106082 | 2.88% |
|  Baron Fifth Avenue Growth Fund\* | 443011 | 26266119 | 934643 | 6720358 | 812849 | 2294628 |  | 934643 | 350072 | 23587881 | 4.22% |
|  Baron Financials ETF† | 646240 | 15921109 |  | 2994018 | (196188) | 215766 |  |  | 520005 | 12946669 | 2.31% |
|  Baron Focused Growth Fund\* | 842345 | 41662400 |  | 7737603 | 6636048 | 1186478 |  |  | 690381 | 41747323 | 7.47% |
|  Baron Global Opportunity Fund\* | 572645 | 22797003 | 47848 | 3554235 | 4339111 | 1157915 | 47848 |  | 489198 | 24787642 | 4.43% |
|  Baron Growth Fund\* | 816685 | 78050584 | 21689636 | 8124479 | (20061867) | (2784979) | 556156 | 11165467 | 1004219 | 68768895 | 12.30% |
|  Baron Health Care Fund\* | 747514 | 14397113 | 549825 |  | 1532206 |  |  |  | 775854 | 16479144 | 2.95% |
|  Baron International Growth Fund\* | 586958 | 15753949 | 200531 | 1317900 | 3193138 | (346562) | 200531 |  | 543969 | 17483156 | 3.13% |
|  Baron Opportunity Fund\* | 536911 | 27097896 | 941554 | 8008090 | 604549 | 2759687 |  | 941554 | 402470 | 23395596 | 4.18% |
|  Baron Partners Fund\* | 431208 | 94744922 | 4493809 | 32263035 | 6057896 | 10900098 |  | 3169721 | 316671 | 83933690 | 15.02% |
|  Baron Real Estate Fund\* | 861396 | 34498911 | 1253587 | 3221914 | 529468 | (153975) | 117095 | 1136492 | 810295 | 32906077 | 5.88% |
|  Baron Real Estate Income Fund\* | 769285 | 12916296 | 225082 | 498498 | 259820 | 3441 | 225082 |  | 753863 | 12906141 | 2.31% |
|  Baron Small Cap Fund\* | 2118619 | 70062718 | 6008182 | 4703383 | (4591148) | (1091642) |  | 5386899 | 2172114 | 65684727 | 11.75% |
|  Baron SMID Cap ETF |  |  | 11321310 |  | (150150) |  |  |  | 462000 | 11171160 | 2.00% |
|  Baron Technology ETF |  |  | 5635470 |  | (59141) |  |  |  | 222000 | 5576329 | 1.00% |
|  |  | $572624254 | $60406761 | $95424997 | $7556329 | $14051469 | $1471692 | $28109757 |  | $559213816 | 100.02% |

---

\* Institutional Shares

† Reorganized from Baron FinTech Fund in a tax-free exchange. Purchase and sales amounts exclude the amounts related to the reorganization. Beginning shares were adjusted to reflect the reorganization.

6. LINE OF CREDIT

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

During the year ended December 31, 2025, the Fund did not have any borrowings under the line of credit.

7. FAIR VALUE MEASUREMENTS

Fair value is defined by GAAP as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

NOTES TO FINANCIAL STATEMENTS (Continued)

7. FAIR VALUE MEASUREMENTS (Continued)

asset or liability. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the Fund's own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

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

• 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.);

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

Investments in open-end registered investment companies are valued at NAV and are classified in the fair value hierarchy as Level 1.

8. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

Federal income tax regulations differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and net realized gain for financial reporting purposes. Net investment income (loss) and net realized and unrealized gain (loss) differ for financial statement and tax purposes due to differing treatments of net investment loss, short-term capital gain distributions, and wash sale losses deferred. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial reporting records are not adjusted for temporary differences.

#### As of December 31, 2025, the Fund's cost of investments and gross unrealized appreciation (depreciation) for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments | $427075314 |
|  Gross tax unrealized appreciation | 155773209 |
|  Gross tax unrealized depreciation | (23634707) |
|  Net tax unrealized appreciation (depreciation) | 132138502 |

---

#### As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed (accumulated) net investment income (loss) | 199017.0 |
|  Undistributed (accumulated) net realized gain (loss) | 9188647.0 |
|  Net tax unrealized appreciation (depreciation) on investments | 132138502.0 |
|  Paid-in capital | 417561231.0 |
|  Net Assets | $559087397.0 |

---

#### The tax character of distributions paid during the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2024 |
| Ordinary<sup>1</sup> | Long Term<br>Capital Gain | Ordinary<sup>1</sup> | Long Term<br>Capital Gain |
| $1183302 | $39576958 | $114693 | $— |

---

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

GAAP sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Fund is required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50% likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Fund's federal income tax returns for all open years (current and prior three years), and has concluded that no provision for federal income tax is required in the Fund's financial statements. At December 31, 2025 the Fund did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Fund's federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired (current and prior three years) are subject to examination by the Internal Revenue Service and state departments of revenue.

9. SUBSEQUENT EVENTS

Management has evaluated events occurring subsequent to the date of the Statements of Assets and Liabilities and through the date of issuance of the financial statements and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Income (loss) from<br>investment operations: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | Less distributions to<br>shareholders from: | | | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Ratios to Average Net Assets: | Supplemental<br>Data: | Supplemental<br>Data: |
|  | Net<br>asset<br>value,<br>beginning<br>of year<br>($) | Net<br>investment<br>income<br>(loss)<br>($)<sup>1,2</sup> | Net<br>realized and<br>unrealized<br>gain (loss)<br>($) | Total<br>from<br>investment<br>operations<br>($) | Net<br>investment<br>income<br>($) | Net<br>realized<br>gains<br>($) | Total<br>distributions<br>($) | Net<br>asset<br>value,<br>end of<br>year<br>($) | Total<br>return<br>(%)<sup>3</sup> | Gross<br>expenses<br>(%)<sup>4</sup> | Net<br>expenses<br>(%)<sup>4</sup> | Net<br>investment<br>income<br>(loss)<br>(%)<sup>2</sup> | Net<br>assets (in<br>millions),<br>end of<br>year<br>($) | Portfolio<br>turnover<br>rate<br>(%) |
|  **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** | **RETAIL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 20.85 | (0.01) | 2.06 | 2.05 | 0.00<sup>8</sup> | (1.60) | (1.60) | 21.30 | 9.88<sup>5</sup> | 0.32 | 0.30 | (0.04) | 83.9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17.60 | (0.03) | 3.28 | 3.25 | 0.00 | 0.00 | 0.00 | 20.85 | 18.47<sup>5</sup> | 0.33 | 0.30 | (0.17) | 91.3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.04 | (0.03) | 3.59 | 3.56 | 0.00 | 0.00 | 0.00 | 17.60 | 25.36<sup>5</sup> | 0.33 | 0.30 | (0.18) | 94.9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.56 | (0.04) | (7.02) | (7.06) | (0.08) | (0.38) | (0.46) | 14.04 | (32.75)<sup>5</sup> | 0.34 | 0.30 | (0.27) | 76.0 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.57 | (0.03) | 3.21 | 3.18 | 0.00 | (1.19) | (1.19) | 21.56 | 16.42<sup>5</sup> | 0.33<sup>6</sup> | 0.30<sup>6</sup> | (0.13) | 117.4 | 0<sup>7</sup> |
|  **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** | **TA SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21.19 | 0.05 | 2.10 | 2.15 | (0.05) | (1.60) | (1.65) | 21.69 | 10.21<sup>5</sup> | 0.07 | 0.05 | 0.22 | 58.5 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17.85 | 0.02 | 3.33 | 3.35 | (0.01) | 0.00 | (0.01) | 21.19 | 18.74<sup>5</sup> | 0.08 | 0.05 | 0.08 | 60.3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.21 | 0.01 | 3.64 | 3.65 | (0.01) | 0.00 | (0.01) | 17.85 | 25.66<sup>5</sup> | 0.08 | 0.05 | 0.07 | 49.5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.76 | (0.00)<sup>8</sup> | (7.09) | (7.09) | (0.08) | (0.38) | (0.46) | 14.21 | (32.59)<sup>5</sup> | 0.08 | 0.05 | (0.02) | 37.9 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.70 | 0.03 | 3.22 | 3.25 | (0.00)<sup>8</sup> | (1.19) | (1.19) | 21.76 | 16.70<sup>5</sup> | 0.08<sup>6</sup> | 0.05<sup>6</sup> | 0.12 | 47.2 | 0<sup>7</sup> |
|  **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21.20 | 0.05 | 2.09 | 2.14 | (0.05) | (1.60) | (1.65) | 21.69 | 10.15<sup>5</sup> | 0.07 | 0.05 | 0.22 | 416.7 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17.86 | 0.01 | 3.34 | 3.35 | (0.01) | 0.00 | (0.01) | 21.20 | 18.73<sup>5</sup> | 0.08 | 0.05 | 0.08 | 420.9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14.21 | 0.01 | 3.65 | 3.66 | (0.01) | 0.00 | (0.01) | 17.86 | 25.73<sup>5</sup> | 0.08 | 0.05 | 0.07 | 403.1 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | 21.76 | (0.00)<sup>8</sup> | (7.09) | (7.09) | (0.08) | (0.38) | (0.46) | 14.21 | (32.59)<sup>5</sup> | 0.09 | 0.05 | (0.02) | 312.5 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 19.70 | 0.02 | 3.23 | 3.25 | (0.00)<sup>8</sup> | (1.19) | (1.19) | 21.76 | 16.70<sup>5</sup> | 0.08<sup>6</sup> | 0.05<sup>6</sup> | 0.09 | 412.2 | 0<sup>7</sup> |

---

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

<sup>2</sup> Recognition of the Fund's net investment income is affected by the timing of dividend declarations by the Underlying Funds.

<sup>3</sup> Total returns reflect reinvestment of all dividends and distributions, if any. 

<sup>4</sup> Expenses do not include acquired fund fees and expenses of the Underlying Funds.

<sup>5</sup> The total returns would have been lower had certain expenses not been reduced during the period shown. 

<sup>6</sup> Includes interest expense of less than 0.01%. 

<sup>7</sup> Less than 0.5%. 

<sup>8</sup> Less than $0.01 per share. 

See Notes to Financial Statements. 11

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Baron Select Funds and Shareholders of Baron WealthBuilder Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Baron WealthBuilder Fund (one of the funds constituting Baron Select Funds, hereafter referred to as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and the transfer agent of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

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

------

##### [**Table of Contents**](#toc)
December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp; Baron WealthBuilder Fund

TAX INFORMATION (Unaudited)

The federal tax status of distributions paid by the Fund during the year ended December 31, 2025 are listed below.

During the fiscal year ended December 31, 2025, the Fund's distributions to shareholders included.

---

| | | |
|:---|:---|:---|
|  | Ordinary<br>Income<sup>1,3</sup> | Long-Term<br>Capital Gains<sup>2,3</sup> |
|  Baron WealthBuilder Fund | $1183302 | $39576958 |

---

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

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

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

Of the total ordinary income distributions paid, 88.58% is qualified dividend income subject to a reduced tax rate and 59.06% qualifies for the corporate dividends received deduction.

The information and distributions reported may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. The information necessary to complete your income tax return for the calendar year ended December 31, 2025 will be listed on the Form 1099-DIV, which was mailed to you in January 2026.

------

##### [**Table of Contents**](#toc)
Baron WealthBuilder Fund &nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025

---

| | |
|:---|:---|
| Changes In and Disagreements with Accountants | For the period covered by this report |
| Not applicable. |  |
| Results of Meeting(s) of Shareholders | For the period covered by this report |
| Not applicable. |  |
| Remuneration Paid to Directors, Officers and Others | For the period covered by this report |
| Refer to the financial statements included herein. |  |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g90115g27s23.jpg)

ANNUALWEALTH 12/31/2025

------

##### [**Table of Contents**](#toc)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not Applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

------

##### [**Table of Contents**](#toc)
Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(a) under the 1940 Act.](d61019dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certification of each of the principal executive officers and principal financial officers of the Registrant as required by Rule 30a-2(b) under the 1940 Act.](d61019dex99906cert.htm)

------

##### [**Table of Contents**](#toc)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| BARON SELECT FUNDS | BARON SELECT FUNDS |
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
|  Date: March 3, 2026 | Date: March 3, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ronald Baron |
|  | Ronald Baron |
|  | Principal Executive Officer |
| Date: March 3, 2026 | Date: March 3, 2026 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| By: | /s/ Christopher Snively |
|  | Christopher Snively |
|  | Principal Financial Officer |
| Date: March 3, 2026 | Date: March 3, 2026 |

---

## Ex-99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Ronald Baron**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Select Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 3, 2026 |
| /s/ Ronald Baron |
| Ronald Baron |
| Principal Financial Officer |

---

------

CERTIFICATION PURSUANT TO SECTION 302

OF

THE SARBANES OXLEY ACT

I, **Christopher Snively**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baron Select Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| |
|:---|
|  Date: March 3, 2026 |
|  /s/ Christopher Snively |
|  Christopher Snively |
|  Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON SELECT FUNDS (the "Issuer") and its separate series for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
|  By: | /s/ Ronald Baron | Date: March 3, 2026 |
|  | Ronald Baron |  |
|  | Principal Executive Officer |  |

---

------

CERTIFICATION PURSUANT TO SECTION 906

OF

THE SARBANES OXLEY ACT

The undersigned hereby certifies, to the best of her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of BARON SELECT FUNDS (the "Issuer") and its separate series for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

---

| | | |
|:---|:---|:---|
|  By: | /s/ Christopher Snively | Date: March 3, 2026 |
|  | Christopher Snively |  |
|  | Principal Financial Officer |  |

---