# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-26-196140
**Filing Date:** 2026-4
**Character Count:** 27880
**Document Hash:** 294e047729469382607b0d38f7bcffaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196140.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196140

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103025
- **FILM NUMBER:** 26922932

**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 WealthBuilder Fund (Series ID: S000060172)

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

![LOGO](g116069dsp001.jpg)

BARON CAPITAL® <br>BARON SELECT FUNDS® SUMMARY PROSPECTUS APRIL 30, 2025 <br>Baron WealthBuilder Fund® <br>Retail Shares: BWBFX Institutional Shares: BWBIX TA Shares: BWBTX <br>Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at connect.rightprospectus.com/Baron. You can also get this information at no cost by calling 800-99-BARON or by sending an email request to info@BaronCapitalGroup.com. The Fund's Prospectus and statement of additional information, dated 4/30/2025, as may be supplemented, are incorporated by reference into this summary prospectus.

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**Baron WealthBuilder Fund** 

**Investment Goal** 

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

**Fees and Expenses of the Fund** 

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

Annual Fund Operating Expenses

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Management<br>Fee** | **Distribution<br>(12b-1)<br>Fee** | **Other<br>Expenses** | **Acquired<br>Fund Fees<br>and<br>Expenses<sup>1</sup>** | **Total<br>Annual<br>Fund<br>Operating<br>Expenses** | **Expense<br>Reimburse-<br>ments** | **Total<br>Annual<br>Fund<br>Operating<br>Expenses<br>after<br>Expense<br>Reimburse-<br>ments<sup>2</sup>** |
|  Baron WealthBuilder Fund |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares |  | 0.25% | 0.07% | 1.11% | 1.43% | (0.02)% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 0.07% | 1.11% | 1.18% | (0.02)% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; TA Shares |  |  | 0.07% | 1.11% | 1.18% | (0.02)% | 1.16% |

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\* While the Fund itself charges no management fee, it will indirectly bear its pro-rata share of the expenses of the Baron mutual funds in which it invests (acquired funds).

<sup>1</sup> Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the securities of a select number of Baron mutual funds. Their inclusion in this table will cause the expense ratios disclosed here to differ from those disclosed in the financial highlights.

<sup>2</sup> BAMCO, Inc. ("BAMCO" or the "Adviser") has agreed that, pursuant to a contract with an 11-year term terminating on August 29, 2036, it will reimburse certain expenses of the Fund, limiting net annual operating expenses (portfolio transaction costs, interest and dividend expense, acquired fund fees and expenses, fees and expenses related to filing foreign tax reclaims, and extraordinary expenses are not subject to the operating expense limitation) to 0.30% of average daily net assets of Retail Shares, 0.05% of average daily net assets of Institutional Shares and 0.05% of average daily net assets of TA Shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares

 <br> 1-800-99BARON 1

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**Baron WealthBuilder Fund** 

at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, giving effect to the expense reimbursement agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **YEAR** | **1** | **3** | **5** | **10** |
|  Baron WealthBuilder Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | $144 | $446 | $771 | $1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $118 | $368 | $638 | $1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; TA Shares | $118 | $368 | $638 | $1409 |

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**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.

**Investments, Risks, and Performance** 

Principal Investment Strategies of the Fund

The Fund is a diversified fund because it 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 domestic and international equity funds. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.

The Fund can invest in funds holding U.S. and international stocks; small-cap, small- to mid-cap, mid-cap, large-cap, all-cap stocks; and sector specific stocks.

**The portfolio manager decides how much of the Fund's assets to allocate to underlying fund investments based on the outlook for, and on the relative valuations of, the Underlying Funds and the various markets in which they invest.** 

 <br> 2 BaronCapitalGroup.com

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**Baron WealthBuilder Fund** 

Underlying Funds

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Baron WealthBuilder Fund** | &nbsp;&nbsp;&nbsp;**Baron WealthBuilder Fund** |
| &nbsp;&nbsp;&nbsp;**Strategy** | **Fund** |
| &nbsp;&nbsp;&nbsp;Small Cap | Baron Discovery Fund |
| &nbsp;&nbsp;&nbsp;Small Cap | Baron Small Cap Fund |
| &nbsp;&nbsp;&nbsp;Small Cap | Baron Growth Fund |
| &nbsp;&nbsp;&nbsp;Small-Mid Cap | Baron Focused Growth Fund |
| &nbsp;&nbsp;&nbsp;Small-Mid Cap | Baron SMID Cap ETF |
| &nbsp;&nbsp;&nbsp;Mid Cap | Baron Asset Fund |
| &nbsp;&nbsp;&nbsp;Large Cap | Baron Fifth Avenue Growth Fund |
| &nbsp;&nbsp;&nbsp;Large Cap | Baron Durable Advantage Fund |
| &nbsp;&nbsp;&nbsp;All Cap | Baron Partners Fund |
| &nbsp;&nbsp;&nbsp;All Cap | Baron Opportunity Fund |
| &nbsp;&nbsp;&nbsp;All Cap | Baron First Principles ETF |
| &nbsp;&nbsp;&nbsp;International / Global | Baron International Growth Fund |
| &nbsp;&nbsp;&nbsp;International / Global | Baron Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;International / Global | Baron Global Opportunity Fund |
| &nbsp;&nbsp;&nbsp;International / Global | Baron India Fund |
| &nbsp;&nbsp;&nbsp;International / Global | Baron Global Durable Advantage ETF |
| &nbsp;&nbsp;&nbsp;International / Global | Baron Emerging Markets Select ETF |
| &nbsp;&nbsp;&nbsp;Sector | Baron Real Estate Fund |
| &nbsp;&nbsp;&nbsp;Sector | Baron Real Estate Income Fund |
| &nbsp;&nbsp;&nbsp;Sector | Baron Health Care Fund |
| &nbsp;&nbsp;&nbsp;Sector | Baron Financials ETF |
| &nbsp;&nbsp;&nbsp;Sector | Baron Technology ETF |

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 <br> 1-800-99BARON 3

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**Baron WealthBuilder Fund** 

**The Fund may sell shares of the Underlying Funds for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. The Fund may also modify the list of Underlying Funds at any time, including by adding Underlying Funds that may be created in the future, or change the Fund's asset allocation at any time, in each case without prior approval from or notice to shareholders. At certain periods, the Fund may hold a portion of its assets in cash, money market securities or other similar liquid investments.** 

Principal Risks of Investing in the Fund

The following summarizes the risks that the Fund is subject to based on its investments in the Underlying Funds. The risks described below are risks to the Fund's overall portfolio. These are generally different from the risks of any one Underlying Fund. While each Underlying Fund has its own particular risk characteristics, the strategy of allocating the Fund's assets to different Underlying Funds may allow those risks to be offset to some extent.

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

**Asset Allocation.** The Fund's ability to achieve 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.

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

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**Baron WealthBuilder Fund** 

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

**Risks of Investing in the Underlying Funds.** Each of the Underlying Funds has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. 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.

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

**Developing Countries.** Certain Underlying Funds invest in developing countries, which include countries in the MSCI Emerging Markets (EM) Index, countries in the MSCI Frontier Markets (FM) Index and other countries determined by the Adviser to be developing countries based on classifications made by the International Monetary Fund or on country characteristics similar to those of the countries in the EM and FM Indexes. Investments in developing countries are subject to all of the risks of non-U.S. investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital

 <br> 1-800-99BARON 5

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**Baron WealthBuilder Fund** 

controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation. These risks are greater for countries in the FM Index.

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

**Information Technology Sector.** Companies in the information technology sector are subject to rapid changes in technology product cycles; rapid product obsolescence; government regulation; and increased competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Information technology companies and companies that rely heavily on technology tend to be more volatile than the overall market and also are heavily dependent on patent and intellectual property rights. In addition, information technology companies may have limited product lines, markets, financial resources or personnel.

**Industrials Sector.** The Fund's investments are exposed to issuers conducting business in the Industrials Sector. The Industrials Sector includes manufacturers and distributors of capital goods such as aerospace and defense, building projects, electrical equipment and machinery and companies that offer construction and engineering services. It also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services. It also includes companies that provide transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.

**Large-Cap Companies.** Because an Underlying Fund may invest primarily in large-cap company securities, that Underlying Fund may underperform other funds during periods when their securities are out of favor.

 <br> 6 BaronCapitalGroup.com

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**Baron WealthBuilder Fund** 

**Non-U.S. Securities.** Investing in non-U.S. securities may involve additional risks to those inherent in investing in U.S. securities, including exchange rate fluctuations, political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets.

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

**Technology.** Technology companies, including internet-related and information technology companies, as well as companies propelled by new technologies, may present the risk of rapid change and product obsolescence, and their successes may be difficult to predict for the long term. Some technology companies may be newly formed and have limited operating history and experience. Technology companies may also be adversely affected by changes in governmental policies, competitive pressures and changing demand. The securities of these companies may also experience significant price movements caused by disproportionate investor optimism or pessimism, with little or no basis in the companies' fundamentals or economic conditions.

 <br> 1-800-99BARON 7

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**Baron WealthBuilder Fund** 

**Performance** 

The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund's performance from year to year and by showing how the Fund's annual returns for 1 year, 5 years, and since inception compared with that of broad measures of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at BaronCapitalGroup.com/daily-prices-and-performance or by calling 1-800-99BARON (1-800-992-2766).

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

![LOGO](g116069g10a10.jpg)

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| | |
|:---|:---|
| Best Quarter: | 6/30/20: 35.31%  |

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| | |
|:---|:---|
| Worst Quarter: | 6/30/22: (22.29)%  |

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

The following table shows the Fund's Retail Shares' annual returns and long-term performance (before and after taxes) and the change in value of broad-based market indexes over various periods ended December 31, 2025. This table shows how the Fund's performance compares to that of the S&P 500 Index, a broad-based securities index that reflects the overall U.S. equity market, and the MSCI ACWI Index, a broad-based securities index that captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries, in which the Fund invests. The table also shows the annual return of the Fund's Institutional Shares and TA Shares, but it does not show after-tax returns.

 <br> 8 BaronCapitalGroup.com

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**Baron WealthBuilder Fund** 

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** | **Since<br>Inception** |
| <br>&nbsp;&nbsp;&nbsp; **BARON WEALTHBUILDER FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Retail Shares**<br> (Inception date: 12-29-2017) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 9.88% | 5.02% | N/A | 12.91% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions | 8.03% | 4.21% | N/A | 12.19% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions and sale of Fund shares | 7.16% | 3.82% | N/A | 10.52% |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br> (Inception date: 12-29-2017) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 10.20% | 5.29% | N/A | 13.18% |
| &nbsp;&nbsp;&nbsp; **TA Shares<br>(Inception date: 12-29-2017)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 10.21% | 5.28% | N/A | 13.18% |
| &nbsp;&nbsp;&nbsp; S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | N/A | 14.33% |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Index (reflects no deduction for fees, expenses or taxes) | 22.34% | 11.19% | N/A | 10.77% |

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**Management** 

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

**Portfolio Manager.** Ronald Baron has been the portfolio manager of the Fund since its inception on December 29, 2017. Michael Baron has been the co-manager of the Fund since December 8, 2020. Mr. Ronald Baron founded the Adviser in 1987. Mr. Michael Baron joined the Adviser as a research analyst in September of 2004.

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**Baron WealthBuilder Fund** 

**Purchase and Sale of Fund Shares** 

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

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

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\* TA Shares are available only to investors who purchase shares of the Fund directly through the Fund's transfer agent.

 <br> 10 BaronCapitalGroup.com

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**Baron WealthBuilder Fund** 

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

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

2. Wire (Purchase Only);

3. Calling 1-800-442-3814;

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

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

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

**Tax Information** 

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

**Financial Intermediary Compensation** 

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

 <br> 1-800-99BARON 11

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![LOGO](g116069dsp002.jpg)

SUMPROWEALTHBUILD 04/30/2025