# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001193125-23-023610
**Filing Date:** 2023-2
**Character Count:** 10367
**Document Hash:** f5c725a6f53d05d321f3a208da84102d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-023610.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001193125-23-023610

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103025
- **FILM NUMBER:** 23584252

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version="1.0" encoding="utf-8" ? Baron Select Funds

------

#### B A R O N

#### F U N D S<sup>®</sup>
Baron Partners Fund

Baron Focused Growth Fund

Baron International Growth Fund

Baron Real Estate Fund

Baron Emerging Markets Fund

Baron Global Advantage Fund

Baron Real Estate Income Fund

Baron Health Care Fund

Baron FinTech Fund

Baron New Asia Fund

Baron Technology Fund

Supplement dated February 3, 2023 to Prospectus dated

April 29, 2022

Effective February 3, 2023, in connection with the primary benchmark of Baron FinTech Fund (the "Fund"), the Prospectus of the Fund is modified as follows:

On page 80 of the Prospectus, the "Average Annual Total Returns for the periods ended December 31, 2021" table and the paragraph that follows the table are deleted in their entirety and replaced with the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years | Since<br>Inception |
| &nbsp;&nbsp;&nbsp; **BARON FINTECH FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Retail Shares** (Inception date: 12-31-19) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 15.04% | N/A | N/A | 30.00% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions | 15.04% | N/A | N/A | 30.00% |
| &nbsp;&nbsp;&nbsp; Return after taxes on distributions and sale of Fund shares | 8.91% | N/A | N/A | 23.52% |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** (Inception date: 12-31-19) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 15.35% | N/A | N/A | 30.31% |
| &nbsp;&nbsp;&nbsp; **R6 Shares** (Inception date: 12-31-19) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return before taxes | 15.28% | N/A | N/A | 30.31% |
| &nbsp;&nbsp;&nbsp; FactSet Global FinTech Index (reflects no deduction for fees, expenses or taxes) | (3.71)% | N/A | N/A | 13.92% |
| &nbsp;&nbsp;&nbsp; S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 28.71% | N/A | N/A | 23.44% |

---

------

The Fund has changed its primary benchmark to the FactSet Global FinTech Index because the Adviser believes it better reflects the investment strategy of the Fund and it is more representative of the Fund's investable universe. The FactSet Global FinTech Index is an unmanaged and equal-weighted index that measures the equity market performance of companies engaged in Financial Technologies, primarily in the areas of software and consulting, data and analytics, digital payment processing, money transfer, and payment transaction-related hardware. The S&P 500 Index is an unmanaged index of larger-cap companies.

This information supplements the Prospectus dated April 29, 2022. This Supplement and the Prospectus constitute a current prospectus. To request another copy of the Prospectus, please call 1-800-992-2766 or visit our website at www.BaronFunds.com.