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Partners Fund<sup style="font-size: 75%; vertical-align: top;">®</sup> (the “Fund”) is capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0005 0.0061 0.0066 0.0191 0.0100 0.0000 0.0004 0.0061 0.0065 0.0165 0.0100 0.0000 0.0004 0.0061 0.0065 0.0165 Example <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 194 600 1032 2233 168 520 897 1955 168 520 897 1955 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 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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 5% of the average value of its portfolio.</div> 0.05 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities of U.S. growth companies of any market capitalization. BAMCO, Inc. (“BAMCO” or the “Adviser”) seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. To take advantage of opportunities to invest, the Fund may borrow money from banks (leverage) in an amount up to one‑third of its total assets, which include assets purchased with borrowed money.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Non-Diversified Portfolio</span><span style="font-weight: bold;">.</span> The Fund is non-diversified, which means it will likely have a greater percentage of its assets in a single issuer than a diversified fund. As a result, a non-diversified fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non-diversified fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Single or Related Issuers. </span>Single or related issuers risk is the possibility that factors specific to an issuer or issuers to which the Fund is exposed will affect the market prices of such issuer’s securities. The performance of those issuers may have a greater effect on the Fund’s performance compared to a fund that has a greater diversity of investments in multiple issuers. Thus, a fund with concentrated investments in certain single issuers is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period. The Fund currently has significant investments in Space Exploration Technologies Corp. (“SpaceX”) and Tesla, Inc. (“Tesla”). As a result, the net asset value of the Fund will be materially impacted by the price of each issuer’s stock. Before investing in the Fund, investors should carefully consider publicly available information about SpaceX and Tesla. As long as the Fund maintains a substantial investment in these issuers, the Fund’s performance will be significantly affected by the performance of the stock and a decline in the price of Tesla or SpaceX stock could materially and adversely affect</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">your investment in the Fund. This risk may be amplified because these companies share the same Chief Executive Officer and major stockholder. See “Common CEO Risk.”</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Common CEO Risk.</span> The Fund may invest in different companies that have certain persons in common, including the Chief Executive Officer or other person or persons fundamental to the success of the company. As a result, the Fund may be exposed to risks associated with an individual which may be greater than would be the case if measured only by investments on a per company basis. Notably, the Fund has made investments in SpaceX and Tesla, the Chief Executive Officer of each is Elon Musk. As such, the Fund may be considered to be exposed to risk associated with Mr. Musk.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Industry Concentration. </span>From time to time, market fluctuations in the value of the Fund’s investments, combined with the Fund’s non‑diversified portfolio, may result in the Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, the Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, the Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of the Fund’s investments in SpaceX and Tesla, which represent about 33% and 22%, respectively, of its net assets as of the date of this prospectus, the Fund will be adversely impacted by developments affecting the aerospace &amp; defense, automotive and energy industries, as well as governmental environmental regulations. (Please see “Single or Related Issuers” in the “Principal Risks of Investing in the Fund” section.)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Leverage.</span> The Fund borrows money from banks to buy securities and pledge its assets in connection with the borrowing. If the interest expense of the borrowing is greater than the return on the securities bought, the use of leverage will decrease the return to shareholders in the Fund. Use of leverage also tends to magnify the volatility of the Fund’s returns. The greater the use of leverage by the Fund, the greater the risk of the volatility of the Fund’s returns.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Growth Investing.</span> 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.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Consumer Discretionary Sector.</span> 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere.</div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Financials Sector.</span> The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Industrials Sector.</span> 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Risks of Emphasizing a Sector or Industry.</span> If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry may have a significant impact on the performance of the Fund’s overall portfolio. The economies and financial markets of certain regions — such as Latin America, Asia, and Europe and the Mediterranean region — can be interdependent and may all decline at the same time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Small- and Mid-Sized Companies.</span> 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.</div> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">Although <span style="font-weight: bold;">Baron Partners Fund</span> was registered as a mutual fund on April 30, 2003, it has been managed in the same style and by the same portfolio manager since the predecessor partnership’s inception on January 31, 1992, and since its conversion to a Delaware statutory trust structure on April 30, 2003. The Fund’s investment goals, policies, guidelines and restrictions are, in all material respects, equivalent to the predecessor partnership’s. The following information shows the Fund’s annual returns and long-term performance reflecting the actual fees and expenses that were charged when the Fund was a partnership and since it converted to a mutual fund. The predecessor partnership charged a 20% performance fee after it reached a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the partnership charged a performance fee, the returns would have been higher. The Fund does not charge a performance fee. From its inception on January 31, 1992 through April 30, 2003, the predecessor partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”), or the Internal Revenue Code of 1986, as amended (the “Code”), which if they had been applicable, might have adversely affected its performance. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration: underline;">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1‑800‑99BARON (1-800-992-2766).</div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1‑800‑99BARON (1-800-992-2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: calibri; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 14%; vertical-align: top; text-align: left;">Best Quarter:</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: left;">6/30/20:  49.36%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: calibri; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 14%; vertical-align: top; text-align: left;">Worst Quarter:</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: left;">6/30/22: (30.59)%</div> </td> </tr> </table> Best Quarter: 2020-06-30 0.4936 Worst Quarter: 2022-06-30 -0.3059 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The following table shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes), which includes its predecessor partnership’s average annual returns, and the change in value of market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, which measures the performance of the mid-cap growth segment of the U.S. equity universe, in which the Fund invests, and the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities index comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. Because the predecessor partnership did not have a distribution policy prior to May 1, 2003, the Fund is unable to show after-tax returns prior to that date.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">tax effects. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a<br/>401(k) or IRA or Coverdell account), or to investors that are tax-exempt.</div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a401(k) or IRA or Coverdell account), or to investors that are tax-exempt. Average Annual Total Returns for the periods ended December 31, 2025 0.2455 0.1229 0.2405 0.1579 0.2349 0.1151 0.2348 0.1547 0.1517 0.0965 0.2096 0.1466 2009-05-29 0.2486 0.1258 0.2437 0.1593 2016-08-31 0.2486 0.1258 0.2437 0.1593 0.0866 0.0665 0.1249 0.1022 0.1715 0.1315 0.1429 0.1068 Baron Focused Growth Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron Focused Growth Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0006 0.0131 0.0100 0.0000 0.0005 0.0105 0.0100 0.0000 0.0005 0.0105 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 133 415 718 1579 107 334 579 1283 107 334 579 1283 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<div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> may indicate higher transaction costs and may result in higher taxes for Fund shareholders. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio. </div> 0.08 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a non-diversified fund that, under normal circumstances, invests primarily in equity securities of U.S. small- and mid-sized growth companies. The Adviser defines small- and mid-sized companies as those, at the time of purchase, with market capitalizations up to the largest market cap stock in the Russell Midcap Growth Index at reconstitution. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their original market cap ranges. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non‑Diversified Portfolio.</span> The Fund is non‑diversified, which means it will likely have a greater percentage of its assets in a single issuer than a diversified fund. As a result, a non‑diversified fund will likely invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the Fund’s performance compared to a diversified fund. Thus, a non‑diversified fund is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Single or Related Issuers. </span>Single or related issuers risk is the possibility that factors specific to an issuer or issuers to which the Fund is exposed will affect the market prices of such issuer’s securities. The performance of those issuers may have a greater effect on the Fund’s performance compared to a fund that has a greater diversity of investments in multiple issuers. Thus, a fund with concentrated investments in certain single issuers is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period. The Fund currently has significant investments in Space Exploration Technologies Corp. (“SpaceX”) and Tesla, Inc. (“Tesla”). As a result, the net asset value of the Fund will be materially impacted by the price of each issuer’s stock. Before investing in the Fund, investors should carefully consider publicly available information about SpaceX and Tesla. As long as the Fund maintains a substantial investment in these issuers, the Fund’s performance </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> will be significantly affected by the performance of the stock and a decline in the price of SpaceX or Tesla stock could materially and adversely affect your investment in the Fund. This risk may be amplified because these companies share the same Chief Executive Officer and major stockholder. See “Common CEO Risk.” </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Common CEO Risk.</span> The Fund may invest in different companies that have certain persons in common, including the Chief Executive Officer or other person or persons fundamental to the success of the company. As a result, the Fund may be exposed to risks associated with an individual which may be greater than would be the case if measured only by investments on a per company basis. Notably, the Fund has made investments in SpaceX and Tesla, the Chief Executive Officer of each is Elon Musk. As such, the Fund may be considered to be exposed to risk associated with Mr. Musk. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Industry Concentration.</span> From time to time, market fluctuations in the value of the Fund’s investments, combined with the Fund’s non-diversified portfolio, may result in the Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, the Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, the Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of the Fund’s investments in SpaceX and Tesla, which represent about 19% and 6%, respectively, of its net assets as of the date of this prospectus, the Fund will be adversely impacted by developments affecting the aerospace &amp; defense, automotive and energy industries, as well as governmental environmental regulations. (Please see “Single or Related Issuers” in the “Principal Risks of Investing in the Fund” section.) </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Consumer Discretionary Sector.</span> 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Financials Sector.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks of Emphasizing a Sector or Industry.</span> If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry may have a significant impact on the performance of the Fund’s overall portfolio. The economies and financial markets of certain regions — such as Latin America, Asia, and Europe and the Mediterranean region — can be interdependent and may all decline at the same time. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small-and Mid-Sized Companies.</span> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Although <span style="font-weight:bold">Baron Focused Growth Fund</span> was registered as a mutual fund on June 30, 2008, it has been managed in the same style and by the same portfolio manager since the predecessor partnership’s inception on May 31, 1996. The Fund was added as a series of Baron Select Funds, a Delaware statutory trust, on June 30, 2008. The Fund’s investment goals, policies, guidelines and restrictions are, in all material respects, equivalent to the predecessor partnership’s. The following information shows the Fund’s annual returns and long-term performance reflecting the actual fees and expenses that were charged when the Fund was a partnership and since it converted to a mutual fund. The predecessor partnership charged a 15% performance fee after it reached a certain performance benchmark. If the annual returns for the Fund did not reflect the performance fee for the years the partnership charged a performance fee, the returns would have been higher. The Fund does not charge a performance fee. From its inception on May 31, 1996 through June 30, 2008, the predecessor partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940, as amended (the “1940 Act”), or the Internal Revenue Code of 1986, as amended (the “Code”), which if they had been applicable, might have adversely affected its performance. The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline"></span><span style="text-decoration:underline">BaronCapitalGroup.com/daily‑prices‑and‑performance</span> or by calling 1‑800‑99BARON (1-800-992-2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, inthat order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily‑prices‑and‑performance 1‑800‑99BARON (1-800-992-2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">9/30/20:  43.62% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/22: (19.97)% </div> </td> </tr> </table> Best Quarter: 2020-09-30 0.4362 Worst Quarter: 2022-06-30 -0.1997 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following table shows the Fund’s Retail Shares’ annual returns and long-term performance (before and after taxes), which includes its predecessor partnership’s average annual returns, and the change in value of market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the Russell 2500® Growth Index, which measures the performance of the small to mid-cap growth segment of the U.S. equity universe, in which the Fund invests, and the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, a broad-based securities index comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. Because the predecessor partnership did </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> not have a distribution policy prior to July 1, 2008, the Fund is unable to show after-tax returns prior to that date. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a<br/> 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. </div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund 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 0.2194 0.1139 0.2066 0.1400 0.2194 0.1009 0.1955 0.1352 0.1299 0.0868 0.1745 0.1270 2009-05-29 0.2226 0.1168 0.2097 0.1416 2016-08-31 0.2226 0.1168 0.2097 0.1417 0.1031 0.0298 0.1055 0.0831 0.1715 0.1315 0.1429 0.1003 Baron International Growth Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron International Growth Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0025 0.0013 0.0126 -0.0005 0.0121 0.0088 0.0000 0.0011 0.0099 -0.0003 0.0096 0.0088 0.0000 0.0011 0.0099 -0.0003 0.0096 August 29, 2036 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> expense reimbursement agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 123 384 665 1466 98 306 531 1178 98 306 531 1178 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 31% of the average value of its portfolio. 0.31 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a diversified fund that, under normal circumstances, invests primarily in equity securities of non-U.S. growth companies. Non-U.S. securities include securities that the Adviser determines are “non-U.S.” based on the consideration of an issuer’s domicile, its principal place of business, its primary stock exchange listing, the source of its revenue or other factors. The Fund seeks to diversify its investments among several developed countries and developing countries throughout the world, although the Fund may only invest up to 35% of its net assets in developing countries. Developing countries 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. The Fund may purchase securities of companies of any market capitalization. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund’s investments in non-U.S. securities generally are traded in currencies other than U.S. dollars, so the Adviser buys and sells foreign currencies to facilitate transactions in portfolio securities. The Adviser usually does not hedge against possible fluctuations in exchange rates, but exposure to a particular currency that the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> Adviser believes is overvalued may be hedged if the Fund has a substantial position in securities traded in that currency. The Fund may buy and sell currencies for cash at current exchange rates, or use an agreement to purchase or sell a specified currency at a specified future date or within a specified time period, at a price set at the time of the contract. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non-U.S. Securities.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Developing Countries.</span> The Fund invests 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 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Currency.</span> This refers to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on the Fund’s holdings can be significant, unpredictable and long-lasting, depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, because exchange rate movements are volatile, the Fund’s attempts at hedging could be unsuccessful, and it may not be possible to effectively hedge the currency risks of many developing countries. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with China and Hong Kong.</span> The Chinese government exercises significant control over China’s economy through its industrial policies, monetary policy, management of currency exchange rates, and management of the payment of foreign currency-denominated obligations. Changes in these policies could adversely impact affected industries or companies in China. China’s economy, particularly its export-oriented industries, may be adversely impacted by trade or political disputes with China’s major trading partners, including the U.S. The United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down. In addition, as its consumer class continues to grow, China’s domestically oriented industries may be especially sensitive to changes in government policy and investment cycles. If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected and have an adverse effect on the Fund’s investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with Investing in Chinese Companies through Variable Interest Entities.</span> The Fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small- and Mid-Sized Companies.</span> 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Industrials Sector.</span><span style="font-weight:bold"> </span>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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Information Technology Sector.</span> 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. </div> Performance <div style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1-800-99BARON<br/> (1-800-992-2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1-800-99BARON(1-800-992-2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/20:  28.24% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">3/31/20: (21.51)% </div> </td> </tr> </table> Best Quarter: 2020-06-30 0.2824 Worst Quarter: 2020-03-31 -0.2151 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the MSCI ACWI ex USA Index, a broad-based securities index that captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries, and the MSCI ACWI ex USA IMI Growth Index, which captures large and mid cap securities exhibiting overall growth style characteristics across 22 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries, in which the Fund invests. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund shares </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt.</div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund sharesin 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 2008-12-31 2008-12-31 2008-12-31 0.2081 0.0143 0.0748 0.0908 0.2057 0.0118 0.0716 0.0868 0.1249 0.0122 0.0611 0.0770 2009-05-29 0.2116 0.0168 0.0774 0.0935 2016-08-31 0.2109 0.0168 0.0774 0.0934 0.3239 0.0791 0.0841 0.0803 0.2574 0.0403 0.0786 0.0832 Baron Real Estate Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron Real Estate Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0007 0.0132 0.0100 0.0000 0.0005 0.0105 0.0100 0.0000 0.0005 0.0105 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 134 418 723 1590 107 334 579 1283 107 334 579 1283 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 ratemay 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 70% of the average value of its portfolio. 0.70 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of U.S. and non-U.S. real estate and real estate-related companies of any market capitalization, and in companies which, in the opinion of BAMCO, Inc. (“BAMCO” or the “Adviser”), own significant real estate assets at the time of investment (“real estate companies”), however, investments in non-U.S. securities are limited to 35% of the Fund’s total assets at the time of purchase. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Real estate companies are companies that the Adviser determines are in the real estate industry based on their involvement in construction, ownership, management, operation, financing, refinancing, sales, leasing, development or rehabilitation of real estate or are in a real estate-related industry based on their provision of goods or services to the real estate industry. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">A company is considered to own significant real estate assets if, in the opinion of the Adviser, the company has a substantial portion of its assets attributable to one or more of the following: (a) real estate owned or leased by the company as lessor or as lessee; or (b) the discounted value of the stream of fees or revenues derived from the management or operation of real estate. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Examples of companies that might qualify under one of these categories include: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Real estate operating companies; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Real estate investment trusts (“REITs”); </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Homebuilders; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Hotel, hotel management companies and gaming companies; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Real estate brokerage/services companies and/or management companies; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Financial institutions that make or service mortgage loans; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Manufacturers or distributors of construction materials and/or building supplies/products; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Home furnishing and home improvement retail companies; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Companies with significant real estate holdings such as supermarkets, restaurant chains and retail chains; </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Construction and engineering companies; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:6pt;color:#0a254e">∎</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:calibri;font-size:10pt;text-align:left;">Companies with infrastructure-related assets such as toll roads, bridges, tunnels, parking facilities, railroads, airports, broadcast and wireless towers, electric transmission and distribution lines, power generation facilities, hospitals and correctional facilities. </div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund will invest more than 25% of its net assets in the real estate industry. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment policy of the Fund relating to the types of securities in which 80% of the Fund’s assets must be invested may be changed by the Fund’s Board of Trustees without shareholder approval upon at least 60 days’ notice. </div> The Fund will invest more than 25% of its net assets in the real estate industry. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Real Estate Industry.</span> In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition; increases in property taxes and operating expenses; declines in the value of real estate; lack of availability of equity and debt financing to refinance maturing debt; vacancies due to economic conditions and tenant bankruptcies; losses due to costs resulting from natural disasters and/or environmental contamination and its related clean-up; changes in interest rates; changes in zoning laws; casualty or condemnation losses; variations in rental income; changes in neighborhood values; and functional obsolescence and appeal of properties to tenants. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Concentration.</span> The Fund’s strategy of concentrating in real estate and real estate-related companies means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Consumer Discretionary Sector.</span> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> rates, inflation, competition, consumers’ disposable income, consumer preferences, social trends and marketing campaigns. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made.  <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non-U.S. Securities.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small-and Mid-Sized Companies.</span> The Adviser believes there is more potential for capital appreciation in small-and mid-sized companies, but there also may be more risk. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline"></span><span style="text-decoration:underline">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1-800-99BARON (1‑800‑992‑2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1-800-99BARON (1‑800‑992‑2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/20:  29.82% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/22: (20.70)% </div> </td> </tr> </table> Best Quarter: 2020-06-30 0.2982 Worst Quarter: 2022-06-30 -0.2070 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the MSCI USA IMI Extended Real Estate Index, which is a free float-adjusted market capitalization index based on the MSCI USA IMI, that consists of large, mid and small cap segments of the US equity market, in which the Fund invests, and the S&amp;P 500 Index, a broad-based securities index that reflects the overall U.S. equity market. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. </div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund 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 2009-12-31 2009-12-31 2009-12-31 0.0492 0.0538 0.1040 0.1284 0.0405 0.0457 0.0907 0.1189 0.0355 0.0406 0.0816 0.1086 2009-12-31 0.0519 0.0565 0.1069 0.1313 2016-01-29 0.0519 0.0565 0.1069 0.1313 0.0488 0.0864 0.0888 0.1077 0.0168 0.0535 0.0442 0.0762 0.1788 0.1442 0.1482 0.1413 Baron Emerging Markets Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron Emerging Markets Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0013 0.0138 0.0100 0.0000 0.0012 0.0112 0.0100 0.0000 0.0012 0.0112 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 140 437 755 1657 114 356 617 1363 114 356 617 1363 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 ratemay 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 39% of the average value of its portfolio. 0.39 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of growth companies domiciled, headquartered or whose primary business activities or principal trading markets are in developing countries. A developing country is a country included in the MSCI Emerging Markets (EM) 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 Index. The Fund may invest up to 20% of its net assets in developed countries and in frontier countries as defined by the MSCI Frontier Markets (FM) Index. The Fund’s investments will be in at least three different countries. The Fund may purchase securities of companies of any market capitalization. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund’s investments in developing countries generally are traded in currencies other than U.S. dollars, so the Adviser buys and sells foreign currencies to facilitate transactions in portfolio securities. The Adviser usually does not hedge against possible fluctuations in exchange rates, but exposure to a particular currency that the Adviser believes is overvalued may be hedged if the Fund has a substantial position in securities traded in that currency. The Fund may buy and sell currencies for cash at current exchange rates, or using an agreement to purchase or sell a specified currency at a specified future date or within a specified time period, at a price set at the time of the contract. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment policy of the Fund relating to the types of securities in which 80% of the Fund’s assets must be invested may be changed by the Fund’s Board of Trustees without shareholder approval upon at least 60 days’ notice. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non-U.S. Securities.</span> Investing in non-U.S. securities may involve additional risks to those inherent in investing in U.S. securities, including exchange rate fluctuations, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> political or economic instability, the imposition of exchange controls, expropriation, limited disclosure and illiquid markets. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Developing Countries.</span> The Fund invests in developing countries, which include countries in the MSCI Emerging Markets (EM) 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 Index. 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 controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Currency.</span> This refers to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on the Fund’s holdings can be significant, unpredictable and long-lasting, depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, because exchange rate movements are volatile, the Fund’s attempts at hedging could be unsuccessful, and it may not be possible to effectively hedge the currency risks of many developing countries. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with India.</span> Investing in Indian 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. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Corporate governance standards of family-controlled companies may be weaker and less transparent, which increases the potential for loss and unequal treatment of investors. Religious, cultural and military disputes persist in India and between India and Pakistan (as well as sectarian groups within each country). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with China and Hong Kong.</span> The Chinese government exercises significant control over China’s economy through its industrial policies, monetary policy, management of currency exchange rates, and management of the payment of </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> foreign currency-denominated obligations. Changes in these policies could adversely impact affected industries or companies in China. China’s economy, particularly its export-oriented industries, may be adversely impacted by trade or political disputes with China’s major trading partners, including the U.S. The United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund’s opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund’s assets may go down. In addition, as its consumer class continues to grow, China’s domestically oriented industries may be especially sensitive to changes in government policy and investment cycles. If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected and have an adverse effect on the Fund’s investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with Investing in Chinese Companies through Variable Interest Entities.</span> The Fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks of Emphasizing a Region, Country, Sector or Industry.</span> If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Frontier Countries.</span> The Fund’s investments in frontier countries, which include countries in the MSCI Frontier Markets (FM) Index, are subject to all of the risks of non-U.S. investing generally and the risks of investing in developing countries, except that such risks are greater in frontier countries. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Information Technology Sector.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Consumer Discretionary Sector.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Industrials Sector.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small- and Mid-Sized Companies.</span> 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline"></span><span style="text-decoration:underline">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1-800-99BARON (1‑800‑992‑2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1-800-99BARON (1‑800‑992‑2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/20:  26.56% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">3/31/20: (25.07)% </div> </td> </tr> </table> Best Quarter: 2020-06-30 0.2656 Worst Quarter: 2020-03-31 -0.2507 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the MSCI Emerging Markets Index, a broad-based </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> securities index that captures large and mid cap representation across 24 Emerging Markets (EM) countries, and the MSCI Emerging Markets IMI Growth Index, which captures large and mid cap securities exhibiting overall growth style characteristics across 24 Emerging Markets (EM) countries, in which the Fund invests. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a<br/> 401(k) or IRA or Coverdell account), or to investors that are tax-exempt. </div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund 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 2010-12-31 2010-12-31 2010-12-31 0.2977 0.0091 0.0658 0.0484 0.2939 0.0089 0.0661 0.0484 0.1818 0.0086 0.0546 0.0403 2010-12-31 0.3014 0.0116 0.0686 0.0510 2016-01-29 0.3012 0.0116 0.0686 0.0510 0.3357 0.0420 0.0842 0.0382 0.3203 0.0236 0.0853 0.0458 Baron Global Opportunity Fund Investment Goal <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The investment goal of Baron Global Opportunity Fund<sup style="font-size: 75%; vertical-align: top;">TM</sup> (the “Fund”) is capital appreciation.</div> Fees and Expenses of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">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.</span></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0025 0.0011 0.0121 -0.0006 0.0115 0.0085 0.0000 0.0009 0.0094 -0.0004 0.0090 0.0085 0.0000 0.0009 0.0094 -0.0004 0.0090 August 29, 2036 Example <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 117 365 633 1398 92 287 498 1108 92 287 498 1108 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 9% of the average value of its portfolio. 0.09 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The Fund is a diversified fund that, under normal circumstances, invests primarily in equity securities of established and emerging markets companies located throughout the world, with capitalizations within the range of companies included in the MSCI ACWI Index Net USD. At all times, the Fund will have investments in equity securities of companies in at least three countries outside of the U.S. Under normal conditions, at least 40% of the Fund’s net assets will be invested in stocks of companies outside the U.S. (at least 30% if foreign market conditions are not favorable). The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Non-U.S. Securities.</span> 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Developing Countries.</span> The Fund invests 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Currency.</span> This refers to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on the Fund’s holdings can be significant, unpredictable and long-lasting, depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, because exchange rate movements are volatile, the Fund’s attempts at hedging could be unsuccessful, and it may not be possible to effectively hedge the currency risks of many developing countries.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Risks Associated with Investing in Chinese Companies through Variable Interest Entities.</span> The Fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Risks of Emphasizing a Region, Country, Sector or Industry. </span>If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio. The economies and financial markets of certain regions — such as Latin America, Asia, and Europe and the Mediterranean region — can be interdependent and may all decline at the same time.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Single or Related Issuers. </span>Single or related issuers risk is the possibility that factors specific to an issuer or issuers to which the Fund is exposed will affect the market prices of such issuer’s securities. The performance of those issuers may have a greater effect on the Fund’s performance compared to a fund that has a greater diversity of investments in multiple issuers. Thus, a fund with concentrated investments in certain single issuers is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period. The Fund currently has a significant investment in Space Exploration Technologies Corp. (“SpaceX”). As a result, the net asset value of the Fund will be materially impacted by the price of the issuer’s stock. Before investing in the Fund, investors should carefully consider publicly available information about SpaceX. As long as the Fund maintains a substantial investment in this issuer, the Fund’s performance will be significantly affected by the performance of the stock and a decline in the price of SpaceX stock could materially and adversely affect your investment in the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Industry Concentration. </span>From time to time, market fluctuations in the value of the Fund’s investments, combined with the Fund’s non-diversified portfolio, may result in the Fund being concentrated in the securities of a single issuer or a small number of issuers, including in a particular industry. As a result, the Fund will be particularly exposed to the risks of that company or industry relative to the risk exposure of investment companies holding a diversified portfolio of securities or those that seek to maintain near-index weightings in their portfolio securities. Accordingly, in those cases, the Fund will be disproportionately exposed to the market conditions, interest rates, and economic, regulatory, or financial developments that significantly affect that company or industry. For example, due to the size of the Fund’s investment in SpaceX, which represents about 18% of its net assets as of the date of this prospectus, the Fund will be adversely impacted by developments affecting the aerospace &amp; defense industries, as well as governmental environmental regulations. (Please see “Single or Related Issuers” in the “Principal Risks of Investing in the Fund” section.)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Growth Investing.</span> 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Technology.</span> 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Information Technology Sector. </span>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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Consumer Discretionary Sector.</span> 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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.</div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;"><span style="font-weight: bold;">Small-and Mid-Sized Companies.</span> 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.</div> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration: underline;"></span><span style="text-decoration: underline;">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1-800-99BARON (1‑800‑992‑2766).</div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, 10 years, and since inception compare with those of a broad measure of market performance and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1-800-99BARON (1‑800‑992‑2766) Year by Year Total Return (%) as of December 31 of Each Year (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: calibri; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 14%; vertical-align: top; text-align: left;">Best Quarter:</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: left;">6/30/20:  46.30%</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: calibri; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 14%; vertical-align: top; text-align: left;">Worst Quarter:</td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri; text-align: left;">6/30/22: (32.39)%</div> </td> </tr> </table> Best Quarter: 2020-06-30 0.4630 Worst Quarter: 2022-06-30 -0.3239 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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 market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of 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, and the MSCI ACWI Growth Index, which captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries, in which the Fund invests. The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: calibri;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns reflect past tax effects and are not predictive of future tax effects. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account (including a <br/>401(k) or IRA or Coverdell account), or to investors that are tax-exempt.</div> The table also shows the average annual returns of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund 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 2012-04-30 2012-04-30 2012-04-30 0.2746 -0.0043 0.1371 0.1257 0.2746 -0.0051 0.1366 0.1252 0.1626 -0.0035 0.1156 0.1082 2012-04-30 0.2753 -0.0022 0.1395 0.1281 2016-08-31 0.2779 -0.0018 0.1398 0.1283 0.2234 0.1119 0.1172 0.1062 0.2244 0.1112 0.1399 0.1259 Baron Real Estate Income Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron Real Estate Income Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is a combination of capital appreciation and current income. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0025 0.0023 0.0123 -0.0018 0.0105 0.0075 0.0000 0.0013 0.0088 -0.0008 0.0080 0.0075 0.0000 0.0013 0.0088 -0.0008 0.0080 August 29, 2036 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> expense reimbursement agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 107 334 579 1283 82 255 444 990 82 255 444 990 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 122% of the average value of its portfolio. 1.22 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a non-diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities, real estate income-producing securities and other real estate securities of any market capitalization, debt securities, non-U.S. real estate income-producing securities, and any other real estate-related yield securities. Investments in non-U.S. securities are limited to 35% of the Fund’s total assets at the time of purchase. The Fund may invest in debt securities that have a rating of, or equivalent to, at least “BBB” by S&amp;P Global Ratings or “Baa” by Moody’s Investors Services, Inc., or if unrated, are judged by the Adviser to be of comparable quality. The Fund may invest up to 35% of its total assets in such securities. Some debt securities purchased by the Fund may have very long maturities. The length of time remaining until maturity is one factor that the Adviser considers in purchasing a particular debt security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is likely to maintain a significant portion of its assets in real estate investment trusts (“REITs”). REITs pool money to invest in properties (“equity REITs”) or mortgages (“mortgage REITs”), and their revenue primarily consists of rent derived from owned, income producing real estate properties, and capital gains from the sale of such properties. The Fund generally invests in equity REITs. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Adviser seeks to invest in businesses it believes have sustainable competitive advantages, exceptional management, opportunities for growth, and an attractive valuation. </div> The Fund is a non-diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities, real estate income-producing securities and other real estate securities of any market capitalization, debt securities, non-U.S. real estate income-producing securities, and any other real estate-related yield securities. Investments in non-U.S. securities are limited to 35% of the Fund’s total assets at the time of purchase. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Real Estate Industry.</span> In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition; increases in property taxes and operating expenses; declines in the value of real estate; lack of availability of equity and debt financing to refinance maturing debt; vacancies due to economic conditions and tenant bankruptcies; losses due to costs resulting from natural disasters and/or environmental contamination and its related clean‑up; changes in interest rates; changes in zoning laws; casualty or condemnation losses; variations in rental income; changes in neighborhood values; and functional obsolescence and appeal of properties to tenants. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">REIT.</span> REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for favorable tax treatment under applicable tax law. Various factors may also adversely affect a borrower’s or a lessee’s ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Interest Rate.</span> The Fund is subject to greater interest rate risk when compared to other stocks funds due to the chance that periods of rising interest rates may cause REIT stock prices to decline and the overall cost of borrowing to increase. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Credit and Interest Rate. </span>The market value of debt securities is affected by changes in prevailing interest rates and the perceived credit quality of the issuer. When prevailing interest rates fall or perceived credit quality improves, the market value of the affected debt securities generally rises. Conversely, when interest rates rise or perceived credit quality weakens, the market value of the affected debt securities generally declines. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Any additional interest rate increases in the future could cause the value of the Fund’s holdings to decrease. The magnitude of these fluctuations will be greater when the maturity of the debt securities is longer. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Concentration.</span> The Fund’s strategy of concentrating in real estate income-producing and other real estate-related companies means that its performance will be closely tied to the performance of a particular market segment. The Fund’s </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non‑Diversified Portfolio.</span> The Fund is non‑diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. Because of this, a non‑diversified fund may invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the performance of a non‑diversified fund versus 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non‑U.S. Securities. </span>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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small- and Mid‑Sized Companies.</span> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline">BaronCapitalGroup.com/daily-prices-and-performance </span>or by calling 1‑800‑99BARON (1‑800‑992‑2766). </div> 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 a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1‑800‑99BARON (1‑800‑992‑2766) Total Return (%) for the year ended December 31 (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">3/31/19:  17.86% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/22: (18.43)% </div> </td> </tr> </table> Best Quarter: 2019-03-31 0.1786 WorstQuarter: 2022-06-30 -0.1843 Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the MSCI US REIT Index, which is a free float-adjusted market capitalization weighted index that is comprised of equity REITs, in which the Fund invests, and the S&amp;P 500 Index, a broad-based securities index that reflects the overall U.S. equity market. The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after‑tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div> The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after‑tax returns. After‑tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. 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 2017-12-29 2017-12-29 2017-12-29 0.0341 0.0545 0.0856 0.0292 0.0493 0.0803 0.0215 0.0409 0.0670 2017-12-29 0.0374 0.0574 0.0880 2017-12-29 0.0368 0.0573 0.0879 0.0168 0.0535 0.0418 0.1788 0.1442 0.1433 Baron Health Care Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron Health Care Fund<sup style="font-size:75%;vertical-align:top">®</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0025 0.0027 0.0127 -0.0017 0.0110 0.0075 0.0000 0.0020 0.0095 -0.0010 0.0085 0.0075 0.0000 0.0019 0.0094 -0.0009 0.0085 August 29, 2036 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> expense reimbursement agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 112 350 606 1340 87 271 471 1049 87 271 471 1049 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 74% of the average value of its portfolio. 0.74 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a non-diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of companies engaged in the research, development, production, sale, delivery or distribution of products and services related to the health care industry. The Adviser uses various criteria to determine whether an issuer is engaged in activities related to the health care industry, including whether: (1) the issuer derives 50% or more of its revenues from activities in the health care industry; or (2) the issuer devotes 50% or more of its assets to producing sales from the health care industry. These companies may include, among others, pharmaceutical companies, biotechnology companies, life sciences tools and services companies, health care equipment companies, health care supplies companies, managed health care companies, health care services companies, health care facilities, health care distributors, and health care technology companies. The Fund strives to invest in multiple subsectors of the health care industry. The Fund’s allocation among the different subsectors of the health care industry will vary depending upon the relative potential the Fund sees within each area. The Adviser seeks to invest in businesses it believes have significant growth opportunities, sustainable competitive advantages, exceptional management, and attractive valuations. The Fund may purchase securities of companies of any market capitalization and may invest in foreign stocks, however, investments in non-U.S. securities are limited to 35% of the Fund’s total assets at the time of purchase. </div> The Fund is a non-diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of companies engaged in the research, development, production, sale, delivery or distribution of products and services related to the health care industry. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Health Care Sector.</span> Investments in health care companies are subject to a number of risks, including the adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the funding of research and medical care programs, and the operation and licensing of facilities and personnel. Biotechnology and related companies are affected by patent considerations, intense competition, rapid technology change and obsolescence, and regulatory requirements of various federal and state agencies. In addition, some of these companies are relatively small and have thinly traded securities, may not yet offer products or may offer a single product, and may have persistent losses during a new product’s transition from development to production, or erratic revenue patterns. The stock prices of these companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Concentration.</span> The Fund’s strategy of concentrating in health care and related companies means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non‑Diversified Portfolio.</span> The Fund is non‑diversified, which means it may have a greater percentage of its assets in a single issuer than a diversified fund. Because of this, a non‑diversified fund may invest a greater percentage of its assets in fewer issuers, and the performance of those issuers may have a greater effect on the performance of a non‑diversified fund versus 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market. </span>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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market, such as Russia’s invasion of Ukraine in February 2022 and the world-wide response to it, have and may continue to adversely impact issuers and markets worldwide. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. A fund’s securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, regulatory events and governmental or quasi-governmental actions, among others. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, present considerable market risks, the ultimate effects of which are not known but could profoundly affect global economies and markets. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Non‑U.S. Securities.</span><span style="font-weight:bold"></span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small-and Mid‑Sized Companies.</span> 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing 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 a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <span style="text-decoration:underline"></span><span style="text-decoration:underline">BaronCapitalGroup.com/daily-prices-and-performance</span> or by calling 1-800-99BARON (1‑800‑992‑2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing 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 a style-specific index (one reflecting the market segments in which the Fund invests), and a broad-based index, in that order. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. BaronCapitalGroup.com/daily-prices-and-performance 1-800-99BARON (1‑800‑992‑2766) Total Return (%) for the year ended December 31 (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/20:  24.64% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">3/31/22: (10.03)% </div> </td> </tr> </table> Best Quarter: 2020-06-30 0.2464 WorstQuarter: 2022-03-31 -0.1003 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 market indexes over various periods ended December 31, 2025 . This table shows how the Fund’s performance compares to that of the Russell 3000® Health Care Index, which features companies involved in medical services or health care in the Russell 3000® Index, in which the Fund invests, and the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, a broad-based securities index comprised of the 3,000 largest U.S. companies as determined by total market capitalization. The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div> The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after-tax returns. After-tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. 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 2018-04-30 2018-04-30 2018-04-30 0.0995 0.0251 0.1047 0.0995 0.0242 0.1033 0.0589 0.0192 0.0848 2018-04-30 0.1028 0.0277 0.1075 2018-04-30 0.1029 0.0277 0.1074 0.1456 0.0631 0.0999 0.1715 0.1315 0.1433 Baron India Fund Investment Goal <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment goal of Baron India Fund<sup style="font-size:75%;vertical-align:top">¢</sup> (the “Fund”) is capital appreciation. </div> Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The table below describes the fees and expenses that you would pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">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.</span> </div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0177 0.0302 -0.0157 0.0145 0.0100 0.0000 0.0130 0.0230 -0.0110 0.0120 0.0100 0.0000 0.0157 0.0257 -0.0137 0.0120 August 29, 2036 Example <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the expense reimbursement agreement described above. Although your </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> actual costs may be higher or lower, based on these assumptions your costs would be: </div> 148 459 792 1735 122 381 660 1455 122 381 660 1455 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 35% of the average value of its portfolio. 0.35 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund is a diversified fund that, under normal circumstances, invests at least 80% of its net assets in equity securities of companies located in India. The Adviser considers a company or other issuer to be “located” in India, and a security or instrument is deemed to be an Indian security or instrument, if it has substantial ties to India. The Fund currently makes that determination based primarily on one or more of the following criteria with respect to a company or issuer, whether (i) it is organized under the laws of India; (ii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located, within India; (iii) it has the primary trading markets for its securities in India; (iv) it has its principal place of business in or is otherwise headquartered in India; (v) it is a component of or its issuer is included in the MSCI India Index, the Fund’s primary benchmark index or (vi) it is a governmental entity or an agency, instrumentality or a political subdivision of India. The term “located” and the associated criteria listed above have been defined in such a way that the Fund has latitude in determining whether an issuer should be included within India. The Fund may purchase securities of companies of any market capitalization but expects to emphasize mid and large‑sized companies. The Adviser seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">For purposes of maintaining exposure of at least 80% of the Fund’s assets to equity securities of issuers located in India, the Fund may also invest in American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and other types of depository receipts with respect to issuers located in India. The Fund may also invest in privately placed and restricted securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The Fund’s investments are generally traded in currencies other than U.S. dollars, so the Adviser buys and sells foreign currencies to facilitate transactions in portfolio securities. The Adviser usually does not hedge against possible fluctuations in exchange rates, but exposure to a particular currency that the Adviser believes is overvalued may be hedged if the Fund has a substantial position in securities traded in that currency. The Fund may buy and sell currencies for cash at current exchange rates, or using an agreement to purchase or sell a specified currency at a specified future date or within a specified time period, at a price set at the time of the contract. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The investment policy of the Fund relating to the types of securities in which 80% of the Fund’s assets must be invested may be changed by the Fund’s Board of Trustees without shareholder approval upon at least 60 days’ notice. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Risks Associated with India.</span> Investing in Indian 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. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the Indian economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Corporate governance standards of family-controlled companies may be weaker and less transparent, which increases the potential for loss and unequal treatment of investors. Religious, cultural and military disputes persist in India and between India and Pakistan (as well as sectarian groups within each country). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Developing Countries.</span> India is considered to be a developing country and the value<span style="font-weight:bold"> </span>of Indian securities 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 controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Currency.</span> The value of foreign currencies in which Fund will invest may decline<span style="font-weight:bold"> </span>versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on the Fund’s holdings can be significant, unpredictable and long-lasting, depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar and whether currency positions are hedged. Under normal conditions, the Fund does not engage in extensive foreign currency hedging programs. Further, because exchange rate movements are volatile, the Fund’s attempts at hedging could be unsuccessful, and it may not be possible to effectively hedge the currency risks of many developing countries. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Geopolitical Events Risk.</span> Global economies and financial markets are increasingly<span style="font-weight:bold"> </span>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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Depository Receipts.</span> Although depository receipts have risks similar to the<span style="font-weight:bold"> </span>securities that they represent, they may also involve higher expenses and may trade at a discount (or premium) to the underlying security. In addition, depository receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Growth Investing.</span> 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 asset 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">General Stock Market.</span> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). In addition, turbulence as has recently been experienced, caused, among other reasons, by increased inflation, tightening monetary policy and interest rate increases by the US Federal Reserve or similar international bodies, and changes in U.S. trade policy. Reduced liquidity in financial markets may continue to negatively affect many issuers, which could have an adverse effect on your Fund investment. Events involving limited liquidity, defaults, non‑performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. </div> Fund losses may be incurred due to declines in one or more markets in which Fund investments are made. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Large-Capitalization Investing Risk.</span> The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform the market as a whole. Large-capitalization companies may not be able to attain the high growth rate of successful smaller companies and may adapt more slowly to new competitive challenges, such as changes in technology and consumer tastes, and be subject to slower growth during times of economic expansion. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Small- and Mid‑Sized Companies.</span> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Financials Sector.</span><span style="font-weight:bold"> </span>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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;"><span style="font-weight:bold">Consumer Discretionary Sector.</span> 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. </div> Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing the Fund’s performance from year to year and by showing how the Fund’s annual returns for 1 year and since inception compared with that of a broad measure of market performance. Performance information for the periods shown prior to September 1, 2024 is based on the Fund’s prior investment strategy which allowed the Fund to invest in the common stock of companies located in all countries and markets in Asia. Effective September 1, 2024, the Fund changed its investment strategy to focus on investing in the common stock of companies located in India. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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 <span style="text-decoration:underline">BaronCapitalGroup.com/daily‑prices‑and‑performance</span> or by calling 1‑800‑99BARON (1‑800‑992‑2766). </div> The following bar chart and table provide some indication of the risks of investing in the Fund (Retail Shares) by showing the Fund’s performance from year to year and by showing how the Fund’s annual returns for 1 year and since inception compared with that of a broad measure 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. BaronCapitalGroup.com/daily‑prices‑and‑performance 1‑800‑99BARON (1‑800‑992‑2766) Total Return (%) for the year ended December 31 (Retail Shares) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Best Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">6/30/24:  10.71% </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:calibri;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:14%;vertical-align:top;text-align:left;">Worst Quarter:</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;text-align:left;">3/31/22: (15.34)% </div> </td> </tr> </table> Best Quarter: 2024-06-30 0.1071 WorstQuarter: 2022-03-31 -0.1534 Average Annual Total Returns (for periods ended 12/31/2025) <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">The following table shows the Fund’s Retail Shares’ annual and since inception return (before and after taxes) and the change in value of market indexes over various periods ended December 31, 2025. This table shows how the Fund’s performance compares to that of the MSCI India Index, a broad-based securities index that measures the performance of the large and mid cap segments of the Indian market, and the MSCI Emerging Markets Index, a broad-based securities index that captures large and mid‑cap representation across 24 Emerging Markets (EM) countries. The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after‑tax returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:calibri;">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. </div> This table shows how the Fund’s performance compares to that of the MSCI India Index, a broad-based securities index that measures the performance of the large and mid cap segments of the Indian market, and the MSCI Emerging Markets Index, a broad-based securities index that captures large and mid‑cap representation across 24 Emerging Markets (EM) countries. The table also shows the average annual return of the Fund’s Institutional Shares and R6 Shares, but it does not show after‑tax returns. After‑tax returns are calculated using the highest individual federal marginal income tax rate in effect at the time of each distribution and assumed sale, but they do not include the impact of state and local taxes. 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 2021-07-30 2021-07-30 2021-07-30 -0.0063 -0.0206 -0.0058 -0.0206 -0.0018 -0.0152 2021-07-30 -0.0034 -0.0181 2021-07-30 -0.0034 -0.0179 0.0262 -0.0347 0.0262 0.0815 0.3357 0.0471 Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 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 1.20% of average daily net assets of Retail Shares, 0.95% of average daily net assets of Institutional Shares, and 0.95% of average daily net assets of R6 Shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date. Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares. Performance for the R6 Shares prior to January 29, 2016 is based on the performance of the Institutional Shares. 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 1.15% of average daily net assets of Retail Shares, 0.90% of average daily net assets of Institutional Shares, and 0.90% of average daily net assets of R6 Shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares. 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 1.05% of average daily net assets of Retail Shares, 0.80% of average daily net assets of Institutional Shares, and 0.80% of average daily net assets of R6 Shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date. 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 1.10% of average daily net assets of Retail Shares, 0.85% of average daily net assets of Institutional Shares, and 0.85% of average daily net assets of R6 Shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date. Performance for the Institutional Shares prior to May 29, 2009 is based on the performance of the Retail Shares. Performance for the R6 Shares prior to August 31, 2016 is based on the performance of the Institutional Shares, and prior to May 29, 2009 is based on the Retail Shares. The Retail Shares have a distribution fee, but Institutional Shares and R6 Shares do not. If the annual returns for the Institutional Shares and R6 Shares prior to May 29, 2009 did not reflect this fee, the returns would be higher. 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 1.45% of average daily net assets of Retail Shares, 1.20% of average daily net assets of Institutional Shares and 1.20% of average daily net assets of R6 shares. Only the Board of Trustees of the Fund may terminate the expense reimbursement agreement prior to its termination date.