# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021317
**Filing Date:** 2026-3
**Character Count:** 9573
**Document Hash:** b590124d3d6c1d9b3af15ef5133fe249
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021317.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021317

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 26704654

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BARON SELECT FUNDS

- **b. Investment Company Act file number:** 811-21296

- **c. CIK number of Registrant:** 0001217673

- **d. LEI of Registrant:** 549300U6KWVIU0PW2H88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 767 FIFTH AVE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10153

  - **Telephone number:** 212-583-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baron WealthBuilder Fund

- **b. EDGAR series identifier (if any):** S000060172

- **c. LEI of Series:** 549300732T8U7TCS9Y43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $559208585.22

**Total Liabilities:** $153711.16

**Net Assets:** $559054874.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196932 | -0.65%               | 0.70%                | 4.80%                |
| Class ID C000196933 | -0.64%               | 0.73%                | 4.86%                |
| Class ID C000198571 | -0.64%               | 0.78%                | 4.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1320445.56              | $-4807815.23                               |
| Month 2  | $1720158.66              | $2316776.42                                |
| Month 3  | $7259288.61              | $-7814065.03                               |

### Schedule of Portfolio Investments

| Name                            | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Baron Asset Fund                | Baron Asset Fund                | CUSIP: 068278605<br>LEI: 54930015OV8URGQ4FJ88 | Long             | EC               | RF                | US        |    559158 | NS      | $53695909.03  | 9.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Growth Fund               | Baron Growth Fund               | CUSIP: 068278704<br>LEI: 5493003RB1W6V2NH4T78 | Long             | EC               | RF                | US        |   1003692 | NS      | $68732823.50  | 12.29%            |  |  |  | No            | 1                  | On Loan: No      |
| Baron Durable Advantage Fund    | Baron Durable Advantage Fund    | CUSIP: 068278761<br>LEI: 549300IPOVB9Y5C8N774 | Long             | EC               | RF                | US        |    670649 | NS      | $22372852.24  | 4.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Small Cap Fund            | Baron Small Cap Fund            | CUSIP: 068278803<br>LEI: 549300J4GU34YVCWNB33 | Long             | EC               | RF                | US        |   2172114 | NS      | $65684727.36  | 11.75%            |  |  |  | No            | 1                  | On Loan: No      |
| Baron Discovery Fund            | Baron Discovery Fund            | CUSIP: 068278852<br>LEI: 549300BBGGOLONVYLL69 | Long             | EC               | RF                | US        |    710142 | NS      | $25664543.23  | 4.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Fifth Avenue Growth Fund  | Baron Fifth Avenue Growth Fund  | CUSIP: 068278878<br>LEI: 549300RUQIM7AB0VG234 | Long             | EC               | RF                | US        |    350072 | NS      | $23587880.40  | 4.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Opportunity Fund          | Baron Opportunity Fund          | CUSIP: 068278886<br>LEI: 549300LI07XXLQJOMB12 | Long             | EC               | RF                | US        |    402470 | NS      | $23395596.10  | 4.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Partners Fund             | Baron Partners Fund             | CUSIP: 06828M405<br>LEI: 5493002YV1IT31ORPG23 | Long             | EC               | RF                | US        |    316671 | NS      | $83933690.43  | 15.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Baron Focused Growth Fund       | Baron Focused Growth Fund       | CUSIP: 06828M504<br>LEI: 549300GVW8GCMDR04865 | Long             | EC               | RF                | US        |    690381 | NS      | $41747323.11  | 7.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron International Growth Fund | Baron International Growth Fund | CUSIP: 06828M603<br>LEI: 549300FU1GI99J4NKZ96 | Long             | EC               | RF                | US        |    543969 | NS      | $17483155.75  | 3.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Health Care Fund          | Baron Health Care Fund          | CUSIP: 06828M660<br>LEI: 549300NWPB2QRJSADM21 | Long             | EC               | RF                | US        |    775854 | NS      | $16479144.08  | 2.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Real Estate Income Fund   | Baron Real Estate Income Fund   | CUSIP: 06828M736<br>LEI: 549300EWYY8GKC701E67 | Long             | EC               | RF                | US        |    753863 | NS      | $12906140.62  | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Real Estate Fund          | Baron Real Estate Fund          | CUSIP: 06828M801<br>LEI: 549300CF6DJFQ0S5V274 | Long             | EC               | RF                | US        |    810295 | NS      | $32906076.94  | 5.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Global Opportunity Fund   | Baron Global Opportunity Fund   | CUSIP: 06828M835<br>LEI: 549300H23AWQ1PSUDU58 | Long             | EC               | RF                | US        |    489198 | NS      | $24787641.99  | 4.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron Emerging Markets Fund     | Baron Emerging Markets Fund     | CUSIP: 06828M876<br>LEI: 549300K626NYG7JN7Q83 | Long             | EC               | RF                | US        |    841928 | NS      | $16106082.14  | 2.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Baron SMID Cap ETF              | Baron SMID Cap ETF              | CUSIP: 06829D305<br>LEI: 2549006YVZXKWHJBN454 | Long             | EC               | RF                | US        |    462000 | NS      | $11171160.00  | 2.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Baron Financials ETF            | Baron Financials ETF            | CUSIP: 06829D404<br>LEI: 2549005ZN6SJ0GRLFQ55 | Long             | EC               | RF                | US        |    520005 | NS      | $12946668.49  | 2.32%             |  |  |  | No            | N/A                | On Loan: No      |
| Baron Technology ETF            | Baron Technology ETF            | CUSIP: 06829D503<br>LEI: 254900HD10H2BKS8E897 | Long             | EC               | RF                | US        |    222000 | NS      | $5576329.20   | 1.00%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-15

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer