# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209298
**Filing Date:** 2025-8
**Character Count:** 8952
**Document Hash:** a5594b68869462a925a7962674dab04f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209298.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209298

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251264269

**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:** 2025-06-30

**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:** $546915996.58

**Total Liabilities:** $260167.02

**Net Assets:** $546655829.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198571 | -0.20%               | 7.54%                | 2.86%                |
| Class ID C000196933 | -0.20%               | 7.59%                | 2.86%                |
| Class ID C000196932 | -0.26%               | 7.57%                | 2.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-882808.33              | $-502683.62                                |
| Month 2  | $438084.56               | $36948011.63                               |
| Month 3  | $545235.95               | $14730682.22                               |

### 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 Discovery Fund            | Baron Discovery Fund            | CUSIP: 068278852<br>LEI: 549300BBGGOLONVYLL69 | Long             | EC               | RF                | US        |    769228 | NS      | $26976831.64  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Real Estate Income Fund   | Baron Real Estate Income Fund   | CUSIP: 06828M736<br>LEI: 549300EWYY8GKC701E67 | Long             | EC               | RF                | US        |    777142 | NS      | $12760678.37  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Small Cap Fund            | Baron Small Cap Fund            | CUSIP: 068278803<br>LEI: 549300J4GU34YVCWNB33 | Long             | EC               | RF                | US        |   2139037 | NS      | $70994650.54  | 12.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Baron Partners Fund             | Baron Partners Fund             | CUSIP: 06828M405<br>LEI: 5493002YV1IT31ORPG23 | Long             | EC               | RF                | US        |    397791 | NS      | $80990318.86  | 14.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Baron Growth Fund               | Baron Growth Fund               | CUSIP: 068278704<br>LEI: 5493003RB1W6V2NH4T78 | Long             | EC               | RF                | US        |    790989 | NS      | $73008303.71  | 13.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Baron International Growth Fund | Baron International Growth Fund | CUSIP: 06828M603<br>LEI: 549300FU1GI99J4NKZ96 | Long             | EC               | RF                | US        |    537617 | NS      | $16988691.01  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Global Advantage Fund     | Baron Global Advantage Fund     | CUSIP: 06828M835<br>LEI: 549300H23AWQ1PSUDU58 | Long             | EC               | RF                | US        |    536615 | NS      | $23745193.88  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Asset Fund                | Baron Asset Fund                | CUSIP: 068278605<br>LEI: 54930015OV8URGQ4FJ88 | Long             | EC               | RF                | US        |    528747 | NS      | $54355221.93  | 9.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Real Estate Fund          | Baron Real Estate Fund          | CUSIP: 06828M801<br>LEI: 549300CF6DJFQ0S5V274 | Long             | EC               | RF                | US        |    821290 | NS      | $31800350.85  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Fifth Avenue Growth Fund  | Baron Fifth Avenue Growth Fund  | CUSIP: 068278878<br>LEI: 549300RUQIM7AB0VG234 | Long             | EC               | RF                | US        |    389229 | NS      | $24961246.15  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Durable Advantage Fund    | Baron Durable Advantage Fund    | CUSIP: 068278761<br>LEI: 549300IPOVB9Y5C8N774 | Long             | EC               | RF                | US        |    734896 | NS      | $22612757.24  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Focused Growth Fund       | Baron Focused Growth Fund       | CUSIP: 06828M504<br>LEI: 549300GVW8GCMDR04865 | Long             | EC               | RF                | US        |    758881 | NS      | $38968516.45  | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Health Care Fund          | Baron Health Care Fund          | CUSIP: 06828M660<br>LEI: 549300NWPB2QRJSADM21 | Long             | EC               | RF                | US        |    775854 | NS      | $13825722.57  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Opportunity Fund          | Baron Opportunity Fund          | CUSIP: 068278886<br>LEI: 549300LI07XXLQJOMB12 | Long             | EC               | RF                | US        |    458812 | NS      | $25129159.47  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron Emerging Markets Fund     | Baron Emerging Markets Fund     | CUSIP: 06828M876<br>LEI: 549300K626NYG7JN7Q83 | Long             | EC               | RF                | US        |    890441 | NS      | $15885462.98  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Baron FinTech Fund              | Baron FinTech Fund              | CUSIP: 06828M637<br>LEI: 549300GJT2F1VTB1XT98 | Long             | EC               | RF                | US        |    731647 | NS      | $13813502.44  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer