# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021325
**Filing Date:** 2026-3
**Character Count:** 16557
**Document Hash:** fff54184a8c59ebf04c3f6cc27e9372f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021325.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021325

**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:** 26704667

**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 Real Estate Fund (Series ID: S000027257)

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

## 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 Real Estate Fund

- **b. EDGAR series identifier (if any):** S000027257

- **c. LEI of Series:** 549300CF6DJFQ0S5V274

**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:** $2325389155.37

**Total Liabilities:** $227560.28

**Net Assets:** $2325161595.09

**Cash Not Reported:** $30729896.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082256 | -2.98%               | 3.12%                | -1.45%               |
| Class ID C000082257 | -2.94%               | 3.15%                | -1.44%               |
| Class ID C000165214 | -2.94%               | 3.12%                | -1.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22661518.04             | $-92741512.37                              |
| Month 2  | $-7741321.28             | $78629002.12                               |
| Month 3  | $-5958708.77             | $-29329069.02                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                        | AAON Inc                        | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    340450 | NS      | $25959312.50  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc   | Advanced Drainage Systems Inc   | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    290000 | NS      | $42000700.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                      | Airbnb Inc                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    477666 | NS      | $64828829.52  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp             | American Tower Corp             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    200085 | NS      | $35128923.45  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc   | Blackstone Mortgage Trust Inc   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |   1498050 | NS      | $28657696.50  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                  | Blackstone Inc                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    431900 | NS      | $66573066.00  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                         | BXP Inc                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |    171700 | NS      | $11586316.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                 | Brookfield Corp                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |   2816050 | NS      | $129228534.50 | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd | Brookfield Asset Management Ltd | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |    881160 | NS      | $46163972.40  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                  | CBRE Group Inc                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    799898 | NS      | $128615599.42 | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc            | Cavco Industries Inc            | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36500 | NS      | $21562010.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                | CoStar Group Inc                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1018963 | NS      | $68515072.12  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc        | Digital Realty Trust Inc        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     81651 | NS      | $12632226.21  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                     | Equinix Inc                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     70965 | NS      | $54370544.40  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential              | Equity Residential              | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |    525300 | NS      | $33114912.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc  | Fortune Brands Innovations Inc  | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    661764 | NS      | $33101435.28  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                | GDS Holdings Ltd                | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    977575 | NS      | $34117367.50  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc   | Hilton Worldwide Holdings Inc   | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    218900 | NS      | $62879025.00  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp               | Hyatt Hotels Corp               | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    442500 | NS      | $70941600.00  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc | Installed Building Products Inc | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     83687 | NS      | $21707570.93  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc          | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |    510242 | NS      | $171681125.74 | 7.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    521200 | NS      | $33924908.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                    | Legence Corp                    | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143281 | NS      | $6166814.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp          | Louisiana-Pacific Corp          | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |    667652 | NS      | $53919575.52  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos Inc                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    218466 | NS      | $52685260.56  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                 | Macerich Co/The                 | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |   2472514 | NS      | $45642608.44  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                    | Prologis Inc                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    770700 | NS      | $98387562.00  | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc            | Red Rock Resorts Inc            | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    655949 | NS      | $40636040.55  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                  | Rocket Cos Inc                  | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1376300 | NS      | $26645168.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc        | Simon Property Group Inc        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |    158650 | NS      | $29367701.50  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc    | SiteOne Landscape Supply Inc    | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    469535 | NS      | $58485279.60  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc              | Champion Homes Inc              | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    714114 | NS      | $60342633.00  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp       | Taylor Morrison Home Corp       | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    394100 | NS      | $23200667.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    809800 | NS      | $109501156.00 | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                      | Ventas Inc                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    853000 | NS      | $66005140.00  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co             | Vulcan Materials Co             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    211095 | NS      | $60208515.90  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                   | Welltower Inc                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    726313 | NS      | $134810955.93 | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                | Wynn Resorts Ltd                | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    651478 | NS      | $78392347.74  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                   | Goodman Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   1624700 | NS      | $33433337.70  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                         | CRH PLC                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    741400 | NS      | $92526720.00  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd         | Cushman & Wakefield Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |   1389086 | NS      | $22489302.34  | 0.97%             |  |  |  | No            |                  1 | 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