# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049946
**Filing Date:** 2023-3
**Character Count:** 16840
**Document Hash:** 2903463090b1a3c205a2de17542a2461
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049946.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049946

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 23691971

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1284336906.17

**Total Liabilities:** $7063844.11

**Net Assets:** $1277273062.06

**Cash Not Reported:** $179692.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082257 | 5.39%                | 6.38%                | -5.30%               |
| Class ID C000165214 | 5.39%                | 6.38%                | -5.30%               |
| Class ID C000082256 | 5.37%                | 6.36%                | -5.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13006088.16            | $79468808.11                               |
| Month 2  | $-5658628.35             | $86535458.70                               |
| Month 3  | $1631793.31              | $-76043036.55                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hyatt Hotels Corp                   | Hyatt Hotels Corp                   | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     68900 | NS      | $6232005.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                           | Pool Corp                           | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |    107400 | NS      | $32470242.00  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc              | Jones Lang LaSalle Inc              | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |    240157 | NS      | $38273821.09  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                         | Trex Co Inc                         | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    707550 | NS      | $29950591.50  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc       | Hilton Worldwide Holdings Inc       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     56050 | NS      | $7082478.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                       | DR Horton Inc                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    450547 | NS      | $40161759.58  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc        | SiteOne Landscape Supply Inc        | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    332185 | NS      | $38971944.20  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd     | Brookfield Asset Management Ltd     | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    539906 | NS      | $15479105.02  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                | Red Rock Resorts Inc                | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    496840 | NS      | $19878568.40  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp          | FIXED INC CLEARING CORP.REPO        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        | 140644217 | PA      | $140644216.96 | 11.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                    | Vail Resorts Inc                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     93900 | NS      | $22381065.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                 | Vulcan Materials Co                 | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    166300 | NS      | $29120793.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                        | Prologis Inc                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    593200 | NS      | $66871436.00  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent               | American Homes 4 Rent               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    367950 | NS      | $11090013.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                         | Lennar Corp                         | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    525149 | NS      | $47525984.50  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                      | CBRE Group Inc                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    630350 | NS      | $48511736.00  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc   | Gaming and Leisure Properties Inc   | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |    382848 | NS      | $19942552.32  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                   | Toll Brothers Inc                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |   1240150 | NS      | $61908288.00  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                      | Lowe's Cos Inc                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     99000 | NS      | $19724760.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                 | American Tower Corp                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    259000 | NS      | $54871740.00  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc | Alexandria Real Estate Equities Inc | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |    123450 | NS      | $17982961.50  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                      | Public Storage                      | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |    115254 | NS      | $32293018.26  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp   | Marriott Vacations Worldwide Corp   | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |    145736 | NS      | $19614608.24  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                    | CoStar Group Inc                    | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    878800 | NS      | $67913664.00  | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                  | Home Depot Inc/The                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     11250 | NS      | $3553425.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc      | Fortune Brands Innovations Inc      | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    371350 | NS      | $21207798.50  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                     | Brookfield Corp                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |   1855025 | NS      | $58359086.50  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp             | SBA Communications Corp             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |    121450 | NS      | $34043649.50  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Wall Acquisition Corp III     | Fifth Wall Acquisition Corp III     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1250000 | NS      | $12562500.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The             | Sherwin-Williams Co/The             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     82650 | NS      | $19615324.50  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International           | MGM Resorts International           | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |    730106 | NS      | $24480454.18  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                      | Blackstone Inc                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    266800 | NS      | $19793892.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                    | Boyd Gaming Corp                    | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    324350 | NS      | $17686805.50  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                      | NETSTREIT Corp                      | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |     49706 | NS      | $911110.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc             | Extra Space Storage Inc             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     93150 | NS      | $13709817.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc       | Rexford Industrial Realty Inc       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |    693459 | NS      | $37890599.76  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                | Las Vegas Sands Corp                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    277455 | NS      | $13337261.85  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                         | Equinix Inc                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     75840 | NS      | $49677475.20  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc     | Equity LifeStyle Properties Inc     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |    248500 | NS      | $16053100.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc          | Floor & Decor Holdings Inc          | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    540550 | NS      | $37638496.50  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                | Invitation Homes Inc                | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |    357700 | NS      | $10602228.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-20

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Peggy Wong

**Name of Signer:** Peggy Wong

**Title:** Chief Financial Officer and Treasurer