# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021335
**Filing Date:** 2026-3
**Character Count:** 14514
**Document Hash:** ea201cced766ba641645cca66071c973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021335.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021335

**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:** 26704678

**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 Income Fund (Series ID: S000060170)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196927 | Retail Shares        | BRIFX           |
| C000196928 | Institutional Shares | BRIIX           |
| C000196929 | R6 Shares            | BRIUX           |

## 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 Income Fund

- **b. EDGAR series identifier (if any):** S000060170

- **c. LEI of Series:** 549300EWYY8GKC701E67

**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:** $257808724.71

**Total Liabilities:** $65684.66

**Net Assets:** $257743040.05

**Cash Not Reported:** $7931217.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196927 | -0.76%               | 2.31%                | -1.97%               |
| Class ID C000196928 | -0.75%               | 2.28%                | -1.88%               |
| Class ID C000196929 | -0.75%               | 2.28%                | -1.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-109096.13              | $-1956316.92                               |
| Month 2  | $-842575.85              | $6661227.08                                |
| Month 3  | $-1337466.59             | $-5019045.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agree Realty Corp               | Agree Realty Corp               | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |     48697 | NS      | $3507644.91   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent           | American Homes 4 Rent           | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     78970 | NS      | $2534937.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp             | American Tower Corp             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     43122 | NS      | $7570929.54   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc   | Blackstone Mortgage Trust Inc   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |    316971 | NS      | $6063655.23   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                  | Blackstone Inc                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     30907 | NS      | $4764004.98   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                         | BXP Inc                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |     19098 | NS      | $1288733.04   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                 | Brookfield Corp                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    225540 | NS      | $10350030.60  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd | Brookfield Asset Management Ltd | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |     50239 | NS      | $2632021.21   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc        | Digital Realty Trust Inc        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     20941 | NS      | $3239782.11   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc        | EastGroup Properties Inc        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     56445 | NS      | $10055112.30  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                     | Equinix Inc                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     12299 | NS      | $9423001.84   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential              | Equity Residential              | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |     93970 | NS      | $5923868.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc        | Essex Property Trust Inc        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |     12360 | NS      | $3234364.80   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc         | Extra Space Storage Inc         | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     42950 | NS      | $5592949.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc  | Fortune Brands Innovations Inc  | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     66199 | NS      | $3311273.98   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                | GDS Holdings Ltd                | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    123642 | NS      | $4315105.80   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc    | American Healthcare REIT Inc    | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    151675 | NS      | $7137825.50   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc       | Host Hotels & Resorts Inc       | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    279317 | NS      | $4952290.41   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc          | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     30450 | NS      | $10245511.50  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp              | Kilroy Realty Corp              | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |     94976 | NS      | $3549253.12   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     61969 | NS      | $4033562.21   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                 | Macerich Co/The                 | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |    511784 | NS      | $9447532.64   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                    | Prologis Inc                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    218142 | NS      | $27848007.72  | 10.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc        | Simon Property Group Inc        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     60778 | NS      | $11250615.58  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc    | Sunstone Hotel Investors Inc    | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    451641 | NS      | $4037670.54   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp             | Terreno Realty Corp             | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     44575 | NS      | $2616998.25   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     32315 | NS      | $4369634.30   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                | Vail Resorts Inc                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     32373 | NS      | $4299134.40   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                      | Ventas Inc                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    233960 | NS      | $18103824.80  | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                   | Welltower Inc                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    142419 | NS      | $26434390.59  | 10.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                 | Weyerhaeuser Co                 | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    251520 | NS      | $5958508.80   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc    | Wyndham Hotels & Resorts Inc    | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     37279 | NS      | $2816801.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                | Wynn Resorts Ltd                | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     49233 | NS      | $5924206.89   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                   | Goodman Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    221075 | NS      | $4549316.88   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                         | CRH PLC                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     60430 | NS      | $7541664.00   | 2.93%             |  |  |  | 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