# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209297
**Filing Date:** 2025-8
**Character Count:** 15067
**Document Hash:** 76619fa311c261754c7743ddd3337c31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209297.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209297

**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:** 251264268

**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:** 2025-06-30

**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:** $239905746.83

**Total Liabilities:** $78813.13

**Net Assets:** $239826933.70

**Cash Not Reported:** $10962.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196927 | -1.96%               | 1.44%                | 0.32%                |
| Class ID C000196928 | -1.99%               | 1.54%                | 0.25%                |
| Class ID C000196929 | -1.94%               | 1.48%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3304315.87             | $-1126091.49                               |
| Month 2  | $-109121.78              | $3510002.73                                |
| Month 3  | $-23058.58               | $-560804.90                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Independence Realty Trust Inc   | Independence Realty Trust Inc   | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |    235790 | NS      | $4171125.10   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential              | Equity Residential              | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |    104133 | NS      | $7027936.17   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                   | Welltower Inc                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    143036 | NS      | $21988924.28  | 9.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                         | UDR Inc                         | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |     58660 | NS      | $2395087.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                      | Ventas Inc                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |     90610 | NS      | $5722021.50   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd | Brookfield Asset Management Ltd | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |     50239 | NS      | $2777211.92   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                | GDS Holdings Ltd                | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    150987 | NS      | $4615672.59   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                | Vail Resorts Inc                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     22284 | NS      | $3501484.92   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                         | BXP Inc                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |     73608 | NS      | $4966331.76   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                    | Prologis Inc                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    153169 | NS      | $16101125.28  | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent           | American Homes 4 Rent           | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     98224 | NS      | $3542939.68   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp             | Terreno Realty Corp             | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     39832 | NS      | $2233380.24   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     32315 | NS      | $3688110.95   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                   | Goodman Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    115675 | NS      | $2607848.61   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp      | FIXED INC CLEARING CORP.REPO    | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   5281365 | PA      | $5281365.03   | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp             | American Tower Corp             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     97677 | NS      | $21588570.54  | 9.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc    | American Healthcare REIT Inc    | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    131675 | NS      | $4837739.50   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc       | Host Hotels & Resorts Inc       | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    383455 | NS      | $5889868.80   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                | Elme Communities                | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    156575 | NS      | $2489542.50   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc               | Iron Mountain Inc               | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |     70713 | NS      | $7253032.41   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust            | Vornado Realty Trust            | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |    192020 | NS      | $7342844.80   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                 | Brookfield Corp                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    145497 | NS      | $8998989.45   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                 | Macerich Co/The                 | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |    263282 | NS      | $4259902.76   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp         | SBA Communications Corp         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      9100 | NS      | $2137044.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                | Wynn Resorts Ltd                | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     56233 | NS      | $5267345.11   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                  | Blackstone Inc                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     21607 | NS      | $3231975.06   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc             | VICI Properties Inc             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |    159441 | NS      | $5197776.60   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc        | Simon Property Group Inc        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     59520 | NS      | $9568435.20   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc | Smartstop Self Storage REIT Inc | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |    239100 | NS      | $8662593.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc   | Blackstone Mortgage Trust Inc   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |    237926 | NS      | $4580075.50   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp               | Agree Realty Corp               | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |     42697 | NS      | $3119442.82   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc        | EastGroup Properties Inc        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     56445 | NS      | $9433088.40   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc        | Digital Realty Trust Inc        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     42766 | NS      | $7455396.78   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     14499 | NS      | $630851.49    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                     | Equinix Inc                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     20900 | NS      | $16625323.00  | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                         | CRH PLC                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     46730 | NS      | $4289814.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc            | Invitation Homes Inc            | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |    158035 | NS      | $5183548.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer