# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209301
**Filing Date:** 2025-8
**Character Count:** 16470
**Document Hash:** 022a4f9609c918cfb5fe6798b2db8b19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209301.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209301

**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:** 251264271

**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:** 2025-06-30

**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:** $2133680928.69

**Total Liabilities:** $179629.77

**Net Assets:** $2133501298.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082257 | -2.19%               | 2.13%                | 3.72%                |
| Class ID C000165214 | -2.19%               | 2.16%                | 3.72%                |
| Class ID C000082256 | -2.21%               | 2.12%                | 3.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25828731.82            | $-17654527.62                              |
| Month 2  | $-4960614.22             | $47618018.52                               |
| Month 3  | $-1462021.33             | $75703312.06                               |

### 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        |    760411 | NS      | $13451670.59  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp               | Hyatt Hotels Corp               | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |    442500 | NS      | $61795125.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential              | Equity Residential              | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |    413352 | NS      | $27897126.48  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                   | Welltower Inc                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    757200 | NS      | $116404356.00 | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc          | Jones Lang LaSalle Inc          | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |    510242 | NS      | $130509698.76 | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                     | Trex Co Inc                     | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    368700 | NS      | $20049906.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc   | Advanced Drainage Systems Inc   | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    290000 | NS      | $33309400.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc   | Hilton Worldwide Holdings Inc   | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    218900 | NS      | $58301826.00  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                   | DR Horton Inc                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    196600 | NS      | $25345672.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc    | SiteOne Landscape Supply Inc    | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    569535 | NS      | $68879562.90  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd | Brookfield Asset Management Ltd | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |    956806 | NS      | $52892235.68  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                | GDS Holdings Ltd                | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |   1620675 | NS      | $49544034.75  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc            | Red Rock Resorts Inc            | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    540949 | NS      | $28145576.47  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co             | Vulcan Materials Co             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    194595 | NS      | $50754267.90  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                         | BXP Inc                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |    452700 | NS      | $30543669.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                    | Prologis Inc                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    551300 | NS      | $57952656.00  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent           | American Homes 4 Rent           | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    724543 | NS      | $26134266.01  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                  | CBRE Group Inc                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    837850 | NS      | $117399542.00 | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc               | Toll Brothers Inc               | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    802800 | NS      | $91623564.00  | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                   | Goodman Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    377150 | NS      | $8502702.42   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos Inc                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    223750 | NS      | $49643412.50  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp      | FIXED INC CLEARING CORP.REPO    | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  48591447 | PA      | $48591446.85  | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp             | American Tower Corp             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    412750 | NS      | $91226005.00  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc         | Millrose Properties Inc         | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               |  | US        |    168824 | NS      | $4813172.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                      | Airbnb Inc                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    358816 | NS      | $47485709.44  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                | CoStar Group Inc                | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1016713 | NS      | $81743725.20  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust            | Vornado Realty Trust            | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |   1408300 | NS      | $53853392.00  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                 | Brookfield Corp                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |   1951075 | NS      | $120673988.75 | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                 | Macerich Co/The                 | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |   2014014 | NS      | $32586746.52  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                | Wynn Resorts Ltd                | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |    751478 | NS      | $70390944.26  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp          | Louisiana-Pacific Corp          | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |    692652 | NS      | $59561145.48  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp       | Taylor Morrison Home Corp       | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |    909100 | NS      | $55836922.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                  | Blackstone Inc                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    439700 | NS      | $65770326.00  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc        | Simon Property Group Inc        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |    148150 | NS      | $23816594.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc   | Blackstone Mortgage Trust Inc   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |   1213050 | NS      | $23351212.50  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc        | Builders FirstSource Inc        | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     56300 | NS      | $6569647.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc        | Digital Realty Trust Inc        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |    236354 | NS      | $41203592.82  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc | Installed Building Products Inc | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |    106200 | NS      | $19149984.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp            | Las Vegas Sands Corp            | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    316200 | NS      | $13757862.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                     | Equinix Inc                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |    103485 | NS      | $82319212.95  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                         | CRH PLC                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    741400 | NS      | $68060520.00  | 3.19%             |  |  |  | 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