# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049941
**Filing Date:** 2023-3
**Character Count:** 13135
**Document Hash:** 4c7de591fa35a4890677ed120889dc5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049941.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049941

**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:** 23691965

**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:** 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:** $78162879.67

**Total Liabilities:** $471330.52

**Net Assets:** $77691549.15

**Cash Not Reported:** $20821.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196927 | 2.08%                | 5.57%                | -5.24%               |
| Class ID C000196928 | 2.14%                | 5.59%                | -5.33%               |
| Class ID C000196929 | 2.22%                | 5.52%                | -5.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2616435.19             | $4374229.13                                |
| Month 2  | $-680255.14              | $5202421.24                                |
| Month 3  | $-650174.40              | $-4261698.87                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Equity Residential                  | Equity Residential                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |     15096 | NS      | $890664.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                       | Welltower Inc                       | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               |  | US        |     19312 | NS      | $1265901.60   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                          | Ventas Inc                          | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |     45665 | NS      | $2057208.25   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd     | Brookfield Asset Management Ltd     | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     48481 | NS      | $1389950.27   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                           | CubeSmart                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |     50025 | NS      | $2013506.25   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                 | Sun Communities Inc                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |     25355 | NS      | $3625765.00   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp          | FIXED INC CLEARING CORP.REPO        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1406814 | PA      | $1406814.48   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Vail Resorts Inc                    | Vail Resorts Inc                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      1541 | NS      | $367297.35    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                        | Prologis Inc                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     94945 | NS      | $10703149.85  | 13.78%            |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent               | American Homes 4 Rent               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     48300 | NS      | $1455762.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc   | Gaming and Leisure Properties Inc   | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     36896 | NS      | $1921912.64   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                 | Terreno Realty Corp                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     24050 | NS      | $1367723.50   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                 | American Tower Corp                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     37776 | NS      | $8003223.36   | 10.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc | Alexandria Real Estate Equities Inc | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |     13625 | NS      | $1984753.75   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                    | Crown Castle Inc                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     10867 | NS      | $1473999.88   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                      | Public Storage                      | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |     16667 | NS      | $4669926.73   | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp      | Brookfield Infrastructure Corp      | CUSIP: 11275Q107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     57245 | NS      | $2226830.50   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                     | Brookfield Corp                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     65706 | NS      | $2067110.76   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp             | SBA Communications Corp             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |     14741 | NS      | $4132049.71   | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc           | AvalonBay Communities Inc           | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |      3134 | NS      | $506203.68    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                 | VICI Properties Inc                 | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     49534 | NS      | $1604901.60   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                      | NETSTREIT Corp                      | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |     11247 | NS      | $206157.51    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc            | Simon Property Group Inc            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     32551 | NS      | $3824091.48   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc            | EastGroup Properties Inc            | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     21339 | NS      | $3159452.34   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc            | Digital Realty Trust Inc            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     12565 | NS      | $1259892.55   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc             | Extra Space Storage Inc             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     17589 | NS      | $2588749.02   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc       | Rexford Industrial Realty Inc       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |     46439 | NS      | $2537426.96   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                         | Equinix Inc                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      8572 | NS      | $5614917.16   | 7.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc     | Equity LifeStyle Properties Inc     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     33018 | NS      | $2132962.80   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                | Invitation Homes Inc                | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |     34559 | NS      | $1024328.76   | 1.32%             |  |  |  | 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