# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049934
**Filing Date:** 2023-3
**Character Count:** 18963
**Document Hash:** 416182ed6a38bf9c4adf1dddb05dbb25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049934.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049934

**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:** 23691953

**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 Health Care Fund (Series ID: S000061847)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000200239 | Retail Shares        | BHCFX           |
| C000200240 | Institutional Shares | BHCHX           |
| C000200241 | R6 Shares            | BHCUX           |

## 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 Health Care Fund

- **b. EDGAR series identifier (if any):** S000061847

- **c. LEI of Series:** 549300NWPB2QRJSADM21

**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:** $212183173.31

**Total Liabilities:** $1254120.30

**Net Assets:** $210929053.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200239 | 7.83%                | 4.00%                | -2.75%               |
| Class ID C000200241 | 7.87%                | 4.01%                | -2.72%               |
| Class ID C000200240 | 7.86%                | 3.95%                | -2.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2054422.55             | $16756122.80                               |
| Month 2  | $-1862200.13             | $10260471.69                               |
| Month 3  | $-1922617.10             | $-4047965.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arrowhead Pharmaceuticals Inc    | Arrowhead Pharmaceuticals Inc    | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     28000 | NS      | $1135680.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc      | Alnylam Pharmaceuticals Inc      | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     11650 | NS      | $2768622.50   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Opsens Inc                       | Opsens Inc                       | CUSIP: 683823108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1387480 | NS      | $1926486.26   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc       | Vertex Pharmaceuticals Inc       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     23000 | NS      | $6641940.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc           | UnitedHealth Group Inc           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     37572 | NS      | $19919922.96  | 9.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                    | Repligen Corp                    | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      8600 | NS      | $1456066.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                       | Genmab A/S                       | CUSIP: 372303206<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |     45814 | NS      | $1941597.32   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                       | AbbVie Inc                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     40400 | NS      | $6529044.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prometheus Biosciences Inc       | Prometheus Biosciences Inc       | CUSIP: 74349U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11800 | NS      | $1298000.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc     | Thermo Fisher Scientific Inc     | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     15949 | NS      | $8782954.81   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp       | FIXED INC CLEARING CORP.REPO     | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  16518028 | PA      | $16518027.71  | 7.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Inari Medical Inc                | Inari Medical Inc                | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17000 | NS      | $1080520.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S              | Ascendis Pharma A/S              | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     35306 | NS      | $4311921.78   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                       | Zoetis Inc                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     25185 | NS      | $3690861.75   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc              | Elevance Health Inc              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     11600 | NS      | $5950452.00   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc      | Inspire Medical Systems Inc      | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     18336 | NS      | $4618471.68   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dechra Pharmaceuticals PLC       | Dechra Pharmaceuticals PLC       | CUSIP: 000000000<br>LEI: 213800J4UVB5OWG8VX82 | Long             | EC               | CORP              | GB        |     50000 | NS      | $1575990.92   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Insulet Corp                     | Insulet Corp                     | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      4215 | NS      | $1240853.85   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                      | Moderna Inc                      | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |     30000 | NS      | $5388600.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                  | AstraZeneca PLC                  | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    122300 | NS      | $8291940.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                       | Cigna Corp                       | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     16000 | NS      | $5301440.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                     | Illumina Inc                     | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     11337 | NS      | $2292341.40   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc           | Intuitive Surgical Inc           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     26933 | NS      | $7146671.55   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                         | ICON PLC                         | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      8600 | NS      | $1670550.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories              | Abbott Laboratories              | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     33862 | NS      | $3717708.98   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc        | Xenon Pharmaceuticals Inc        | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     47400 | NS      | $1868982.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                       | Dexcom Inc                       | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     27888 | NS      | $3158037.12   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                  | Bio-Techne Corp                  | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     79500 | NS      | $6588960.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Shockwave Medical Inc            | Shockwave Medical Inc            | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               | CORP              | US        |     11600 | NS      | $2385076.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp        | Edwards Lifesciences Corp        | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     31551 | NS      | $2354020.11   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                        | Argenx SE                        | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     20178 | NS      | $7644031.74   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp              | Legend Biotech Corp              | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     36000 | NS      | $1797120.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc           | Option Care Health Inc           | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     70000 | NS      | $2106300.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States    | Schrodinger Inc/United States    | CUSIP: 80810D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $467250.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc               | HCA Healthcare Inc               | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     17500 | NS      | $4199300.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                    | McKesson Corp                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     19600 | NS      | $7352352.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                       | Humana Inc                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     16550 | NS      | $8476744.50   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                 | Cytokinetics Inc                 | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     44100 | NS      | $2020662.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                     | Danaher Corp                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8000 | NS      | $2123360.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Inhibrx Inc                      | Inhibrx Inc                      | CUSIP: 45720L107<br>LEI: 549300VBKG2LTV1TLY22 | Long             | EC               | CORP              | US        |     70000 | NS      | $1724800.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Pharmaceuticals Inc       | Rocket Pharmaceuticals Inc       | CUSIP: 77313F106<br>LEI: 549300R7VV82YUIN4Y93 | Long             | EC               | CORP              | US        |    117000 | NS      | $2289690.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc | Mettler-Toledo International Inc | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3210 | NS      | $4639894.50   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                   | Merck & Co Inc                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     70300 | NS      | $7799785.00   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The               | Cooper Cos Inc/The               | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      4500 | NS      | $1488015.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc | West Pharmaceutical Services Inc | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      3000 | NS      | $706050.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                   | Eli Lilly & Co                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     34592 | NS      | $12655137.28  | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxCyte Inc                      | MaxCyte Inc                      | CUSIP: 57777K106<br>LEI: 54930053YHXULRFCU991 | Long             | EC               | CORP              | US        |    100000 | NS      | $546000.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc           | IDEXX Laboratories Inc           | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      5195 | NS      | $2119352.20   | 1.00%             |  |  |  | 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