# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021326
**Filing Date:** 2026-3
**Character Count:** 17627
**Document Hash:** a3c5ff47d298e973a5b5c47b2bfa18c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021326.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021326

**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:** 26704668

**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:** 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:** $144154513.28

**Total Liabilities:** $111949.59

**Net Assets:** $144042563.69

**Cash Not Reported:** $6145503.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200239 | 6.60%                | 10.05%               | -3.69%               |
| Class ID C000200240 | 6.66%                | 10.08%               | -3.67%               |
| Class ID C000200241 | 6.66%                | 10.09%               | -3.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2819456.18              | $6116620.54                                |
| Month 2  | $-118121.09              | $14118826.09                               |
| Month 3  | $5094416.39              | $-10585042.49                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                         | AbbVie Inc                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     24800 | NS      | $5666552.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Abivax SA                          | Abivax SA                          | CUSIP: 00370M103<br>LEI: 969500D8TMNB184OJU95 | Long             | EC               | CORP              | FR        |     25000 | NS      | $3371375.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc        | Alnylam Pharmaceuticals Inc        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      3500 | NS      | $1391775.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                        | Arcellx Inc                        | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27000 | NS      | $1760400.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc        | Arcutis Biotherapeutics Inc        | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61000 | NS      | $1771440.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                          | Argenx SE                          | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     11600 | NS      | $9755020.00   | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                | Ascendis Pharma A/S                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      5600 | NS      | $1194144.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca PLC                    | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     62000 | NS      | $5699660.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Billiontoone Inc                   | Billiontoone Inc                   | CUSIP: 090168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6904 | NS      | $565023.36    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp             | Boston Scientific Corp             | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     47000 | NS      | $4481450.00   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                       | Danaher Corp                       | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     19500 | NS      | $4463940.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                         | Dexcom Inc                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      7500 | NS      | $497775.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp          | Edwards Lifesciences Corp          | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     33300 | NS      | $2838825.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc           | Elanco Animal Health Inc           | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     80000 | NS      | $1810400.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp              | Encompass Health Corp              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     17500 | NS      | $1857450.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                | Gilead Sciences Inc                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     26500 | NS      | $3252610.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                   | HealthEquity Inc                   | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      6000 | NS      | $549660.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                      | HeartFlow Inc                      | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27512 | NS      | $801974.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories Inc             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      6000 | NS      | $4059180.00   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                         | Insmed Inc                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     38200 | NS      | $6648328.00   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                       | Insulet Corp                       | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      6500 | NS      | $1847560.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc             | Intuitive Surgical Inc             | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      8400 | NS      | $4757424.00   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc          | Ionis Pharmaceuticals Inc          | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     36000 | NS      | $2847960.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3600 | NS      | $745020.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc            | Kymera Therapeutics Inc            | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1556200.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     15300 | NS      | $16442604.00  | 11.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc       | Madrigal Pharmaceuticals Inc       | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      2500 | NS      | $1455850.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                      | McKesson Corp                      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      5000 | NS      | $4101450.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc   | Mettler-Toledo International Inc   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3500 | NS      | $4879665.00   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                       | Penumbra Inc                       | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     13000 | NS      | $4041830.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc       | Protagonist Therapeutics Inc       | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8300 | NS      | $724922.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                         | RadNet Inc                         | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     60000 | NS      | $4281000.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                      | Repligen Corp                      | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      9000 | NS      | $1474740.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                       | Stryker Corp                       | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      8000 | NS      | $2811760.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp              | Tenet Healthcare Corp              | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      3500 | NS      | $695520.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd | Teva Pharmaceutical Industries Ltd | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |    120000 | NS      | $3745200.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     13000 | NS      | $7532850.00   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc             | UnitedHealth Group Inc             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6000 | NS      | $1980660.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc         | Vertex Pharmaceuticals Inc         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      5200 | NS      | $2357472.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                      | Welltower Inc                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |      8000 | NS      | $1484880.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc   | West Pharmaceutical Services Inc   | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      5600 | NS      | $1540784.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc          | Xenon Pharmaceuticals Inc          | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     30000 | NS      | $1344600.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd               | Roivant Sciences Ltd               | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |    125000 | NS      | $2712500.00   | 1.88%             |  |  |  | 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