# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209299
**Filing Date:** 2025-8
**Character Count:** 15389
**Document Hash:** fc695cfeba4b31959fada613ba8a1e45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209299.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209299

**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:** 251264270

**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:** 2025-06-30

**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:** $142216144.06

**Total Liabilities:** $89688.61

**Net Assets:** $142126455.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200239 | -1.35%               | -5.38%               | 1.68%                |
| Class ID C000200241 | -1.39%               | -5.35%               | 1.71%                |
| Class ID C000200240 | -1.39%               | -5.35%               | 1.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-733889.17              | $-1709080.44                               |
| Month 2  | $-633820.07              | $-7963628.82                               |
| Month 3  | $2652368.12              | $-163237.29                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BioNTech SE                        | BioNTech SE                        | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      4500 | NS      | $479115.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc         | Vertex Pharmaceuticals Inc         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      9000 | NS      | $4006800.00   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                | Exact Sciences Corp                | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     45000 | NS      | $2391300.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      6500 | NS      | $2635490.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                 | Cooper Cos Inc/The                 | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     54000 | NS      | $3842640.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                         | Zoetis Inc                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      5000 | NS      | $779750.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp             | Boston Scientific Corp             | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     80000 | NS      | $8592800.00   | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc        | Inspire Medical Systems Inc        | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      8500 | NS      | $1103045.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                       | Insulet Corp                       | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      5700 | NS      | $1790826.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp         | FIXED INC CLEARING CORP.REPO       | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   9819000 | PA      | $9819000.30   | 6.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Penumbra Inc                       | Penumbra Inc                       | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     17500 | NS      | $4491025.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                       | Stryker Corp                       | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     18000 | NS      | $7121340.00   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca PLC                    | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     50000 | NS      | $3494000.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                       | Doximity Inc                       | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $920100.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc             | Intuitive Surgical Inc             | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     12000 | NS      | $6520920.00   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc          | Xenon Pharmaceuticals Inc          | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     56000 | NS      | $1752800.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                         | Dexcom Inc                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      7500 | NS      | $654675.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                        | Arcellx Inc                        | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $3951000.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp          | Edwards Lifesciences Corp          | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     25000 | NS      | $1955250.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                          | Argenx SE                          | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     22000 | NS      | $12126840.00  | 8.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                         | Insmed Inc                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     36700 | NS      | $3693488.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                         | RadNet Inc                         | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     60000 | NS      | $3414600.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                         | Natera Inc                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7500 | NS      | $1267050.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                   | HealthEquity Inc                   | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     30000 | NS      | $3142800.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                        | Masimo Corp                        | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     30000 | NS      | $5046600.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                      | McKesson Corp                      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      6500 | NS      | $4763070.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                       | Danaher Corp                       | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     25000 | NS      | $4938500.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc   | Mettler-Toledo International Inc   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3100 | NS      | $3641632.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp              | Encompass Health Corp              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     17500 | NS      | $2146025.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd | Teva Pharmaceutical Industries Ltd | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |    100000 | NS      | $1676000.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc   | West Pharmaceutical Services Inc   | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      4100 | NS      | $897080.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                        | Waters Corp                        | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     14000 | NS      | $4886560.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                     | Eli Lilly & Co                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     23800 | NS      | $18552814.00  | 13.05%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc             | IDEXX Laboratories Inc             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      6000 | NS      | $3218040.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc            | ARS Pharmaceuticals Inc            | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $349000.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                | Gilead Sciences Inc                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     18500 | NS      | $2051095.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer