# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049945
**Filing Date:** 2023-3
**Character Count:** 54337
**Document Hash:** 385a0d0b9b2e6ed5ef2673238b88dad0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049945.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049945

**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:** 23691972

**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 Emerging Markets Fund (Series ID: S000030894)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000095861 | Retail Shares        | BEXFX           |
| C000095862 | Institutional Shares | BEXIX           |
| C000165215 | R6 Shares            | BEXUX           |

## 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 Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000030894

- **c. LEI of Series:** 549300K626NYG7JN7Q83

**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:** $4787442575.42

**Total Liabilities:** $10971778.73

**Net Assets:** $4776470796.69

**Cash Not Reported:** $393129.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165215 | -2.58%               | 14.60%               | -2.76%               |
| Class ID C000095862 | -2.50%               | 14.52%               | -2.76%               |
| Class ID C000095861 | -2.60%               | 14.62%               | -2.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-147758234.72           | $28698164.92                               |
| Month 2  | $-52289899.57            | $725505438.45                              |
| Month 3  | $-33184243.01            | $-111979563.04                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nippon Life India Asset Management Ltd                                | Nippon Life India Asset Management Ltd                                | CUSIP: 000000000<br>LEI: 335800ZQXV958RZSRU89 | Long             | EC               | CORP              | IN        |  10371017 | NS      | $31185702.90  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                                    | Hong Kong Exchanges & Clearing Ltd                                    | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    666824 | NS      | $28653586.39  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                                       | Gold Fields Ltd                                                       | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |   1447153 | NS      | $15028450.60  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                                | Yum China Holdings Inc                                                | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    550529 | NS      | $30741476.94  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Lombard General Insurance Co Ltd                                | ICICI Lombard General Insurance Co Ltd                                | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |    963399 | NS      | $14384280.05  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                                                | XP Inc                                                                | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |    992821 | NS      | $15229874.14  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg, S.A. Forward Shares                         | Codere Online Luxembourg, S.A. Forward Shares                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1791760 | NS      | $4622740.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ACM Research Inc                                                      | ACM Research Inc                                                      | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |    483442 | NS      | $3727337.82   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                                | Grupo Mexico SAB de CV                                                | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |  10646148 | NS      | $37533182.85  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     45680 | NS      | $26778529.60  | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Suzano SA                                                             | Suzano SA                                                             | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |  10255945 | NS      | $94694051.71  | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| StoneCo Ltd                                                           | StoneCo Ltd                                                           | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |   3010743 | NS      | $28421413.92  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6174 | NS      | $3619322.28   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     27027 | NS      | $15843767.94  | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Yandex NV                                                             | Yandex NV                                                             | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |    809897 | NS      | $299661.89    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| China Conch Environment Protection Holdings Ltd                       | China Conch Environment Protection Holdings Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |  26680767 | NS      | $10743997.19  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                                       | BDO Unibank Inc                                                       | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |  27652201 | NS      | $52585587.38  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Heavy Industries Co Ltd                                       | Hyundai Heavy Industries Co Ltd                                       | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |    606209 | NS      | $55870142.90  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                                    | Midea Group Co Ltd                                                    | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   9290610 | NS      | $68948298.13  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                                  | Tencent Holdings Ltd                                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    309929 | NS      | $13128592.44  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1932 | NS      | $1132577.04   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Localiza Rent a Car SA                                                | Localiza Rent a Car SA                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | BR        |     16543 | NS      | $33714.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Azul SA                                                               | Azul SA                                                               | CUSIP: 000000000<br>LEI: 549300Z0MWZ57Q9RR205 | Long             | EP               | CORP              | BR        |   1598080 | NS      | $3286758.78   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd                                                     | Kingsoft Corp Ltd                                                     | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | KY        |  17463369 | NS      | $57874608.76  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co Ltd                  | Beijing Oriental Yuhong Waterproof Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 300300XMIXB7STDZWT60 | Long             | EC               | CORP              | CN        |   7154538 | NS      | $34374103.74  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                                            | Full Truck Alliance Co Ltd                                            | CUSIP: 35969L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   9550569 | NS      | $76404552.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fix Price Group PLC                                                   | Fix Price Group PLC                                                   | CUSIP: 000000000<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | CY        |   4746202 | NS      | $189848.08    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GDS Holdings Ltd                                                      | GDS Holdings Ltd                                                      | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    799930 | NS      | $16494556.60  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Consumer Products Ltd                                          | Godrej Consumer Products Ltd                                          | CUSIP: 000000000<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |   3968110 | NS      | $41866428.40  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Network International Holdings PLC                                    | Network International Holdings PLC                                    | CUSIP: 000000000<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |   3772092 | NS      | $13589607.57  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd                                | China Tourism Group Duty Free Corp Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1429982 | NS      | $44263179.06  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                            | Samsung Electronics Co Ltd                                            | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   3931949 | NS      | $172585994.56 | 3.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                            | Tenaris SA                                                            | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |    890117 | NS      | $31296513.72  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNDL TECHNOLOGIES PRIVATE LTD                                        | BUNDL TECHNOLOGIES PRIVATE LTD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IN        |     11578 | NS      | $50924652.53  | 1.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fixed Income Clearing Corp                                            | FIXED INC CLEARING CORP.REPO                                          | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        | 147792706 | PA      | $147792706.18 | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                               | Reliance Industries Ltd                                               | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   4152706 | NS      | $127490609.90 | 2.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Aarti Industries Ltd                                                  | Aarti Industries Ltd                                                  | CUSIP: 000000000<br>LEI: 335800JBE5SD89NHB831 | Long             | EC               | CORP              | IN        |   3853312 | NS      | $28361674.70  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Divi's Laboratories Ltd                                               | Divi's Laboratories Ltd                                               | CUSIP: 000000000<br>LEI: 335800C1DHFG1C9T1M03 | Long             | EC               | CORP              | IN        |    770186 | NS      | $31722989.67  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                             | Alibaba Group Holding Ltd                                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1655301 | NS      | $145815465.09 | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Financial Ltd                                                      | JM Financial Ltd                                                      | CUSIP: 000000000<br>LEI: 254900XWK81ULQY0IE29 | Long             | EC               | CORP              | IN        |  43464202 | NS      | $37468461.65  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                                          | MediaTek Inc                                                          | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    982155 | NS      | $19858117.67  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                            | Tenaris SA                                                            | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |   1789767 | NS      | $31388396.05  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Baiyao Group Co Ltd                                            | Yunnan Baiyao Group Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5371191 | NS      | $41940123.25  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                                          | Wal-Mart de Mexico SAB de CV                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  20604393 | NS      | $72831477.68  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Properties Ltd                                                 | Godrej Properties Ltd                                                 | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |   2023308 | NS      | $29906101.15  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                                  | Bank Rakyat Indonesia Persero Tbk PT                                  | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 245542971 | NS      | $77849424.59  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                                         | HDFC Bank Ltd                                                         | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   3904231 | NS      | $76575827.64  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| THINK + LEARN PRIVATE LIMITED                                         | THINK + LEARN PRIVATE LIMITED                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IN        |     15334 | NS      | $73568841.68  | 1.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gold Fields Ltd                                                       | Gold Fields Ltd                                                       | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |   3482547 | NS      | $36044361.45  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                                           | Coupang Inc                                                           | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   1727877 | NS      | $25417070.67  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg SA                                           | Codere Online Luxembourg SA                                           | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | LU        |     13259 | NS      | $1762.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A                                         | CODERE ONLINE LUXEMBOURG, S.A                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    358352 | NS      | $895880.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Korea Shipbuilding & Offshore Engineering Co Ltd                      | Korea Shipbuilding & Offshore Engineering Co Ltd                      | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |   1412030 | NS      | $79401304.24  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                                             | Wuxi Biologics Cayman Inc                                             | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |   4255454 | NS      | $32230403.36  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Hapvida Participacoes e Investimentos S/A                             | Hapvida Participacoes e Investimentos S/A                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  21194813 | NS      | $20424019.90  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Afya Ltd                                                              | Afya Ltd                                                              | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |   1932753 | NS      | $30189601.86  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd                                          | Techtronic Industries Co Ltd                                          | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   3803097 | NS      | $42240374.16  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2459 | NS      | $1441514.98   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| China Mengniu Dairy Co Ltd                                            | China Mengniu Dairy Co Ltd                                            | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |  14701725 | NS      | $66291699.64  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                                                | Localiza Rent a Car SA                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   3785041 | NS      | $37584496.85  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consumer Products Ltd                                            | Tata Consumer Products Ltd                                            | CUSIP: 000000000<br>LEI: 335800LOXFWU8ZQJMD12 | Long             | EC               | CORP              | IN        |   3259524 | NS      | $30166742.54  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Henlius Biotech Inc                                          | Shanghai Henlius Biotech Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2521886 | NS      | $4114246.13   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                                        | Galaxy Entertainment Group Ltd                                        | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   7665878 | NS      | $50400471.82  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                                          | Keyence Corp                                                          | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |    131465 | NS      | $51040564.25  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hua Hong Semiconductor Ltd                                            | Hua Hong Semiconductor Ltd                                            | CUSIP: 000000000<br>LEI: 529900OXH3ZYLIMGB907 | Long             | EC               | CORP              | HK        |   3029378 | NS      | $10497413.32  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PINE LABS PTE. LTD.                                                   | PINE LABS PTE. LTD.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9573 | NS      | $5611884.06   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd                       | Shenzhen Mindray Bio-Medical Electronics Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     16800 | NS      | $761838.25    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Dingli Machinery Co Ltd                                      | Zhejiang Dingli Machinery Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2657482 | NS      | $18235827.50  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                                     | Bharti Airtel Ltd                                                     | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   8191366 | NS      | $79661973.59  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                                   | Hangzhou Tigermed Consulting Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |   1784935 | NS      | $26820463.04  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Lufax Holding Ltd                                                     | Lufax Holding Ltd                                                     | CUSIP: 54975P102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   6777483 | NS      | $13148317.02  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NARI Technology Co Ltd                                                | NARI Technology Co Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   9730536 | NS      | $34006155.21  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Azul SA                                                               | Azul SA                                                               | CUSIP: 05501U106<br>LEI: 549300Z0MWZ57Q9RR205 | Long             | EC               | CORP              | BR        |    362459 | NS      | $2214624.49   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                                                     | Bajaj Finance Ltd                                                     | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   1547732 | NS      | $122603200.09 | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Baiyao Group Co Ltd                                            | Yunnan Baiyao Group Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     75180 | NS      | $587130.88    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aarti Pharmalabs Ltd                                                  | Aarti Pharmalabs Ltd                                                  | CUSIP: 000000000<br>LEI: 335800TTAKRBNDK5P363 | Long             | EC               | CORP              | IN        |   1023320 | NS      | $4695422.12   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kingdee International Software Group Co Ltd                           | Kingdee International Software Group Co Ltd                           | CUSIP: 000000000<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |  22207666 | NS      | $47126790.02  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd                                                      | GDS Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |   2631830 | NS      | $6814815.34   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                                     | Bharti Airtel Ltd                                                     | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    877087 | NS      | $4587333.32   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| China Conch Venture Holdings Ltd                                      | China Conch Venture Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 836800AA0Q4R3O6ZDB17 | Long             | EC               | CORP              | KY        |   7344029 | NS      | $15931601.87  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                                | Yum China Holdings Inc                                                | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    847322 | NS      | $46306147.30  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                                            | JD.com Inc                                                            | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    209580 | NS      | $5850764.96   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Financial Services Ltd                                            | Max Financial Services Ltd                                            | CUSIP: 000000000<br>LEI: 335800Y9FX8XGFB64S40 | Long             | EC               | CORP              | IN        |   5053057 | NS      | $41260532.93  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                                    | Midea Group Co Ltd                                                    | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     46200 | NS      | $343099.69    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                                         | Budweiser Brewing Co APAC Ltd                                         | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |  19106298 | NS      | $59726205.06  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co Ltd                  | Beijing Oriental Yuhong Waterproof Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 300300XMIXB7STDZWT60 | Long             | EC               | CORP              | CN        |    683030 | NS      | $3281629.66   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Jubilant Foodworks Ltd                                                | Jubilant Foodworks Ltd                                                | CUSIP: 000000000<br>LEI: 9845000D3B99893F5B14 | Long             | EC               | CORP              | IN        |   4037947 | NS      | $24895115.84  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT                                  | Bank Negara Indonesia Persero Tbk PT                                  | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |  34866071 | NS      | $20657014.41  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                                                 | Delta Electronics Inc                                                 | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   8380054 | NS      | $77682984.70  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Edelweiss Financial Services Ltd                                      | Edelweiss Financial Services Ltd                                      | CUSIP: 000000000<br>LEI: 335800GA1YN8NAGS8V55 | Long             | EC               | CORP              | IN        |  36262120 | NS      | $28030808.11  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Glodon Co Ltd                                                         | Glodon Co Ltd                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   4618632 | NS      | $39748579.36  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Venustech Group Inc                                                   | Venustech Group Inc                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   9059958 | NS      | $33934142.61  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                                           | Naspers Ltd                                                           | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    132126 | NS      | $22079005.35  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                                            | JD.com Inc                                                            | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |   1021828 | NS      | $57355205.64  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                                           | B3 SA - Brasil Bolsa Balcao                                           | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  12105223 | NS      | $30246377.64  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                                             | Baidu Inc                                                             | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    596493 | NS      | $68226869.34  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                                                           | Zai Lab Ltd                                                           | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |   1086768 | NS      | $33363777.60  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7600 | NS      | $4455272.00   | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Estun Automation Co Ltd                                               | Estun Automation Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |  19172780 | NS      | $59696367.48  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd                             | Shenzhou International Group Holdings Ltd                             | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |   3633168 | NS      | $40516533.12  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                                       | Norsk Hydro ASA                                                       | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |   2950296 | NS      | $22045685.13  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Communications Ltd                                               | Tata Communications Ltd                                               | CUSIP: 000000000<br>LEI: 3358004PBWAYF65RLI81 | Long             | EC               | CORP              | IN        |   4089369 | NS      | $62903908.33  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                                               | Sberbank of Russia PJSC                                               | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  17949100 | NS      | $14091.56     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.                                        | CODERE ONLINE LUXEMBOURG, S.A.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26518 | NS      | $68416.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd                                | China Tourism Group Duty Free Corp Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     90250 | NS      | $2793567.97   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ozon Holdings PLC                                                     | Ozon Holdings PLC                                                     | CUSIP: 69269L104<br>LEI: 213800GXSI7E5V776B13 | Long             | EC               | CORP              | CY        |   1873612 | NS      | $374722.40    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PINE LABS PTE. LTD                                                    | PINE LABS PTE. LTD                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6833 | NS      | $4005641.26   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Glencore PLC                                                          | Glencore PLC                                                          | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   9987322 | NS      | $66601891.97  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Asian Paints Ltd                                                      | Asian Paints Ltd                                                      | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |    468916 | NS      | $17432488.59  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                                             | SBI Life Insurance Co Ltd                                             | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |   4128052 | NS      | $61268771.43  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Han's Laser Technology Industry Group Co Ltd                          | Han's Laser Technology Industry Group Co Ltd                          | CUSIP: 000000000<br>LEI: 300300MZXZR87BGKOZ23 | Long             | EC               | CORP              | CN        |   3943550 | NS      | $14495604.73  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                                         | Credicorp Ltd                                                         | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    458041 | NS      | $62137842.06  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Venustech Group Inc                                                   | Venustech Group Inc                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1384906 | NS      | $5187202.01   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                             | Taiwan Semiconductor Manufacturing Co Ltd                             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   3157911 | NS      | $235232790.39 | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Hengli Hydraulic Co Ltd                                       | Jiangsu Hengli Hydraulic Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   7213046 | NS      | $65406413.63  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                                        | ICICI Bank Ltd                                                        | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   6154358 | NS      | $66194842.70  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  19523896 | NS      | $4194508.31   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                                             | InPost SA                                                             | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |   6732703 | NS      | $56882950.30  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Inter & Co Inc                                                        | Inter & Co Inc                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   2199111 | NS      | $4632454.24   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                                         | AIA Group Ltd                                                         | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   4458215 | NS      | $49233768.98  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ayala Land Inc                                                        | Ayala Land Inc                                                        | CUSIP: 000000000<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |  63726965 | NS      | $35375382.31  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                                  | Tencent Holdings Ltd                                                  | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   2765622 | NS      | $117263379.07 | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd                       | Shenzhen Mindray Bio-Medical Electronics Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1046229 | NS      | $47444123.06  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Merdeka Copper Gold Tbk PT                                            | Merdeka Copper Gold Tbk PT                                            | CUSIP: 000000000<br>LEI: 894500DF5TJXCOE26L58 | Long             | EC               | CORP              | ID        |  99307116 | NS      | $26236234.90  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Han's Laser Technology Industry Group Co Ltd                          | Han's Laser Technology Industry Group Co Ltd                          | CUSIP: 000000000<br>LEI: 300300MZXZR87BGKOZ23 | Long             | EC               | CORP              | CN        |    144500 | NS      | $531149.57    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Titan Co Ltd                                                          | Titan Co Ltd                                                          | CUSIP: 000000000<br>LEI: 549300RO9VJWPK37FE54 | Long             | EC               | CORP              | IN        |   1124284 | NS      | $35275850.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Aerospace Industries Ltd                                        | Korea Aerospace Industries Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    923409 | NS      | $37319614.24  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                                   | Hangzhou Tigermed Consulting Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |    153957 | NS      | $2312480.80   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd                                                   | Muthoot Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 335800HAMJMBFL4RRF02 | Long             | EC               | CORP              | IN        |   3019116 | NS      | $38749603.48  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Fix Price Group PLC                                                   | Fix Price Group PLC                                                   | CUSIP: 000000000<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | CY        |   2384838 | NS      | $95393.52     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Peggy Wong

**Name of Signer:** Peggy Wong

**Title:** Chief Financial Officer and Treasurer