# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001410368-26-021319
**Filing Date:** 2026-3
**Character Count:** 37390
**Document Hash:** 4e4fdfd680f6b2a72994d1929476caa2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-021319.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001410368-26-021319

**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:** 26704656

**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:** 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:** $3617440828.75

**Total Liabilities:** $75779823.54

**Net Assets:** $3541661005.21

**Cash Not Reported:** $52228223.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095861 | 1.84%                | -4.01%               | 0.94%                |
| Class ID C000095862 | 1.87%                | -3.98%               | 0.94%                |
| Class ID C000165215 | 1.87%                | -3.97%               | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8181264.71              | $67759430.20                               |
| Month 2  | $114181563.33            | $-266290409.40                             |
| Month 3  | $14341158.57             | $8919617.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Ltd                           | Alibaba Group Holding Ltd                           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    934105 | NS      | $136921110.90 | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                         | Coupang Inc                                         | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   1766295 | NS      | $41666899.05  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                              | Grupo Mexico SAB de CV                              | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |   5629188 | NS      | $53204931.15  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Full Truck Alliance Co Ltd                          | Full Truck Alliance Co Ltd                          | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |   4869031 | NS      | $52244702.63  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                                    | GDS Holdings Ltd                                    | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |   1047678 | NS      | $36563962.20  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                             | Sberbank of Russia PJSC                             | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  17949100 | NS      | $13138.47     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MercadoLibre Inc                                    | MercadoLibre Inc                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     14095 | NS      | $28390994.70  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                             | Reliance Industries Ltd                             | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   2863804 | NS      | $50112603.79  | 1.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                             | Mahindra & Mahindra Ltd                             | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |    670046 | NS      | $27672262.10  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Communications Ltd                             | Tata Communications Ltd                             | CUSIP: 000000000<br>LEI: 3358004PBWAYF65RLI81 | Long             | EC               | CORP              | IN        |   1159644 | NS      | $23551862.96  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consumer Products Ltd                          | Tata Consumer Products Ltd                          | CUSIP: 000000000<br>LEI: 335800LOXFWU8ZQJMD12 | Long             | EC               | CORP              | IN        |   1327155 | NS      | $17600716.81  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                             | Kotak Mahindra Bank Ltd                             | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   1275933 | NS      | $31299215.09  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                      | Chroma ATE Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    767181 | NS      | $18975034.96  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                               | Delta Electronics Inc                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   1688815 | NS      | $51515501.50  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Enerbility Co Ltd                            | Doosan Enerbility Co Ltd                            | CUSIP: 000000000<br>LEI: 988400TK5NA3GLSTN506 | Long             | EC               | CORP              | KR        |    431079 | NS      | $22547181.00  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Cummins India Ltd                                   | Cummins India Ltd                                   | CUSIP: 000000000<br>LEI: 3358002PR6NKJRU4YS77 | Long             | EC               | CORP              | IN        |    656193 | NS      | $32383708.16  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co Ltd         | Kingdee International Software Group Co Ltd         | CUSIP: 000000000<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |  28558633 | NS      | $48960212.64  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| JM Financial Ltd                                    | JM Financial Ltd                                    | CUSIP: 000000000<br>LEI: 254900XWK81ULQY0IE29 | Long             | EC               | CORP              | IN        |  21289939 | NS      | $35579027.08  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SRF Ltd                                             | SRF Ltd                                             | CUSIP: 000000000<br>LEI: 335800436F28GT8ZW506 | Long             | EC               | CORP              | IN        |    471922 | NS      | $16169806.84  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   3022347 | NS      | $70938964.07  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |    304677 | NS      | $85971196.07  | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                        | SK hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    155906 | NS      | $70606369.02  | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                          | BYD Co Ltd                                          | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |   2577086 | NS      | $31493939.95  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                       | FirstRand Ltd                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   4931934 | NS      | $27026950.07  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc                                  | E Ink Holdings Inc                                  | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   3151216 | NS      | $19798882.37  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                          | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1424710 | NS      | $119411911.94 | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   8250287 | NS      | $405561466.94 | 11.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Pony AI Inc                                         | Pony AI Inc                                         | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | KY        |   2212113 | NS      | $32075638.50  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile SA               | Sociedad Quimica y Minera de Chile SA               | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |    478333 | NS      | $32909310.40  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     34442 | NS      | $10466579.38  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    372856 | NS      | $28542126.80  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                   | Tencent Music Entertainment Group                   | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   1764998 | NS      | $30940414.94  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THINK + LEARN PRIVATE LIMITED                       | THINK + LEARN PRIVATE LIMITED                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IN        |     15334 | NS      | $70045.87     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CODERE ONLINE LUXEMBOURG, S.A.                      | CODERE ONLINE LUXEMBOURG, S.A.                      | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | Long             | EC               | CORP              | US        |   2176630 | NS      | $17478338.90  | 0.49%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc                           | Wuxi Biologics Cayman Inc                           | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |   2962955 | NS      | $11981636.54  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| REFUNDABLE DEPOSIT SHENZHEN                         | REFUNDABLE DEPOSIT SHENZHEN                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CN        |     43317 | NS      | $6198.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                           | XPeng Inc                                           | CUSIP: 98422D105<br>LEI: 549300TZNMIREMWQU857 | Long             | EC               | CORP              | KY        |    841016 | NS      | $17055804.48  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                                         | Zai Lab Ltd                                         | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |   1179109 | NS      | $20799482.76  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Aerospace Industries Ltd                      | Korea Aerospace Industries Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    287484 | NS      | $22778188.05  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Properties Ltd                               | Godrej Properties Ltd                               | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    724998 | NS      | $16174417.28  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd                             | InterGlobe Aviation Ltd                             | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |    739461 | NS      | $41709603.89  | 1.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd                            | Samsung Biologics Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     19095 | NS      | $22421051.47  | 0.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bharat Electronics Ltd                              | Bharat Electronics Ltd                              | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |   5383632 | NS      | $23963619.33  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Life India Asset Management Ltd              | Nippon Life India Asset Management Ltd              | CUSIP: 000000000<br>LEI: 335800ZQXV958RZSRU89 | Long             | EC               | CORP              | IN        |   3622817 | NS      | $35489213.46  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd                                         | Eternal Ltd                                         | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |  10400268 | NS      | $32230243.12  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd                  | HD Hyundai Heavy Industries Co Ltd                  | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |    111052 | NS      | $39140163.81  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    730401 | NS      | $13751533.37  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaynes Technology India Ltd                         | Kaynes Technology India Ltd                         | CUSIP: 000000000<br>LEI: 335800BMPIF3PQ2IPI37 | Long             | EC               | CORP              | IN        |    448053 | NS      | $20008172.92  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Jio Financial Services Ltd                          | Jio Financial Services Ltd                          | CUSIP: 000000000<br>LEI: 3358003O268Q1OGBQR42 | Long             | EC               | CORP              | IN        |   5880974 | NS      | $19315099.13  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiggy Ltd                                          | Swiggy Ltd                                          | CUSIP: 000000000<br>LEI: 335800R11DC3QR7KH186 | Long             | EC               | CORP              | IN        |   8882772 | NS      | $38237866.17  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Pine Labs Ltd                                       | Pine Labs Ltd                                       | CUSIP: 000000000<br>LEI: 335800PNP7BSLLVIBK61 | Long             | EC               | CORP              | IN        |  13643347 | NS      | $36329372.89  | 1.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Naspers Ltd                                         | Naspers Ltd                                         | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    329615 | NS      | $21982505.91  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Episholdings Co Ltd                         | Samsung Episholdings Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10263 | NS      | $5293401.13   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Bank SA                                     | Piraeus Bank SA                                     | CUSIP: 000000000<br>LEI: 213800OYHR1MPQ5VJL60 | Long             | EC               | CORP              | GR        |   4699668 | NS      | $37523600.24  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                          | China Mengniu Dairy Co Ltd                          | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |  16116638 | NS      | $30936663.93  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                              | Localiza Rent a Car SA                              | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |   5077227 | NS      | $40183963.84  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| DCW Ltd                                             | DCW Ltd                                             | CUSIP: 000000000<br>LEI: 9845003NGD60E4B46F52 | Long             | EC               | CORP              | IN        |   5570336 | NS      | $3617312.28   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                               | Hyundai Glovis Co Ltd                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |    265630 | NS      | $33342004.83  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd                        | Godrej Consumer Products Ltd                        | CUSIP: 000000000<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |   1372408 | NS      | $18680149.30  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Grid Corp of India Ltd                        | Power Grid Corp of India Ltd                        | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | CORP              | IN        |   9638530 | NS      | $28421694.72  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ISC Co Ltd                                          | ISC Co Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    476036 | NS      | $36782608.69  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| eMemory Technology Inc                              | eMemory Technology Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    302226 | NS      | $16598640.33  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                     | BDO Unibank Inc                                     | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |  12982090 | NS      | $29649616.89  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                               | ASPEED Technology Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     97743 | NS      | $22487749.14  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Park Systems Corp                                   | Park Systems Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     92801 | NS      | $13476143.71  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Trent Ltd                                           | Trent Ltd                                           | CUSIP: 000000000<br>LEI: 335800IYA8EHI7MW7G59 | Long             | EC               | CORP              | IN        |    609323 | NS      | $29059125.57  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Absa Group Ltd                                      | Absa Group Ltd                                      | CUSIP: 000000000<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |   2036599 | NS      | $29434686.79  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd              | Contemporary Amperex Technology Co Ltd              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   1649500 | NS      | $86734892.67  | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Cholamandalam Investment and Finance Co Ltd         | Cholamandalam Investment and Finance Co Ltd         | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |   1063553 | NS      | $20173140.87  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                               | Hanwha Systems Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    461247 | NS      | $17421073.04  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                       | HDFC Bank Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   3124601 | NS      | $34517129.38  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                                 | Kuaishou Technology                                 | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |   4911081 | NS      | $40597002.71  | 1.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GPS Participacoes e Empreendimentos SA              | GPS Participacoes e Empreendimentos SA              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   9630303 | NS      | $28315199.74  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd                        | Max Healthcare Institute Ltd                        | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |   4052398 | NS      | $47135142.03  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   1961346 | NS      | $150520619.14 | 4.25%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                           | InPost SA                                           | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |   3542313 | NS      | $43530482.89  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                   | Fuyao Glass Industry Group Co Ltd                   | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |   3436750 | NS      | $31861516.32  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengli Hydraulic Co Ltd                     | Jiangsu Hengli Hydraulic Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3007093 | NS      | $47258357.18  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| XPeng Inc                                           | XPeng Inc                                           | CUSIP: 000000000<br>LEI: 549300TZNMIREMWQU857 | Long             | EC               | CORP              | KY        |    725673 | NS      | $7378546.04   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Shuanghuan Driveline Co Ltd                | Zhejiang Shuanghuan Driveline Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   7620832 | NS      | $51746173.94  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvama Wealth Management Ltd                        | Nuvama Wealth Management Ltd                        | CUSIP: 000000000<br>LEI: 3358002Y23HZBJW49C38 | Long             | EC               | CORP              | IN        |   1129325 | NS      | $18597468.15  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| HPSP Co Ltd                                         | HPSP Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    475181 | NS      | $11068338.37  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Inter & Co Inc                                      | Inter & Co Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1008173 | NS      | $8572311.17   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Talabat Holding PLC                                 | Talabat Holding PLC                                 | CUSIP: 000000000<br>LEI: 529900MAA20AIKRXOA24 | Long             | EC               | CORP              | AE        |  28541528 | NS      | $7289099.43   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SF Holding Co Ltd                                   | SF Holding Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5850207 | NS      | $26085058.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                              | Localiza Rent a Car SA                              | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EP               | CORP              | BR        |    195277 | NS      | $1478898.76   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                                   | Bajaj Finance Ltd                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   6935389 | NS      | $76268380.33  | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Sanhua Intelligent Controls Co Ltd         | Zhejiang Sanhua Intelligent Controls Co Ltd         | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |   8498344 | NS      | $41974531.67  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                           | SBI Life Insurance Co Ltd                           | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |   1870192 | NS      | $42391700.06  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA                                | Banco BTG Pactual SA                                | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |   4188048 | NS      | $40120955.67  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Afya Ltd                                            | Afya Ltd                                            | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |    925480 | NS      | $14261646.80  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                       | Credicorp Ltd                                       | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    236839 | NS      | $67972793.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                      | NU Holdings Ltd/Cayman Islands                      | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |   1351153 | NS      | $22618301.22  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc                                              | XP Inc                                              | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |   1011702 | NS      | $16561561.74  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg SA                         | Codere Online Luxembourg SA                         | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | LU        |     13259 | NS      | $10739.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer