# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-25-209304
**Filing Date:** 2025-8
**Character Count:** 41602
**Document Hash:** a9f80ddb558741720f413b1f58295bc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209304.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209304

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001217673

**ORGANIZATION NAME:**
- **EIN:** 161651307
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21296
- **FILM NUMBER:** 251264274

**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:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4066556394.69

**Total Liabilities:** $53567208.80

**Net Assets:** $4012989185.89

**Cash Not Reported:** $2396936.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165215 | 2.39%                | 4.48%                | 7.79%                |
| Class ID C000095862 | 2.39%                | 4.55%                | 7.79%                |
| Class ID C000095861 | 2.34%                | 4.45%                | 7.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22067929.42             | $66832734.55                               |
| Month 2  | $35535588.64             | $126887693.86                              |
| Month 3  | $24939771.65             | $268727036.61                              |

### 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        |   4494769 | NS      | $41949969.54  | 1.05%             |  |  |  | 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        |   1319536 | NS      | $25069567.81  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| REFUNDABLE DEPOSIT SHENZHEN                         | REFUNDABLE DEPOSIT SHENZHEN                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | CN        |     43317 | NS      | $6045.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                     | Gold Fields Ltd                                     | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    170787 | NS      | $4044183.41   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd                        | Max Healthcare Institute Ltd                        | CUSIP: 000000000<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |   3635641 | NS      | $54093725.70  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc                              | eMemory Technology Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    272705 | NS      | $22077202.40  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd              | Contemporary Amperex Technology Co Ltd              | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   2345344 | NS      | $82678849.94  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                              | XP Inc                                              | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |   1650124 | NS      | $33332504.80  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd                                         | Eternal Ltd                                         | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |   9093080 | NS      | $28004833.01  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                              | Grupo Mexico SAB de CV                              | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |   6849407 | NS      | $41338449.88  | 1.03%             |  |  |  | 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      | $18677181.60  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sigma Lithium Corp                                  | Sigma Lithium Corp                                  | CUSIP: 826599102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    397275 | NS      | $1787737.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                           | Suzano SA                                           | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |   1424420 | NS      | $13425953.54  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HPSP Co Ltd                                         | HPSP Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    503837 | NS      | $10313680.40  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| PINE LABS PTE. LTD                                  | PINE LABS PTE. LTD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6174 | NS      | $2524363.38   | 0.06%             |  |  |  | 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      | $11050529.49  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Doosan Enerbility Co Ltd                            | Doosan Enerbility Co Ltd                            | CUSIP: 000000000<br>LEI: 988400TK5NA3GLSTN506 | Long             | EC               | CORP              | KR        |    862819 | NS      | $43713070.86  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                     | BDO Unibank Inc                                     | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |  15646730 | NS      | $42442812.04  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd                             | InterGlobe Aviation Ltd                             | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |    917441 | NS      | $63986067.97  | 1.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Piraeus Financial Holdings SA                       | Piraeus Financial Holdings SA                       | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |   4812972 | NS      | $33343227.43  | 0.83%             |  |  |  | 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        |    239855 | NS      | $75706606.71  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                  | Midea Group Co Ltd                                  | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   1728415 | NS      | $17422368.44  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    453657 | NS      | $29260876.50  | 0.73%             |  |  |  | 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      | $789936.84    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Full Truck Alliance Co Ltd                          | Full Truck Alliance Co Ltd                          | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |   6889149 | NS      | $81360849.69  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiggy Ltd                                          | Swiggy Ltd                                          | CUSIP: 000000000<br>LEI: 335800R11DC3QR7KH186 | Long             | EC               | CORP              | IN        |  14689512 | NS      | $68586046.99  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd                        | Godrej Consumer Products Ltd                        | CUSIP: 000000000<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |   2666405 | NS      | $36643068.44  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                          | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1123474 | NS      | $49681822.03  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA                                | Banco BTG Pactual SA                                | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |   4042274 | NS      | $31434370.16  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Indus Towers Ltd                                    | Indus Towers Ltd                                    | CUSIP: 000000000<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |  10840876 | NS      | $53171674.44  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                             | Reliance Industries Ltd                             | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   3369658 | NS      | $58979847.33  | 1.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                               | Hyundai Glovis Co Ltd                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |    257707 | NS      | $25657470.54  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Trent Ltd                                           | Trent Ltd                                           | CUSIP: 000000000<br>LEI: 335800IYA8EHI7MW7G59 | Long             | EC               | CORP              | IN        |    755981 | NS      | $54805877.53  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                           | Alibaba Group Holding Ltd                           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    841479 | NS      | $95432133.39  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Financial Ltd                                    | JM Financial Ltd                                    | CUSIP: 000000000<br>LEI: 254900XWK81ULQY0IE29 | Long             | EC               | CORP              | IN        |  26414053 | NS      | $49100913.41  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                          | FIXED INC CLEARING CORP.REPO                        | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  61643451 | PA      | $61643450.93  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Properties Ltd                               | Godrej Properties Ltd                               | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    899497 | NS      | $24595574.60  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                       | HDFC Bank Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   1214269 | NS      | $28347665.60  | 0.71%             |  |  |  | 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      | $73410.45     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kaynes Technology India Ltd                         | Kaynes Technology India Ltd                         | CUSIP: 000000000<br>LEI: 335800BMPIF3PQ2IPI37 | Long             | EC               | CORP              | IN        |    670836 | NS      | $47755602.51  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                     | Gold Fields Ltd                                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    511519 | NS      | $12107654.73  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                         | Coupang Inc                                         | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2191417 | NS      | $65654853.32  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Sanhua Intelligent Controls Co Ltd         | Zhejiang Sanhua Intelligent Controls Co Ltd         | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |  12750373 | NS      | $40850181.33  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Codere Online Luxembourg SA                         | Codere Online Luxembourg SA                         | CUSIP: 000000000<br>LEI: 222100ZJU57ZQLLYNO89 | N/A              | DE               |  | LU        |     13259 | NS      | $13524.18     | 0.00%             |  |  |  | No            |                  1 | 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        |    546258 | NS      | $147511946.65 | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                           | Wuxi Biologics Cayman Inc                           | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |   4350044 | NS      | $14293824.70  | 0.36%             |  |  |  | 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        |  11710476 | NS      | $40929827.59  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                      | Chroma ATE Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1502692 | NS      | $22752042.90  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvama Wealth Management Ltd                        | Nuvama Wealth Management Ltd                        | CUSIP: 000000000<br>LEI: 3358002Y23HZBJW49C38 | Long             | EC               | CORP              | IN        |    280232 | NS      | $26925668.07  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                                      | Dino Polska SA                                      | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |    192432 | NS      | $28120572.10  | 0.70%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ASPEED Technology Inc                               | ASPEED Technology Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    141970 | NS      | $23087744.28  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc                                         | Li Auto Inc                                         | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |    328829 | NS      | $8914554.19   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                   | Fuyao Glass Industry Group Co Ltd                   | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |   2305948 | NS      | $18343250.75  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Afya Ltd                                            | Afya Ltd                                            | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |   1148230 | NS      | $20507387.80  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD                                  | PINE LABS PTE. LTD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2459 | NS      | $1005411.33   | 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        |  21873026 | NS      | $45085099.32  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                              | Localiza Rent a Car SA                              | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |   5435419 | NS      | $40537295.08  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consumer Products Ltd                          | Tata Consumer Products Ltd                          | CUSIP: 000000000<br>LEI: 335800LOXFWU8ZQJMD12 | Long             | EC               | CORP              | IN        |   1565526 | NS      | $20066285.80  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                         | Naspers Ltd                                         | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     81792 | NS      | $25520201.26  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd                            | Samsung Biologics Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36424 | NS      | $26728572.02  | 0.67%             |  |  |  | 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        |  10438638 | NS      | $30375819.84  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                   | Tencent Music Entertainment Group                   | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   1882235 | NS      | $36684760.15  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PINE LABS PTE. LTD.                                 | PINE LABS PTE. LTD.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9573 | NS      | $3914112.51   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kotak Mahindra Bank Ltd                             | Kotak Mahindra Bank Ltd                             | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   1236808 | NS      | $31203483.13  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   3864120 | NS      | $90590661.69  | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                              | NARI Technology Co Ltd                              | CUSIP: 000000000<br>LEI: 3003006IGH1W58MAQM05 | Long             | EC               | CORP              | CN        |   9974377 | NS      | $31211848.91  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                               | Hanwha Systems Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    932602 | NS      | $40006556.88  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                             | Mahindra & Mahindra Ltd                             | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |    612129 | NS      | $22720516.51  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Cummins India Ltd                                   | Cummins India Ltd                                   | CUSIP: 000000000<br>LEI: 3358002PR6NKJRU4YS77 | Long             | EC               | CORP              | IN        |    737958 | NS      | $29267831.33  | 0.73%             |  |  |  | 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        |  38114127 | NS      | $75331886.56  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Jio Financial Services Ltd                          | Jio Financial Services Ltd                          | CUSIP: 000000000<br>LEI: 3358003O268Q1OGBQR42 | Long             | EC               | CORP              | IN        |   7296426 | NS      | $27832310.90  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   1015726 | NS      | $18136113.12  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                  | Midea Group Co Ltd                                  | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     46200 | NS      | $465694.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SF Holding Co Ltd                                   | SF Holding Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   9159395 | NS      | $52817573.47  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Talabat Holding PLC                                 | Talabat Holding PLC                                 | CUSIP: 000000000<br>LEI: 529900MAA20AIKRXOA24 | Long             | EC               | CORP              | AE        |  51674168 | NS      | $18840824.32  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                               | Delta Electronics Inc                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   4170581 | NS      | $59017673.29  | 1.47%             |  |  |  | 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        |   9353385 | NS      | $43724706.34  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd                                         | Zai Lab Ltd                                         | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |   1355698 | NS      | $47408759.06  | 1.18%             |  |  |  | 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      | $3107412.00   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shenzhou International Group Holdings Ltd           | Shenzhou International Group Holdings Ltd           | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |   2827572 | NS      | $20211838.16  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Park Systems Corp                                   | Park Systems Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    126656 | NS      | $26677080.99  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Communications Ltd                             | Tata Communications Ltd                             | CUSIP: 000000000<br>LEI: 3358004PBWAYF65RLI81 | Long             | EC               | CORP              | IN        |   1348467 | NS      | $26586975.55  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                             | Sberbank of Russia PJSC                             | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  17949100 | NS      | $13289.68     | 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        |   2176630 | NS      | $18479588.70  | 0.46%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ISC Co Ltd                                          | ISC Co Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    638101 | NS      | $28156862.79  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                        | SK Hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    298560 | NS      | $64334170.71  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc                                  | E Ink Holdings Inc                                  | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   3909662 | NS      | $29591582.30  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| PINE LABS PTE. LTD                                  | PINE LABS PTE. LTD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6833 | NS      | $2793808.71   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pony AI Inc                                         | Pony AI Inc                                         | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | KY        |   1531510 | NS      | $20215932.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                           | XPeng Inc                                           | CUSIP: 000000000<br>LEI: 549300TZNMIREMWQU857 | Long             | EC               | CORP              | KY        |    803120 | NS      | $7189235.75   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                           | SBI Life Insurance Co Ltd                           | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |   2212497 | NS      | $47428321.66  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   9796720 | NS      | $358259651.61 | 8.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                       | Credicorp Ltd                                       | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    322979 | NS      | $72192266.08  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     58756 | NS      | $13307646.44  | 0.33%             |  |  |  | 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        |   3367248 | NS      | $33866950.03  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| DCW Ltd                                             | DCW Ltd                                             | CUSIP: 000000000<br>LEI: 9845003NGD60E4B46F52 | Long             | EC               | CORP              | IN        |   6911023 | NS      | $6762516.43   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                    | MercadoLibre Inc                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     13663 | NS      | $35710026.69  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                                   | Bajaj Finance Ltd                                   | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   8415270 | NS      | $91906129.92  | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                           | InPost SA                                           | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |   3488280 | NS      | $58050935.30  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Inter & Co Inc                                      | Inter & Co Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1250828 | NS      | $9254989.90   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   2303012 | NS      | $148395977.27 | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                                     | KE Holdings Inc                                     | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |   1627876 | NS      | $28878520.24  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| XPeng Inc                                           | XPeng Inc                                           | CUSIP: 98422D105<br>LEI: 549300TZNMIREMWQU857 | Long             | EC               | CORP              | KY        |    400063 | NS      | $7153126.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                             | Meituan                                             | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |   1087202 | NS      | $17488771.16  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SRF Ltd                                             | SRF Ltd                                             | CUSIP: 000000000<br>LEI: 335800436F28GT8ZW506 | Long             | EC               | CORP              | IN        |    536293 | NS      | $20280547.49  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Aerospace Industries Ltd                      | Korea Aerospace Industries Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    740273 | NS      | $49160112.13  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                          | BYD Co Ltd                                          | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |   3460600 | NS      | $53881614.08  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer