# EDGAR Filing Document

**Accession Number:** 0001217673
**File Stem:** 0001752724-23-049937
**Filing Date:** 2023-3
**Character Count:** 41214
**Document Hash:** d6c77d77b98abaa2c1a0e7dda16c19c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049937.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049937

**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:** 23691956

**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 International Growth Fund (Series ID: S000024707)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000073358 | Retail Shares        | BIGFX           |
| C000077807 | Institutional Shares | BINIX           |
| C000174762 | R6 Shares            | BIGUX           |

## 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 International Growth Fund

- **b. EDGAR series identifier (if any):** S000024707

- **c. LEI of Series:** 549300FU1GI99J4NKZ96

**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:** $484087219.63

**Total Liabilities:** $719194.95

**Net Assets:** $483368024.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077807 | 3.22%                | 13.47%               | -1.94%               |
| Class ID C000073358 | 3.23%                | 13.46%               | -1.98%               |
| Class ID C000174762 | 3.22%                | 13.47%               | -1.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13701545.00            | $28022256.69                               |
| Month 2  | $-6317798.61             | $66476514.79                               |
| Month 3  | $-731431.95              | $-9280965.62                               |

### 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        |    688913 | NS      | $2071565.03   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd               | Hong Kong Exchanges & Clearing Ltd               | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     33852 | NS      | $1454628.52   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| S4 Capital PLC                                   | S4 Capital PLC                                   | CUSIP: 000000000<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |   1606733 | NS      | $3673796.01   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                         | Universal Music Group NV                         | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    221130 | NS      | $5347511.46   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE              | LVMH Moet Hennessy Louis Vuitton SE              | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      8907 | NS      | $6481555.77   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                           | Grupo Mexico SAB de CV                           | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    982287 | NS      | $3463070.17   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                        | Suzano SA                                        | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    752643 | NS      | $6949219.71   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Dlocal Ltd/Uruguay                               | Dlocal Ltd/Uruguay                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     41140 | NS      | $640549.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                                      | StoneCo Ltd                                      | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |    203588 | NS      | $1921870.72   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovid Corp                                     | Innovid Corp                                     | CUSIP: 457679108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    257657 | NS      | $440593.47    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                       | Genmab A/S                                       | CUSIP: 372303206<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |    168945 | NS      | $7159889.10   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Heavy Industries Co Ltd                  | Hyundai Heavy Industries Co Ltd                  | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |     56167 | NS      | $5176528.75   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                               | Midea Group Co Ltd                               | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    546516 | NS      | $4055852.96   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                             | Tencent Holdings Ltd                             | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     29893 | NS      | $1266267.48   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp Ltd                                | Kingsoft Corp Ltd                                | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | KY        |    940208 | NS      | $3115903.36   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Meyer Burger Technology AG                       | Meyer Burger Technology AG                       | CUSIP: 000000000<br>LEI: 529900ULZXRB8EM0TH56 | Long             | EC               | CORP              | CH        |  18212446 | NS      | $10582659.21  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker Carbon Capture ASA                          | Aker Carbon Capture ASA                          | CUSIP: 000000000<br>LEI: 549300JXF011KX2HXT02 | Long             | EC               | CORP              | NO        |   1985524 | NS      | $2330298.63   | 0.48%             |  |  |  | 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        |    556395 | NS      | $4451160.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada                | Constellation Software Inc/Canada                | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      5360 | NS      | $8368408.86   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                                 | GDS Holdings Ltd                                 | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |     54307 | NS      | $1119810.34   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Watches of Switzerland Group PLC                 | Watches of Switzerland Group PLC                 | CUSIP: 000000000<br>LEI: 2138008ZOT5K9PJW7168 | Long             | EC               | CORP              | GB        |    389494 | NS      | $3805533.76   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                   | BNP Paribas SA                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    147879 | NS      | $8420101.92   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                           | Arch Capital Group Ltd                           | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    222670 | NS      | $13979222.60  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                         | Agilent Technologies Inc                         | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     50934 | NS      | $7622273.10   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp                         | Renesas Electronics Corp                         | CUSIP: 000000000<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    565360 | NS      | $4996797.47   | 1.03%             |  |  |  | No            |                  2 | 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        |    106742 | NS      | $3304055.76   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                       | Tenaris SA                                       | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     92452 | NS      | $3250612.32   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                           | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    104413 | NS      | $5428431.87   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                       | FIXED INC CLEARING CORP.REPO                     | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  14380099 | PA      | $14380098.73  | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                          | Reliance Industries Ltd                          | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    251616 | NS      | $7724764.84   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Vivendi SE                                       | Vivendi SE                                       | CUSIP: 000000000<br>LEI: 969500FU4DRAEVJW7U54 | Long             | EC               | CORP              | FR        |    418139 | NS      | $3994453.04   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| J D Wetherspoon PLC                              | J D Wetherspoon PLC                              | CUSIP: 000000000<br>LEI: 213800CHWARFAAN7UB85 | Long             | EC               | CORP              | GB        |    165379 | NS      | $883514.18    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Taboola.com Ltd                                  | Taboola.com Ltd                                  | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | Long             | EC               | CORP              | IL        |    398398 | NS      | $1227065.84   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd                               | Tokyo Electron Ltd                               | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     11352 | NS      | $3335543.37   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Ceres Power Holdings PLC                         | Ceres Power Holdings PLC                         | CUSIP: 000000000<br>LEI: 213800N7AAHSXQUOA733 | Long             | EC               | CORP              | GB        |    472416 | NS      | $1997117.04   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                         | Lloyds Banking Group PLC                         | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   4462095 | NS      | $2435022.45   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                        | Alibaba Group Holding Ltd                        | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     54651 | NS      | $4814206.59   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Financial Ltd                                 | JM Financial Ltd                                 | CUSIP: 000000000<br>LEI: 254900XWK81ULQY0IE29 | Long             | EC               | CORP              | IN        |   2458395 | NS      | $2119267.69   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Dechra Pharmaceuticals PLC                       | Dechra Pharmaceuticals PLC                       | CUSIP: 000000000<br>LEI: 213800J4UVB5OWG8VX82 | Long             | EC               | CORP              | GB        |     85286 | NS      | $2688199.22   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                       | Tenaris SA                                       | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |    180573 | NS      | $3166835.03   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Z Holdings Corp                                  | Z Holdings Corp                                  | CUSIP: 000000000<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |   1101744 | NS      | $2751623.03   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                    | Industria de Diseno Textil SA                    | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    310534 | NS      | $8248104.24   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Properties Ltd                            | Godrej Properties Ltd                            | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    192887 | NS      | $2851023.24   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                    | HDFC Bank Ltd                                    | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    188193 | NS      | $3691132.70   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                      | Coupang Inc                                      | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     94120 | NS      | $1384505.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Shipbuilding & Offshore Engineering Co Ltd | Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |    117157 | NS      | $6587975.18   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC                                  | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    202571 | NS      | $13734313.80  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                      | Cie Financiere Richemont SA                      | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     29849 | NS      | $3870219.05   | 0.80%             |  |  |  | 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        |   1084717 | NS      | $1045269.03   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                                   | Dino Polska SA                                   | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |     55785 | NS      | $4791052.33   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                       | Symrise AG                                       | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     65317 | NS      | $7093752.35   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Afya Ltd                                         | Afya Ltd                                         | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |    225742 | NS      | $3526090.04   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd                     | Techtronic Industries Co Ltd                     | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    233058 | NS      | $2588536.95   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                               | Cellnex Telecom SA                               | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     85854 | NS      | $2847881.32   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                        | Nestle SA                                        | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     68981 | NS      | $7967950.66   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| WANdisco PLC                                     | WANdisco PLC                                     | CUSIP: 000000000<br>LEI: 213800Y1A75RSC698O04 | Long             | EC               | CORP              | JE        |    443392 | NS      | $4931556.98   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                   | Galaxy Entertainment Group Ltd                   | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    369613 | NS      | $2430076.45   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                     | Keyence Corp                                     | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     22724 | NS      | $8822468.20   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Innovid Corp                                     | Innovid Corp                                     | CUSIP: 457679116<br>LEI: N/A                  | N/A              | DE               |  | US        |     16052 | NS      | $6420.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd                          | Recruit Holdings Co Ltd                          | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    153600 | NS      | $4807983.30   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Newcrest Mining Ltd                              | Newcrest Mining Ltd                              | CUSIP: 000000000<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |    205746 | NS      | $2885033.79   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                        | Bank of Ireland Group PLC                        | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    486773 | NS      | $4638613.15   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                 | Pernod Ricard SA                                 | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     42700 | NS      | $8400047.96   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd                                | Bajaj Finance Ltd                                | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     89220 | NS      | $7067539.80   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Clariant AG                                      | Clariant AG                                      | CUSIP: 000000000<br>LEI: 529900VSEKBY7TMPP349 | Long             | EC               | CORP              | CH        |    360168 | NS      | $5719982.78   | 1.18%             |  |  |  | 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        |   1445015 | NS      | $3066459.95   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                | Bharti Airtel Ltd                                | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    670497 | NS      | $3506827.98   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                           | Yum China Holdings Inc                           | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     48221 | NS      | $2635277.65   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                       | JD.com Inc                                       | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     18506 | NS      | $516624.95    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Financial Services Ltd                       | Max Financial Services Ltd                       | CUSIP: 000000000<br>LEI: 335800Y9FX8XGFB64S40 | Long             | EC               | CORP              | IN        |    231007 | NS      | $1886278.33   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airport Terminal Co Ltd                    | Japan Airport Terminal Co Ltd                    | CUSIP: 000000000<br>LEI: 353800W9WEQSGUY2EO26 | Long             | EC               | CORP              | JP        |    137747 | NS      | $6793299.51   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Mister Spex SE                                   | Mister Spex SE                                   | CUSIP: 000000000<br>LEI: 391200SBGUML8UFGNW39 | Long             | EC               | CORP              | DE        |    235944 | NS      | $1016578.69   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Edelweiss Financial Services Ltd                 | Edelweiss Financial Services Ltd                 | CUSIP: 000000000<br>LEI: 335800GA1YN8NAGS8V55 | Long             | EC               | CORP              | IN        |   2775632 | NS      | $2145578.03   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Taboola.com Ltd                                  | Taboola.com Ltd                                  | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | N/A              | DE               |  | IL        |     56745 | NS      | $27805.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Endava PLC                                       | Endava PLC                                       | CUSIP: 29260V105<br>LEI: 213800JJ6CRPCWCQVZ25 | Long             | EC               | CORP              | GB        |     36289 | NS      | $2776108.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                     | Experian PLC                                     | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    170217 | NS      | $5764966.28   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                        | Argenx SE                                        | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     31524 | NS      | $11942236.92  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                       | JD.com Inc                                       | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     45737 | NS      | $2567217.81   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AMG Advanced Metallurgical Group NV              | AMG Advanced Metallurgical Group NV              | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | EC               | CORP              | NL        |    190455 | NS      | $7039582.24   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                                  | MonotaRO Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    246200 | NS      | $3467942.92   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Waga Energy SA                                   | Waga Energy SA                                   | CUSIP: 000000000<br>LEI: 969500O3NXA5XJF97623 | Long             | EC               | CORP              | FR        |    242654 | NS      | $7402842.26   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                      | B3 SA - Brasil Bolsa Balcao                      | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    706310 | NS      | $1764801.77   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                | eDreams ODIGEO SA                                | CUSIP: 000000000<br>LEI: 959800Y8LQ5MR2YZ4N96 | Long             | EC               | CORP              | ES        |   1317072 | NS      | $5559921.58   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Befesa SA                                        | Befesa SA                                        | CUSIP: 000000000<br>LEI: 222100VXGA8L6J4ZWG61 | Long             | EC               | CORP              | LU        |    118236 | NS      | $5703596.31   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                        | Baidu Inc                                        | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     32406 | NS      | $3706598.28   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                                      | Zai Lab Ltd                                      | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |     68216 | NS      | $2094231.20   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Estun Automation Co Ltd                          | Estun Automation Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    911536 | NS      | $2838158.47   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                  | Norsk Hydro ASA                                  | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    277292 | NS      | $2072026.71   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| B&M European Value Retail SA                     | B&M European Value Retail SA                     | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | LU        |    855972 | NS      | $4248873.13   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                          | Sberbank of Russia PJSC                          | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    487800 | NS      | $382.96       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Epiroc AB                                        | Epiroc AB                                        | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    331088 | NS      | $6028816.30   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                     | Glencore PLC                                     | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    901912 | NS      | $6014529.78   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co Ltd                                       | SMS Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    285300 | NS      | $7216604.42   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Okamoto Industries Inc                           | Okamoto Industries Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    105520 | NS      | $2958250.09   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                           | Eurofins Scientific SE                           | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     97330 | NS      | $6988111.50   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                    | Credicorp Ltd                                    | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     33255 | NS      | $4511373.30   | 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        |    103537 | NS      | $7712471.13   | 1.60%             |  |  |  | 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        |    327899 | NS      | $2973320.51   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Stevanato Group SpA                              | Stevanato Group SpA                              | CUSIP: 000000000<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |    304151 | NS      | $5465593.47   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| InPost SA                                        | InPost SA                                        | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |    732637 | NS      | $6189869.66   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke DSM NV                               | Koninklijke DSM NV                               | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |     56691 | NS      | $6961346.30   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                    | AIA Group Ltd                                    | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    292510 | NS      | $3230299.52   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                             | Tencent Holdings Ltd                             | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     41773 | NS      | $1771190.40   | 0.37%             |  |  |  | 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        |     74570 | NS      | $3381581.14   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                      | Wix.com Ltd                                      | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     38998 | NS      | $2996216.34   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                        | Linde PLC                                        | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |     34980 | NS      | $11402118.56  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SimilarWeb Ltd                                   | SimilarWeb Ltd                                   | CUSIP: 000000000<br>LEI: 254900GWO7PNBAYCPJ12 | Long             | EC               | CORP              | IL        |     76364 | NS      | $491020.52    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Future PLC                                       | Future PLC                                       | CUSIP: 000000000<br>LEI: 213800K2581YRLEXV353 | Long             | EC               | CORP              | GB        |    274336 | NS      | $4181531.57   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-20

**Name of Applicant:** BARON SELECT FUNDS

**Signature:** Peggy Wong

**Name of Signer:** Peggy Wong

**Title:** Chief Financial Officer and Treasurer