BARON SELECT FUNDS

BARON

SELECT

FUNDS

April 8, 2021

State Street Bank and Trust Company

Attention: Xxxxxxxx Xxxxxxx

I Iron Street

Boston, MA 02210

Re: Baron Select Funds (the “Fund”)

Ladies and Gentlemen:

Please be advised that the undersigned Fund has established a new series of shares to be known as Baron New Asia Fund.

In accordance with Section 18.6, the Additional Portfolios provision, of the Master Custodian Agreement (the “Master Custodian Agreement”) dated as of March 28, 2007 by and among each registered management investment company party thereto and State Street Bank and Trust Company, the undersigned Fund hereby requests that your bank act as Custodian for Baron New Asia Fund under the terms of the aforementioned contract. In connection with such request, the undersigned Fund hereby confirm to you, as of the date hereof, its representations and warranties set forth in Section 18.7 of the aforementioned contract. In addition, we are hereby requesting that your bank act as Administrator for Baron New Asia Fund pursuant to the Administration Agreement dated as of April 13, 2007 by and among each registered investment company party thereto and State Street Bank and Trust Company. In connection with such request, the undersigned Fund hereby confirms to you, as of the date hereof, its representations and warranties set forth in Section 4 of the aforementioned contract. Further, the undersigned Fund hereby requests that State Street Bank and Trust Company as Administrator render services to the Baron New Asia Fund in accordance with Schedule B6 to the Administration Agreement, and that Annex I to Schedule B6 be hereby amended and restated as set forth on Exhibit A attached hereto.

Kindly indicate your acceptance of the foregoing by executing three copies of this letter agreement, returning one to each of the Funds and retaining one for your records.

Sincerely,
BARON SELECT FUNDS, on behalf of BARON NEW ASIA FUND
By:
Name: Xxxxxxx X. Xxxxxxxx
Title: General Xxxxxxx, Xxxx Authorized

Agreed and Accepted:
STATE STREET BANK AND TRUST COMPANY
By:
Name:		Xxxxxxx X. Xxxxxxxx
Title:		Senior Vice President
Effective Date: April 8, 2021

EXHIBIT A

ANNEX I

EACH MANAGEMENT INVESTMENT

COMPANY IDENTIFIED ON SCHEDULE A

Further to the Amendment dated as of March 26, 2018 to the Administration Agreement dated as of April 13, 2007, among Baron Investment Funds Trust and Baron Select Funds, (each, a “Trust” and collectively, the “Trusts”), and State Street Bank and Trust Company (the “Administrator”), the Trusts and the Administrator mutually agree to update this Annex 1 by adding/removing Funds as applicable:

Form N-PORT Services and Quarterly Portfolio of Investments Services		Service Type
BARON INVESTMENT FUNDS TRUST		Standard N-PORT Reporting Solution (Data and Filing)
Baron Asset Fund Baron Growth Fund Baron Small Cap Fund Baron Opportunity Fund Baron Fifth Avenue Growth Fund Baron Discovery Fund Baron Durable Advantage		Standard
BARON SELECT FUNDS		Standard N-PORT Reporting Solution (Data and Filing)
Baron Partners Fund Baron Focused Growth Fund Baron Energy and Resources Fund Baron International Growth Fund Baron Real Estate Fund Baron Emerging Markets Fund Baron Global Advantage Fund Baron WealthBuilder Fund Baron Real Estate Income Fund Baron Health Care Fund Baron New Asia Fund		Standard
Form N-CEN Services
BARON INVESTMENT FUNDS TRUST BARON SELECT FUNDS

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this Annex 1 as of the last signature date set forth below.

BARON INVESTMENT FUNDS TRUST
By:
Name:		Xxxxxxx X. Xxxxxxxx
Title:		General Counsel
Date:		April 8, 2021
BARON SELECT FUNDS
By:
Name:		Xxxxxxx X. Xxxxxxxx
Title:		General Counsel
Date:		April 8, 2021
STATE STREET BANK AND TRUST COMPANY
By:
Name:		Xxxxxxx X. Xxxxxxxx
Title:		Senior Vice President
Date:		April 12, 2021