0001193125-10-287307 Sample Contracts

ADVISORY AGREEMENT
Advisory Agreement • December 23rd, 2010 • Baron Select Funds • New York

This Advisory Agreement, made the 25th day of October, 2010 by and between BAMCO, Inc., a New York corporation (“BAMCO”) and Baron Emerging Markets Fund (“Client”), a series of Baron Select Funds, a Delaware statutory trust.

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