JOINT INSURED AGREEMENT

     This  Agreement,  as of November 5, 2007,  is among all parties named as an
insured in a joint  insurance  bond entered into  pursuant to Sec.  17(g) of the
Investment Company Act of 1940, as amended.

     The parties  hereto agree that in the event  recovery is received under the
aforesaid  bond as a result of a loss  sustained  by the  registered  management
investment  company and one or more named  insured,  the  registered  management
investment  company shall receive an equitable  and  proportionate  share of the
recovery,  but at least equal to the amount which it would have  received had it
provided  and  maintained  a  single  insured  bond  with the  minimum  coverage
required.

Baron Investment Funds Trust and all series thereof
By:
       /s/ Linda S. Martinson
        ----------------------
           Linda S. Martinson


Baron Select Funds and all series thereof
By:
       /s/ Peggy Wong
       ----------------
           Peggy Wong