40-17G/A

Chubb Group of Insurance Companies 15 Mountain View Road, Warren, New Jersey 07059 DECLARATIONS FINANCIAL INSTITUTION INVESTMENT COMPANY ASSET PROTECTION BOND

NAME OF ASSURED (including its Subsidiaries):	Bond Number: 81522394
BARON INVESTMENT FUNDS TRUST & ALL SERIES THEREOF; and BARON SELECT FUNDS & ALL SERIES THEREOF 767 Fifth Avenue New York, NY 10153	VIGILANT INSURANCE COMPANY A stock insurance company incorporated under the laws of New York, herein called the COMPANY 55 Water Street New York NY 10041-2899

ITEM 1. BOND PERIOD: from 12:01 a.m. on January 15, 2009 to 12:01 a.m. on January 15, 2010

ITEM 2. LIMITS OF LIABILITY—DEDUCTIBLE AMOUNTS:

If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. THERE SHALL BE NO DEDUCTIBLE APPLICABLE TO ANY LOSS UNDER INSURING CLAUSE 1. SUSTAINED BY ANY INVESTMENT COMPANY.

INSURING CLAUSE		LIMIT OF LIABILITY		DEDUCTIBLE AMOUNT
1.	Employee	$	6,000,000	$	0
2.	On Premises	$	6,000,000	$	25,000
3.	In Transit	$	6,000,000	$	25,000
4.	Forgery or Alteration	$	6,000,000	$	25,000
5.	Extended Forgery	$	6,000,000	$	25,000
6.	Counterfeit Money	$	6,000,000	$	25,000
7.	Threats to Person	$	6,000,000	$	25,000
8.	Computer System	$	6,000,000	$	25,000
9.	Voice Initiated Funds Transfer Instruction	$	6,000,000	$	25,000
10.	Uncollectible Items of Deposit	$	500,000	$	25,000
11.	Audit Expense	$	25,000	$	0
12.	Telefacsimile Instruction Fraud	$	500,000	$	25,000
13.	Extended Computer Systems Coverage	$	500,000	$	25,000
14.	Unauthorized Signature Coverage	$	25,000	$	10,000

ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH: Endorsement Nos.: 1 - 8

IN WITNESS WHEREOF, the COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.

/s/ W. Andrew Macan	/s/ Thomas F. Motomed
Secretary	President
Countersigned by __________	/s/ Robert Hamburger
	Authorized Representative

ICAP Bond (5-98) - Vigilant

Form 17-02-1422 (Ed. 5-98) Page 1 of 1

VIGILANT INSURANCE COMPANY

Endorsement No: 8

Bond Number: 81522394

NAME OF ASSURED: BARON INVESTMENT FUNDS TRUST & ALL SERIES THEREOF; and BARON SELECT FUNDS & ALL SERIES THEREOF

NAME OF ASSURED ENDORSEMENT

It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:

Baron	Investment Funds Trust
Baron	Asset Fund
Baron	Growth Fund
Baron	Small Cap Fund
Baron	iOpportunity Fund
Baron	Fifth Avenue Growth Fund
Baron	Select Funds
Baron	Partners Fund
Baron	Retirement Income Fund
Baron	International Growth Fund
Baron	Real Estate Fund

This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 18, 2009	By	/s/ Robert Hamburger
		Authorized Representative

ICAP Bond

Form 17-02-0949 (Rev. 1-97) Page 1

EX-99.CERT

[Registered Logo]

B A R O N

F U N D S

SECRETARY’S CERTIFICATE

I, Patrick M. Patalino, Secretary of Baron Investment Funds Trust and all series thereof and Baron Select Funds and all series thereof (collectively the “Trusts”), organized under the laws of the Commonwealth of Massachusetts and the laws of the State of Delaware, respectively, do hereby certify that the following is a true copy of resolutions duly adopted by the Board of Trustees of the Trusts, at a meeting held the 26^th day of October, 2009, at which a quorum was present and voting, and that the same has not been repealed or amended, and remains in full force and effect and does not conflict with the by-laws of the Trusts.

RESOLVED, that the bond required pursuant to Rule 17g-l under the Investment Company Act of 1940 be amended to include Baron Real Estate Fund and that all steps to effectuate the amendment and the filing of the bond with the SEC as required be taken; and

RESOLVED, that the premium on such bond and the allocation thereof among the jointly insured parties is hereby approved.

Date:	October 26, 2009
/s/ Patrick M. Patalino
Patrick M. Patalino Vice President, General Counsel and Secretary

EX-99.AGMNT

JOINT INSURED AGREEMENT

This Agreement, dated as of December 18, 2009, is among all parties named as an insured in a joint insurance bond entered into pursuant to Section 17(g) of the Investment Company Act of 1940.

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 insureds, the registered management investment company shall receive an equitable and proportionate share of the recovery, at least equal to the amount that 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/ Patrick M. Patalino
	Patrick M. Patalino

Baron Select Funds and all series thereof

By:	/s/ Linda S. Martinson
	Linda S. Martinson