JOINT INSURED AGREEMENT


     This  Agreement,  as of November 6, 2006,  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  other  named  insureds,  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
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Baron Capital Funds Trust and all series thereof
By:

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

   /s/ Ronald Baron
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