0000810902-15-000004.txt : 20151124 0000810902-15-000004.hdr.sgml : 20151124 20151124131921 ACCESSION NUMBER: 0000810902-15-000004 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151124 DATE AS OF CHANGE: 20151124 EFFECTIVENESS DATE: 20151124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 151251932 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 49TH FL CITY: NEW YORK STATE: NY ZIP: 10153 FORMER COMPANY: FORMER CONFORMED NAME: BARON ASSET FUND DATE OF NAME CHANGE: 19920703 0000810902 S000000582 BARON ASSET FUND C000001635 BARON ASSET FUND BARAX C000077818 Institutional Shares BARIX 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX C000077819 Institutional Shares BGRIX 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX C000077820 Institutional Shares BSFIX 0000810902 S000000585 BARON OPPORTUNITY FUND C000001638 BARON OPPORTUNITY FUND BIOPX C000077821 Institutional Shares BIOIX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX C000077822 Institutional Shares BFTIX 0000810902 S000042178 BARON DISCOVERY FUND C000130959 BARON DISCOVERY FUND BDFFX C000130960 Institutional Shares BDFIX NSAR-B 1 biftanswerfile.fil PAGE 1 000 B000000 09/30/2015 000 C000000 810902 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BARON INVESTMENT FUNDS TRUST 001 B000000 811-05032 001 C000000 2125832000 002 A000000 767 FIFTH AVENUE, 49TH FLOOR 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10153 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 6 007 C010100 1 007 C020100 Baron Asset Fund 007 C030100 N 007 C010200 2 007 C020200 Baron Growth Fund 007 C030200 N 007 C010300 3 007 C020300 Baron Small Cap Fund 007 C030300 N 007 C010400 4 007 C020400 Baron Opportunity Fund 007 C030400 N 007 C010500 5 007 C020500 Baron Fifth Avenue Growth Fund 007 C030500 N 007 C010600 6 007 C020600 Baron Discovery Fund 007 C030600 N 008 A00AA01 BAMCO, INC. 008 B00AA01 A 008 C00AA01 801-29080 008 D01AA01 NEW YORK 008 D02AA01 NY 008 D03AA01 10153 010 A00AA01 STATE STREET BANK AND TRUST CO. 010 B00AA01 85-05003 010 C01AA01 BOSTON 010 C02AA01 MA 010 C03AA01 02111 PAGE 2 011 A00AA01 BARON CAPITAL, INC. 011 B00AA01 8-27533 011 C01AA01 NEW YORK 011 C02AA01 NY 011 C03AA01 10153 012 A00AA01 DST SYSTEMS, INC. 012 B00AA01 84-00448 012 C01AA01 KANSAS CITY 012 C02AA01 MO 012 C03AA01 64105 013 A00AA01 PRICEWATERHOUSECOOPERS, LLP 013 B01AA01 NEW YORK 013 B02AA01 NY 013 B03AA01 10036 014 A00AA01 BARON CAPITAL, INC. 014 B00AA01 8-27533 015 A00AA01 STATE STREET BANK AND TRUST COMPANY 015 B00AA01 C 015 C01AA01 BOSTON 015 C02AA01 MA 015 C03AA01 02111 015 E01AA01 X 015 A00AA02 UNICREDIT BANK AUSTRIA AG 015 B00AA02 S 015 C01AA02 VIENNA 015 D01AA02 AUSTRIA 015 D02AA02 A-1090 015 E04AA02 X 015 A00AA03 THE HONGKONG AND SHANGHAI BANKING CORP. 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057 000300 N 057 000400 N 057 000500 N 057 000600 N 058 A00AA00 N 059 00AA00 Y 060 A00AA00 Y 060 B00AA00 Y 061 00AA00 500 062 A00AA00 N 062 B00AA00 0.0 062 C00AA00 0.0 062 D00AA00 0.0 062 E00AA00 0.0 062 F00AA00 0.0 062 G00AA00 0.0 062 H00AA00 0.0 062 I00AA00 0.0 062 J00AA00 0.0 062 K00AA00 0.0 062 L00AA00 0.0 062 M00AA00 0.0 062 N00AA00 0.0 062 O00AA00 0.0 062 P00AA00 0.0 062 Q00AA00 0.0 062 R00AA00 0.0 063 A00AA00 0 063 B00AA00 0.0 066 A000100 Y 066 B000100 N 066 C000100 Y 066 D000100 N 066 E000100 N 066 F000100 N 066 G000100 N 066 A000200 Y 066 B000200 N 066 C000200 Y 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 N 066 A000300 Y PAGE 17 066 B000300 N 066 C000300 Y 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 N 066 A000400 Y 066 B000400 N 066 C000400 Y 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 N 066 A000500 Y 066 B000500 N 066 C000500 Y 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 N 066 A000600 Y 066 B000600 N 066 C000600 Y 066 D000600 N 066 E000600 N 066 F000600 N 066 G000600 N 067 000100 N 067 000200 N 067 000300 N 067 000400 N 067 000500 N 067 000600 N 068 A000100 N 068 B000100 N 068 A000200 N 068 B000200 N 068 A000300 N 068 B000300 N 068 A000400 N 068 B000400 N 068 A000500 N 068 B000500 N 068 A000600 N 068 B000600 N 069 000100 N 069 000200 N 069 000300 N 069 000400 N 069 000500 N 069 000600 N PAGE 18 070 A010100 Y 070 A020100 Y 070 B010100 Y 070 B020100 N 070 C010100 Y 070 C020100 N 070 D010100 Y 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 N 070 F020100 N 070 G010100 N 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 Y 070 K010100 Y 070 K020100 N 070 L010100 Y 070 L020100 Y 070 M010100 Y 070 M020100 Y 070 N010100 Y 070 N020100 Y 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 N 070 R020100 N 070 A010200 Y 070 A020200 Y 070 B010200 Y 070 B020200 N 070 C010200 Y 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 N 070 E020200 N 070 F010200 N 070 F020200 N 070 G010200 N 070 G020200 N 070 H010200 N PAGE 19 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 N 070 L010200 Y 070 L020200 Y 070 M010200 Y 070 M020200 Y 070 N010200 Y 070 N020200 Y 070 O010200 Y 070 O020200 Y 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 070 A010300 Y 070 A020300 Y 070 B010300 Y 070 B020300 N 070 C010300 Y 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 N 070 E020300 N 070 F010300 N 070 F020300 N 070 G010300 N 070 G020300 N 070 H010300 N 070 H020300 N 070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 N 070 L010300 Y 070 L020300 Y 070 M010300 Y 070 M020300 N 070 N010300 Y 070 N020300 N 070 O010300 Y 070 O020300 N PAGE 20 070 P010300 Y 070 P020300 N 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 070 A010400 Y 070 A020400 Y 070 B010400 Y 070 B020400 N 070 C010400 Y 070 C020400 N 070 D010400 Y 070 D020400 N 070 E010400 N 070 E020400 N 070 F010400 N 070 F020400 N 070 G010400 N 070 G020400 N 070 H010400 N 070 H020400 N 070 I010400 N 070 I020400 N 070 J010400 Y 070 J020400 Y 070 K010400 Y 070 K020400 N 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 Y 070 N010400 Y 070 N020400 Y 070 O010400 Y 070 O020400 Y 070 P010400 Y 070 P020400 N 070 Q010400 Y 070 Q020400 N 070 R010400 Y 070 R020400 N 070 A010500 Y 070 A020500 Y 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 N PAGE 21 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 N 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 Y 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 Y 070 M010500 Y 070 M020500 Y 070 N010500 Y 070 N020500 Y 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 Y 070 Q020500 N 070 R010500 Y 070 R020500 N 070 A010600 Y 070 A020600 Y 070 B010600 Y 070 B020600 N 070 C010600 Y 070 C020600 N 070 D010600 Y 070 D020600 N 070 E010600 N 070 E020600 N 070 F010600 N 070 F020600 N 070 G010600 N 070 G020600 N 070 H010600 N 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 Y 070 K010600 Y 070 K020600 N 070 L010600 Y 070 L020600 Y PAGE 22 070 M010600 Y 070 M020600 Y 070 N010600 Y 070 N020600 Y 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 Y 070 Q020600 N 070 R010600 Y 070 R020600 N 071 A000100 368935 071 B000100 650610 071 C000100 2727331 071 D000100 14 071 A000200 539951 071 B000200 1426490 071 C000200 7772970 071 D000200 7 071 A000300 757470 071 B000300 1416363 071 C000300 5165171 071 D000300 15 071 A000400 161991 071 B000400 298915 071 C000400 386885 071 D000400 42 071 A000500 56351 071 B000500 19195 071 C000500 132004 071 D000500 15 071 A000600 105682 071 B000600 90879 071 C000600 79151 071 D000600 115 072 A000100 12 072 B000100 0 072 C000100 18080 072 D000100 0 072 E000100 847 072 F000100 27798 072 G000100 26 072 H000100 0 072 I000100 518 072 J000100 109 072 K000100 0 072 L000100 481 072 M000100 93 072 N000100 103 072 O000100 0 PAGE 23 072 P000100 0 072 Q000100 0 072 R000100 48 072 S000100 20 072 T000100 5087 072 U000100 0 072 V000100 0 072 W000100 62 072 X000100 34345 072 Y000100 0 072 Z000100 -15418 072AA000100 269032 072BB000100 0 072CC010100 0 072CC020100 189083 072DD010100 0 072DD020100 0 072EE000100 172707 072 A000200 12 072 B000200 0 072 C000200 72783 072 D000200 0 072 E000200 59 072 F000200 79129 072 G000200 26 072 H000200 0 072 I000200 677 072 J000200 411 072 K000200 0 072 L000200 1404 072 M000200 272 072 N000200 169 072 O000200 0 072 P000200 12 072 Q000200 0 072 R000200 99 072 S000200 58 072 T000200 10160 072 U000200 0 072 V000200 0 072 W000200 178 072 X000200 92595 072 Y000200 0 072 Z000200 -19753 072AA000200 552834 072BB000200 0 072CC010200 0 072CC020200 359029 072DD010200 0 072DD020200 1107 072EE000200 348011 PAGE 24 072 A000300 12 072 B000300 0 072 C000300 36204 072 D000300 0 072 E000300 0 072 F000300 52796 072 G000300 26 072 H000300 0 072 I000300 465 072 J000300 273 072 K000300 0 072 L000300 1214 072 M000300 181 072 N000300 145 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 78 072 S000300 41 072 T000300 7846 072 U000300 0 072 V000300 0 072 W000300 120 072 X000300 63185 072 Y000300 0 072 Z000300 -26981 072AA000300 443594 072BB000300 0 072CC010300 0 072CC020300 586322 072DD010300 0 072DD020300 0 072EE000300 308935 072 A000400 12 072 B000400 0 072 C000400 980 072 D000400 0 072 E000400 71 072 F000400 3891 072 G000400 26 072 H000400 0 072 I000400 133 072 J000400 51 072 K000400 0 072 L000400 138 072 M000400 14 072 N000400 51 072 O000400 0 072 P000400 3 072 Q000400 0 072 R000400 39 PAGE 25 072 S000400 3 072 T000400 710 072 U000400 0 072 V000400 0 072 W000400 10 072 X000400 5069 072 Y000400 0 072 Z000400 -4018 072AA000400 33848 072BB000400 0 072CC010400 0 072CC020400 35175 072DD010400 0 072DD020400 0 072EE000400 23571 072 A000500 12 072 B000500 0 072 C000500 1072 072 D000500 0 072 E000500 42 072 F000500 1240 072 G000500 26 072 H000500 0 072 I000500 50 072 J000500 32 072 K000500 0 072 L000500 14 072 M000500 5 072 N000500 44 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 40 072 S000500 1 072 T000500 174 072 U000500 0 072 V000500 0 072 W000500 4 072 X000500 1630 072 Y000500 16 072 Z000500 -500 072AA000500 442 072BB000500 0 072CC010500 0 072CC020500 2412 072DD010500 0 072DD020500 79 072EE000500 0 072 A000600 12 072 B000600 0 072 C000600 320 PAGE 26 072 D000600 0 072 E000600 7 072 F000600 863 072 G000600 26 072 H000600 0 072 I000600 33 072 J000600 33 072 K000600 0 072 L000600 12 072 M000600 3 072 N000600 51 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 70 072 S000600 0 072 T000600 55 072 U000600 0 072 V000600 0 072 W000600 3 072 X000600 1149 072 Y000600 145 072 Z000600 -677 072AA000600 20 072BB000600 0 072CC010600 0 072CC020600 4988 072DD010600 0 072DD020600 0 072EE000600 0 073 A010100 0.0000 073 A020100 0.0000 073 B000100 4.1656 073 C000100 0.0000 073 A010200 0.0000 073 A020200 0.0221 073 B000200 3.2241 073 C000200 0.0000 073 A010300 0.0000 073 A020300 0.0000 073 B000300 2.0346 073 C000300 0.0000 073 A010400 0.0000 073 A020400 0.0000 073 B000400 1.0304 073 C000400 0.0000 073 A010500 0.0000 073 A020500 0.0231 073 B000500 0.0000 073 C000500 0.0000 073 A010600 0.0000 PAGE 27 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000100 0 074 B000100 72049 074 C000100 0 074 D000100 0 074 E000100 0 074 F000100 2436002 074 G000100 0 074 H000100 0 074 I000100 5998 074 J000100 9391 074 K000100 0 074 L000100 15759 074 M000100 13 074 N000100 2539212 074 O000100 0 074 P000100 1 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 15834 074 S000100 0 074 T000100 2523377 074 U010100 29638 074 U020100 11563 074 V010100 60.88 074 V020100 62.19 074 W000100 0.0000 074 X000100 80760 074 Y000100 0 074 A000200 2022 074 B000200 0 074 C000200 0 074 D000200 0 074 E000200 10022 074 F000200 6922787 074 G000200 0 074 H000200 0 074 I000200 2019 074 J000200 18356 074 K000200 0 074 L000200 17648 074 M000200 39 074 N000200 6972893 074 O000200 3740 074 P000200 1 074 Q000200 0 074 R010200 0 PAGE 28 074 R020200 0 074 R030200 0 074 R040200 17551 074 S000200 0 074 T000200 6951601 074 U010200 51446 074 U020200 49658 074 V010200 68.25 074 V020200 69.28 074 W000200 0.0000 074 X000200 268678 074 Y000200 0 074 A000300 0 074 B000300 138898 074 C000300 0 074 D000300 0 074 E000300 0 074 F000300 4372264 074 G000300 0 074 H000300 0 074 I000300 0 074 J000300 14777 074 K000300 0 074 L000300 14892 074 M000300 25 074 N000300 4540856 074 O000300 514 074 P000300 1 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 15753 074 S000300 0 074 T000300 4524588 074 U010300 85745 074 U020300 62273 074 V010300 30.34 074 V020300 30.88 074 W000300 0.0000 074 X000300 267643 074 Y000300 0 074 A000400 0 074 B000400 16522 074 C000400 0 074 D000400 0 074 E000400 0 074 F000400 306723 074 G000400 0 074 H000400 0 074 I000400 0 PAGE 29 074 J000400 804 074 K000400 0 074 L000400 1555 074 M000400 2 074 N000400 325606 074 O000400 0 074 P000400 0 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 1669 074 S000400 0 074 T000400 323937 074 U010400 13558 074 U020400 5258 074 V010400 17.12 074 V020400 17.45 074 W000400 0.0000 074 X000400 21440 074 Y000400 0 074 A000500 14 074 B000500 4832 074 C000500 0 074 D000500 0 074 E000500 0 074 F000500 141321 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 569 074 K000500 0 074 L000500 1606 074 M000500 1 074 N000500 148343 074 O000500 0 074 P000500 1 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 2108 074 S000500 0 074 T000500 146234 074 U010500 4226 074 U020500 4372 074 V010500 16.91 074 V020500 17.10 074 W000500 0.0000 074 X000500 2960 074 Y000500 0 PAGE 30 074 A000600 0 074 B000600 2588 074 C000600 0 074 D000600 0 074 E000600 0 074 F000600 71176 074 G000600 0 074 H000600 0 074 I000600 1413 074 J000600 2517 074 K000600 0 074 L000600 151 074 M000600 0 074 N000600 77845 074 O000600 2099 074 P000600 1 074 Q000600 0 074 R010600 0 074 R020600 0 074 R030600 0 074 R040600 1953 074 S000600 0 074 T000600 73792 074 U010600 1789 074 U020600 4817 074 V010600 11.13 074 V020600 11.19 074 W000600 0.0000 074 X000600 2402 074 Y000600 0 075 A000100 0 075 B000100 2764260 075 A000200 0 075 B000200 7866995 075 A000300 0 075 B000300 5247638 075 A000400 0 075 B000400 389007 075 A000500 0 075 B000500 137096 075 A000600 0 075 B000600 84722 076 000100 0.00 076 000200 0.00 076 000300 0.00 076 000400 0.00 076 000500 0.00 076 000600 0.00 077 A000000 Y 077 B000000 Y 078 000000 N PAGE 31 080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES 080 B00AA00 VIGILANT INSURANCE COMPANY 080 C00AA00 6000 081 A00AA00 Y 081 B00AA00 7 082 A00AA00 Y 082 B00AA00 25 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE PATRICK M. PATALINO TITLE GENERAL COUNSEL EX-99.77B ACCT LTTR 2 auditletter77B.txt Report of Independent Registered Public Accounting Firm To the Board of Trustees and Shareholders of Baron Investment Funds Trust In planning and performing our audits of the financial statements of Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund and Baron Discovery Fund (six of the portfolios constituting Baron Investment Funds Trust, hereafter referred to as the Funds)as of and forthe period ended September 30, 2015, in accordance with the standards of the Public CompanyAccounting Oversight Board (United States), we considered the Funds internal controlover financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds internal control over financial reporting. The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A funds internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A funds internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a funds assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 2015. This report is intended solely for the information and use of management and the Board of Trustees of Baron Investment Funds Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP New York, New York November 24, 2015 PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813)286 6000, www.pwc.com/us 2 of 2 PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813)286 6000, www.pwc.com/us