-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kp+YlMIgwr8s3LNQPXQTvdeEkX927SfFDsaoJqz3acx48onLfU5dQDGX4j9TDv89 ss/tmSc3FQ/OPG79CrmHAg== 0001017918-04-000085.txt : 20041206 0001017918-04-000085.hdr.sgml : 20041206 20041203182548 ACCESSION NUMBER: 0001017918-04-000085 CONFORMED SUBMISSION TYPE: NSAR-B/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041206 DATE AS OF CHANGE: 20041203 EFFECTIVENESS DATE: 20041206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON ASSET FUND CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-B/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 041184958 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE STREET 2: 24TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 FIFTH AVE STREET 2: 24TH FL CITY: NEW YORK STATE: NY ZIP: 10153 NSAR-B/A 1 answer.fil AMENDMENT TO N-SAR FOR BARON INVESTMENT FUNDS TRUST F/K/A BARON ASSET FUND PAGE 1 000 B000000 09/30/2004 000 C000000 0000810902 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 Y 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BARON ASSET FUND 001 B000000 811-5032 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 5 007 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 IOPPORTUNITY FUND 007 C030400 N 007 C010500 5 007 C020500 BARON FIFTH AVENUE GROWTH FUND 007 C030500 N 007 C010600 6 007 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070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 Y 070 K010300 Y 070 K020300 N 070 L010300 Y 070 L020300 Y 070 M010300 N 070 M020300 N 070 N010300 Y 070 N020300 N 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 071 A000300 853246 071 B000300 483448 071 C000300 1468524 071 D000300 33 072 A000300 12 072 B000300 2317 072 C000300 4954 072 D000300 0 072 E000300 0 072 F000300 16073 072 G000300 0 072 H000300 0 072 I000300 565 072 J000300 57 072 K000300 0 072 L000300 652 072 M000300 24 072 N000300 -11 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 43 072 S000300 0 072 T000300 4018 072 U000300 0 072 V000300 0 PAGE 16 072 W000300 68 072 X000300 21489 072 Y000300 0 072 Z000300 -14218 072AA000300 64809 072BB000300 0 072CC010300 77955 072CC020300 0 072DD010300 0 072DD020300 0 072EE000300 0 073 A010300 0.0000 073 A020300 0.0000 073 B000300 0.0000 073 C000300 0.0000 074 A000300 490 074 B000300 0 074 C000300 143500 074 D000300 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0.00 074 W000500 0.0000 074 X000500 2580 074 Y000500 0 075 A000500 0 075 B000500 36153 076 000500 0.00 SIGNATURE LINDA S. MARTINSON TITLE VP & GEN COUNSEL EX-99.77B ACCT LTTR 3 pwcconsent.txt INDEPENDENT ACCOUNTANTS LETTER REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Trustees and Shareholders of Baron Investment Funds Trust (formerly Baron Asset Fund) In planning and performing our audits of the financial statements of Baron Investment Funds Trust (formerly Baron Asset Fund), comprising, respectively, Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron iOpportunity Fund and Baron Fifth Avenue Growth Fund (collectively, the "Funds") for the periods ended September 30, 2004, we considered their internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control. The management of the Funds is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use or disposition. Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the effectiveness of their design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). A material weakness, for purposes of this report, is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 2004. This report is intended solely for the information and use of the Board of Trustees, management and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ PricewaterhouseCoopers LLP New York, New York November 15, 2004 -----END PRIVACY-ENHANCED MESSAGE-----