-----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, JUYQ82VuloXb3ZIv8WaY9wfQRRgCzq6CvTMSbFJG9dEqTdsYvbcfFVjdtVxVEix6 N02GG6DOlezupS849S9fCQ== 0001017918-05-000132.txt : 20051129 0001017918-05-000132.hdr.sgml : 20051129 20051129173004 ACCESSION NUMBER: 0001017918-05-000132 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 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: 051232877 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 NSAR-B 1 answer.fil FORM N-SAR SEMI ANNUAL REPORT 09/05/2005 PAGE 1 000 B000000 09/30/2005 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 (BARON ASSET FD) 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 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0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 024 000100 N 025 D000101 0 025 D000102 0 025 D000103 0 025 D000104 0 025 D000105 0 025 D000106 0 025 D000107 0 025 D000108 0 028 A010100 44722 028 A020100 0 028 A030100 0 028 A040100 42260 028 B010100 39776 028 B020100 0 028 B030100 0 028 B040100 43908 028 C010100 46693 028 C020100 0 028 C030100 0 028 C040100 52800 028 D010100 48950 028 D020100 0 028 D030100 0 028 D040100 22334 028 E010100 48797 028 E020100 0 028 E030100 0 028 E040100 43062 028 F010100 66024 028 F020100 0 028 F030100 0 028 F040100 58007 028 G010100 294962 028 G020100 0 028 G030100 0 028 G040100 262371 028 H000100 0 037 000100 N 038 000100 0 039 000100 N 040 000100 Y 041 000100 Y 042 A000100 0 042 B000100 0 PAGE 6 042 C000100 0 042 D000100 0 042 E000100 0 042 F000100 0 042 G000100 0 042 H000100 0 043 000100 6021 044 000100 1968 045 000100 Y 046 000100 N 047 000100 Y 048 000100 1.000 048 A010100 0 048 A020100 0.000 048 B010100 0 048 B020100 0.000 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 0 048 K020100 0.000 049 000100 N 050 000100 N 051 000100 N 052 000100 N 053 A000100 N 055 A000100 N 055 B000100 N 056 000100 N 057 000100 N 066 A000100 Y 066 B000100 N 066 C000100 Y 066 D000100 N 066 E000100 N 066 F000100 N 066 G000100 N 067 000100 N PAGE 7 068 A000100 N 068 B000100 N 069 000100 N 070 A010100 Y 070 A020100 N 070 B010100 Y 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 N 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 N 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 N 070 R020100 N 071 A000100 400669 071 B000100 269677 071 C000100 2350735 071 D000100 11 072 A000100 12 072 B000100 1766 072 C000100 8638 072 D000100 0 072 E000100 0 072 F000100 24082 072 G000100 0 072 H000100 0 PAGE 8 072 I000100 679 072 J000100 58 072 K000100 0 072 L000100 1069 072 M000100 61 072 N000100 103 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 49 072 S000100 50 072 T000100 6021 072 U000100 0 072 V000100 0 072 W000100 89 072 X000100 32261 072 Y000100 0 072 Z000100 -21857 072AA000100 144195 072BB000100 0 072CC010100 395149 072CC020100 0 072DD010100 0 072DD020100 0 072EE000100 0 073 A010100 0.0000 073 A020100 0.0000 073 B000100 2.9930 073 C000100 0.0000 074 A000100 957 074 B000100 0 074 C000100 53000 074 D000100 2667 074 E000100 9490 074 F000100 2620205 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 16160 074 K000100 0 074 L000100 8950 074 M000100 87 074 N000100 2711516 074 O000100 11668 074 P000100 0 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 12406 074 S000100 0 PAGE 9 074 T000100 2687442 074 U010100 47550 074 U020100 0 074 V010100 56.52 074 V020100 0.00 074 W000100 0.0000 074 X000100 132633 074 Y000100 0 075 A000100 0 075 B000100 2410610 076 000100 0.00 024 000200 Y 025 A000201 JEFFERIES GROUP, INC. 025 B000201 95-2611900 025 C000201 E 025 D000201 104520 025 D000202 0 025 D000203 0 025 D000204 0 025 D000205 0 025 D000206 0 025 D000207 0 025 D000208 0 028 A010200 147281 028 A020200 0 028 A030200 0 028 A040200 62771 028 B010200 121087 028 B020200 0 028 B030200 0 028 B040200 46961 028 C010200 159103 028 C020200 0 028 C030200 0 028 C040200 44303 028 D010200 147603 028 D020200 0 028 D030200 0 028 D040200 37423 028 E010200 117192 028 E020200 0 028 E030200 0 028 E040200 73116 028 F010200 89051 028 F020200 0 028 F030200 0 028 F040200 111652 028 G010200 781317 028 G020200 0 028 G030200 0 028 G040200 376226 PAGE 10 028 H000200 0 037 000200 N 038 000200 0 039 000200 N 040 000200 Y 041 000200 Y 042 A000200 0 042 B000200 0 042 C000200 0 042 D000200 0 042 E000200 0 042 F000200 0 042 G000200 0 042 H000200 0 043 000200 10999 044 000200 4608 045 000200 Y 046 000200 N 047 000200 Y 048 000200 1.000 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 049 000200 N 050 000200 N 051 000200 N 052 000200 N 053 A000200 N 055 A000200 N 055 B000200 N 056 000200 N 057 000200 N PAGE 11 066 A000200 Y 066 B000200 N 066 C000200 Y 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 N 067 000200 N 068 A000200 N 068 B000200 N 069 000200 N 070 A010200 Y 070 A020200 N 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 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 N 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 071 A000200 1640123 071 B000200 611142 071 C000200 3943341 071 D000200 15 PAGE 12 072 A000200 12 072 B000200 14073 072 C000200 11761 072 D000200 0 072 E000200 0 072 F000200 43998 072 G000200 0 072 H000200 0 072 I000200 717 072 J000200 120 072 K000200 0 072 L000200 1487 072 M000200 112 072 N000200 149 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 50 072 S000200 93 072 T000200 10999 072 U000200 0 072 V000200 0 072 W000200 157 072 X000200 57882 072 Y000200 0 072 Z000200 -32048 072AA000200 248697 072BB000200 0 072CC010200 397124 072CC020200 0 072DD010200 0 072DD020200 0 072EE000200 0 073 A010200 0.0000 073 A020200 0.0000 073 B000200 0.0000 073 C000200 0.0000 074 A000200 426 074 B000200 0 074 C000200 459217 074 D000200 53899 074 E000200 7500 074 F000200 4508262 074 G000200 0 074 H000200 0 074 I000200 0 074 J000200 3473 074 K000200 0 074 L000200 7196 074 M000200 0 074 N000200 5039973 PAGE 13 074 O000200 25135 074 P000200 0 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 9689 074 S000200 0 074 T000200 5005149 074 U010200 108907 074 U020200 0 074 V010200 45.96 074 V020200 0.00 074 W000200 0.0000 074 X000200 216209 074 Y000200 0 075 A000200 0 075 B000200 4405788 076 000200 0.00 024 000300 N 025 D000301 0 025 D000302 0 025 D000303 0 025 D000304 0 025 D000305 0 025 D000306 0 025 D000307 0 025 D000308 0 028 A010300 123723 028 A020300 0 028 A030300 0 028 A040300 55300 028 B010300 52772 028 B020300 0 028 B030300 0 028 B040300 79291 028 C010300 55041 028 C020300 0 028 C030300 0 028 C040300 37708 028 D010300 58237 028 D020300 0 028 D030300 0 028 D040300 27234 028 E010300 107352 028 E020300 0 028 E030300 0 028 E040300 42881 028 F010300 46947 028 F020300 0 028 F030300 0 PAGE 14 028 F040300 45096 028 G010300 444072 028 G020300 0 028 G030300 0 028 G040300 287510 028 H000300 0 037 000300 N 038 000300 0 039 000300 N 040 000300 Y 041 000300 Y 042 A000300 0 042 B000300 0 042 C000300 0 042 D000300 0 042 E000300 0 042 F000300 0 042 G000300 0 042 H000300 0 043 000300 6100 044 000300 1578 045 000300 Y 046 000300 N 047 000300 Y 048 000300 1.000 048 A010300 0 048 A020300 0.000 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 0 048 K020300 0.000 049 000300 N 050 000300 N 051 000300 N 052 000300 N PAGE 15 053 A000300 N 055 A000300 N 055 B000300 N 056 000300 N 057 000300 N 066 A000300 Y 066 B000300 N 066 C000300 Y 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 N 067 000300 N 068 A000300 N 068 B000300 N 069 000300 N 070 A010300 Y 070 A020300 N 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 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 PAGE 16 070 R020300 N 071 A000300 1156855 071 B000300 549818 071 C000300 2228097 071 D000300 25 072 A000300 12 072 B000300 6751 072 C000300 14125 072 D000300 0 072 E000300 0 072 F000300 24402 072 G000300 0 072 H000300 0 072 I000300 611 072 J000300 83 072 K000300 0 072 L000300 1053 072 M000300 62 072 N000300 108 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 48 072 S000300 50 072 T000300 6100 072 U000300 0 072 V000300 0 072 W000300 88 072 X000300 32605 072 Y000300 0 072 Z000300 -11729 072AA000300 95074 072BB000300 0 072CC010300 366444 072CC020300 0 072DD010300 0 072DD020300 0 072EE000300 0 073 A010300 0.0000 073 A020300 0.0000 073 B000300 0.5530 073 C000300 0.0000 074 A000300 302 074 B000300 0 074 C000300 138500 074 D000300 6510 074 E000300 0 074 F000300 2680971 074 G000300 0 074 H000300 0 074 I000300 4115 PAGE 17 074 J000300 12282 074 K000300 0 074 L000300 3418 074 M000300 0 074 N000300 2846098 074 O000300 14836 074 P000300 0 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 2689 074 S000300 0 074 T000300 2828573 074 U010300 122536 074 U020300 0 074 V010300 23.08 074 V020300 0.00 074 W000300 0.0000 074 X000300 151809 074 Y000300 0 075 A000300 0 075 B000300 2450914 076 000300 0.00 024 000400 N 025 D000401 0 025 D000402 0 025 D000403 0 025 D000404 0 025 D000405 0 025 D000406 0 025 D000407 0 025 D000408 0 028 A010400 1360 028 A020400 0 028 A030400 0 028 A040400 4583 028 B010400 1102 028 B020400 0 028 B030400 0 028 B040400 2549 028 C010400 1960 028 C020400 0 028 C030400 0 028 C040400 4380 028 D010400 1448 028 D020400 0 028 D030400 0 028 D040400 2221 028 E010400 1124 028 E020400 0 PAGE 18 028 E030400 0 028 E040400 4677 028 F010400 1512 028 F020400 0 028 F030400 0 028 F040400 3396 028 G010400 8506 028 G020400 0 028 G030400 0 028 G040400 21806 028 H000400 0 037 000400 Y 038 000400 142 039 000400 N 040 000400 Y 041 000400 Y 042 A000400 0 042 B000400 0 042 C000400 0 042 D000400 0 042 E000400 0 042 F000400 0 042 G000400 0 042 H000400 0 043 000400 366 044 000400 87 045 000400 Y 046 000400 N 047 000400 Y 048 000400 1.000 048 A010400 0 048 A020400 0.000 048 B010400 0 048 B020400 0.000 048 C010400 0 048 C020400 0.000 048 D010400 0 048 D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 0 PAGE 19 048 K020400 0.000 049 000400 N 050 000400 N 051 000400 N 052 000400 N 053 A000400 Y 053 B000400 Y 055 A000400 N 055 B000400 N 056 000400 N 057 000400 N 066 A000400 Y 066 B000400 N 066 C000400 Y 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 N 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 N 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 N 070 M020400 N 070 N010400 Y 070 N020400 N 070 O010400 Y PAGE 20 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 Y 070 Q020400 N 070 R010400 Y 070 R020400 N 071 A000400 110843 071 B000400 129821 071 C000400 132529 071 D000400 84 072 A000400 12 072 B000400 514 072 C000400 181 072 D000400 0 072 E000400 19 072 F000400 1464 072 G000400 0 072 H000400 0 072 I000400 141 072 J000400 12 072 K000400 0 072 L000400 159 072 M000400 4 072 N000400 40 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 26 072 S000400 3 072 T000400 366 072 U000400 0 072 V000400 0 072 W000400 6 072 X000400 2221 072 Y000400 25 072 Z000400 -1482 072AA000400 13467 072BB000400 0 072CC010400 14038 072CC020400 0 072DD010400 0 072DD020400 0 072EE000400 0 073 A010400 0.0000 073 A020400 0.0000 073 B000400 0.0000 073 C000400 0.0000 074 A000400 305 074 B000400 0 074 C000400 10000 PAGE 21 074 D000400 0 074 E000400 0 074 F000400 134692 074 G000400 0 074 H000400 0 074 I000400 0 074 J000400 2839 074 K000400 25 074 L000400 164 074 M000400 0 074 N000400 148025 074 O000400 2171 074 P000400 0 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 176 074 S000400 0 074 T000400 145678 074 U010400 15897 074 U020400 0 074 V010400 9.16 074 V020400 0.00 074 W000400 0.0000 074 X000400 16158 074 Y000400 0 075 A000400 0 075 B000400 146445 076 000400 0.00 024 000500 N 025 D000501 0 025 D000502 0 025 D000503 0 025 D000504 0 025 D000505 0 025 D000506 0 025 D000507 0 025 D000508 0 028 A010500 2622 028 A020500 0 028 A030500 0 028 A040500 1738 028 B010500 1565 028 B020500 0 028 B030500 0 028 B040500 502 028 C010500 2205 028 C020500 0 028 C030500 0 028 C040500 671 PAGE 22 028 D010500 6662 028 D020500 0 028 D030500 0 028 D040500 555 028 E010500 10371 028 E020500 0 028 E030500 0 028 E040500 1209 028 F010500 4738 028 F020500 0 028 F030500 0 028 F040500 1946 028 G010500 28163 028 G020500 0 028 G030500 0 028 G040500 6621 028 H000500 0 037 000500 N 038 000500 0 039 000500 N 040 000500 Y 041 000500 Y 042 A000500 0 042 B000500 0 042 C000500 0 042 D000500 0 042 E000500 0 042 F000500 0 042 G000500 0 042 H000500 0 043 000500 172 044 000500 84 045 000500 Y 046 000500 N 047 000500 Y 048 000500 0.000 048 A010500 999999 048 A020500 1.000 048 B010500 1999999 048 B020500 0.950 048 C010500 2999999 048 C020500 0.900 048 D010500 3999999 048 D020500 0.850 048 E010500 4000000 048 E020500 0.800 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 PAGE 23 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 049 000500 N 050 000500 N 051 000500 N 052 000500 N 053 A000500 Y 053 B000500 Y 055 A000500 N 055 B000500 N 056 000500 N 057 000500 N 066 A000500 Y 066 B000500 N 066 C000500 Y 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 N 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 N 070 K010500 Y 070 K020500 N 070 L010500 Y PAGE 24 070 L020500 Y 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 Y 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 64111 071 B000500 28931 071 C000500 61940 071 D000500 47 072 A000500 12 072 B000500 179 072 C000500 386 072 D000500 0 072 E000500 0 072 F000500 688 072 G000500 0 072 H000500 0 072 I000500 34 072 J000500 5 072 K000500 0 072 L000500 65 072 M000500 2 072 N000500 34 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 24 072 S000500 1 072 T000500 172 072 U000500 0 072 V000500 0 072 W000500 3 072 X000500 1028 072 Y000500 64 072 Z000500 -399 072AA000500 0 072BB000500 1174 072CC010500 11455 072CC020500 0 072DD010500 0 072DD020500 0 072EE000500 0 073 A010500 0.0000 PAGE 25 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 88 074 B000500 0 074 C000500 7000 074 D000500 0 074 E000500 0 074 F000500 90572 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 502 074 K000500 33 074 L000500 293 074 M000500 0 074 N000500 98488 074 O000500 1898 074 P000500 0 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 53 074 S000500 0 074 T000500 96537 074 U010500 8347 074 U020500 0 074 V010500 11.56 074 V020500 0.00 074 W000500 0.0000 074 X000500 3786 074 Y000500 0 075 A000500 0 075 B000500 68966 076 000500 0.00 SIGNATURE LINDA S. MARTINSON TITLE VP & GENERAL COUNSEL EX-99.77B ACCT LTTR 3 auditltr05.txt CONSENT LETTER Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Trustees 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 iOpportunity Fund and Baron Fifth Avenue Growth Fund (hereafter referred to as the "Funds") as of and for the year ended September 30, 2005, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls 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 the Funds' internal control over financial reporting as of September 30, 2005. The management of the Funds is responsible for establishing and maintaining 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. Such internal control over financial reporting includes policies and procedures that 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 control deficiency 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 significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Funds' ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the funds' annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Our consideration of the Funds' internal control over financial reporting 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, during our audit of the financial statements of the Funds as of and for the year ended September 30, 2005, we noted no deficiencies in the Funds' internal control over financial reporting, including controls for safeguarding securities, that we consider to be a material weakness as defined above as of September 30, 2005. This report is intended solely for the information and use of management and the Board of Trustees of the Funds 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 23, 2005 -----END PRIVACY-ENHANCED MESSAGE-----