-----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, EZM4Qe5l8NV4bc5y63ZUO0vOoas5WOwRPY8MvNt8hWpl2BJvO1C2Oylz+u272+wd OZW4Ryjmar9wdShR0xq1aQ== 0001017918-07-000072.txt : 20070301 0001017918-07-000072.hdr.sgml : 20070301 20070301170826 ACCESSION NUMBER: 0001017918-07-000072 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061231 FILED AS OF DATE: 20070301 DATE AS OF CHANGE: 20070301 EFFECTIVENESS DATE: 20070301 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 07664493 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 0000810902 S000000583 BARON GROWTH FUND C000001636 BARON GROWTH FUND BGRFX 0000810902 S000000584 BARON SMALL CAP FUND C000001637 BARON SMALL CAP FUND BSCFX 0000810902 S000000585 BARON iOPPORTUNITY FUND C000001638 BARON iOPPORTUNITY FUND BIOPX 0000810902 S000000586 BARON FIFTH AVENUE GROWTH FUND C000001639 BARON FIFTH AVENUE GROWTH FUND BFTHX N-Q 1 formnq1206.txt FORM N-Q FOR THE PERIOD ENDED DECEMBER 31, 2006 UNITED STATES -------------------------- SECURITIES AND EXCHANGE COMMISSION | OMB APPROVAL | Washington, DC 20549 |--------------------------| |OMB Number: 3235 -0578 | |Expires: May 31, 2007| |Estimated average burden | |hours per response...21.09| -------------------------- FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-5032 -------------------------------------------- BARON INVESTMENT FUNDS TRUST - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 767 Fifth Avenue, 49th Floor, New York, NY 10153 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Linda S. Martinson, Esq. c/o Baron Investment Funds Trust, 767 Fifth Avenue, 49th Floor, NY, NY 10153 - ------------------------------------------------------------------------------- (Name and Address of Agent for Service) Registrant's Telephone Number, including Area Code: 212-583-2000 -------------- Date of fiscal year end: September 30 -------------------- Date of reporting period: December 31, 2006 -------------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507. PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER. SEC 2455 (8-05) ITEM 1. BARON ASSET FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (95.97%) ADVERTISING SERVICES (0.48%) 400,000 Getty Images, Inc.* $ 24,379,343 $ 17,128,000 APPAREL (2.28%) 1,050,000 Polo Ralph Lauren Corp., Cl A 22,642,344 81,543,000 BUSINESS SERVICES (9.83%) 1,700,000 Brown & Brown, Inc. 38,171,526 47,957,000 3,700,000 ChoicePoint, Inc.*+ 41,420,287 145,706,000 300,000 FactSet Research Systems, Inc. 15,997,388 16,944,000 1,450,000 Iron Mountain, Inc.* 43,005,088 59,943,000 1,150,000 Robert Half Intl., Inc. 1,202,006 42,688,000 650,000 SEI Investments Co. 24,895,335 38,714,000 -------------- -------------- 164,691,630 351,952,000 CONSULTING (1.29%) 305,000 Corporate Executive Board Co. 28,503,533 26,748,500 280,000 Moody's Corp. 7,256,123 19,336,800 -------------- -------------- 35,759,656 46,085,300 DISTRIBUTION (2.09%) 1,050,000 Fastenal Co. 43,455,850 37,674,000 950,000 Pool Corp. 41,812,400 37,211,500 -------------- -------------- 85,268,250 74,885,500 EDUCATION (1.00%) 1,275,000 DeVry, Inc. 7,614,588 35,700,000 ENERGY SERVICES (5.30%) 1,000,000 Helmerich & Payne, Inc. 33,457,321 24,470,000 200,000 Petroplus Holdings AG*^ 11,421,880 12,143,580 500,000 SEACOR Holdings, Inc.* 14,322,278 49,570,000 200,000 Ultra Petroleum Corp.* 4,847,419 9,550,000 2,000,000 XTO Energy, Inc. 13,602,027 94,100,000 -------------- -------------- 77,650,925 189,833,580 FINANCIAL SERVICES - ASSET MANAGEMENT (5.23%) 600,000 AllianceBernstein Holding L.P. 26,965,809 48,240,000 1,650,000 Eaton Vance Corp. 40,843,407 54,466,500 950,000 Nuveen Investments, Inc., Cl A 34,005,739 49,286,000 800,000 T. Rowe Price Group, Inc. 21,584,167 35,016,000 -------------- -------------- 123,399,122 187,008,500 FINANCIAL SERVICES - BANKING (0.99%) 500,000 City National Corp. 36,078,852 35,600,000 FINANCIAL SERVICES - BROKERAGE AND EXCHANGES (9.29%) 8,800,000 Charles Schwab Corp. 21,422,499 170,192,000 255,000 Chicago Mercantile Exchange Holdings, Inc., Cl A 18,498,370 129,986,250 1,200,000 Jefferies Group, Inc. 34,974,500 32,184,000 -------------- -------------- 74,895,369 332,362,250 FINANCIAL SERVICES - INSURANCE (5.03%) 1,000,000 Arch Capital Group, Ltd.* 33,841,383 67,610,000 850,000 Assurant, Inc. 28,107,970 46,962,500 900,000 Axis Capital Holdings, Ltd. 22,637,258 30,033,000 1,100,000 HCC Insurance Holdings, Inc. 34,706,474 35,299,000 -------------- -------------- 119,293,085 179,904,500 FINANCIAL SERVICES - MISCELLANEOUS (1.33%) 400,000 The First Marblehead Corp. 8,433,548 21,860,000 125,000 The Student Loan Corp. 17,812,742 25,912,500 -------------- -------------- 26,246,290 47,772,500 GAMING SERVICES (0.84%) 1,000,000 Scientific Games Corp., Cl A* 29,473,775 30,230,000 GOVERNMENT SERVICES (0.67%) 1,350,000 SAIC, Inc.* 23,444,145 24,016,500
BARON ASSET FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HEALTHCARE FACILITIES (3.79%) 675,000 Brookdale Senior Living, Inc. 28,116,090 32,400,000 900,000 Community Health Systems, Inc.* 24,384,740 32,868,000 1,500,000 Manor Care, Inc. 32,956,389 70,380,000 -------------- -------------- 85,457,219 135,648,000 HEALTHCARE PRODUCTS (2.48%) 1,130,000 DENTSPLY International, Inc. 24,654,030 33,730,500 800,000 Henry Schein, Inc.* 22,796,151 39,184,000 200,000 Zimmer Holdings, Inc.* 6,087,903 15,676,000 -------------- -------------- 53,538,084 88,590,500 HEALTHCARE SERVICES (5.03%) 125,000 Advanced Medical Optics, Inc.* 5,461,533 4,400,000 625,000 Covance, Inc.* 36,702,453 36,818,750 325,000 IDEXX Laboratories, Inc.* 26,189,082 25,772,500 550,000 Stericycle, Inc.* 33,158,008 41,525,000 850,000 Thermo Fisher Scientific, Inc.* (formerly Fisher Scientific Intl., Inc.) 24,522,276 38,496,500 1,025,000 VCA Antech, Inc.* 34,246,649 32,994,750 -------------- -------------- 160,280,001 180,007,500 HEALTHCARE SERVICES - INSURANCE (1.54%) 700,000 WellPoint, Inc.* 17,819,752 55,083,000 HOTELS AND LODGING (2.43%) 850,000 Choice Hotels Intl., Inc. 4,185,563 35,785,000 625,000 Four Seasons Hotels, Inc. 23,375,834 51,243,750 -------------- -------------- 27,561,397 87,028,750 MANUFACTURING (0.72%) 625,000 Embraer-Empresa Brasileira de Aeronautica S.A. 25,631,136 25,893,750 MEDIA (1.87%) 1,025,000 Lamar Advertising Co., Cl A* 56,388,714 67,024,750 REAL ESTATE (3.71%) 2,100,000 CB Richard Ellis Group, Inc., Cl A* 28,094,176 69,720,000 212,766 Corrections Corp. of America* 1,418 9,623,406 500,000 Forest City Enterprises, Inc., Cl A 24,352,392 29,200,000 450,000 The St. Joe Company 29,682,429 24,106,500 -------------- -------------- 82,130,415 132,649,906 REAL ESTATE - HOME BUILDING (1.89%) 225,000 M.D.C. Holdings, Inc. 13,857,682 12,836,250 30,000 NVR, Inc.* 9,896,096 19,350,000 1,100,000 Toll Brothers, Inc.* 22,617,686 35,453,000 -------------- -------------- 46,371,464 67,639,250 REAL ESTATE - REITS (5.68%) 314,000 Alexander's, Inc.*# 20,453,936 131,770,100 80,000 AvalonBay Communities, Inc. 8,451,711 10,404,000 800,000 Douglas Emmett, Inc. 17,052,243 21,272,000 300,000 SL Green Realty Corp. 27,256,339 39,834,000 -------------- -------------- 73,214,229 203,280,100 RECREATION AND RESORTS (11.81%) 1,100,000 Boyd Gaming Corp. 45,168,551 49,841,000 5,200,000 Kerzner Intl. Holdings, Ltd., Cl A*@ 52,000,000 52,000,000 3,000,000 Vail Resorts, Inc.*# 61,273,805 134,460,000 600,000 Wynn Resorts, Ltd.* 7,781,086 56,310,000 1,459,408 Wynn Resorts, Ltd.*@ 30,030,772 130,117,169 -------------- -------------- 196,254,214 422,728,169 RESTAURANTS (0.88%) 1,275,000 The Cheesecake Factory, Inc.* 29,769,298 31,365,000 RETAIL - CONSUMER STAPLES (1.31%) 1,000,000 Whole Foods Market, Inc. 30,786,746 46,930,000
BARON ASSET FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- RETAIL - SPECIALTY STORES (2.69%) 550,000 CarMax, Inc.* 14,518,495 29,496,500 650,000 O'Reilly Automotive, Inc.* 17,533,497 20,839,000 1,175,000 Tiffany & Co. 38,291,813 46,107,000 ----------- ----------- 70,343,805 96,442,500 TRANSPORTATION (2.73%) 1,500,000 C. H. Robinson Worldwide, Inc. 27,854,391 61,335,000 900,000 Expeditors International of Washington, Inc. 21,676,121 36,450,000 -------------- -------------- 49,530,512 97,785,000 UTILITY SERVICES (1.76%) 2,250,000 Southern Union Co. 28,662,596 62,887,500 -------------- -------------- TOTAL COMMON STOCKS 1,884,576,956 3,435,005,305 -------------- -------------- - ---------------------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS (0.33%) EDUCATION (0.02%) 105,264 Apollo International, Inc. S-A CV Pfd.*@# 2,000,016 600,000 HEALTHCARE SERVICES (0.31%) 6,841 Somerford Corp. S-A Conv. Pfd.*@ 10,951,004 10,951,002 -------------- ------------- TOTAL CONVERTIBLE PREFERRED STOCKS 12,951,020 11,551,002 -------------- ------------- PRINCIPAL AMOUNT - ---------------------------------------------------------------------------------------------------------------------------------- SHORT TERM MONEY MARKET INSTRUMENTS (7.30%) $ 1,544,083 Chesham Finance Ltd. 5.29% due 01/02/2007 1,544,083 1,544,083 29,912,333 Citigroup Funding, Inc. 5.28% due 01/02/2007 29,912,333 29,912,333 74,955,917 Ebury Finance LLC 5.29% due 01/02/2007 74,955,917 74,955,917 49,971,389 General Electric Capital Corp. 5.15% due 01/02/2007 49,971,389 49,971,389 9,983,744 Mont Blanc Capital Corp. 5.33% due 01/02/2007 9,983,744 9,983,744 19,918,022 PB Finance, Inc. 5.29% due 01/04/2007 19,918,022 19,918,022 49,970,667 SanPaolo IMI U.S Financial Co. 5.28% due 01/02/2007 49,970,667 49,970,667 24,996,049 Swiss Re Financial Products Corp. 5.29% due 01/05/2007 24,996,049 24,996,049 -------------- -------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 261,252,204 261,252,204 -------------- -------------- TOTAL INVESTMENTS (103.60%) $2,158,780,180 3,707,808,511 ============== LIABILITIES LESS CASH AND OTHER ASSETS (-3.60%) (128,693,724) -------------- NET ASSETS (EQUIVALENT TO $59.80 PER SHARE BASED ON 59,854,580 SHARES OUTSTANDING) $3,579,114,787 ==============
- ------------- % Represents percentage of net assets @ Restricted and fair valued securities # See Note 3 regarding "affiliated investments". * Non-income producing securities + Represents securities, or a portion thereof, in segregated custodian account. ^ Foreign domiciled corporation. See Notes to Schedules of Investments. BARON GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (91.72%) ADVERTISING SERVICES (0.21%) 450,000 Harte-Hanks, Inc. $ 7,987,320 $ 12,469,500 APPAREL (2.30%) 2,900,000 Carter's, Inc.* 39,178,712 73,950,000 1,225,000 Under Armour, Inc., Cl A* 40,384,710 61,801,250 -------------- -------------- 79,563,422 135,751,250 AUTOMOTIVE PARTS (0.65%) 10,000,000 Delphi Corp.* 16,306,970 38,200,000 BUSINESS SERVICES (3.30%) 600,000 Brown & Brown, Inc. 9,830,330 16,926,000 1,592,000 ChoicePoint, Inc.*+ 35,519,748 62,692,960 2,725,000 Copart, Inc.* 69,029,357 81,750,000 40,000 FactSet Research Systems, Inc. 2,040,491 2,259,200 870,000 Macquarie Infrastructure Company Trust 29,029,878 30,867,600 -------------- -------------- 145,449,804 194,495,760 CHEMICAL (0.76%) 700,000 Senomyx, Inc.* 6,340,864 9,093,000 1,650,000 Symyx Technologies, Inc.*# 26,885,343 35,623,500 -------------- -------------- 33,226,207 44,716,500 COMMUNICATIONS (2.20%) 1,100,000 Equinix, Inc.* 36,191,006 83,182,000 1,700,000 SBA Communications Corp., Cl A* 6,533,039 46,750,000 -------------- -------------- 42,724,045 129,932,000 CONSUMER PRODUCTS (1.29%) 289,228 Bare Escentuals, Inc.* 8,147,677 8,986,314 1,575,000 Church & Dwight Co., Inc. 58,038,013 67,173,750 ----------- ---------- 66,185,690 76,160,064 CONSUMER SERVICES (1.76%) 1,350,000 Chemed Corp.# 51,815,546 49,923,000 1,200,000 Morningstar, Inc.* 26,102,655 54,060,000 -------------- -------------- 77,918,201 103,983,000 DISTRIBUTION (1.29%) 1,225,000 Beacon Roofing Supply, Inc.* 30,531,977 23,054,500 875,000 Pool Corp. 34,074,625 34,273,750 400,000 Watsco, Inc. 24,527,807 18,864,000 -------------- -------------- 89,134,409 76,192,250 EDUCATION (3.03%) 3,700,000 DeVry, Inc.# 62,024,338 103,600,000 25,000 New Oriental Education & Technology Group, Inc.* 480,530 838,500 700,000 Strayer Education, Inc. 57,859,739 74,235,000 ----------- ---------- 120,364,607 178,673,500 ENERGY SERVICES (6.05%) 400,000 Core Laboratories N.V.* 19,417,274 32,400,000 775,000 Dresser-Rand Group, Inc.* 18,525,614 18,964,250 3,100,000 Encore Acquisition Co.*# 51,499,113 76,043,000 925,000 EXCO Resources, Inc.* 12,502,845 15,641,750 1,100,000 FMC Technologies, Inc.* 25,188,996 67,793,000 250,000 Helmerich & Payne, Inc. 5,783,092 6,117,500 637,500 PHI, Inc.* 18,390,290 20,865,375 487,500 Range Resources Corp. 8,333,343 13,386,750 440,000 SEACOR Holdings, Inc.* 17,768,097 43,621,600 850,000 SunPower Corp., Cl A* 24,439,815 31,594,500 650,000 Whiting Petroleum Corp.* 22,550,925 30,290,000 -------------- -------------- 224,399,404 356,717,725
BARON GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- FINANCIAL SERVICES - ASSET MANAGEMENT (2.05%) 1,850,000 Cohen & Steers, Inc. 33,937,753 74,314,500 650,000 Eaton Vance Corp. 11,290,146 21,456,500 260,000 GAMCO Investors, Inc., Cl A 3,811,537 9,999,600 290,000 Nuveen Investments, Inc., Cl A 7,748,686 15,045,200 -------------- -------------- 56,788,122 120,815,800 FINANCIAL SERVICES - BANKING (4.23%) 725,000 Cathay General Bancorp 26,411,085 25,019,750 850,000 Center Financial Corp.# 18,904,650 20,374,500 800,000 Central Pacific Financial Corp. 28,316,418 31,008,000 1,300,000 First Republic Bank 40,949,132 50,804,000 585,000 Frontier Financial Corp. 13,487,671 17,099,550 4,000,000 UCBH Holdings, Inc. 80,006,240 70,240,000 1,000,000 Western Alliance Bancorporation* 34,285,616 34,770,000 -------------- -------------- 242,360,812 249,315,800 FINANCIAL SERVICES - BROKERAGE & EXCHANGES (4.17%) 538,700 Evercore Partners, Inc.* 13,584,216 19,851,095 1,750,000 International Securities Exchange Holdings, Inc., Cl A 49,915,685 81,882,500 4,800,000 Jefferies Group, Inc. 73,517,475 128,736,000 25,000 KBW, Inc.* 609,202 734,750 690,000 Thomas Weisel Partners Group, Inc.* 12,945,423 14,559,000 -------------- -------------- 150,572,001 245,763,345 FINANCIAL SERVICES - INSURANCE (1.89%) 1,650,000 Arch Capital Group, Ltd.* 51,045,431 111,556,500 FINANCIAL SERVICES - MISCELLANEOUS (2.74%) 1,000,000 CheckFree Corp.* 18,042,917 40,160,000 1,525,000 National Financial Partners Corp. 81,123,705 67,054,250 1,000,000 The First Marblehead Corp. 18,885,654 54,650,000 -------------- -------------- 118,052,276 161,864,250 FOOD AND AGRICULTURE (1.21%) 1,400,000 Ralcorp Hldgs., Inc.*# 53,671,573 71,246,000 GAMING SERVICES (1.11%) 1,300,000 Scientific Games Corp., Cl A* 32,010,748 39,299,000 1,000,000 Shuffle Master, Inc.* 26,821,533 26,200,000 -------------- -------------- 58,832,281 65,499,000 HEALTHCARE FACILITIES (3.58%) 2,000,000 Community Health Systems, Inc.* 49,858,102 73,040,000 1,800,000 Manor Care, Inc. 33,815,991 84,456,000 550,000 Sun Healthcare Group, Inc.* 6,187,500 6,946,500 1,650,000 United Surgical Partners Intl., Inc.* 23,181,527 46,777,500 -------------- -------------- 113,043,120 211,220,000 HEALTHCARE PRODUCTS (1.99%) 1,950,000 Depomed, Inc.* 11,124,661 6,727,500 2,000,000 Edwards Lifesciences Corp.* 59,602,587 94,080,000 850,000 PSS World Medical, Inc.* 17,338,615 16,600,500 -------------- -------------- 88,065,863 117,408,000 HEALTHCARE SERVICES (3.35%) 1,050,000 Charles River Laboratories Intl., Inc.* 30,142,796 45,412,500 800,000 Gen-Probe, Inc.* 33,725,299 41,896,000 160,000 IDEXX Laboratories, Inc.* 9,006,923 12,688,000 1,360,832 NightHawk Radiology Holdings, Inc.* 25,353,535 34,701,216 1,525,000 Odyssey HealthCare, Inc.* 17,605,293 20,221,500 1,170,000 PRA International* 27,656,996 29,565,900 400,700 VCA Antech, Inc.* 11,830,115 12,898,533 -------------- -------------- 155,320,957 197,383,649 HEALTHCARE SERVICES - INSURANCE (4.62%) 3,000,000 AMERIGROUP Corp.*# 52,200,579 107,670,000 2,500,000 Centene Corp.*# 21,745,210 61,425,000 1,500,000 WellCare Health Plans, Inc.* 63,788,253 103,350,000 -------------- -------------- 137,734,042 272,445,000
BARON GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS AND LODGING (3.29%) 1,000,000 Choice Hotels Intl., Inc. 5,706,995 42,100,000 1,800,000 Four Seasons Hotels, Inc. 71,435,019 147,582,000 500,000 Kingdom Hotel Investments*^ 4,545,612 4,350,000 -------------- -------------- 81,687,626 194,032,000 MEDIA (1.15%) 600,000 Central European Media Enterprises, Ltd.* 29,408,871 42,000,000 1,000,000 Netflix, Inc.* 26,673,225 25,860,000 -------------- -------------- 56,082,096 67,860,000 MEDICAL EQUIPMENT (0.45%) 275,000 Intuitive Surgical, Inc.* 4,029,661 26,372,500 REAL ESTATE (3.63%) 4,950,000 CB Richard Ellis Group, Inc., Cl A* 35,102,586 164,340,000 925,000 CoStar Group, Inc.* 39,770,736 49,543,000 -------------- -------------- 74,873,322 213,883,000 REAL ESTATE - HOME BUILDING (2.09%) 900,000 Brookfield Homes Corp. 30,105,788 33,795,000 750,000 Hovnanian Enterprises, Inc., Cl A* 18,292,979 25,425,000 625,000 M.D.C. Holdings, Inc. 31,144,412 35,656,250 250,000 Meritage Homes Corp.* 13,672,494 11,930,000 625,000 Standard Pacific Corp. 15,938,559 16,743,750 -------------- -------------- 109,154,232 123,550,000 REAL ESTATE - REITS (1.66%) 108,800 Alexander's, Inc.* 18,295,293 45,657,920 1,416,667 CBRE Realty Finance, Inc. 21,054,283 22,255,839 2,429,800 Spirit Finance Corp. 27,122,907 30,299,606 -------------- -------------- 66,472,483 98,213,365 RECREATION AND RESORTS (8.90%) 1,850,000 Ameristar Casinos, Inc. 36,589,851 56,869,000 200,000 Boyd Gaming Corp. 5,345,492 9,062,000 1,500,000 Fontainebleau Resorts, LLC@ 15,000,000 15,000,000 450,000 Gaylord Entertainment Co.* 12,911,388 22,918,500 1,450,000 Isle of Capri Casinos, Inc.* 30,683,260 38,541,000 7,400,000 Kerzner Intl. Holdings, Ltd., Cl A*@ 74,000,000 74,000,000 300,000 Life Time Fitness, Inc.* 9,895,549 14,553,000 575,000 Penn National Gaming, Inc.* 16,140,523 23,931,500 825,000 Pinnacle Entertainment, Inc.* 25,270,156 27,340,500 1,700,000 Station Casinos, Inc. 39,029,399 138,839,000 1,250,000 Vail Resorts, Inc.* 21,897,070 56,025,000 537,677 Wynn Resorts, Ltd.*@ 11,063,956 47,937,937 -------------- -------------- 297,826,644 525,017,437 RESTAURANTS (3.18%) 950,000 California Pizza Kitchen, Inc.* 24,386,635 31,644,500 91,193 Chipotle Mexican Grill, Inc.* 3,795,605 5,198,001 700,000 Panera Bread Co., Cl A* 25,727,519 39,137,000 700,000 Peet's Coffee & Tea, Inc.*# 15,273,680 18,368,000 500,000 P.F. Chang's China Bistro, Inc.* 22,165,448 19,190,000 3,021,200 The Cheesecake Factory, Inc.* 67,899,393 74,321,520 -------------- -------------- 159,248,280 187,859,021 RETAIL - SPECIALTY STORES (9.39%) 875,000 Blue Nile, Inc.*# 26,058,719 32,278,750 1,200,000 Cabela's, Inc., Cl A* 26,601,533 28,956,000 1,650,000 CarMax, Inc.* 34,948,928 88,489,500 2,500,000 Dick's Sporting Goods, Inc.* 86,074,246 122,475,000 1,375,000 DSW, Inc., Cl A* 33,833,387 53,033,750 900,000 Guitar Center, Inc.* 51,761,075 40,914,000 1,340,000 J. Crew Group, Inc.* 35,741,402 51,657,000 2,700,000 Select Comfort Corp.*# 38,016,795 46,953,000 625,000 Tractor Supply Co.* 24,758,679 27,943,750 2,600,000 United Auto Group, Inc. 51,482,932 61,282,000 -------------- -------------- 409,277,696 553,982,750
BARON GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- SOFTWARE (0.06%) 125,000 Allscripts Healthcare Solutions, Inc.* 3,418,253 3,373,750 TRANSPORTATION (2.10%) 350,000 American Railcar Industries, Inc. 8,421,668 11,914,000 175,000 Florida East Coast Industries, Inc. 9,217,829 10,430,000 1,863,750 Genesee & Wyoming, Inc., Cl A* 28,652,530 48,904,800 550,000 Landstar System, Inc. 13,610,267 20,999,000 1,050,000 UTI Worldwide, Inc. 24,275,698 31,395,000 -------------- -------------- 84,177,992 123,642,800 UTILITY SERVICES (2.04%) 1,872,700 ITC Holdings Corp. 51,917,525 74,720,730 1,627,498 Southern Union Co. 19,474,277 45,488,569 -------------- -------------- 71,391,802 120,209,299 -------------- -------------- TOTAL COMMON STOCKS 3,546,386,644 5,409,804,815 -------------- -------------- CONVERTIBLE PREFERRED STOCKS (0.17%) PHARMACEUTICAL (0.13%) 750,000 Reliant Pharmaceuticals LLC Series D*@ 15,000,000 7,500,000 TRANSPORTATION (0.04%) 234,375 EOS Airlines, Inc., Cl C*@ 2,500,000 2,500,000 -------------- -------------- TOTAL CONVERTIBLE PREFERRED STOCKS 17,500,000 10,000,000 -------------- --------------
PRINCIPAL AMOUNT - ----------- CORPORATE BONDS (1.80%) RECREATION AND RESORTS $26,000,000 Wynn Resorts, Ltd. 6.00% Sub. Conv. Deb. due 07/15/2015 25,494,344 106,405,000 -------------- -------------- SHORT TERM MONEY MARKET INSTRUMENTS (6.03%) 19,707,248 Britannia Building Society, Inc. 5.29% due 01/08/2007 19,707,248 19,707,248 31,976,267 Cargil Global Funding PLC 5.34% due 01/02/2007 31,976,267 31,976,267 17,014,694 Chesham Finance Ltd. 5.29% due 01/02/2007 17,014,694 17,014,694 29,912,333 Citigroup Funding, Inc. 5.28% due 01/02/2007 29,912,333 29,912,333 19,953,067 Citigroup Funding, Inc. 5.29% due 01/03/2007 19,953,067 19,953,067 24,985,305 Ebury Finance LLC 5.29% due 01/02/2007 24,985,305 24,985,305 1,998,855 General Electric Capital Corp. 5.15% due 01/02/2007 1,998,855 1,998,855 39,917,867 Manhattan Asset Funding Co. 5.29% due 01/04/2007 39,917,867 39,917,867 24,959,361 Mont Blanc Capital Corp. 5.33% due 01/02/2007 24,959,361 24,959,361 22,680,024 New Jersey Natural Gas Co. 5.28% due 01/03/2007 22,680,024 22,680,024 7,991,756 NSTAR 5.31% due 01/05/2007 7,991,756 7,991,756 39,836,044 PB Finance, Inc. 5.29% due 01/04/2007 39,836,044 39,836,044 49,970,667 SanPaolo IMI U.S Financial Co. 5.28% due 01/02/2007 49,970,667 49,970,667 24,886,549 Swiss Re Financial Products Corp. 5.29% due 01/05/2007 24,886,549 24,886,549 -------------- -------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 355,790,037 355,790,037 -------------- -------------- TOTAL INVESTMENTS (99.72%) $3,945,171,025 5,881,999,852 ============== CASH AND OTHER ASSETS LESS LIABILITIES (0.28%) 16,401,212 -------------- NET ASSETS (EQUIVALENT TO $49.88 PER SHARE BASED ON 118,246,062 SHARES OUTSTANDING) $5,898,401,064 ==============
- -------------- % Represents percentage of net assets @ Restricted and fair valued securities # See Note 3 regarding "affiliated investments". * Non-income producing securities + Represents securities, or a portion thereof, in segregated custodian account. ^ Foreign domiciled corporation See Notes to Schedules of Investments. BARON SMALL CAP FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (97.07%) ADVERTISING SERVICES (1.46%) 725,000 R.H. Donnelley Corp.* $ 26,979,391 $ 45,479,250 APPAREL (3.48%) 1,500,000 Carter's, Inc.* 26,602,058 38,250,000 1,000,000 Fossil, Inc.* 20,249,122 22,580,000 3,000,000 Quiksilver, Inc.* 24,477,344 47,250,000 -------------- -------------- 71,328,524 108,080,000 BUILDING MATERIALS (2.22%) 1,600,000 Eagle Materials, Inc. 30,800,398 69,168,000 BUSINESS SERVICES (3.14%) 725,000 ChoicePoint, Inc.* 6,949,762 28,550,500 1,250,000 First Advantage Corp., Cl A* 24,751,689 28,700,000 975,000 Iron Mountain, Inc.* 10,010,523 40,306,500 -------------- -------------- 41,711,974 97,557,000 COMMUNICATIONS (5.67%) 1,900,000 American Tower Corp., Cl A*+ 7,089,916 70,832,000 2,750,000 SBA Communications Corp., Cl A* 27,026,677 75,625,000 1,500,000 Time Warner Telecom, Inc., Cl A* 24,518,321 29,895,000 -------------- -------------- 58,634,914 176,352,000 CONSULTING (2.51%) 275,000 Corporate Executive Board Co. 4,596,431 24,117,500 2,200,000 Navigant Consulting, Inc.* 39,335,041 43,472,000 385,711 TALX Corp. 9,429,341 10,587,767 -------------- -------------- 53,360,813 78,177,267 CONSUMER PRODUCTS (3.48%) 2,000,000 ACCO Brands Corp.* 48,493,311 52,940,000 1,625,000 DTS, Inc.*# 34,251,425 39,308,750 600,000 Marvel Entertainment, Inc.* 11,436,124 16,146,000 -------------- -------------- 94,180,860 108,394,750 DISTRIBUTION (2.04%) 1,750,000 Beacon Roofing Supply, Inc.* 44,914,232 32,935,000 775,000 Pool Corp. 29,445,993 30,356,750 -------------- -------------- 74,360,225 63,291,750 EDUCATION (1.80%) 444,000 Strayer Education, Inc. 37,452,156 47,086,200 400,000 Universal Technical Institute, Inc.* 9,741,875 8,884,000 -------------- -------------- 47,194,031 55,970,200 ENERGY SERVICES (4.35%) 2,500,000 Covanta Holding Corp.* 38,709,339 55,100,000 857,500 PHI, Inc.* 24,669,136 28,065,975 1,400,000 SunPower Corp., Cl A* 42,272,273 52,038,000 -------------- -------------- 105,650,748 135,203,975 ENVIRONMENTAL (0.66%) 1,000,000 Nalco Holding Co.* 17,014,844 20,460,000 FINANCIAL SERVICES - ASSET MANAGEMENT (0.31%) 250,000 GAMCO Investors, Inc., Cl A 4,356,166 9,615,000 FINANCIAL SERVICES - INSURANCE (0.93%) 200,000 Arch Capital Group, Ltd.* 5,515,966 13,522,000 850,000 SeaBright Insurance Holdings, Inc.* 13,779,508 15,308,500 -------------- -------------- 19,295,474 28,830,500 GAMING SERVICES (0.34%) 1,500,000 Cash Systems, Inc.*# 10,062,346 10,710,000
BARON SMALL CAP FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT SERVICES (4.33%) 2,000,000 FLIR Systems, Inc.* 39,339,280 63,660,000 2,400,000 L-1 Identity Solutions, Inc.* 41,992,243 36,312,000 600,000 Mantech Intl. Corp., Cl A* 11,308,165 22,098,000 750,000 Stanley, Inc.* 11,687,426 12,682,500 -------------- -------------- 104,327,114 134,752,500 HEALTHCARE FACILITIES (4.01%) 1,400,000 Brookdale Senior Living, Inc. 34,154,493 67,200,000 2,025,000 United Surgical Partners Intl., Inc.* 27,238,931 57,408,750 -------------- -------------- 61,393,424 124,608,750 HEALTHCARE SERVICES (1.96%) 475,000 Gen-Probe, Inc.* 21,507,724 24,875,750 526,400 NightHawk Radiology Holdings, Inc.* 9,871,271 13,423,200 895,000 PRA International* 21,077,668 22,616,650 -------------- -------------- 52,456,663 60,915,600 HOTELS AND LODGING (2.12%) 2,403,400 Kingdom Hotel Investments^* 21,662,522 20,909,580 950,000 Orient-Express Hotels, Ltd. 37,075,828 44,954,000 -------------- -------------- 58,738,350 65,863,580 LEISURE (1.38%) 1,650,000 MarineMax, Inc.*# 43,423,427 42,784,500 MACHINERY & ELECTRONICS (1.62%) 1,000,000 Flowserve Corp.* 31,808,128 50,470,000 MANUFACTURING (4.30%) 850,000 Actuant Corp., Cl A 29,848,706 40,502,500 932,900 HEICO Corp., Cl A 25,105,956 30,393,882 888,000 Koppers Holdings, Inc. 12,636,913 23,150,160 586,800 Measurement Specialties, Inc.* 13,803,636 12,698,352 1,016,000 TransDigm Group, Inc.* 23,439,245 26,934,160 -------------- -------------- 104,834,456 133,679,054 MEDIA (1.46%) 1,800,000 CKX, Inc.* 21,481,596 21,114,000 2,400,000 Radio One, Inc., Cl D* 27,663,129 16,176,000 380,000 Regal Entertainment Group, Cl A 4,528,832 8,101,600 -------------- -------------- 53,673,557 45,391,600 MEDICAL EQUIPMENT (4.89%) 1,700,000 American Medical Systems Holdings, Inc.* 29,885,201 31,484,000 1,700,000 Immucor, Inc.* 6,870,334 49,691,000 425,000 Intuitive Surgical, Inc.* 6,162,500 40,757,500 950,000 Kensey Nash Corp.*# 27,605,709 30,210,000 -------------- -------------- 70,523,744 152,142,500 MINERALS & MINING (1.66%) 1,850,000 Novelis, Inc. 42,662,437 51,522,500 PRINTING AND PUBLISHING (0.77%) 1,000,000 Interactive Data Corp. 13,502,909 24,040,000 REAL ESTATE (3.10%) 2,900,000 CB Richard Ellis Group, Inc., Cl A* 28,782,116 96,280,000 REAL ESTATE - HOME BUILDING (1.51%) 1,250,000 Brookfield Homes Corp. 30,392,566 46,937,500 REAL ESTATE - REITS (2.69%) 2,000,000 KKR Financial Corp. 50,758,586 53,580,000 2,000,000 Spirit Finance Corp. 21,152,304 24,940,000 250,000 U-Store-It Trust 5,491,352 5,137,500 -------------- -------------- 77,402,242 83,657,500 RECREATION AND RESORTS (8.85%) 1,400,000 Gaylord Entertainment Co.* 43,928,825 71,302,000 2,884,000 Great Wolf Resorts, Inc.*# 53,906,108 40,260,640 3,500,000 Kerzner Intl. Holdings, Ltd., Cl A*@ 35,000,000 35,000,000 1,401,700 Penn National Gaming, Inc.* 40,093,264 58,338,754 750,000 Wynn Resorts, Ltd.* 10,280,653 70,387,500 -------------- -------------- 183,208,850 275,288,894
BARON SMALL CAP FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- RESTAURANTS (4.70%) 2,250,000 AFC Enterprises, Inc.*# 36,931,249 39,757,500 300,000 Panera Bread Co., Cl A* 8,173,117 16,773,000 400,000 P.F. Chang's China Bistro, Inc.* 18,790,662 15,352,000 3,000,000 Texas Roadhouse, Inc., Cl A* 38,035,045 39,780,000 1,400,000 The Cheesecake Factory, Inc.* 32,253,281 34,440,000 -------------- -------------- 134,183,354 146,102,500 RETAIL - CONSUMER STAPLES (2.67%) 2,702,500 Iconix Brand Group, Inc.* 43,851,110 52,401,475 1,250,000 NuCO2, Inc.*# 30,876,487 30,737,500 -------------- -------------- 74,727,597 83,138,975 RETAIL - SPECIALTY STORES (7.17%) 840,000 Build-A-Bear Workshop, Inc.* 24,213,024 23,536,800 1,157,503 Casual Male Retail Group, Inc.*# 5,361,112 15,105,414 525,000 Casual Male Retail Group, Inc.*#@ 1,901,813 6,851,250 675,000 Design Within Reach, Inc.* 9,586,917 3,327,750 1,330,000 DSW, Inc., Cl A* 31,575,437 51,298,100 525,000 Gaiam, Inc.* 6,873,221 7,182,000 750,000 Guitar Center, Inc.* 36,791,851 34,095,000 200,000 J. Crew Group, Inc.* 4,497,614 7,710,000 700,000 Tractor Supply Co.* 24,635,320 31,297,000 1,800,000 United Auto Group, Inc. 34,504,900 42,426,000 -------------- -------------- 179,941,209 222,829,314 TRANSPORTATION (4.86%) 500,000 AerCap Holdings N.V.* 11,673,588 11,590,000 650,000 AirCastle, Ltd. 15,918,465 19,175,000 400,000 American Commercial Lines, Inc.* 10,772,593 26,204,000 600,000 Florida East Coast Industries, Inc. 32,278,199 35,760,000 600,000 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.* 12,630,181 13,356,000 500,000 Grupo Aeroportuario del Pacifico S.A.B. de CV 16,830,373 19,595,000 600,000 Grupo Aeroportuario del Sureste S.A.B. de CV 17,867,166 25,482,000 -------------- -------------- 117,970,565 151,162,000 MISCELLANEOUS (0.63%) 422,700 Boulder Specialty Brands, Inc.*# 3,496,157 3,592,950 525,000 Boulder Specialty Brands, Inc., Units*# (unit symbol) 5,795,750 5,790,750 1,000,000 Freedom Acquisition Holdings, Inc., Units* (unit symbol) 10,000,000 10,200,000 -------------- -------------- 19,291,907 19,583,700 -------------- -------------- TOTAL COMMON STOCKS 2,138,175,323 3,018,440,659 -------------- --------------
BARON SMALL CAP FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS (CONTINUED) - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006 (UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- WARRANTS (0.35%) APPAREL (0.19%) 1,981,100 Endeavor Acquisition Corp. Warrants Exp 12/14/2009* 5,013,594 5,923,489 RETAIL - SPECIALTY STORES (0.16%) 882,353 Casual Male Retail Group, Inc. Warrants Exp 04/26/2007*@# 220,588 4,014,706 100,000 Casual Male Retail Group, Inc. Warrants Exp 07/02/2010*@# 49,000 829,000 -------------- -------------- 269,588 4,843,706 MISCELLANEOUS (0.00%) 30,000 Boulder Specialty Brands, Inc. Warrants Exp 12/16/2009*# 69,318 75,900 -------------- -------------- TOTAL WARRANTS 5,352,500 10,843,095 -------------- -------------- PRINCIPAL AMOUNT - ------------------------- SHORT TERM MONEY MARKET INSTRUMENTS (2.15%) $ 22,749,999 Chesham Finance Ltd. 5.29% due 01/02/2007 22,749,999 22,749,999 19,953,067 Citigroup Funding, Inc. 5.29% due 01/03/2007 19,953,067 19,953,067 14,241,624 Ecolab, Inc. 5.29% due 01/02/2007 14,241,624 14,241,624 9,994,134 SanPaolo IMI U.S Financial Co. 5.28% due 01/02/2007 9,994,134 9,994,134 -------------- -------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 66,938,824 66,938,824 -------------- -------------- TOTAL INVESTMENTS (99.57%) $2,210,466,647 3,096,222,578 ============== CASH AND OTHER ASSETS LESS LIABILITIES (0.43%) 13,287,336 -------------- NET ASSETS (EQUIVALENT TO $22.83 PER SHARE BASED ON 136,188,148 SHARES OUTSTANDING) $3,109,509,914 ==============
- -------------- % Represents percentage of net assets @ Restricted and fair valued securities # See Note 3 regarding "affiliated investments". ^ Foreign domiciled corporation * Non-income producing securities + Represents security, or a portion thereof, in segregated custodian account (unit symbol) One unit consists of one common share and one warrant. See Notes to Schedules of Investments BARON IOPPORTUNITY FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006(UNAUDITED)
Shares COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (91.90%) ADVERTISING SERVICES (7.39%) 110,000 aQuantive, Inc.* $ 2,367,059 $ 2,712,600 60,000 Getty Images, Inc.* 1,114,684 2,569,200 13,500 Google, Inc., Cl A* 2,160,607 6,216,480 ----------- ------------ 5,642,350 11,498,280 BUSINESS SERVICES (5.71%) 50,000 ChoicePoint, Inc.* 1,469,626 1,969,000 385,000 LivePerson, Inc.* 2,166,148 2,013,550 105,000 Monster Worldwide, Inc.* 1,586,596 4,897,200 ----------- ------------ 5,222,370 8,879,750 COMMUNICATIONS (22.39%) 95,000 American Tower Corp., Cl A* 258,400 3,541,600 239,100 Cogent Communications Group, Inc.* 2,146,053 3,878,202 84,500 Equinix, Inc.* 2,585,487 6,389,890 60,000 NeuStar, Inc., Cl A* 1,859,719 1,946,400 36,500 Research in Motion, Ltd.* 3,028,305 4,663,970 115,000 SBA Communications Corp., Cl A* 1,290,179 3,162,500 93,000 Sprint Nextel Corp. 2,060,604 1,756,770 547,500 Terremark Worldwide, Inc.* 3,143,063 3,679,200 159,000 Time Warner Telecom, Inc., Cl A* 2,681,647 3,168,870 75,000 VeriFone Holdings, Inc.* 1,624,149 2,655,000 ----------- ------------ 20,677,606 34,842,402 COMMUNICATIONS EQUIPMENT (2.12%) 15,000 Acme Packet, Inc.* 142,500 309,600 79,000 QUALCOMM, Inc. 2,983,090 2,985,410 ----------- ------------ 3,125,590 3,295,010 COMPUTER TECHNOLOGY (3.84%) 70,500 Apple Computer, Inc.* 3,875,373 5,981,220 CONSUMER PRODUCTS (1.06%) 115,000 Shutterfly, Inc.* 1,736,679 1,656,000 CONSUMER SERVICES (4.25%) 86,000 eBay, Inc.* 1,150,197 2,586,020 65,000 priceline.com, Inc.* 1,345,503 2,834,650 40,000 Travelzoo, Inc.* 737,778 1,198,000 ----------- ------------ 3,233,478 6,618,670 ENERGY SERVICES (0.93%) 83,000 Medis Technologies, Ltd.*++ 1,866,494 1,446,690 ENTERPRISE HARDWARE (2.34%) 50,000 Intel Corp. 874,979 1,012,500 85,000 Rackable Systems, Inc.* 2,664,407 2,632,450 ----------- ------------ 3,539,386 3,644,950 FINANCIAL SERVICES - BROKERAGE & EXCHANGES (14.46%) 335,000 Charles Schwab Corp. 3,665,646 6,478,900 10,000 Chicago Mercantile Exchange Holdings, Inc., Cl A 1,829,806 5,097,500 230,000 E*TRADE Financial Corp.* 1,557,926 5,156,600 9,900 NYMEX Holdings, Inc.* 999,240 1,227,699 102,000 optionsXpress Holdings, Inc. 2,092,857 2,314,380 162,500 TradeStation Group, Inc.* 1,744,754 2,234,375 ----------- ------------ 11,890,229 22,509,454 FINANCIAL SERVICES - INSURANCE (1.49%) 108,000 Admiral Group plc^ 1,189,310 2,326,007 GAMING SERVICES (1.31%) 67,500 Scientific Games Corp., Cl A* 2,322,414 2,040,525 LEISURE (3.84%) 120,000 Activision, Inc.* 1,653,134 2,068,800 77,500 Electronic Arts, Inc.* 4,152,636 3,902,900 ----------- ------------ 5,805,770 5,971,700
BARON IOPPORTUNITY FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006(UNAUDITED)
Shares COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- MEDIA (11.99%) 30,000 Central European Media Enterprises, Ltd.* 2,110,846 2,100,000 123,800 Comcast Corp., Cl A* 3,030,649 5,184,744 82,000 Netflix, Inc.* 2,438,297 2,120,520 185,000 News Corp., Cl A 3,269,588 3,973,800 101,500 Time Warner, Inc. 1,480,641 2,210,670 120,000 Yahoo! Inc.* 2,120,135 3,064,800 ----------- ------------ 14,450,156 18,654,534 PRINTING AND PUBLISHING (1.70%) 80,000 VistaPrint Limited* 1,988,192 2,648,800 REAL ESTATE (4.93%) 62,500 CoStar Group, Inc.* 2,304,320 3,347,500 785,000 Move, Inc.* 2,314,380 4,325,350 ----------- ------------ 4,618,700 7,672,850 RETAIL - SPECIALTY STORES (1.11%) 35,000 Best Buy Co., Inc. 1,521,320 1,721,650 SOFTWARE (1.04%) 30,000 Allscripts Healthcare Solutions, Inc.* 845,325 809,700 35,000 DivX, Inc.* 560,000 807,450 ----------- ------------ 1,405,325 1,617,150 ----------- ------------ TOTAL COMMON STOCKS 94,110,742 143,025,642 ----------- ------------ WARRANTS (0.00%) MEDIA 200,000 Loudeye Corp. Warrants Exp 12/23/2010*@ 0 0 ----------- ------------
PRINCIPAL AMOUNT - ----------------------- SHORT TERM MONEY MARKET INSTRUMENTS (9.07%) $ 5,736,613 AGA Capital, Inc. 5.31% due 01/02/2007 5,736,613 5,736,613 1,585,000 Chesham Finance Ltd. 5.29% due 01/02/2007** 1,585,000 1,585,000 800,000 Chesham Finance Ltd. 5.29% due 01/02/2007 800,000 800,000 5,996,473 Ecolab, Inc. 5.29% due 01/02/2007 5,996,473 5,996,473 ------------- ------------ TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 14,118,086 14,118,086 ------------- ------------ TOTAL INVESTMENTS (100.97%) $ 108,228,828 157,143,728 ============= LIABILITIES LESS CASH AND OTHER ASSETS (-0.97%) (1,506,937) ------------ NET ASSETS (EQUIVALENT TO $10.90 PER SHARE BASED ON 14,279,019 SHARES OUTSTANDING) $155,636,791 ============
- ---------------- % Represents percentage of net assets * Non-income producing securities @ Restricted and fair valued securities ^ Foreign domiciled corporation ++ Represents security, or portion thereof, on loan as of December 31, 2006. ** Investment from cash collateral received for loaned security. See Notes to Schedules of Investments. BARON FIFTH AVENUE GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (95.74%) ADVERTISING SERVICES (1.08%) 3,000 Google, Inc., Cl A* $ 301,280 $ 1,381,440 BUSINESS SERVICES (3.61%) 55,000 Automatic Data Processing, Inc. 2,444,533 2,708,750 17,000 ChoicePoint, Inc.* 770,270 669,460 30,000 Iron Mountain, Inc.* 881,830 1,240,200 -------------- -------------- 4,096,633 4,618,410 COMMUNICATIONS (2.33%) 80,000 American Tower Corp., Cl A* 1,824,692 2,982,400 COMPUTER TECHNOLOGY (5.97%) 32,000 Apple Computer, Inc.* 1,595,371 2,714,880 165,000 Microsoft Corp. 3,790,087 4,926,900 -------------- -------------- 5,385,458 7,641,780 CONSUMER PRODUCTS (12.18%) 35,000 Cadbury Schweppes plc 1,318,807 1,502,550 54,000 Diageo plc 3,632,159 4,282,740 20,000 Groupe Danone 628,520 652,000 60,000 PepsiCo, Inc. 3,621,494 3,753,000 84,000 The Procter & Gamble Co. 4,688,080 5,398,680 -------------- -------------- 13,889,060 15,588,970 ENERGY SERVICES (3.39%) 27,000 Diamond Offshore Drilling, Inc. 2,149,910 2,158,380 27,000 Transocean, Inc.* 2,094,937 2,184,030 -------------- -------------- 4,244,847 4,342,410 FINANCIAL SERVICES - ASSET MANAGEMENT (4.26%) 50,000 AllianceBernstein Holding L.P. 3,006,460 4,020,000 15,000 Legg Mason, Inc. 1,595,980 1,425,750 -------------- -------------- 4,602,440 5,445,750 FINANCIAL SERVICES - BANKING (3.62%) 100,000 Wells Fargo & Company 3,539,796 3,556,000 13,000 Zions Bancorporation 903,402 1,071,720 -------------- -------------- 4,443,198 4,627,720 FINANCIAL SERVICES - BROKERAGE & EXCHANGES (8.72%) 16,000 Bear Stearns Companies, Inc. 2,084,908 2,604,480 150,000 Charles Schwab Corp. 1,728,189 2,901,000 6,000 Chicago Mercantile Exchange Holdings, Inc., Cl A 1,499,604 3,058,500 13,000 The Goldman Sachs Group, Inc. 1,901,917 2,591,550 -------------- -------------- 7,214,618 11,155,530 FINANCIAL SERVICES - INSURANCE (1.78%) 10 Berkshire Hathaway, Inc., Cl A* 901,366 1,099,900 34,000 W. R. Berkley Corp. 829,142 1,173,340 -------------- -------------- 1,730,508 2,273,240 FINANCIAL SERVICES - MISCELLANEOUS (3.65%) 77,000 American Express Co. 3,997,245 4,671,590 HEALTHCARE SERVICES (0.90%) 7,000 Laboratory Corp. of America Holdings* 331,165 514,290 12,000 Quest Diagnostics, Inc. 614,051 636,000 -------------- -------------- 945,216 1,150,290 HEALTHCARE SERVICES - INSURANCE (5.43%) 65,000 UnitedHealth Group, Inc. 2,722,492 3,492,450 44,000 WellPoint, Inc.* 2,748,974 3,462,360 -------------- -------------- 5,471,466 6,954,810
BARON FIFTH AVENUE GROWTH FUND - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- AS OF DECEMBER 31, 2006(UNAUDITED)
SHARES COST VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOTELS AND LODGING (1.22%) 25,000 Starwood Hotels & Resorts Worldwide, Inc. 1,429,664 1,562,500 MEDIA (10.93%) 100,000 Comcast Corp., Cl A* 3,514,346 4,188,000 21,000 Lamar Advertising Co., Cl A* 1,173,781 1,373,190 80,000 News Corp., Cl A 1,231,907 1,718,400 140,000 Time Warner, Inc. 2,690,627 3,049,200 80,000 Walt Disney Co. 1,966,149 2,741,600 36,000 Yahoo! Inc.* 936,690 919,440 -------------- -------------- 11,513,500 13,989,830 PHARMACEUTICAL (2.58%) 50,000 Johnson & Johnson 3,021,572 3,301,000 REAL ESTATE - REITS (2.01%) 2,000 SL Green Realty Corp. 266,000 265,560 19,000 Vornado Realty Trust 1,123,470 2,308,500 -------------- -------------- 1,389,470 2,574,060 RECREATION AND RESORTS (8.06%) 55,000 Las Vegas Sands Corp.* 1,858,518 4,921,400 60,000 Marriott International, Inc., Cl A 1,885,663 2,863,200 27,000 Wynn Resorts, Ltd.* 1,961,323 2,533,950 -------------- -------------- 5,705,504 10,318,550 RESTAURANTS (0.50%) 18,000 Starbucks Corp.* 354,443 637,560 RETAIL - CONSUMER STAPLES (7.84%) 20,000 CVS Corp. 464,962 618,200 97,000 Federated Department Stores, Inc. 3,705,251 3,698,610 59,000 Target Corp. 2,802,251 3,365,950 50,000 Whole Foods Market, Inc. 2,721,432 2,346,500 -------------- -------------- 9,693,896 10,029,260 RETAIL - SPECIALTY STORES (5.68%) 40,000 Bed Bath & Beyond, Inc.* 1,416,173 1,524,000 55,000 Coach, Inc.* 1,232,076 2,362,800 50,000 The Home Depot, Inc. 1,888,681 2,008,000 35,000 Tiffany & Co. 1,108,919 1,373,400 -------------- -------------- 5,645,849 7,268,200 -------------- -------------- TOTAL COMMON STOCKS 96,900,559 122,515,300 -------------- -------------- PRINCIPAL AMOUNT - ----------- SHORT TERM MONEY MARKET INSTRUMENTS (3.42%) $4,370,000 Chesham Finance Ltd. 5.29% due 01/02/2007 4,370,000 4,370,000 -------------- -------------- TOTAL INVESTMENTS (99.16%) $ 101,270,559 126,885,300 ============== CASH AND OTHER ASSETS LESS LIABILITIES (0.84%) 1,080,899 -------------- NET ASSETS (EQUIVALENT TO $13.11 PER SHARE BASED ON 9,762,221 SHARES OUTSTANDING) $ 127,966,199 ==============
- -------------- % Represents percentage of net assets * Non-income producing securities See Notes to Schedules of Investments. NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) Baron Investment Funds Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company established as a Massachusetts business trust on February 19, 1987. The Trust currently offers five series (individually a "Fund" and collectively the "Funds"): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron iOpportunity Fund, and Baron Fifth Avenue Growth Fund. Prior to October 22, 2004, the name of the Trust was Baron Asset Fund. (1) SECURITY VALUATION. Portfolio securities traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. Securities traded in foreign markets are valued using prices reported by local foreign markets and translated into U.S. dollars using the mean of the bid and offer prices of such currencies at the time the net asset value is determined. Where market quotations are not readily available, or in the Adviser's judgment, they do not accurately reflect fair value of a security, or an event occurs after the market close but before the Funds are priced that materially affects the value of a security, the securities will be valued by the Adviser using procedures established by the Board of Trustees. The Adviser has a fair valuation committee comprised of senior executives and members of the Board. Factors the committee uses include whether a current price is stale, there is recent news, the security is thinly traded, transactions are infrequent, or quotations are genuine. There can be no assurance, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an investment than the closing price of such investment in its market. Debt instruments having a remaining maturity greater than sixty days will be valued at the highest bid price from the dealer maintaining an active market in that security or on the basis of prices obtained from a pricing service approved by the Board of Trustees. Money market instruments held by the Funds with a remaining maturity of sixty days or less are valued at amortized cost, which approximates value. (2) COST OF INVESTMENTS FOR INCOME TAX PURPOSES. At December 31, 2006 the net unrealized appreciation based on the cost of investments for income tax purposes was as follows:
BARON BARON FIFTH BARON ASSET BARON GROWTH BARON SMALL CAP IOPPORTUNITY AVENUE GROWTH FUND FUND FUND FUND FUND --------------- --------------- --------------- ------------- ------------- Cost of investments $ 2,158,835,944 $ 3,964,783,517 $ 2,211,115,957 $ 110,640,029 $ 102,052,993 =============== =============== =============== ============= ============= Unrealized appreciation $ 1,608,905,638 $ 2,000,652,036 $ 958,835,564 $ 49,711,694 $ 26,057,758 Unrealized depreciation (59,933,071) (83,435,701) (73,728,943) (3,207,995) (1,225,451) --------------- --------------- --------------- ------------- ------------- Net unrealized appreciation $ 1,548,972,567 $ 1,917,216,335 $ 885,106,621 $ 46,503,699 $ 24,832,307 =============== =============== =============== ============= =============
(3) AFFILIATED INVESTMENTS* BARON ASSET FUND
Balance of Gross Gross Sales Balance of Shares Held on Purchases and Shares Held on Value NAME OF ISSUER Sept. 30, 2006 and Additions Reductions Dec. 31, 2006 Dec. 31, 2006 - --------------------------------------------------------------------------------------------------------------------------------- Alexander's, Inc. 314,000 314,000 $131,770,100 Apollo International, Inc. S-A CV Pfd. 105,264 105,264 600,000 Vail Resorts, Inc. 3,000,000 3,000,000 134,460,000 ----------------- TOTAL INVESTMENT IN "AFFILIATES" (7.46% OF NET ASSETS) $266,830,100 =================
* Affiliated investments, as defined in the Investment Company Act of 1940, are investments in which a Fund held 5% or more of the outstanding voting securities during the period October 1, 2006 to December 31, 2006. - ------------------------------------------------------------------------------- BARON GROWTH FUND
Balance of Gross Gross Sales Balance of Shares Held on Purchases and Shares Held on Value NAME OF ISSUER Sept. 30, 2006 and Additions Reductions Dec. 31, 2006 Dec. 31, 2006 - ---------------------------------------------------------------------------------------------------------------------------------- AMERIGROUP, Corp. 3,700,000 700,000 3,000,000 $107,670,000 Blue Nile, Inc. 875,000 875,000 32,278,750 Centene Corp. 3,000,000 500,000 2,500,000 61,425,000 Center Financial Corp. 850,000 850,000 20,374,500 Chemed Corp. 1,350,000 1,350,000 49,923,000 DeVry, Inc. 3,700,000 3,700,000 103,600,000 Encore Acquisition Co. 3,400,000 300,000 3,100,000 76,043,000 Peet's Coffee & Tea, Inc. 700,000 700,000 18,368,000 Ralcorp Hldgs., Cl A 1,400,000 1,400,000 71,246,000 Select Comfort Corp. 2,700,000 2,700,000 46,953,000 Symyx Technologies, Inc. 1,650,000 1,650,000 35,623,500 --------------- TOTAL INVESTMENT IN "AFFILIATES" (10.57% OF NET ASSETS) $623,504,750 ===============
* Affiliated investments, as defined in the Investment Company Act of 1940, are investments in which a Fund held 5% or more of the outstanding voting securities during the period October 1, 2006 to December 31, 2006. - ------------------------------------------------------------------------------- AFFILIATED INVESTMENTS* BARON SMALL CAP FUND
Balance of Gross Gross Sales Balance of Shares Held on Purchases and Shares Held on Value NAME OF ISSUER Sept. 30, 2006 and Additions Reductions Dec. 31, 2006 Dec. 31, 2006 - --------------------------------------------------------------------------------------------------------------------------------- AFC Enterprises, Inc. 2,250,000 2,250,000 $39,757,500 Boulder Specialty Brands, Inc. - 422,700 422,700 3,592,950 Boulder Specialty Brands, Inc., Units - 525,000 525,000 5,790,750 Boulder Specialty Brands, Inc., Warrants Exp 12/16/2009 - 30,000 30,000 75,900 Cash Systems, Inc. 1,500,000 1,500,000 10,710,000 Casual Male Retail Group, Inc. 1,157,503 525,000 1,682,503 21,956,664 Casual Male Retail Group, Inc., Warrants Exp 04/26/2007 1,407,353 525,000 882,353 4,014,706 Casual Male Retail Group, Inc., Warrants Exp 07/02/2010 100,000 100,000 829,000 DTS, Inc. 1,625,000 1,625,000 39,308,750 Great Wolf Resorts, Inc. 2,750,000 134,000 2,884,000 40,260,640 Iconix Brand Group, Inc. 2,500,000 202,500 2,702,500 ** Kensey Nash Corp. 950,000 950,000 30,210,000 MarineMax, Inc. 1,650,000 1,650,000 42,784,500 Measurement Specialties, Inc. 1,000,000 413,200 586,800 ** NuCO2, Inc. 1,250,000 1,250,000 30,737,500 ---------------- TOTAL INVESTMENT IN "AFFILIATES" (8.68% OF NET ASSETS) $270,028,860 ================
* Affiliated investments, as defined in the Investment Company Act of 1940, are investments in which a Fund held 5% or more of the outstanding voting securities during the period October 1, 2006 to December 31, 2006. ** As of December 31, 2006, no longer an affiliate. - ----------------------------------------------------------------------------- For additional information regarding the Funds' other significant accounting policies, please refer to the Funds' most recent Annual or Semi-Annual shareholder report filed on the Securities and Exchange Commission's website, www.sec.gov. Item 2. Controls and Procedures. (a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. (a) Separate certifications for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Baron Investment Funds Trust By: /s/Ronald Baron ------------------------------------------ Ronald Baron Chief Executive Officer Date: March 1, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/Ronald Baron ------------------------------------------ Ronald Baron Chief Executive Officer By: /s/ Peggy Wong ------------------------------------------ Peggy Wong Treasurer and Chief Financial Officer Date: March 1, 2007 EX-99 3 nqcertifications1206.txt N-Q CERTIFICATIONS I, RONALD BARON, certify that: 1. I have reviewed this report on Form N-Q of Baron Investment Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 1, 2007 /s/ Ronald Baron ---------------- Ronald Baron Chief Executive Officer I, PEGGY WONG, certify that: 1. I have reviewed this report on Form N-Q of Baron Investment Funds Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within in those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 1, 2007 /s/ Peggy Wong ---------------- Peggy Wong Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----