-----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, A2qFo5YorWhe2EFw1QRdM1CT21cK0k8MK/kMOSlvuogo9OA7VxjMapl4ZDUJwho6 bZKq64iKDnhsTzZgEv764A== 0001017918-05-000078.txt : 20050301 0001017918-05-000078.hdr.sgml : 20050301 20050301163358 ACCESSION NUMBER: 0001017918-05-000078 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050301 DATE AS OF CHANGE: 20050301 EFFECTIVENESS DATE: 20050301 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: 05650710 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 N-Q 1 biftformnq.txt BARON INVESTMENT FUNDS TRUST QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS UNITED STATES -------------------------- SECURITIES AND EXCHANGE COMMISSION | OMB APPROVAL | Washington, DC 20549 |--------------------------| |OMB Number: 3235 -0578 | |Expires: February 28, 2006| |Estimated average burden | |hours per response...20.00| -------------------------- 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, 2004 -------------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form-5 (Sections 239.4 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. POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER. SEC 2455 (4-04) ITEM 1. BARON ASSET FUND SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2004 (UNAUDITED)
Shares COST VALUE - ------------------------------- ----------- ------------ COMMON STOCKS (96.38%) ADVERTISING SERVICES (0.07%) 25,000 Getty Images, Inc.* $ 1,670,748 $ 1,721,250 BUSINESS SERVICES (11.46%) 375,000 Brown & Brown, Inc. 14,198,112 16,331,250 4,500,000 ChoicePoint, Inc.*# 52,047,773 206,955,000 500,000 Iron Mountain, Inc.* 12,605,616 15,245,000 1,150,000 Robert Half Intl., Inc.* 1,202,006 33,844,500 -------------- ------------- 80,053,507 272,375,750 CONSULTING (1.86%) 1,000,000 Hewitt Associates, Inc.* 24,669,272 32,010,000 140,000 Moody's Corp. 7,256,123 12,159,000 -------------- ------------- 31,925,395 44,169,000 CONSUMER SERVICES (1.24%) 225,000 H&R Block, Inc. 9,513,606 11,025,000 450,000 Weight Watchers Intl., Inc.* 12,953,988 18,481,500 -------------- ------------- 22,467,594 29,506,500 EDUCATION (7.18%) 1,450,000 Apollo Group, Inc., Cl A* 14,614,607 117,029,500 1,000,000 DeVry, Inc.* 2,392,707 17,360,000 1,100,000 Education Mgmt. Corp.* 6,886,520 36,311,000 -------------- ------------- 23,893,834 170,700,500 ENERGY SERVICES (5.67%) 350,000 Premcor, Inc.* 12,116,414 14,759,500 500,000 Seacor Holdings, Inc.* 14,322,278 26,700,000 175,000 Ultra Petroleum Corp.* 8,706,288 8,422,750 2,400,000 XTO Energy, Inc. 27,970,775 84,912,000 -------------- ------------- 63,115,755 134,794,250 FINANCIAL SERVICES - ASSET MANAGEMENT (1.18%) 300,000 Eaton Vance Corp. 11,400,170 15,645,000 200,000 T. Rowe Price Group, Inc. 9,739,136 12,440,000 -------------- ------------- 21,139,306 28,085,000 FINANCIAL SERVICES - BANKING (1.36%) 500,000 Commerce Bancorp, Inc. 25,233,129 32,200,000 FINANCIAL SERVICES - BROKERAGE AND EXCHANGES (7.81%) 9,400,000 Charles Schwab Corp. 23,571,677 112,424,000 320,000 Chicago Mercantile Exchange Holdings, Inc. 23,540,404 73,184,000 -------------- ------------- 47,112,081 185,608,000 FINANCIAL SERVICES - INSURANCE (3.18%) 1,000,000 Arch Capital Group, Ltd.* 33,841,383 38,700,000 1,350,000 Axis Capital Holdings, Ltd. 34,853,219 36,936,000 -------------- ------------- 68,694,602 75,636,000 FINANCIAL SERVICES - MISCELLANEOUS (1.74%) 325,000 First Marblehead Corp.* 13,040,407 18,281,250 125,000 The Student Loan Corp. 17,812,742 23,000,000 -------------- ------------- 30,853,149 41,281,250 GAMING SERVICES (0.22%) 150,000 International Game Technology 3,316,841 5,157,000 HEALTHCARE FACILITIES (3.06%) 800,000 Community Health Systems, Inc.* 20,710,260 22,304,000 1,425,000 Manor Care, Inc. 30,442,203 50,487,750 -------------- ------------- 51,152,463 72,791,750 HEALTHCARE PRODUCTS (3.57%) 150,000 Cooper Companies, Inc. 10,425,528 10,588,500 540,000 DENTSPLY International, Inc. 23,319,203 30,348,000 400,000 Henry Schein, Inc.* 22,796,151 27,856,000 200,000 Zimmer Holdings, Inc.* 6,087,903 16,024,000 -------------- ------------- 62,628,785 84,816,500 HEALTHCARE SERVICES (2.68%) 400,000 Caremark Rx, Inc.* 8,628,525 15,772,000 500,000 Charles River Laboratories Intl., Inc.* 14,951,698 23,005,000 400,000 Fisher Scientific Intl., Inc* 23,011,509 24,952,000 -------------- ------------- 46,591,732 63,729,000 HEALTHCARE SERVICES - INSURANCE (2.90%) 600,000 WellPoint, Inc.* (Formerly Anthem, Inc.) 33,488,049 69,000,000 HOME BUILDING (3.81%) 64,000 NVR, Inc.* 22,534,495 49,241,600 600,000 Toll Brothers, Inc.* 24,270,884 41,166,000 -------------- ------------- 46,805,379 90,407,600 HOTELS AND LODGING (3.21%) 750,000 Choice Hotels Intl., Inc. 7,756,643 43,500,000 400,000 Four Seasons Hotels, Inc. 10,216,158 32,716,000 -------------- ------------- 17,972,801 76,216,000 INFORMATION SERVICES (0.47%) 240,000 NAVTEQ Corp.* 7,183,821 11,126,400 MEDIA (2.27%) 480,000 Cox Radio, Inc., Cl A* 2,930,292 7,910,400 260,000 Radio One, Inc., Cl A* 2,068,065 4,186,000 500,000 Radio One, Inc., Cl D* 3,360,585 8,060,000 1,000,000 Saga Comm., Inc., Cl A*# 4,282,731 16,850,000 325,000 Univision Communications, Inc., Cl A* 2,468,251 9,512,750 200,000 XM Satellite Radio Holdings, Inc., Cl A* 4,443,989 7,524,000 -------------- ------------- 19,553,913 54,043,150 REAL ESTATE SERVICES (3.08%) 314,000 Alexander's, Inc.*# 20,453,936 67,510,000 141,844 Corrections Corp. of America* 1,418 5,737,590 -------------- ------------- 20,455,354 73,247,590 RECREATION AND RESORTS (15.32%) 2,400,000 Kerzner Intl., Ltd.*# 77,808,281 144,120,000 200,000 Las Vegas Sands Corp.* 5,800,000 9,600,000 3,000,000 Vail Resorts, Inc.*# 61,273,805 67,260,000 750,000 Wynn Resorts, Ltd.* 9,738,586 50,190,000 1,459,408 Wynn Resorts, Ltd.*@ 30,030,772 92,780,404 -------------- ------------- 184,651,444 363,950,404 RESTAURANTS (1.03%) 750,000 The Cheesecake Factory, Inc.* 15,604,748 24,352,500 RETAIL - CONSUMER STAPLES (1.93%) 480,000 Whole Foods Market, Inc. 23,163,847 45,768,000 RETAIL - SPECIALTY STORES (5.44%) 375,000 Carmax, Inc.* 8,975,714 11,643,750 1,500,000 Dollar Tree Stores, Inc.* 10,065,955 43,020,000 800,000 Ethan Allen Interiors, Inc. 22,610,641 32,016,000 1,000,000 Polo Ralph Lauren Corp., Cl A 19,737,919 42,600,000 -------------- ------------- 61,390,229 129,279,750 TRANSPORTATION (2.52%) 750,000 C. H. Robinson Worldwide, Inc. 27,854,391 41,640,000 325,000 Expeditors Intl. Washington, Inc. 15,127,726 18,161,000 -------------- ------------- 42,982,117 59,801,000 UTILITY SERVICES (2.12%) 2,100,000 Southern Union Co.* 27,564,041 50,358,000 -------------- ------------- TOTAL COMMON STOCKS 1,080,664,664 2,290,122,144 -------------- ------------- CONVERTIBLE PREFERRED STOCKS (0.41%) EDUCATION (0.03%) 105,264 Apollo International, Inc. S-A CV Pfd.*@# 2,000,016 849,996 HEALTHCARE SERVICES (0.38%) 5,753 Somerford Corp. S-A Conv. Pfd.* @ 9,000,000 8,999,993 -------------- ------------- TOTAL CONVERTIBLE PREFERRED STOCKS 11,000,016 9,849,989 -------------- ------------- WARRANTS (0.08%) REAL ESTATE SERVICES 70,922 Corrections Corporation of America Warrants Exp 09/29/2005*@ 0 1,868,795 -------------- ------------- PRINCIPAL AMOUNT - --------------------- CORPORATE BONDS (0.13%) HEALTHCARE SERVICES $ 3,000,000 Somerford Corp. 8.50% Sub. Conv. Deb. due 04/23/2006@ 3,000,000 3,000,000 -------------- ------------- SHORT TERM MONEY MARKET INSTRUMENTS (3.44%) 54,999,999 Exxon Asset Management Co. 2.15% due 1/06/2005 54,999,999 54,999,999 26,800,000 Citicorp. 2.00% due 1/03/2005 26,800,000 26,800,000 -------------- ------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 81,799,999 81,799,999 -------------- ------------- TOTAL INVESTMENTS (100.44%) $1,176,464,679 2,386,640,927 ============== LIABILITIES LESS CASH AND OTHER ASSETS (-0.44%) (10,407,892) ------------- NET ASSETS (EQUIVALENT TO $52.52 PER SHARE BASED ON 45,245,518 SHARES OUTSTANDING) $2,376,233,035 ==============
- ------------------ % Represents percentage of net assets @ Restricted securities # Issuers that may be deemed to be "affiliated" * Non-income producing securities ** For Federal income tax purposes the cost basis is $1,178,464,019. Aggregate unrealized appreciation and depreciation of investments are $1,209,610,473 and $1,433,565, respectively. SECURITY VALUATION: Portfolio securites traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Fund uses the NASDAQ Official Closing Price. Where market quotations are not readily available, securities are valued based on fair value as determined by the Adviser, using procedures established by the Board of Trustees. Money market instruments held by the Fund with a remaining maturity of sixty days or less are valued at amortized cost, which appoximates value. For additional information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Annual or Semi-Annual shareholder report filed on the Securities and Exchange Commission's website, www.sec.gov. AFFILIATED ISSUERS*
BARON ASSET FUND Dividend Balance of Gross Gross Sales Balance of Income Shares Held on Purchases and Shares Held on Value Oct. 1-Dec. Realized NAME OF ISSUER Sep. 30, 2004 and Additions Reductions Dec. 31, 2004 Dec. 31, 2004 31, 2004 Gain/(Loss) - ---------------------------------------------------------------------------------------------------------------------------------- Alexander's, Inc. 314,000 314,000 $67,510,000 Apollo International, Inc. S-A CV Pfd. 105,264 105,264 849,996 ChoicePoint, Inc. 4,600,000 100,000 4,500,000 206,955,000 $2,917,951 Kerzner Intl., Ltd. 2,400,000 2,400,000 144,120,000 Saga Comm., Inc., Cl A 1,000,000 1,000,000 16,850,000 Vail Resorts, Inc. Cl A 3,000,000 3,000,000 67,260,000 ------------ ---------- ---------- $503,544,996 $0 $2,917,951 ============ ========== ==========
* Affiliated issuers, as defined in the Investment Company Act of 1940, are issuers in which a Fund held 5% or more of the outstanding voting securities during the three months ended December 31, 2004. ================================================================================ BARON GROWTH FUND SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2004 (UNAUDITED)
Shares COST VALUE - ------------------------- -------------- ------------- COMMON STOCKS (86.28%) ADVERTISING SERVICES (0.92%) 350,000 Getty Images, Inc.* $ 7,538,649 $ 24,097,500 500,000 Harte-Hanks, Inc. 9,358,388 12,990,000 -------------- -------------- 16,897,037 37,087,500 APPAREL (1.22%) 1,450,000 Carter's, Inc.*# 39,178,712 49,285,500 BUILDING MACHINERY (0.37%) 400,000 Tractor Supply Co.* 14,319,999 14,884,000 BUSINESS SERVICES (3.08%) 300,000 Brown & Brown, Inc. 9,830,330 13,065,000 1,600,000 ChoicePoint, Inc.* 35,852,211 73,584,000 600,000 Equinix, Inc.* 17,862,441 25,644,000 600,000 Gevity HR, Inc. 12,554,291 12,336,000 -------------- -------------- 76,099,273 124,629,000 CHEMICAL (1.11%) 1,500,000 Symyx Technologies, Inc.* 23,175,012 45,120,000 COMMUNICATIONS (2.15%) 3,000,000 American Tower Corp., Cl A* 13,344,607 55,200,000 50,000 Arbinet-Thexchange, Inc.* 875,000 1,242,500 800,000 Crown Castle Intl., Corp.* 3,043,909 13,312,000 1,872,500 SBA Communications Corp.* 7,261,559 17,376,800 -------------- -------------- 24,525,075 87,131,300 CONSULTING (1.32%) 1,320,000 Hewitt Associates, Inc.* 32,467,627 42,253,200 600,000 LECG Corp.* 12,477,679 11,190,000 -------------- -------------- 44,945,306 53,443,200 EDUCATION (5.30%) 3,700,000 DeVry, Inc.*# 62,024,339 64,232,000 900,000 Education Mgmt. Corp.* 11,720,374 29,709,000 700,000 Strayer Education, Inc. 57,859,739 76,853,000 1,150,000 Universal Technical Institute, Inc.* 31,350,206 43,838,000 -------------- -------------- 162,954,658 214,632,000 ENERGY SERVICES (5.28%) 2,325,000 Encore Acquisition Co.*# 59,629,929 81,165,750 1,000,000 FMC Technologies, Inc.* 22,078,370 32,200,000 550,000 Harvest Natural Resources, Inc.* 8,993,661 9,498,500 1,275,000 Premcor, Inc.* 28,186,806 53,766,750 440,000 Seacor Holdings, Inc.* 17,768,097 23,496,000 450,000 Whiting Petroleum Corp.* 13,177,402 13,612,500 -------------- -------------- 149,834,265 213,739,500 FINANCIAL SERVICES - ASSET MANAGEMENT (1.93%) 350,000 BlackRock, Inc., Cl A 7,036,572 27,041,000 620,000 Cohen & Steers, Inc. 8,099,987 10,075,000 325,000 Eaton Vance Corp. 11,290,146 16,948,750 260,000 Gabelli Asset Mgmt., Inc., Cl A 3,811,537 12,615,200 290,000 Nuveen Investments, Inc. 7,748,686 11,446,300 -------------- -------------- 37,986,928 78,126,250 FINANCIAL SERVICES - BANKING (0.98%) 750,000 First Republic Bank Corp. 34,887,773 39,750,000 FINANCIAL SERVICES - BROKERAGE & EXHANGES (3.02%) 300,000 Chicago Mercantile Exchange Holdings, Inc. 17,577,703 68,610,000 650,000 eSpeed, Inc. Cl A* 7,103,108 8,040,500 1,135,000 Jefferies Group, Inc. 23,889,851 45,717,800 -------------- -------------- 48,570,662 122,368,300 FINANCIAL SERVICES - INSURANCE (1.58%) 1,650,000 Arch Capital Group, Ltd.* 51,045,431 63,855,000 FINANCIAL SERVICES - MISCELLANEOUS (3.02%) 1,000,000 CheckFree Corp.* 18,042,917 38,080,000 1,500,000 First Marblehead Corp.* 44,501,122 84,375,000 -------------- -------------- 62,544,039 122,455,000 FOOD AND AGRICULTURE (0.47%) 450,000 Ralcorp Hldgs., Inc.* 14,264,661 18,868,500 GAMING SERVICES (0.12%) 200,000 Scientific Games Corp.* 3,331,071 4,768,000 GOVERNMENT SERVICES (1.14%) 1,100,000 Anteon Intl., Corp.* 32,750,117 46,046,000 HEALTHCARE FACILITIES (4.22%) 2,200,000 Community Health Systems, Inc.* 55,160,341 61,336,000 1,800,000 Manor Care, Inc. 33,815,991 63,774,000 1,100,000 United Surgical Partners Intl., Inc.* 23,181,527 45,870,000 -------------- -------------- 112,157,859 170,980,000 HEALTHCARE PRODUCTS (2.73%) 775,000 DepoMed, Inc.* 5,286,714 4,185,000 2,000,000 Edwards Lifesciences Corp.* 59,602,587 82,520,000 380,000 INAMED Corp.* 17,467,474 24,035,000 -------------- -------------- 82,356,775 110,740,000 HEALTHCARE SERVICES (3.05%) 1,703,200 Charles River Laboratories Intl., Inc.* 52,306,788 78,364,232 225,000 Gen-Probe, Inc.* 9,430,914 10,172,250 1,825,000 Odyssey Healthcare, Inc.* 22,290,243 24,966,000 400,000 PRA International* 8,770,892 9,912,000 -------------- -------------- 92,798,837 123,414,482 HEALTHCARE SERVICES - INSURANCE (5.79%) 1,900,000 AMERIGROUP Corp.*# 70,530,101 143,754,000 3,200,000 Centene Corp.*# 30,065,539 90,720,000 -------------- -------------- 100,595,640 234,474,000 HOME BUILDING (1.71%) 100,000 Beazer Homes USA, Inc. 11,813,720 14,621,000 150,000 Brookfield Homes Corp. 1,213,559 5,085,000 1,000,000 Hovnanian Enterprises, Inc.* 27,153,147 49,520,000 -------------- -------------- 40,180,426 69,226,000 HOTELS AND LODGING (3.71%) 825,000 Choice Hotels Intl., Inc. 10,620,527 47,850,000 1,250,000 Four Seasons Hotels, Inc. 37,489,146 102,237,500 -------------- -------------- 48,109,673 150,087,500 MEDIA (3.04%) 725,000 Citadel Broadcasting Corp.* 12,964,827 11,730,500 1,050,000 Cumulus Media, Inc.* 18,513,729 15,834,000 500,000 Entravision Comm. Corp., Cl A* 2,952,986 4,175,000 1,300,000 Gray Television, Inc. 10,939,970 20,150,000 2,000,000 LIN TV Corp., Cl A* 43,977,344 38,200,000 250,000 Radio One, Inc., Cl A* 2,371,787 4,025,000 980,000 Radio One, Inc., Cl D* 11,388,696 15,797,600 775,000 Saga Comm., Inc., Cl A* 6,925,985 13,058,750 -------------- -------------- 110,035,324 122,970,850 MEDICAL EQUIPMENT (0.40%) 410,000 Intuitive Surgical, Inc.* 6,650,173 16,408,200 PRINTING AND PUBLISHING (0.29%) 400,000 ProQuest Co.* 10,762,212 11,880,000 REAL ESTATE SERVICES (2.99%) 75,000 Alexander's, Inc.* 5,683,588 16,125,000 1,750,000 CB Richard Ellis Group, Inc.* 38,014,092 58,712,500 437,000 CoStar Group, Inc.* 18,538,344 20,180,660 225,000 LNR Property Corp. 9,074,405 14,154,750 925,000 Spirit Finance Corp.* 10,644,869 11,701,250 -------------- -------------- 81,955,298 120,874,160 RECREATION AND RESORTS (11.23%) 525,000 Ameristar Casinos, Inc. 18,366,625 22,632,750 200,000 Boyd Gaming Corp. 5,345,491 8,330,000 525,000 Gaylord Entertainment Co.* 15,225,311 21,803,250 1,500,000 Isle of Capri Casinos, Inc.*# 31,924,387 38,475,000 1,800,000 Kerzner Intl., Ltd.*# 49,095,087 108,090,000 1,760,000 Station Casinos, Inc. 40,877,216 96,236,800 1,250,000 Vail Resorts, Inc.* 21,897,070 28,025,000 537,677 Wynn Resorts, Ltd. *@ 11,063,956 34,182,278 1,450,000 Wynn Resorts, Ltd. * 18,807,288 97,034,000 -------------- -------------- 212,602,431 454,809,078 RESTAURANTS (4.70%) 750,000 Panera Bread Co., Cl A* 25,159,032 30,240,000 450,000 Peet's Coffee & Tea, Inc.* 8,320,843 11,911,500 1,250,000 P.F. Chang's China Bistro, Inc.* 58,814,683 70,437,500 2,400,000 The Cheesecake Factory, Inc.* 51,421,500 77,928,000 -------------- -------------- 143,716,058 190,517,000 RETAIL - SPECIALTY STORES (6.21%) 850,000 Blue Nile, Inc.* 25,383,192 23,477,000 2,000,000 Cabela's, Inc.* 48,577,359 45,480,000 1,650,000 CarMax, Inc.* 34,948,928 51,232,500 700,000 Dick's Sporting Goods, Inc.* 23,681,149 24,605,000 600,000 Dollar Tree Stores, Inc.* 7,884,538 17,208,000 550,000 Ethan Allen Interiors, Inc. 14,286,910 22,011,000 900,000 Petco Animal Supplies, Inc.* 17,449,210 35,532,000 1,775,000 Select Comfort Corp.* 37,528,381 31,843,500 -------------- -------------- 209,739,667 251,389,000 SOFTWARE (0.63%) 500,000 Kronos, Inc.* 7,446,852 25,565,000 TRANSPORTATION (1.65%) 1,242,500 Genesee & Wyoming, Inc.* 28,652,530 34,951,525 700,000 JetBlue Airways Corp.* 16,188,617 16,254,000 210,000 Landstar System, Inc.* 9,307,733 15,464,400 -------------- -------------- 54,148,880 66,669,925 UTILITY SERVICES (0.92%) 1,549,999 Southern Union Co.* 19,474,294 37,168,976 -------------- -------------- TOTAL COMMON STOCKS 2,170,040,418 3,493,363,221 -------------- -------------- CONVERTIBLE PREFERRED STOCKS (0.18%) PHARMACEUTICAL 750,000 Reliant Pharmaceuticals LLC Series D @ 15,000,000 7,500,000 -------------- -------------- PRINCIPAL AMOUNT - ------------------------- CORPORATE BONDS (1.97%) RECREATION AND RESORTS $ 26,000,000 Wynn Resorts 6.00% Sub. Conv. Deb. due 07/15/2015 25,410,192 79,690,000 -------------- -------------- SHORT TERM MONEY MARKET INSTRUMENTS (11.30%) 99,987,500 American Express 1.50% due 1/03/2005 99,987,500 99,987,500 179,977,007 American Express 2.15% due 1/06/2005 179,977,007 179,977,007 170,022,707 Exxon Asset Mgmt. Co. 2.15% due 1/06/2005 170,022,707 170,022,707 7,516,979 Prudential Financial Services 1.50% due 1/03/2005 7,516,979 7,516,979 -------------- -------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 457,504,193 457,504,193 -------------- -------------- TOTAL INVESTMENTS (99.73%) $2,667,954,803 4,038,057,414 ============== CASH AND OTHER ASSETS LESS LIABILITIES (0.27%) 10,930,677 -------------- NET ASSETS (EQUIVALENT TO $44.87 PER SHARE BASED ON 90,232,481 SHARES OUTSTANDING) $4,048,988,091 ==============
- -------------------- % Represents percentage of net assets @ Restricted securities * Non-income producing securities # Issuers that may be deemed to be "affiliated" ** For Federal income tax purposes the cost basis is $2,680,585,845. Aggregate unrealized appreciation and depreciation of investments are $1,396,593,208 and $39,121,639, respectively. SECURITY VALUATION: Portfolio securites traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Fund uses the NASDAQ Official Closing Price. Where market quotations are not readily available, securities are valued based on fair value as determined by the Adviser, using procedures established by the Board of Trustees. Money market instruments held by the Fund with a remaining maturity of sixty days or less are valued at amortized cost, which appoximates value. For additional information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Annual or Semi-Annual shareholder report filed on the Securities and Exchange Commission's website, www.sec.gov. AFFILIATED ISSUERS*
BARON GROWTH FUND Dividend Balance of Gross Gross Sales Balance of Income Shares Held on Purchases and Shares Held on Value Oct. 1-Dec. Realized NAME OF ISSUER Sep. 30, 2004 and Additions Reductions Dec. 31, 2004 Dec. 31, 2004 31, 2004 Gain/(Loss) - ---------------------------------------------------------------------------------------------------------- ------------ ----------- AMEIRGROUP, Corp. 1,900,000 1,900,000 $143,754,000 Arch Capital Group, Ltd. 1,650,000 1,650,000 ** Carter's, Inc. 1,200,000 250,000 1,450,000 49,285,500 Centene Corp.+ 1,600,000 1,600,000 3,200,000 90,720,000 DeVry, Inc. 2,250,000 1,450,000 3,700,000 64,232,000 Encore Acquisition Co. 2,200,000 125,000 2,325,000 81,165,750 Isle of Capri Casinos, Inc. 1,275,000 225,000 1,500,000 38,475,000 Kerzner Intl., Ltd. 1,800,000 1,800,000 108,090,000 ------------ ------------ ---------- $575,722,250 $ 0 $ 0 ============ ============ ==========
* Affiliated issuers, as defined in the Investment Company Act of 1940, are issuers in which a Fund held 5% or more of the outstanding voting securities during the three months ended December 31, 2004. ** As of December 31, 2004, no longer an affiliate. + Received 1,600,000 shares from 2:1 stock split. ================================================================================ BARON SMALL CAP FUND SCHEDULE OF INVESMENTS AS OF DECEMBER 31, 2004 (UNAUDITED)
Shares COST VALUE - -------------------------- -------------- --------------- COMMON STOCKS (90.18%) ADVERTISING SERVICES (1.44%) 550,000 R.H. Donnelley Corp.* $ 16,121,330 $ 32,477,500 APPAREL (0.68%) 450,000 Carter's Inc.* 13,785,929 15,295,500 BUILDING MACHINERY (1.07%) 650,000 Tractor Supply Co.* 22,793,697 24,186,500 BUILDING MATERIALS (3.00%) 800,000 Eagle Materials, Inc., Cl B 47,231,684 67,440,000 BUSINESS SERVICES (4.59%) 725,000 ChoicePoint, Inc.* 6,949,762 33,342,750 1,150,000 DX Services PLC 7,232,851 8,071,850 550,000 First Advantage Corp., Cl A* 10,441,335 11,220,000 1,111,100 Infocrossing, Inc.* 10,597,825 18,810,923 975,000 Iron Mountain, Inc.* 10,010,523 29,727,750 132,000 Standard Parking Corp.* 1,775,400 2,019,600 -------------- -------------- 47,007,696 103,192,873 COMMUNICATIONS (9.26%) 5,550,000 Alamosa Hldgs, Inc.* 32,186,799 69,208,500 3,350,000 American Tower Corp.* 19,090,630 61,640,000 1,500,000 SBA Communications Corp.* 6,109,973 13,920,000 3,500,000 UbiquiTel, Inc.* 13,096,692 24,920,000 1,100,000 USA Mobility, Inc.* 28,583,701 38,841,000 -------------- -------------- 99,067,795 208,529,500 CONSULTING (2.18%) 275,000 Corporate Executive Board Co.* 4,596,431 18,408,500 1,650,000 LECG Corp.*# 32,939,131 30,772,500 -------------- -------------- 37,535,562 49,181,000 CONSUMER PRODUCTS (1.68%) 1,332,691 Digital Theater Systems, Inc.*# 28,944,806 26,827,070 500,000 EMAK Worldwide, Inc.*# (formerly Equity Marketing, Inc.) 7,064,357 5,000,000 250,000 NBTY, Inc.* 3,961,813 6,002,500 -------------- -------------- 39,970,976 37,829,570 EDUCATION (8.44%) 500,000 Apollo Group, Inc., Cl A* 4,269,664 40,355,000 1,250,000 Career Education Corp.* 2,794,154 50,000,000 475,000 Educate, Inc. * 5,452,417 6,289,000 425,000 Strayer Education, Inc. 35,308,941 46,660,750 1,225,700 Universal Technical Institute, Inc.* 36,549,066 46,723,684 -------------- -------------- 84,374,242 190,028,434 ENERGY SERVICES (0.36%) 500,000 Energy Savings Income Fund 5,095,420 8,019,850 FINANCIAL - ASSET MANAGEMENT (0.54%) 250,000 Gabelli Asset Mgmt., Inc., Cl A 4,356,166 12,130,000 FINANCIAL - BANKING (0.52%) 50,000 Cash Systems, Inc.*# 391,335 457,000 1,300,000 Cash Systems, Inc.@*# 8,346,000 11,287,900 -------------- -------------- 8,737,335 11,744,900 FINANCIAL - INSURANCE (0.34%) 200,000 Arch Capital Group, Ltd.* 5,515,966 7,740,000 GOVERNMENT SERVICES (5.80%) 1,200,000 Anteon Intl., Corp.* 30,668,294 50,232,000 1,000,000 FLIR Systems, Inc.* 42,409,713 63,790,000 700,000 Mantech Intl. Corp. * 12,035,637 16,618,000 -------------- -------------- 85,113,644 130,640,000 HEALTH CARE FACILITIES (2.31%) 1,250,000 United Surgical Partners Intl., Inc.* 22,780,745 52,125,000 HEALTH CARE PRODUCTS (2.04%) 725,000 INAMED Corp.* 34,785,131 45,856,250 HEALTH CARE SERVICES (0.33%) 300,000 PRA International* 6,437,458 7,434,000 HOME BUILDING (1.90%) 1,100,000 Brookfield Homes Corp. 22,367,351 37,290,000 474,000 Champion Enterprises, Inc.* 3,398,383 5,602,680 -------------- -------------- 25,765,734 42,892,680 INFORMATION SERVICES (0.26%) 125,000 NAVTEQ Corp.* 2,750,000 5,795,000 LEISURE (1.95%) 1,000,000 HIT Entertainment PLC 4,884,655 5,254,600 1,000,000 Lakes Entertainment, Inc.* 13,665,909 16,290,000 750,700 Marinemax, Inc.* 18,109,491 22,340,832 -------------- -------------- 36,660,055 43,885,432 MANUFACTURING (1.68%) 400,000 Actuant Corp., Cl A* 9,860,850 20,860,000 668,000 Measurement Specialties, Inc. * 16,322,629 17,007,280 -------------- -------------- 26,183,479 37,867,280 MEDIA (4.74%) 500,000 Cumulus Media, Inc.* 7,511,278 7,540,000 401,100 DakTronics, Inc.* 9,191,759 9,983,379 1,350,000 Gray Television, Inc. 11,348,508 20,925,000 800,000 LIN TV Corp., Cl A* 17,526,021 15,280,000 2,250,000 Radio One, Inc., Cl D* 25,672,711 36,270,000 380,000 Regal Entertainment Group, Cl A 4,528,833 7,885,000 325,000 Westwood One, Inc.* 3,497,838 8,752,250 -------------- -------------- 79,276,948 106,635,629 MEDICAL EQUIPMENT (5.56%) 2,625,000 Immucor, Inc.*# 17,119,488 61,713,750 750,000 Intuitive Surgical, Inc.* 11,321,688 30,015,000 525,000 Kensey Nash Corp.* 17,121,907 18,128,250 600,000 Lifeline Systems, Inc.* 14,042,562 15,456,000 -------------- -------------- 59,605,645 125,313,000 PHARMACEUTICAL (0.21%) 275,000 Noven Pharmaceutical, Inc. 3,288,765 4,691,500 PRINTING AND PUBLISHING (2.65%) 750,000 Bowne & Co., Inc. 12,951,607 12,195,000 1,000,000 Creo, Inc.* 13,608,882 14,970,000 1,500,000 Interactive Data Corp.* 22,596,629 32,610,000 -------------- -------------- 49,157,118 59,775,000 REAL ESTATE SERVICES (4.54%) 750,000 CB Richard Ellis Group, Inc.* 21,558,152 25,162,500 4,000,000 Countrywide PLC 21,998,600 24,930,800 325,000 LNR Property Corp. 10,842,681 20,445,750 2,500,000 Spirit Finance Corp.* 29,521,332 31,625,000 -------------- -------------- 83,920,765 102,164,050 RECREATION AND RESORTS (8.82%) 350,000 Ameristar Casinos, Inc. 12,671,576 15,088,500 100,000 Boyd Gaming Corp. 2,861,522 4,165,000 1,400,000 Gaylord Entertainment Co.* 41,624,725 58,142,000 1,400,000 Great Wolf Resorts, Inc.* 27,293,263 31,276,000 550,000 Kerzner Intl., Ltd.* 13,662,714 33,027,500 850,000 Wynn Resorts, Ltd. * 12,016,631 56,882,000 -------------- -------------- 110,130,431 198,581,000 RESTAURANTS (4.34%) 500,000 Krispy Kreme Doughnuts, Inc.* 8,203,090 6,300,000 700,000 Panera Bread Co., Cl A* 21,887,369 28,224,000 200,000 P.F. Chang's China Bistro, Inc.* 8,574,459 11,270,000 937,500 The Cheesecake Factory, Inc.* 19,254,684 30,440,625 726,000 Texas Roadhouse, Inc.* 15,822,068 21,453,300 -------------- -------------- 73,741,670 97,687,925 RETAIL - SPECIALTY STORES (6.62%) 700,000 99 Cents Only Stores* 16,541,813 11,312,000 250,000 Aeropostale, Inc.* 1,113,097 7,357,500 1,157,503 Casual Male Retail Group, Inc.*# 5,361,112 6,308,391 396,000 Design Within Reach, Inc.* 6,112,657 5,761,800 350,000 Dollar Tree Stores, Inc.* 6,476,891 10,038,000 1,300,000 Hot Topic, Inc.* 20,830,936 22,347,000 600,000 Kenneth Cole Productions, Inc., Cl A 10,318,483 18,516,000 814,807 Provide Commerce, Inc.*# 16,090,651 30,270,080 1,250,000 Quiksilver, Inc.* 17,592,671 37,237,500 -------------- -------------- 100,438,311 149,148,271 TRANSPORTATION (2.33%) 650,000 JetBlue Airways Corp.* 11,502,058 15,093,000 494,100 Republic Airways Holdings, Inc.* 6,479,287 6,556,707 3,100,000 Westjet Airlines, Ltd* 30,859,041 30,789,510 -------------- -------------- 48,840,386 52,439,217 -------------- -------------- TOTAL COMMON STOCKS 1,280,470,083 2,030,726,861 -------------- -------------- WARRANTS (0.22%) BUSINESS SERVICES (0.09%) 222,575 Infocrossing, Inc. Warrants Exp 10/16/2008*@ 31,784 2,018,756 -------------- -------------- RETAIL - SPECIALTY STORES (0.13%) 1,407,353 Casual Male Retail Group, Inc. Warrants Exp 04/26/2007*@# 2,117,151 2,856,000 100,000 Casual Male Retail Group, Inc. Warrants Exp 07/02/2010*@# 49,000 69,000 -------------- -------------- 2,166,151 2,925,000 -------------- -------------- TOTAL WARRANTS 2,197,935 4,943,756 -------------- -------------- PRINCIPAL AMOUNT - -------------------------- CORPORATE BONDS (0.20%) PRINTING AND PUBLISHING $ 7,000,000 Penton Media, Inc. 10.375% Sr. Sub. NT due 06/15/2011 4,812,072 4,628,750 -------------- -------------- SHORT TERM MONEY MARKET INSTRUMENTS (9.07%) 170,000,000 Exxon Asset Management Co. 2.15% due 1/06/2005 170,000,000 170,000,000 34,305,718 Prudential Financial Services 1.50% due 1/03/2005 34,305,718 34,305,718 -------------- -------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 204,305,718 204,305,718 -------------- -------------- TOTAL INVESTMENTS (99.67%) $1,491,785,808 2,244,605,085 ============== CASH AND OTHER ASSETS LESS LIABILITIES (0.33%) 7,370,463 -------------- NET ASSETS (EQUIVALENT TO $22.08 PER SHARE BASED ON 101,976,853 SHARES OUTSTANDING) $2,251,975,548 ==============
- ------------------------- % Represents percentage of net assets @ Restricted securities # Issuers that may be deemed to be "affiliated" * Non-income producing securities ** For Federal income tax purposes the cost basis is $1,494,312,415. Aggregate unrealized appreciation and depreciation of investments are $768,718,437 and $18,425,767, respectively. SECURITY VALUATION: Portfolio securites traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Fund uses the NASDAQ Official Closing Price. Where market quotations are not readily available, securities are valued based on fair value as determined by the Adviser, using procedures established by the Board of Trustees. Money market instruments held by the Fund with a remaining maturity of sixty days or less are valued at amortized cost, which appoximates value. For additional information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Annual or Semi-Annual shareholder report filed on the Securities and Exchange Commission's website, www.sec.gov. AFFILIATED ISSUERS*
BARON SMALL CAP FUND Dividend Balance of Gross Gross Sales Balance of Income Shares Held on Purchases and Shares Held on Value Oct. 1-Dec. Realized NAME OF ISSUER Sep. 30, 2004 and Additions Reductions Dec. 31, 2004 Dec. 31, 2004 31, 2004 Gain/(Loss) - ---------------------------------------------------------------------------------------------------------- ----------- ----------- Cash Systems, Inc. - 1,350,000 1,350,000 $ 11,744,900 Casual Male Retail Group, Inc. 1,157,503 1,157,503 6,308,391 Casual Male Retail Group, Inc., Warrants Exp 04/26/2007 1,407,353 1,407,353 2,856,000 Casual Male Retail Group, Inc., Warrants Exp 07/02/2010 100,000 100,000 69,000 Digital Theater Systems, Inc. 1,300,000 32,691 1,332,691 26,827,070 EMAK Worldwide, Inc. 500,000 500,000 5,000,000 Immucor, Inc. + 1,987,500 875,000 237,500 2,625,000 61,713,750 $4,123,275 LECG Corp. 1,650,000 1,650,000 30,772,500 Provide Commerce, Inc. 900,000 85,193 814,807 30,270,080 866,316 ------------ ---------- ---------- $175,561,691 $ 0 $4,989,591 ============ ========== ==========
* Affiliated issuers, as defined in the Investment Company Act of 1940, are issuers in which a Fund held 5% or more of the outstanding voting securities during the three months ended December 31, 2004. + Received 875,000 shares from 3:2 stock split. BARON iOPPORTUNITY FUND SCHEDULE OF INVESMENTS AS OF DECEMBER 31, 2004 (UNAUDITED)
Shares COST VALUE - ----------------------- ------------- ------------- COMMON STOCKS (89.43%) ADVERTISING SERVICES (8.14%) 100,000 Ask Jeeves, Inc.* $ 2,676,688 $ 2,675,000 300,000 Digitas, Inc.* 2,587,204 2,865,000 80,000 Getty Images, Inc.* 1,213,286 5,508,000 10,000 Google, Inc.* 850,000 1,931,000 25,000 Shopping.com, Ltd.* 450,000 706,250 ------------- ------------- 7,777,178 13,685,250 BUSINESS SERVICES (12.31%) 150,000 Ariba, Inc.* 1,622,940 2,490,000 85,000 ChoicePoint, Inc.* 2,995,233 3,909,150 70,000 Equinix, Inc.* 1,456,750 2,991,800 25,000 InfoSpace, Inc.* 608,786 1,188,750 200,000 Monster Worldwide, Inc.* 2,948,697 6,728,000 215,000 Stamps.com, Inc.* 1,814,704 3,405,600 ------------- ------------- 11,447,110 20,713,300 CABLE (2.44%) 125,000 Comcast Corp., Cl A* 3,101,552 4,105,000 COMMUNICATIONS (9.29%) 150,000 Alamosa Holdings, Inc.* 845,960 1,870,500 250,000 American Tower Corp.* 1,264,040 4,600,000 50,000 Arbinet Thexchange, Inc.* 875,000 1,242,500 25,000 Research in Motion, Ltd.* 178,021 2,060,500 400,000 SBA Communications Corp.* 1,377,834 3,712,000 300,000 UbiquiTel, Inc.* 1,424,881 2,136,000 ------------- ------------- 5,965,736 15,621,500 COMMUNICATIONS EQUIPMENT (2.52%) 100,000 Qualcomm, Inc. 3,472,857 4,240,000 CONSUMER PRODUCTS (0.96%) 275,000 TiVo, Inc.* 2,225,635 1,614,250 CONSUMER SERVICES (5.20%) 55,000 eBay, Inc.* 1,572,934 6,395,400 100,000 priceline.com, Inc.* 2,179,733 2,359,000 ------------- ------------- 3,752,667 8,754,400 EDUCATION (5.70%) 59,999 Apollo Group, Inc., Cl A* 1,166,799 4,842,519 50,000 Career Education Corp.* 1,084,207 2,000,000 25,000 Strayer Education, Inc. 2,503,237 2,744,750 ------------- ------------- 4,754,243 9,587,269 ENTERPRISE HARDWARE (6.92%) 60,000 CDW Corp. 3,715,727 3,981,000 115,000 Dell, Inc.* 3,111,683 4,846,100 120,000 Intel Corp. 2,805,370 2,806,800 ------------- ------------- 9,632,780 11,633,900 FINANCIAL SERVICES - BROKERAGE & EXCHANGES (6.77%) 400,000 Charles Schwab Corp. 4,627,364 4,784,000 400,000 E*TRADE Group, Inc.* 2,482,756 5,980,000 50,000 eSpeed, Inc., Cl A* 669,276 618,500 ------------- ------------- 7,779,396 11,382,500 GAMING SERVICES (2.04%) 100,000 International Game Technology 2,889,899 3,438,000 HOTELS AND LODGING (1.84%) 175,000 LodgeNet Entertainment Corp.* 3,173,514 3,095,750 LEISURE (3.71%) 50,000 Electronic Arts, Inc.* 3,063,517 3,084,000 50,000 JAMDAT Mobile, Inc.* 959,257 1,032,500 50,000 Shanda Interactive Entertainment, Ltd.* 761,449 2,125,000 ------------- ------------- 4,784,223 6,241,500 MANUFACTURING (2.96%) 360,000 Flextronics Intl., Ltd.* 4,425,726 4,975,200 MEDIA (9.78%) 75,000 DreamWorks Animation SKG, Inc.* 2,478,202 2,813,250 100,000 iVillage, Inc.* 450,455 618,000 600,000 LookSmart, Ltd.* 1,316,531 1,314,000 300,000 Loudeye Corp.* 522,935 615,000 666,667 Loudeye Corp.*@ 1,000,001 1,298,334 235,000 Time Warner, Inc.* 3,756,499 4,568,400 138,800 Yahoo! Inc.* 2,042,818 5,229,984 ------------- ------------- 11,567,441 16,456,968 REAL ESTATE SERVICES (4.39%) 73,500 CoStar Group, Inc.* 1,799,782 3,394,230 700,000 Homestore, Inc.* 1,869,779 2,121,000 105,000 ZipRealty, Inc.* 1,461,064 1,876,350 ------------- ------------- 5,130,625 7,391,580 RETAIL - SPECIALTY STORES (4.46%) 325,000 drugstore.com, Inc.* 772,925 1,105,000 150,000 Provide Commerce, Inc.* 2,414,557 5,572,500 100,000 Varsity Group, Inc.* 416,633 827,000 ------------- ------------- 3,604,115 7,504,500 ------------- ------------- TOTAL COMMON STOCKS 95,484,697 150,440,867 ------------- ------------- WARRANTS (0.00%) MEDIA 200,000 Loudeye Corp. Warrants Exp 10/16/2008*@ 0 0 ------------- ------------- PRINCIPAL AMOUNT - ----------------------- SHORT TERM MONEY MARKET INSTRUMENTS (10.11%) $ 16,999,999 CitiCorp. 2.0% due 1/03/2005 16,999,999 16,999,999 ------------- ------------- TOTAL INVESTMENTS (99.54%) $ 112,484,696 167,440,866 ============= CASH AND OTHER ASSETS LESS LIABILITIES (0.46%) 778,702 ------------ NET ASSETS (EQUIVALENT TO $9.08 PER SHARE BASED ON 18,528,338 SHARES OUTSTANDING) $168,219,568 ============
- ---------------------- % Represents percentage of net assets * Non-income producing securities @ Restricted securities ** For Federal income tax purposes the cost basis is $115,399,797. Aggregate unrealized appreciation and depreciation of investments are $52,785,213 and $744,144, respectively. SECURITY VALUATION: Portfolio securites traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Fund uses the NASDAQ Official Closing Price. Where market quotations are not readily available, securities are valued based on fair value as determined by the Adviser, using procedures established by the Board of Trustees. Money market instruments held by the Fund with a remaining maturity of sixty days or less are valued at amortized cost, which appoximates value. For additional information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Annual or Semi-Annual shareholder report filed on the Securities and Exchange Commission's website, www.sec.gov. BARON FIFTH AVENUE GROWTH FUND SCHEDULE OF INVESMENTS AS OF DECEMBER 31, 2004 (UNAUDITED)
Shares COST VALUE - -------------------- -------------- -------------- COMMON STOCKS (91.61%) ADVERTISING SERVICES (0.81%) 2,500 Google, Inc.* $ 212,500 $ 482,750 BUSINESS SERVICES (3.66%) 17,170 Cintas Corp 743,279 753,076 30,091 Iron Mountain, Inc.* 947,201 917,475 15,000 Paychex, Inc. 543,152 511,200 ------------- ------------- 2,233,632 2,181,751 CABLE (2.49%) 45,165 Comcast Corp., Cl A* 1,324,960 1,483,219 COMMUNICATIONS (1.24%) 40,000 American Tower Corp.* 737,873 736,000 COMMUNICATIONS EQUIP. (1.85%) 26,000 Qualcomm, Inc. 908,393 1,102,400 CONSUMER PRODUCTS (2.00%) 15,000 Avon Products, Inc. 608,769 580,500 10,000 Harley-Davidson, Inc. 567,174 607,500 ------------- ------------- 1,175,943 1,188,000 CONSUMER SERVICES (1.74%) 8,935 eBay, Inc.* 734,205 1,038,962 EDUCATION (2.61%) 15,261 Apollo Group, Inc., Cl A* 1,209,324 1,231,715 8,000 Career Education Corp.* 497,497 320,000 ------------- ------------- 1,706,821 1,551,715 ENERGY & ENERGY SERVICES (5.32%) 16,252 Kinder Morgan, Inc. 976,521 1,188,509 15,000 Ultra Petroleum Corp.* 724,734 721,950 35,618 XTO Energy, Inc. 970,406 1,260,165 ------------- ------------- 2,671,661 3,170,624 ENTERPRISE HARDWARE (4.75%) 15,000 CDW Corp. 914,239 995,250 26,985 Dell, Inc.* 948,034 1,137,148 29,872 Intel Corp. 775,410 698,706 ------------- ------------- 2,637,683 2,831,104 FINANCIAL SERVICES - BANKING (3.38%) 15,000 Commerce Bancorp, Inc. 894,917 966,000 17,080 Golden West Financial Corp. 915,959 1,049,054 ------------- ------------- 1,810,876 2,015,054 FINANCIAL SERVICES - BROKERAGE & EXCHANGES (3.46%) 97,518 Charles Schwab Corp. 960,349 1,166,315 60,000 E*TRADE Group, Inc.* 676,962 897,000 ------------- ------------- 1,637,311 2,063,315 FINANCIAL SERVICES - INSURANCE (2.32%) 8 Berkshire Hathaway, Inc., Cl A* 717,340 703,200 8,000 The Progressive Corp. 671,465 678,720 ------------- ------------- 1,388,805 1,381,920 FINANCIAL SERVICES - MISCELLANEOUS (1.86%) 30,000 Countrywide Financial Corp. 1,054,205 1,110,300 GAMING SERVICES (1.84%) 31,910 International Game Technology 1,114,584 1,097,066 HEALTH CARE PRODUCTS (0.87%) 6,500 Zimmer Holdings, Inc.* 504,860 520,780 HEALTH CARE SERVICES (1.91%) 9,000 Fisher Scientific Intl., Inc.* 513,308 561,420 11,500 Laboratory Corp. of America Holdings* 544,057 572,930 ------------- ------------- 1,057,365 1,134,350 HEALTH CARE SERVICES - INSURANCE (2.77%) 12,190 UnitedHealth Group, Inc. 786,511 1,073,086 5,000 Wellpoint, Inc.* 451,500 575,000 ------------- ------------- 1,238,011 1,648,086 HOME BUILDING (1.50%) 15,000 Centex Corp. 863,840 893,700 HOTELS AND LODGING (0.96%) 7,000 Four Seasons Hotels, Inc. 374,614 572,530 LEISURE (2.07%) 20,000 Electronic Arts, Inc.* 1,235,888 1,233,600 MANUFACTURING (1.94%) 83,585 Flextronics Intl., Ltd.* 1,217,172 1,155,145 MEDIA (10.57%) 20,000 DreamWorks Animation SKG, Inc.* 796,360 750,200 10,000 Lamar Advertising Co.* 422,244 427,800 59,288 The News Corp., Ltd. 946,855 1,106,314 60,000 Time Warner, Inc.* 1,022,172 1,166,400 20,000 Univision Communications, Inc., Cl A* 645,747 585,400 40,000 Walt Disney Co. 986,361 1,112,000 30,520 Yahoo! Inc.* 845,683 1,149,994 ------------- ------------- 5,665,422 6,298,108 PHARMACEUTICAL (2.64%) 8,560 Amgen, Inc.* 485,567 549,124 10,375 Forest Laboratories, Inc.* 647,866 465,422 10,260 Genentech, Inc.* 600,436 558,554 ------------- ------------- 1,733,869 1,573,100 REAL ESTATE SERVICES (3.16%) 15,905 Kimco Realty Corp. 708,782 922,331 12,565 Vornado Realty Trust 663,234 956,573 ------------- ------------- 1,372,016 1,878,904 RECREATION AND RESORTS (5.13%) 21,545 Carnival Corp. 937,383 1,241,638 15,000 Las Vegas Sands Corp.* 435,000 720,000 15,000 MGM Mirage, Inc.* 650,610 1,091,100 ------------- ------------- 2,022,993 3,052,738 RESTAURANTS (1.68%) 16,000 Starbucks Corp.* 646,842 997,760 RETAIL - CONSUMER STAPLES (7.36%) 20,260 Costco Wholesale Corp. 795,743 980,787 18,500 Target Corp. 809,020 960,705 10,000 Wal-Mart Stores, Inc. 540,263 528,200 25,000 Walgreen Co. 906,299 959,250 10,000 Whole Foods Market, Inc. 825,257 953,500 ------------- ------------- 3,876,582 4,382,442 RETAIL - SPECIALTY STORES (7.57%) 25,000 Bed Bath & Beyond, Inc.* 935,974 995,750 16,560 Best Buy Co., Inc. 853,854 983,995 22,030 Coach, Inc.* 896,085 1,242,492 18,860 Dollar Tree Stores, Inc.* 511,683 540,905 12,923 Lowe's Companies, Inc. 656,528 744,235 ------------- ------------- 3,854,124 4,507,377 TRANSPORTATION (2.15%) 15,000 United Parcel Service, Inc. 1,185,825 1,281,900 ------------- ------------- TOTAL COMMON STOCKS 48,198,875 54,564,700 ------------- ------------- PRINCIPAL AMOUNT - -------------------- SHORT TERM MONEY MARKET INSTRUMENTS (8.73%) $3,067,505 Prudential Financial Serv. 2.00% due 01/03/2005 3,067,505 3,067,505 2,132,494 Citicorp 2.00% due 01/03/2005 2,132,494 2,132,494 ------------- ------------- TOTAL SHORT TERM MONEY MARKET INSTRUMENTS 5,199,999 5,199,999 ------------- ------------- TOTAL INVESTMENTS (100.34%) $ 53,398,874 59,764,699 ============= LIABILITIES LESS CASH AND OTHER ASSETS (-0.34%) (202,582) ------------- NET ASSETS (EQUIVALENT TO $10.97 PER SHARE BASED ON 5,428,947 SHARES OUTSTANDING) $ 59,562,117 =============
- -------------------- % Represents percentage of net assets * Non-income producing securities ** For Federal income tax purposes the cost basis is $53,424,636. Aggregate unrealized appreciation and depreciation of investments are $7,127,737 and $787,674, respectively. SECURITY VALUATION: Portfolio securites traded on any national stock exchange are valued based on the last sale price. For securities traded on NASDAQ, the Fund uses the NASDAQ Official Closing Price. Where market quotations are not readily available, securities are valued based on fair value as determined by the Adviser, using procedures established by the Board of Trustees. Money market instruments held by the Fund with a remaining maturity of sixty days or less are valued at amortized cost, which appoximates value. For additional information regarding the Fund's other significant accounting policies, please refer to the Fund's 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 President and Chief Executive Officer Date: March 1, 2005 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 President and Chief Executive Officer Date: March 1, 2005 By: /s/ Peggy Wong -------------------------- Peggy Wong Treasurer and Chief Financial Officer Date: March 1, 2005 EX-99.CERT 2 nqcertifications.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 effect, 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 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, 2005 /s/ Ronald Baron ---------------- Ronald Baron President and 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 effect, 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 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, 2005 /s/ Peggy Wong ---------------- Peggy Wong Treasurer and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----