-----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, EdHY1Hqvr1hhImuYvY8NFt3wgOB610twRZ7qLiGdM+3DtqnnCJSSVXhQOExMI9Mh 8B/lB0TXrkf4iO3gHtjIBw== 0001017918-07-000131.txt : 20071129 0001017918-07-000131.hdr.sgml : 20071129 20071129171957 ACCESSION NUMBER: 0001017918-07-000131 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071129 DATE AS OF CHANGE: 20071129 EFFECTIVENESS DATE: 20071129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND) CENTRAL INDEX KEY: 0000810902 IRS NUMBER: 136891420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-05032 FILM NUMBER: 071275716 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 NSAR-B 1 answer.fil SEMI ANNUAL INVESTMENT MANAGEMENT REPORT FOR PERIOD ENDED SEPTEMBER 30, 2007 PAGE 1 000 B000000 09/30/2007 000 C000000 810902 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BARON INVESTMENT FUNDS TRUST 001 B000000 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066 F000100 N 066 G000100 N 067 000100 N 068 A000100 N 068 B000100 N 069 000100 N 070 A010100 Y 070 A020100 Y 070 B010100 Y 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 N 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 N 070 F020100 N 070 G010100 N 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 Y 070 K010100 Y 070 K020100 N 070 L010100 Y 070 L020100 Y 070 M010100 N 070 M020100 N 070 N010100 Y 070 N020100 Y 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 N 070 R020100 N 071 A000100 1039296 071 B000100 506653 071 C000100 3783912 071 D000100 13 072 A000100 12 072 B000100 10863 072 C000100 35834 072 D000100 0 072 E000100 148 PAGE 8 072 F000100 40033 072 G000100 0 072 H000100 0 072 I000100 821 072 J000100 104 072 K000100 0 072 L000100 1139 072 M000100 87 072 N000100 101 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 60 072 S000100 44 072 T000100 10009 072 U000100 0 072 V000100 1186 072 W000100 88 072 X000100 53672 072 Y000100 137 072 Z000100 -6690 072AA000100 138798 072BB000100 0 072CC010100 554958 072CC020100 0 072DD010100 0 072DD020100 0 072EE000100 266497 073 A010100 0.0000 073 A020100 0.0000 073 B000100 4.6840 073 C000100 0.0000 074 A000100 471 074 B000100 154997 074 C000100 0 074 D000100 0 074 E000100 16000 074 F000100 4297140 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 30556 074 K000100 0 074 L000100 6060 074 M000100 20 074 N000100 4505244 074 O000100 7424 074 P000100 0 074 Q000100 0 074 R010100 0 074 R020100 0 PAGE 9 074 R030100 0 074 R040100 29865 074 S000100 0 074 T000100 4467955 074 U010100 67118 074 U020100 0 074 V010100 66.57 074 V020100 0.00 074 W000100 0.0000 074 X000100 194198 074 Y000100 0 075 A000100 0 075 B000100 4006945 076 000100 0.00 024 000200 Y 025 A000201 JEFFERIES GROUP INC. 025 B000201 95-4719745 025 C000201 E 025 D000201 133584 025 D000202 0 025 D000203 0 025 D000204 0 025 D000205 0 025 D000206 0 025 D000207 0 025 D000208 0 028 A010200 161419 028 A020200 0 028 A030200 0 028 A040200 71654 028 B010200 128413 028 B020200 0 028 B030200 0 028 B040200 120576 028 C010200 126285 028 C020200 0 028 C030200 0 028 C040200 105309 028 D010200 98133 028 D020200 0 028 D030200 0 028 D040200 110258 028 E010200 111323 028 E020200 0 028 E030200 0 028 E040200 121094 028 F010200 107966 028 F020200 0 028 F030200 0 028 F040200 78519 028 G010200 733539 PAGE 10 028 G020200 0 028 G030200 0 028 G040200 607410 028 H000200 0 037 000200 N 038 000200 0 039 000200 N 040 000200 Y 041 000200 Y 042 A000200 0 042 B000200 0 042 C000200 0 042 D000200 0 042 E000200 0 042 F000200 0 042 G000200 0 042 H000200 0 043 000200 16045 044 000200 6943 045 000200 Y 046 000200 N 047 000200 Y 048 000200 1.000 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 049 000200 N 050 000200 N 051 000200 N 052 000200 N 053 A000200 N 055 A000200 N PAGE 11 055 B000200 N 056 000200 N 057 000200 N 066 A000200 Y 066 B000200 N 066 C000200 Y 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 N 067 000200 N 068 A000200 N 068 B000200 N 069 000200 N 070 A010200 Y 070 A020200 Y 070 B010200 Y 070 B020200 N 070 C010200 Y 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 N 070 E020200 N 070 F010200 N 070 F020200 N 070 G010200 N 070 G020200 N 070 H010200 N 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 N 070 L010200 Y 070 L020200 Y 070 M010200 N 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 071 A000200 1520326 PAGE 12 071 B000200 1286659 071 C000200 6020119 071 D000200 21 072 A000200 12 072 B000200 19536 072 C000200 32899 072 D000200 0 072 E000200 0 072 F000200 64180 072 G000200 0 072 H000200 0 072 I000200 969 072 J000200 175 072 K000200 0 072 L000200 2271 072 M000200 137 072 N000200 150 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 59 072 S000200 83 072 T000200 16045 072 U000200 0 072 V000200 0 072 W000200 141 072 X000200 84210 072 Y000200 198 072 Z000200 -31577 072AA000200 338119 072BB000200 0 072CC010200 865494 072CC020200 0 072DD010200 0 072DD020200 0 072EE000200 285911 073 A010200 0.0000 073 A020200 0.0000 073 B000200 2.5370 073 C000200 0.0000 074 A000200 1094 074 B000200 352940 074 C000200 0 074 D000200 0 074 E000200 16369 074 F000200 6538129 074 G000200 0 074 H000200 0 074 I000200 38803 074 J000200 128445 074 K000200 0 PAGE 13 074 L000200 13246 074 M000200 33 074 N000200 7089059 074 O000200 5926 074 P000200 0 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 7246 074 S000200 0 074 T000200 7075887 074 U010200 129709 074 U020200 0 074 V010200 54.55 074 V020200 0.00 074 W000200 0.0000 074 X000200 320409 074 Y000200 0 075 A000200 0 075 B000200 6424463 076 000200 0.00 024 000300 N 025 D000301 0 025 D000302 0 025 D000303 0 025 D000304 0 025 D000305 0 025 D000306 0 025 D000307 0 025 D000308 0 028 A010300 58727 028 A020300 0 028 A030300 0 028 A040300 45742 028 B010300 43981 028 B020300 0 028 B030300 0 028 B040300 63270 028 C010300 67076 028 C020300 0 028 C030300 0 028 C040300 87877 028 D010300 49635 028 D020300 0 028 D030300 0 028 D040300 44853 028 E010300 45278 028 E020300 0 028 E030300 0 028 E040300 55187 PAGE 14 028 F010300 48618 028 F020300 0 028 F030300 0 028 F040300 45666 028 G010300 313315 028 G020300 0 028 G030300 0 028 G040300 342595 028 H000300 0 037 000300 N 038 000300 0 039 000300 N 040 000300 Y 041 000300 Y 042 A000300 0 042 B000300 0 042 C000300 0 042 D000300 0 042 E000300 0 042 F000300 0 042 G000300 0 042 H000300 0 043 000300 8220 044 000300 2718 045 000300 Y 046 000300 N 047 000300 Y 048 000300 1.000 048 A010300 0 048 A020300 0.000 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 0 048 K020300 0.000 049 000300 N PAGE 15 050 000300 N 051 000300 N 052 000300 N 053 A000300 N 055 A000300 N 055 B000300 N 056 000300 N 057 000300 N 066 A000300 Y 066 B000300 N 066 C000300 Y 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 N 067 000300 N 068 A000300 N 068 B000300 N 069 000300 N 070 A010300 Y 070 A020300 Y 070 B010300 Y 070 B020300 N 070 C010300 Y 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 N 070 E020300 N 070 F010300 N 070 F020300 N 070 G010300 N 070 G020300 N 070 H010300 N 070 H020300 N 070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 Y 070 K010300 Y 070 K020300 N 070 L010300 Y 070 L020300 Y 070 M010300 N 070 M020300 N 070 N010300 Y 070 N020300 Y 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N PAGE 16 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 071 A000300 1161657 071 B000300 1248501 071 C000300 3181803 071 D000300 37 072 A000300 12 072 B000300 4782 072 C000300 34637 072 D000300 0 072 E000300 638 072 F000300 32879 072 G000300 0 072 H000300 0 072 I000300 532 072 J000300 199 072 K000300 0 072 L000300 1068 072 M000300 70 072 N000300 92 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 55 072 S000300 40 072 T000300 8220 072 U000300 0 072 V000300 0 072 W000300 75 072 X000300 43230 072 Y000300 80 072 Z000300 -3093 072AA000300 215884 072BB000300 0 072CC010300 436676 072CC020300 0 072DD010300 0 072DD020300 0 072EE000300 372128 073 A010300 0.0000 073 A020300 0.0000 073 B000300 3.0570 073 C000300 0.0000 074 A000300 2745 074 B000300 147432 074 C000300 0 074 D000300 0 074 E000300 0 074 F000300 3376598 PAGE 17 074 G000300 0 074 H000300 0 074 I000300 11440 074 J000300 17154 074 K000300 0 074 L000300 5442 074 M000300 17 074 N000300 3560828 074 O000300 33274 074 P000300 0 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 5184 074 S000300 0 074 T000300 3522370 074 U010300 138270 074 U020300 0 074 V010300 25.47 074 V020300 0.00 074 W000300 0.0000 074 X000300 150119 074 Y000300 0 075 A000300 0 075 B000300 3290402 076 000300 0.00 024 000400 N 025 A000401 DELETE 025 D000401 0 025 D000402 0 025 D000403 0 025 D000404 0 025 D000405 0 025 D000406 0 025 D000407 0 025 D000408 0 028 A010400 2400 028 A020400 0 028 A030400 0 028 A040400 2754 028 B010400 1574 028 B020400 0 028 B030400 0 028 B040400 4713 028 C010400 2004 028 C020400 0 028 C030400 0 028 C040400 2910 028 D010400 2983 028 D020400 0 PAGE 18 028 D030400 0 028 D040400 2268 028 E010400 4800 028 E020400 0 028 E030400 0 028 E040400 2937 028 F010400 7805 028 F020400 0 028 F030400 0 028 F040400 2426 028 G010400 21566 028 G020400 0 028 G030400 0 028 G040400 18008 028 H000400 0 037 000400 Y 038 000400 42 039 000400 N 040 000400 Y 041 000400 Y 042 A000400 0 042 B000400 0 042 C000400 0 042 D000400 0 042 E000400 0 042 F000400 0 042 G000400 0 042 H000400 0 043 000400 423 044 000400 69 045 000400 Y 046 000400 N 047 000400 Y 048 000400 1.000 048 A010400 0 048 A020400 0.000 048 B010400 0 048 B020400 0.000 048 C010400 0 048 C020400 0.000 048 D010400 0 048 D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 PAGE 19 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 0 048 K020400 0.000 049 000400 N 050 000400 N 051 000400 N 052 000400 N 053 A000400 N 055 A000400 N 055 B000400 N 056 000400 N 057 000400 N 066 A000400 Y 066 B000400 N 066 C000400 Y 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 N 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 Y 070 B010400 Y 070 B020400 N 070 C010400 Y 070 C020400 N 070 D010400 Y 070 D020400 N 070 E010400 N 070 E020400 N 070 F010400 N 070 F020400 N 070 G010400 N 070 G020400 N 070 H010400 N 070 H020400 N 070 I010400 N 070 I020400 N 070 J010400 Y 070 J020400 Y 070 K010400 Y 070 K020400 N 070 L010400 Y 070 L020400 Y 070 M010400 N 070 M020400 N PAGE 20 070 N010400 Y 070 N020400 Y 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 Y 070 Q020400 N 070 R010400 Y 070 R020400 N 071 A000400 78425 071 B000400 72508 071 C000400 156941 071 D000400 46 072 A000400 12 072 B000400 711 072 C000400 600 072 D000400 0 072 E000400 55 072 F000400 1692 072 G000400 0 072 H000400 0 072 I000400 120 072 J000400 19 072 K000400 0 072 L000400 86 072 M000400 3 072 N000400 39 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 34 072 S000400 2 072 T000400 423 072 U000400 0 072 V000400 0 072 W000400 4 072 X000400 2422 072 Y000400 21 072 Z000400 -1035 072AA000400 19441 072BB000400 0 072CC010400 0 072CC020400 24757 072DD010400 0 072DD020400 0 072EE000400 0 073 A010400 0.0000 073 A020400 0.0000 073 B000400 0.0000 073 C000400 0.0000 PAGE 21 074 A000400 922 074 B000400 9116 074 C000400 0 074 D000400 0 074 E000400 0 074 F000400 187541 074 G000400 0 074 H000400 0 074 I000400 0 074 J000400 693 074 K000400 0 074 L000400 379 074 M000400 1 074 N000400 198652 074 O000400 0 074 P000400 0 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 648 074 S000400 0 074 T000400 198004 074 U010400 15216 074 U020400 0 074 V010400 13.01 074 V020400 0.00 074 W000400 0.0000 074 X000400 14018 074 Y000400 0 075 A000400 0 075 B000400 169346 076 000400 0.00 024 000500 N 025 A000501 DELETE 025 D000501 0 025 D000502 0 025 D000503 0 025 D000504 0 025 D000505 0 025 D000506 0 025 D000507 0 025 D000508 0 028 A010500 1315 028 A020500 0 028 A030500 0 028 A040500 3101 028 B010500 1365 028 B020500 0 028 B030500 0 028 B040500 6622 PAGE 22 028 C010500 1107 028 C020500 0 028 C030500 0 028 C040500 2566 028 D010500 1247 028 D020500 0 028 D030500 0 028 D040500 8913 028 E010500 1585 028 E020500 0 028 E030500 0 028 E040500 8309 028 F010500 978 028 F020500 0 028 F030500 0 028 F040500 2913 028 G010500 7597 028 G020500 0 028 G030500 0 028 G040500 32424 028 H000500 0 037 000500 N 038 000500 0 039 000500 N 040 000500 Y 041 000500 Y 042 A000500 0 042 B000500 0 042 C000500 0 042 D000500 0 042 E000500 0 042 F000500 0 042 G000500 0 042 H000500 0 043 000500 308 044 000500 53 045 000500 Y 046 000500 N 047 000500 Y 048 000500 0.000 048 A010500 999999 048 A020500 1.000 048 B010500 1999999 048 B020500 0.950 048 C010500 2999999 048 C020500 0.900 048 D010500 3999999 048 D020500 0.850 048 E010500 4000000 048 E020500 0.800 048 F010500 0 PAGE 23 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 049 000500 N 050 000500 N 051 000500 N 052 000500 N 053 A000500 N 055 A000500 N 055 B000500 N 056 000500 N 057 000500 N 066 A000500 Y 066 B000500 N 066 C000500 Y 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 Y 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 N 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 N 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N PAGE 24 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 Y 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 Y 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 34474 071 B000500 67945 071 C000500 119912 071 D000500 29 072 A000500 12 072 B000500 129 072 C000500 1442 072 D000500 0 072 E000500 0 072 F000500 1232 072 G000500 0 072 H000500 0 072 I000500 43 072 J000500 13 072 K000500 0 072 L000500 28 072 M000500 3 072 N000500 20 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 29 072 S000500 1 072 T000500 308 072 U000500 0 072 V000500 0 072 W000500 4 072 X000500 1681 072 Y000500 6 072 Z000500 -104 072AA000500 8707 072BB000500 0 072CC010500 8921 072CC020500 0 072DD010500 0 PAGE 25 072DD020500 0 072EE000500 0 073 A010500 0.0000 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 0 074 B000500 326 074 C000500 0 074 D000500 0 074 E000500 0 074 F000500 108758 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 1382 074 K000500 0 074 L000500 227 074 M000500 1 074 N000500 110694 074 O000500 326 074 P000500 0 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 203 074 S000500 0 074 T000500 110165 074 U010500 7801 074 U020500 0 074 V010500 14.12 074 V020500 0.00 074 W000500 0.0000 074 X000500 4982 074 Y000500 0 075 A000500 0 075 B000500 123219 076 000500 0.00 SIGNATURE PATRICK M. PATALINO TITLE CHIEF LEGAL OFFICER EX-99.77B ACCT LTTR 3 pwcnsarltr2007.txt AUDITORS LETTER REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Trustees of Baron Investment Funds Trust In planning and performing our audits of the financial statements of Baron Investment Funds Trust, comprising, respectively, Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron iOpportunity Fund and Baron Fifth Avenue Growth Fund (collectively the "Funds") as of and for the year ended September 30, 2007, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting. The management of the Funds are responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Such internal control over financial reporting includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 2007 This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/PricewaterhouseCoopers LLP - ----------------------------- PricewaterhouseCoopers LLP New York, New York November 28, 2007 -----END PRIVACY-ENHANCED MESSAGE-----