<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001050084
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 CAPITAL FUNDS TRUST
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001 C000000 2125832000
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002 B000000 NEW YORK
002 C000000 NY
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003 000000 N
004 000000 N
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008 A00AA01 BAMCO, INC.
008 B00AA01 A
008 C00AA01 801-29080
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10153
011 A00AA01 BARON CAPITAL, INC.
011 B00AA01 8-27533
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012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-00448
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 84105
013 A00AA01 PRICEWATERHOUSECOOPERS, LLP
<PAGE> PAGE 2
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 BARON CAPITAL, INC.
014 B00AA01 8-27533
015 A00AA01 THE BANK OF NEW YORK
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015 E01AA01 X
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE LINDA S. MARTINSON
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001050084
<NAME> BARON CAPITAL FUNDS TRUST
<SERIES>
<NUMBER> 1
<NAME> BARON CAPITAL ASSET FUND - INSURANCE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 26,656,153
<INVESTMENTS-AT-VALUE> 32,286,495
<RECEIVABLES> 9,450
<ASSETS-OTHER> 2,967,085
<OTHER-ITEMS-ASSETS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 188,567
<NET-INVESTMENT-INCOME> ( 87,138)
<REALIZED-GAINS-CURRENT> 220,944
<APPREC-INCREASE-CURRENT> 5,449,881
<NET-CHANGE-FROM-OPS> 5,583,687
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,887
<DISTRIBUTIONS-OF-GAINS> 110,285
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,033,403
<NUMBER-OF-SHARES-REDEEMED> 343,220
<SHARES-REINVESTED> 7,401
<NET-CHANGE-IN-ASSETS> 31,383,921
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<ACCUMULATED-GAINS-PRIOR> 148,527
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<GROSS-EXPENSE> 238,977
<AVERAGE-NET-ASSETS> 10,137,554
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<PER-SHARE-NII> ( 0.06)
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<PER-SHARE-DIVIDEND> ( 0.01)
<PER-SHARE-DISTRIBUTIONS> ( 0.19)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 0.015
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001050084
<NAME> BARON CAPITAL FUNDS TRUST
<SERIES>
<NUMBER> 2
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</TABLE>
PRICEWATERHOUSECOOPERS
- --------------------------------------------------------------------------------
| PRICEWATERHOUSECOOPERS LLP
| 1177 Avenue of the Americas
REPORT OF INDEPENDENT ACCOUNTANTS | New York NY 10036
| Telephone (212) 596 8000
| Facsimile (212) 596-8910
To the Shareholders and Board of Trustees
of Baron Capital Asset Fund
In planning and performing our audit of the financial statements of Baron
Capital Asset Fund (the "Fund") for the year ended December 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatvely low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/ PricewaterhouseCoopers LLP
______________________________
PricewaterhouseCoopers LLP
February 4, 2000
