BARON ASSET FUND
NSAR-B, 1998-01-05
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<PAGE>      PAGE  1
000 B000000 09/30/97
000 C000000 0000810902
000 D000000 N
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000 I000000 3.0.a
000 J000000 A
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001 B000000 811-5032
001 C000000 2125832000
002 A000000 767 FIFTH AVENUE  24TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10153
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
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007 C020100 BARON ASSET FUND
007 C030100 N
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007 C020200 BARON GROWTH & INCOME FUND
007 C030200 N
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007 C010500  5
007 C010600  6
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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
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10153
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-00448
012 C01AA01 KANSAS CITY
012 C02AA01 MO
<PAGE>      PAGE  2
012 C03AA01 84105
013 A00AA01 COOPERS & LYBRAND, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
013 B04AA01 6013
014 A00AA01 BARON CAPITAL, INC.
014 B00AA01 8-27533
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
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020 A000007 SMITH BARNEY SHEARSON
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020 A000008 CANTOR FITZGERALD & CO.
020 B000008 95-1786286
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020 A000009 DONALDSON, LUFKIN & JENRETTE
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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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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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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SIGNATURE   LINDA S. MARTINSON                           
TITLE       GENERAL COUNSEL     

[ARTICLE] 6
[CIK] 0000810902
[NAME] BARON ASSET FUND
[SERIES]
   [NUMBER] 1
   [NAME] BARON ASSET FUND
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          SEP-30-1997
[PERIOD-START]                             OCT-01-1996
[PERIOD-END]                               SEP-30-1997
[INVESTMENTS-AT-COST]                 $  2,379,533,912
[INVESTMENTS-AT-VALUE]                $  3,250,591,801
[RECEIVABLES]                         $      8,331,073
[ASSETS-OTHER]                        $        240,618
[OTHER-ITEMS-ASSETS]                  $              0
[TOTAL-ASSETS]                        $  3,259,163,492
[PAYABLE-FOR-SECURITIES]              $     34,024,476
[SENIOR-LONG-TERM-DEBT]               $              0
[OTHER-ITEMS-LIABILITIES]             $        640,622
[TOTAL-LIABILITIES]                   $     34,665,098
[SENIOR-EQUITY]                       $              0
[PAID-IN-CAPITAL-COMMON]              $  2,378,338,831
[SHARES-COMMON-STOCK]                       67,990,946
[SHARES-COMMON-PRIOR]                       32,842,555
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]              $(    24,898,326)
[OVERDISTRIBUTION-GAINS]              $              0
[ACCUM-APPREC-OR-DEPREC]              $    871,057,889
[NET-ASSETS]                          $  3,224,498,394
[DIVIDEND-INCOME]                     $      8,100,908
[INTEREST-INCOME]                     $      7,294,972
[OTHER-INCOME]                        $             50
[EXPENSES-NET]                        $     25,136,197
[NET-INVESTMENT-INCOME]              $(     9,740,291)
[REALIZED-GAINS-CURRENT]             $(    25,537,003)
[APPREC-INCREASE-CURRENT]             $    699,696,611
[NET-CHANGE-FROM-OPS]                 $    664,419,317
[EQUALIZATION]                        $              0
[DISTRIBUTIONS-OF-INCOME]             $              0
[DISTRIBUTIONS-OF-GAINS]             $(     1,419,734)
[DISTRIBUTIONS-OTHER]                 $              0
[NUMBER-OF-SHARES-SOLD]                     48,411,239
[NUMBER-OF-SHARES-REDEEMED]                 13,300,780
[SHARES-REINVESTED]                             37,932
[NET-CHANGE-IN-ASSETS]                $  2,058,440,740
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]             $      1,307,985
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                 $     18,573,064
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                       $     25,136,191
[AVERAGE-NET-ASSETS]                  $  1,864,526,970
[PER-SHARE-NAV-BEGIN]                $           35.50
[PER-SHARE-NII]                               $( 0.14)
[PER-SHARE-GAIN-APPREC]               $          12.11
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]             $         (0.04)
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                   $          47.43
[EXPENSE-RATIO]                                   .013
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

[ARTICLE] 6
[CIK] 0000810902
[NAME] BARON ASSET FUND
[SERIES]
   [NUMBER] 2
   [NAME] BARON GROWTH & INCOME FUND
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   YEAR
[FISCAL-YEAR-END]                          SEP-30-1997
[PERIOD-START]                             OCT-01-1996
[PERIOD-END]                               SEP-30-1997
[INVESTMENTS-AT-COST]                 $    279,626,837
[INVESTMENTS-AT-VALUE]                $    392,328,219
[RECEIVABLES]                         $      1,621,036
[ASSETS-OTHER]                        $            958
[OTHER-ITEMS-ASSETS]                  $         14,793
[TOTAL-ASSETS]                        $    393,965,006
[PAYABLE-FOR-SECURITIES]              $      3,013,572
[SENIOR-LONG-TERM-DEBT]               $              0
[OTHER-ITEMS-LIABILITIES]             $        119,573
[TOTAL-LIABILITIES]                   $      3,133,145
[SENIOR-EQUITY]                       $              0
[PAID-IN-CAPITAL-COMMON]              $    276,584,044
[SHARES-COMMON-STOCK]                       15,702,090
[SHARES-COMMON-PRIOR]                       11,261,852
[ACCUMULATED-NII-CURRENT]             $        285,821
[OVERDISTRIBUTION-NII]                $              0
[ACCUMULATED-NET-GAINS]               $      1,560,614
[OVERDISTRIBUTION-GAINS]              $              0
[ACCUM-APPREC-OR-DEPREC]              $    112,401,382
[NET-ASSETS]                          $    390,831,861
[DIVIDEND-INCOME]                     $      4,334,443
[INTEREST-INCOME]                     $        671,458
[OTHER-INCOME]                        $            325
[EXPENSES-NET]                        $      3,959,701
[NET-INVESTMENT-INCOME]               $      1,046,525
[REALIZED-GAINS-CURRENT]              $        790,402
[APPREC-INCREASE-CURRENT]             $     93,851,250
[NET-CHANGE-FROM-OPS]                 $     95,688,177
[EQUALIZATION]                        $              0
[DISTRIBUTIONS-OF-INCOME]            $(     1,142,621)
[DISTRIBUTIONS-OF-GAINS]             $(     2,059,229)
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                      9,989,857
[NUMBER-OF-SHARES-REDEEMED]          (      5,713,945)
[SHARES-REINVESTED]                            164,326
[NET-CHANGE-IN-ASSETS]                $    183,597,367
[ACCUMULATED-NII-PRIOR]               $      1,147,402
[ACCUMULATED-GAINS-PRIOR]             $      2,063,957
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                 $      2,828,391
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                       $      3,959,701
[AVERAGE-NET-ASSETS]                  $    283,578,591
[PER-SHARE-NAV-BEGIN]               $            18.40
[PER-SHARE-NII]                     $             0.06
[PER-SHARE-GAIN-APPREC]             $             6.68
[PER-SHARE-DIVIDEND]               $(            0.09)
[PER-SHARE-DISTRIBUTIONS]          $(            0.16)
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                 $            24.89
[EXPENSE-RATIO]                                   .014
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>

                       Coopers & Lybrand, L.L.P.
                       1301 Avenue of the Americas
                       New York, NY 10019-6013
                       Tel:  212-259-1000



                      REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of Baron Asset Fund:

In planning and performing our audit of the financial statements of Baron Asset
Fund, for the year ended September 30, 1997, we considered its internal 
control, including controls over safeguarding securities, in order to 
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.

The management of Baron Asset Fund is responsible for establishing and 
maintaining internal control.  In fulfilling this responsibility, estimates and
judgments 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 generally accepted accounting 
principles.  Those controls include the safeguarding of assets against 
unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to the risk that 
procedures may become inadequate because of changes in conditions or that the 
effectiveness of design and operation may deteriorate.

Our consideration of internal control would not necessarily disclose all 
matters in the 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 the 
specific internal control component does not reduce to a relatively low level 
the risk that errors or irregularities 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 the internal 
control, including controls over safeguarding securities, that we consider to be
material weaknesses, as defined above, as of September 30, 1997.

This report is intended solely for the information and use of management and 
the Securities and Exchange Commission.

                                   /s/ COOPERS & LYBRAND L.L.P.
                                   ----------------------------
                                       Coopers & Lybrand L.L.P.

New York, New York
November 24, 1997


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