<PAGE> PAGE 1
000 A000000 03/31/1999
000 C000000 0000810902
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000 J000000 A
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002 B000000 NEW YORK
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002 D010000 10153
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007 C020200 BARON GROWTH & INCOME FUND
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007 C020300 BARON SMALL CAP FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 B00AA01 A
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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
<PAGE> PAGE 2
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 84105
013 A00AA01 PRICEWATERHOUSECOOPERS, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 BARON CAPITAL, INC.
014 B00AA01 8-27533
015 A00AA01 THE BANK OF NEW YORK
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015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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050 00AA00 N
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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE LINDA S. MARTINSON
TITLE 212-583-2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810902
<NAME> BARON ASSET FUND
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<NUMBER> 1
<NAME> BARON ASSET FUND
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<PERIOD-START> Oct-01-1998
<PERIOD-END> MAR-31-1999
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<INVESTMENTS-AT-VALUE> $ 6,060,886,100
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<OTHER-INCOME> $ 0
<EXPENSES-NET> $ 34,983,763
<NET-INVESTMENT-INCOME> ($ 14,357,022)
<REALIZED-GAINS-CURRENT> $ 17,083,545
<APPREC-INCREASE-CURRENT> $ 1,582,159,500
<NET-CHANGE-FROM-OPS> $ 1,584,886,023
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<DISTRIBUTIONS-OF-INCOME> ($ 4,594,972)
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<NUMBER-OF-SHARES-REDEEMED> ( 24,282,764)
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<EXPENSE-RATIO> .013
[AVG-DEBT-OUTSTANDING] $ 0
[AVG-DEBT-PER-SHARE] $ 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810902
<NAME> BARON ASSET FUND
<SERIES>
<NUMBER> 2
<NAME> BARON GROWTH & INCOME FUND
<S> <C>
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<PERIOD-END> MAR-31-1999
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<AVERAGE-NET-ASSETS> $ 319,252,748
<PER-SHARE-NAV-BEGIN> $ 20.32
<PER-SHARE-NII> $ 0
<PER-SHARE-GAIN-APPREC> $ 6.47
<PER-SHARE-DIVIDEND> ($ 0.04)
<PER-SHARE-DISTRIBUTIONS> $ 0
<RETURNS-OF-CAPITAL> $ 0
<PER-SHARE-NAV-END> $ 26.75
<EXPENSE-RATIO> .014
[AVG-DEBT-OUTSTANDING] $ 0
[AVG-DEBT-PER-SHARE] $ 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810902
<NAME> BARON ASSET FUND
<SERIES>
<NUMBER> 3
<NAME> BARON SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> Oct-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> $ 413,779,956
<INVESTMENTS-AT-VALUE> $ 520,549,188
<RECEIVABLES> $ 2,724,552
<ASSETS-OTHER> $ 20,917
<OTHER-ITEMS-ASSETS> $ 0
<TOTAL-ASSETS> $ 523,294,657
<PAYABLE-FOR-SECURITIES> $ 757,413
<SENIOR-LONG-TERM-DEBT> $ 0
<OTHER-ITEMS-LIABILITIES> $ 808,216
<TOTAL-LIABILITIES> $ 1,565,629
<SENIOR-EQUITY> $ 0
<PAID-IN-CAPITAL-COMMON> $ 481,196,961
<SHARES-COMMON-STOCK> 43,863,260
<SHARES-COMMON-PRIOR> 46,886,613
<ACCUMULATED-NII-CURRENT> ($ 2,430,579)
<OVERDISTRIBUTION-NII> $ 0
<ACCUMULATED-NET-GAINS> ($ 63,806,586)
<OVERDISTRIBUTION-GAINS> $ 0
<ACCUM-APPREC-OR-DEPREC> $ 106,769,232
<NET-ASSETS> $ 521,729,028
<DIVIDEND-INCOME> $ 72,447
<INTEREST-INCOME> $ 565,801
<OTHER-INCOME> $ 0
<EXPENSES-NET> $ 3,068,827
<NET-INVESTMENT-INCOME> ($ 2,430,579)
<REALIZED-GAINS-CURRENT> ($ 36,914,109)
<APPREC-INCREASE-CURRENT> $ 182,287,222
<NET-CHANGE-FROM-OPS> $ 142,942,534
<EQUALIZATION> $ 0
<DISTRIBUTIONS-OF-INCOME> $ 0
<DISTRIBUTIONS-OF-GAINS> $ 0
<DISTRIBUTIONS-OTHER> $ 0
<NUMBER-OF-SHARES-SOLD> 16,296,520
<NUMBER-OF-SHARES-REDEEMED> ( 19,319,873)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $ 118,001,030
<ACCUMULATED-NII-PRIOR> $ 0
<ACCUMULATED-GAINS-PRIOR> ($ 26,892,477)
<OVERDISTRIB-NII-PRIOR> $ 0
<OVERDIST-NET-GAINS-PRIOR> $ 0
<GROSS-ADVISORY-FEES> $ 2,255,467
<INTEREST-EXPENSE> $ 0
<GROSS-EXPENSE> $ 3,068,827
<AVERAGE-NET-ASSETS> $ 454,311,130
<PER-SHARE-NAV-BEGIN> $ 8.61
<PER-SHARE-NII> ($ 0.06)
<PER-SHARE-GAIN-APPREC> $ 3.34
<PER-SHARE-DIVIDEND> ($ .00)
<PER-SHARE-DISTRIBUTIONS> $ 0
<RETURNS-OF-CAPITAL> $ 0
<PER-SHARE-NAV-END> $ 11.89
<EXPENSE-RATIO> .014
[AVG-DEBT-OUTSTANDING] $ 0
[AVG-DEBT-PER-SHARE] $ 0
</TABLE>
