<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810902
<NAME> BARON ASSET FUND
<SERIES>
<NUMBER> 3
<NAME> BARON SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 616,554,078
<INVESTMENTS-AT-VALUE> 872,144,309
<RECEIVABLES> 15,535,055
<ASSETS-OTHER> 593,670
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 888,273,034
<PAYABLE-FOR-SECURITIES> 5,384,385
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,358,770
<TOTAL-LIABILITIES> 8,743,155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 607,137,509
<SHARES-COMMON-STOCK> 54,807,115
<SHARES-COMMON-PRIOR> 53,530,434
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,802,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 255,590,231
<NET-ASSETS> 879,529,879
<DIVIDEND-INCOME> 223,693
<INTEREST-INCOME> 3,915,730
<OTHER-INCOME> 0
<EXPENSES-NET> 12,958,438
<NET-INVESTMENT-INCOME> (8,819,015)
<REALIZED-GAINS-CURRENT> 73,341,042
<APPREC-INCREASE-CURRENT> 88,905,189
<NET-CHANGE-FROM-OPS> 153,427,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,848,269
<NUMBER-OF-SHARES-REDEEMED> (27,571,588)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 163,846,747
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (55,944,421)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,766,731
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,958,438
<AVERAGE-NET-ASSETS> 976,465,703
<PER-SHARE-NAV-BEGIN> 13.37
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 2.84
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.05
<EXPENSE-RATIO> 0.013