Page 1 of 11 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 20)*
VAIL RESORTS, INC.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
91879Q109
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 49th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 20, 2004
-----------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1746 (12-91)
Amendment Number 20 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 2 of 11 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS
2(C) OR 2(E) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,489,900
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,546,500
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,546,500
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.9%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 20 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 3 of 11 Pages
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS
2(C) OR 2(E) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,165,000
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,210,000
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,210,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 20 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 4 of 11 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS
2(C) OR 2(E) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 324,900
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
336,500
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
336,500
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 20 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 5 of 11 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS
2(C) OR 2(E) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 3,755,000
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,755,000
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,755,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.5%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 20 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 6 of 11 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS
2(C) OR 2(E) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,489,900
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,546,500
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,546,500
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 11 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
Vail Resorts, Inc.
(b) Address of Issuer's Principal Executive Offices:
P.O. Box 7
Vail, CO 81658
(c) Title and Class of Securities:
Common
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ("BCG")
BAMCO, Inc. ("BAMCO")
Baron Capital Management, Inc. ("BCM")
Baron Asset Fund ("BAF")
Ronald Baron
(b) Business Address:
767 Fifth Avenue
New York, NY 10153
(c) Present Principal Business or Employment:
BCG: Holding company
BAMCO: Investment adviser
BCM: Investment adviser
BAF: Registered investment company
Ronald Baron: CEO: BCG, BAMCO, BCM; BAF
767 Fifth Avenue
New York, NY 10153
(d) Record of Convictions:
No material change.
(e) Record of Civil Proceedings:
No material change.
(f) Citizenship:
No material change.
Item 3. Source and Amount of Funds or Other Consideration
No material change.
Page 8 of 11 Pages
Item 4. Purpose of Transaction
No material change.
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned*:
BCG: 5,546,500 19.9%
BAMCO: 5,210,000 18.7%
BCM: 336,500 1.2%
BAF: 3,755,000 13.5%
Ronald Baron: 5,546,500 19.9%
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG: 0
BAMCO: 0
BCM: 0
BAF: 0
Ronald Baron: 0
(ii) shared power to vote or direct the vote:
BCG: 5,489,900
BAMCO: 5,165,000
BCM: 324,900
BAF: 3,755,000
Ronald Baron: 5,489,900
(iii) sole power to dispose or to direct the disposition:
BCG: 0
BAMCO: 0
BCM: 0
BAF: 0
Ronald Baron: 0
(iv) shared power to dispose or direct the disposition:
BCG: 5,546,500
BAMCO: 5,210,000
BCM: 336,500
BAF: 3,755,000
Ronald Baron: 5,546,500
*Reporting Persons may be deemed to share power to vote
and dispose of shares referred to herein as a result of
control relationships (BCG and Ronald Baron with respect
to all of the shares; BAMCO with respect to the BAF
shares) and pursuant to investment advisory relationships
with advisory clients. Reporting Persons disclaim
beneficial ownership of the shares for which they share
power.
(c) A schedule of transactions effected in the last twenty one
days is attached hereto.
Page 9 of 11 Pages
(d) Ownership of More than Five Percent on Behalf of Another
Person:
No material change.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
No material change.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 21 days of trading.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Date: March 1, 2004
Baron Capital Group, Inc.,
BAMCO, Inc., Baron Capital Management, Inc.
and Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, Chairman and CEO
Vail Resorts
Transaction Schedule
From 02-06-04 To 02-27-04
Exec.
Date Account ID Activity Quantity Price
-------- ------------ ---------- ---------- ---------
2/6/2004 bamco sl 5,800 17.8178
2/9/2004 bamco sl 22,200 17.7559
2/10/2004 bamco sl 2,500 18.0300
2/10/2004 bamco sl 20,000 17.7500
2/11/2004 bamco sl 7,000 17.8664
2/12/2004 bamco sl 3,400 17.7500
2/13/2004 bamco sl 32,100 17.8000
2/17/2004 bamco sl 45,000 17.8718
2/17/2004 bamco sl 5,000 17.9984
2/18/2004 bamco sl 18,850 17.9892
2/18/2004 bcm sl 100 18.0000
2/19/2004 bamco sl 2,500 18.0082
2/19/2004 bcm sl 300 18.0082
2/19/2004 bcm sl 500 18.0082
2/19/2004 bcm sl 100 18.0082
2/19/2004 bcm sl 100 18.0082
2/19/2004 bcm sl 100 18.0082
2/19/2004 bcm sl 100 18.0082
2/19/2004 bcm sl 1,200 18.0082
2/20/2004 bamco sl 78,650 17.5500
2/20/2004 bcm sl 1,800 17.5500
2/20/2004 bcm sl 600 17.5500
2/20/2004 bcm sl 5,350 17.5500
2/20/2004 bcm sl 3,500 17.5500
2/20/2004 bcm sl 700 17.5500
2/20/2004 bcm sl 900 17.5500
2/20/2004 bcm sl 900 17.5500
2/20/2004 bcm sl 800 17.5500
2/20/2004 bcm sl 500 17.5500
2/20/2004 bcm sl 300 17.5500
2/20/2004 bcm sl 900 17.5500
2/20/2004 bcm sl 500 17.5500
2/20/2004 bcm sl 200 17.5500
2/20/2004 bcm sl 5,000 17.5500
2/20/2004 bcm sl 13,700 17.5500
2/23/2004 bamco sl 6,500 17.4238
2/23/2004 bamco sl 18,200 17.4500
2/24/2004 bamco sl 25,300 17.3000
2/25/2004 bamco sl 5,000 17.1250
2/25/2004 bamco sl 1,200 17.1500
2/26/2004 bamco sl 1,600 16.9325
2/27/2004 bamco sl 12,200 16.8830