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. 15)*
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)
October 24, 2003
-----------------------------------------------------
(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 15 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 8,046,550
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,103,150
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,103,150
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.2%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 15 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 7,480,000
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,525,000
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,525,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 15 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 566,550
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
578,150
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
578,150
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 15 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 6,070,000
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,070,000
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,070,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.9%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 15 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 8,046,550
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,103,150
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,103,150
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.2%
- -----------------------------------------------------------------------------
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: 8,103,150 29.2%
BAMCO: 7,525,000 27.1%
BCM: 578,150 2.1%
BAF: 6,070,000 21.9%
Ronald Baron: 8,103,150 29.2%
(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: 8,046,550
BAMCO: 7,480,000
BCM: 566,550
BAF: 6,070,000
Ronald Baron: 8,046,550
(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: 8,103,150
BAMCO: 7,525,000
BCM: 578,150
BAF: 6,070,000
Ronald Baron: 8,103,150
*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-five
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 - 25 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: November 3, 2003
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 Inc.
Transaction Schedule
From 10-06-03 To 10-31-03
Exec.
Date Account ID Activity Quantity Price
-------- ------------ ---------- ---------- ---------
10/07/2003 bamco sl 10,000 14.2818
10/08/2003 bamco sl 3,500 14.0500
10/08/2003 bamco sl 12,100 14.0291
10/09/2003 bamco sl 4,400 14.2955
10/09/2003 bamco sl 5,000 14.8500
10/10/2003 bamco sl 7,800 14.1051
10/13/2003 bamco sl 18,400 14.2378
10/13/2003 bamco sl 20,000 14.2255
10/14/2003 bamco sl 4,500 14.0900
10/14/2003 bamco sl 12,800 14.1772
10/14/2003 bamco sl 200 14.0900
10/14/2003 bamco sl 600 14.1772
10/15/2003 bamco sl 1,600 14.1512
10/15/2003 bamco sl 100 14.1512
10/16/2003 bamco sl 5,200 14.1261
10/16/2003 bamco sl 200 14.1261
10/17/2003 bamco sl 15,200 14.1700
10/17/2003 bamco sl 39,500 13.9531
10/17/2003 bamco sl 800 14.1700
10/17/2003 bamco sl 2,100 13.9531
10/20/2003 bamco sl 30,000 14.0639
10/21/2003 bamco sl 50,000 14.2100
10/22/2003 bamco sl 18,000 13.8100
10/23/2003 bamco sl 13,000 13.7485
10/24/2003 bamco sl 7,300 13.5053
10/27/2003 bamco sl 9,200 13.4988
10/28/2003 bamco sl 19,000 13.3638
10/29/2003 bamco sl 25,000 13.3210
10/30/2003 bamco sl 6,000 13.4400
10/30/2003 bamco sl 57,800 13.3362
10/31/2003 bamco sl 30,000 13.3779
10/31/2003 bamco sl 156,500 13.1118
10/31/2003 bamco sl 8,200 13.0922