<PAGE>
000 A000000 04/30/96
000 C000000 0000865827
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE BAUPOST FUND
001 B000000 811-6138
001 C000000 6174976680
002 A000000 44 BRATTLE ST., P.O. 381288
002 B000000 CAMBRIDGE
002 C000000 MA
002 D010000 02238
002 D020000 9125
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 THE BAUPOST GROUP, INC.
008 B000001 A
008 C000001 801-17244
008 D010001 CAMBRIDGE
008 D020001 MA
008 D030001 02238
008 D040001 9125
010 A000001 THE BAUPOST GROUP, INC.
010 B000001 801-17244
010 C010001 CAMBRIDGE
010 C020001 MA
010 C030001 02238
010 C040001 9125
012 A000001 THE BAUPOST GROUP, INC.
012 B000001 84-000000
012 C010001 CAMBRIDGE
012 C020001 MA
012 C030001 02238
<PAGE>
012 C040001 9125
013 A000001 ERNST & YOUNG LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
013 B040001 5072
015 A000001 CHASE MANHATTAN BANK NA
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10003
015 C040001 1521
015 E010001 X
015 A000002 TORONTO DOMINION BANK
015 B000002 S
015 C010002 TORONTO
015 D010002 CANADA
015 D020002 MK5 1A2
015 E040002 X
015 A000003 BANQUE INDOSUEZ
015 B000003 S
015 C010003 PARIS
015 D010003 FRANCE
015 D020003 75008
015 E040003 X
015 A000004 BERLINER HANDELS - UND FRANKFURTER BANK
015 B000004 S
015 C010004 FRANKFURT AM MAIN
015 D010004 GERMANY
015 D020004 6000
015 E040004 X
015 A000005 HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000005 S
015 C010005 HONG KONG
015 D010005 HONG KONG
015 E040005 X
015 A000006 MITSUBISHI BANK
015 B000006 S
015 C010006 TOKYO
015 D010006 JAPAN
015 D020006 TOKYO 100
015 E040006 X
015 A000007 OVERSEA-CHINESE BANKING CORP. LTD.
015 B000007 S
015 C010007 SINGAPORE
015 D010007 SINGAPORE
015 D020007 0104
015 E040007 X
015 A000008 ABN AMRO HOLDING NV
015 B000008 S
015 C010008 AMSTERDAM
<PAGE>
015 D010008 NETHERLANDS
015 D020008 100EA
015 E040008 X
015 A000009 AUSTRALIA AND NEW ZEALAND BANK
015 B000009 S
015 C010009 WELLINGTON
015 D010009 NEW ZEALAND
015 E040009 X
015 A000010 BANCO SANTANDER
015 B000010 S
015 C010010 MADRID
015 D010010 SPAIN
015 D020010 28022
015 E040010 X
015 A000011 BANK LEU
015 B000011 S
015 C010011 ZURICH
015 D010011 SWITZERLAND
015 D020011 CH-8005
015 E040011 X
015 A000012 STANDARD CHARTERED BANK
015 B000012 S
015 C010012 BANGKOK
015 D010012 THAILAND
015 D020012 10500
015 E040012 X
015 A000013 BARCLAYS PLC
015 B000013 S
015 C010013 LONDON
015 D010013 UNITED KINGDOM
015 D020013 EC3P 3HP
015 E040013 X
015 A000014 MORGAN STANLEY TRUST COMPANY
015 B000014 S
015 C010014 JERSEY CITY
015 C020014 NJ
015 C030014 07302
015 E040014 X
015 A000015 CREDITANSTALT-BANKVEREIN, VIENNA
015 B000015 S
015 C010015 VIENNA
015 D010015 AUSTRIA
015 D020015 A-1091
015 E040015 X
015 A000016 DEN DANSKE BANK A/S
015 B000016 S
015 C010016 COPENHAGEN
015 D010016 DENMARK
015 D020016 DK-10923
015 E040016 X
015 A000017 UNION BANK OF FINLAND
<PAGE>
015 B000017 S
015 C010017 HELSINKI
015 D010017 FINLAND
015 D020017 FI-00101
015 E040017 X
015 A000018 OVERSEAS CHINESE BANKING CORPORATION, LTD.
015 B000018 S
015 C010018 KUALA LAMPUR
015 D010018 MALAYSIA
015 D020018 50100
015 E040018 X
015 A000019 DEN NORSKE BANK
015 B000019 S
015 C010019 OSLO
015 D010019 NORWAY
015 D020019 N-0107
015 E040019 X
015 A000020 SVENSKA HANDELSBANKEN
015 B000020 S
015 C010020 STOCKHOLM
015 D010020 SWEDEN
015 D020020 S-10670
015 E040020 X
015 A000021 BARCLAYS BANK PLC
015 B000021 S
015 C010021 MILAN
015 D010021 ITALY
015 D020021 20121
015 E040021 X
015 A000022 CESKOSLOVENKA OBCHODNI BANK
015 B000022 S
015 C010022 PRAGUE
015 D010022 CZECH REPUBLIC
015 D020022 115 20 PRAHA 1
015 E040022 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 GOLDMAN SACHS
020 B000001 13-5108880
020 C000001 18
020 A000002 PAINE WEBBER
020 B000002 13-2760086
020 C000002 16
020 A000003 MERRILL LYNCH
020 B000003 13-2740599
020 C000003 16
020 A000004 SALOMON BROTHERS, INC.
020 B000004 22-1660266
020 C000004 15
020 A000005 JEFFRIES
<PAGE>
020 B000005 95-2622900
020 C000005 10
020 A000006 SOCIETE GENERALE
020 C000006 8
020 A000007 SANFORD C. BERSTEIN & CO., INC.
020 B000007 13-2625874
020 C000007 8
020 A000008 ROBERT FLEMING, INC.
020 B000008 13-3298866
020 C000008 7
020 A000009 ERIK PENSER FONDKOMMISSION AB
020 C000009 7
020 A000010 FIRST BOSTON CORP.
020 B000010 13-5659485
020 C000010 4
021 000000 135
022 A000001 CHASE
022 B000001 13-2633612
022 C000001 709220
022 D000001 12860
022 A000002 SALOMON BROTHERS, INC.
022 B000002 22-1660266
022 C000002 184708
022 D000002 172440
022 A000003 FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 16458
022 D000003 13351
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 7656
022 D000004 8987
022 A000005 BEAR STEARNS
022 B000005 13-3299429
022 C000005 3393
022 D000005 7566
022 A000006 MERRILL LYNCH
022 B000006 13-2740599
022 C000006 6063
022 D000006 226
022 A000007 PAINE WEBBER
022 B000007 13-2760086
022 C000007 717
022 D000007 4942
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 1663
022 D000008 1522
022 A000009 KAHN BROTHERS
022 B000009 13-2948997
022 C000009 2692
<PAGE>
022 D000009 0
022 A000010 FRIEDMAN, BILLINGS & RAMSEY
022 B000010 52-1630477
022 C000010 0
022 D000010 2529
023 C000000 940736
023 D000000 229220
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 223
028 A020000 0
028 A030000 0
028 A040000 1195
028 B010000 2495
028 B020000 5799
028 B030000 0
028 B040000 701
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028 E010000 998
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<PAGE>
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<PAGE>
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071 A000000 67706
071 B000000 62686
071 C000000 70836
071 D000000 89
072 A000000 6
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072 C000000 402
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072 F000000 463
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072 N000000 14
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072 S000000 45
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072 U000000 6
072 V000000 0
072 W000000 18
072 X000000 713
072 Y000000 4
072 Z000000 641
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072CC010000 0
072CC020000 1116
072DD010000 1825
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073 A010000 0.2800
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074 C000000 5930
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074 J000000 10890
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074 K000000 0
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SIGNATURE PAUL GANNON
TITLE VICE-PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Baupost
Fund's financial statements at 4/30/96 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 88,464,465
<INVESTMENTS-AT-VALUE> 92,839,150
<RECEIVABLES> 10,821,683
<ASSETS-OTHER> 1,671,373
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,268,719
<PAYABLE-FOR-SECURITIES> 10,492,676
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 570,811
<TOTAL-LIABILITIES> 11,063,487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,806,587
<SHARES-COMMON-STOCK> 7,036,848
<SHARES-COMMON-PRIOR> 6,640,906
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,214,426
<ACCUMULATED-NET-GAINS> 6,487,337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,189,221
<NET-ASSETS> 94,268,719
<DIVIDEND-INCOME> 401,921
<INTEREST-INCOME> 1,113,740
<OTHER-INCOME> (165,622)
<EXPENSES-NET> 708,597
<NET-INVESTMENT-INCOME> 641,442
<REALIZED-GAINS-CURRENT> 6,459,296
<APPREC-INCREASE-CURRENT> (1,116,643)
<NET-CHANGE-FROM-OPS> 5,984,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,825,419
<DISTRIBUTIONS-OF-GAINS> 4,283,665
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 589,814
<NUMBER-OF-SHARES-REDEEMED> 648,702
<SHARES-REINVESTED> 454,829
<NET-CHANGE-IN-ASSETS> 4,829,340
<ACCUMULATED-NII-PRIOR> 30,449
<ACCUMULATED-GAINS-PRIOR> 4,311,706
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 463,024
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 713,029
<AVERAGE-NET-ASSETS> 91,905,699
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> .28
<PER-SHARE-DISTRIBUTIONS> .65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.40
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
