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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 04/30/98 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 150,077,897
<INVESTMENTS-AT-VALUE> 173,712,025
<RECEIVABLES> 10,278,237
<ASSETS-OTHER> 15,363,408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199,353,670
<PAYABLE-FOR-SECURITIES> 8,638,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,400,253
<TOTAL-LIABILITIES> 10,039,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,376,184
<SHARES-COMMON-STOCK> 11,694,750
<SHARES-COMMON-PRIOR> 8,948,897
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,970,585
<ACCUMULATED-NET-GAINS> 11,606,952
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,301,973
<NET-ASSETS> 189,314,524
<DIVIDEND-INCOME> 1,475,803
<INTEREST-INCOME> 1,642,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,568,270
<NET-INVESTMENT-INCOME> 1,550,268
<REALIZED-GAINS-CURRENT> 8,874,722
<APPREC-INCREASE-CURRENT> 7,680,570
<NET-CHANGE-FROM-OPS> 18,105,560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,190,909
<DISTRIBUTIONS-OF-GAINS> 18,216,302
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,264,062
<NUMBER-OF-SHARES-REDEEMED> 1,056,383
<SHARES-REINVESTED> 1,538,174
<NET-CHANGE-IN-ASSETS> 36,356,208
<ACCUMULATED-NII-PRIOR> 670,056
<ACCUMULATED-GAINS-PRIOR> 20,948,534
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 852,873
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,609,386
<AVERAGE-NET-ASSETS> 170,537,238
<PER-SHARE-NAV-BEGIN> 17.09
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> .58
<PER-SHARE-DISTRIBUTIONS> 2.05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.19
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE> 1
THE BAUPOST FUND
ATTACHMENT TO FORM N-SAR
FOR PERIOD ENDED APRIL 30, 1998
FILE NUMBER 811-6138
CIK NUMBER 0000865827
SUB-ITEM 77C: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) A special meeting of the shareholders of record on December 5, 1997 of
The Baupost Fund was held on December 22, 1997.
(b) N/A
(c) For each of the following matters voted upon at the meeting, there were
7,772,529 affirmative votes cast (either in person or by proxy) and 0
negative votes cast:
That the terms of the new Investment Advisory Agreement between the
Baupost Group, LLC and the Fund be and hereby are approved effective on
or after January 2, 1998.
That the Fund's fundamental investment restriction with respect to
investments in real estate as proposed in the proxy statement be and
hereby is amended.
That the Fund's fundamental investment restriction with respect to
investments in certain oil, gas or other mineral interests as proposed in
the proxy statement be and hereby is eliminated.
That the Fund's fundamental investment restriction with respect to making
loans as proposed in the proxy statement be and hereby is amended.
That the Fund's fundamental investment restriction with respect to
pledging assets as proposed in the proxy statement be and hereby is
eliminated.
That the Fund's fundamental investment restriction with respect to
borrowing as proposed in the proxy statement be and hereby is amended.
That the Fund's fundamental investment restriction with respect to
investments in commodities as proposed in the proxy statement be and
hereby is amended.
