<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 889165
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 BAIRD FUNDS, INC.
001 B000000 811-6714
001 C000000 4147653500
002 A000000 777 E. WISCONSIN AVE.
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 BAIRD ADJUSTABLE RATE INCOME FUND
007 C030100 N
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 A00AA01 ROBERT W. BAIRD & CO. INCORPORATED
008 B00AA01 A
008 C00AA01 801-7571
008 D01AA01 MILWAUKEE
008 D02AA01 WI
008 D03AA01 53202
010 A00AA01 FIDUCIARY MANAGEMENT, INC.
010 B00AA01 801-15164
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 ROBERT W. BAIRD & CO. INCORPORATED
011 B00AA01 8-8158
011 C01AA01 MILWAUKEE
011 C02AA01 WI
011 C03AA01 53202
012 A00AA01 FIRSTAR TRUST COMPANY
<PAGE> PAGE 2
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR TRUST COMPANY
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 FIRSTAR NATIONAL BANK
022 B000001 39-0281260
022 C000001 324409
022 D000001 324347
022 A000002 HANIFEN, IMHOFF INC.
022 B000002 84-0503513
022 C000002 0
022 D000002 14513
022 A000003 BARRINGTON RESEARCH ASSOCIATES
022 B000003 36-3062343
022 C000003 0
022 D000003 4318
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
<PAGE> PAGE 3
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 324409
023 D000000 343178
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
<PAGE> PAGE 4
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 5079
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 4539
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 3932
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 2167
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 1748
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 1015
028 G010100 0
028 G020100 0
028 G030100 0
028 G040100 18480
<PAGE> PAGE 5
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
<PAGE> PAGE 6
048 K020100 0.000
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 5.5
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 -0.2
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 94.7
062 R000100 0.0
063 A000100 0
063 B000100 19.7
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
<PAGE> PAGE 7
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 18831
071 C000100 33190
071 D000100 0
072 A000100 6
072 B000100 1075
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 87
072 G000100 14
072 H000100 0
072 I000100 6
072 J000100 5
072 K000100 0
072 L000100 2
072 M000100 4
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 3
072 S000100 5
072 T000100 0
072 U000100 5
072 V000100 0
072 W000100 0
072 X000100 131
072 Y000100 87
072 Z000100 1031
072AA000100 0
072BB000100 669
072CC010100 963
072CC020100 0
072DD010100 1031
072DD020100 0
072EE000100 0
073 A010100 0.2500
073 A020100 0.0000
<PAGE> PAGE 8
073 B000100 0.0000
073 C000100 0.0000
074 A000100 4
074 B000100 1576
074 C000100 0
074 D000100 27062
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 86
074 M000100 5
074 N000100 28733
074 O000100 0
074 P000100 5
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 147
074 S000100 0
074 T000100 28581
074 U010100 3278
074 U020100 0
074 V010100 8.72
074 V020100 0.00
074 W000100 0.0000
074 X000100 19
074 Y000100 0
075 A000100 0
075 B000100 35013
076 000100 0.00
SIGNATURE GLEN F. HACKMANN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889165
<NAME> THE BAIRD FUNDS, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 29,601
<INVESTMENTS-AT-VALUE> 28,638
<RECEIVABLES> 86
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,733
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152
<TOTAL-LIABILITIES> 152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,854
<SHARES-COMMON-STOCK> 3,279
<SHARES-COMMON-PRIOR> 5,398
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,310)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (963)
<NET-ASSETS> 28,581
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,075
<OTHER-INCOME> 0
<EXPENSES-NET> 44
<NET-INVESTMENT-INCOME> 1,031
<REALIZED-GAINS-CURRENT> (669)
<APPREC-INCREASE-CURRENT> 963
<NET-CHANGE-FROM-OPS> 1,325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,031)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 2,119
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (18,186)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,641)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131
<AVERAGE-NET-ASSETS> 35,013
<PER-SHARE-NAV-BEGIN> 8.66
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.72
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>