BAIRD FUNDS INC
NSAR-A, 1998-05-29
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<PAGE>      PAGE  1
000 A000000 03/31/98
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
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020 C000005      0
020 C000006      0
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020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 FIRSTAR NATIONAL BANK
022 B000001 39-0281260
022 C000001     82565
022 D000001         0
022 A000002 HANIFEN, IMHOFF INC.
022 B000002 84-0503513
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<PAGE>      PAGE  3
022 D000010         0
023 C000000      82565
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
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054 I00AA00 N
054 J00AA00 Y
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054 L00AA00 N
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054 N00AA00 N
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066 A00AA00 N
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<PAGE>      PAGE  4
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029  000100 N
<PAGE>      PAGE  5
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<PAGE>      PAGE  6
055 B000100 N
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070 I020100 N
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070 L010100 N
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<PAGE>      PAGE  7
070 N010100 N
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<PAGE>      PAGE  8
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SIGNATURE   GLEN F. HACKMANN                             
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000889165
<NAME> BAIRD FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> BAIRD ADJUSTABLE RATE INCOME FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                            22359
<INVESTMENTS-AT-VALUE>                           21802
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<ASSETS-OTHER>                                       0
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         33919
<SHARES-COMMON-STOCK>                             2484
<SHARES-COMMON-PRIOR>                             2795
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<PER-SHARE-NII>                                   0.24
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</TABLE>


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