<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000774228
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PANTHER PARTNERS
001 B000000 811-6559
001 C000000 2129842500
002 A000000 101 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10178
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
020 A000001 GOLDMAN SACHS & CO
020 B000001 13-5108880
020 C000001 310
020 A000002 MORGAN STANLEY & CO. INCORPORATED
020 B000002 13-2655998
020 C000002 96
020 A000003 AUTRANET INC.
020 B000003 13-2961507
020 C000003 71
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000004 13-3645760
020 C000004 69
020 A000005 INSTINET
020 B000005 13-2596491
020 C000005 40
020 A000006 SALOMON BROTHERS INC.
020 B000006 13-3082694
020 C000006 38
020 A000007 CREDIT LYONNAIS SECURITIES
020 B000007 NONE
020 C000007 35
020 A000008 GRIFFITHS MCBURNEY & PARTNERS
020 B000008 NONE
020 C000008 30
020 A000009 WESTMINSTER RESEARCH ASSOCIATES, INC.
<PAGE> PAGE 2
020 B000009 13-3088032
020 C000009 29
020 A000010 J.P. MORGAN SECURITIES
020 B000010 13-3224016
020 C000010 29
021 000000 1306
022 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
022 B000001 13-2741729
022 C000001 3456595
022 D000001 3241926
022 A000002 J.P. MORGAN SECURITIES
022 B000002 13-3224016
022 C000002 762325
022 D000002 786572
022 A000003 MORGAN STANLEY & CO. INCORPORATED
022 B000003 13-2655998
022 C000003 548201
022 D000003 835308
022 A000004 LEHMAN BROTHERS
022 B000004 13-3360687
022 C000004 159619
022 D000004 131945
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 50548
022 D000005 107134
022 A000006 J. ARON
022 B000006 13-3092284
022 C000006 32744
022 D000006 65383
022 A000007 INSTINET
022 B000007 13-2596491
022 C000007 23519
022 D000007 34532
022 A000008 MORGAN STANLEY INTERNATIONAL LTD.
022 B000008 NONE
022 C000008 18848
022 D000008 30819
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000009 13-3645760
022 C000009 21165
022 D000009 22265
022 A000010 AUTRANET
022 B000010 13-2961507
022 C000010 13337
022 D000010 28549
023 C000000 5329398
023 D000000 5548524
024 000000 Y
025 A000001 MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
025 B000001 13-2655998
<PAGE> PAGE 3
025 C000001 E
025 D000001 19049
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
055 B000000 Y
056 000000 N
061 000000 1000000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 Y
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 Y
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 Y
070 I010000 Y
070 I020000 Y
070 J010000 Y
<PAGE> PAGE 4
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 Y
070 R010000 Y
070 R020000 Y
071 A000000 821025
071 B000000 1013369
071 C000000 298932
071 D000000 275
072 A000000 6
072 B000000 612
072 C000000 3085
072 D000000 0
072 E000000 0
072 F000000 1398
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 150
072 K000000 0
072 L000000 0
072 M000000 39
072 N000000 0
072 O000000 540
072 P000000 3794
072 Q000000 0
072 R000000 0
072 S000000 45
072 T000000 0
072 U000000 25
072 V000000 0
072 W000000 112
072 X000000 6103
072 Y000000 0
072 Z000000 -2406
072AA000000 226856
072BB000000 210492
072CC010000 0
072CC020000 26151
<PAGE> PAGE 5
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 0
074 C000000 12321
074 D000000 0
074 E000000 0
074 F000000 180598
074 G000000 3656
074 H000000 3707
074 I000000 0
074 J000000 214295
074 K000000 0
074 L000000 0
074 M000000 1721
074 N000000 416299
074 O000000 980
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 68855
074 R030000 894
074 R040000 3108
074 S000000 0
074 T000000 342462
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 145
074 Y000000 33228
075 A000000 0
075 B000000 356963
076 000000 0.00
077 A000000 N
086 A010000 0
086 A020000 8240
086 B010000 0
086 B020000 105507
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 6
086 F010000 0
086 F020000 0
SIGNATURE NOLAN ALTMAN
TITLE CFO
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 114274214
<INVESTMENTS-AT-VALUE> 130533559
<RECEIVABLES> 214295209
<ASSETS-OTHER> 1721607
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 346550375
<PAYABLE-FOR-SECURITIES> 979658
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3108508
<TOTAL-LIABILITIES> 4088166
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2405765)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 251960968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18516942
<NET-ASSETS> 342462209
<DIVIDEND-INCOME> 3085290
<INTEREST-INCOME> 611555
<OTHER-INCOME> 0
<EXPENSES-NET> 6102610
<NET-INVESTMENT-INCOME> (2405765)
<REALIZED-GAINS-CURRENT> 16364143
<APPREC-INCREASE-CURRENT> (26150966)
<NET-CHANGE-FROM-OPS> (12192588)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6129260)
<DISTRIBUTIONS-OF-GAINS> 74057933
<DISTRIBUTIONS-OTHER> 37578602
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (109459864)
<ACCUMULATED-NII-PRIOR> (32213888)
<ACCUMULATED-GAINS-PRIOR> 235596825
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1397674
<INTEREST-EXPENSE> 3709353
<GROSS-EXPENSE> 6102610
<AVERAGE-NET-ASSETS> 356962914
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
