THE PANAGORA FUNDS
Supplement Dated September 19, 1994
to the Prospectus dated August 22, 1994
The Section of the Prospectus entitled "Management of the Trust"
is amended as follows:
Effective immediately, Mr. Bruce E. Clarke and Mr. Edgar E.
Peters are responsible for the management of the PanAgora Global
Fund and the PanAgora International Equity Fund. Mr. Anthony W.
Ryan has resigned his position with the Funds.
Mr. Peters is Director of Tactical Asset Allocation for PanAgora
Asset Management, Inc. Before joining PanAgora in 1985, Mr.
Peters was investment technology manager with Interactive Data
Corporation. Earlier, he was with Mutual Benefit Life as an
equity analyst and trader. Mr. Peters has taught Investments and
Portfolio Management in Bentley College and Babson College MBA
programs. He is the author of several articles in various
industry publications and has also recently written two books,
CHAOS AND ORDER IN THE CAPITAL MARKETS (Wiley, 1991) and FRACTAL
MARKET ANALYSIS (Wiley, 1994, forthcoming). Mr. Peters is a
graduate of Montclair State College and holds an MBA from
Rutgers University.
Mr. Clarke is the Director of Global Investments for PanAgora
Asset Management, Inc. Mr. Clarke oversees PanAgora's Global
Tactical Asset Allocation and Tactical Country Allocation
Strategies. Prior to joining PanAgora, Mr. Clarke was
vice-director of SIGE S.p.A. in Milan, Italy developing
international corporate finance business. Earlier, he was a
portfolio manager for Shearson Lehman Global Asset Management in
London. Mr. Clarke began his career as an investment analyst at
a Canadian brokerage company and has served as an independent
consultant to the Department of Finance of a Middle Eastern
government. Mr. Clarke holds a Bachelor of Commerce from the
University of British Columbia, and an MBA from the London
Business School. Mr. Clarke is a Chartered Financial Analyst.
