<PAGE> PAGE 1
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<PAGE> PAGE 2
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012 A00AA01 INVESTORS BANK & TRUST COMPANY
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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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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE KEVIN CONNERTY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from PanAgora
Funds form N-SAR for the period ended November 30, 1994 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> PanAgora Asset Allocation Fund
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<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial information extracted from PanAgora
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entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> PanAgora Global Fund
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from PanAgora
Funds form N-SAR for the period ended November 30, 1994 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> PanAgora International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 17068831
<INVESTMENTS-AT-VALUE> 16805225
<RECEIVABLES> 135394
<ASSETS-OTHER> 622592
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17563211
<PAYABLE-FOR-SECURITIES> 320424
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160613
<TOTAL-LIABILITIES> 481037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16662957
<SHARES-COMMON-STOCK> 1583847
<SHARES-COMMON-PRIOR> 1390597
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3883
<ACCUMULATED-NET-GAINS> 747839
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (324739)
<NET-ASSETS> 17082174
<DIVIDEND-INCOME> 68374
<INTEREST-INCOME> 33486
<OTHER-INCOME> 0
<EXPENSES-NET> 72092
<NET-INVESTMENT-INCOME> 29768
<REALIZED-GAINS-CURRENT> 356727
<APPREC-INCREASE-CURRENT> (902244)
<NET-CHANGE-FROM-OPS> (515749)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31520
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12956193
<NUMBER-OF-SHARES-REDEEMED> 10312635
<SHARES-REINVESTED> 31318
<NET-CHANGE-IN-ASSETS> 2674876
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 391111
<OVERDISTRIB-NII-PRIOR> 2131
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160547
<AVERAGE-NET-ASSETS> 13075063
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
