<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 897019
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 J000000 A
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004 000000 N
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006 000000 N
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007 C020300 PANAGORA INTERNATIONAL EQUITY FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 C00AA01 801-999
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 INVESTORS BANK & TRUST
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02205
010 C04AA01 1537
011 A00AA01 FUNDS DISTRIBUTOR, INC.
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<PAGE> PAGE 2
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-xxxxxx
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02205
012 C04AA01 1537
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013 B01AA01 BOSTON
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013 B03AA01 02109
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014 B00AA01 8-XXXXXXXX
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019 B00AA00 0
020 A000001 ALFRED BERG
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020 A000003 CITIBANK
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020 A000004 GODDE
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020 A000005 UBS SECURITIES
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020 A000006 CREDITANSTALT
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020 A000007 AUTRANET
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020 A000008 UNION BANK SWITZERLAND
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020 A000009 Z-LANDERBANK BANK AUSTRIA
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022 A000002 CARGILL INVESTOR SERVICES
022 C000002 37892
022 D000002 3376
022 A000003 CITIBANK N.A.
022 C000003 21418
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022 A000004 BANK OF AMERICA INVESTMENTS, INC
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<PAGE> PAGE 3
022 A000005 CHEMICAL BANK
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022 A000006 CREDITANSTALT
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022 A000007 NOMURA SECURITIES
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<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 N
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042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
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042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
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053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
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 Y
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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060 B00AA00 Y
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<PAGE> PAGE 5
062 G00AA00 0.0
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080 C00AA00 15000
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082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
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084 A00AA00 N
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015 A000101 INVESTORS BANK & TRUST
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02205
015 E010101 X
028 A010100 4
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<PAGE> PAGE 6
028 B010100 188
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<PAGE> PAGE 7
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
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068 B000100 N
069 000100 N
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070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 Y
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 6356
071 B000100 3278
071 C000100 4238
071 D000100 77
<PAGE> PAGE 8
072 A000100 12
072 B000100 80
072 C000100 116
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072 S000100 25
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<PAGE> PAGE 9
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015 A000201 INVESTORS BANK & TRUST
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02205
015 E040201 X
028 A010200 363
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028 A040200 151
028 B010200 3510
028 B020200 388
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028 G020200 388
<PAGE> PAGE 10
028 G030200 0
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045 000200 Y
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066 A000200 Y
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<PAGE> PAGE 11
070 F020200 Y
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<PAGE> PAGE 12
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015 A000301 INVESTORS BANK & TRUST
015 B000301 C
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<PAGE> PAGE 13
015 C020301 MA
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028 A010300 345
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<PAGE> PAGE 14
048 H020300 0.000
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE TIM OSBORNE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from PanAgora
Funds from N-SAR for the period ended May 31, 1995 and is qualified in its entirely
by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> PANAGORA ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
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<SHARES-COMMON-PRIOR> 286748
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial information extracted from PanAgora Funds
form N-SAR for the period ended May 31, 1995 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> PANAGORA GLOBAL FUND
<S> <C>
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<OVERDISTRIBUTION-GAINS> (287754)
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<PER-SHARE-DISTRIBUTIONS> .09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> .01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from PanAgora
Funds form N-SAR for the period ended May 31, 1995 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> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 16810031
<INVESTMENTS-AT-VALUE> 17275583
<RECEIVABLES> 249639
<ASSETS-OTHER> 613169
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18138391
<PAYABLE-FOR-SECURITIES> 74911
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103369
<TOTAL-LIABILITIES> 178280
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17793753
<SHARES-COMMON-STOCK> 1690476
<SHARES-COMMON-PRIOR> 1390597
<ACCUMULATED-NII-CURRENT> 223909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 640290
<ACCUM-APPREC-OR-DEPREC> 582739
<NET-ASSETS> 17960111
<DIVIDEND-INCOME> 212146
<INTEREST-INCOME> 163598
<OTHER-INCOME> 0
<EXPENSES-NET> 166103
<NET-INVESTMENT-INCOME> 209641
<REALIZED-GAINS-CURRENT> 24937
<APPREC-INCREASE-CURRENT> 5233
<NET-CHANGE-FROM-OPS> 239811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 309580
<DISTRIBUTIONS-OF-GAINS> 743906
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1228449
<NUMBER-OF-SHARES-REDEEMED> 1030778
<SHARES-REINVESTED> 102208
<NET-CHANGE-IN-ASSETS> 3005544
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 391111
<OVERDISTRIB-NII-PRIOR> 2131
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 430675
<AVERAGE-NET-ASSETS> 15101015
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> .011
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of
Trustees of The PanAgora Funds:
In planning and performing our audit of the financial
statements and financial highlights of The PanAgora Funds
(consisting of the PanAgora Asset Allocation Fund, PanAgora
International Equity Fund and PanAgora Global Fund) for the year
ended May 31, 1995, we considered the internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing an opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The PanAgora Funds is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures . Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in accordance with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of May 31, 1995.
This report is intended solely for the information and use of
management of The PanAgora Funds and the Securities and Exchange
Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
July 21, 1995
