PANAGORA FUNDS
497, 1996-06-24
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                THE PANAGORA INSTITUTIONAL FUNDS

                 SUPPLEMENT DATED JUNE 20, 1996
             TO THE PROSPECTUS DATED AUGUST 1, 1995

        Effective immediately, shares of the PanAgora Global Fund 
(the "Fund"), a series of The PanAgora Institutional Funds (the
"Trust"), are no longer offered for sale.  As of July 5, 1996
(or on such other date or dates as the officers of the Trust
shall determine) the assets of the Fund will be liquidated and
the Fund as a series of the Trust shall be terminated. 



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