<PAGE> PAGE 1
000 A000000 11/30/95
000 C000000 897019
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 THE PANAGORA FUNDS
001 B000000 811-7464
001 C000000 6174396300
002 A000000 260 FRANKLIN STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 PANAGORA ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
007 C020200 PANAGORA GLOBAL FUND
007 C030200 N
007 C010300 3
007 C020300 PANAGORA INTERNATIONAL EQUITY FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 PANAGORA ASSET MANAGEMENT, INC.
008 B00AA01 A
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.
011 B00AA01 8-20518
<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
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 LEHMAN BROTHERS
014 B00AA01 8-XXXXXXXX
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 GOLDMAN SACHS & CO
020 C000001 18
020 A000002 JAMES CAPEL & CO
020 C000002 14
020 A000003 JP MORGAN SECURITIES
020 C000003 9
020 A000004 SALOMON BROTHERS
020 C000004 9
020 A000005 BARCLAYS BANK PLC
020 C000005 10
020 A000006 UNION BANK OF SWITZERLAND
020 C000006 9
020 A000007 CREDTANSTALT
020 C000007 8
020 A000008 INVESTMENT TECHNOLOGY GROUP
020 C000008 7
020 A000009 SOCIETE GENERALE SECURITIES CO
020 C000009 5
020 A000010 ALFRED BERG
020 C000010 4
021 000000 116
022 A000001 CANTOR FITZGERALD & CO
022 C000001 281801
022 D000001 0
022 A000002 UBS SECURITIES
022 C000002 76
022 D000002 4
022 A000003 NOMURA SECURITIES
022 C000003 49665
022 D000003 2002
022 A000004 CARGILL INVESTORS SERVICES
022 C000004 33390
022 D000004 2808
<PAGE> PAGE 3
022 A000005 SALOMON BROTHERS
022 C000005 528
022 D000005 614
022 A000006 BARCLAYS BANK
022 C000006 362
022 D000006 0
022 A000007 BEAR STEARNS & CO
022 C000007 254
022 D000007 0
022 A000008 FIRST BOSTON
022 C000008 45
022 D000008 51
022 A000009 MORGAN STANLEY
022 C000009 8
022 D000009 82
022 A000010 ANVIL
022 C000010 47
022 D000010 41
023 C000000 1021605
023 D000000 5849
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
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
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
<PAGE> PAGE 5
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A000101 INVESTORS BANK & TRUST
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02205
015 E010101 X
028 A010100 66
028 A020100 0
028 A030100 0
028 A040100 143
028 B010100 130
028 B020100 0
028 B030100 0
028 B040100 28
028 C010100 119
028 C020100 386
028 C030100 0
028 C040100 17
<PAGE> PAGE 6
028 D010100 132
028 D020100 0
028 D030100 0
028 D040100 33
028 E010100 345
028 E020100 0
028 E030100 0
028 E040100 62
028 F010100 88
028 F020100 0
028 F030100 0
028 F040100 48
028 G010100 880
028 G020100 386
028 G030100 0
028 G040100 331
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.600
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
<PAGE> PAGE 7
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
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 1880
071 B000100 1913
071 C000100 7123
071 D000100 26
072 A000100 6
072 B000100 63
072 C000100 70
072 D000100 0
072 E000100 0
072 F000100 24
072 G000100 36
072 H000100 0
<PAGE> PAGE 8
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 4
072 N000100 10
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 14
072 S000100 11
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 1
072 X000100 102
072 Y000100 66
072 Z000100 97
072AA000100 193
072BB000100 0
072CC010100 649
072CC020100 0
072DD010100 70
072DD020100 0
072EE000100 317
073 A010100 0.1100
073 A020100 0.0000
073 B000100 0.4900
073 C000100 0.0000
074 A000100 203
074 B000100 879
074 C000100 744
074 D000100 1194
074 E000100 0
074 F000100 6295
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 42
074 L000100 39
074 M000100 10
074 N000100 9406
074 O000100 11
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 617
074 S000100 0
<PAGE> PAGE 9
074 T000100 8778
074 U010100 728
074 U020100 0
074 V010100 12.06
074 V020100 0.00
074 W000100 0.0000
074 X000100 8
074 Y000100 160
075 A000100 0
075 B000100 8009
076 000100 0.00
015 A000201 INVESTORS BANK & TRUST
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02205
015 E040201 X
028 A010200 5
028 A020200 0
028 A030200 0
028 A040200 149
028 B010200 6
028 B020200 888
028 B030200 0
028 B040200 153
028 C010200 9
028 C020200 0
028 C030200 0
028 C040200 147
028 D010200 7
028 D020200 0
028 D030200 0
028 D040200 184
028 E010200 8
028 E020200 0
028 E030200 0
028 E040200 202
028 F010200 18
028 F020200 0
028 F030200 0
028 F040200 156
028 G010200 53
028 G020200 888
028 G030200 0
028 G040200 991
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.700
048 A010200 0
<PAGE> PAGE 10
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 N
<PAGE> PAGE 11
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 25303
071 B000200 31026
071 C000200 43630
071 D000200 58
072 A000200 6
072 B000200 131
072 C000200 490
072 D000200 0
072 E000200 0
072 F000200 179
072 G000200 103
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 5
072 N000200 13
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 14
072 S000200 13
072 T000200 0
072 U000200 2
072 V000200 0
072 W000200 6
072 X000200 335
072 Y000200 92
072 Z000200 378
072AA000200 2093
072BB000200 0
072CC010200 0
072CC020200 1370
<PAGE> PAGE 12
072DD010200 295
072DD020200 0
072EE000200 594
073 A010200 0.0700
073 A020200 0.0000
073 B000200 0.1300
073 C000200 0.0000
074 A000200 5434
074 B000200 5165
074 C000200 2809
074 D000200 0
074 E000200 194
074 F000200 38304
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 462
074 K000200 0
074 L000200 174
074 M000200 1184
074 N000200 53726
074 O000200 320
074 P000200 100
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1824
074 S000200 0
074 T000200 51482
074 U010200 4502
074 U020200 0
074 V010200 11.43
074 V020200 0.00
074 W000200 0.0000
074 X000200 20
074 Y000200 1396
075 A000200 0
075 B000200 51051
076 000200 0.00
015 A000301 INVESTORS BANK & TRUST
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02205
015 E040301 X
028 A010300 1148
028 A020300 0
028 A030300 0
028 A040300 8
028 B010300 7
<PAGE> PAGE 13
028 B020300 356
028 B030300 0
028 B040300 16
028 C010300 288
028 C020300 0
028 C030300 0
028 C040300 8
028 D010300 633
028 D020300 0
028 D030300 0
028 D040300 11
028 E010300 37
028 E020300 0
028 E030300 0
028 E040300 26
028 F010300 8
028 F020300 0
028 F030300 0
028 F040300 337
028 G010300 2121
028 G020300 356
028 G030300 0
028 G040300 406
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.800
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
066 A000300 Y
<PAGE> PAGE 14
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 Y
070 F010300 Y
070 F020300 Y
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 Y
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 6333
071 B000300 7068
071 C000300 14658
071 D000300 43
072 A000300 6
<PAGE> PAGE 15
072 B000300 65
072 C000300 118
072 D000300 0
072 E000300 0
072 F000300 77
072 G000300 96
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 4
072 N000300 9
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 16
072 S000300 5
072 T000300 0
072 U000300 2
072 V000300 0
072 W000300 2
072 X000300 211
072 Y000300 124
072 Z000300 96
072AA000300 0
072BB000300 205
072CC010300 0
072CC020300 643
072DD010300 360
072DD020300 0
072EE000300 0
073 A010300 0.2000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1813
074 B000300 1895
074 C000300 712
074 D000300 0
074 E000300 307
074 F000300 13167
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 285
074 K000300 29
074 L000300 57
074 M000300 1002
074 N000300 19267
074 O000300 239
<PAGE> PAGE 16
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 109
074 S000300 0
074 T000300 18919
074 U010300 1886
074 U020300 0
074 V010300 10.03
074 V020300 0.00
074 W000300 0.0000
074 X000300 9
074 Y000300 698
075 A000300 0
075 B000300 19130
076 000300 0.00
SIGNATURE TIM OSBORNE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from The PanAgora
Institutional Funds form N-SAR for the period ended November 30, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> PANAGORA ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 8309049
<INVESTMENTS-AT-VALUE> 9111611
<RECEIVABLES> 80849
<ASSETS-OTHER> 213479
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9405939
<PAYABLE-FOR-SECURITIES> 11348
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 616869
<TOTAL-LIABILITIES> 628217
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7522915
<SHARES-COMMON-STOCK> 727740
<SHARES-COMMON-PRIOR> 647486
<ACCUMULATED-NII-CURRENT> 97113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 216569
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 941125
<NET-ASSETS> 8777722
<DIVIDEND-INCOME> 70409
<INTEREST-INCOME> 62807
<OTHER-INCOME> 0
<EXPENSES-NET> 36100
<NET-INVESTMENT-INCOME> 97116
<REALIZED-GAINS-CURRENT> 193359
<APPREC-INCREASE-CURRENT> 649323
<NET-CHANGE-FROM-OPS> 939798
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69719
<DISTRIBUTIONS-OF-GAINS> 316721
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75005
<NUMBER-OF-SHARES-REDEEMED> 28560
<SHARES-REINVESTED> 33809
<NET-CHANGE-IN-ASSETS> 1488550
<ACCUMULATED-NII-PRIOR> 69716
<ACCUMULATED-GAINS-PRIOR> 339931
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24067
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 102408
<AVERAGE-NET-ASSETS> 8009177
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.06
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information from The PanAgora
Institutional Funds Form N-SAR for the period ended November 30, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> PANAGORA GLOBAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 43650983
<INVESTMENTS-AT-VALUE> 46471812
<RECEIVABLES> 636013
<ASSETS-OTHER> 6618205
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53726030
<PAYABLE-FOR-SECURITIES> 319933
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1924490
<TOTAL-LIABILITIES> 2244423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47787559
<SHARES-COMMON-STOCK> 4502480
<SHARES-COMMON-PRIOR> 4507291
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 226689
<ACCUMULATED-NET-GAINS> 1211732
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2709005
<NET-ASSETS> 51481607
<DIVIDEND-INCOME> 490118
<INTEREST-INCOME> 131081
<OTHER-INCOME> 0
<EXPENSES-NET> 243695
<NET-INVESTMENT-INCOME> 377504
<REALIZED-GAINS-CURRENT> 2093353
<APPREC-INCREASE-CURRENT> (1369653)
<NET-CHANGE-FROM-OPS> 1101204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 295365
<DISTRIBUTIONS-OF-GAINS> 593867
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4753
<NUMBER-OF-SHARES-REDEEMED> 87946
<SHARES-REINVESTED> 78382
<NET-CHANGE-IN-ASSETS> 162456
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 308828
<OVERDIST-NET-GAINS-PRIOR> 287754
<GROSS-ADVISORY-FEES> 179177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335460
<AVERAGE-NET-ASSETS> 51050808
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from The
PanAgora Institutional Funds Form N-SAR for the period ended November 30, 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 16140242
<INVESTMENTS-AT-VALUE> 16081371
<RECEIVABLES> 371551
<ASSETS-OTHER> 2814419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19267341
<PAYABLE-FOR-SECURITIES> 239382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109379
<TOTAL-LIABILITIES> 348761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19865059
<SHARES-COMMON-STOCK> 1885974
<SHARES-COMMON-PRIOR> 1690476
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 40101
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 845760
<ACCUM-APPREC-OR-DEPREC> (60618)
<NET-ASSETS> 18918580
<DIVIDEND-INCOME> 117679
<INTEREST-INCOME> 65660
<OTHER-INCOME> 0
<EXPENSES-NET> 87698
<NET-INVESTMENT-INCOME> 95641
<REALIZED-GAINS-CURRENT> (205470)
<APPREC-INCREASE-CURRENT> (643357)
<NET-CHANGE-FROM-OPS> (753186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 95641
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 264010
<NUMBER-OF-SHARES-SOLD> 202870
<NUMBER-OF-SHARES-REDEEMED> 40566
<SHARES-REINVESTED> 33194
<NET-CHANGE-IN-ASSETS> 958469
<ACCUMULATED-NII-PRIOR> 223909
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 640290
<GROSS-ADVISORY-FEES> 76686
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 211251
<AVERAGE-NET-ASSETS> 19130350
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.44)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> .15
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 1.1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
