<PAGE> PAGE 1
000 B000000 05/31/96
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
007 C011100 11
007 C011200 12
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007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 PANAGORA ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-999
<PAGE> PAGE 2
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
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720xxx
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 INVESTMENT TECHNOLOGY GROUP
020 C000001 28
020 A000002 GOLDMAN SACHS CO.
020 C000002 18
020 A000003 JAMES CAPEL SECURITIES
020 C000003 15
020 A000004 BARCLAYS BANK PLC
020 C000004 12
020 A000005 SALOMON BROTHERS
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020 A000006 J.P. MORGAN SECURITIES
020 C000006 9
020 A000007 UNION BANK OF SWITZERLAND
020 C000007 9
020 A000008 CREDITANSTALT
020 C000008 8
020 A000009 SOCIETY GENERAL SECURITIES
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020 A000010 FIDELITY BROKERAGE SERVICES
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021 000000 161
022 A000001 CANTOR FITZGERALD & CO
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<PAGE> PAGE 3
022 D000001 0
022 A000002 INVESTORS BANK & TRUST CO.
022 C000002 540287
022 D000002 0
022 A000003 NOMURA SECURITIES
022 C000003 49852
022 D000003 2002
022 A000004 CARGILL INVESTORS SERVICES
022 C000004 38128
022 D000004 2808
022 A000005 BANKAMERICA
022 C000005 9608
022 D000005 0
022 A000006 CITIBANK
022 C000006 3319
022 D000006 2777
022 A000007 SALOMON BROTHERS
022 C000007 596
022 D000007 697
022 A000008 INVESTMENT TECHNOLOGY
022 C000008 1069
022 D000008 124
022 A000009 BARCLAYS BANK
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022 D000009 96
022 A000010 BEAR STEARNS
022 C000010 254
022 D000010 139
023 C000000 1365827
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<PAGE> PAGE 4
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
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
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<PAGE> PAGE 5
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100000
062 A00AA00 N
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063 B00AA00 0.0
077 A000000 Y
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080 B00AA00 VIGILANT INSURANCE CO.
080 C00AA00 15000
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084 A00AA00 N
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<PAGE> PAGE 6
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 59
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<PAGE> PAGE 7
048 F020100 0.000
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048 H020100 0.000
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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
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 N
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
<PAGE> PAGE 8
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 4492
071 B000100 4415
071 C000100 7472
071 D000100 59
072 A000100 12
072 B000100 136
072 C000100 145
072 D000100 0
072 E000100 0
072 F000100 52
072 G000100 71
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072 J000100 0
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072 N000100 14
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072 P000100 0
072 Q000100 0
072 R000100 28
072 S000100 15
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072 U000100 4
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072 W000100 2
072 X000100 193
072 Y000100 121
072 Z000100 209
072AA000100 835
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072DD020100 0
072EE000100 689
073 A010100 0.2700
073 A020100 0.0000
073 B000100 1.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1504
074 C000100 799
<PAGE> PAGE 9
074 D000100 1192
074 E000100 0
074 F000100 6991
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074 K000100 62
074 L000100 52
074 M000100 8
074 N000100 11049
074 O000100 459
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074 V020100 0.00
074 W000100 0.0000
074 X000100 8
074 Y000100 187
075 A000100 0
075 B000100 8688
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 281
028 A020200 0
028 A030200 0
028 A040200 197
028 B010200 704
028 B020200 1365
028 B030200 0
028 B040200 147
028 C010200 7
028 C020200 0
028 C030200 0
028 C040200 327
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<PAGE> PAGE 10
028 D040200 1615
028 E010200 8
028 E020200 0
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028 E040200 148
028 F010200 5
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028 F040200 147
028 G010200 1012
028 G020200 1365
028 G030200 0
028 G040200 2581
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045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.700
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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
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069 000200 N
<PAGE> PAGE 11
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 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
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070 O010200 N
070 O020200 N
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070 Q020200 N
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070 R020200 N
071 A000200 44963
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<PAGE> PAGE 12
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073 A010200 0.1500
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074 B000200 11365
074 C000200 3255
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<PAGE> PAGE 13
074 V010200 11.98
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074 Y000200 1628
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075 B000200 52051
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 211
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045 000300 Y
046 000300 N
047 000300 Y
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<PAGE> PAGE 14
048 C010300 0
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048 H020300 0.000
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066 A000300 Y
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067 000300 N
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070 E020300 N
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<PAGE> PAGE 15
070 L010300 Y
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070 Q020300 N
070 R010300 Y
070 R020300 N
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<PAGE> PAGE 16
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074 B000300 5007
074 C000300 1379
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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 Institutional Funds
form N-SAR for the period ended May 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> PanAgora Asset Allocation Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 9,598,810
<INVESTMENTS-AT-VALUE> 10,485,682
<RECEIVABLES> 555,024
<ASSETS-OTHER> 8,388
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<TOTAL-ASSETS> 11,049,094
<PAYABLE-FOR-SECURITIES> 458,622
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 651,468
<TOTAL-LIABILITIES> 1,110,090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,497,402
<SHARES-COMMON-STOCK> 812,150
<SHARES-COMMON-PRIOR> 647,486
<ACCUMULATED-NII-CURRENT> 93,185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 486,182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 862,235
<NET-ASSETS> 9,939,004
<DIVIDEND-INCOME> 144,512
<INTEREST-INCOME> 136,088
<OTHER-INCOME> 0
<EXPENSES-NET> 71,146
<NET-INVESTMENT-INCOME> 209,454
<REALIZED-GAINS-CURRENT> 835,024
<APPREC-INCREASE-CURRENT> 570,433
<NET-CHANGE-FROM-OPS> 1,614,911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (185,985)
<DISTRIBUTIONS-OF-GAINS> (688,774)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156,640
<NUMBER-OF-SHARES-REDEEMED> (68,247)
<SHARES-REINVESTED> 76,272
<NET-CHANGE-IN-ASSETS> 2,649,832
<ACCUMULATED-NII-PRIOR> 69,716
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 192,507
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<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.28
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<PER-SHARE-DISTRIBUTIONS> (1.27)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.24
<EXPENSE-RATIO> 0.90
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from PanAgora Institutional Funds
form N-SAR for the period ended May 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> PanAgora Global Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 51,350,740
<INVESTMENTS-AT-VALUE> 55,265,236
<RECEIVABLES> 1,646,499
<ASSETS-OTHER> 8,448
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,920,183
<PAYABLE-FOR-SECURITIES> 1,192,628
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,968,175
<TOTAL-LIABILITIES> 3,160,803
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,580,806
<SHARES-COMMON-STOCK> 4,487,540
<SHARES-COMMON-PRIOR> 4,507,291
<ACCUMULATED-NII-CURRENT> 96,105
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,463,150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,619,319
<NET-ASSETS> 53,759,380
<DIVIDEND-INCOME> 926,457
<INTEREST-INCOME> 317,203
<OTHER-INCOME> 0
<EXPENSES-NET> 407,826
<NET-INVESTMENT-INCOME> 835,834
<REALIZED-GAINS-CURRENT> 4,575,681
<APPREC-INCREASE-CURRENT> (459,339)
<NET-CHANGE-FROM-OPS> 4,952,176
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (696,730)
<DISTRIBUTIONS-OF-GAINS> (1,558,946)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,935
<NUMBER-OF-SHARES-REDEEMED> (310,566)
<SHARES-REINVESTED> 197,879
<NET-CHANGE-IN-ASSETS> 2,440,229
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (308,828)
<OVERDIST-NET-GAINS-PRIOR> (287,754)
<GROSS-ADVISORY-FEES> 364,312
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 653,774
<AVERAGE-NET-ASSETS> 52,051,248
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.85
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from PanAgora Institutional 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> 03
<NAME> PanAgora International Equity Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 21,627,120
<INVESTMENTS-AT-VALUE> 22,661,937
<RECEIVABLES> 311,306
<ASSETS-OTHER> 8,448
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,981,691
<PAYABLE-FOR-SECURITIES> 92,943
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 720,871
<TOTAL-LIABILITIES> 813,814
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,812,453
<SHARES-COMMON-STOCK> 1,975,371
<SHARES-COMMON-PRIOR> 1,690,476
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (165,344)
<ACCUMULATED-NET-GAINS> 217,117
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,303,651
<NET-ASSETS> 22,333,221
<DIVIDEND-INCOME> 268,805
<INTEREST-INCOME> 145,308
<OTHER-INCOME> 0
<EXPENSES-NET> 165,563
<NET-INVESTMENT-INCOME> 248,550
<REALIZED-GAINS-CURRENT> 579,256
<APPREC-INCREASE-CURRENT> 720,911
<NET-CHANGE-FROM-OPS> 1,548,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (248,550)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (111,102)
<NUMBER-OF-SHARES-SOLD> 319,471
<NUMBER-OF-SHARES-REDEEMED> (67,770)
<SHARES-REINVESTED> 33,194
<NET-CHANGE-IN-ASSETS> 4,207,766
<ACCUMULATED-NII-PRIOR> 223,909
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (640,290)
<GROSS-ADVISORY-FEES> 160,017
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 433,893
<AVERAGE-NET-ASSETS> 20,013,689
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
The PanAgora Institutional Funds:
In planning and performing our audit of the financial statements and financial
highlights of The PanAgora Institutional Funds (consisting of the PanAgora Asset
Allocation Fund, PanAgora International Equity Fund and PanAgora Global Fund)
for the year ended May 31, 1996, we considered the Funds' 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 Institutional 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
risk 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, 1996.
<PAGE>
This report is intended solely for the information and use of management of The
PanAgora Institutional Funds and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
July 19, 1996
