<PAGE> PAGE 1
000 B000000 05/31/97
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 INSTITUTIONAL 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 2
007 C010100 1
007 C020100 PANAGORA ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
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
007 C011300 13
007 C011400 14
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 801-35497
008 D01AA01 BOSTON
008 D02AA01 MA
<PAGE> PAGE 2
008 D03AA01 02110
010 A00AA01 INVESTORS BANK & TRUST
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02117
010 C04AA01 9130
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 02117
012 C04AA01 9130
013 A00AA01 COOPERS & LYBRAND, L.L.P.
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 SALOMON BROTHERS, INC.
020 B000001 13-5365580
020 C000001 23
020 A000002 SOCIETE GENERALE SECURITIES CORP.
020 C000002 6
020 A000003 BEAR STEARNS & CO.,INC.
020 B000003 13-4946705
020 C000003 5
020 A000004 BHF SECURITIES CORP.
020 C000004 5
020 A000005 BANK AUSTRIA AG VIENNA
020 C000005 3
020 A000006 MORGAN STANLEY & CO., INC.
020 B000006 13-2655998
020 C000006 3
020 A000007 NOMURA SECURITIES INTERNATIONAL, INC.
020 C000007 2
020 A000008 FIDELITY CAPITAL MARKETS CO.
020 C000008 2
020 A000009 BZW SECURITIES, INC.
020 C000009 2
020 A000010 GOLDMAN SACHS & CO.
020 B000010 13-5108880
020 C000010 2
021 000000 61
<PAGE> PAGE 3
022 A000001 INVESTORS BANK & TRUST
022 C000001 1556068
022 D000001 117
022 A000002 SOCIETE GENERALE SECURITIES, CORP.
022 C000002 8000
022 D000002 1387
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003 226
022 D000003 8645
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 4100
022 D000004 260
022 A000005 MERRILL LYNCH, PIERCE FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 2761
022 D000005 0
022 A000006 SALOMON BROTHERS, INC.
022 B000006 13-5365580
022 C000006 1698
022 D000006 62
022 A000007 BZW SECURITIES, INC.
022 C000007 630
022 D000007 11
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 245
022 D000008 179
022 A000009 BEAR STEARNS & CO.
022 B000009 13-4946705
022 C000009 361
022 D000009 50
022 A000010 ALEX BROWN & SONS, INC.
022 C000010 100
022 D000010 119
023 C000000 1574486
023 D000000 10942
026 A000000 N
026 B000000 N
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
<PAGE> PAGE 4
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
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038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
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042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
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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 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
<PAGE> PAGE 5
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
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
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062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
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086 F020000 0
015 A000101 INVESTORS BANK & TRUST
<PAGE> PAGE 6
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02117
015 C040101 9130
015 E010101 X
024 000100 Y
025 A000101 MORGAN STANLEY
025 B000101 13-2655998
025 C000101 E
025 D000101 168
025 A000102 SALOMON BROTHERS, INC.
025 B000102 13-5365580
025 C000102 E
025 D000102 156
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
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028 B010100 90
028 B020100 893
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028 C040100 177
028 D010100 24988
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028 F010100 19
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028 F040100 107
028 G010100 25532
028 G020100 893
028 G030100 0
028 G040100 633
028 H000100 0
045 000100 Y
<PAGE> PAGE 7
046 000100 N
047 000100 Y
048 000100 0.600
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
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048 F010100 0
048 F020100 0.000
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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
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 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
<PAGE> PAGE 8
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
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 30697
071 B000100 14848
071 C000100 13969
071 D000100 106
072 A000100 12
072 B000100 368
072 C000100 216
072 D000100 0
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072 X000100 269
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<PAGE> PAGE 9
072AA000100 1586
072BB000100 0
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072EE000100 642
073 A010100 0.2880
073 A020100 0.0000
073 B000100 0.7386
073 C000100 0.0000
074 A000100 0
074 B000100 9179
074 C000100 2063
074 D000100 8265
074 E000100 0
074 F000100 17650
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074 N000100 38037
074 O000100 930
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074 V020100 0.00
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074 X000100 19
074 Y000100 1175
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076 000100 0.00
015 A000301 INVESTORS BANK & TRUST
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02117
015 C040301 9130
015 E040301 X
<PAGE> PAGE 10
024 000300 N
028 A010300 3606
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028 A040300 2407
028 B010300 170
028 B020300 774
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028 B040300 65
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045 000300 Y
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<PAGE> PAGE 11
048 I020300 0.000
048 J010300 0
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048 K020300 0.000
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
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067 000300 N
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069 000300 N
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070 C020300 N
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070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 Y
070 G010300 Y
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070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
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
<PAGE> PAGE 12
070 R020300 N
071 A000300 16866
071 B000300 8039
071 C000300 19709
071 D000300 41
072 A000300 12
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073 A010300 0.0700
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074 C000300 2165
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<PAGE> PAGE 13
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074 M000300 5
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074 R030300 0
074 R040300 2324
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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, 1997
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> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 36,317,405
<INVESTMENTS-AT-VALUE> 37,157,595
<RECEIVABLES> 874,829
<ASSETS-OTHER> 4,386
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,036,810
<PAYABLE-FOR-SECURITIES> 930,377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,025,511
<TOTAL-LIABILITIES> 1,955,888
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,802,892
<SHARES-COMMON-STOCK> 2,833,803
<SHARES-COMMON-PRIOR> 812,150
<ACCUMULATED-NII-CURRENT> 306,875
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,400,734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (429,579)
<NET-ASSETS> 36,080,922
<DIVIDEND-INCOME> 216,465
<INTEREST-INCOME> 367,768
<OTHER-INCOME> 0
<EXPENSES-NET> 149,199
<NET-INVESTMENT-INCOME> 435,034
<REALIZED-GAINS-CURRENT> 1,586,359
<APPREC-INCREASE-CURRENT> (1,291,818)
<NET-CHANGE-FROM-OPS> 729,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (250,562)
<DISTRIBUTIONS-OF-GAINS> (642,586)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,041,903
<NUMBER-OF-SHARES-REDEEMED> (92,864)
<SHARES-REINVESTED> 72,614
<NET-CHANGE-IN-ASSETS> 26,141,918
<ACCUMULATED-NII-PRIOR> 93,185
<ACCUMULATED-GAINS-PRIOR> 486,182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 269,099
<AVERAGE-NET-ASSETS> 16,577,827
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.03)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.73
<EXPENSE-RATIO> 0.90
<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, 1997
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> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 27,836,330
<INVESTMENTS-AT-VALUE> 28,578,261
<RECEIVABLES> 179,286
<ASSETS-OTHER> 70,980
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,828,527
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,332,625
<TOTAL-LIABILITIES> 2,332,625
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,236,764
<SHARES-COMMON-STOCK> 2,281,180
<SHARES-COMMON-PRIOR> 1,975,371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (475,254)
<ACCUMULATED-NET-GAINS> 2,001,107
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 733,285
<NET-ASSETS> 26,495,902
<DIVIDEND-INCOME> 390,857
<INTEREST-INCOME> 224,276
<OTHER-INCOME> 0
<EXPENSES-NET> 268,238
<NET-INVESTMENT-INCOME> 346,895
<REALIZED-GAINS-CURRENT> 1,906,835
<APPREC-INCREASE-CURRENT> (570,365)
<NET-CHANGE-FROM-OPS> 1,683,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (168,571)
<DISTRIBUTIONS-OF-GAINS> (611,080)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 562,044
<NUMBER-OF-SHARES-REDEEMED> (326,221)
<SHARES-REINVESTED> 69,986
<NET-CHANGE-IN-ASSETS> 4,328,025
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 217,117
<OVERDISTRIB-NII-PRIOR> (165,344)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 191,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 470,413
<AVERAGE-NET-ASSETS> 23,986,934
<PER-SHARE-NAV-BEGIN> 11.22
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.32)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.62
<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 and PanAgora International Equity Fund) for the year ended May
31, 1997, 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, 1997.
<PAGE>
This report is intended solely for the information and use of management of The
PanAgora Institutional Funds and the Securities and Exchange Commission.
/S/ COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
July 18, 1997
