<PAGE> PAGE 1
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000 C000000 897019
000 D000000 N
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000 F000000 Y
000 G000000 N
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001 A000000 THE PANAGORA INSTITUTIONAL FUNDS
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001 C000000 6174396300
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003 000000 N
004 000000 N
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007 C010300 3
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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 801-35497
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 INVESTORS BANK & TRUST
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02117
010 C04AA01 9130
011 A00AA01 FUNDS DISTRIBUTORS, INC.
011 B00AA01 8-20518
011 C01AA01 BOSTON
011 C02AA01 MA
<PAGE> PAGE 2
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 DELETE
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
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020 B000001 13-2655998
020 C000001 35
020 A000002 LEHMAN BROTHERS
020 B000002 13-2518466
020 C000002 13
020 A000003 MERRILL LYNCH PIERCE, FENNER & SMITH, INC.
020 B000003 13-5674085
020 C000003 11
020 A000004 ALEX BROWN & SONS, INC.
020 C000004 7
020 A000005 INVESTMENT TECHNOLOGY GROUP
020 C000005 6
020 A000006 CITIBANK
020 B000006 13-5266470
020 C000006 4
020 A000007 UBS SECURITIES, INC.
020 B000007 13-2932966
020 C000007 3
020 A000008 PAINE WEBBER, INC.
020 B000008 13-2638166
020 C000008 3
020 A000009 J.P. MORGAN, INC.
020 B000009 13-3224016
020 C000009 3
020 A000010 SOCIETE GENERALE SECURITIES CORP.
020 C000010 3
021 000000 103
022 A000001 INVESTORS BANK & TRUST CO.
022 C000001 1997103
022 D000001 16299
022 A000002 MERRILL LYNCH. PIERCE, FENNER & SMITH, INC.
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022 C000002 139000
022 D000002 53319
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<PAGE> PAGE 3
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022 D000003 10713
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022 C000005 1570
022 D000005 5463
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022 B000006 13-5108880
022 C000006 1023
022 D000006 2577
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022 D000007 2281
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022 B000008 13-5659485
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022 D000010 90
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE TIMOTHY OSBORNE
TITLE 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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> PanAgora Asset Allocation Fund
<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (3,139,173)
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</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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> PanAgora International Equity Fund
<S> <C>
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</TABLE>
\
[Investors Bank & Trust Company Letterhead]
July 30, 1998
VIA EDGAR
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: The PanAgora Institutional Funds (the "Trust")
Form N-SAR
1940 Act File No. 811-7464
1933 Act File No. 33-57740
Ladies and Gentlemen:
Please be advised that the Trustees of The PanAgora Institutional Funds (the
"Trust") exercised its authority pursuant to Section 8.2 of the Trust's
Declaration of Trust to terminate and liquidate the PanAgora Asset Allocation
Fund and the PanAgora International Equity Fund (each a "Fund," and together,
the "Funds"), each a series of the Trust. The termination was effective April
30, 1998.
Should you have any questions, please telephone the undersigned at (617)
330-6335 or Susan Mosher at (617) 330-6413.
Very truly yours,
/s/Andrew S. Josef
Andrew S. Josef, Esq.
Secretary of the Trust
