<PAGE> PAGE 1
000 A000000 11/30/97
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 U
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
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 DISTRIBUTOR, 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 LEHMAN BROTHERS
014 B00AA01 8-XXXXXXXX
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 ALEX BROWN & SONS, INC.
020 C000001 7
020 A000002 MERRILL LYNCH, PIERCE, FEENER & SMITH, INC.
020 B000002 13-5674085
020 C000002 7
020 A000003 MORGAN STANLEY & CO., INC.
020 B000003 13-2655998
020 C000003 4
020 A000004 CITIBANK
020 C000004 3
020 A000005 UBS SECURITIES, INC.
020 B000005 13-2932966
020 C000005 3
020 A000006 PAINE WEBBER, INC.
020 B000006 13-2638166
020 C000006 3
020 A000007 J.P. MORGAN, INC.
020 B000007 13-3224016
020 C000007 3
020 A000008 NOMURA SECURITIES INTERNATIONAL, INC.
020 C000008 3
020 A000009 SOCIETE GENERALE SECURITIES CORP.
020 C000009 2
020 A000010 J.B. WERE & SON, INC.
020 C000010 2
021 000000 43
022 A000001 INVESTORS BANK & TRUST
022 C000001 1300271
022 D000001 0
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 0
022 D000002 10513
022 A000003 UBS SECURITIES, INC.
022 B000003 13-2932996
<PAGE> PAGE 3
022 C000003 7028
022 D000003 88
022 A000004 CHASE MANHATTEN BANK
022 C000004 403
022 D000004 2281
022 A000005 MERRILL LYNCH, PIERCE FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 2322
022 D000005 0
022 A000006 SALOMON BROTHERS, INC.
022 B000006 13-5365580
022 C000006 1570
022 D000006 0
022 A000007 GOLDMAN SACHS & CO.
022 B000007 13-5108880
022 C000007 1024
022 D000007 381
022 A000008 MELLON BANK
022 C000008 834
022 D000008 90
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009 258
022 D000009 185
022 A000010 CARGILL INVESTOR SERVICES, INC.
022 C000010 159
022 D000010 59
023 C000000 1314121
023 D000000 13785
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<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
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042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
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052 00AA00 N
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054 B00AA00 Y
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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 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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<PAGE> PAGE 5
062 G00AA00 0.0
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015 A000101 INVESTORS BANK & TRUST
015 B000101 C
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024 000100 Y
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025 B000102 13-2655998
025 C000102 E
025 D000102 26
025 A000103 SALOMON BROTHERS, INC.
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<PAGE> PAGE 6
025 C000103 E
025 D000103 133
025 A000104 PAINE WEBBER. INC.
025 C000104 E
025 D000104 30
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025 B000105 13-3224016
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<PAGE> PAGE 7
048 D010100 0
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066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
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068 A000100 N
068 B000100 N
069 000100 N
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070 D010100 Y
070 D020100 N
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070 E020100 N
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 Y
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070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
<PAGE> PAGE 8
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 Y
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070 O020100 N
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070 P020100 N
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070 Q020100 N
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070 R020100 N
071 A000100 8188
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071 C000100 24742
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<PAGE> PAGE 9
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015 A000301 INVESTORS BANK & TRUST
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02117
015 C040301 9130
015 E040301 X
024 000300 Y
025 A000301 NOMURA SECURITIES CO., LTD.
025 C000301 E
025 D000301 62
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<PAGE> PAGE 10
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<PAGE> PAGE 11
066 B000300 N
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071 A000300 8829
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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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 November 30, 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 33,848,669
<INVESTMENTS-AT-VALUE> 35,217,030
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<SHARES-COMMON-STOCK> 2,808,484
<SHARES-COMMON-PRIOR> 2,833,803
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,179,193
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 37,699,846
<DIVIDEND-INCOME> 126,940
<INTEREST-INCOME> 635,878
<OTHER-INCOME> 0
<EXPENSES-NET> 165,764
<NET-INVESTMENT-INCOME> 597,054
<REALIZED-GAINS-CURRENT> (221,541)
<APPREC-INCREASE-CURRENT> 1,578,712
<NET-CHANGE-FROM-OPS> 1,954,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,569
<NUMBER-OF-SHARES-REDEEMED> (82,968)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,618,924
<ACCUMULATED-NII-PRIOR> 306,875
<ACCUMULATED-GAINS-PRIOR> 1,400,734
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 110,518
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<PER-SHARE-NAV-BEGIN> 12.73
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from PanAgora Institutional Funds,
form N-SAR for the period ended November 30, 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 28,881,484
<INVESTMENTS-AT-VALUE> 27,952,442
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<TOTAL-LIABILITIES> 2,208,223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,738,757
<SHARES-COMMON-STOCK> 2,322,435
<SHARES-COMMON-PRIOR> 2,281,180
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (429,935)
<ACCUMULATED-NET-GAINS> 2,672,620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,011,460)
<NET-ASSETS> 25,969,982
<DIVIDEND-INCOME> 188,163
<INTEREST-INCOME> 8,301
<OTHER-INCOME> 0
<EXPENSES-NET> 151,145
<NET-INVESTMENT-INCOME> 45,319
<REALIZED-GAINS-CURRENT> 602,251
<APPREC-INCREASE-CURRENT> (1,675,483)
<NET-CHANGE-FROM-OPS> (1,027,913)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127,884
<NUMBER-OF-SHARES-REDEEMED> (86,629)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (525,920)
<ACCUMULATED-NII-PRIOR> (475,254)
<ACCUMULATED-GAINS-PRIOR> 2,001,107
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 256,813
<AVERAGE-NET-ASSETS> 27,562,229
<PER-SHARE-NAV-BEGIN> 11.62
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<PER-SHARE-GAIN-APPREC> (0.46)
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<PER-SHARE-NAV-END> 11.18
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<AVG-DEBT-PER-SHARE> 0.00
