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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000898432-09-001325.txt : 20091104
<SEC-HEADER>0000898432-09-001325.hdr.sgml : 20091104
<ACCEPTANCE-DATETIME>20091104105919
ACCESSION NUMBER:		0000898432-09-001325
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091104
DATE AS OF CHANGE:		20091104
EFFECTIVENESS DATE:		20091104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PanAgora Emerging Markets Fund, a series of The PanAgora Group Trust
		CENTRAL INDEX KEY:			0001475791
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-135832
		FILM NUMBER:		091156641

	BUSINESS ADDRESS:	
		STREET 1:		470 ATLANTIC AVENUE
		STREET 2:		8TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-439-6300

	MAIL ADDRESS:	
		STREET 1:		470 ATLANTIC AVENUE
		STREET 2:		8TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001475791</cik>
        <entityName>PanAgora Emerging Markets Fund, a series of The PanAgora Group Trust</entityName>
        <issuerAddress>
            <street1>470 ATLANTIC AVENUE</street1>
            <street2>8TH FLOOR</street2>
            <city>BOSTON</city>
            <stateOrCountry>MA</stateOrCountry>
            <zipCode>02210</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>617-439-6300</issuerPhoneNumber>
        <jurisdictionOfInc>MASSACHUSETTS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Business Trust</entityType>
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            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>PanAgora Asset Management, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Louis</firstName>
                <middleName>X.</middleName>
                <lastName>Iglesias</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>H.</middleName>
                <lastName>Sorensen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President, CEO and Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <lastName>Sutton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>CFO and Treasurer of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>H.</middleName>
                <lastName>Turpin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>J.</middleName>
                <lastName>Orr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>B.</middleName>
                <lastName>Tibbetts</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Hiroshi</firstName>
                <lastName>Ishimura</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Philip</firstName>
                <middleName>Keebler</middleName>
                <lastName>Ryan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tomohiko</firstName>
                <lastName>Masuda</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>470 Atlantic Avenue</street1>
                <street2>8th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02210</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Investment Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-02-27</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>44273995</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PanAgora Emerging Markets Fund, a series of The PanAgora Group Trust</issuerName>
                <signatureName>/s/ Louis X. Iglesias</signatureName>
                <nameOfSigner>Louis X. Iglesias</nameOfSigner>
                <signatureTitle>Chief Compliance Officer</signatureTitle>
                <signatureDate>2009-10-26</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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