-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 y5GxuHb9fXcx/Qw2b8ctKA==

<SEC-DOCUMENT>0001347600-10-000001.txt : 20100304
<SEC-HEADER>0001347600-10-000001.hdr.sgml : 20100304
<ACCEPTANCE-DATETIME>20100304120210
ACCESSION NUMBER:		0001347600-10-000001
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100304
DATE AS OF CHANGE:		20100304
EFFECTIVENESS DATE:		20100304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPISODE L.P.
		CENTRAL INDEX KEY:			0001347600
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-84121
		FILM NUMBER:		10656178

	BUSINESS ADDRESS:	
		STREET 1:		87 MARY ST P O BOX 908GT
		STREET 2:		WALKER HOUSE
		CITY:			GRAND CAY CAY ISL
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		1-345-945-3727

	MAIL ADDRESS:	
		STREET 1:		87 MARY ST P O BOX 908GT
		STREET 2:		WALKER HOUSE
		CITY:			GRAND CAY CAY ISL
		STATE:			E9
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EPISODE L P
		DATE OF NAME CHANGE:	20051221
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001347600</cik>
        <entityName>EPISODE L.P.</entityName>
        <issuerAddress>
            <street1>Walker House</street1>
            <street2>87 Mary Street</street2>
            <city>George Town</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-9002</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(345) 949-0100</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>EPISODE L P</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands exempted company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>M&amp;G General Partner Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Walker House</street1>
                <street2>87 Mary Street</street2>
                <city>George Town</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-9002</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>M&amp;G Investment Management Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Laurence Pountney Hill</street1>
                <street2>Governor's House</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>EC4R OHH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robin</firstName>
                <lastName>Rumboll</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Windsor House</street1>
                <city>St. Lawrence, Jersey</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>JE3 1NL</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner and the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carol</firstName>
                <middleName>P.</middleName>
                <lastName>Goodwin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>La Maison Wins</street1>
                <street2>Clos du Roi</street2>
                <city>St Peter Port, Guernsey</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>GY1 1PB</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner and the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Waters</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Green Lanes</street1>
                <street2>Pontau Bre</street2>
                <city>St. Peter, Jersey</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>JE3 7DL</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner and the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rupert</firstName>
                <lastName>Dorey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Le Camptrehard</street1>
                <street2>Rue des Rocquettes</street2>
                <city>St. Andrews, Guernsey</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>GY6 8SH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner and the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>Louis</middleName>
                <lastName>Rosengarten</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>21 Eversley Crescent</street1>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>N21 1EL</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Grant</firstName>
                <middleName>R.</middleName>
                <lastName>Speirs</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Fraser Suites</street1>
                <street2>75 Stanhope Gardens</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SW7 5RN</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anthony</firstName>
                <middleName>J.</middleName>
                <lastName>Ashplant</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Glebe House</street1>
                <street2>Hoo Park Whitwell</street2>
                <city>Hertfordshire</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SG4 8HN</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer and Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>Gareth</middleName>
                <lastName>Jones</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>17 Salisbury Avenue</street1>
                <city>Cheam, Surrey</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SM1 2DH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Leslie</firstName>
                <middleName>J.</middleName>
                <lastName>Scrine</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>23 Chatsworth Road</street1>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>W4 3HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martin</firstName>
                <lastName>Lewis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Elderfield, Greenway, Hutton</street1>
                <city>Brentwood, Essex</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>CM13 2NR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>G.</middleName>
                <lastName>McLintock</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>The Old Rectory</street1>
                <street2>Rectory Land</street2>
                <city>Longworth, Abingdon</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>OX13 5DZ</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martin</firstName>
                <middleName>R.</middleName>
                <lastName>Moore</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3 Ripley Close</street1>
                <city>Bickley, Kent</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>BR1 2TZ</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Simon</firstName>
                <middleName>H.</middleName>
                <lastName>Pilcher</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Green End Barn, Wood End</street1>
                <street2>Green, Henham, Bishops</street2>
                <city>Stortford, Hertfordshire</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>CM22 6AY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Williams</firstName>
                <middleName>J.</middleName>
                <lastName>Nott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>13 Patten Road</street1>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SW18 3RH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <middleName>P.</middleName>
                <lastName>McClelland</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>18 Guildford Grove</street1>
                <city>Greenwich, London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SE10 8JT</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Secretary of the Investment Manager of the Issuer</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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001347600-09-000004</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-10-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Curian Clearing, LLC</recipientName>
                <recipientCRDNumber>132938</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7601 Technology Way, 5th Floor</street1>
                    <city>Denver</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <zipCode>80237</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>93799897</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>35</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>307313</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The sales commissions reported above include ongoing servicing fees.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>EPISODE L.P.</issuerName>
                <signatureName>/s/ Carol P. Goodwin</signatureName>
                <nameOfSigner>Carol P. Goodwin</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-03-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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-----END PRIVACY-ENHANCED MESSAGE-----