-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VfWKZ11XznltsTU+3oPMSmabeRYbe8VqRSQCk+T339Z4qFBvG06zVLlspri/jMNd
 GhpZWDQn367TF4B6w9e9Zg==

<SEC-DOCUMENT>0001379135-10-000005.txt : 20100607
<SEC-HEADER>0001379135-10-000005.hdr.sgml : 20100607
<ACCEPTANCE-DATETIME>20100607151235
ACCESSION NUMBER:		0001379135-10-000005
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:		20100607
DATE AS OF CHANGE:		20100607
EFFECTIVENESS DATE:		20100607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIL, Ltd.
		CENTRAL INDEX KEY:			0001379135
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-95845
		FILM NUMBER:		10881302

	BUSINESS ADDRESS:	
		STREET 1:		DMS HOUSE, 20 GENESIS CLOSE
		STREET 2:		GRAND CAYMAN
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		345-946-7665

	MAIL ADDRESS:	
		STREET 1:		DMS HOUSE, 20 GENESIS CLOSE
		STREET 2:		GRAND CAYMAN
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIL Ltd
		DATE OF NAME CHANGE:	20061025
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001379135</cik>
        <entityName>BIL, Ltd.</entityName>
        <issuerAddress>
            <street1>DMS HOUSE, 20 GENESIS CLOSE</street1>
            <street2>GRAND CAYMAN</street2>
            <city>GEORGE TOWN</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-1108</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-946-7665</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Farallon Institutional Fixed Income Ltd.</previousName>
            <previousName>Bracebridge Institutional, Ltd.</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>BIL Ltd</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bracebridge</firstName>
                <lastName>Capital, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>500 Boylston Street,17th Floor</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nancy</firstName>
                <lastName>Zimmerman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Managing Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gabriel</firstName>
                <lastName>Sunshine</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Managing Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dr. Michael</firstName>
                <lastName>Rashes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Grenzke</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Derek</firstName>
                <lastName>Reisinger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Otting</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <lastName>Mashikian</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Seth</firstName>
                <lastName>Robbins</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kirstan</firstName>
                <lastName>Barnett</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager, General Counsel, Chief Compliance Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>N.</middleName>
                <lastName>Spinney, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bracebridge Capital, LLC</street1>
                <street2>500 Boylston Street, 17th Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Investment Manager, Chief Operating Officer, Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Don</firstName>
                <lastName>Seymour</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., dms House</street1>
                <street2>20 Genesis Close, Grand Cayman</street2>
                <city>George Town</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Aldo</firstName>
                <lastName>Ghisletta</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., dms House</street1>
                <street2>20 Genesis Close, Grand Cayman</street2>
                <city>George Town</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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>0001379135-10-000004</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1998-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1643672616</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>59</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Proceeds of the offering are used for investments in securities and expenses necessary, convenient or incidental thereto.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>BIL, Ltd.</issuerName>
                <signatureName>KBarnett</signatureName>
                <nameOfSigner>Kirstan Barnett</nameOfSigner>
                <signatureTitle>General Counsel/Chief Compliance Officer</signatureTitle>
                <signatureDate>2010-06-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----