-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MHjRFAITla0zn6TpX80YvUmtLOGh+EIRi9yuc0vxki3eG9FNYBjcEq038cpYEqEH
 9tvWwVKKBqiFeiajAxK4BQ==

<SEC-DOCUMENT>0001396105-09-000004.txt : 20091106
<SEC-HEADER>0001396105-09-000004.hdr.sgml : 20091106
<ACCEPTANCE-DATETIME>20091106122456
ACCESSION NUMBER:		0001396105-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091106
DATE AS OF CHANGE:		20091106
EFFECTIVENESS DATE:		20091106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RANGER MULTI-STRATEGY LTD
		CENTRAL INDEX KEY:			0001396105
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-102289
		FILM NUMBER:		091163583

	BUSINESS ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1100
		CITY:			dallas
		STATE:			tx
		ZIP:			75201
		BUSINESS PHONE:		(214)871-5200

	MAIL ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1100
		CITY:			dallas
		STATE:			tx
		ZIP:			75201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ranger Multi-Strategy Ltd
		DATE OF NAME CHANGE:	20070410
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001396105</cik>
        <entityName>RANGER MULTI-STRATEGY LTD</entityName>
        <issuerAddress>
            <street1>300 CRESCENT COURT</street1>
            <street2>SUITE 1100</street2>
            <city>dallas</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75201</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(214)871-5200</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Ranger Multi-Strategy Ltd</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <middleName>Scott</middleName>
                <lastName>Canon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>Whitaker</middleName>
                <lastName>Thompson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer/Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nimrod</firstName>
                <middleName>James</middleName>
                <lastName>Hacker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>Eads</middleName>
                <lastName>Burson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harry</firstName>
                <middleName>Kurt</middleName>
                <lastName>Overley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Chairman of the Investment Committee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>Leslie</middleName>
                <lastName>Walker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallasq</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Chairman of the Investment Committee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jason</firstName>
                <middleName>Christopher</middleName>
                <lastName>Elliott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$50,000,001 - $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-07-019732</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2001-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Altegris Investments, Inc</recipientName>
                <recipientCRDNumber>8258</recipientCRDNumber>
                <associatedBDName>Altegris Investments, Inc</associatedBDName>
                <associatedBDCRDNumber>8258</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Prospect Street</street1>
                    <street2>Suite 400</street2>
                    <city>La Jolla</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>82037</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>38270869</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>59</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>121470</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>RANGER MULTI-STRATEGY LTD</issuerName>
                <signatureName>Thomas Eads Burson</signatureName>
                <nameOfSigner>Thomas Eads Burson</nameOfSigner>
                <signatureTitle>Chief Compliance Officer</signatureTitle>
                <signatureDate>2009-11-06</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----