-----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,
 RnnMqtUBSOFh/1rF1mSOtYcj/ZfV7OA0y3PXDVOP17X01bxZd695536+kNbxHGda
 8daNlqpFP2O2Olq42wayHw==

<SEC-DOCUMENT>0000919574-11-002476.txt : 20110324
<SEC-HEADER>0000919574-11-002476.hdr.sgml : 20110324
<ACCEPTANCE-DATETIME>20110324153839
ACCESSION NUMBER:		0000919574-11-002476
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:		20110324
DATE AS OF CHANGE:		20110324
EFFECTIVENESS DATE:		20110324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LYSTER WATSON MODERATE VOLATILITY FUND LTD
		CENTRAL INDEX KEY:			0001401280
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-104218
		FILM NUMBER:		11709253

	BUSINESS ADDRESS:	
		STREET 1:		C/O MOURANT CAYMAN CORPORATE SVSC, LTD.
		STREET 2:		3RD FLOOR, HARBOUR CTRE, 42 N. CHURCH ST
		CITY:			BOX 1348, GRD CAYMAN, KY1-1108
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		345-949-4123

	MAIL ADDRESS:	
		STREET 1:		C/O MOURANT CAYMAN CORPORATE SVSC, LTD.
		STREET 2:		3RD FLOOR, HARBOUR CTRE, 42 N. CHURCH ST
		CITY:			BOX 1348, GRD CAYMAN, KY1-1108
		STATE:			E9
		ZIP:			00000
</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>0001401280</cik>
        <entityName>LYSTER WATSON MODERATE VOLATILITY FUND LTD</entityName>
        <issuerAddress>
            <street1>C/O MOURANT CAYMAN CORPORATE SVSC, LTD.</street1>
            <street2>3RD FLOOR, HARBOUR CTRE, 42 N. CHURCH ST</street2>
            <city>BOX 1348, GRD CAYMAN, KY1-1108</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-949-4123</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands exempted company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>C.</middleName>
                <lastName>Watson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>888 Seventh Avenue</street1>
                <street2>40th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Watson is an executive officer of Lyster Watson Securities, Inc., the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Aldo</firstName>
                <lastName>Ghisletta</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>dms Corporate Services Ltd.</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Grand Cayman KY1-1208</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Don</firstName>
                <middleName>M.</middleName>
                <lastName>Seymour</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>dms Corporate Services Ltd.</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Grand Cayman KY1-1208</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>00000</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>0000919574-10-002560</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-10-01</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>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Chartwell Advisors LLC</associatedBDName>
                <associatedBDCRDNumber>139725</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>425 East 58th Street</street1>
                    <street2>Suite 48C</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10019</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>40002479</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>11</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The entity listed in Item 12 is paid directly or indirectly commissions or similar sales compensation equal to a percentage of the fee paid to the Investment Manager, or its affiliate, from the assets under management and/or the incentive allocation</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>LYSTER WATSON MODERATE VOLATILITY FUND LTD</issuerName>
                <signatureName>/s/ Robert C. Watson</signatureName>
                <nameOfSigner>Robert C. Watson</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2011-03-24</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----