-----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,
 UDyW9QS+TxnGNNBx5f16q+4URLRjCRV9j19mR/BqrDyOcJcuMa8hJi+FFUCL49aZ
 PBq+8wLMDerqrkXSAUSGcA==

<SEC-DOCUMENT>0001432646-10-000003.txt : 20100331
<SEC-HEADER>0001432646-10-000003.hdr.sgml : 20100331
<ACCEPTANCE-DATETIME>20100331111956
ACCESSION NUMBER:		0001432646-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100331
DATE AS OF CHANGE:		20100331
EFFECTIVENESS DATE:		20100331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMS LTD
		CENTRAL INDEX KEY:			0001421736
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-112356
		FILM NUMBER:		10717147

	BUSINESS ADDRESS:	
		STREET 1:		27 HOSPITAL ROAD
		STREET 2:		5TH FLOOR
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
		BUSINESS PHONE:		(345) 949-5884

	MAIL ADDRESS:	
		STREET 1:		27 HOSPITAL ROAD
		STREET 2:		5TH FLOOR
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
</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>0001421736</cik>
        <entityName>SMS LTD</entityName>
        <issuerAddress>
            <street1>c/o Citi Hedge Fund Services (Cayman)</street1>
            <street2>27 HOSPITAL ROAD 5TH FL</street2>
            <city>GEORGE TOWN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>CAYMAN</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(345) 949-5884</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>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName>A</middleName>
                <lastName>Pucillo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>430 Park Avenue</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ruby</firstName>
                <lastName>Cato</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Curanice Consulting NV</street1>
                <street2>Blenchiweg #23</street2>
                <city>Curacao</city>
                <stateOrCountry>P8</stateOrCountry>
                <zipCode>NA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Antonios Th. J. M.</firstName>
                <lastName>Eltink</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Plaza Building Weena 74</street1>
                <city>Rotterdam</city>
                <stateOrCountry>P7</stateOrCountry>
                <zipCode>3001 CN</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>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-015931</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-12-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>290175627</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>18</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</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>SMS LTD</issuerName>
                <signatureName>Christopher A. Pucillo</signatureName>
                <nameOfSigner>Christopher A. Pucillo</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-03-31</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----