-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
 Ugt84ttBh2FES6WZWdCwzGoGswTGvBjMTHCxZOm949mzhfEmv4dF7wUr0mj2bDik
 CuLsiOFKnw3wpjQGmEsWxA==

<SEC-DOCUMENT>0001435832-09-000003.txt : 20090513
<SEC-HEADER>0001435832-09-000003.hdr.sgml : 20090513
<ACCEPTANCE-DATETIME>20090513125348
ACCESSION NUMBER:		0001435832-09-000003
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:		20090513
DATE AS OF CHANGE:		20090513
EFFECTIVENESS DATE:		20090513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLINGTON CREDIT OPPORTUNITIES FUND LTD
		CENTRAL INDEX KEY:			0001435832
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-118472
		FILM NUMBER:		09821413

	BUSINESS ADDRESS:	
		STREET 1:		C/O ELLINGTON MANAGEMENT GROUP LLC
		STREET 2:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
		BUSINESS PHONE:		203-698-1200

	MAIL ADDRESS:	
		STREET 1:		C/O ELLINGTON MANAGEMENT GROUP LLC
		STREET 2:		53 FOREST AVENUE
		CITY:			OLD GREENWICH
		STATE:			CT
		ZIP:			06870
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001435832</cik>
        <entityName>ELLINGTON CREDIT OPPORTUNITIES FUND LTD</entityName>
        <issuerAddress>
            <street1>C/O ELLINGTON MANAGEMENT GROUP LLC</street1>
            <street2>53 FOREST AVENUE</street2>
            <city>OLD GREENWICH</city>
            <stateOrCountry>CT</stateOrCountry>
            <zipCode>06870</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-698-1200</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Warwick Fiduciary Services Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Olympia Capital (Bermuda) Limited</street1>
                <street2>Williams House, 20 Reid Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 11</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Hamilton Fiduciary Services Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Olympia Capital (Bermuda) Limited</street1>
                <street2>Williams House, 20 Reid Street</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HM 11</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Ellington Management Group, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>53 Forest Avenue</street1>
                <street2></street2>
                <city>Old Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06870</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>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>9999999997-08-025320</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-05-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>J.P. Morgan Securities Inc.</recipientName>
                <recipientCRDNumber>79</recipientCRDNumber>
                <associatedBDName>J.P. Morgan Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>79</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>345 Park Avenue</street1>
                    <street2>6th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10154</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>120199397</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>22</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>No commission was paid by the Issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager receives management fees calculated as a percentage of net assets and annual net profits.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ELLINGTON CREDIT OPPORTUNITIES FUND LTD</issuerName>
                <signatureName>/s/ Thomas Larkin</signatureName>
                <nameOfSigner>Thomas Larkin</nameOfSigner>
                <signatureTitle>Principal of the Investment Manager to the Issuer</signatureTitle>
                <signatureDate>2009-05-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----