-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PwLVVBxtGcRRrd2nm4Ao3f6RV31OJwfmvJ58sBtNg67VBaWpesA/1VS8jCanrhEk
 TPsIq8idhgDwrzyCgO+4jg==

<SEC-DOCUMENT>0001456386-09-000002.txt : 20090311
<SEC-HEADER>0001456386-09-000002.hdr.sgml : 20090311
<ACCEPTANCE-DATETIME>20090311154843
ACCESSION NUMBER:		0001456386-09-000002
CONFORMED SUBMISSION TYPE:	D
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:		20090311
DATE AS OF CHANGE:		20090311
EFFECTIVENESS DATE:		20090311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aleutian Fund, Ltd.
		CENTRAL INDEX KEY:			0001456386
		IRS NUMBER:				980566066
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-127686
		FILM NUMBER:		09672505

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 309, UGLAND HOUSE
		STREET 2:		SOUTH CHURCH STREET
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1104
		BUSINESS PHONE:		312-899-7902

	MAIL ADDRESS:	
		STREET 1:		77 WEST WACKER DRIVE, 7TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001456386</cik>
        <entityName>Aleutian Fund, Ltd.</entityName>
        <issuerAddress>
            <street1>CITCO FUND SERVICES LTD, WINDWARD 1,</street1>
            <street2>2ND FL, REGATTA OFFICE PARK, WEST BAY RD</street2>
            <city>GRAND CAYMAN, 31106 SMB</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1205</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-945-3838</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ANAND</firstName>
                <middleName></middleName>
                <lastName>PAREKH</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>77 WEST WACKER DRIVE</street1>
                <street2>7TH FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JASON</firstName>
                <middleName></middleName>
                <lastName>BRAGG</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>77 WEST WACKER DRIVE</street1>
                <street2>7TH FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60601</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MARTIN</firstName>
                <middleName></middleName>
                <lastName>BYRNE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>INTERNATIONAL MANAGEMENT SERVICES LTD.</street1>
                <street2>P.O. BOX 61GT, 4TH FL HARBOUR CENTRE</street2>
                <city>GEORGE TOWN, GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1102</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>IAN</firstName>
                <middleName></middleName>
                <lastName>GOODALL</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>INTERNATIONAL MANAGEMENT SERVICES LTD.</street1>
                <street2>P.O. BOX 61GT, 4TH FL HARBOUR CENTRE</street2>
                <city>GEORGE TOWN, GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1102</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>CHRISTOPHER</firstName>
                <middleName></middleName>
                <lastName>BOWRING</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>INTERNATIONAL MANAGEMENT SERVICES LTD.</street1>
                <street2>P.O. BOX 61GT, 4TH FL HARBOUR CENTRE</street2>
                <city>GEORGE TOWN, GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1102</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>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1150000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>386199754</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>ISSUER IS AN OPEN-ENDED HEDGE FUND. THE &quot;TOTAL AMOUNT SOLD&quot; IS THE AGGREGATE DOLLAR AMOUNT OF INTERESTS PURCHASED BY INVESTORS SINCE INCEPTION.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>14</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>3856391</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Aleutian Fund, Ltd.</issuerName>
                <signatureName>JASON BRAGG</signatureName>
                <nameOfSigner>JASON BRAGG</nameOfSigner>
                <signatureTitle>CHIEF FINANCIAL OFFICER</signatureTitle>
                <signatureDate>2009-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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