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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 JHySzABydhLFZ37KJL3uRA==

<SEC-DOCUMENT>0000914121-09-000879.txt : 20090507
<SEC-HEADER>0000914121-09-000879.hdr.sgml : 20090507
<ACCEPTANCE-DATETIME>20090507170149
ACCESSION NUMBER:		0000914121-09-000879
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:		20090507
DATE AS OF CHANGE:		20090507
EFFECTIVENESS DATE:		20090507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lehman Brothers Mortgage Opportunity Fund (Cayman) Ltd.
		CENTRAL INDEX KEY:			0001461982
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-130766
		FILM NUMBER:		09806357

	BUSINESS ADDRESS:	
		STREET 1:		C/O LEHMAN BROTHERS ASSET MANAGEMENT LLC
		STREET 2:		190 SOUTH LASALLE STREET, 24TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
		BUSINESS PHONE:		312-325-1700

	MAIL ADDRESS:	
		STREET 1:		C/O LEHMAN BROTHERS ASSET MANAGEMENT LLC
		STREET 2:		190 SOUTH LASALLE STREET, 24TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001461982</cik>
        <entityName>Lehman Brothers Mortgage Opportunity Fund (Cayman) Ltd.</entityName>
        <issuerAddress>
            <street1>c/o Neuberger Berman Fixed Income LLC</street1>
            <street2>190 South LaSalle Street, 24th Floor</street2>
            <city>Chicago</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60603</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-325-7700</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>Joseph</firstName>
                <middleName>V.</middleName>
                <lastName>Amato</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>605 Third Avenue</street1>
                <street2>42nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10158</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Lehman Brothers Mortgage Opportunity Associates Ltd. (the &quot;Corporate Director&quot;) and Neuberger Berman Fixed Income LLC, formerly known as Lehman Brothers Asset Management LLC (the &quot;Investment Adviser&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bradley</firstName>
                <middleName>C.</middleName>
                <lastName>Tank</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>190 South LaSalle Street</street1>
                <street2>Suite 2400</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Corporate Director and the Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName>A.</middleName>
                <lastName>Johnson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>190 South LaSalle Street</street1>
                <street2>Suite 2400</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Terrence</firstName>
                <middleName>J.</middleName>
                <lastName>Glomski</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>190 South LaSalle Street</street1>
                <street2>Suite 2400</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Corporate Director</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-02-15</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Lehman Brothers Inc.</recipientName>
                <recipientCRDNumber>7506</recipientCRDNumber>
                <associatedBDName>Lehman Brothers Inc.</associatedBDName>
                <associatedBDCRDNumber>7506</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>100 Wall Street</street1>
                    <street2>17th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10005</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>46900000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Shares are no longer being offered for sale.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>105000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>Lehman Brothers Mortgage Opportunity Fund (Cayman) Ltd.</issuerName>
                <signatureName>/s/ Terrence J. Glomski</signatureName>
                <nameOfSigner>Terrence J. Glomski</nameOfSigner>
                <signatureTitle>Director of the Corporate Director</signatureTitle>
                <signatureDate>2009-05-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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