-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000914121-10-000495.txt : 20100122
<SEC-HEADER>0000914121-10-000495.hdr.sgml : 20100122
<ACCEPTANCE-DATETIME>20100122145944
ACCESSION NUMBER:		0000914121-10-000495
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:		20100122
DATE AS OF CHANGE:		20100122
EFFECTIVENESS DATE:		20100122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lyxor/Ellington Fund Ltd.
		CENTRAL INDEX KEY:			0001473801
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			0530

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-138092
		FILM NUMBER:		10541726

	BUSINESS ADDRESS:	
		STREET 1:		18 ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE4 8RT
		BUSINESS PHONE:		212-278-7700

	MAIL ADDRESS:	
		STREET 1:		18 ESPLANADE
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE4 8RT
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001473801</cik>
        <entityName>Lyxor/Ellington Fund Ltd.</entityName>
        <issuerAddress>
            <street1>18 Esplanade</street1>
            <city>St. Helier</city>
            <stateOrCountry>XX</stateOrCountry>
            <zipCode>JE4 8RT</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 278-5828</issuerPhoneNumber>
        <jurisdictionOfInc>JERSEY</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gildas</firstName>
                <middleName>Joseph Owen</middleName>
                <lastName>Briand</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>18 Esplanade</street1>
                <city>St. Helier</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>JE4 8PR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <middleName>Christopher</middleName>
                <lastName>Chambers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>18 Esplanade</street1>
                <city>Saint Helier</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>JE4 8PR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thouraya</firstName>
                <lastName>Jarray</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>17, Cours Valmy</street1>
                <city>Paris--La Defense Cedex</city>
                <stateOrCountry>I0</stateOrCountry>
                <zipCode>92987</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lionel</firstName>
                <lastName>Erdely</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>17, Cours Valmy</street1>
                <city>Paris--La Defense Cedex</city>
                <stateOrCountry>I0</stateOrCountry>
                <zipCode>92987</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alastair</firstName>
                <middleName>William</middleName>
                <lastName>Torvaney</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Le Rond Point</street1>
                <street2>Le Pond du Val</street2>
                <city>St. Brelade</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>JE3 8JP</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </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>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>SG Americas Securities, LLC</recipientName>
                <recipientCRDNumber>128351</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1221 Avenue of the Americas</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10020</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1767781</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>SG Americas Securities, LLC is paid a continuing fee, out of the administrative fee, based on the fund's net asset value (&quot;NAV&quot;). That fee is currently set at up to 0.95% of NAV. As NAV may vary considerably, the fee's amount is not presently calculable.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The majority of the Lyxor funds' directors are employees of the funds' manager and are not paid to act as directors.  The only two paid directors are paid by the funds' manager for the overall funds of the Lyxor platform and not by each individual fund.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Lyxor/Ellington Fund Ltd.</issuerName>
                <signatureName>/s/ Pierre Le Pape</signatureName>
                <nameOfSigner>Pierre Le Pape</nameOfSigner>
                <signatureTitle>Attorney-in-Fact</signatureTitle>
                <signatureDate>2009-09-30</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----