-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Vx3hmq05/8onnxv7GyyZh4vi9fWdku53QBITxVRt9mM8BF42U7ppmhuOBPauBYau
 DqSDdBzcS1ONRGej5v6vrw==

<SEC-DOCUMENT>0001372061-10-000003.txt : 20101230
<SEC-HEADER>0001372061-10-000003.hdr.sgml : 20101230
<ACCEPTANCE-DATETIME>20101230145037
ACCESSION NUMBER:		0001372061-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20101230
DATE AS OF CHANGE:		20101230
EFFECTIVENESS DATE:		20101230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROTELLA POLARIS FUND LTD
		CENTRAL INDEX KEY:			0001165137
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-62916
		FILM NUMBER:		101280868

	BUSINESS ADDRESS:	
		STREET 1:		800 BELLEVUE WAY NE
		STREET 2:		SUITE 200
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			98004
		BUSINESS PHONE:		425-213-5700

	MAIL ADDRESS:	
		STREET 1:		800 BELLEVUE WAY NE
		STREET 2:		SUITE 200
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			98004
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001165137</cik>
        <entityName>ROTELLA POLARIS FUND LTD</entityName>
        <issuerAddress>
            <street1>800 BELLEVUE WAY NE</street1>
            <street2>SUITE 200</street2>
            <city>BELLEVUE</city>
            <stateOrCountry>WA</stateOrCountry>
            <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
            <zipCode>98004</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>425-213-5700</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Rotella High Yield Fund, Ltd.</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>P</middleName>
                <lastName>Rotella</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Bellevue Way NE</street1>
                <street2>Suite 200</street2>
                <city>Bellevue</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98004</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Robert Rotella is the CEO of Rotella Capital Management, Inc., the Trading Manager.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>A</middleName>
                <lastName>Canepari</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 North LaSalle Street</street1>
                <street2>Suite 2000</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60654</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Joseph Canepari is the President of Rotella Capital Management, Inc., the Trading Manager.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rosemarie</firstName>
                <lastName>Rotella</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Bellevue Way NE</street1>
                <street2>Suite 200</street2>
                <city>Bellevue</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98004</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Rosemarie Rotella is the Chief Administrative Officer of Rotella Capital Management, Inc., the Trading Manager.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>L</middleName>
                <lastName>Johnson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Bellevue Way NE</street1>
                <street2>Suite 200</street2>
                <city>Bellevue</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98004</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Richard Johnson is the CFO of Rotella Capital Management, Inc., the Trading Manager.  Richard is leaving the firm on 13 Jan. 2011.  He will not be replaced at this time.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Harper</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 North LaSalle Street</street1>
                <street2>Suite 2000</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60654</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>John Harper is the Managing Director - Research Technology of Rotella Capital Management, Inc., the Trading Manager.</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>0001052845-09-000006</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1998-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>117943000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>303</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Customary advisory fees are paid to the Trading Manager as provided for in the issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ROTELLA POLARIS FUND LTD</issuerName>
                <signatureName>Rosemarie C. Rotella</signatureName>
                <nameOfSigner>Rosemarie Rotella</nameOfSigner>
                <signatureTitle>Chief Administrative Officer</signatureTitle>
                <signatureDate>2010-12-30</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----